Walmart and other retailers look to diversify their revenue streams beyond retail into disruptive technology.
Walmart is selling its AI software to other companies as the retail giant looks to diversify its business beyond department and grocery stores.
The US company is looking to sell its AI-powered software which helps companies deliver goods more efficiently, after using it internally for the past two years.
Walmart says it has built an AI that helps delivery lorries map more efficient routes to their destination.
“We want to empower those businesses with the same technologies that have been running at scale at Walmart,” Anshu Bhardwaj, senior vice president and chief operating officer of Walmart’s global technology and commerce technologies businesses.
GlobalData forecasts that the overall AI market will be worth $909bn by 2030, having grown at a compound annual rate of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8bn in 2022, to $33bn in 2027, a CAGR of 80%.
Walmart and other retailers have been looking to diversify their revenue streams beyond retail as disruptive technology continues to grow in ubiquity.
The US grocery giant launched a GenAI tool on its iPhone app in January, allowing shoppers to search for products through specific use case prompts, such as items for someone’s 10th birthday party.
Walmart also recently announced it would be looking to sell data services to suppliers.
Source from Verdict
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