Amazon calls it 'walk out shopping', and it might just be the next wave of retail. 

Amazon (AMZN) Go stores have many of the things you find in a typical convenience store -- basic food and drugstore items, plus prepared food and meal kits.

But they don't have cashiers. Instead, you download the Amazon Go app, scan yourself in upon entering, and grab whatever you need. When you're done, you just walk right out -- no check-out necessary, and Amazon charges your account later.

How does that work? A combination of sensors, cameras and a lot of software mean that when you pick up and item, Amazon adds it to your cart automatically. If you put it back, the software deletes it. 

Experts say that the Amazon Go model is about much more than just competing with convenience stores: As Amazon seeks to expand its physical footprint, developing the technology key to competing with big-box rivals Walmart (WMT) and Target (TGT) and carving its own agenda in offline retail. Check out the video to see for yourself. 

Amazon is a holding in Jim Cramer's Action Alerts Plus charitable trust portfolio.

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