An Update on Walmart’s Data-Driven Revolution

We’ve been tracking the launch of Walmart’s Luminate offering closely (see here, here, and here) because it’s an example of how the insights & analytics industry is rapidly evolving. That evolution is continuing apace with the latest news coming from their Inspire event this week (see the press release below). We’ve said before that they are “in it to win it”, and this latest announcement reaffirms that perspective.

Last week I had the pleasure of sitting down once again with Mark Hardy, the Head of Walmart Data Ventures, to put these announcements in context. We dove deep into how Walmart is leveraging their platform to stay ahead in the game and revolutionize the role of insights in driving value for their suppliers, customers, and the organization as a whole. Let me break down some of the key takeaways from our conversation.

• Unified Data Integration: The Walmart Luminate platform is central to Walmart's strategy, providing a comprehensive view by integrating multiple data sources, especially their own unrivaled proprietary data sources.
• Enhanced Decision-Making: Real-time and predictive analytics empower Walmart and their partners to make informed and swift business decisions.
• Customer-Centric Approach: Personalization and seamless omnichannel experiences are prioritized to enhance customer satisfaction and loyalty, which in turn drives better data to support their vision.
• Supplier Collaboration: Data-driven collaborations with suppliers ensure optimized operations and mutual growth. In this case suppliers also means the broader industry ecosystem, not just product suppliers.
• Commitment to Innovation: Continuous integration of AI and fostering partnerships drive Walmart’s ongoing innovation and leadership in the retail space.

So, what’s next on the journey? Mark shared some exciting insights about their future vision. They’re aiming to boost their predictive and prescriptive capabilities even more, transitioning from a reactive stance to proactively anticipating customer needs. Over the next couple of years, Walmart plans to fill in any data gaps and bring in new data sources to gain even deeper insights into both product journeys and customer behaviors.

But it’s not just about Walmart—it’s about leading the entire industry. By fostering innovation through strategic partnerships and internal advancements, Walmart wants to elevate the retail and market research sectors as a whole. They’re setting the bar high, encouraging others to adopt similar data-driven approaches to keep up with the ever-changing data landscape.

Walmart’s commitment to leveraging first-party data through the Walmart Luminate platform is a game-changer in the insights industry. By integrating comprehensive data sources, enhancing customer experiences, fostering collaborative supplier relationships, and embracing AI-driven innovation, Walmart is not just keeping up—they’re leading the charge.

Now read the newest press release with all of the above in mind and let us know whether you agree or not. I suspect you’ll see where this is going too. Stay tuned, there is sure to be a lot more to come as things progress from here.

Walmart Data Ventures Signals Growth at Inspire, Announces New Name for Insights Ecosystem 
 
At its second-annual Inspire event, Walmart Data Ventures brought together suppliers and merchants for a conversation on how first-party insights can bolster business now – and what exciting opportunities the future holds. 
 
More than 1,200 people attended the event, where leaders underlined their vision for Data Ventures to be a global leader in insights and analytics. And like all great stories of growth and evolution, this one begins with a new name. Beginning next year, Walmart's integrated insights ecosystem, Walmart Luminate, will become Scintilla. 
 
‘Scintilla’, a Latin term meaning ‘spark,’ signifies the power of a single insight to ignite a new idea, much like how even the smallest, most granular piece of data can drive business decisions that make a significant impact. While the meaning of 'Scintilla' nods to Walmart’s legacy, it also positions Walmart Data Ventures for the future, enabling more seamless expansion to new markets and banners across Walmart’s global enterprise. This expansion has already started, having launched its product suite in Mexico earlier this summer, and it will be available in Canada later this month. 
 
In the U.S., Walmart Data Ventures has continued to gain momentum, and its insights ecosystem is proving to deliver value to both large and small-to-medium sized suppliers. Compared to last year, the client base has increased by 173%, and representation from small-to-medium sized businesses has grown more than 100% year-to-date. Most notably, every supplier up for renewal this year has signed on for another three years – some for even longer - demonstrating sustained confidence in these innovative product solutions. 
 
Through a series of keynote sessions from Walmart and Data Ventures leadership and case study presentations from suppliers ranging in size and category, Inspire attendees discovered new ways to analyze granular data to gain greater insights into their business.  

 Leaders also announced Walmart Luminate Insights Activation for Walmart Connect is now available to all Walmart Luminate Charter suppliers after a successful beta launch. Designed to shorten the path from insights to activation and help suppliers grow their business at Walmart, Insights Activation lets users seamlessly apply Walmart Luminate insights to inform and optimize Walmart Display campaigns using a self-serve, automated solution. 
 
Formed in 2021, Walmart Data Ventures unlocks the full value of Walmart's first-party data by bringing to life new business applications that deliver actionable, customer-centric insights to help merchants and brands make more informed business decisions.  

 As customers continue to evolve and have endless options to choose from, it’s essential to move with speed and stay agile to better serve them how, when, and where they want. By enabling insights to action and maximizing every touchpoint across the customer journey from home to store and the product journey from source to shelf, Walmart Data Ventures aims to generate even more value for its customers, suppliers, merchants and store operators.