Carrefour’s new strategies bring results for the company

Alexander Bompard, the CEO of Carrefour, recently claimed that the new strategies adopted by the company are bringing good results. The company has recent alliances with tech Giant Google and China’s Tancent, which is a well known funding company.

According to the CEO, who joined the company in July, 2017, the high competition threats posed by Amazon and other mega eCommerce players necessitated some uphauling of its digital strategies to expand in the ecommerce space. In the annual share holder meeting, the CEO stated that “Six months ago we were isolated. All the retail alliances were taking place without us. Now we have deals with Tencent and Google. Your company has become attractive again and is resolutely offensive. I am very proud of the Google partnership which shows that Carrefour is back at the highest level worldwide.”

Carrefour, which is one of the largest retailer in Europe announced its plan to make alliances with China’s Tancent to cut cost and jobs while promoting investment in eCommerce to lift its profit and revenue. This partnership is also supposed to assist the company to combat the domestic rivals. It might invest around 2.8 billion Euros by 2022 to push its eCommerce plans while getting Google’s support. This investment is much more than its earlier investments, around six times higher.

Other steps taken by the company to uplift itself in eCommerce is the opening of its first high tech store in Shanghai last month in partnership with Tancent. It has also entered into a five-year buying alliance with peer System-U.

https://www.reuters.com/article/carrefour-agm-forecasts/carrefour-boss-says-e-commerce-strategy-starting-to-bear-fruit-idUSL8N1TE3UD

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