Analysts adjust Walmart stock price target after management meeting
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If you're a fan of frozen drinks and Drew Barrymore, Walmart (WMT) has got just what you need.
The world's largest retailer is offering Drew Barrymore’s Slush Crush for $89 as it invites shoppers to "sit back, relax, and enjoy restaurant-quality frozen drinks."
Related: Analyst reassesses Walmart stock price target after meeting with CFO
And while you're enjoying those chill drinks, you can chill out in the Cobizi Hardtop Gazebo, which Walmart is selling for $709, a whopping $1,790 off the regular price.
The gazebo handle, by the way, comes from an 18th-century joke word combining “gaze” with the Latin suffix ebo, meaning “I shall" and if you buy this thing then you shall be the envy of all your neighbors...possibly.
Walmart recently released its first annual report on the state of Adaptive Retail, which the company describes as "an evolved form of retail that brings shopping to the customer in exactly the way they want and need."
"Retailers must predict shoppers’ needs, reduce decision-making and enable highly personal experiences," Suresh Kumar, Walmart’s global chief technology officer and chief development officer, said in a statement. "Future retail success depends on how well we anticipate and meet these evolving expectations."
Walmart said it surveyed more than 2,200 U.S. shoppers to gauge their current and future expectations.
"Adaptability, immediate accessibility, and custom 'do it for me' experiences will no longer be luxuries; they are absolute necessities," the company said.
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Walmart CEO cites generative AI
Richard Kowalski, senior director of business intelligence at the Consumer Technology Association, who reviewed the study, said, “advancements in technologies like augmented reality and artificial intelligence are transforming how consumers engage with retailers.”
“Retailers that use technology to provide consumers with more personalized shopping journeys that seamlessly integrate into their lifestyles are the ones who will win in this Adaptive Retail era,” he said.
Related: Analysts adjust Walmart stock price target after shareholder meeting
Tech is playing a growing role in the retail sector. A report by the investment bank Cascadia Capital found that the retail technology market reached $19.1 billion in 2022 and is expected to achieve $47.8 billion by 2030.
"Retailers are leveraging AI-driven tools and virtual shopping technologies to transform the retail landscape, offering hyper-personalized, interactive, and immersive shopping experiences while simultaneously enhancing customer service and gaining insights into customer behavior," the study said.