(SM9632) International Business and Innovation

In this assignment report we will discuss about International business and Innovation and below are the summaries point:- This report examines Walmart's acquisition of Flipkart, an Indian e-commerce company, and analyzes the factors that led to the decision and its consequences. The PESTEL analysis is used to identify external environmental factors that influenced the acquisition decision, including political instability, government support for e-businesses, and a growing trend of online shopping. Economically, there is continuous growth in India, the USA, and globally, which could benefit Walmart's expansion into the e-business sector. Socially, there is a growing trend for online shopping, especially among millennials, which presents an opportunity for Walmart to establish an e-commerce platform. Technological advancements, such as mobile payments and virtual shopping experiences, have made it easier for consumers to shop online and created a global market for e-businesses. Environmentally, regulations and trends promote sustainable practices and eco-friendly products, which Walmart can adopt in its operations. Legally, there are tax concessions and regulations for the protection of online shoppers, but also high taxes and regulations for labor rates and warehousing and licensing. Overall, the acquisition of Flipkart presents a favorable opportunity for Walmart to establish a platform for e-business and sustain its position in the competitive retail market.  

Name: Tennakoon Mudiyanselage Sachintha Bandara Tennakoon
Student Number: 19038286
Module Name: International Business and Innovation
Module code: SM9632
Word count: 3290
Date of submission: 24.01.2020
Contents
1

Introduction.................................................................................................................................................3
External Environment Factors influence on the Acquisition........................................................................4
The PESTEL Analysis.................................................................................................................................4
Analysis through Five Forces...................................................................................................................7
Internal Benefits identification through SWOT............................................................................................9
Value Chain Analysis................................................................................................................................9
VRIO Test...............................................................................................................................................10
Risk Associated with the Acquisition.........................................................................................................12
Financial Risk Assessment......................................................................................................................12
Cultural Risk Assessment.......................................................................................................................13
Sustainability and Stakeholder Management............................................................................................14
Impact of Digital Disruption on the Acquisition.........................................................................................16
The 1st Loop of Disruption....................................................................................................................16
The 2nd Loop of Disruption.....................................................................................................................16
Disruption in the market.......................................................................................................................17
Conclusion.................................................................................................................................................18
Introduction
This report contains an examination on a US-based multinational retail corporation which has
entered the electronic business industry. Walmart a reputed organization in a chain of
2

hypermarkets and discount department stores has acquired Flipkart. This is one of the largest
companies when considering revenue, it has been listed as the most profitable retailer in the
stock exchange. Walmart is a very profitable retailer, has selected to enter the E-business
sector by acquiring Flipkart an e-commerce company based in India. This report has been based
upon this acquisition in which the decision has been analyzed using various tools to identify the
factors which have driven to the acquisition and the consequences of it. Additionally, it includes
the risks behind Walmart’s shift to e-business industry and the influence of the decision to the
Indian economy. Finally, in conclusion, the decision has been analyzed to distinguish the
favorability of moving into the e-business sector by Walmart and the impact created by it to the
digital market.
3

External Environment Factors influence on the Acquisition
The PESTEL Analysis.
The external environment analysis can contribute to distinguish the opportunities and threats
of a firm and develop a sustainable advantage, there are various macro-environmental analysis
tools used for this purpose (Lynch, 2009). PESTEL analysis (Political, Economic, Socio-cultural,
Technological, Environment and Legal) is such a tool that generates a general background on
the macro-environmental factors which influence the businesses (Yüksel, 2012). Given below is
an analysis using PESTEL to ascertain the decision to acquire Flipkart. There are several
definitions given for PESTEL analysis like PEST (Dale, 2000), to analyze the external environment
using the opportunities and threats.
Dimension India USA Global/Regional
Political  Instable government
(threat)
 Political support for e-
businesses (opportunity)
 Trade union influence on
government (Threat)
 Government initiative to
promote E-business
(Opportunity)
 Stable government
(Opportunity)
 High influence on
e-businesses by
the government
(Threat)
 A future market if
gained a proper
foothold.
 The political factors
influence the business
depending on the
government
viewpoint about e-
businesses.
Economical  Continuous growth in
the economy
(Opportunity)
 100% FDI allowance for
e-business (Opportunity)
 Continuous growth
in the economy.
(Opportunity)
 The
unemployment
 The growth of an
economy is a vital
factor considered for
the success of
businesses.
4

rate decreased.
 Stability of
economy
(Opportunity)
 Existence of better
market economies
with the flexible
inflation rate.
Social-
Cultural
 The rapidly growing
trend of transactions
through online basis
(Opportunity)
 Cultural diversity trend
(Opportunity)
 Millennials prefer
online shopping
most (threat)
 The growing trend
for online
shopping due to
convenience
(Threat)
 A digitalized era has
been created globally
through online
shopping
 The diminishing trend
of supermarkets.
Technological  Increase in use of mobile
phones (Opportunity)
 Automation of business
processes (Opportunity)
 Real-time analytics used
(Opportunity)
 Easy access to e-
payment methods.
(Opportunity)
 The growing trend
of using smart
devices.
(Opportunity)
 Virtual shopping
experiences
(Threat)
 High technological-
based solutions for
shopping. (Virtual
Shopping)
 High usage of mobile
solutions for easy
shopping globally
 Creation of a global
market
Environment  Waste Management
methods (Opportunity)
 Regulations to minimize
resource depletion
(Threat)
 Trends in business
sustainability.
(Opportunity)
 Eco-friendly
product usage
 Highly concerned
about environmental
management
 The growing trend for
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 Promotion of green
environment.
(Opportunity)
(Opportunity)
 Responsible
sourcing of the
supply chain
(Opportunity)
healthy products.
Legal  High tax on E-business
due to pressure by trade
unions (Threat)
 Tax concessions on
certain processes of e-
businesses
 Regulations for the
protection of online
shoppers
 Regulations for
healthy foods
 High tax rates on
revenue and tax
reforms
 Regulations for
labour rates
(Threat)
 Aggressive taxes on
warehousing and
licensing.
 Tax Concessions for e-
businesses.
According to the above table, the political environment consists of a stable political background
in the USA, although only a few governments support international trade whereas India
consists tight rules and regulations and red tape for international business. However, they have
provided some extensions by providing 100% FDI allowance on b2b business. When the
Economical factors are considered the growing stable economies exist which could deliver
benefits and opportunities to the organization by operating in various countries.
The current trend of society is the application of online purchasing rather than the traditional
supermarket. Therefore, major players in the e-commerce sector like Amazon has created a
huge risk for the supermarket chains which is a major threat for Walmart. Therefore, the
acquisition of Flipkart is a major opportunity to establish a platform for e-business.
Furthermore, when technology factor is considered with the rapid globalization process new
alternatives and solutions have been invented instead of supermarkets. Therefore, to sustain
Flipkart can be a dominant reason in the long run. Flipkart is a local leader through the e-
business sector in India with an already established market and significant positioning for
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growth. When India is considered they are in a competitive position due to growing market for
the e-commerce sector, which consists of a high population of youngsters and trend for use in
mobile devices which are major indicators of growth potential for the E-businesses sector.
Walmart consist of an extensive financial position it can easily sustain short term losses in
creating e-business platform to thrive in the future market. Similarly, Flipkart can provide with
strong shareholding partners essential for the growth.
Analysis through Five Forces
Porter’s Five Force Analysis provides a systematic structure for determining the capability of a
company to capture the value generated (Enders, König, Hungenberg & Engelbertz, 2009). This
capacity is related to different strengths of forces. According to Porter's Five forces, it consists
of a strong competitive position in the short run. But the trade rivalry and competitiveness in
the retail sector requires preventive steps to mitigate the negative effects of opposition.
Bargaining Power of Buyer (Low)
Walmart consist of individual customers who make a small number of purchases, Due to the
convenient and competitive prices customers exert no pressure on bargaining.
Bargaining Power of Supplier (Low)
Due to the extensive size of Walmart the supplier power is less as the switching costs are nearly
nonexistent and the complying of the rules and regulations of Walmart is mandatory for the
suppliers to abide by health and safety policies.
The threat of New Entrants (Low)
Due to the strong financial position Walmart consist of the largest distribution networks and
supply chain which requires an extensive amount of capital to manage them. And due to the
variation of brands and cheap prices it has secured a strong position in the market.
The threat of Substitution (Strong)
Due to the availability of many ranges of items substitution is irrelevant as there are several
alternate brands for each product. But the whole concept of domestic shopping is diminishing
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gradually therefore, in the long run, Walmart needs to come up with a generic strategy to excel
in the market.
Rivalry among Competitors (Very High)
The rivalry among the competitors is extremely high due to multiple sized companies
competing for the market. Similarly, the online market is a major threat which is affecting the
market to split. Amazon is the main competitor Walmart competes with due to the growing
trend of online shopping.
According to the above Strategic planning for Walmart requires priority to rivalry and new entry
and threat of substitution by online firms. Continuously improvement is required to maintain its
competitive advantages and develop the business to suit the future requirements of the
customer. Due to the above acquisition of Flipkart, the strategy to minimize the above external
threats are visible which are leading to a downfall in the long run.
Internal Benefits identification through SWOT
The SWOT analysis of Flipkart identified that as India's largest e-commerce retailer who has
been designated as the highest valued acquisition in India (Saraswathy, 2019), has the potential
of initiating its private logistics division. The introduction of local brands and furnishing them
recognition is one cooperative initiative of this business which can be further developed with
the government's support for Make-in-India products.
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Furthermore, acquisition of different emerging electronic commerce platforms such as Myntra
has made Flipkart privileged to use the technology and cyberspace of the acquired businesses
as well. Having established its name in the industry, this business foresees opportunities to
expand its business by venturing into upcoming markets and thus expanding its customer base
by diverging into different product categories.
In spite of being the largest e-commerce business in the country, Flipkart still struggles due to
weaknesses in int distribution strategy. Major international businesses like Amazon have
expanded their distribution channels and has been in a tight competition with Flipkart giving
customers with many opportunities to switch between. However, Walmart's being a
stakeholder of the company gave them a novel opportunity to increase its valuation and be
financially stable.
Walmart is one of the major brick-and-mortar company (Bhaskaran & Bandookwala, 2019),
which owns a large chain of networks and thus gives the company unfathomable funds to
finance growth and expansion. But emerging hypermarket trend can effortlessly mimic its
business model while the brick and mortar model of businesses declining opting into electronic
businesses. Thus, possibilities are there that potential customer base might get reduced with
time and similar emerging businesses ("Strategic Management Of Walmart", 2018).
Value Chain Analysis
The value chain consists of a series of activities commencing from designing which includes
various phases like production, marketing and delivering value to the customer (Koc & Bozdag,
2017). Misallocation of alignment of the operations and resources can be easily identified
through value chain analysis (Fearne, Garcia Martinez & Dent, 2012). Value chain activities
should be conducted in a way in which it could gain competitive advantages (Ferdous & Ikeda,
2018). It can be identified that Walmart follows a cost leadership strategy. The analysis of the
value chain emphasizes how the activities are managed to provide a unique value.
The Inbound Logistics and the outbound logistics processes consist of a unique advantage as
Walmart purchase stocks on bulk for a lower price from the supplier to manage the prices.
9

Additionally, they consist of a state-of-the-art supply chain management system and inventory
management system using apps and technology to reduce costs. An inventory management
technique called cross decking is used which has reduced costs related to transport and
inventory. There are over 150 distribution hubs with Walmart and these are the distinctive
factors which can be identified as key factors which can be used to develop Flipkart and provide
services around the globe and be a dominant player in India as well as other countries.
When Flipkart is considered, it consists of a very capable team and a group of long-term value
shareholders like Microsoft. And there is an added benefit as Flipkart is the local leader in India
with an existing customer base in a country in which e-commerce is growing much higher than
the retail trade. When these aspects are considered Walmart and Flipkart can create a
distinctive change with the competitive advantages as mentioned above.
VRIO Test
Resource-based view states that a firm's competitive advantage is derived through a set of
unique tangible and intangible resources (Barney, 1991). According to the resource-based
theory resources and skills that are firm-specific, rare, and difficult to imitate or substitute, and
have an organizational orientation is known as the VRIO framework (Barney, 2002). According
to the VRIO test, the Inventory Management system can be identified as a core competency
because of the efficiency and managing of costs and bottlenecks of inventory. Furthermore, the
extensive global supply chain is a major core competency which creates a sustainable
competitive advantage. The supply chain reflects the scale, cost leadership strategy and
competitive prices through an efficient supply chain. Flipkart's VRIO test indicates the delivery
network and existing customer base as the core competencies. Therefore, due to the above,
the synergy of Flipkart and Walmart can create a comprehensive transformation which would
benefit to become the prevailing opponent in the e-commerce Industry by surpassing Amazon.
10

Risk Associated with the Acquisition
Risk can be defined as the ability to predict certain outcomes after calculating its possible
influences, the more precise the prediction according to calculations, the lower the level of risk.
It simply is the uncertainty of successfulness or failure that exists when a task is carried
forward, the different possible outcomes that could happen based on chance.
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Financial Risk Assessment
Financial risk when business ventures are taken into consideration can be defined as the
certainty or uncertainty of an asset to earn the expected rate of return (Fitch, T 1997).
Risk as a whole can be classified into two components, the business risk which is risk associated
to insolvency and financial risks that are risk associated to the variability of returns from those
that were calculated (Asenova and Beck, 2003).
When it comes to Walmart, it has adopted a set of strategies that elevates their core values. As
maintaining a low price is one of the main strategies of the company it can be derived that
Walmart practices Cost leadership Strategy. Operating at low costs can also be considered a
core strategy as Walmart keeps the operating costs low to achieve economies of scale. It also
used market penetration to enter new markets and capture customers in short periods.
In order to achieve results through these strategies mentioned above, certain conditions should
prevail, and especially when it comes to operating after an acquisition many factors come into
play, the state of the economy, price stability and economic stability, inflation level all together
act as one big risk carrying body to influence operations of Walmart in a foreign land, another
huge risk that will be faced is the fluctuating dollar rate levels which will have a direct impact on
the financial position and liquidity level of the business.
To mitigate the risk of price fluctuations, deals are made with the suppliers with conditions
favourable to the company, further to decrease the risk of facing huge losses dealing with
foreign currency exchange arrangements that favour the company can be made, like setting a
fixed exchange rate policy or going with a flat exchange rate policy. Further, since Indian Rupee
value is cheaper compared to Dollar value rate, Walmart has the exchange rate advantage as
more of Indian rupees can be bought through fewer dollars which will, in turn, help Walmart
purchase more resources that will ultimately help establish massive outlets that outstand and
out-compete for other prevailing businesses. The fact that Walmart uses online and digitalized
payment systems the impact it can have from short term price fluctuations are less as
transactions are done along with payment real-time. Selecting the most suitable mood of entry
in each country is a major strategic decision that is to be taken into consideration by companies
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when stepping into another country. One such variable that is studied thoroughly during the
entry stage is the cultural risks and barriers associated with the business practices (Quer, Claver
& Rienda, 2007).
Cultural Risk Assessment
Culture is composed with religion, food, what is worn, language, marriage, music, what people
believe in, what is right and wrong, how people sit at a table, how visitors are greeted, how
people behave with the ones they care the most etc.
The word culture is driven from French term Colere which roughly means tend to the earth and
grow. The word in it refers to a wide spectrum of ideas that refers to growth (Asenova & Beck,
2003). No matter what culture a people are a part of, one thing is for certain, it will change.
"Culture appears to have become key in our interconnected world, which is made up of so
many ethnically diverse societies, but also riddled by conflicts associated with religion,
ethnicity, ethical beliefs, and, essentially, the elements which make up culture," But culture is
no longer fixed if it ever was. It is essentially fluid and constantly in motion." (De Rossi 2017).
Employees are considered the lifeblood of an organization, so one main thing that should be
considered before a merge or an acquisition is the culture fit of both the parent and the
acquired company. As states previously culture is not constant but a constantly moving fluid, so
with time Walmart and Flipkart can adjust and adapt trends that most benefit the wellbeing
and sustainability of the company as a whole.
Sustainability and Stakeholder Management
Flipkart, India’s largest e-commerce site has been of much discussion due to Walmart’s interest
in acquiring a larger portion of the company thus increasing the valuation of the business.
Walmart, one of the largest hypermarket networks spread around the world sees rapid growth
of the business while keeping a giant step by making the largest investment in their history.
13

Flipkart, who has acquired a larger electronic space in the Indian e-commerce market, has been
in a losing battle with Amazon (Saraswathy, 2019). Walmart’s acquisition has turned this
situation around and made the business financially stable than before. Not only as a business
but as a country, India’s economic status has also been impacted by this historical event.
Walmart has a strong and widespread physical presence but lacks the strength and space in the
electronic space. On the other hand, Flipkart is well established in the electronic space and has
a prospering future with the ability to expand. Therefore, Walmart’s acquisition of Flipkart
helps Walmart in enhancing its omnichannel retail experience and general knowledge of the
supply chain.
Flipkart has 175 million users registered on their site. With this investment, India will now have
access to deal with Walmart, Paytm & Amazon in the Indian e-commerce market ("Strategic
Management Of Walmart", 2018). According to this investment deal, Flipkart will now have
access to Walmart’s supply chain & retail expertise knowledge. Walmart in return aims to
extend its business-to-business sales across India.
Even though Walmart has a strong presence globally, they lack e-commerce which by this deal
they attempt to establish an online presence across India. Rendering to this deal, Flipkart and
Walmart have agreed to maintain their operating structures and brands separately. With this
deal, Indian consumers will have access to a diverse product category under low prices. Product
differentiation & localization will arise with the competition among diverse e-commerce
companies, which would enable low prices & more varieties (Lokesha K & Varshini V, 2011).
Furthermore, Expansion in e-commerce needs an effective supply chain and logistics that
involve infrastructure development. This will offer Indian farming and infrastructure a boost
and will support farmers as they will be able to meet further demand because Walmart shares
its extensive experience in distribution, transportation, procurement and supply chain
management.
Walmart will spread through their verticals, enhancing product development and increasing
career opportunities. It will be a catalyst for growth in the economy and entrepreneurship,
14

including optimistic market feelings. The sale will be taxable in India, thereby contributing
income gains to domestic revenue receipts. The e-commerce industry has experienced a
significant downturn after demonetization and GST. This transaction would pull in completely
new funds and will stimulate the e-commerce sector in India. This will draw more foreign
investors to join India, including venture capital firms. This offer will also be subject to tax which
will lead to higher domestic income increases (Kalyani, 2018).
On the other hand, Walmart, being a dominant company may sell products through Flipkart for
a lower price than the local entrepreneurs. It will offer hyper-competitive pricing in its own
brands to bypass local businesses, which might harm brick and mortar companies because they
risk being closed down due to competitive pressures. Small businesses that are carried out at
the domestic level will be forced to exit from the market and this will affect the poverty level of
the country. Moreover, a high possibility of exchanging Indian consumers with the U.S. retail
giant exists and that can allow a multinational corporation big leverage to use it to monitor
India's domestic value chain of the business market and purchasing habits. Use of live data will
help better define customers and their interests than local competitors. Hence, a system of
checks and balances is needed to avoid any instance of Indian customer data breach.
In conclusion, this deal would help both Flipkart and Walmart. The Indian economy will also
have an upward trend with more household investments flowing. However, in order to avoid
misuse and maximize benefits, necessary measures should be taken to introduce bug-free
future standardization in e-commerce marketing structures.
Impact of Digital Disruption on the Acquisition
According to the analysis done using SWOT, PESTEL it can be identified the heavy competition
from Amazon and eBay and other retail competitors, and the trend for online shopping has
made Walmart choose alternate options to be sustainable in their future. Therefore, the initial
move was achieving global momentum. Walmart's response was to develop, rather than create,
digital capability first with Yihaodian, a B2C-based e-commerce firm in China, being acquired in
15

2015. Yet the acquisition of Flipkart, India's online shopping website with 100 million registered
users has been the signature move.
Digitization is a multi-dimensional process. Automation in the supply chain a digital logistics,
customer engagement platform, a virtualized or dematerialized product, a corporate transition
from product-based to service-based offerings. Successful new competitors face dual threats
markets in which they pave the way to new digital directions while getting good profits through
the initiation of the model.
The 1st Loop of Disruption
Digitally powered entrants create new strategic conditions that challenge incumbents ' bottom
lines. The traditional innovation sector collapses and new innovation like payment systems
occur. It has been identified that in the 1st loop the organization would face losses. The reason
for this is because of the existing players who exert pressure, therefore due to the entering of
market disruption occurs.
The 2nd Loop of Disruption
Companies react to each other. In fact, we contend that incumbent responses to digital
disruption can trigger “Red Queen” competition in which legacy companies engage in
aggressive imitation first in response to digital entrants and then in response to one another.
There is a huge market disruption when there is heavy competition between the competitors.
When one of the two firms introduced a new product there is rival return product, such as
mobile distribution details tools, electronic package monitoring, or a full cloud shipment
service, the other incorporated similar features shortly.
Disruption in the market
Segmentation
Each consumer is categorized into a market segment. Digitalization allows marketers to enter
new customer segmentation horizons driven by improved data access. They are thus switching
from mass targeting to a micro-segmentation. The customers can experience new apps for
purchases and the methods of Artificial Intelligence.
16

Positioning
Due to online shopping, the brick and mortar stores are no longer enough to compete on price
and cost alone. The market would turn out to be in an online base in real-time.
Change of Business Models
The digital intervention creates innovative business models and synergistic products and
services. Therefore the business models are updated to face the new digital markets.
Loyalty Programs
Customer loyalty and dedication will make or break firms and as such, loyalty reward schemes
constitute strategic strategies for all kinds of organizations. New loyalty programs are
introduced based on the online market methods.
The digital age gives companies opportunities to bring in their business models greater levels of
operational efficiency and consumer centricity. Modern is about individuals and mentalities as
much as it is about technologies. Increasingly, the rivalry is not between retailers but the
broader system of relationships the company creates within their network. Digital helps firms
stay connected to this network of vendors, employees and customers on a real-time basis and
on a day-to-day basis, with feedback from the network to business operations. It is therefore
central to the ret business model
Conclusion
In order to meet future demands sustainably, Market Leaders must build the capacity to quickly
identify, assess and invest in the best patterns at the right time. For many companies, this
involves recruiting or developing new expertise that better understands and implements digital
technologies. Ironically, several markets and eCommerce departments have already started
looking for it. Similarly, from the above case study, Walmart has been analyzed against the
acquisition of the e-commerce business. Therefore according to the above, it can be concluded
17

that in the short run the company may face losses but in the future long-run, Walmart is
tending to be a dominant market leader as they have meant in the retail industry by competing
in the e-commercial industry.
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