Background
Walmart has set up objectives it requires to achieve to enhance its relationship with investors. The objectives will increase the organization’s returns, and its investors will get higher returns. The firm has laid out different strategies for strategy execution. The statements in its Baird Global Consumer, Technology & Services Conference seek to identify how the retailer will improve customer service (Walmart, 2023). Walmart has maintained its competitive advantage through continuous improvement, technology integration, customer rewards, staffing, and resource allocation.
Continuous Improvement
Walmart’s chief financial officer communicated to the investors their plan to increase their investment in groceries to increase value for the customer and for continuous business improvement. They observed that modern customers face high inflation levels, which minimize their purchasing power (Walmart, 2023). To caution their clients against inflation rates, they will use investors’ funds for operations to enable them to lower prices for their customers.
Rewards, Incentives, and Technology Integration
Walmart will increase its investment in bulk grocery purchases, allowing its clients to get discounts and incentives. Consequently, more customers will be attracted to the business, lowering competition with other retail outlets. The policies and procedures of Walmart operations are on the verge of change due to the use of Scan & Go technology (Walmart, 2023).
The technology allows customers to shop in the store and then seamlessly check out without waiting in line. The program has been implemented in some stores, and there has been positive feedback from customers; the technology carries out one in four transactions. This will reduce time wasted in line and help clients have better experiences when waiting at the checkout.
Staffing and Resource Allocation
Walmart requires many employees to work different shifts and roles. Some roles they have hired include moving inventory to the backroom, filling pick-up orders, helping restock shelves, and unloading trucks. The company employs associates to assist in easing business operations at its outlets (Walmart, 2023). Management said the associates’ salaries are evaluated to ensure they are paid appropriately. The increment in their salary will ultimately help reduce employee turnover.
Proper resource allocation is essential for investors to maximize business resources. The chief financial officer described a strategy for the company to change its investments to improve the business’s Return on Investment (ROI) ratios (Walmart, 2023). During its 2023 annual shareholders’ meeting, Walmart also focused on investing in various activities, including human resource management (Walmart, 2023b). This investment will ensure a balanced capital allocation that helps return cash to shareholders through share repurchases and dividends.
Leadership and Corporate Culture
The Internal leaders have been meeting each week to negotiate the price charged on products and their competitiveness in the market. Leaders are dedicated to ensuring the retailer is offering the best process available (Walmart, 2023). They work to ensure that clients are happy with the prices each time they shop.
Management said that the business’s culture needs to change to accommodate the customers’ ever-changing needs. Employees must strive for excellence during harsh economic times (Walmart, 2023). Their excellent service will cause customers to return to purchase products from their stores.
References
Walmart. (2023). Baird 2023 global consumer, technology & services conference. Web.
Walmart. (2023b). 2023 Annual shareholders’ meeting. Web.