Walmart says it’s stepping into a new era of retail – and to keep up with consumers, it must predict what shoppers need.
That’s partly because the industry is no longer what it was a decade ago, and according to the company’s first annual Adaptive Retail report, if retailers want to succeed, they must be dogged in adapting, making items quickly available, and tailoring experiences to fit individual customers.
“Each shopper defines how, where and when they obtain goods, and context is key,” said Suresh Kumar, Walmart’s global chief technology officer, in a statement, later adding that it requires retailers reduce the need for shoppers to make decisions.
To get a better understanding of the state of the consumer, Walmart conducted the survey in partnership with survey research data firm Morning Consult. The firm conducted the survey between May 16-24, 2024. It collected responses from more than 2,200 U.S. adults who participated in online interviews.
The first trend the firm found was that shoppers want curated choices. More than half of respondents said they would actually want a tool that can recommend certain products based on their “actual space or body,” per the report.
Meanwhile, a majority of consumers are multi-tasking when they shop (that is, watching TV) and are using social media to find their next purchase.
And so we come to experiences – mainly those that exist online and in-store. The survey found that the main “in-store experience” shoppers want when they’re buying items online is that they want to immediately get that item. To compare, shoppers who are buying items in-store want the online experience of no-checkout lines.
Most notably, the fourth key trend and what Walmart said is the “most important” to consumers when shopping, regardless if it’s online or in-person, is the price, quality, and trust of an item.
Ultimately, with advancement in technologies such as augmented reality and AI, consumers can engage with retailers in a number of different ways. It’s up to retailers to blend the online with the physical, said Richard Kowalski, senior director of business intelligence at the Consumer Technology Association, in statement.
“Adaptability, immediate accessibility and custom “do it for me” experiences will no longer be longer luxuries,” Walmart said. “They are absolute necessities.”