“We’re in a new era of retail,” according to Suresh Kumar, Walmart’s global chief technology officer and chief development officer, and this week, the company released its first annual State of Adaptive Retail Report in partnership with Morning Consult, identifying four key trends retailers need to succeed.
The retailer defines “adaptive retail” as “an evolved form of retail that brings shopping to the customer in exactly the way they want and need.” The report analyzes survey responses from 2,200+ US shoppers to get a sense of those retail wants and needs.
How convenient: Consumers want “hyper-specific” recommendations and personalization from retailers, like loading up their online carts with their favorite products. Per the survey, 48% of shoppers want recommendations using their own preferences, mood, schedule, or the local weather, while 38% of those surveyed said they’d always prefer a virtual personal shopper at their disposal.
Doing the most: Frictionless shopping experiences are key—shoppers want to buy an item as soon as they see it, whether that’s on social media or TV; in the previous six months, nearly eight in 10 shoppers made a purchase online while doing another task. For Gen Z, the shopping journey begins on social media almost as often as it does on retailers’ apps or websites, in stores, and via online search.
Upon reflection: In-store and online shopping should mirror each other, essentially removing the need to choose between the two. The survey found that 48% of online shoppers want to immediately receive an item, like they do in stores, while 45% of in-store shoppers want no checkout lines, like when they’re shopping online. Nearly half favor store-path mapping apps, and also prefer trying on clothes virtually vs. IRL.
Split the difference: Shoppers are increasingly becoming “channel agnostic,” and across retail channels, they want prices to be fair, items to be high quality, and personal data to be secure. For Gen Z shoppers, when they’re out of a product, they’re nearly as likely to order it for same-day delivery as they are to head to a store to replace it.
TL;DR: It’s all about personalization, and retailers need to understand the “why” behind purchases to thrive, Kumar said in a statement.
“Retailers must predict shoppers’ needs, reduce decision-making, and enable highly personal experiences,” he said. “Future retail success depends on how well we anticipate and meet these evolving expectations."
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