PlantX Life (VEGA.C) announced today that it has launched as a Seller on Walmart Marketplace in the United States.
“Having access to Walmart’s entire marketplace ecosystem throughout Canada and the US is a tremendous opportunity for PlantX…This move should ultimately help PlantX as it positions itself as a leader in the plant-based space,” said PlantX Founder, Sean Dollinger.
I have neglected PlantX for quite some time; in fact, I haven’t covered the Company since it opened its “ghost kitchen” in California, on June 3, 2021. That’s not to say PlantX hasn’t been active. Quite the opposite actually. Since I last covered the Company, PlantX has launched its products on the Amazon Marketplace, both in Canada and the US. Similarly, the Company has now launched a variety of products on Walmart’s e-commerce platform, Walmart Marketplace. With this in mind, PlantX will have over 500 plant-based grocery items ranging from a variety of brands, including Oatly, Nature’s Path, Made in Nature, and Simply Organic.
For the fiscal year ended January 31, 2021, Walmart generated $559.2 billion in revenue, demonstrating an increase of $35 billion year-over-year. Furthermore, the company’s e-commerce marketplace exhibited growth in the triple digits. In particular, Walmart’s online sales grew 79%, further supporting the claim that grocery e-commerce will make up 12.4% of US e-commerce sales. Following the onset of COVID-19, online grocery sales grew 54% in 2020, reaching a total of $95.82 billion. As someone who worked in the grocery industry during the peak of the pandemic, I witnessed the growth of this market firsthand. I worked with a sizeable crew of five guys and one woman. This woman handled putting together carts for customers who had placed online orders. However, when COVID-19 hit, the Company I worked for hired 12 others to help this woman because there were so many damn orders to fulfill.
“The decision to apply and launch as a Seller on Walmart’s US Marketplace was inspired by PlantX’s experience as a Seller on the Walmart Marketplace in Canada, where PlantX has launched over 900 distinct plant-based items since June,” said PlantX CEO, Lorne Rapkin.
Sure, as vaccines continue to roll out, online grocery shopping has definitely slowed down. Nevertheless, grocery shoppers who have experienced the joys of shopping online are expected to continue doing so in the future. By 2023, online grocery sales are estimated to make up 11.2% of total US grocery sales. With this in mind, following PlantX’s latest agreement with Walmart, the Company now has the ability to integrate its selection of plant-based products on Walmart’s e-commerce platform. In doing so, PlantX will have access to Walmart’s extensive customer network and digital marketing resources.
PlantX’s share price opened at $0.50, down from a previous close of $0.51. The Company’s shares are down -5% and are currently trading at $0.480 as of 1:05 PM ET.