Walmart is renaming its ads business “Walmart Connect,” and announcing a number of strategic moves, including a new offering through ad tech company The Trade Desk.
The moves are meant to help Walmart in its attempts to grow the segment by more than ten times in the next five years, the company told CNBC, and could help Walmart take on competitor Amazon. Walmart Media Group boasts about its “massive scale” and “massive reach” to advertisers, saying 160 million customers visit its stores or its website every month.
But it’s still a small part of the company’s revenue base. In its 2020 annual report, the company said Walmart Media Group along with “fuel and financial services and related products” make up less than 1% of its annual net sales, which amounted to $524 billion.CNBC