Aaron Back

speaker

279 appearances 6 recordings 1 series first heard Jul 2018 last heard Jul 2019

Aaron Back’s voice in public audio — every appearance, attributed to the second.

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OK, so I still might want to go to the store to pick out, say, fresh meat and fresh vegetables.

But everything else on my list from, you know, toilet paper to, you know, dish detergent, I don't need to pick that out myself.

They can have it ready for me.

And on top of that, people don't always like to have things delivered to their door.

If I'm going to buy a TV or a power tool or something like that, it could get stolen off my doorstep.

So people actually like being able to pick it up in store.

And so in the last quarter, Walmart's same store sales was the fastest in 10 years.

And a significant part of that was because people are ordering things online and picking them up in stores.

So again, this is the insight they had, that they can use their traditional assets to work together with the Jet.com

to really create an interesting solution that is competing with Amazon.

Well, so they acquired Jet.com in 2016.

So by 2017, they were already the fourth largest e-commerce company in the United States by sales, behind only Amazon, eBay, and Apple.

Now, the gap between them and Amazon is still huge.

Some excellent company.

You wouldn't expect to find Walmart in that company.

The gap is still very big.

They had approximately $15 billion of e-commerce sales, according to a research firm, eMarketer, compared to $200 billion for Amazon.

So they're not on Amazon's level yet, but they're growing 40% a year.

So it's a really interesting story.

Walmart has the leverage with suppliers.

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