From Retailer to Platform: How Walmart Is Redefining Growth in the Age of Retail Media

The Quiet Reinvention of a Retail Giant

Walmart may still be best known for its rollback prices and Supercenter footprint, but behind the scenes, it’s undergoing one of the most ambitious transformations in retail history. What began as a merchant-driven business is evolving into a tech-enabled platform—one that now spans retail, media, membership, and first-party data.

This reinvention isn’t just about keeping up with Amazon. It’s about building something uniquely Walmart: a commerce ecosystem that leverages 4,600+ U.S. stores, a top-tier e-commerce app, and unmatched household penetration to generate new, higher-margin growth engines.

And it’s working. In the past year alone, Walmart’s retail media, membership, and marketplace operations have accounted for over half of the company’s operating income growth, helping the retailer offset margin pressures and continue delivering for value-conscious shoppers.

Walmart as a Platform, Not Just a Store

The clearest signal of Walmart’s new identity is how interconnected its emerging businesses have become. Walmart Connect (advertising), Walmart+ (membership), the third-party Marketplace, and Walmart Data Ventures (insights and analytics) now operate less like standalone departments and more like parts of a shared flywheel.

The logic is simple:

• Advertising boosts product visibility and sales
• Membership increases frequency and spend
• Data insights sharpen pricing and merchandising
• Marketplace sellers expand assortment and ad demand

This model mirrors Amazon’s playbook—but with the added advantage of real-world scale. While pure-play tech platforms operate in the digital realm, Walmart blends physical access with digital influence, making it uniquely powerful across the full path to purchase.

Advertising Is Changing the Game

Retail media has become the linchpin of Walmart’s platform shift. Walmart Connect now generates billions in revenue annually, growing at 30%+ year-over-year. During its most recent earnings call, the company confirmed that advertising makes up nearly one-third of operating income—a number that would’ve seemed unthinkable just a few years ago.

For suppliers, this shift has real implications. Brands are no longer just buyers of shelf space—they’re now participants in a performance-driven media network. Discovery, conversion, and loyalty are increasingly shaped by advertising visibility across Walmart’s app, website, and soon—connected TV.

To support this growth, Walmart has invested in:

• New APIs and self-serve tools for campaign optimization
• Clean-room capabilities for closed-loop measurement
• Omnichannel ad solutions that span app, store, and streaming

These aren’t incremental tweaks. They’re structural upgrades designed to make Walmart a top-tier media platform—on par with YouTube, Meta, and yes, Amazon.

The Strategic Role of Membership and Streaming

Walmart+ plays a growing role in this ecosystem, not just as a loyalty tool but as a data-rich platform enhancer. Members spend more and visit more often, and their behavior fuels smarter advertising and merchandising decisions.

But Walmart’s ambitions don’t stop at the checkout line. Its $2.3 billion acquisition of Vizio positions the company to turn millions of smart TVs into new retail media endpoints. With content consumption and shopping increasingly intertwined, Walmart sees an opportunity to meet customers where they watch—not just where they shop.

As Seth Dallaire, Walmart’s Chief Growth Officer, put it: “Principally, that’s a store.”

A Future Powered by AI and Automation

Walmart’s July 2025 announcement of AI-powered “super agents”—tools designed to assist customers, sellers, associates, and advertisers—is another example of its platform evolution. These agents promise to:

• Auto-suggest campaign strategies based on goals and budget
• Surface real-time data for suppliers inside clean rooms
• Help associates navigate inventory, pricing, and service tasks

By embedding intelligence into its platform, Walmart is aiming to simplify complexity and drive more automation at scale—improving both shopper experience and partner performance.

What This Means for Suppliers

The message is clear: succeeding inside Walmart today means more than having the right price or packaging. It means understanding the platform—and knowing how to participate in it.

Smart suppliers are already:

• Building integrated campaigns across search, display, and CTV
• Using Walmart Luminate and Data Ventures to refine targeting
• Treating Walmart+ members as a distinct, high-value audience
• Measuring incrementality, not just impressions

And perhaps most importantly—they’re aligning their strategies with where Walmart is heading, not just where it’s been.

Final Thoughts

Walmart’s transformation into a platform isn’t just impressive—it’s defining the next era of retail. By blending the scale of a national store network with the sophistication of a tech-driven marketplace, Walmart is creating a new kind of commerce engine.

For suppliers and sellers, the opportunity is enormous—but it requires a shift in mindset. Walmart is no longer just a place to sell. It’s a platform to build on—and those who understand how to grow within it will be the ones leading the next wave of retail success.

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