Some people have referred to AI as the ultimate party-pooper. All those job losses, prying eyes and destructive weaponry.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Well, not anymore.
AI Holidays
If you’re stuck for party ideas this holiday season, then retail giant Walmart (WMT) is promising to make your life easier by using that Scrooge-like AI.
Walmart has announced that its Gen AI-powered digital assistant Sparky is now able to serve as a party planner for those wanting Christmas and New Year to go off with a bang.
All Sparky users have to do is to tell the assistant what occasion they are preparing for and then it will curate a list of all the items they will need from decorations to champagne and confetti.
The update is part of a range of new AI services Walmart is introducing on its website, app and in-store this festive season.
The Walmart app now features an In-Store Savings feature that displays all the items that are on sale at a specified location and an enhanced search feature for in-store use that shows whether an item is in stock and where it is located.
Other new features include AI-generated audio clips that summarize the product descriptions of premium beauty products; a Shop the Background feature that lets users click on items shown in product images to add them to their cart, and a Dynamic Showroom feature allows customers to view different spaces — from cozy, guest-ready bedrooms to moody dining rooms — then swap out furnishings to match their preferences. Walmart said this includes shoppers getting into the festive spirit with immersive, holiday-themed scenes.
Future Benefits
But it is not just about helping customers get into the holiday mood, of course. Walmart said that when customers use the app while they shop in stores, they spend 25% more on average than on trips when they don’t use it.
It is also further evidence of Walmart’s push towards developing AI throughout its organization. It recently partnered with OpenAI to bring AI into more parts of its retail experience via ChatGPT and a new feature called Instant Checkout.
Beginning next year, U.S. store and office-based Walmart staff will also have access to “cutting-edge training” through a new collaboration with OpenAI. That means getting hands-on experience with AI tools.
It also means that WMT is tackling one of the key risks it and its investors face – staying ahead in technology and innovation.
Is WMT a Good Stock to Buy Now?
On TipRanks, WMT has a Strong Buy consensus based on 29 Buy ratings. Its highest price target is $129. WMT stock’s consensus price target is $115.93, implying a 14.86% upside.
