Netflix & Walmart debut digital storefronts for Squid Game & Stranger Things
Walmart has today announced it is creating an exclusive shoppable digital experience in partnership with Netflix. Here’s what you need to know.
Netflix & Walmart have teamed to bring exclusive Stranger Things products to fans
What happened?
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Walmart and Netflix have teamed up to create new ’digital storefronts’, designed to encourage viewers to engage more with their favorite movies and shows.
Dubbed ’The Hub’, the experience consists of digital storefronts for both Netflix and Walmart that enable fans to shop for products inspired by popular Netflix titles, including Stranger Things, CoComelon and Nailed It!, as well as new shows such as Squid Game and Ada Twist, Scientist.
Rolling out over the next few months, consumers will be able to discover and shop for products from categories spanning games, music, apparel and toys.
Additionally, the Netflix Hub will provide unique experiences that incentivize consumers to engage more deeply with their favorite shows and movies. Netflix Fan Select, for instance, is the new crowd-sourcing platform that encourages fans to vote for new products they’d like to see from their favorite Netflix shows. Products that receive the most votes will be brought to life by Walmart merchants exclusively.
“Walmart’s focus is to identify and collaborate with the right partners to offer unique omnichannel experiences,” Courtney Carlson, senior vice-president of category marketing at Walmart US said in a statement today. “Through this partnership with Netflix, we’re providing customers an exciting assortment across fan favorite shows in categories such as toys, apparel and food and an exclusive digital experience that inspires and connects them to their favorite shows.”
Why it matters:
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The move furthers the ongoing rise of e-commerce and innovative shopping experiences that the market has witnessed this year. US Department of Commerce data suggests that online sales with US merchants were up 32.4% in 2020 compared with 2019 – representing the highest annual US ecommerce growth in at least 20 years. Innovative digital shopping experiences such as Netflix and Walmart’s ’The Hub’ help drive e-commerce growth.
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In July, Netflix filed its Q2 earnings, which suggested that while revenue rose $7.34bn rather than the estimated $7.32bn, earnings per share were lower than expected. New projects such as the Walmart deal announced today – as well as continued investment in categories including gaming (the company said in July that it’s in the early stages of further expanding into games) — could help drive growth for the company.
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The new partnership could also help bolster sales for retail giant Walmart, which has been faring well in recent months. Its Q2 numbers indicate that revenue was up 2.4% year-over-year. In particular, its e-commerce business has been flourishing, with sales up 103% on a two-year basis. Innovative e-commerce experiences such as the Hub are likely to advance e-commerce growth.