By Seth Dallaire, EVP and Chief Revenue Officer, Walmart
Keeping a pulse on evolving consumer behaviors is critical for brands to make the most effective retail decisions. In the current omni-environment, consumers can purchase anything, from anywhere, at any time, and their experiences dictate their loyalty and purchasing decisions. With the power in the hands of the consumer, there's a rising demand for more personalized experiences, which enhances the significance of first-party data. However, access to real-time customer data and insights about the customer, the platform and their experience is a challenge faced by many suppliers. Walmart Connect and Walmart Luminate are here to help suppliers navigate through the data clutter and extract valuable insights to fuel their retail strategies.
I had the unique opportunity to moderate a panel discussion at C Space with some of the leading figures in retail, data, and media. The conversation centered on how Walmart's partnerships with suppliers like major consumables company Kimberly Clark Corporation, and Bimbo, the U.S.'s largest commercial baking company, are utilizing Walmart’s customer insights to drive their retail strategy, from merchandising to store operations to media – to connect with new audiences and exceed customer expectations.
Our Data Solutions
With a wealth of first party omnichannel transaction data, Walmart offers a unique window into the shopping habits of nearly 90% of American households1. We harness this wealth of data to uncover new and innovative ways to provide value for our suppliers. Through Walmart Connect’s customer and media insights as well as Walmart Luminate’s suite of data products, suppliers have access to relevant, timely omni data, enabling them to gain a deep understanding of customer behavior, trends, motivations, and shopping patterns. Our goal is to offer retail insights that enable brands to adapt to shifting customer expectations, formulate effective retail strategies, and enhance the customer experience both in-store and online.
"Walmart Luminate can help answer the what, the why and the where. It’s about knowing the store and knowing the customer. Together, insights anchored to these two themes allow us to maximize the point of conversion, tracking the product journey to the shelf, and then moving the product from the shelf to the basket." - Mark Hardy, VP, Walmart Data Ventures
Bimbo, a Pay from Scan supplier, encountered challenges in obtaining real-time inventory data, leading to inventory blind spots. By fully utilizing the Luminate suite, they gained a holistic view of omnichannel and operational data, offering an in-depth analysis of stores, brands, and individual items. This was made possible by access to more than 690 distinct operational metrics, which were further enhanced by custom alerts and data-driven insights. Kimberly Clark Corporation also utilized Luminate to identify gaps in inventory assortments and analyze new and repeat buyers. The insights from Walmart Luminate informed their creative messaging, which led to a reassessment of their packaging strategy for the Cottonelle brand.
"We made a packaging change to our Cottonelle brand in October. A switching report showed that it had a dramatic effect on our business and that we were losing shoppers to two other key brands. As a result, we’re reassessing our packaging on the brand for all customers"- Kris McDermott, Director of Omnichannel Marketing, Kimberly-Clark Corporation
Walmart Connect and Walmart Luminate: A Powerful Partnership
Our mission at Walmart Connect is to help brands and sellers meaningfully connect with customers on their shopping journey – wherever that occurs – to find the right product or discover a new one. However, by integrating Walmart’s Luminate insights into our retail media solutions, we can enhance our capabilities substantially. This integration allows us to identify opportunities and respond to recent and emerging trends in real time.
“Imagine being able to identify that a certain segment of the brand’s customer base is trading down while another is purchasing less frequently. Being able to understand the characteristics of each of those segments and target those with messaging that addresses that behavior and drives better outcomes.” - Rich Lehrfeld, SVP and GM, Walmart Connect
Earlier this year, Bimbo applied Walmart Luminate insights to their advertising campaign with Walmart Connect to identify and stop customer churn to their brands. They were able to successfully build a defense strategy and grow their best customer base. And for KCC, the partnership has been expanded with the ability to go beyond ROAS and track detail level changes in sales through Walmart Luminate Shopper Behavior.
"The combination of Walmart Connect and Luminate has resulted in more consumer engagement and media results that are above category benchmarks." – Jeff Hendrix, VP of Customer Teams for Walmart/Sam’s Club, Bimbo Bakeries USA
In today's retail landscape, sifting through huge amounts of data can be overwhelming. Let's connect if you’re interested in learning more about enhancing performance with Walmart Connect and Walmart Luminate.
Source:
1Walmart first-party data, 2021.
