Walmart Continues To Consolidate Metaverse Presence With Latest Acquisition Of Memomi

  • Walmart Inc WMT agreed to acquire Memomi, an augmented reality (AR) optical tech company. The financial terms of the transaction remain undisclosed.
  • Memomi is a leading technology provider for enhancing virtual optical try-on experiences, helping customers virtually "try on" eyewear in real-time for a seamless, easy, and fun omnichannel experience.
  • Since 2019, Memomi has enabled digital measurements for all Walmart and Sam's Optical customers. This acquisition furthers Walmart Health & Wellness' strategy to deliver integrated, omnichannel healthcare.
  • The acquisition will likely close in the coming weeks, and Memomi employees will join the Walmart Global Tech organization.
  • Earlier this year, Walmart sought a permit to make and sell virtual goods across electronics, home decorations, toys, sporting goods, and personal care products.
  • Walmart has been investing in several new technologies in the virtual try-on space, including its recent launch of an AI-powered virtual clothing try-on feature, powered by its acquisition of Zeekit, TechCrunch reports. It also launched an AR feature to help users see furniture and other home decor items appear in their own space.
  • Meta Platforms Inc's has pledged to spend $10 billion annually on its metaverse ambitions immersive virtual world filled with avatars for the next ten years.
  • Apple looks to foray into the metaverse by releasing a set of AR glasses. Microsoft Corp MSFT also developed services using its HoloLens VR headset. 
  • Price Action: WMT shares traded lower by 0.16% at $122.17 on the last check Wednesday.
  • Photo via Wikimedia Commons

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