Wal-Mart says tech investments will boost online sales

FAYETTEVILLE: Wal-Mart Stores Inc executives touted the technology investments the world´s No. 1 retailer is making to boost online sales, during the annual shareholder meeting.

Chief Executive Officer Doug McMillon spoke about initiatives like online grocery pick up, the retailer´s two-day shipping program and its mobile wallet, Wal-Mart Pay.

His comments capped off a week-long media event where the company displayed drones in warehouses and announced a partnership with Uber to deliver online groceries.

"We get to reimagine retail again, and that´s what we are going to do," McMillon said. He also said changes to boost e-commerce sales will take some time to show results.

Wal-Mart onlines sales growth has sharply decelerated for five quarters even though its overall performance has been better than most competitors.

In the first quarter, online sales growth was 7 percent, down from 8 percent, 10 percent, 16 percent and 17 percent in the previous periods.

In 2015, Wal-Mart´s online sales rose 12.3 percent to $13.7 billion, which was less than the jump of more than the 16 percent for market leader Amazon.com Inc, to $92.4 billion.

The meeting at the Bud Walton Arena in Fayetville, 30 miles from the company´s headquarters in Bentonville, was packed with 14,000 people, including workers from around the world and shareholders.