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Walmart got a major boost in its quest with a new website redesign
Recently, Walmart announced a significant upgrade to its website and app interface. When visiting Walmart's e-commerce site, users can now see a more prominent display of featured products, and product categories appear to be cleaner and more visually appealing than before.
 
Walmart’s Executive Vice President, Tom Ward, describes the change as “a more engaging way to browse and discover” the retailer’s vast selection of products. Ward also claims that the new homepage “offers a product-focused experience that better mirrors the way our customers love to shop, highlighting the items that matter most to them at any given moment.”
 
As prices for necessities such as food and housing continue to rise, consumers are reducing their spending on discretionary items such as clothing and electronics. Data shows that through February of this year, sales of non-essential items in the United States were down 4% year-over-year.
 
Walmart has also been affected in the circumstances. According to financial reports from the last few quarters, Walmart's sales are coming from food items rather than general nonessential items. This implies that Walmart needs to learn from its brick-and-mortar stores and pay more attention to the sales trends of seasonal products and popular items.
 
Walmart has long strived to compete with Amazon, and its new homepage is just its latest attempt to get an edge on the e-commerce giant. After expanding its inventory by opening its online Marketplace over a decade ago, the company has continued to ramp up its efforts.
 
To expand its new marketplace and capture a larger share of the e-commerce market, Walmart reduced service fees and referral fees. Currently, Walmart's third-party marketplace seller growth has outpaced Amazon's.
 
After this redesign, Walmart will not only attract more consumers, but the sales of third-party sellers on its marketplace will also increase, attracting more third-party sellers to join.
 
In addition to competing for third-party marketplaces, Walmart has also benchmarked Amazon in various aspects, such as membership services (Walmart+), promotional days (Walmart+ Weekend), and delivery services (WFS), creating waves in the e-commerce field.
 
After years of continuous efforts, e-commerce has now become a very important part of Walmart's business. According to the financial report from the last quarter, Walmart's online sales in the United States reached $53.4 billion, a year-on-year increase of 17%, while Amazon's online sales during the same period decreased by 2.3%.
 
It is worth noting that Walmart has a key advantage in its e-commerce business, which is its vast network of brick-and-mortar stores. Currently, Walmart has approximately 4,700 physical stores in the United States, and 90% of Americans live within 10 miles of a Walmart store, allowing the company to quickly fulfill delivery services.
 
As Walmart continues to invest in e-commerce, its growth momentum is expected to accelerate. This poses a significant threat to Amazon, and competition between the two companies will undoubtedly intensify. Currently, there is still a gap between their positions in the market. Only time will tell who will be the ultimate winner.
 
About iPeakoin
iPeakoin, a fintech company that offers an institution-level global cash management platform, is committed to bridging the gap between traditional finance and crypto, providing an integrated solution for diversified and globalized cash management. So far, iPeakoin has launched four key products, including Crypto Wallet, Global Account, Quantum Virtual Card, CaaS, and Particle Treasury. It allows businesses, and institutions to manage all aspects of finance from a single platform, while remaining fully compliant across a variety of jurisdictions.
 
In addition to its headquarters in the US, iPeakoin has offices in Hong Kong, Luxembourg, and Singapore, as well as partnerships with top tier banks & financial institutions worldwide. It has expanded its business to over 180 countries/regions serving more than 12,000 companies, through partnerships with multiple Tier 1 banks and financial institutions worldwide.
 
For more information, visit ipeakoin.com.