Walmart Business Survey Finds Younger Business Owners Will Spend More on Tech

At Walmart Business, we know our success is inextricably linked to the success of the people, communities and organizations we serve. When communities thrive, businesses within that community—including ours—thrive. That fuels our commitment to helping business owners and operators save time, money and hassle so they can invest more in growing their organization. As part of this commitment, we recently commissioned industry research firm Morning Consult to survey over 500 U.S. business owners and operators on their supply budget management practices to gain insights into how they are managing their budgets, what areas of spend they're prioritizing, and how they’re trying to balance the need for cost, quality, and convenience. We learned a significant majority expect to increase their supply budgets this year and that younger owners and operators are leading a surge in technology adoption.

Sixty-one percent of owners and operators expect their company’s supply budget to grow this year. That number jumps to 78% among the youngest respondents (aged 18-34). When asked where they’ll be making investments over the next year, (58%) of those surveyed said technology (computers, A/V equipment, phones) is the most anticipated business essential, followed by office supplies and furniture (41%) and facility maintenance (38%).

Examining technology purchasing more closely, a quarter of business owners and operators said technological advancements have the most significant impact on their supply budgets. This number jumps to 37% for owners and operators aged 18-34. The survey also revealed that this group will invest in technology more than any other group over the next year.

“As a people-led, tech-powered organization, we know firsthand the many benefits technology can have on helping an organization scale and grow,” said Ashley Hubka, Senior Vice President & General Manager of Walmart Business. “We're excited to see more business owners, particularly younger ones, make tech adoption a priority. We're committed to providing the tech products and services they need for their business at affordable prices.”

Our survey also reveals that despite their tech-forward investments, younger business owners and operators prefer an in-store shopping experience more than their Baby Boomer counterparts. Fifty-five percent of Baby Boomers primarily shop online, with some in-store purchases. 

While shopping preferences vary by age, one thing most owners and operators have in common is that they are highly selective when they make purchases. Cost, quality and convenience influence their buying decisions and define their top criteria for choosing suppliers:

• 96% rate product quality and durability as important or very important

• 93% consider cost a significant factor 

• 86% say the convenience of pickup and delivery plays a pivotal role in their supplier selection process
  

These findings reinforce how essential convenience is to our customers, which has always informed our development of new services. That includes setting up new technology products. For example, when a customer purchases computers and any accessories, they can arrange to have a professional set everything up either in person or virtually through our relationship with True Network Solutions. That helps them stay focused on their core responsibilities. 

This is just one example of how we're meeting our customers’ needs to make the supply purchasing process more convenient. Another example is that the Walmart Business app offers the ability to select flexible ways to receive orders, including one-tap check-in for curbside pick-up at more than 4,000 U.S. locations and direct-to-office delivery scheduling. For those who prefer to shop in person, the Walmart Pay functionality in the Walmart Business app enables access to the organization's shared payment method and to tax exempt purchasing (for eligible, enrolled organizations).

Visit Walmart Business today to learn more about all the ways we can help you grow your business.