Technology (NYSE: XLK) has begun to reach retail as 2020 makes its entrance. The former president and CEO of Walmart (NYSE: WMT) Bill Simon stated that the new decade will end the normal procedure of carrying a pile of clothes into a dressing room.
"Could we have virtual changing rooms so that you can just scan an item in a store with your phone and try it on yourself without actually having to go try it on?" Simon said on "Squawk on the Street," hosted by CNBC.
The past ten years has displayed a decline in the retail market due to places like Amazon. Many retail companies have filed for Chapter 11 bankruptcy protection due to this decline, Radioshack, Toys R Us and Sears just to name a few. Other companies have moved their locations to smaller sites in order to reduce their costs. "There's just amazing technology that's already available that if it were applied to retail would fundamentally change the shopping experience," Simon continued.
Simon was president and CEO of Walmart from 2010 to 2014. He explained that a vast majority of retail sales are made through actual stores in the past.
This is said to change in the next decade, making it easier for stores to benefit from both physical stores and online stores. Simon named Target (NYSE: TGT) as the perfect example of a retailer that "actually makes money," with their digital retail market.
The bulk of Targets' success has come through the the perk that they offer which allows customers to shop online from home and receive their purchased items the same day. This is achieved through the common curbside pickup option and same-day delivery.
Simon also commented on the expansion of Amazon (NASDAQ: AMZN) and their integration of Whole Foods (NASDAQ: WFM) into their company and the grand opening of several physical stores all over the country.
All of the changes that have been made in major retailers have been in the attempts to give "the customer what they want," Simon said. "Whether it be order online, ship to home; order online, pick up in store."
The technology that is on its way to retailers, is said to forever change the shopping experience and "opens up fascinating opportunities for companies and consumers," Simon said.