In this article The Walmart + home screen on a laptop in Brooklyn, New York Wednesday, November 18, 2020.Gabby Jones | Bloomberg | Images
Walmart adds another tool to its arsenal this holiday season to boost online sales: over 30 live events, including one with musician Jason Derulo kicking off Cyber Week.
Over the past year, the giant retail tested purchasable events on different social media platforms. He hosted his first livestream last December, when he "had a vacation shop . Tapped influencers to host a springtime beauty event on TikTok. It featured celebrity chef Ree Drummond to talk about his Pioneer Woman cookware line and more on Facebook . " In total, it has organized 15 events so far.
Now Marketing Director William White has said that live events will become a bigger part of Walmart's digital strategy.
"If you think about the number of live streams what we're going to do, with the number of social commerce partners that we have, we're really building a scale at this point, "he said in an interview with CNBC. He said the retailer would increase the frequency but did not have a set number in mind on a weekly or monthly basis.
White, a former big box competitor Target , " said he sees the events as a way to strengthen the Walmart brand, create an emotional bond with buyers and shorten the distancebetween inspiration and buying. "
He declined to share sales figures but said Walmart is seeing conversion rates, view times and social media followers high at every event.
For Walmart, the strategy could help boost online sales. The retailer's digital sales have accelerated during the pandemic, but that rate of growth has slowed significantly as more shoppers are returning to stores. US e-commerce sales increased 79% in the fiscal year ended Jan. 31.
In the last quarter, that growth rate fell short of expectations. Walmart's US e-commerce sales grew 8% year-over-year in the third quarter, compared to estimates of 20.5%, according to Refinitiv. This is a slight increase from second quarter growth rate " of 6%.
On a two-part basis years, however, its e-commerce growth in the United States is significant. This 8% growth in the third quarter is in addition to the growth 79% from the previous year . However, e-commerce has yet to become a profitable business for the retailer and it competes for sales with the digital giant Amazon .
This is " one of the factors weighing on Walmart's shares. Headline is down about 1% this year at Friday's close, compared to S&P "500 's 31% growth this year.
Live streaming has become a sales engine forretailers in China, where it was popularized by Alibaba . "In the United States, however, the retailers of Macy 's owned by Bloomingdale 's at Petco were trying to crack the code and turn the events into a more part significant of their activities. Amazon has a rotating list of live QVC-type events on its website at almost every hour of the day.
In the United States, the broadcast market Live was worth around $ 6 billion last year, according to market research group Coresight Research, and expects the market to eclipse $ 25 billion by 2023.
These figures shave eclipsed those in China, where live streaming generated an estimated $ 125 billion in revenue in 2020, up from $ 63 billion in 2019, according to Coresight.
Consumers who log on to Walmart's live events can find out more about an adow, sweater or toy eyesh and quickly add it to their virtual shopping cart.
White said Walmart is looking for other ways to speed up the checkout experience, such as reducing the number of clicks required when a person sees an item they want. likes when scrolling through a social network app.
"When people are in their social feeds and the digital environments they live in, inspiration can strike anytime " , did he declare. "We want to make it frictionless for them to shop.
Walmart has taken other steps to make online shopping faster. It merged its two applications into one seule. She signed "an agreement with the media company Meredith in September to make more ads and content purchasable. If a consumer sees an engaging recipe on AllRecipes.com, for example, they can click to add all the ingredients to a virtual grocery cart.
The Walmart event organized by Derulo will be Twitter 's "first purchasable livestream. The approximately 30-minute show will begin at 7 p.m. ET on Sunday and will showcase gift items of all categories, from seasonal clothing and decorations to electronics. Walmart said it will also include special surprise guests.
To drive sales, Walmart is expanding its third-party market, offering faster home deliveries of online purchases and making it easier to restock backyards.its thanks to curbside pickup. CFO Brett Biggs told CNBC the company added 21 million items to its third-party market in the third quarter. It also offers a subion service, Walmart +, which offers perks like fuel discounts and free home deliveries with no minimum purchase.
- CNBC 's Lauren "Thomas and Annie " Palmer contributed to this report t.