Dallas, Texas 11/08/2013 (Financialstrend) – The S&P 500 and Dow Jones Industrial Index tracked Wal-Mart Stores, Inc. (NYSE:WMT) had to live through two days of ridicule and complaints from its customers when it had to renege on confirmed orders which were booked at ridiculously low prices. This huge embarrassment to the $254 billion market capped brand was caused due to technical glitch in the software algorithms used to post discounted deals on its online portal.
Wal-Mart online shoppers would have been excused to think that the online version of black Friday had come by earlier this year when they saw low prices of under $10 for products like flat panel TV and mountain bikes on November 6. Since then the firm has been damage control exercise both to its bottom line and its reputation. On Thursday the firm announced that it has let the affected customers know that their faulty orders are being cancelled. They are also being assured a full refund along with a $10 gift coupon as token gesture on part of the retailer to assuage the situation.
An email statement from the spokesperson for the retailer announced that, “Given the wide discrepancy in pricing, we are notifying customers who ordered these items that their orders have been cancelled and that they’ll be refunded in full. Wal-Mart will send customers $10 e-gift cards within five days for future purchases.”
In order to fix the software bug the firm had to bring down its online portal multiple times during Wednesday business hours. Analysts have commented that this downtime would have cost the retailer in lost business in addition to bad will of affected customers. In the recent past the firm has been attempting to augment its online sales efforts in order to effectively compete with the likes of eBay and other e commerce portal.