Walmart has entered India by purchasing 77% stake in Flipkart, And now its effect is visible as changes are coming in the way Flipkart was doing the business. Now as the control is with Walmart, it is implementing its own policies and ethics of doing business in Flipkart.
What’s the Walmart Rule of doing business
As mentioned in the corporate website of the Walmart, the company follows 10 rules for building a business as follow
- Commit to your business
- Share your profits with all your associates and treat them as partners
- Communicate everything you possibly can to your partners.
- Motivate your partners
- Appreciate everything your associates do for the business
- Celebrate Your Success
- Listen to everyone in your company
- Exceed your customers’ expectations
- Control your expenses better than your competition.
- Swim Upstream
In India also, Walmart is implementing its core business policies. As mentioned in the report of Economic times that, Myntra ( Acquired by Flipkart in 2014) is now relocating its office, the reason is Walmart found that Myntra’s existing office doesn’t comply with fire safety norms of India. And Walmart is very particular about compliances. They are also analyzing that Myntra’s suppliers and vendors are not using child labor and whether payment cycle is followed as per contract or not. Apart from leadership changes, the reporting structure is also changed. And decision-making powers are now centralized. They are also planning to change the business line of Jabong ( Acquired by Myntra in 2013) as both Myntra and Jabong are more or less in the similar business line, which creates internal competition.
The Conclusion is important .. But what it is?
Walmart believes in Profit making and implementing the steps and policies accordingly in India also. Therefore the learning from Walmart is “Wherever you go Stick To Your Own Way Of Doing Business” Don’t compromise on your ethics and policies.