Indeed, financing is the other side of retail, and Walmart cracked this formula before its competitors. The company now offers customers accessible FinTech products such as credit cards, check-cashing services, money transfers, and installment financing. We see a visionary approach in Walton's words-"If we work together, we'll lower the cost of living for everyone.we'll give the world an opportunity to see what it's like to save and have a better life." Walmart has steadily expanded its technological approach to retail and financing in keeping with this vision. Walton introduced new approaches and technologies to augment the retail experience, ensuring customers were never left dissatisfied. A visionary company on several accounts, Walmart emphasizes innovation and technology adoption. The entity evolved from founder Sam Walton’s endeavor to offer customers great value and excellent services. Walmart, one of the largest US retailers, is a giant with a global value chain it offers everything from books to toiletries to electronics.
With the tremendous potential for growth and scope-defying imagination, FinTech is now acting as a catalyst for other industries and helping them enhance sales and profitability while optimally managing customer expectations. Over time, financial service providers also made their way to the online space, with FinTech companies enabling superfast speed, huge transaction volumes, and seamless accuracy. For instance, companies such as Flipkart, MakeMyTrip, and redBus reached out to customers directly through their ubiquitous apps, offering all types of services at the convenience of a single click. With past practices becoming irrelevant, given the expanding millennial customer base, both sectors jumped on the technology bandwagon and started offering tailor-made services catering to individual preferences and requirements. Some of the early adopters of the technology were customer-oriented sectors such as retail and travel. Group experiences took a backseat even as online media such as Zoom and Skype made us indulge in digital socializing and team building. All our ‘public’ activities were moved to the digital sphere. An immense technological disruption impacted all aspects of our lives-from education to work to entertainment. The year 2020 was a defining year in terms of tech and connectivity, with social distancing norms pushing companies and organizations across sectors to go online and cater to customers in a more personalized and digital manner.
A variety of technological advances that enhance services & sectors and improve customer satisfaction surface each year.
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