The GaryVee Audio Experience How to Make An Impact | Monday Marketing Takes: Walmart
Nov 30, 2020
Marc Lore, President and CEO of Walmart U.S. e-commerce and a serial entrepreneur, shares insights on innovating within large corporations like Walmart. He compares the corporate cultures of Amazon and Walmart, emphasizing trust and autonomy. Lore recounts his transition from banking to launching startups, revealing his early hurdles in online retail. He also discusses adapting business strategies post-pandemic and the swift evolution of consumer behavior, underscoring the importance of flexibility in today’s market.
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Early Entrepreneurial Drive
- Marc Lore's entrepreneurial journey began at a young age, driven by a desire to create.
- From childhood businesses to selling four startups, including Jet.com to Walmart, his passion for building has been constant.
Diapers.com's Early Struggles and Strategy
- Initially, Diapers.com, under Lore's leadership, bought diapers from wholesale clubs at a loss to sell online.
- This strategy aimed to gain market share, eventually forcing manufacturers to sell directly, proving Lore's long-term vision.
Entrepreneurs Seek Impact, Not Just Autonomy
- Unlike the common misconception that entrepreneurs want autonomy after acquisition, Lore aimed to impact the parent company.
- This approach led to significant changes within Walmart's e-commerce strategy.