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Walmart explores options for marketplace promoted by social media influencers

Major retailer Walmart pushes for social media influencers to play a bigger part in promotions of its online marketplace.

Video transcript

- Walmart is getting in the social media game-- well, sort of. The nation's largest retailer launching a platform that essentially plays matchmaker for influencers and their more than 100,00- third-party sellers. They filed a trademark for Walmart Creator Collective. According to Reuters, they do currently work with influencers on TikTok, YouTube and Instagram, offering them a discount when a user-affiliated link is used. Influencer marketing expected to grow to a $16 billion industry this year, according to Influencer Marketing Hub.

So we just came out of the story about TikTokers taking on Amazon. This is Walmart reaching out to influencers to try to work with them. Very interesting dueling stories here.

- Yeah, it is. And Amazon also does work with influencers because a lot of influencers on Instagram and TikTok and everything do promote various products from Amazon. But Walmart, I mean, it makes sense, right? We were just talking about the power of social media, the power of these influencers. Me personally, I feel like I make 80% to 90% of my purchases these days based on an influencer and products that they, yes. I know you look shocked.

- What?

- You don't?

- I am flabbergasted.

- Yes, when it comes-- Oh my gosh.

- I almost fell out of my chair.

- Yeah.

- If you'd have said 10%--

- No, I honestly-- that's probably a conservative estimate, too. I would probably say 97%, 98%. Anything for my kids. Products that are being recommended, what's been tested. Clothing. What's cool these Days I'm turning to Gen Z to tell me. I don't know anymore. It's effective. It's easy. You literally press the button on your phone, it takes you directly to the site. You can use Apple Pay. You might have your credit card information memorized, you put it right in and it's done. It's easy and you don't have to think about it. So it's effective. It makes sense that more of these retailers--

[INTERPOSING VOICES]

- more retailers to get in on this. It makes sense for the future.

- That may be why I'm so not cool, though. I probably make 2%, 1%, 0% of my purchases based on--

You're never been influenced on Instagram or anything? I don't buy that for a second.

- Oh, maybe the occasional--

- Lululemon? You're like--

- That's based on the comfortable pants, man.

- I don't know. I don't know if I'm buying--

- We could continue this discussion for a couple of hours but we are out of time on this one.