From Insight to Action: Walmart’s Commitment to a Data-Driven Future with YipitData
Meeting customers' needs requires reliable data. For decades, Walmart has been a trailblazer in harnessing data for retail decision-making, using various data sources, including YipitData, to enable their teams to make informed decisions and enhance their ability to exceed customer expectations.
And in retail, that means detail. An important differentiator for Walmart is their use of detailed customer data and analytics that lead to actionable insights. When Jennifer Acerra, VP of Customer Insights and Strategy, joined Walmart, she defined her mission as two-fold, 1) to always ensure her team had an objective, data driven view of the customer, and 2) to represent the customer voice in the organization, keeping them at the center of all decision making.
“My team serves as the objective customer voice at Walmart”, she said, ”the insights the team derives using advanced analytics, data science and customer research helps drive measurable business results as the more that we know about our customers, the better we can serve them.”
“Decisions that we make at Walmart need to be rooted in the customer. Many data inputs go into those decisions, including data we get from YipitData”
One of the many types of consumer behavior Jennifer’s team focuses on understanding is purchase behavior. “Decisions that we make at Walmart – be it pricing, products we bring to market or marketing decisions – need to be rooted in the customer and aimed at building their trust”, says Acerra. “Many data inputs go into those decisions, including data we get from YipitData…As they (YipitData) continue to evolve capabilities, we’ll look to continue to rely on them.”
However, Walmart’s commitment to data driven decision making goes beyond connecting to their consumers. Steph Wissink, SVP and Head of Investor Relations, has increasingly expanded her team’s use of data to create higher-quality investor engagements, including simplifying Walmart’s compelling stock story, actively listening to investor feedback, and creating immersive experiences that deepen the understanding of Walmart’s evolving business.
After learning about YipitData through an investor citation, Wissink identified a new opportunity in her team's overall feedback matrix. “By using this data (YipitData), we can better detect real time business insights leading into quarterly earnings and other major investor engagements”, says Wissink. “This also allows us to use our scripted events to clarify and correct any inconsistencies between our business performance and the alternative data models.”
“By using this data (YipitData), we can better detect real time business insights leading into quarterly earnings and other major investor engagements.”
Since implementing YipitData as a source of alternative data, the Investor Relations team has strengthened relationships with investors. Says Wissink, “embracing data has moved our investor conversations beyond simple facts and into exciting areas of opportunity and potential for our business. Data provides a common source of facts allowing us to emphasize the more strategic and transformational areas of future value creation and opportunity.”
As Walmart continues to become increasingly data driven across many areas of the business, the company will rely on both internal and external data sources. YipitData is proud to serve as one of many sources Walmart has partnered with to accomplish its vision.
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