WALMART has thousands of stores around the world and makes billions each year.
As the world’s largest retailer, Walmart knows a thing or two about staying relevant in the competitive retail space.
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Founded in 1962, Walmart is a retail powerhouse.
The company is consistently ranked among the top companies globally in terms of revenue and is known for its massive presence in the retail industry.
It has 10,490 stores in 24 countries and generated a whopping revenue of US$611.3 billion in 2023, making it the largest retail store in the world.
The retail space is a hotly contested field, but Walmart manages to outperform competitors like Amazon, Costco, and Kroger year after year.
DOMINATING THE RETAIL INDUSTRY
For more information on why Walmart is so relevant, The US Sun interviewed Mitchell Olsen, a marketing professor at the University of Notre Dame in South Bend, Indiana who specializes in retail.
“Walmart continues to be the most dominant retailer in the world, and for good reason,” Olsen said.
The professor highlighted how Walmart’s prosperous position in the retail world can be attributed to its low prices.
He noted that 90% of American households choose Walmart as their shopping destination because no other retailer offers consistently low prices on such a wide selection of items.
The retail expert also addressed how Walmart is ahead of the competition in attracting new and old customers.
“In the U.S. grocery sector, Walmart is putting even more space between itself and its top competitors, increasing its share of wallet among existing customers and attracting new customers who are younger, wealthier and more digitally connected than its existing customer. average retailer.” he said.
STAY RELEVANT
In a world with constant improvements in the technological landscape, digitally savvy shoppers expect their chosen retailer to keep up with these changes.
Olsen noted that Walmart has managed to stay relevant in the competitive retail market by testing new technology initiatives and gave three examples.
- Walmart Add to Heart RomCommerce Series
Olsen first mentioned Walmart’s “Add to Heart” “RomCommerce” series as a prime example of the retailer’s innovation in the tech space.
Launched in December 2023, the retailer’s holiday shopping experience provided consumers with a unique experience.
This allowed shoppers to catch up on a fun series while shopping by scene.
Nearly every product in the series was from Walmart, exposing shoppers to more than 330 items for sale from the retailer.
Top 10 Retailers in 2024
Here is a list of the 10 largest retailers in the world based on their 2023 revenue.
- Walmart: US$638.78 billion
- Amazon: US$574.78 billion
- CVS: $357.77 billion
- Costco: $245.65 billion
- Schwarz Group: US$167.03 billion
- Home Depot: $153.71 billion
- Jingdong: US$148.73 billion
- Kroger: $147.79 billion
- Walgreens: $142.40 billion
- Aldi: $130.40 billion
Source: Yahoo Finance
two. Walmart Kingdom
Olsen also mentioned the retailer’s new virtual shopping experience, “Walmart Realm,” a virtual store that allows shoppers to shop in three digital environments.
One of the virtual sections is called Y’allternative, a Western-themed environment.
The other two are Go Chromatic and So Jelly, which are metallic, maritime-themed virtual spaces.
In Walmart’s approach to the immersive virtual retail experience, shoppers can purchase home, beauty and fashion products that match the digital environment they are in.
“Walmart Realm pushes boundaries as a first-of-its-kind digital shopping experience with influencer-led online stores in immersive worlds,” said William White, chief marketing officer at Walmart.
3. Walmart In-House Replenishment Service
The third technology advancement Olsen noted was Walmart’s AI-powered “InHome Replenishment” service.
The retailer offers customers an InHome delivery service for $19.95 per month and has launched a new restock feature.
The service sends replacement items to customers and adjusts their orders based on their habits and Walmart’s general perception of each customer’s behavior.
“Critically, these constant innovations also stay true to Walmart’s core identity and value proposition,” Olsen said of the technology improvements.
In related news, Walmart’s CEO revealed that Sam’s Club members will soon be able to skip checking receipts thanks to new AI.
Additionally, a Walmart shopper got a “massive discount” after the store accidentally marked down an item by 97%.
This story originally appeared on The-sun.com read the full story
