Walmart has been known to majority of the customers for selling groceries like milk, stationeries and other items. However, Walmart being the largest retailer in the world has been doing lot more. Doug McMillon, the CEO has mentioned that Walmart has been trying to gain the title of a digital enterprise. In fact, a retail laboratory in New York is being tested with artificial intelligence. Recently, Walmart has gained Polymorph labs of Silicon Valley. They have targeted to use the technology of the start-up company in making advertisement much easier for smaller brands with the help of Walmart.
Back in February, Walmart purchased a start-up company named Aspectiva. It checks the browsing habits of customers and recommends them products based on that information. Walmart has also added veterinary clinics to their services in various stores and there is an online pharmacy for pets. It has also introduced their home furniture brand named MoDRN. Walmart and Amazon have been trying to imitate each other in various ways. Both of them have been attempting to maintain their market in the industry.
Amazon’s sales in e-commerce is almost 50% in the entire US. Walmart is trying to gain position in that field. It has already left Apple behind in 2018 to become the third biggest online retailer in US. Walmart is currently behind Amazon and eBay. In 2018, Amazon was third in being the biggest ad platform in the country. About 74% consumers have been searching for products directly in Amazon and not Google. Thus, their chances for promotion and advertisement have increased. Walmart has already begun to follow the same path. Therefore, their website was developed in a way to look for brands quite easily. McMillon said that in terms of income source and new revenue, they have the capability to invest more on advertising space. Walmart has also launched Intelligent Retail Lab. The artificial intelligence in there can detect how ripe a banana is and inform a worker.