Walmart Embraces Social Media for Personalized Shopping
Social Genome Analysis
Walmart is delving into the world of social media, analyzing the “social genome” of its customers by tracking their interactions on platforms like Facebook and Twitter. This data provides insights into their preferences, interests, and behaviors, enabling Walmart to tailor its shopping experience accordingly.
Partnership with Kosmix
The retail giant’s acquisition of Kosmix, a company specializing in social media data analysis, has played a pivotal role in this endeavor. Kosmix’s expertise allows Walmart to make sense of the vast amount of information available on social networks.
Leveraging SoLoMo
Walmart recognizes the convergence of social media (So), local retail, and mobile phones (Mo) in the shopping landscape. By integrating social data into its operations, Walmart aims to enhance the customer experience both online and in-store.
Personalized Recommendations
@WalmartLabs, the innovation arm behind this initiative, is exploring ways to incorporate social genome data into Walmart’s website. This will result in more relevant search results and personalized product recommendations based on a customer’s social media activity.
In-Store Optimization
Social media data can also be leveraged to optimize Walmart stores. By analyzing social media interactions in the vicinity of stores, Walmart can gain insights into local customer preferences and adjust inventory accordingly.
Gift Suggestions and Product Alerts
@WalmartLabs is also developing features that provide gift suggestions based on social media activity and send smartphone alerts when products aligned with a customer’s social genome are available in-store.
Partnership with OneRiot
Walmart’s recent acquisition of OneRiot, a company focused on real-time search and mobile advertising, further strengthens its position in the mobile shopping space.
Competitive Advantage over Amazon
Unlike Amazon, which relies on past purchases for recommendations, @WalmartLabs leverages social media data to provide more up-to-date and relevant suggestions. This dynamic approach gives Walmart an edge in the highly competitive e-commerce market.
Customer Opt-In Required
It’s important to note that Walmart requires customers to opt-in before their social media data can be used for personalized shopping experiences. This ensures that customers have control over the use of their information.
In-Store Innovations
In addition to its social media initiatives, Walmart is also implementing other in-store innovations to enhance the customer experience. Lowe’s, Home Depot, and Urban Outfitters are deploying handheld devices that allow sales associates to check inventory, access product information, and demonstrate how-to videos.
Computer Tablets and Virtual Wallets
Macy’s and Bloomingdales are introducing computer tablets that enable customers to conduct in-store research on products such as cosmetics and jewelry. Citi MasterCard holders can now use the Google Wallet app on their smartphones to make purchases instead of using physical credit cards.
Food Label Decipher App
For customers struggling to understand food labels, there’s a new iPhone app called “Don’t eat that” that simplifies the information and provides clear guidance.
Innovative Shopping Apps
Mobile shopping apps are becoming increasingly popular. Customers can find innovative apps that assist with tasks such as comparing prices, finding coupons, and managing shopping lists.