Research Paper on Walmart Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Research Paper on Walmart Case Solution

Improving the effectiveness of their marketing in their effort to reach the customer of tomorrow

Focus more on e-commerce

In the technologically advanced world people are moving more towards using technology in buying and selling. There is significant growth in online retail stores as shown in Appendix 1. Walmart is in direct competition with Amazon. While Walmart is the world's largest retailer, Amazon is the leader in ecommerce (Appendix 2). Walmart is a newcomer to ecommerce, while Amazon was designed from the ground up to be an ecommerce company. Prior to Walmart's purchase of Jet.com in 2016, the company was not primarily focused on ecommerce. In 2018, e-commerce accounted for 14.3% of all retail revenue, with Amazon accounting for 40% of all online retail sales in the United States.The emphasis on technology, creativity, and all things new is Amazon's biggest advantage. Amazon also increased the number of customers that can use its AWS cloud services. According to market surveys, Amazon.com and Walmart.com consumers have a lot in common.

In order to compete with Amazon, Walmart should focus more on e-commerce, this is possible if the company more seller friendly strategies for product placement and improve resources for seller on its platform.The company should also improve third party market place to increase sales.Although company is customer focused and digitally competitive Walmart has to upgrade its app and digital services in order to better serve customers by introducing more customer friendly interface.

Recommendations

Use of AI in Marketing

Walmart can increase the use of AI in their marketing strategies to effectively analyze their current and prospective customers. AI is effectively used by Walmart biggest e-commerce competitor Amazon, so in order to compete and becoming market leader in both physical retail stores and e-commerce. It's no wonder that Artificial Intelligence (AI) is paving the way in nearly every industry. According to recent statistics, AI technology will increase business efficiency by up to 40%. Another research suggested that 76% of customers wants company to understand their needs and wants.AI marketing is a method of collecting data, customer insights, anticipating customers' next steps, and making automated marketing decisions using intelligence technologies. In marketing, AI is commonly used in situations where speed is important. In reality, artificial intelligence (AI) has the ability to increase marketing's return on investment (ROI).

This can help Walmart in knowing what exactly their customers wanted, and will help in minimizing marketing and inventory management. This can lead to the company investing more consumer engaging shopping experience.

AI will also help Walmart in large data analysis from websites, social media etc. in much shorter time period.

By adopting AI-driven Business Analytics, Walmart will find out exactly what their clients want. This enables the company to right-size their operations, which means opening small stores that stock precisely what local consumers want. Retailers would have a better return on investment if they sell smaller, more intelligent commodity inventories.With the introduction of AI, it will assist the organization in acquiring the opportunity to not only communicate personally with customers, but also to transform the data they left behind into a blueprint for how to better portray them in the future.

Walmart can use deep learning and visual recognition

Customers could use a proprietary app to photograph products inside the shop, that will be automatically recognized by the app, compared to a pricing index, and paid for with the customer's credit card, saving time and improving the customer's shopping experience without ever needing to stand in line.This feature of deep learning and visual recognition is already used by Amazon, in their model AmazonGo to save their time of waiting in line for payment.

Walmart to enhance its customer experience can also housecoats

Walmart will use intelligent chatbots to provide customers with responsive, adaptive, and dynamic communication that responds to their requests and guides them to related services.These chatbots are used by a company in oil and gas sector, shell, to help customers in identifying most effective enhancement for vehicles.

Predictive analytics

It allows use of large amounts of data to predict potential outcomes.One of the competitor of Walmart Target is using predictive analytics to forecast purchasing patterns of customers.

AI can also be used in Walmart to interpret customer card data

This loyalty cards can provide the company valuable insight into particular customers' preferences, and the data gathered from customers is often used to forecast future purchasing patterns.

Attract customers with in-store experiences

Walmart need to build attractive stores to attract kids. People usually take their kids to shopping, the theme of certain part of store should be designed in a way to attract kids which include painting of walls, roofs, and attractive cartoon characters. These features will entertain kids and they will force parents to always bring them to store which will ultimately increase store sales.

This is also used by one of the most famous brand, Nike’s New York, the store offer customer’s In-store basketball court. Customers' footwork is evaluated by cameras as they play, and shoe recommendations are created. Walmart can bring their offline experience into the age of Brick and Mortar by investing in such creative, interactive experiences.

Conclusion

Walmart is the biggest retail store in United States by offering goods at lower price. This low price strategy is possible as Walmart but goods from China and enjoy economies of scale. Its low price strategy has no competition. But in today’s technologically advanced world people are moving more towards online shopping and due COVID 19 there is enormous increase in e-commerce sales and market leader in e-commerce side is not Walmart but Amazon. Walmart needs to implement modern strategies to succeed in e-commerce side like focusing more on AI and use several features of AI to know their customers’ needs and expectations and to deliver what they exactly want. By being digitally advanced Walmart can become market leader of e-commerce side as well..........................

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Research Paper on Walmart Harvard Case Solution & Analysis