The artificial intelligence (AI) space has attracted businesses all over the world. Indeed, AI boasts incredibly broad applications, which is why there is so much excitement over its development. Today, I want to explore how and why one of the world’s premier retailers is looking to bolster its operations through the development of AI.
Walmart is a retail giant that was born in Bentonville, Arkansas. The retailer now has over 10,000 locations in North America and around the world as of October 31, 2022. Shares of this retail giant have increased 6.6% month-over-month as of close on Wednesday, January 10. Meanwhile, the stock is now up 10% in the year-over-year period.
How does Walmart aim to employ AI going forward? Walmart held a keynote at the Consumer Electronics Show in Las Vegas, Nevada for the first time in its history. Walmart CEO Doug McMillon, a handful of executives, and Microsoft CEO Satya Nadella. Ultimately, the keynote promised consumers a much faster, more convenient time shopping at Walmart and Sam’s Club.
On the AI side, Walmart has said that it is looking to implement it in everything. That will include its supply chain and its application. Moreover, the company aims to implement Drone Delivery at Sam’s Club. Walmart has already made 20,000 drone deliveries in the past two years. However, it aims to put this program into hyperdrive in the Dallas-Fort Worth area. The company is now offering drone delivery for up to 75% of the Dallas-Fort Worth population.
Meanwhile, through its partnership with Microsoft, Walmart has said that it is revamping its generative AI usage. That means improvement to its ChatGPT application as well as GenAi. GenAi, which was recently launched as a search experience on the Apple store, allows customers to partake in customized searches to better meet their needs.
Walmart’s foray into AI will be well worth monitoring in the months and years ahead. Meanwhile, its stock still boasts solid value and offers a little bit of income with a modest quarterly dividend at the time of this writing.