Article: Charting your path to an A+ back-to-class strategy
Five key insights for success with Walmart first-party insights
The school bell will soon be ringing out across classrooms again, but the dynamic and diverse needs of today's shoppers are anything but routine. Early seasonal data paints a promising picture for the season for Walmart suppliers and retailers by revealing heightened student engagement and growing spending trends – with the gold star going to affordability.
Drawing on the latest insights from Walmart Luminate, we will dive into the latest customer trends, shopping behaviors, and actionable insights gleaned from Walmart's exclusive first-party data. Here are five charts that illuminate how Walmart customers are planning to make the grade this crucial shopping season:
Decoding shopper demographics
Unpacking the data:
Our insights revealed consistent engagement compared to last year’s back-to-class (BTX) season, with 66% of survey respondents saying they plan to shop for students across all age groups. Interestingly, a significant majority (75%) of BTX shoppers are parents or relatives meticulously strategizing their shopping expeditions for students. This underscores the pivotal function of familial relationships in shaping the buying journey.1
From the class to the head of it, educators and teachers make up a small but important segment of the back-to-school shopper. A resounding 83% of this group are personally engaged in shopping for themselves during the BTX season, which highlights their distinct impact and consumer role within the BTX shopping ecosystem.1
Overall, these insights underscore the continued importance of understanding and catering to the needs of different age groups and targeting parents, family members, educators, and teachers. By doing so, you can ace your potential in the BTX market and effectively meet the demands and preferences of these key consumer groups.
Walmart Luminate pro tip: Harness the power of Custom Customer Groups within Walmart Luminate Shopper Behavior to delve deeper into these demographic insights. By creating and analyzing specific customer groupings at the category, brand, or product level, you can unlock targeted marketing opportunities that resonate deeply with unique audience segments that matter most to you.
Understanding student preferences
Unpacking the data:
Parents may have the pocketbooks, but when it comes to BTX shopping, students are highly involved in selecting specific products that are crucial to their classroom confidence. Here's a closer look at their engagement:
- 75% of students are deeply involved in choosing BTX backpacks, duffle bags, or book bags, and 73% are involved in selecting clothing, shoes, and accessories, indicating a keen interest in style, functionality, and personal expression.1
- 74% show significant engagement in selecting BTX electronics and wireless products, reflecting the growing importance of technology in education and daily student life.1
- 73% are actively involved in purchasing lunch boxes and reusable drinkware, underscoring their focus on practical and essential items that support their daily routines.1
Understanding these preferences can guide Merchants and suppliers in offering products that resonate deeply with student needs and preferences, ultimately enhancing customer satisfaction and driving sales during the BTX season.
Walmart Luminate pro tip: Hone in on students' high involvement in selecting BTX products like backpacks, electronics, and lunch essentials by utilizing Walmart's first-party data insights to fine-tune product assortments. Ensure these offerings align with current trends and cater to student preferences through Assortment Deep Dive in Shopper Behavior.
Preparing for seasonal spend
Unpacking the data:
This year, there is a noticeable shift in spending habits among parents when it comes to school supplies. While 40% of parents anticipate spending more on standard school supplies compared to last year, approximately half of those planning to shop during the 2024 BTX season expect to spend about the same as last year.1
Looking ahead, consumers are becoming more strategic in their shopping approach. On average, 54% of respondents express intentions to actively seek out retailer sales, exclusives, or promotions to optimize their shopping experience. Furthermore, about 28% of respondents have planned to delay their shopping trips with hopes of capitalizing on future opportunities for discounts, deals, or promotional offers. This indicates a consistent budgeting mindset among a significant number of BTX shoppers.1
Given the expectations around increased spending and the focus on seeking discounts and promotions during the 2024 BTX season, strategic planning is key. These trends highlight an opportunity for suppliers to align their strategies with consumer behaviors.
Walmart Luminate pro tip: Strategize seasonal and long-term promotions based on historical data and trends with the Promotional report in Shopper Behavior. Identify popular product combos during promos, top sellers on and off promotion, and track shopper purchase patterns to assess effectiveness and assess category dependence on promos.
Prepurchase planning & research
Unpacking the data:
In today’s retail landscape, maintaining a robust online presence that includes detailed product information and authentic customer reviews is essential for capturing and retaining customer interest throughout their buying journey. Customers are doing their homework with a notable 57% of consumers conducting thorough online research before finalizing their purchases in-store. Consumer reviews and ratings are making the grade, with 80% of shoppers considering them crucial in their BTX shopping decisions. These insights underscore the profound impact of peer feedback on consumer preferences and purchasing behavior.
Walmart Luminate pro tip: Strengthen your understanding of the customer’s journey before they purchase with Digital Landscapes. Powered by pre-purchase behavioral data from Walmart.com and the Walmart mobile app, leverage it to discover new pre-purchase insights into when, where, and how customers find and shop for your products.
How customers plan to shop
Unpacking the data:
Among the 95% of shoppers intending to visit Walmart during the 2024 BTX season, more than 80% plan to visit a Walmart store in person. Don’t underestimate the enduring appeal of in-store shopping for many Walmart customers, driven by the desire to see and feel products firsthand.
For omnishoppers, an average of 25% utilize the Walmart app for purchasing standard school supplies, with 24% opting for convenient curbside pickup and 20% preferring home delivery. Ultimately, it’s important to offer flexible shopping options in meeting customer expectations during the busy BTX season.
Walmart Luminate pro tip: Continuously monitor and adapt to evolving customer preferences and channel behaviors. Stay agile in adjusting inventory levels, pricing strategies, and promotional activities with near-real-time API’s, or do in-depth analysis with Report Builder Channel Performance Charter to remain competitive throughout the BTX season.
Crafting an A+ BTX strategy hinges on a deep understanding of customer trends and behaviors empowered by Walmart's invaluable first-party insights. Utilize Walmart's first-party insights to make the grade with data-driven decisions that resonate deeply with your target audience.
References:
1Walmart First-Party Data, April 2024, "Back-to-School and College 2024 Seasonal Survey," Walmart Customer Spark Community.
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