Walmart looks to expand fast-growing marketplace

Walmart (NYSE:WMT) is expanding its online marketplace, as the retailer looks at new avenues for growth amid fierce competition from rivals.

The Bentonville, Arkansas firm is bringing high-end beauty products, pre-owned watches, and collectible trading cards to its marketplace to expand its customer base and drive growth, Bloomberg reported citing Tom Ward, Walmart’s (WMT) chief e-commerce officer.

It adds to Walmart’s (WMT) allure, Ward said, when “they see a brand they weren’t expecting to see or they search for something they are interested in, they find not just a couple of results but hundreds of thousands of results.”

The online marketplace has been a key driver for Walmart’s (WMT) ecommerce unit, which saw sales rise 22% in the US in its most recent quarter. Walmart (WMT) is also seeing an increasing base of weekly active customers and has said it is working towards making its ecommerce business profitable.

Marketplace sales have seen more than 30% growth in the last four quarters, and the seller base has expanded by double digits. Walmart (WMT) is looking to take additional steps to verify sellers to boost sales of refurbished items, and will introduce preorders for collectibles.

It is also starting new offerings for its fulfillment services business, allowing sellers to use its fulfillment services even if the order originates from another website and handling logistics from Asia to the U.S.

Walmart (WMT) will hold a summit in San Francisco this week to promote its marketplace with sellers.