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Social Media Adoption @ Fortune 500 Companies- @Wal-Mart Labs, Social Genome

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Social Media Adoption @ Fortune 500 Companies- @Wal-Mart Labs, Social Genome

  1. 1. Analysis & Outlook Social Media Adoption @ Fortune 500 Companies- @Wal-Mart Labs, Social GenomeWal-Mart Stores Inc., the world’s largest retailer and the second largest company in terms ofrevenue according to the Fortune 500 2012. “Through the innovative fusion of retail, social andmobile, @WalmartLabs is redefining Commerce for the largest retailer worldwide”,according tothe introduction on @WalmartLabs. Wal-Mart is developing tools and technologies that will helpit analyze the relevant information hidden in the hundreds of millions of social mediaconversations occurring online every day and use it to understand consumer trends so that theycan plan their product assortments, including new products to introduce and supply tosecure.Wal-Mart acquired Kosmix, the company behind real-time Twitter filter site TweetBeat,medical search engine RightHealth, and topic-specific engine Kosmix for US$ 300 million andtransformed the company into @WalmartLabs with an objective to create technologies andbusinesses around social and mobile commerce.According to AnandRajaraman, co-founder of Kosmix, the company focused on developing asocial genome platform that captures the connections between people, places, topics, productsand events as expressed through social media — be it a feed, a tweet or a post.WalmartLabsdefines the "Social Genome" as "a giant knowledge base that captures entities and relationshipsof the social world." Wal-Mart has been building their own in-house Social Genome since pastfew years with both public and private data from social media, tweets, Facebook messages, blogposts, You Tubes, it’s all streaming into Wal-Mart. Streaming in so fast, that WalmartLabscreated something they call Muppet, a solution for processing Fast Data, using large clusters ofmachines. The Labs describes the Social Genome as their "crown jewel."Wal-Mart is essentiallylooking to combine data on purchase history with data from social networks with actualtransaction history.Wal-Mart is looking to transform itself into a social media retail mega player and it is investingmillions of dollars into @WalmartLabs to develop new tools, applications and technologies andalso acquire companies who are actively developing mobile and social media applications. PostKosmix and its transformation into @WalmartLabs, the company acquired mobile point-of-saleapp maker Grapple, location-aware mobile ad company OneRiot and a mobile app companycalled Small Society known for writing apps for clients like the Democratic National Committeeand Starbucks. According to recent Wal-Mart press release the @WalmartLabs team continues toevolve Polaris a semantic search engine for browsing products and ease of shopping. In the pastyear, the group has created Shopycat, a social gift finder; Classrooms by Wal-Mart, a program tomake back-to-school shopping easer; Get on the Shelf, a crowdsourcing contest to unearth newproducts for Wal-Mart; and Social Media Analytics, tools that use social chatter to select items tobe carried by Wal-Mart. @WalmartLabs goal is to have Wal-Mart create the next great shoppingexperience by melding physical stores with online search and social media input.Rajesh Prabhakar Analyst Bio @ http://socialmediacases.blogspot.com/