devxlogo

Walmart Embraces Tech Advancements, Diversifies Product Range

Walmart Embraces Tech Advancements, Diversifies Product Range

Tech Advancements

Walmart, the retail behemoth founded in 1962, is focusing on tech advancements and diversifying its product range. As part of its ongoing efforts to revolutionize the retail experience, the company is venturing into new digital horizons and using AI and machine learning to personalize customer service.

Walmart’s CEO, Doug McMillon, is soon to disclose the company’s latest earnings prior to Tuesday’s market debut. The forthcoming report will articulate the financial outcomes of Walmart’s significant investments and innovative initiatives. The verdict remains on whether their profits have mirrored the magnitude of Walmart’s fiscal inputs.

The retail giant recently grappled with criticisms concerning inadequate employee compensation but has since made efforts to rectify the issue by boosting the salaries of some workers. Nonetheless, the higher expenses are expected to pose considerable challenges as per financial experts from Jefferies.

In a strategic attempt to lure more investors and stimulate trading activity, Walmart has finalised a 3-for-1 stock split. Existing shareholders as of February 22 will receive an additional two shares for every one they own, tripling their total shares but lowering the individual share price.

Walmart has shown their commitment towards employee satisfaction with an announcement of a substantial 9% wage hike for store managers. The salary adjustment, which lifts the annual pay from $117,000 to $128,000, aims to foster increased store profitability, an important factor in bonus calculations.

At the recent Consumer Electronics Show, Walmart debuted future tech projects, including efficient drone delivery and AI systems for online shopper behavior prediction. While directed towards select markets currently, Walmart plans to roll out these technologies nationwide within the year, anticipating gradual financial returns over time.

In a dynamic partnership with Microsoft, Walmart aims to accelerate its use of generative AI. This focus on technological advancement is crucial to Walmart’s strategy to stay competitive in the rapidly transforming retail environment.

devxblackblue

About Our Editorial Process

At DevX, we’re dedicated to tech entrepreneurship. Our team closely follows industry shifts, new products, AI breakthroughs, technology trends, and funding announcements. Articles undergo thorough editing to ensure accuracy and clarity, reflecting DevX’s style and supporting entrepreneurs in the tech sphere.

See our full editorial policy.

About Our Journalist