Walmart's (NYSE:WMT) CEO Doug McMillon announced the company will continue to invest in new capabilities and improve the customer experience during an annual meeting for the investment community. He also outlined the four key customer dimensions that Walmart is focused on for winning over consumers of the future: price, assortment, experience and access.
"Today, a customer has a desire for more items, more assortment, more choice than ever before," said McMillon. "We have tens of millions of customers visiting us weekly online and through our mobile apps looking for information, product options and then buying merchandise from us in stores and online. We're known for assortment and we will be in the future."
McMillon also talked about the importance of price for Walmart shoppers, who come from all income levels. As low-cost is in the company's "DNA," the retailer plans to continue to be a price leader across a broad assortment of products.
McMillon also laid out what the customer of the future would look like, stressing the winners in retail will be those that can combine in-store and online opportunities for shoppers. "Locations matter because convenience matters. We have the stores, the associates, and the expertise in the physical world that others will need to build," added McMillon.
Walmart's recent launch of its first pickup grocery service is one example of how the retailer is looking to combine the online and offline shopping world.
In order to win in retail, the online and offline experience needs to be seamless. Walmart strives to be where its customers want to be, putting them in control of the shopping experience.
McMillon highlighted Walmart's new focus on an enterprise-wide approach. By combining Internet, mobile, data and technology, Walmart can better seize opportunities across the world and help its businesses to better serve the customer.
McMillon closed with three key points to driving business moving forward. First, Walmart will concentrate on better serving customers through price, assortment, access and experience. Second, the retailer will prioritize growth. Finally, Walmart will "manage capital in a disciplined, thoughtful manner."
-See this Walmart press release
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