Walmart (WMT) Shares Soar After Announcement of Latest Mobile Express Returns App

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Return of item at Wal-Mart will roughly take five minutes, but according to senior vice president of Wal-Mart Services and Digital Acceleration, the discount retailer is not prepared to drop that to 30 seconds.

Early next month the company will begin offering Mobile Express Returns for items purchased and shipped online at Walmart.com, CNBC reports, and store purchases will be included in the system by early 2018. "That's why we've completely transformed the process for our customers". Customers can initiate the return at home via their smartphones and complete the process at a dedicated Mobile Express lane at their local store's service desk.

"We're combining the accessibility of our stores with e-commerce to provide new and exciting ways for customers to shop", CEO Doug McMillon said in the release. The refund is credited back to the shopper's payment account by the next day, according to Walmart.

As mentioned earlier by CNBC, the newly announced Mobile Express Returns service will arrive next month and will roll out to all of the company's 4,700 stores in the US. Returns right now are about quadruple that time, not including any wait in line. Following this, they can bring the item in to store, scan a barcode with their phone, and leave the unwanted product with an employee.

With more than 4,700 stores, Walmart hopes to win over Amazon customers who chafe at the expense and time needed to exchange items. Store shoppers who become online customers spend almost twice as much overall. He said what Wal-Mart is doing is trying to take advantage of being brick and mortar by loosening the return policy and getting people into their store. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its holdings in shares of Wal-Mart Stores by 3.3% during the 2nd quarter.

Many analysts have provided their estimated foresights on Wal-Mart Stores Inc.

With the introduction of the Mobile Express Returns the company is concentrating on the returns. Citigroup Inc. boosted their price target on Wal-Mart Stores from $78.00 to $80.00 and gave the stock a neutral rating in a research report on Tuesday, August 15th. "Doing so also drives traffic to its stores, increasing the potential to add incremental sales as customers return goods".

Walmart says some items, like select personal-care products or damaged items, won't even need to be returned to the store starting in December.

Eckert said Wal-Mart is working to address that matter by creating a similar service that covers those returns, but it is taking additional time because of the number of third-party marketplace sellers on its site.

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