Walmart partners with Shopify to expand online marketplace business
Walmart said it expects to add 1,200 Shopify sellers to its marketplace
Walmart Inc said on Monday it has partnered with e-commerce firm Shopify Inc , as it looks to expand its online marketplace business and cash in on the coronavirus-driven jump in online shopping.
Online sales at retailers, from cosmetics makers to pizza chains, have boomed in the wake of the COVID-19 pandemic, which has forced customers to stay indoors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 90.44 | +2.04 | +2.31% |
| SHOP | SHOPIFY INC. | 106.95 | +0.46 | +0.43% |
E-COMMERCE SPENDING IN APRIL, MAY TOPPED LAST 12 CYBER MONDAYS COMBINED: MASTERCARD
Bentonville, Arkansas-based Walmart said it expects to add 1,200 Shopify sellers to its marketplace this year and the partnership was focused on adding small- and medium-sized U.S. businesses to its platform, Walmart.com.
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Last month, the company reported a 74 percent surge in quarterly e-commerce sales and discontinued operations at e-commerce start-up Jet.com, which it had acquired for $3.3 billion in 2016.
U.S.-listed shares of Shopify rose about 3 percent in pre-market trading. They have soared 87 percent so far this year.
