How Walmart is using Big Data & IOT

Walmart & Co Co

17 May 201902:09

Summary

TLDRThis video discusses how retailers like Walmart can leverage IoT-enabled devices to collect vast amounts of data, enhancing the shopping experience by understanding customer patterns and preferences. By using tools like beacons, video cameras, smart shelves, and digital kiosks, retailers gain real-time insights into store layouts, promotions, and customer behaviors. This data-driven approach helps improve customer engagement, streamline store operations, and optimize staffing, ultimately boosting sales and customer loyalty. IoT is transforming the retail landscape by enabling more personalized services, efficient management, and enhanced customer satisfaction.

Takeaways

📈 **Data Collection**: IoT devices provide retailers like Walmart with vast amounts of data on store conditions, merchandise, and customer behavior.
🔎 **Customer Insights**: The collected data offers deep insights into customer preferences and shopping patterns, allowing for more personalized and effective marketing strategies.
🛒 **Seamless Shopping Experience**: IoT technology aims to create a seamless shopping experience, which is crucial for driving sales and building customer loyalty.
📊 **Real-Time Analysis**: IoT enables real-time data analysis, providing immediate and actionable insights into customer behavior and store operations.
🏪 **Store Layout Optimization**: Data from IoT is used to track the effectiveness of store layouts and improve the overall shopping experience.
📱 **Digital Engagement**: IoT-connected devices like beacons and digital signage enhance customer engagement through interactive and immersive experiences.
💼 **Operational Efficiency**: IoT provides metrics that help store managers optimize staff scheduling and reduce queue times, improving operational efficiency.
📊 **Promotion Effectiveness**: IoT data helps in tracking the success of promotions and understanding customer responses to marketing efforts.
🛍️ **Customer Assistance**: Digital assistance through IoT allows customers to find items, discover new products, and select promotions, enhancing the shopping experience.
📈 **Future Business Models**: IoT is a key enabler for developing business models that are necessary for future success in the competitive retail market.

Q & A

What opportunity does Walmart see with the advent of IoT devices?
-Walmart sees an opportunity to collect rich data not only about store conditions and merchandise but also about customer patterns and habits. This data helps put the customer at the center of their operations.
How can IoT technologies improve the customer shopping experience in retail stores?
-IoT technologies provide access to real-time data through connected devices like beacons, video cameras, and smart shelves. This enables retailers to create a seamless and immersive shopping experience, driving sales and building customer loyalty.
What types of IoT devices are mentioned in the transcript?
-The IoT devices mentioned include beacons, video cameras, digital signage, and smart shelves.
How is IoT data used to improve store layouts and promotions?
-IoT data tracks the effectiveness of store layouts, exposure to promotions, and product interactions. This data is analyzed in real-time to generate insights into customer preferences and their purchasing paths, leading to optimized store layouts and promotions.
What role do digital assistants play in enhancing the shopping experience?
-Digital assistants help customers by locating items on their shopping lists, introducing new products, and selecting promotions that can save them money. They also assist marketers in upselling, cross-selling, and measuring promotion success.
How does IoT data benefit store managers in terms of staff scheduling and customer service?
-IoT data enables store managers to efficiently schedule staff, eliminate long queues, and ensure customer expectations are met at every service point by using cognitive intelligence and service-level metrics.
In what ways do IoT technologies help marketers?
-IoT technologies allow marketers to identify customer desires, deliver curated content to upsell and cross-sell products, and accurately measure the success of promotions.
What are some examples of customer activities that IoT devices track?
-IoT devices track activities such as customer exposure to promotions, product interactions, and the use of digital kiosks and mobile apps.
How is IoT data analyzed to benefit retail operations?
-IoT data is analyzed in real-time to provide deep insights into customer behavior, preferences, and purchase paths, which helps retailers optimize store performance, promotions, and customer engagement.
How does IoT enable a more immersive customer engagement in retail?
-By collecting data on customer interactions with various in-store technologies and analyzing it in real-time, IoT allows retailers to create a more personalized and immersive shopping experience tailored to customer preferences and behaviors.

Outlines

00:00

📊 Leveraging IoT for Enhanced Retail Data Collection

Retailers, like Walmart, are utilizing IoT-enabled devices to collect vast amounts of data, not only about store conditions and merchandise but also customer behavior and preferences. This data helps place the customer at the center of operations, enabling the creation of business models that ensure future success. These technologies provide insights that help retailers stay competitive in the modern marketplace.

🛍️ IoT’s Role in Creating Seamless Shopping Experiences

In today’s competitive grocery market, retailers use IoT devices, such as beacons and smart shelves, to gather new types of data that enhance customer experiences. These devices allow for deeper customer engagement by offering sophisticated insights into how shoppers navigate stores, interact with products, and respond to digital tools like kiosks and mobile apps.

🛒 Real-Time Insights into Customer Behavior

IoT data is crucial for tracking the effectiveness of store layouts, promotional exposure, product interactions, and the use of digital tools like kiosks. This real-time data analysis uncovers valuable insights into customer preferences and helps retailers understand purchasing paths, enabling them to optimize the shopping experience for their customers.

🤖 Digital Assistants and Curated Shopping

Digital assistants powered by IoT help customers find desired products, suggest new items, and offer promotions to save money. Marketers can now easily identify customer preferences, provide tailored content, and measure promotional success with greater accuracy. IoT simplifies upselling, cross-selling, and tracking customer satisfaction with store services.

📈 Optimizing Store Operations with IoT

IoT technologies provide real-time service metrics that enable store managers to address operational challenges such as long queues and staff scheduling. Cognitive intelligence helps retailers ensure that customer expectations are met at every service point, making store operations more efficient and customer-centric.

🚀 IoT: Revolutionizing the Retail Experience

IoT is transforming the retail industry by creating more personalized, efficient, and engaging shopping experiences. With the integration of smart devices, retailers can now meet evolving customer expectations, driving both sales and loyalty.

Mindmap

Keywords

💡IOT (Internet of Things)

IOT refers to a network of connected devices that communicate with each other and collect data through sensors. In the video, IOT-capable devices such as beacons, digital signage, and smart shelves are highlighted as tools that provide rich data about store conditions, customer behavior, and product interactions. This data enables retailers to create more efficient business models and personalized customer experiences.

💡Data

Data refers to the collected information about store operations and customer behaviors, gathered from IOT devices. In the video, data is emphasized as a critical resource for understanding customer habits, tracking promotions, and improving store layouts. Retailers use this data in real time to generate insights and drive customer engagement.

💡Customer engagement

Customer engagement refers to the ways in which businesses interact with and involve customers in their shopping experience. In the video, it is discussed in the context of using IOT technologies like beacons and digital signage to create immersive shopping environments that capture customer attention and encourage interaction with products, promotions, and digital assistants.

💡Seamless shopping experience

A seamless shopping experience refers to providing customers with a smooth and uninterrupted journey from product discovery to purchase. The video emphasizes how IOT technologies enhance this experience by guiding customers to items, offering personalized promotions, and reducing wait times through better store management.

💡Digital assistants

Digital assistants are AI-powered tools that help customers find products, recommend new items, and offer promotions. In the video, they are mentioned as a way to enhance the shopping experience by making it easier for customers to navigate the store, save money, and discover new products, thus boosting sales and customer satisfaction.

💡Smart shelves

Smart shelves are IOT-enabled shelves that detect product availability and customer interaction. In the video, smart shelves are described as a tool for collecting data on product interactions, allowing retailers to understand which items are popular and how customers engage with merchandise in real time.

💡Promotions

Promotions are special deals or offers intended to attract customers and boost sales. The video highlights the use of IOT data to track customer exposure to promotions and measure their effectiveness. Retailers can also personalize promotions for individual customers, increasing the likelihood of upselling or cross-selling.

💡Real-time analysis

Real-time analysis refers to the immediate processing and interpretation of data as it is collected. In the video, real-time analysis is crucial for generating insights into customer behavior, store performance, and product popularity, enabling retailers to make quick, informed decisions that improve both sales and customer experience.

💡Cognitive intelligence

Cognitive intelligence refers to the use of AI and machine learning to make data-driven decisions. The video mentions cognitive intelligence as a tool for scheduling staff efficiently and ensuring that customer expectations are met throughout the store. It plays a critical role in automating tasks and improving store operations based on real-time data.

💡Service level metrics

Service level metrics are measurements used to evaluate the quality of customer service, such as queue times, staff availability, and customer satisfaction. In the video, IOT technologies are used to track these metrics, allowing store managers to improve service by eliminating long queues and ensuring that staff are positioned where they are most needed.

Highlights

Retailers like Walmart now have a fantastic opportunity with IoT capable devices to collect rich data not only about store conditions and merchandise but also customer habits.

This data allows retailers to place the customer at the center of operations and leverage enabling technologies to shape future business models.

Grocery retailers are working to create a seamless shopping experience that drives sales and builds loyalty in today's competitive marketplace.

IoT devices such as beacons, video cameras, digital signage, and smart shelves provide access to large amounts of data on customer activity.

This new data creates more opportunities for sophisticated insights and immersive customer engagement.

IoT data tracks the effectiveness of store layouts, exposure to promotions, product interactions, and the use of digital kiosks and mobile apps.

Real-time data analysis generates deep insights into customer preferences and their paths to purchase.

Digital assistants help customers find items, suggest new products, and highlight promotions to save money.

For marketers, IoT simplifies the process of identifying customer desires, delivering curated content, upselling, and cross-selling.

Measuring the success of promotions has never been easier or more accurate with IoT.

IoT provides service-level metrics that enable store managers to reduce long queues and optimize staff schedules using cognitive intelligence.

Store managers can also ensure customer expectations are met at every service point in the store.

IoT is revolutionizing the retail experience by providing new insights and tools for customer engagement.

Real-time IoT insights allow retailers to make data-driven decisions, ultimately improving the overall shopping experience.

IoT technology opens up possibilities for personalized customer experiences, driving sales and customer satisfaction.