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SHOPERSTOP - Shopper's Stop News Story

₹164.75 1.5  0.9%

Last Trade - 10:59am

Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £147.0m
Enterprise Value £353.8m
Revenue £354.0m
Position in Universe 566th / 3000

UPDATE 1-Walmart partners with Shopify to expand online marketplace business

Mon 15th June, 2020 3:24pm
(Adds analyst quote, Shopify statement, background; Updates
shares)
    June 15 (Reuters) - Walmart Inc  WMT.N  has partnered with
Canadian e-commerce firm Shopify Inc  SHOP.TO   SHOP.N , as the
world's biggest brick-and-mortar retailer ramps up its efforts
to capture a bigger slice of the coronavirus-driven surge in
online shopping.
    U.S.- and TSX-listed shares of Shopify, which have doubled
in value this year and briefly made the company the most
valuable Canadian company in May, were up about 7% in morning
trading on Monday.
    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 expected to add
1,200 Shopify sellers to its marketplace this year and that the
partnership was focused on adding small- and medium-sized U.S.
businesses to its platform, Walmart.com. (https://bit.ly/2YvxHOg)
    Last month, Walmart 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.
    Shopify said the merchants would be able to connect their
accounts to their Walmart seller accounts, before they could
list their products separately on Walmart's website. (https://bit.ly/2AsYF19)
    "Walmart is the 3rd biggest marketplace in the U.S. behind
Amazon and Ebay, both of whom are already channel partners for
Shopify, so this partnership is a natural next step and frankly,
a long awaited one," Eight Capital analyst Suthan Sukumar said.
    Shopify has announced similar partnerships with Facebook
 FB.O  and Pinterest  PINS.N  in recent weeks.

 (Reporting by Praveen Paramasivam in Bengaluru; Editing by
Aditya Soni and Subhranshu Sahu)
 ((Praveen.Paramasivam@thomsonreuters.com; within U.S. +1 646
223 8780 (Extn. 3478), outside U.S. +91  80 6182 3478;))
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