Chris Bolte

Chris Bolte, vice president of Wal-Mart Labs, let us know exactly why brick-and-mortar stores aren't yet a thing of the past at the Business Insider's Social Commerce Summit.

Wal-Mart is holding a contest for inventors to compete for a spot on their shelves. The "Get on the Shelf" competition is along the lines of "American Idol," except no one is singing and Simon Cowell isn't there to berate anyone.