Walmart’s Inaugural State of Adaptive Retail Report, conducted by US intelligence provider Morning Consult, offered insight into a “new era of retail” in which customers drive the future of shopping experiences via new technologies such as AI, GenAI, Augmented Reality and Virtual Reality.
Social media ‘becoming key for product discovery’
The report says 55% of Gen Z consumers said they had made purchases while browsing social media in the past six months and 21% of people admitted to shopping online while doing daily tasks.
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Walmart explained consumers want to be able to make a purchase right away without any hassle of switching to a different platform.
As previously predicted by GlobalData, the global online shopping market is expected to increase 22.5% between 2024 to 2028, to £3,119.4bn ($4,001.71bn), driven by investments in e-commerce capabilities, expansion by international players and enhanced technology capabilities.
The company’s report on “Global Shopping Trends: Online Shopping,” found augmented and virtual reality will drive innovation and support a seamless shopping experience for consumers at non-essential retailers.
New technology is expected to lessen the need for physical showroom space and heighten customers’ experience, while e-commerce retailers will begin
using AI to improve customer service and explore new ways to drive online channel engagement.
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By GlobalDataWalmart reported 38% of Gen Z start their shopping journeys on social media – that’s nearly as much as on retailer apps/ websites (40%), in-store browsing (42%) and online searches (44%).
20% of Gen Z shoppers and nearly a quarter of early adopters believe shopping primarily through entertainment and social media platforms will make their shopping experience more convenient and enjoyable.
Shoppers want personal experiences
Nearly half of Americans favour trying on clothes virtually over trying on clothes in a traditional dressing room, with the same proportion saying they’d buy more clothes if virtual try-on experiences were available.
More than half of shoppers want a tool that recommends the best products based on their accurate space or body. The same percentage want to receive suggested items based on their preferences and a virtual personal shopper made available to them for both Gen Z and parents, reflecting a 50% jump.
Almost half of Americans want the ability to buy an item within seconds of seeing it. They desire the instant gratification of spotting something they want while engaged in activities like using social media, watching TV, and gaming.
Shoppers also want tech solutions for efficiency with 49% desiring a store-path mapping app and 50% showing interest in phone-based self-checkout in-store.
Earlier this week, data suggested social commerce platform TikTok Shop accounted for 37% of Chinese e-commerce sales in the US for the week ended 11 July 2024, up from 0% less than a year ago.
