The super app opportunity includes integrating Walmart’s: 1) Shopify marketplace 2) Connect ad platform 3) health centers 4) existing investments in eCommerce, logistics, supply chain, and inventory management and 5) other product and services not currently affiliated with Walmart. Walmart’s super app opportunity is a lot bigger than just integrating and digitizing its financial services business or deploying its Connect concept, which will be a self-service advertising platform for Walmart partners to manage digital ad campaigns. “When Walmart reported its Q4 2020 earnings, CEO Doug McMillon described a very different ‘super’ concept at the center of Walmart’s future: the ‘super app.’ He may not have used those two words, but the Connect concept is the super app notion to a tee.” Karen Webster wrote this about the “supercenter:” Walmart’s fintech aspiration is a lot bigger than just creating a digital bank-it’s creating a true digital ecosystem in the form of a super app. Walmart probably made a similar pitch, telling the Goldman Sachs execs, “Congrats, you’ve built a digital bank-now come to Walmart and help us reinvent the economy.” The Coming Walmart Super App?
I’m betting Walmart gave them the “ John Sculley speech.” Remember when Steve Jobs recruited Sculley away from Pepsi with the question “Do you want to sell sugar water for the rest of your life or come with me and change the world?” And now Walmart comes along and says “how would you like to do it all again, but this time with us?” You just spent the last five years helping Marcus grow to become a major player in the consumer finance space. Put yourself in Ismail and Stark’s shoes. It’s hard to believe that Walmart needed to hire Ismail and Stark away from Goldman Sachs just to repackage their existing financial services into a cohesive digital challenger bank-like offering.Īnd it’s hard to believe that Ismail and Stark would jump ship to do that. Did Walmart Give Its New Hires the Steve Jobs-John Sculley Speech?
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