Sep
Walmart to revolutionize retail with expansive commercial strategy in the metaverse
Walmart, the global retail giant, is delving into the metaverse, bridging the gap between customers’ physical and digital shopping experiences. This initiative involves tapping into the growing popularity of virtual worlds and avatars to provide an integrated shopping experience.
In a bid to capitalize on the booming virtual commerce industry, Walmart is offering products for both real and virtual spaces. For instance, users can purchase items for their real homes and their virtual residences in the mobile game House Flip. Additionally, virtual fashion items from Walmart’s brand Scoop are available in Zepeto, where users customize avatars.
Thomas Kang, VP & General Manager of Metaverse Commerce at Store No. 8, Walmart’s innovation hub, emphasized in a VentureBeat interview that Walmart’s objective is to enhance commerce in the metaverse, aligning with wherever the customer chooses to venture. He stressed that the company is not sidelining reality in favor of the virtual but rather aiming to merge and elevate both worlds for customer convenience. With the proximity of a Walmart store to almost 90% of the U.S. population, the company has an unmatched advantage in linking the real and digital realms.
Kang highlighted a novel concept—enabling purchases of physical items directly within House Flip using a Walmart account. This seamless integration offers customers the flexibility to shop for both real and virtual items simultaneously.
In the backdrop, forecasts by Citi suggest that metaverse commerce could reach a staggering value between $8 trillion and $13 trillion by 2030, with about 5 billion users worldwide. Recognizing this potential, Walmart aims to make the metaverse accessible to everyone, irrespective of the device, while upholding digital values and ensuring a safe space.
In the coming year, Walmart plans to roll out more virtual experiences. “The potential is boundless with this nascent technology,” remarked Kang, signaling Walmart’s commitment to explore its prospects.
Walmart’s foray into the metaverse underlines its strategy to rival e-commerce powerhouses like Amazon and Alibaba. The company’s recent acquisitions in AI, computer vision, and machine learning further underscore its dedication to enhancing customer service, optimizing inventory management, and refining delivery operations.
Walmart to revolutionize retail with expansive commercial strategy in the metaverse
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