Walmart partners with Shopify to expand online marketplace business

[June 15, 2020]  (Reuters) - Walmart Inc <WMT.N> said on Monday it has partnered with e-commerce firm Shopify Inc <SHOP.TO> <SHOP.N>, as it looks to expand its online marketplace business and cash in on the coronavirus-driven jump in online shopping.

An employee works at Shopify's headquarters in Ottawa, Ontario, Canada, October 22, 2018. REUTERS/Chris Wattie

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.

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. (https://bit.ly/2YvxHOg)

Last month, the company reported a 74% 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% in pre-market trading. They have soared 87% so far this year.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Aditya Soni)

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