Walmart partners with Shopify to expand online marketplace business
Walmart said it expects to add 1,200 Shopify sellers to its marketplace
RXR Realty chairman and CEO Scott Rechler discusses how the coronavirus will permanently change the economy and the retail industry.
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. | 114.84 | +0.43 | +0.38% |
| SHOP | SHOPIFY INC. | 162.31 | +2.31 | +1.44% |
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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.
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