NEW YORK (TheStreet) -- Amazon (AMZN) has been deemed the next disturber of the technology space. But as the e-commerce giant launches its own tablet device and beefs up its digital content, another retail behemoth is quietly making moves to become the next tech giant.
Tucked in the heart of Silicon Valley, Wal-Mart (WMT) has assembled a team of 70 developers, computer engineers and researchers - dubbed @WalmartLabs -- in an aggressive attempt to position itself at the forefront of social and mobile commerce.
Born from the $300 million acquisition of Kosmix in May, @WalmartLabs is being led by two Amazon veterans, Venky Harinarayan and Anand Rajaranan. The duos' comparison shopping site, Junglee, which was acquired by Amazon in 1998 for $250 million, has been credited for the success of Amazon's third-party marketplace. Harinarayan and Rajaranan are also the brains behind Amazon Mechanical Turk, a crowdsourcing Internet marketplace.
"I think the difference between online and offline is going to blur dramatically over the next two to three years," Harinarayan told TheStreet. "For example, if I look at a product offline I'd like to see the same detailed page I see online. I'd like to know who else likes this product, what are the reviews, the people who bought this product what else did they buy."
Wal-Mart Envisions the Ultimate Social Network
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV