Walmart has eclipsed Apple as the number three online retailer in The U.S., according to eMarketer, knocking the iconic tech giant out of its spot behind eBay, in part by being a tad more Apple-ish.
While the world’s biggest merchant made its massive mark offline as the cheapest store in town, its online growth is now taking quite a different path: By acquiring hipster, digital-first brands like Bonobos and Modcloth and forging upscale-tinged partnership such as hosting a Lord & Taylor online boutique, Walmart is wooing just the kind of shopper that would seem quite at home in an Apple store.
The pivot marks the imprint of Marc Lore, the tech entrepreneur who founded Jet.com and then sold it Walmart in 2016, when he was named to the top spot at Walmart.com.
In leading the retailer’s online business, Lore has been wooing more affluent shoppers with non-Walmart banners, from urban Millennial foodies via Jet, to underserved plus-sized fashionistas with its acquisition this fall of Eloquii.
Walmart’s online sales, which include Sam’s Club and Jet.com, are projected to surge 39.4% this year to $20.91 billion, according to eMarketer.
Meanwhile, Walmart’s online sales have been boosted not only by its acquisitions of Eloquii and intimate apparel brand Bare Necessities, but by ecommerce enhancements, said Cindy Liu, an analyst with eMarketer, in an interview. “They have focused more recently in online grocery and have expanded their delivery and click-and-collect capabilities, which so far seems to be working very well for the company.”
By contrast, Apple’s e-commerce sales will grow less then half Walmart’s rate, forecasted to rise 18% this year, which marks a slowdown from 2017. The slowdown in part reflects fewer sales of iPhones and other Apple electronics.
Still, Apple is no slouch. Apple’s online sales growth is still outpacing the nation’s 16% growth rate this year, Liu said. “But it is only inevitable that U.S. ecommerce sales for the company will begin to slow as growth in consumer device categories like smartphones and laptops begin to slow down. Already, nearly 70% of the U.S. population own a smartphone according to our estimates and growth in the number of new users is in the low single digits of 3.1%.”
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