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Walmart plans to roll out a much more data-driven merchandise selection over the next 18-24 months as part of a major program to improve the in-store experience for shoppers.
“We have lost some of our muscle in building a customer-relevant assortment,” said Walmart U.S. CEO Greg Foran, in the current issue of Fortune magazine. He admitted that Walmart has been “slow” to take full advantage of using data in selecting the most appropriate assortment of products.
As well as using more data to improve merchandise selection, Foran listed other parts of the program to enhance the in-store experience:
- Improving how quickly products move from the backroom to shelves to reduce undue shrinkage and some out of stocks
- Discounting fresh food nearing expiration to move it more quickly
- Focusing more on having the lowest prices
- Adding delis and bakeries at all new Neighborhood Market grocery stores