$KNOS KRONOS ADVANCED TECHNOLOGIES ACCEPTED AS AN ONLINE SUPPLIER AT WALMART.COM
Los Angeles, CA, July 24, 2020 (GLOBE NEWSWIRE) -- Los Angeles, CA, July 24, 2020 (GLOBE NEWSWIRE) -- KRONOS ADVANCED TECHNOLOGIES, INC. (OTC MARKETS: KNOS) ("KNOS" or the "Company"), a revenue-generating, product development and production company that has significantly changed the way air is moved, filtered, and sterilized, today announced that it has been approved by the retail giant, Walmart Inc. ("Walmart") as an online supplier at Walmart.com. The Company's air purifiers and other unique products will be available on Walmart.com very soon.
Walmart expanded its eCommerce Marketplace and joined forces with Shopify, an all-in-one commerce platform used by more than 1 million businesses, to open up the Walmart Marketplace to selective sellers. Since Kronos has been using Shopify as an online sales platform and so integrating Walmart.com into its Shopify platform will be a streamlined process now that we one of the few that have been accepted.
Walmart's press release dated June 15, 2020, stated: "The U.S. eCommerce business grew 74% in total last quarter, and growth in marketplace outpaced the overall business even as first-party sales were strong. As we launch this integration with Shopify, we are focused on U.S.-based small and medium businesses whose assortment complements ours and have a track record of exceeding customers' expectations. We're excited to be able to offer customers an expanded assortment while also giving small businesses access to the surging traffic on Walmart.com. Shopify powers a dynamic portfolio of third-party sellers who are interested in growing their business through new, trusted channels. This integration will allow approved Shopify sellers to seamlessly list their items on Walmart.com, which gives Walmart customers access to a broader assortment."
Each week, nearly 265 million customers and members visit approximately 11,500 stores under 56 banners in 27 countries and eCommerce websites. Walmart's online business grew tremendously last quarter with the surge in online shopping resulting from stay-at-home orders across the country. Walmart said that third-party sales grew faster than its own sales.
According to Bloomberg, the world's largest retailer aims to add 1,200 Shopify sellers this year. Walmart executive Jeff Clementz said in an interview that Walmart's marketplace site, which already offers more than 75 million products, grew at a faster pace than their overall web business in the first quarter. Third-party sales are typically more profitable as the sellers pay a fee when a sale is made and often shoulder the delivery costs.
"In order to ramp up sales, Kronos has ordered increased levels of inventory for all of our product lines. The estimated retail value of our inventory is approaching US$1,000,000" said Company's President, Michael Rubinov. "When any company can increase their online outreach -that is considered great news; however, we are very proud to become an approved supplier via Walmart.com, which is a giant milestone for our Company's future revenue growth." https://www.otcmarkets.com/stock/KNOS/news/KRONOS-ADVANCED-TECHNOLOGIES-ACCEPTED-AS-AN-ONLINE-SUPPLIER-AT-WALMARTCOM?id=268619