Walmart’s Retail Tech Innovation based Omnichannel Strategy
Walmart places the customer at the forefront of all its operations, striving to deliver top-notch retail technology to enhance the shopping experience. Walmart recognizes that customers in the NOW era have different expectations and require rapid solutions across touchpoints. Through its omnichannel Retail Tech innovations, Walmart seeks to transform the customer journey end-to-end, simplifying their lives.
Chief Omni Strategy & Operations Officer at Walmart, Casey Carl, explains that omnichannel is currently the buzzword in the retail industry. Walmart’s goal is to provide customers with the best experience possible, whether shopping online or in-store, on any platform.
To learn more about Walmart’s efforts to eliminate obstacles for associates, deliver end-to-end service to customers, and create a Unified Customer Strategy to provide a top-notch customer experience, check out the following Huddle with John Furner video.
Omnichannel Retail
is an Enhanced or Extended version of Multichannel Retailing with a 360 Degree View of the Customer. The massive rise of digital technologies, platforms, mobile devices and Social Media has disrupted the Retail Landscape. The increased opportunities for the Customers has forced the Retailers rethink about their marketing strategies. It has given rise to the Cross Platform Unified Customer Strategy that is called as Omnichannel Strategy in Retail.
Learn More What is Omnichannel Strategy in Retail
Who Are Omnichannel Customers and Why They Are The Future
Omnichannel customers are consumers who use multiple channels or touchpoints to interact with a brand, such as a physical store, website, mobile app, social media, and customer service hotline. They expect a seamless and consistent experience across all these channels, with the ability to switch between them seamlessly and pick up where they left off. For example, an omnichannel customer may browse a product on a website, add it to their cart on a mobile app, and then complete the purchase in-store.
Omnichannel customers are the future because their behaviour reflects the changing landscape of retail and customer expectations. With the rise of e-commerce and mobile devices, consumers have more choices and channels to interact with brands than ever before. They expect a personalised and convenient experience that meets their needs, whether it’s researching a product, making a purchase, or seeking customer support. Brands that can deliver a seamless omnichannel experience can build stronger customer relationships, increase loyalty, and gain a competitive advantage in today’s crowded marketplace.
Learn in this Video Guide, about the Role of Omnichannel Customers for Walmart
Our priority is to create more of what we call Omnichannel customers, customers that are shopping us and acting with us not just in the store but also online, on their mobile phones, etc. Walmart is putting a lot of resources into the mobile experience.
Our observation is there’s a lot of activity in the world of digital media, mobile media that is harder to track and harder to prove an ROI. Sometimes, on some platforms, it may be more image-building and brand-building whereas on other platforms it may be more about an item and a price trying to get you to buy in that moment. I think the key is to use the right message in the right place at the right time.
The vast majority of shopping and the vast majority of transactions still take place in a store and that’s gonna continue to be that way for a long time, However, here too, the game has changed. The challenge is to find ways to make it more fun and more entertaining to go to the store.
If we can come up with some ways, we call it retail-tainment, where we can have celebrities in the store or demos and sampling new products in the store or just fun activities that make it a more interesting way to spend a little bit of time then we found that that’s what really resonate and people respond to it.
The future of retail will belong to those who are gonna be able to pull this omni channel proposition. Among them, Walmart; a retail giant with the resources to invest both online and offline. It is probably gonna be easier for us to continue to develop the digital tools than it is for someone to come in and develop a physical footprint of five thousand stores around the country.
Walmart CMO Tony Rogers in an Interview to WHOSAY
Walmart’s Redesigning of Stores for Omnichannel Customer Experience
Based on Walmart Story, Walmart considers omnichannel customer experience as a crucial strategy to enhance its customers’ satisfaction. The company utilizes advanced Light Detection and Ranging (LiDAR) technology on iPhones to exhibit essential details to its customers such as measurements, providing them with a visualization of interior design. Furthermore, Walmart’s physical store is an integral part of its omnichannel strategy. The company has implemented three significant improvements in its brick-and-mortar store’s design, which includes updating Walmart’s signage on the exterior and interior of stores to reflect the Walmart app icon. This eye-catching and colorful iconography creates an impression on the customers, encouraging them to download and use the app while shopping.
The company has also introduced aisle markings with letter and number combinations, enabling customers to navigate from their phone to the desired products. Additionally, Walmart has employed airport wayfinding systems-inspired navigation, making it easy for customers to find products in the store efficiently. The intention behind these design elements is to create a lasting impression on the customers by displaying unique products and providing valuable shopping experiences.
Retail Technology Innovations in Walmart Marketplace
In 2000, Walmart introduced online shopping on Walmart.com with a main goal of allowing customers to purchase items from the Walmart assortment. Later in 2009, it expanded the platform to include third-party sellers. Throughout this process, Walmart prioritised customer and seller trust as a core element of its strategy and execution. The Walmart marketplace has various programs aimed at boosting customer loyalty and retention, such as: :
- Walmart’s retail business foundation is built upon the Every Day Low Price (EDLP) concept, which is also applied to its marketplace products. The company provides sellers with the necessary tools, insights, and recommendations to deliver low prices, fast shipping, and excellent customer experiences. The Every Day Low Cost (EDLC) approach enables Walmart to offer EDLP by continually driving cost optimization for sellers and translating those savings into low prices for customers.
- To enhance the customer and seller experience on its marketplace, Walmart utilizes various digital innovations such as AI, voice, social commerce, augmented reality, and virtual reality. The company leverages these technologies to facilitate sellers’ growth on the platform, including a recommendation dashboard that provides sellers with precise recommendations to improve their product listings, leading to increased sales and growth.
- Walmart also ensures trust on its marketplace through the brand portal, which protects IP rights and offers genuine experiences for customers. The company curates a community of professional sellers that offer top-quality, authentic products and customer services, enabling them to scale up and serve customers effectively.
- To meet customers’ expectations, Walmart uses machine learning to predict shipment delivery times for a specific item, seller, and region combination. This ensures that customers know when to expect their orders to arrive
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