This episode features Katie Finnegan of Store No. 8, Walmart's tech incubator, discussing how technology is shaping the future of retail, particularly in fashion. She highlights the long-term strategic investments in areas like personalization, VR, and robotics to give Walmart a competitive edge, emphasizing a decade-long vision rather than immediate returns. This is crucial for ecommerce operators to understand the foresight required in adopting transformative technologies and evolving customer relationships.
Key takeaways
Large enterprises should consider establishing independent innovation hubs like Store No. 8 to explore nascent technologies without immediate pressure for profitability, ensuring future competitiveness.
Fashion brands and retailers must prioritize strategic investments in emerging technologies such as personalization, VR for customer experience, and robotics for supply chain optimization, even if their mainstream viability is years away.
Adopt a 'long game' mentality for technology investment, recognizing that significant ROI for cutting-edge innovations might not materialize for 5-15 years, but will be critical for long-term market leadership.
Focus on how technology can redefine the customer-retailer relationship, moving towards highly personalized and immersive experiences rather than just transactional interactions.
Invest in understanding and leveraging advanced personalization techniques across all customer touchpoints to meet evolving consumer expectations.
Katie Finnegan is shaping the future of Walmart’s relationship with technology. As the principal of Store No. 8, an incubator that’s owned by Walmart but operates as an individual LLC, Finnegan is playing the long game. Her company acquires businesses that are at the forefront of the next generation of retail technology, mastering capabilities like personalization, virtual reality and robotics in the supply chain. Finnegan said it’s realistic that the technologies won’t be viable for another five, 10 or 15 years — but when they are, the goal is that Walmart will have the leading edge over the competition. She joined us to recap Store No. 8’s first year in business, share her predictions around how the relationship between customers and retailers will evolve, and explain what should be at the forefront of fashion brands’ work with technology.
What does this episode say about retail & omnichannel?
Large enterprises should consider establishing independent innovation hubs like Store No. 8 to explore nascent technologies without immediate pressure for profitability, ensuring future competitiveness.
What does this episode say about supply chain & operations?
Fashion brands and retailers must prioritize strategic investments in emerging technologies such as personalization, VR for customer experience, and robotics for supply chain optimization, even if their mainstream viability is years away.
What does this episode say about brand & content?
Adopt a 'long game' mentality for technology investment, recognizing that significant ROI for cutting-edge innovations might not materialize for 5-15 years, but will be critical for long-term market leadership.
What does this episode say about founder & leadership?
Focus on how technology can redefine the customer-retailer relationship, moving towards highly personalized and immersive experiences rather than just transactional interactions.
What does this episode say about retail & omnichannel?
Invest in understanding and leveraging advanced personalization techniques across all customer touchpoints to meet evolving consumer expectations.
