Walmart's Sourcing From Women-Owned Suppliers Drives Business
The number of U.S. women-owned businesses (WOB) is increasing dramatically, yet they continue to contribute the same percentage to domestic business revenues as they did 20 years ago — about 4% of all revenue — in spite of the number of WOB growing 114% compared to 44% for all businesses in the same period. The country had an estimated 11.6 million WOB in 2017, according to American Express OPEN, with $1.7 trillion in revenue.
Even with the growth in WOB, these suppliers are having difficulty competing for corporate and government contracts and earning less than 1% of the money spent by the organizations, according to Elizabeth Vazquez, CEO and co-founder of WEConnect International, who helped create the corporate-led global nonprofit to educate and connect WOB with qualified buyers dedicated to diversifying their supply chains.
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