Walmart has recently released its Q3 2024 financial result – indicating its strong focus on AI, technology, and digital transformation in several areas across its global operations.
Walmart has reported 5.5 percent increase in its sales to $169.6 billion in Q3 2024. Walmart’s global eCommerce sales grew 27 percent in the third-quarter of 2024, led by store-fulfilled pickup & delivery and marketplace.
Walmart’s operating expenses as a percentage of net sales were 21.2 percent. Walmart has reduced eCommerce losses resulting into 9.8 percent increase in operating income. Walmart has reported higher eCommerce-related shipping expenses due to strong digital growth.
“Our teams are executing and delighting our customers and members with the value and convenience they expect from Walmart,” said Doug McMillon, President and CEO of Walmart, said.
Suresh Kumar is the global chief technology officer (CTO) and chief development officer (CDO) of Walmart. The US-based retail chain does not reveal its investment in digital transformation programs to improve customer experience.
Investment in customer experience for Walmart is very important as approximately 255 million customers and members visit more than 10,500 retail stores and numerous eCommerce websites in 19 countries each week.
Key priorities and innovations
Walmart, which has 2.1 million associates worldwide, has deployed across customer-facing and associate-facing use cases. Some of the examples include enhancing product catalogs, developing a personal shopping assistant, and deploying tools like My Assistant to streamline workplace productivity. Walmart’s associates use GenAI for tasks like policy questions, hiring insights, and daily operations, with 1.5 million queries already processed.
Walmart used Computer Vision Technology for frictionless shopping experiences, such as just-go exit technology in Sam’s Club. The investment in Computer Vision Technology enhances member satisfaction by eliminating traditional checkouts and expediting store exits.
Walmart is expanding its e-commerce footprint. Walmart has achieved 30% growth in U.S. marketplace for five consecutive quarters, with a SKU count approaching 700 million.
Walmart has achieved record penetration of Walmart Fulfillment Services (WFS), offering competitive rates and seamless logistics.
Lessons from China’s rapid adoption of live streaming and one-hour delivery services are influencing global strategies.
Walmart has achieved growth in Sam’s Club memberships and Walmart+ subscriptions, driven by exclusive benefits and digital convenience.
Walmart’s investments in Scan & Go technology enable customers to bypass traditional checkouts. Personal shopping assistants are transforming the search process into conversational and intuitive experiences.
Digital ads tailored to customers’ preferences are integrated with Walmart Connect and Flipkart, helping customers discover relevant items.
Walmart is leveraging AI and technology for next-gen supply chains, reducing costs for sellers and improving inventory management.
Rapid delivery services such as Flipkart Minutes provide ultra-fast delivery in under 15 minutes in India.
Walmart Data Ventures is expanding globally with a growing client base and double-digit sales increases. It is providing actionable insights to improve customer satisfaction and operational efficiency.
Walmart is drawing from experiences in social commerce and hyper-localized delivery China; Large-scale digitization of financial services and quick commerce models in India and digital marketplaces and innovations in cellular and financial services in Mexico.
Walmart is making significant investment in AI-driven innovation, customer-centric technology, and efficient supply chain logistics to position it as a leader in retail transformation.
Baburajan Kizhakedath
