Walmart has launched Walmart Realm, a new virtual home for gamified, immersive shops created in partnership with influencers. Three initial virtual shops highlight products selected by popular creator partners: So Jelly, an underwater playground; Y'allternative, a gothic Western destination; and Go Chromatic, a futuristic metallic world. Walmart Realm also includes creators' social content and three mini-games inspired by the featured products. Walmart plans to expand the platform to include additional digital storefronts and partnerships with creators beginning in July.
Thursday, May 30, 2024Historical practices like bartering have evolved into modern dynamic pricing. Facilitated by big data, AI, and online retail platforms, brands like Wendy's and Walmart are implementing dynamic pricing strategies, addressing consumer fears by ensuring fairness. Dynamic pricing adjusts prices based on demand, time, and customer behavior.
Walmart's retail media network is far ahead of the pack compared to U.S. peers when it comes to delivering advertising impressions – 11 billion impressions in Q1 in fact, while Target generated fewer than 7 billion. It has invested heavily in its retail media network, Walmart Connect, making ambitious bets on building out an ad-tech infrastructure. Walmart Connect also has data-sharing partnerships with major platforms and publishers, including TikTok and Disney. Other retail media networks in more specialized categories, like pet supplies (Chewy) and home improvement (The Home Depot), have also reached a high degree of scale, with over 1 billion impressions each.
TikTok has been spending $20 million a month to purchase OpenAI models through Microsoft. The purchases make up about 25% of Microsoft's AI revenue. TikTok's parent ByteDance is reportedly building its own AI models - if successful, TikTok would no longer need OpenAI or Microsoft. Other companies reportedly purchasing OpenAI models through Microsoft include AT&T, Coca-Cola, Fidelity, Volvo, and Walmart.
Walmart Realm is an immersive shopping experience designed for college students. A new section called "Your Dorm Your Way" allows users to explore 5 curated virtual dorm rooms, each inspired by social trends and integrated with mini games, social content, and surprises. The initiative aims to engage younger consumers during the back-to-school shopping season by utilizing metaverse technologies. Walmart partnered with Emperia, a virtual reality tech developer, to enhance the shopping experience through gamification elements.