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.
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