Fortune’s Post

I recently caught up with Walmart Chief Technology Officer Suresh Kumar, who has been leading a transformation of the retailer's technology products and services over the last five years. We talked about the company's pursuit of "adaptive retail," the impact of Gen Z shopping habits on the retailer's future plans, and much more. “This notion of shopping used to start with stores, and then it was online,” Kumar told me. “And now it is kind of permeating everything.” I hope you'll take a read of my latest for Fortune: https://lnkd.in/eF2BYhtU

Walmart JUST announced that they plan to open up over 150 stores over the next 5 years. And this is a big change considering how low they’ve kept store growth for nearly a decade. This might seem like a strange move considering how rapidly e-commerce is growing and how steadily in-person sales *seem* to be declining, but with Walmart’s unexpected recent growth and successes, it’s clear they do have room to expand. But why the exceptional growth these past few years? The answer (which you’ve probably already heard a million times by now) is AI. Walmart has been: - Implementing sentiment analysis to analyze customer feedback and garner insights - Personalizing online product recommendations to boost AOV and retention - Optimizing logistics and delivery routes to keep customer satisfaction high and costs low - Developing GenAI Search to make online shopping 10x easier for customers - Working on a replenishment model that predicts exactly when a customer needs to reorder a product Want to learn more about how they did it? Read all about it here: https://lnkd.in/gy6-6FfB

🛍️ Are physical stores still relevant in the era of Amazon? Let's break it down! 🛒 My latest Forbes article dives into the fascinating debate between convenience and experience in #retail. Discover why embracing #innovation and creativity in physical stores is crucial for success. So could stepping into a physical store be worth it after all? Check out the article here: https://lnkd.in/ehFFRC69 #RetailRevolution #BrickAndMortar #DigitalAge #ImmersiveExperience #RetailInnovation #Phygital #eCommerce #ConsumerBehavior Forbes Communications Council HYPERVSN

Walmart: Pioneering the Future of Retail (CES Review) 🚀 Walmart is transforming the retail landscape, emerging as a leader in online grocery shopping and e-commerce, even outpacing Amazon in this crucial area. At CES 2024, Walmart showcased cutting-edge AI and technology innovations that are set to revolutionize the shopping experience. ✨ Adaptive Retail Strategy: Walmart's goal is to create personalized and seamless shopping experiences across channels. Their strategic emphasis on e-commerce positions them as a formidable competitor to Amazon. 🔎 GenAI-Powered Search: Walmart introduced an innovative AI-powered search that allows customers to search for products based on use cases, shifting away from traditional keyword search. This breakthrough technology promises to enhance customer experience and drive impactful cross-selling. 👥 Shop with Friends: Walmart is exploring the realm of social commerce with their "Shop with Friends" AR tool. Shoppers can now get feedback from friends on virtual outfits, taking the joy of shopping to new heights. However, skepticism remains regarding the effectiveness and usability of social commerce platforms. 🏠 Walmart InHome Replenishment: Walmart is testing automated replenishment for frequent purchases, aiming to simplify the shopping experience. While there are doubts about the business case, this innovative approach could potentially change the paradigm. 📷 Computer Vision in Sam's Club: Walmart is leveraging computer vision technology in Sam's Club for receipt verification, reducing stolen goods, and enhancing the overall customer experience. 🚁 Drone Delivery Service: Walmart is also exploring the world of drone delivery, promising faster and more efficient delivery options. However, the potential impact on the market landscape is still a topic of debate. Walmart's relentless pursuit of innovation and their strategic investments in e-commerce infrastructure are reshaping the future of retail. As they continue to adapt and evolve, it will be fascinating to see how their Adaptive Retail Strategy truly enhances the customer experience and challenges the status quo. Let's discuss the implications, opportunities, and challenges arising from Walmart's bold moves. What are your thoughts on their e-commerce strategy? How do you think GenAI-powered search will impact customer experience? Share your insights below! 💬 #Walmart #RetailInnovation #AdaptiveRetail https://lnkd.in/eSbHUZf4

🚀 𝗪𝗮𝗹𝗺𝗮𝗿𝘁'𝘀 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗥𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻: 𝗖𝗵𝗮𝗻𝗴𝗶𝗻𝗴 𝘁𝗵𝗲 𝗪𝗮𝘆 𝗪𝗲 𝗦𝗵𝗼𝗽! 🛒💡 In Today's digital world, Walmart wanted to make shopping easier for everyone. Here's what they did: 💡 𝗦𝗺𝗮𝗿𝘁 𝗠𝗼𝘃𝗲𝘀: - They bought Jet.com to sell more things online. - They made Walmart+ to give customers free shipping and other cool stuff, just like Amazon Prime. 🔧 𝗡𝗲𝘄 𝗧𝗲𝗰𝗵: - They used computers to suggest things you might want to buy, so shopping feels more personal. - They used special computer codes to make sure things get to the stores and your home faster. - They also made robots help in their big warehouses to get orders ready quicker. 🎉 𝗚𝗼𝗼𝗱 𝗥𝗲𝘀𝘂𝗹𝘁𝘀: - More people started shopping online at Walmart, so they made more money. - Customers liked shopping at Walmart more because it was faster and easier. - Walmart saved money by using these new ways to work. 🔑 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗧𝗵𝗶𝗻𝗴𝘀 𝘁𝗼 𝗞𝗻𝗼𝘄: - Trying new things with technology can help stores stay popular. - Happy customers keep coming back to shop. - Computers and data can help stores make better decisions and make shopping more fun. 🤔 𝗟𝗲𝘁'𝘀 𝗧𝗮𝗹𝗸 𝗔𝗯𝗼𝘂𝘁 𝗜𝘁: - How can other stores copy Walmart's digital ideas? - What new things might we see in stores in the future? - How can stores use computers but still make shopping friendly for people? Walmart's big digital upgrade shows that with some new ideas, shopping can be even better! 💪💫 #DigitalTransformation #RetailInnovation #CustomerExperience #Ecommerce #TechTrends

Over 60% of retail companies are set to ramp up their AI spending in the next 18 months. But what exactly are they spending it on? More importantly, what’s their strategy? Let’s look back at two retail giants—Walmart and Kmart—and how they approached a different technological revolution: e-commerce. 📫 Walmart recognized the potential of e-commerce early on. By integrating their massive brick-and-mortar presence with a growing online marketplace, they didn’t just adapt—they thrived. Walmart invested heavily in building an omnichannel strategy, leveraging both physical and digital assets to create a seamless shopping experience. Today, they’re a powerhouse, competing head-to-head with online giants like Amazon. 📪 Kmart, on the other hand, was late to the game. They didn’t launch an e-commerce site until 2010, years behind their competitors. By then, the market had moved on, and Kmart struggled to capture the online consumer base. Their late adoption of e-commerce, coupled with a failure to adapt to changing consumer preferences, contributed significantly to their decline. 🎼 Now, we’re in the early stages of another technological revolution — Generative AI. The lesson from the past is clear: companies that embrace new technology with a clear, proactive strategy will lead. Those that hesitate risk being left behind. 💡 What's your strategy to adopt AI? #Retail #AI #Strategy #BusinessGrowth #RetailAnalytics

🛍️ Get ready for our next blog post! 🚀 Every few decades, a new technological wave reshapes the retail landscape, propelling the industry forward. From the Sears catalog in the 1890s to the digital shopping era sparked by Amazon and eBay in the mid-1990s, each wave has transformed how consumers shop and how retailers operate. History suggests that we are on the cusp of another significant shift in retail innovation. The question is, what will drive this next wave, and are businesses prepared for it? The answer is a resounding yes. Check out our blog post as we delve into the exciting future of retail and how businesses can stay ahead of the curve. 🌟 #RetailInnovation #FutureofShopping #StayAheadOfTheCurve https://hubs.li/Q02tkDbw0

Big moves in retail! 🛍 ✨ Walmart and Amazon are taking omnichannel to the next level by integrating digital tech into physical stores. Walmart's rolling out digital shelf labels to 2,300 stores by 2026, boosting efficiency with rapid price updates. These labels replace traditional paper price tags, allowing employees to update prices via a mobile app, significantly reducing manual labor and ensuring timely updates. Meanwhile, Amazon's smart Dash Cart and Just Walk Out tech streamline the checkout experience. This competition is pushing the envelope, merging online convenience with in-store experiences. Also, this digital transformation enables advanced marketing and pricing strategies. As a data geek, I am excited to see the available data and insights these innovations will provide. 🛒💡 https://lnkd.in/gSGWpQgU #Amazon #Walmart #RetailInnovation #Omnichannel #DigitalTransformation #Data #Marketing

A friend from non-tech background asked me what technology can really do for businesses. Well, it can be easily explained by #retail stories and this Forbes article does a decent job at that. It talks about the importance of investing in technology for #growth in the retail sector. The shutdown forced a retail reckoning. Four years later, the winners are those who embraced technology. Why investing in tech is crucial for retailers: - Competing with giants like Amazon requires a robust #omniChannel presence and efficient logistics. - Frictionless #customerExperience is key. Customers expect seamless integration between online and offline channels. • Technology unlocks efficiencies: Investments in #ai and #cloud can optimize operations and reduce costs. The future of retail is tech-driven. Not just that, tech is the Key to Survival! #RetailTech #Innovation #DataAnalytics https://lnkd.in/dxrxXBvw

Advertisers are projected to spend over $55 billion on retail media in 2024. During the last few years, retailers like Walmart, eBay, and Amazon have proved the importance of retail media networks to boost demand and increase sales. Based on their successes, 2024 will see an increasing number of large retailers building, refining, and monetizing their media networks.     #Retail #Technology #WiproConsulting