Tech Deal of the Week
Walmart's Buys VR Startup Spatialand
Walmart’s tech shopping spree continues in order to compete with Amazon. The big box discount chain bought a virtual reality startup, Spatialand, as a cornerstone of its strategy to develop technology that it’s betting will eventually reshape how shopping takes place both in its stores and online. Spaitaland will be folded into Walmart's tech incubator Store No. 8
http://storeno8.com to accelerate V-commerce, i.e. virtual reality commerce.
While gaming and entertainment have captured the tech industry's interest, Walmart believes "
that virtual reality has the potential to reinvent the consumer experience — with an experience we call contextual commerce," wrote Store No. 8 Principal Katie Finnegan. (
Investor Business Daily)
The news comes as retailers seek technology advancements to improve in-store and online customer experience. In January, e-commerce giant Amazon launched its checkout-free grocery store
Amazon Go, which relies on cameras and sensors to track what shoppers remove from the shelves, and what they put back.
When selling a technology company, targets should include non-technology companies. Big non-technology companies like Wal-Mart, Ford and General Motors are acquiring some of the hottest tech startups, offering up stiff competition to technology companies. Non-technology companies, seeing their industries transformed by innovation, are looking for ways to keep up and play offense.
The global market for virtual reality technologies totaled $3.7 billion in 2017 and should reach $39.4 billion by 2022, growing at a CAGR of 60.5% during 2017 - 2022. (
Markets Insider)
Here is an excellent video on Store No. 8 and how to virtually open up your tent in the store and see the size and proximity of that same tent when it is placed next to your favorite cliff in Yosemite:
