The Power of Walmart

How 12 Walmart Businesses Drive the Big-Box Retailer’s Growth

Report by Suzy Davidkhanian, Sky Canaves, Man-Chung Cheung, Blake Droesch, Andrew Lipsman, David Morris, Lisa Phillips, Jaime Toplin, and Yoram Wurmser  | Nov 21, 2022
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Table of Contents
Executive Summary
The Power of Walmart
Grocery
Stores
Ecommerce
Walmart International
Walmart Financial Services
Walmart Global Tech
Walmart Connect
Walmart+
Walmart Pay
Walmart Fulfillment Services
Walmart Health
Walmart GoLocal
Read Next
Sources
Media Gallery
About This Report
This report looks at 12 of Walmart’s most important business areas, examining their maturity, disruption of the market, leverage over partners, integration with other products, and five-year outlook.
Topics
Retail Sales
Groceries & Consumer Products (CPG)
In-Store Shoppers & Buyers
Worldwide
Table of Contents
Executive Summary
The Power of Walmart
Grocery
Stores
Ecommerce
Walmart International
Walmart Financial Services
Walmart Global Tech
Walmart Connect
Walmart+
Walmart Pay
Walmart Fulfillment Services
Walmart Health
Walmart GoLocal
Read Next
Sources
Media Gallery

Executive Summary

Amid economic uncertainty, Walmart looks to maintain its standing as the nation’s largest retailer in terms of sales. To do so, the company is launching new adjacent businesses and investing heavily in tech.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. How important are stores to Walmart’s other key businesses?
  2. Is Walmart+ gaining traction and helping fuel retail sales?
  3. What’s the five-year outlook for the retailer’s key businesses?

WHAT’S IN THIS REPORT? Analysis of Walmart’s 12 most important business areas, looking at their maturity, disruption of the market, leverage over partners, integration with other products, and five-year outlook.

Walmart Annual Revenues, US and Non-US Operations, 2019-2022 (billions)
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KEY STAT: Walmart’s fiscal 2022 revenues were up 2.4% from the previous year, reaching $572.75 billion. US revenues, bolstered by strong ecommerce sales and exploding Walmart Connect business, offset softness in the international markets.

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. The Power of Walmart
  3. Grocery
  4. Stores
  5. Ecommerce
  6. Walmart International
  1. Walmart Financial Services
  2. Walmart Global Tech
  3. Walmart Connect
  4. Walmart+
  5. Walmart Pay
  6. Walmart Fulfillment Services
  1. Walmart Health
  2. Walmart GoLocal
  3. Read Next
  4. Sources
  5. Media Gallery

Charts in This Report

Walmart Annual Revenues, US and Non-US Operations, 2019-2022 (billions)US Walmart Inc. Digital Grocery Sales, 2019-2024 (billions, % of total grocery ecommerce sales, and % of total company grocery sales)
US Walmart Inc. Direct Ecommerce vs. Marketplace Sales, 2018-2022 (billions and % of total US Walmart Inc. retail ecommerce sales)US In-Branch Banking Users vs. US Mobile Banking Users, 2012-2022 (% of population )
Average Cost per Click (CPC) for All Unfiltered Walmart Advertisers Worldwide, Week Beginning May 1, 2022-Week Beginning June 19, 2022US Amazon, Walmart, and Instacart Return on Ad Spend (ROAS) for Sponsored Product Ads, Q2 2021-Q2 2022 (dollars)
US Proximity Mobile Payment Users and Penetration , 2019-2026 (millions, % change, and % of smartphone users)Which Delivery Methods Did US Digital Buyers Use for Digital Purchases in the Past Month? (% of respondents, Aug 2022)
Which Retail Membership Services Do US Adults* Pay For? (% of respondents, by demographic, Aug 2022)Which Payment Methods Have US Adults Used to Make In-Store Purchases? (% of respondents, by demographic, Aug 2022)

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authors

Suzy Davidkhanian, Sky Canaves, Man-Chung Cheung, Blake Droesch, Andrew Lipsman, David Morris, Lisa Phillips, Jaime Toplin, and Yoram Wurmser

Contributors

Patty Soltis
Debra Aho Williamson
Principal Analyst