Small and medium enterprises (SMEs) are anticipated to play a pivotal role in helping global retail giant Walmart achieve its target of $10 billion in goods exports from India annually by 2027.
A recent statement released by Walmart revealed that the company has already procured over $30 billion worth of products from various categories in India.
Furthermore, Walmart, in partnership with Flipkart, has made significant strides in empowering SMEs through the Walmart Vriddhi training and mentorship program. This initiative aims to enable 50,000 MSMEs to seamlessly integrate into domestic and international supply chains.
Success Stories and Future Endeavors:
Highlighting the success of previous endeavors, Walmart’s statement mentioned the fruitful outcomes of the 2022 summit, where the company actively recruited sellers for its online marketplace.
This effort garnered immense interest from more than 650 Indian MSMEs, demonstrating the promising potential of SME participation in Walmart’s ecosystem.
Key Stakeholder Perspectives:
Rajneesh Kumar, the Chief Corporate Affairs Officer of Flipkart Group, emphasized the significance of empowering MSMEs and fostering inclusive growth.
He articulated that this endeavor aligns with India’s vision of attaining a $5 trillion economy in the coming years.
Through collaborative efforts with Walmart and the Walmart Vriddhi program, Flipkart aims to facilitate the digital transformation of MSMEs, equipping them with the necessary tools for scalability and international competitiveness.
India Growth Summit: Promoting Supplier Participation:
Walmart recently concluded its inaugural India Growth Summit, where export-ready suppliers, innovators, and entrepreneurs from 24 states and union territories actively participated.
The event featured pitch meetings showcasing products manufactured, cultivated, or assembled in India. Over 80% of the participating suppliers received invitations to progress to the next stage, underscoring the platform’s effectiveness in fostering supplier growth and development.
Walmart Marketplace offers sellers a valuable opportunity to access customers in the United States, Canada, Mexico, and Chile, broadening their market reach and facilitating international trade opportunities.