Thousands of Walmart stores will no longer use paper shelf pricing labels.

The company announced on Thursday that it will accelerate the launch of digital shelf labels, allowing it to update prices for over 120,000 products in just a few minutes.

The weekly adjustment of paper shelf labels usually takes one salesperson about two days. According to the company, digital tags allow price adjustments to be made with just a few clicks through an employee's mobile application within minutes.

The new labels are small square screens that look very similar to the paper labels they will replace. According to the company statement, they will also allow employees to select products for online order fulfillment more quickly.

Greg Cathy, Senior Vice President for Transformation and Innovation at Walmart, stated that by 2026, digital shelf labels will appear on shelves in 2,300 stores. Walmart has 4,700 stores in the United States.

Recently, Wendy's, a hamburger chain restaurant, has been criticized on social media for suggesting that its CEO will start exploring demand based "dynamic pricing" or price increases during peak hours, especially during peak hours of the day.

Cathy stated that Walmart does not have such a plan. He said during Walmart's annual shareholder meeting in Bentonville, Arkansas on Thursday, "Obviously, there won't be a situation where the price is one hour and the price is the next hour."

Walmart spokesperson Cristina Rodrigues said that merchants used to send price adjustments to Walmart every week, but now they can make daily adjustments.