Walmart kicks off Cyber ​​Week with Jason Derulo event

The Walmart+ home screen on a laptop in Brooklyn, New York, Wednesday, November 18, 2020.

Gabi Jones | Bloomberg | Getty Images

Walmart This holiday season, it is adding another tool to its arsenal to increase online sales: more than 30 live events, including a web week event in collaboration with musician Jason Derulo.

In the past year, the retail giant has tested shopable activities on different social media platforms.It hosted its first live broadcast in December last year, when It has a holiday shopping. It invites influential people to hold spring beauty events on TikTok.It invites celebrity chef Ree Drummond to talk about her Pioneer Woman series of cookware, etc. Facebook. So far, it has held a total of 15 events.

Now, Chief Marketing Officer William White says that live events will become a larger part of Wal-Mart’s digital strategy.

In an interview with CNBC, he said: “If you think about the number of live broadcasts we are going to do, the number of social commerce partners we have, we are really expanding now.” He said that retailers will increase the frequency, but no Consider a fixed amount every week or month.

White, an alumnus of big-name players Target, Said he sees these activities as a way to strengthen the Wal-Mart brand, establish emotional connections with shoppers, and “shorten the distance between inspiration and purchase.”

He declined to disclose sales figures, but said that Wal-Mart has seen high conversion rates, watch time and social media fans in every event.

For Wal-Mart, this strategy can help promote e-commerce sales. The retailer’s digital sales accelerated during the pandemic, but this growth rate has slowed significantly as more shoppers return to the store. In the fiscal year ended January 31, U.S. e-commerce sales increased by 79%.

In the most recent quarter, the growth rate was lower than expected. Refinitiv’s data shows that Wal-Mart’s e-commerce sales in the United States in the third quarter increased by 8% year-on-year, compared with expectations of 20.5%.This is a slight increase from the second quarter 6% growth rate.

However, on a two-year basis, the growth of its US e-commerce is huge.The 8% increase in the third quarter is Based on a 79% increase in the same period last yearHowever, e-commerce has not yet become a profitable business for retailers, it is competing with digital giants for sales Amazon.

This is one of the factors that suppresses Wal-Mart’s stock price. Compared with last Friday’s close, the stock has fallen by about 1% this year. Standard & Poor’s 500 Index This year it has increased by 31%.

Live streaming has become a sales driver for Chinese retailers Alibaba. However, in the United States, retailers from Macy’s-Own Bloomingdale’s to Oil company already Try to crack the code and turn the incident into a more meaningful part of their business. Amazon has a series of QVC-like live events on its website almost throughout the day.

According to data from Coresight Research, a consumer market research organization, the live broadcast market in the United States last year was valued at approximately US$6 billion. It predicts that the market may exceed $25 billion by 2023.

Coresight’s data shows that these figures pale in comparison with China’s. China’s live broadcast sales are estimated to be US$125 billion in 2020, which is higher than the US$63 billion in 2019.

Consumers who listen to Wal-Mart’s live events can learn more about eye shadows, sweaters or toys and quickly add them to their virtual shopping carts.

White said that Wal-Mart is looking for other ways to speed up the checkout experience, such as reducing the number of clicks people see when they see their favorite items while browsing social media applications.

He said: “When people are on social media and the digital environment they live in, inspiration comes at any time.” “We want them to shop smoothly.”

Wal-Mart has also taken other measures to speed up online purchases. It merges two applications into one application.it Signed an agreement with the media company Meredith In September, make more ads and content shopable. For example, if consumers see attractive recipes on AllRecipes.com, they can click to add all the ingredients to the virtual shopping cart.

The Walmart event hosted by Drewlow will be at TwitterThe first live broadcast that can be shopped. The approximately 30-minute show will begin at 7 p.m. Eastern Time on Sunday, focusing on gifts in various categories, from clothing and seasonal decorations to electronics. Wal-Mart said it will also include special surprise guests.

To boost sales, Wal-Mart is expanding its third-party market, providing faster online shopping and home delivery services, and more easily replenishing groceries through curbside pickup. Chief Financial Officer Brett Biggs told CNBC that the company added 21 million items to its third-party market in the third quarter. It also provides a subscription service Walmart+, which provides benefits such as fuel discounts and free home delivery, without a minimum purchase amount.

— CNBC Lauren Thomas with Annie Palmer Contributed to this report.

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