Eye on Retail: Walmart's virtual reality vision
Virtual reality was the star of Walmart’s Store No. 8 inaugural innovation gala — an event that exhibited how the technology will shape retail shopping.
Store No. 8, Walmart’s technology incubator focused on ideas that will transform the future of commerce, held its first innovation gala on Wednesday. Store No. 8 works with startups that specialize in areas that include robotics, virtual and augmented reality, machine learning and artificial intelligence. However, this event put the spotlight on the value of VR.
The gala, which took place at a private residence in Hollywood Hills, Calif., invited top brands, technology companies and venture capitalists to see how VR will impact how customers shop in the future. Each exhibit encompassed Store No. 8, Thrive Global and Accenture’s vision for the future of VR.
The concepts came from five early-stage VR developers that Store No. 8 chose from an open call it hosted over the summer. These winners received funding to develop a proof of concept for an immersive retail experience. Guided by executives from Store No. 8, and brands like Modcloth, Bonobos and Rebecca Minkoff, their ideas were brought to life at the gala.
“Innov8 is our opportunity to support and elevate the incredible pioneers of virtual reality who share our mission to explore nascent innovations that will emerge not in coming years but over the next decade,” said Katie Finnegan, principal of Store No 8. “During this process, our five Innov8ers have uncovered radical new technologies, approaches and applications across the virtual retail experience, that we know will play a major role in driving commerce forward at a time when technology influences all aspects of consumers’ lives.”
Among the winners highlighted at the event were a 3-D image solution from 8i that enables customers to interact with a Bonobos Guide, select virtual shirts from a rack and understand fit on a hologram model. A 3-D image solution from Fyusion created curated Modcloth products in a manner that gives shoppers more insight into merchandise before they make a purchase. A company called Obsess recreated a virtual Rebecca Minkoff store.
Innov8’s board of judges included Arianna Huffington, founder and CEO of Thrive Global; Marc Carrel-Billiard, senior managing director of Accenture Labs; Jason Welsh, managing director of Accenture Interactive; Kirsten Green, general partner of Forerunner Ventures; Tipatat Chennavasin, general partner of the Virtual Reality Fund; Jeremy Welt, president of Invisible Robot Corp.; Store No 8’s Finnegan; and Marc Lore, president and CEO of Walmart U.S. eCommerce and founder of Jet.com.
The event was sponsored by key brands and organizations in the technology and retail industries, including HP, Silicon Valley Bank and Microsoft.
To read more details about the highlighted VR innovations, click here.