Walmart has been awarded a US patent for two systems that use machine learning to inform its pricing, the Financial Times reported on Wednesday (March 18).
According to the report, one patent is for a “system and method for dynamically and automatically updating product prices” for price reduction in the e-commerce sector, and the other is for using machine learning to predict demand and recommend prices.
Walmart told the FT that these patents are “unrelated to dynamic pricing.” According to the report, one is focused on price reductions, and the other is designed for human decision-making.
A Walmart spokesperson told the FT: “We do not participate in price gouging.”
The two patents are among about 50 that Walmart has secured from the U.S. Patent and Trademark Office since January, the FT reported.
PYMNTS reported on March 6 that Walmart and other retailers are building systems aimed at not only selling more products but also operating more intelligently.
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For example, Walmart has confirmed that it will fully roll out digital shelf labels in approximately 5,200 U.S. stores by 2027, marking one of the largest retail technology upgrades currently underway.
Replacing paper price tags with electronic displays fundamentally changes the way stores operate by allowing retailers to update prices on thousands of products simultaneously in real time, synchronize prices between online and in-store environments, instantly run targeted promotions, and reduce the effort required for manual price changes.
In February, Walmart introduced a new data insights platform for retail suppliers.
Scintilla In-Store, derived from the company’s Scintilla platform, is designed to “reduce out-of-stocks, streamline execution, and provide a seamless omni-shopping experience,” Walmart Data Ventures said in a news release at the time.
In June, Walmart announced it was introducing AI tools to assist store employees.
The product, available through the company’s Associates app, includes tools to understand, prioritize, and recommend tasks. Provide real-time translation in 44 languages to facilitate conversations between employees and customers. Conversational AI guides you through tasks like processing returns without a receipt.
It was reported in January that Walmart’s new CEO, John Farner, is known for his tech savvy and intends to expand the company’s digital footprint.
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