Wal-Mart is by far the best-selling retailer in the world. But this is not just because of its low prices and wide merchandise assortment. The firm is also extremely creative and innovative in its efforts to be cost efficient and to improve the consumer’s shopping experience.

The latest example of Wal-Mart’s innovatiness is its testing of a mobile app that will enable shoppers to checkout in the store by using their iPhones!

As Jessica Wohl reports for Reuters: “Wal-Mart Stores Inc. is testing a system that would allow shoppers to scan items using their iPhones and then pay at a self-checkout counter, a move that could trim checkout times and slash costs for retailers. If the ‘Scan & Go’ test by the world’s largest retailer is successful, it has the potential to change the way people shop and pay, making the process more personal and potentially faster.”

Click the photo for Wohl’s full story.