Technology is set to “fundamentally change the shopping experience” in the 2020’s according to Walmart’s former president and chief executive Bill Simon.
Existing retail technologies such as virtual changing rooms, self-scanning apps and digital checkouts will transform the in-store shopping experience over the next decade Simon, who led the world’s largest retailer from 2010 to 2014, told “Squawk on the Street”.
Despite the staggering rise in online retail over the past decade, Simon points out that an overwhelming majority of sales still come from physical retail, and that will give retailers an opportunity to integrate the “amazing technology” already widely available.
“Could we have virtual changing rooms so that you can just scan an item in a store with your phone and try it on yourself without actually having to go try it on?” he said.
“There’s just amazing technology that’s already available that if it were applied to retail would fundamentally change the shopping experience.”
Simon said Walmart rival target was a good example of a retailer using physical stores to complement their online operations and “actually make money” thanks to innovative delivery initiatives like curbside pickup and same-day delivery.
He added that retailers using technologies like digital checkout “opens up fascinating opportunities for companies and consumers”.