What does the future hold for the retail industry? Without the input of a believable Seer who has the ability of precognition, we are not entirely certain what the future holds for shoppers. What we do know is that it was not very long ago that people were shopping in small markets which turned into the urban departments stores, supermarkets and malls.
While people still leave the comfort of their home to shop today, many have taken to online shopping to order, using a PC or mobile phone to shop and have their bounty delivered straight to them.
Adapting to the future of the retail industry, the CEO of Walmart, Doug McMillon said it is up to the retailers themselves to adapt to the impending changes and to lead the way in order to stay relevant and not fall behind and disappear. McMillon has tried his hand at predicting what customers can expect their shopping experiences to be like in 10 years’ time.
Customer Empowerment and Even Greater Influence
The good news is that according to the CEO of Walmart, customer satisfaction will take a new turn in the future, with customers being even more empowered with the ability to drive the change they want and take control of their shopping experience.
“Technology – the internet, mobile, and analytics – is being used to do anything and everything a customer doesn’t want to,” said McMillon.
“Customers want to explore, but they need to have easy access to items they choose to use all the time. The historic trade-off between price and service has been altered by technology, and customers expect to save time and enjoy the experience while saving money.”
As customers fulfil their everyday shopping needs, retailers will provide a truly unique and enjoyable experience with excellent service being provided as a standard platform.
“At Walmart we already see the value customers place on personalization and convenience, through our success with grocery pick-up and delivery in several markets around the world.”
Shoppers will experience “smart” shopping through a network of connections linking the physical and digital worlds into an ecosystem of devices, including vehicles, stores and software.
“The internet of things, drones, delivery robots, 3D-printing and self-driving cars will allow retailers to further automate and optimize supply chains. Both sides of the equation – demand and supply – will change dramatically.”
I See What You Have and I Want It, Too
Thanks to the advent of technology, customers all over the world will now know and see what people in other countries have, additionally they will also have access to it all. Chinese customers want access to Louis Vuitton bags from France and milk from Australia.
“Not long ago on a visit to Nigeria and Ghana, I asked one of our local store managers what his one wish would be,” said Walmart CEO Doug McMillon.
“His answer: I want you to put a Walmart Supercentre like the ones you have in the US right here and let me run it. My customers and my family have seen what you have and we want it, too. We want those items at those prices.”