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.
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.
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.
— Reuters