Recently, WalMart announced a new service that would cut transaction fees for its low income customers by nearly 50% in comparison to other offerings. The retail giant has definitely been busy in the payments industry over the last couple of years. Now according to WSJ, Walmart for the first time in 10 years has overtaken Amazon with its online sales growing faster over the last year.
- Amazon’s registered a sales growth of 20% during the year (ended Dec. 31).
- In comparison to this, Global Internet sales at Wal-Mart Stores rose by 30% to $10 Bn during the year (ended Jan. 31).
- In 2012, Amazon’s sales were higher than the combined sales of its next 10 biggest competitors, says WSJ. This includes WalMart, Staples as well as Apple.
- This year Walmart is set to overtake Staples and become the second largest Internet retailer.
- However, Amazon’s Web sales still trump that of WalMart with regards to sheer scale.
- Their online sales in 2012 are over 6 times that of WalMart, with $67.8 Bn of electronics, media and other products.
WalMart also recently acquired Adchemy as well as 60 of its employees in a bid to catch up to Amazon.WalmartLabs called the deal its biggest yet in terms of talent. Since it was founded in 2004, Adchemy had raised around $120 Mn through investors including MayfieldFund, Microsoft and August Capital.
“Getting to where we are today has been quite a ride,” stated WalMart’s blog post. “Several years ago we realized that to scale e-commerce to Walmart’s 245 million weekly customers around the world, we needed world-class talent and agile teams that could develop innovative and scalable technologies. We set forth to recruit, acquire and integrate the best technologies and talent in Silicon Valley.”