Walmart's Approach to Web3, Community and Innovation

Hi, it’s Marc. ✌️

I’m thrilled to share the latest episode of our podcast with Justin Breton, Head of Brand Marketing Innovation at Walmart.

We talked about:

* Brands entering Web3 and Metaverse

* How Walmart reaches next-gen consumers

* The challenges of corporate innovation

* The importance of communities vs. Target groups

… and much more.

Why it matters:

Walmart is the world's largest company by revenue, according to the Fortune Global 500 list in October 2022. In February 2023, Walmart announced that its FY2023 total revenue was $611.3B, serving over 230M customers weekly. It operates 10,500+ stores across 20 countries and boasts a strong e-commerce platform.

Key takeaways:

* No immediate ROI required: Walmart is focused on engaging with the next generation of consumers by leveraging emerging platforms and new technologies. The strategy is not just about immediate ROI but about gaining insights and positioning Walmart as a future leader in these spaces.

* Everything starts with data: Walmart’s approach to innovation is heavily data-driven. Insights about consumer behavior, especially regarding how younger consumers interact with platforms and influencers, are central to designing effective brand experiences. For example, Walmart Realm was developed by combining data on younger consumers' reliance on influencers with trends from platforms like Pinterest.

* Next-gen experiences: Walmart Realm is a virtual, immersive commerce experience that Walmart created within the Roblox platform. It combines social interaction with gaming to create an immersive shopping experience. It exemplifies how the company is redefining the shopping experience by integrating gamification and social trends into virtual environments. This not only enhances customer engagement but also shortens the path from inspiration to purchase.

* Keep it focused: Walmart's digital journey began with Walmart Land and Universe of Play on Roblox in September 2022. While these initial ventures were ambitious and visually impressive, the company learned that it's better to excel in one area than to spread efforts too thin. 

* Focus on communities, not target groups: Walmart views community engagement as vital. The brand tailors its approach to different communities across various platforms, recognizing that each has unique expectations and ways of interaction. For instance, Walmart leverages Discord to support its efforts on Roblox, creating a dedicated community with 34,000 active members who discuss and nominate experiences and virtual items for Walmart's platform. This strategy is key to creating meaningful and lasting brand relationships.

* New technology: AR technology enhances customer confidence, particularly for larger purchases. Platforms like Roblox, Minecraft, and Fortnite are seen as the evolution of social media, where the next generation of consumers spends their time, and where Walmart is committed to being active and relevant.

That’s it for now.

Thanks for being part of the journey.

Talk soon,– Marc

PS: Follow me on LinkedIn and X for shorter insights.

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