Understanding Product Research for Walmart Suppliers in 2014

2014 was a huge year for Walmart suppliers and for Walmart corporate as a whole. 8th & Walton outlined the Top 10 Stories for Walmart Suppliers this year, and Rick West, CEO of Field Agent was featured among other notable professionals in the community.

Here are a few takeaways from a research standpoint that Rick West, CEO of Field Agent, highlighted.

Meeting the Needs of Customers 

This year Walmart launched money services for their customers, now competing with MoneyGram and Western Union. Walmart can now cash checks and transfer money among other services they offer. Walmart added a new service to its suite of financial services, allowing money transfers from one Walmart to another. The retail giant is really digging into knowing their customers better.

“It’s less about the actual service itself and more about meeting their customers’ needs,” said Rick West, CEO of Field Agent.

In such a competitive world and industry that Walmart leads, it’s so important to know your competition. West said, “If we understand what the customer is thinking, then we’ll understand why competition is successful.” Doing mobile market research about competitors to see what they’re doing and how they’re meeting the needs of their customers will really help any supplier become successful.

Women in Business

Women are a huge factor in how and why people do business, although they’re not just shoppers anymore. Women are the majority of college graduates.

“It makes sense to have women involved to understand that core consumer – that core shopper at Walmart,” said West.

Helen Lampkin, co-founder of My Brother’s Salsa, took a methodical approach to do business with Walmart. Walmart is not only seeing women in business from a management standpoint, but also as a women-owned business supplier partner standpoint.

International

How do you get your product to become international?

A business really has to think about the consumer in that country. It’s already evident that the product works for the American consumer. Beginning with research is key.

“You really have to understand the Walmart shopper in that specific country… and it’s about the way you approach marketing, the in-store effects and how you merchandise,” West said.

Omnichannel

As technology grows and more people are using it, omnichannel shopping is clearly the way retailers and brands need to go. If you can figure out when shoppers are online looking for great deals and products and how well the product does in the store, that’s when the product will be successful in omnichannel at Walmart.

2014's Top 10 Stories for Walmart Suppliers by 8th & Walton

Looking Ahead to Research in 2015

As a leader in the retail world, Walmart positions itself also as a leader in innovation, seeking to understand their customers with each product and endeavor. As a supplier and brand, it’s clear that knowing the most about your customers is key to being successful.

Let 2015 be the year that you start or continue mobile research for a successful year. Contact us for your next mobile research project.