Walmart Inc.
07/23/2024 | Press release | Distributed by Public on 07/23/2024 09:18
Walmart Releases First Annual State of Adaptive Retail Report
The retail landscape has undergone dramatic changes over the past decade, and we are now stepping into a new era of retail - Adaptive Retail. Simply put, Adaptive Retail is an evolved form of retail that brings shopping to the customer in exactly the way they want and need. It goes beyond blending the best of online and offline to adapting experiences based on an understanding of the deeper context behind the purchase, all to meet unique consumer habits and preferences.
"We're in a new era of retail defined by profoundly personal shopping experiences. Each shopper defines how, where and when they obtain goods, and context is key. The Why behind the purchase. Retailers must predict shoppers' needs, reduce decision-making and enable highly personal experiences. Future retail success depends on how well we anticipate and meet these evolving expectations."
Suresh Kumar, Global Chief Technology Officer and Chief Development Officer, Walmart Inc.
To dive deeper, we commissioned Morning Consult to conduct a survey of more than 2,200 U.S. shoppers to gauge their current and future expectations. The goal was to gain a comprehensive understanding of Adaptive Retail today and a glimpse into the future of retail.
This year's survey brought to light four key trends, each one pointing toward one overarching insight: Retailers that can proactively predict individual customer needs, offer personalized suggestions and deliver at exactly the right moment are the ones who will succeed. Adaptability, immediate accessibility and custom "do it for me" experiences will no longer be longer luxuries; they are absolute necessities.
Adaptive Retail Report 2024
For a more detailed look at the state of Adaptive Retail, its future direction and how shoppers are shaping these new retail experiences.
Download Here
"Advancements in technologies like augmented reality and artificial intelligence are transforming how consumers engage with retailers," said Richard Kowalski, Sr. Director, Business Intelligence at Consumer Technology Association, who reviewed the report before publication. "The latest research from Walmart and Morning Consults shows that consumers have high expectations for how technology will improve their shopping experiences in the future. Retailers that use technology to provide consumers with more personalized shopping journeys that seamlessly integrate into their lifestyles are the ones who will win in this Adaptive Retail era."
While this year's report provides a variety of insights, this study is a snapshot of Adaptive Retail as it stands today, capturing a single point in time. Customer preferences are ever changing, which is what makes this innovative approach to retail more powerful.
As consumers evolve, so must our strategies. The strength of Adaptive Retail lies in its ability to shape itself to these fluctuations, ensuring it remains relevant and effective in meeting customer expectations.