The Future of Retail Through the Lens of the Walmart and Jet.com Deal
The 3-Billion- dollar deal that joined Walmart and Jet.com is the beginning of the new face of retail. We all know Amazon for being the online retail powerhouse. Now, other retailers like Walmart are trying to compete in the online realm. Therefore, deals like this will happen more frequently.
Jet’s Technology System
Jet.com is known for its sophisticated technological system that guarantees customers competitive pricing. They track their basket sizes, the closeness of the product, and options for shipping. At only a year old, Jet has become a competitor among the online giants. Thus, they can help Walmart’s E-Commerce efforts. In short, Jet’s system will help Walmart secure second place to Amazon in online retailers.
So, how can we learn from this huge deal between Walmart and Jet?
Invest in Technology and New Software
First, investments in technology and new software that help customers find everything they are looking for will create a successful online retail option. Second, new systems will put the customer in charge of their shopping experience. Finally, technological advances will simplify sourcing products from various warehouses and getting them to customers in a timely manner.
Create a Seamless Shopping Experience with Omnichannel
Creating a seamless shopping experience for customers like Walmart’s Omni-channel is the future of retail. Customers’ ability to shop through the website, app, and the brick and mortar stores will increase revenue once products are available on all platforms. In addition, adding initiatives like in-store pickup, and Walmart’s 2-day Shipping Pass will enrich the customer experience and keep them coming back.
Walmart’s Omni-channel also gives hope to smaller manufacturers to stay afloat. Smaller manufacturers struggle to stay above water in an era where everything that we need can be found on one platform. Walmart has now opened its doors to these brands to join their online marketplace and provide them with the platform to aid in their success.
Brands’ merging like Walmart and Jet maximizes brand recognition, which ultimately gets consumers to shop on all channels. Jet is already well known for competitive pricing and timely delivery. Adding a big brother like Walmart gives a customer comfort in knowing that they have that extra support. In the future, similar partnerships will increase the growth of online mega-stores. Also, they will create unbreakable bonds between customers and retailers.
At this time, we have only a taste of the future of online retailing. With more technological advances and innovative ways to keep customers first, the next steps will be exciting for everyone watching. Blurred boundaries between physical and online stores, swift delivery, and customer convenience will all add to the growth of the industry.
What do you think? Where do you see the retail industry in 5-10 years? Let us know what you think.
Marketing Assistant at Eighteen Knowledge Group LLC.
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