U.S. retail giant Walmart discussed the latest ongoings in the company at its annual shareholders’ meeting (AGM), with thousands of shareholders showing up in person and tuning in virtually to attend.
CEO Doug McMillon announced that Walmart would be embarking on a price-cutting strategy, whereby the company will be looking to provide customers with relief. This strategy is aimed at providing Walmart an edge in an environment where large corporations have been accused of exploiting consumers with steep prices.
McMillon stated that the company is “trying to work hard right now, as we have been for quite some time now, with our suppliers to get our prices down. We think the company’s positioned to succeed regardless of the environment.”
Anshu Bhardwaj, Walmart’s senior vice president of technology strategy and commercialization, revealed that the company is also planning on using new technology to solve customers’ problems and improve the shopping experience. Walmart is currently testing an artificial intelligence-based conversation platform, “Converse”, that is used to answer customer questions on the website. The platform has been labeled a “dedicated shopping assistant.”