The Future of Retail Stores: Innovations and Walmart's Example

This report examines the future of retail stores, focusing on the impact of technological innovations on consumer behavior and shopping trends. It highlights the rise of online shopping and its influence on traditional retail, with an emphasis on how companies like Walmart are adapting. The report discusses various technologies such as drone services, automated picking machines, and image scanning, that are reshaping the retail landscape. It also explores how these advancements empower consumers with better decision-making capabilities and retailers with valuable customer data, ultimately leading to improved customer engagement and satisfaction. The report provides an overview of how retailers are using technology to enhance the shopping experience and stay competitive in an evolving market.

Future of the Retail Store
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Introduction
There are various innovations that retailers have adopted on large extent. Social as well as
mobile innovations are significantly changing buyers' shopping propensities and desires, and this
changing progress is noteworthy. As we know that today's economy is very much struggling, the
online shopping has been raised to 15%, which is growing every year. This type of change
enables online retailers as well as consumer, who appreciate these type of financial and strategic
points over shopping center stores. Online shopping provides less prices and tax reduction that
empower online dealers to offer infrequently essentially diminished costs on everything from
attire to device. I will take the case of biggest Wal-Mart chain. (Wiefel, M., 2015).
Example of Wal-Mart
As we know that Google and Wal-Mart are the biggest names that have joined their forces in
order to place Wal-Mart's online market place which is known as Google Express. (Marah, K.,
2017). Walmart is getting into another era of retail by having its association with technology.
The organization is developing its online retail business that has increased its administrations to
14 extra markets. The store has made its accessibility of online grocery upto 200 stores. Now this
organization is building up its drone services, which is proposed to supplant the occupations of
stock quality confirmation workers at huge dissemination centers. Walmart is keeping itself in
front of changes by giving the best costs and extraordinary stock, while sparing clients time and
making a quick, simple and pleasant shopping knowledge. Computerized perpetual shopping,
robotized picking machines in retail stores to have online requests, pickup points in the parking
areas, mechanical technology as well as analyzing image to scan for thing accessibility and rack
introduction and machine learning and further developed calculations in valuing frameworks.
(Ark, F., 2017).
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Better Decision Making Power
The technical revolution is the main advantage in the field of retailing that is also advantageous
to the store’s management as well as retailers. Eg: the new technology influence consumers for
taking better decisions, to concentrate on and valuable offers, and get fast services. It likewise
influence retailers in coming to suitable consumers at minimum expenses. It helps Walmart to
minimize the wait time i.e from 4 min to few sec. This can enable retailers to focus on perfect
customers; it also empowers consumers to make better decisions about which items or the
service to devour. These decisions are unconstrained, delivered rapidly by having online
shopping.
The consumer helps to provide retailer an amplitude of unique information, counting some
value-based information like expenses, amount acquired, and shopping wicker container
creation. At the same time, it also provides purchaser information like gender, age, family etc.
Retailers can have powerful experiences from these type of data and it can help to have
expectations for the buyer behavior, outline better offers, can concentrate on their clients, and
can have some imaging options that influence shoppers to make buy decisions that support their
items. Subsequently, large data can have valuable, patterned procedures of customer engagement
that prompt improved the advantages. These type of advancements enable customers to make
better judgment, with minimum time pressure, helps to boost the confidence with 100%
satisfaction. Retailers thus require to have these new and developing advances to make their
clients engaged by having very simple lives. (Grewal, D. & Roggeveen, A., L., 2017).
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References
Ark, F. (2017). Walmart CEO McMillon Outlines Vision for ‘Future of Shopping’ at Annual
Shareholders’ Meeting. [Online] Available at -
http://news.walmart.com/2017/06/02/walmart-ceo-mcmillon-outlines-vision-for-future-
of-shopping-at-annual-shareholders-meeting (Retrieved on – 22nd Sept 2017)
Grewal, D. & Roggeveen, A., L. (2017). The Future of Retailing. Journal of Retailing 93 (1,
2017) 1–6. [Online] Available at - https://ac.els-cdn.com/S0022435916300872/1-s2.0-
S0022435916300872-main.pdf?_tid=e5576cac-a002-11e7-bf93-
00000aab0f27&acdnat=1506132177_abb9931bb798f58ac5a010b7a9361405 (Retrieved
on – 22nd Sept 2017)
Marah, K. (2017). Google/Walmart: The Brutal Future Of Retail Supply Chains. [Online]
Available at - https://www.forbes.com/sites/kevinomarah/2017/08/24/googlewalmart-the-
brutal-future-of-retail-supply-chains/#202798de1921 (Retrieved on – 22nd Sept 2017)
Wiefel, M. (2015). Digitalization: The impact on traditional retail and the future model of
multichannel. International Journal of Scientific and Research Publications, Volume 5,
Issue 3, March 2015. [Online] Available at -
http://www.ijsrp.org/research-paper-0315/ijsrp-p3981.pdf. (Retrieved on – 22nd Sept
2017)
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