The stock of Wal-Mart Stores Inc (NYSE:WMT) closed at $90.99 gaining 0.08% in yesterday’s trading session. This company is embracing technological advancements in a great way and that is helping it maintain its relevance in the market.
Tests on the virtual reality system called ModiFace are already underway and if everything moves according to plan it will be tested in about five stores across the country as was revealed by the latest media report. For some close Walmart watchers the experimentation shouldn’t come about as a shocker.
The company’s spokesperson opined, “Walmart’s stock has gone up nearly 35% this year. Even with such a grand surge, the 55-year-old retailer, of which grocery is a big factor, appears poised for further growth because it is remaking itself into, for all intents and purposes, a startup.”
The former vice president of a UK-based online grocery store, who is also the CEO of e-commerce Software Company Twiggle, Amir Konisberg outlined that Walmart was making a serious play at being a tech company. It is not about Walmart trying to emulate Amazon.com, Inc (NASDAQ:AMZN) as rumors have been flying about recently.
The fact is that the two business gurus have maintained their positions in the uncharted territory of the mixed-channel retail. It is clear that Walmart has been directing much of its effort in trying to gain a huge digital market share whereas on the other hand Amazon is setting up its physical footprints.
In recent interview, Konisberg said that it was at the moment difficult to tell which of the two companies was going to create continuity of experience. However, he took the strong stand that things might end up moving in favor of Walmart considering that it had been around for quite long and it had developed a much better understanding of its customer base.
Walmart admits that it has been facing up to a series of major hurdles in its many years of operations. However, it says nothing will stop it in its quest to scale out pilot programs to reach its international scope. It will be seeking to position itself as a top innovator in grocery and retail.