17 November 2022, Mumbai:
US retailer Walmart’s international sales increased by 13% in the Q3, aided by Flipkart’s flagship festive sale Big Billion Days.
The US retail giant acquired Flipkart in 2018. The Big Billion Days fell into the third quarter this year but was in the fourth quarter last year. This year’s Big Billion Days took place from September 23 to 30, 2022.
Flipkart was able to attract new online shoppers, with more than a billion visits during the sale. Flipkart’s sales also helped reduce inventory growth. Flipkart, including fashion etailer Myntra and value commerce marketplace Shopsy, maintained its leadership position in the first leg of the festive season sale with a market share of 62 per cent.
This year’s festive season sales were crucial for e-tailers as they came on the back of relatively muted sales in the first half of the calendar year.
Flipkart was also a significant contributor to Walmart’s ads business during the quarter, which grew about 40 per cent during the period. India is Walmart’s biggest market in terms of advertising revenue. Flipkart Internet, which runs the online marketplace, saw its ad revenue increase 50 per cent in the fiscal year 2022. PhonePe hit ten billion transactions in a month for the first time.
