Walmart Named World‘s Largest Retailer with $585.2 Billion in Revenue
Walmart has been declared as the world‘s largest retailer for the year 2023, with a whopping revenue of $585.2 billion. Kantar, in its annual list of the top 50 retailers on the planet, announced this achievement, attributing Walmart’s success to its strong growth in various markets, triumph in online commerce, and its fulfillment model.
In an effort to improve its customers’ experience, Walmart has also announced new measures, including the use of artificial intelligence (AI) tools. Doug McMillon, president and CEO of Walmart Inc., expressed that the goal of the company is to help people live better and emphasized the potential of technological advancements in achieving this goal.
The retail giant will be leveraging AI in various functions, including the introduction of new AI-powered features for Walmart+ members. These features will study shopping habits and purchasing patterns to automatically replenish refrigerators with essential items before they run out. The “InHome Replenishment” service will create personalized algorithms to replenish customers’ essentials at the right time, with the option for consumers to make adjustments to their orders.
Walmart’s membership warehouse club, Sam’s Club, will also benefit from AI, allowing customers to pay for physical products through an app instead of paying before leaving the stores. Additionally, a new technology is being implemented in Dallas that will eliminate the need for customers to show their digital receipts at the door, with plans for nationwide availability by the end of the year.
Drone delivery is also set to expand, allowing customers to receive items in just 30 minutes, with an additional 1.8 million households in the Dallas Fort-Worth metropolitan area set to benefit from this service. These new measures are part of Walmart’s commitment to enhancing the shopping experience for its customers and further solidifying its position as the world‘s largest retailer.