Weeknights deserve quality Italian cheese. 100 year Anniversario
DePalo Foods Calzones
Walmart Shifts Approach to Innovation, Already Testing Technology; John David Rainey Comments

Walmart Shifts Approach to Innovation, Already Testing Technology; John David Rainey Comments


UNITED STATES
Wednesday, January 24th, 2024

Walmart is looking for new ways to approach innovation.
Plans to shutter its Store No. 8 business unit hit the wires on Tuesday afternoon of this week, as the big box retailer reported that it looks to curb costs and test technology in new ways.

As we’ve reported, one of these new technology strategies may already be underway. Walmart revealed several new technologies at the Consumer Electronics Show (CES) that speak to the company’s overarching plan for innovation. These technologies support an adaptive retail model, one that predicts what its consumers need and delivers it to them.

Plans to shutter its Store No. 8 business unit hit the wires as Walmart reported that it is looking to curb costs and test technology in new ways

According to a report from The Wall Street Journal, Walmart launched the Store No. 8 unit seven years ago in a bid to compete with Amazon’s growing online business. At the time, Walmart had recently purchased Jet.com and placed its Founder, Marc Lore, at the head of the company’s e-commerce operations. But as we know within the retail sector, a lot can change in seven years—and companies have to adapt and change with the needs of the market.

John David Rainey, Chief Financial Officer, Walmart“We’ve graduated capabilities from this operating approach that are now fully embedded in our organization,” said Walmart Chief Financial Officer John David Rainey in a staff memo obtained by The Wall Street Journal.

Over the past seven years, almost 300 Store No. 8 workers moved on to other internal jobs, he said. “The responsibility to shape the future of retail is now shared by all segments,” Rainey added.

As Rainey went on to note, many of the ideas within Store No. 8 have either already been adopted by Walmart or dismissed. For example, Walmart now offers online delivery to shoppers’ homes and shopping over text message based on Store No. 8 tests, according to Rainey.

With Walmart continuing to test new technologies and present them to the wider retail arena, it’s safe to say that technology is not taking a backseat for the retailer.

It will be interesting to see what this shift in strategy brings, and DMN will be here to report on it.

Walmart
Topics: