Hardware Retailing The Industry's Source for Insights and Information
In late March, Walmart announced its latest technology endeavor, Store No. 8, which was established to incubate startup companies, reports Forbes.
According to Forbes, it will fund e-commerce startup companies.
“We’ll be bringing in entrepreneurs and giving them capital,” says Jet.com founder and CEO of Walmart’s U.S. e-commerce business Marc Lore in the Forbes article. “And give them the opportunity to change the course of retail five or 10 years out.”
According to its website, Store No. 8 says its goal is to allow “wild ideas, impossible notions and big bets [to] become scaleable realities.”
The company recently invested in its first startup, code eight, reports CNBC, which will develop one-on-one shopping experiences for customers.
Walmart has another e-commerce development organization called WalmartLabs, which is focused on developing e-commerce solutions for Walmart instead of funding external e-commerce startups, according to The New York Times.
