Boston, MA 06/10/2014 (wallstreetpr) – Wal-Mart Stores, Inc. (NYSE:WMT)’ CEO Doug McMillon outlined the core ways to maintain its position in the competitive retail industry during its shareholders’ meeting. It comprised up three factors: customer driven, investment on employees and advances over innovation and technology.
Customer driven approach
In the retail industry, the purchasing habits of the customers have changed dramatically, and they need the retailers to change and serve them accordingly. So, Wal-Mart Stores, Inc. (NYSE:WMT) can bring together the new as well as old customers into one platform through its new digital commerce capabilities. It helps them to meet their requirements as when they need through online ordering and the retailer will ship the products at their doorstep.
The Company continues to keep on providing additional services like pick-up points at its ~11,000 stores and collection points so to make more convenient for the customers. In addition, Walmart focuses on increasing the same store sales by availing the stocks as per customers’ need and want and provide friendly services.
Investing on employees
McMillon also emphasized that the employee will deliver the best service to their customers unless they are satisfied. So, the Company needs to spend on employee improvement and create flexible opportunities for their growth.
Advances over technology and innovation
The change in customer preferences and shopping habits need to address only through latest technology. As more and more consumers prefer online shopping for their convenience, so, Wal-Mart Stores, Inc. (NYSE:WMT) needs to create strong e-commerce platform for its customer that will integrate both e-commerce and retail shopping experience and also retain its customers’ base.
Final take
Wal-Mart Stores, Inc. (NYSE:WMT) maintains its focus on customer centric retail services and invests accordingly so that it will improve the store sales and also create opportunities among customers as one stop for their merchandise. Walmart continues to be a market leader in the retail industry with sales of more than $473 billion in FY2014.
