A recent survey from Walmart introduces the idea of Adaptive Retail, touting it as the new ear of retail. Adaptive Retail, the company explains, is an “evolved form of retail that brings shopping to the customer in exactly the way they want and need. It goes beyond blending the best of online and offline to adapting experiences based on an understanding of the deeper context behind the purchase, all to meet unique consumer habits and preferences.”
In a survey of 2,000 U.S. shopper, Morning Consult studied this model. The survey discovered four key trends: Retailers that can proactively predict individual customer needs, offer personalized suggestions and deliver at exactly the right moment are the ones who will succeed. Adaptability, immediate accessibility and custom “do it for me” experiences will no longer be longer luxuries; they are absolute necessities.
“Advancements in technologies like augmented reality and artificial intelligence are transforming how consumers engage with retailers,” said Richard Kowalski, Sr. Director, Business Intelligence at Consumer Technology Association, in a statement. “The latest research from Walmart and Morning Consults shows that consumers have high expectations for how technology will improve their shopping experiences in the future. Retailers that use technology to provide consumers with more personalized shopping journeys that seamlessly integrate into their lifestyles are the ones who will win in this Adaptive Retail era.”
Walmart notes that while this year’s report provides a variety of insights, this study is a snapshot of Adaptive Retail as it stands today, capturing a single point in time. Customer preferences are ever changing, which is what makes this innovative approach to retail more powerful.
"We’re in a new era of retail defined by profoundly personal shopping experiences,” said Suresh Kumar, Global Chief Technology Officer and Chief Development Officer, Walmart Inc, in a statement. “Each shopper defines how, where and when they obtain goods, and context is key. The Why behind the purchase. Retailers must predict shoppers’ needs, reduce decision-making and enable highly personal experiences. Future retail success depends on how well we anticipate and meet these evolving expectations."
