By Arlenys Tabare
In recent years, changes in consumer habits affected by high inflation caused retail sales to fall to historic lows, putting pressure on large chains to create attractive sales strategies to keep their customers.
The trend has not changed, and large supermarkets like Walmart are still under pressure to maintain and attract their customers with innovative strategies to boost their sales. In this case, The chain is betting on the incorporation of local products on its shelves.
Walmart has been incorporating local brands in recent months, attracting the attention of younger consumers, who see the experience of buying new and eye-catching products like a “treasure hunt” while walking through the supermarket aisles.
According to data from Placer.ai, the trend among consumers to look for cheaper alternatives could be positive for retailers; Whether they offer a homemade mayonnaise in Texas or a little-known Cuban coffee brand, The launch of this type of product is attractive for the low-budget buyer.
But it is also a way in which the retail chain keeps up with its competition, Amazon, which in recent years has had strong growth in sales of non-essential products, according to PYMNTS report.
So adding local, mostly non-essential products to top-shopping sections like food and drink is a tactical way to close the gap with Amazon.
Even the retailer is favored by the changes in consumption in recent years; a recent report from Morgan Stanley revealed that more than 70% of buyers look for convenience as a key aspect when deciding their purchases.
Michelle Weaver, thematic strategist at Morgan Stanley, commented that “Consumers are willing to pay up to 5% more for convenience and, in many cases, will choose one product or service over another if it is more convenient. “We believe that companies that sell products or services to simplify consumers’ lives or make the purchasing process easier will benefit the most from the convenience premium.”
In this sense, Walmart, by bringing buyers closer to their favorite brands that are not so commercial in their traditional supermarket, is generating an advantage to boost their sales.
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