New Delhi: Doug McMillan, President and Chief Executive Officer (CEO) of Walmart Inc. believes that India is one of the most exciting retail markets in the world. He said the country’s retail market has its own uniqueness and will grow to $1,000 billion by 2025.
Addressing the Converge@Walmart event, Macmillan said on Wednesday that given the diversity of the Indian market, the company has to “think locally and implement locally”.
He said, “India is such a diverse market, that in many ways it is not a country. So we have to think locally and implement at the local level, which has its own rules. So we have to follow these rules. “
McMillan said Walmart is currently not allowed FDI in multi-brand retail. So the company is doing things differently.
The top Walmart executive noted that India is one of its three major markets along with the United States and China.
The Converge@Walmart event is the flagship event of Walmart Global Tech India. McMillan said Walmart’s e-commerce arm Flipkart and digital payments company PhonePe are both growing rapidly and the numbers for these companies are encouraging.
He said that there are now more than 3 million marketplace vendors on Flipkart’s platform. At the same time, the number of users of PhonePe has crossed the 300 million mark. Flipkart is the major rival of American e-commerce giant Amazon in the Indian market.
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