How Walgreens and Walmart’s new banking ventures will shake up finance

  • “Partnering with the fintech firm InComm Payments, Walgreens will be making its new bank accounts available online and at 9,000 of its retail stores across the nation in the second half of this year. With nearly 80% of the U.S. population living within five miles of a Walgreens,
  • Walmart (teaming up with Ribbit Capital) is creating its own fintech startup, Hazel, which is likely to yield a broad ecosystem of financial services, such as bank accounts, lending, digital payments, and more, all led by a mobile-first “super app.”
  • 169 million Americans who regularly use mobile devices for banking.
  • By 2025, more than 40 million consumers are expected to have accounts at digital-only neobanks.”

Walmart to sell its e-commerce technologies to other retailers

  • “Through a strategic partnership with Adobe, Walmart will integrate access to Walmart’s Marketplace, as well as its various online and in-store fulfillment and pickup technologies, into the Adobe Commerce Platform.
  • Walmart’s Marketplace had grown to an estimated 70,000 sellers in 2020, fueled by a surge in online shopping triggered by the pandemic, according to third-party estimates. This was a more than doubling over 2019. Today, the marketplace is topping 100,000 sellers, per Marketplace Pulse data. Amazon’s Marketplace, on the other hand, counts an estimated 6.3 million total sellers worldwide, 1.5 million of which are currently active, per estimates.”

Walmart’s new AI predicts grocery substitutes for shoppers

  • “Big-box retailer Walmart is using artificial intelligence (AI) to aid customers and personal shoppers and better handle still-surging online demand for groceries amidst the COVID-19 pandemic.
  • ‘Walmart’s solution was to use artificial intelligence to help both customers and Personal Shoppers choose the best substitute for an out-of-stock item,’”

The 10 most innovative companies in artificial intelligence

For being a smart shopper

When the online grocery rush began during the pandemic, Walmart built an AI-based feature called “Customer Choice” that uses historical and real-time shopping data to predict when items might be out of stock. If a customer who is shopping online chooses an item that may need a substitution, Walmart now shows them up to five options so that people can choose which alternative they prefer. Those choices are then stored for future shopping orders. The company built a working prototype of the feature within two weeks. The quick deployment helped Walmart nearly double its e-commerce sales year over year in Q2 2020, during the heart of the pandemic.”

Walmart’s star e-commerce exec Marc Lore is leaving the retail giant to build a ‘city of the future’ modeled on a ‘reformed version of capitalism’

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  • “Marc Lore, the head of Walmart eCommerce US, will leave the company at the end of January, Recode reported.
  • Lore originally joined the company when he sold his startup,, to Walmart for $3 billion in cash in 2016.
  • Walmart’s e-commerce boomed under Lore’s leadership. The retailer’s annual sales growth in ecommerce surged to 50% in 2018, and recently recorded a 97% yearly increase in the quarter ending on July 31, 2020.”