Target raises sales target by $15 billion by 2030, focuses on e-commerce and supply chain upgrades

It is learned that recently, according to foreign media reports, Target has formulated a growth strategy, planning to drive sales growth of more than US$15 billion by 2030 and enhance market competitiveness by expanding the scale of the third-party market and strengthening the supply chain.

In its latest financial meeting, Target proposed a number of investment initiatives to accelerate business growth. Among them, the company plans to "significantly" expand the third-party market, with the goal of increasing third-party digital sales from approximately $1 billion in 2024 to $5 billion in 2030, and introducing hundreds of new brands to enhance the platform's appeal.

At the same time, Target will optimize its same-day delivery service and enhance its store and supply chain capabilities to meet consumer needs more efficiently. As part of its long-term development plan, the retailer will open about 20 new large stores by 2025 and renovate more existing stores. This expansion is in line with its "store-centric" e-commerce fulfillment strategy, which aims to support online sales growth through a physical network.

In terms of supply chain, Target plans to use artificial intelligence technology to optimize the inventory management system to improve operational reliability and reduce out-of-stock rates. At the same time, the company has implemented a variety of new package delivery solutions to make full use of existing stores and supply chain assets, and use its Shipt service to improve delivery efficiency.

The expansion of product categories is also an important part of Target's strategy. Starting in 2025, the company will launch a multi-year plan to focus on developing high-growth potential categories such as games, sports and toys to attract a wider consumer group.

In terms of membership system construction, Target plans to double the membership size in the next three years by optimizing the Target Circle loyalty program. The new program will add exclusive benefits and personalized offers to improve the loyalty and consumption experience of Target Circle 360 ​​members.

In addition, Target will increase its technology investment and innovate in the fields of search, social and data-driven personalization. Its AI-driven solutions will optimize search results, provide more accurate product recommendations, and improve marketing effectiveness by combining social media trends.

Author ✎ Rayna/

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