Shares of GameStop Corp. (NYSE: GME) shares soared 44.12% on the trading session of Thursday after the retailer has announced that it has signed a multi-year strategic partnership agreement with Microsoft Corp. (NASDAQ: MSFT). The Texas-based company had recorded a trading volume of 76.45 million as compared to the average volume of 7.89 million.
GameStop Corp. aimed to speed up its digital transformation by making good use of cloud-based offerings including the Enterprise resource planning (ERP) services and Dynamics 365 customer relationship management (CRM). Through this strategic partnership, the company will expand its physical and video game offerings and will enhance the retail technology infrastructure of the company.
GameStop Corp. will get the maximum benefits of its PowerUp Rewards, and omnichannel capabilities to deliver enhanced gaming solutions to its customers. It has 5000+ retail stores worldwide. The company aimed to perform efficiently by providing its employees with greater access to data by using cloud platform of Microsoft Corp.
As per the agreement, GameStop will make the use of Dynamics 365, a cloud-based business application platform across its business operations including inventory, retail, finance and eCommerce. Theeffiecenmt use of this platform will help the company to provide a better in-store customer experience. Moreover, this agreement allows GameStop to make the use of Microsoft’s Surface Devices. Microsoft Surface devices have already been an important part of the digital modernization strategy for store management.
GameStop Corp. (NYSE: GME) shares were trading up 44.12% at $13.49 at the time of writing on Thursday. GameStop Corp. share price went from a low point around $2.57 to briefly over $11.17 in past 52 weeks, though shares have since pulled back to $13.49. It has moved up 424.90% and 20.77% from its 52-weeks low and high, respectively. GME market cap has remained high, hitting $6.47B at the time of writing.
Furthermore, GameStop will introduce the Microsoft 365 and Microsoft Team to its stores. The purpose of the company is to provide collaboration tools to its 30,000 stores associates. Using Microsoft Teams, store associates will be able to ask questions and share insights with one another and provide a better customer experience.