Walmart, known for selling big boxes of cereal and cheap clothes, wants to have a fast-growing social media app popular with lip-syncing teens.
The world’s largest retailer, led by CEO Doug McMillon, confirmed Thursday that it is in the race to buy the video app TikTok, and that it has partnered with Microsoft to strike the deal.
A Walmart-TikTok pairing may sound as strange as some of the wacky videos on the popular platform, but news of the conversations, first reported by CNBC, sent Walmart shares soaring 4.5 percent in hopes that TikTok could help cultivate a new generation of Walmart. buyers.
“Walmart and TikTok is weird,” said Nii Ahene, chief strategy officer at Tinuiti, a digital marketing agency. “But it puts Walmart in front of Gen Z consumers who don’t watch TV and have ad blockers on their phones.”
“The most important thing to remember is that Tik Tok is ready to sell stuff,” added Brittain Ladd, a former Amazon executive. “You get an ad and click on it, and the sellers complete the order. Walmart can scale the e-commerce capability of TikTok, which is actually in its infancy and on its way to becoming a media company as well. “
Walmart also noted on Thursday the potential of using TikTok to sell ads.
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