Shopify (NYSE:SHOP) news for Monday concerning a deal with Walmart (NYSE:WMT) has SHOP stock heading higher.
Walmart announced the deal with Shopify in a news release. According to the company, it’s opening Walmart Marketplace up to sellers on the platform. The goal is to help it expand its e-commerce business as more customers turn to online shopping.
Walmart says that the agreement with Shopify has it seeking out small- and medium-sized businesses on the platform. The retailer is specifically looking for those with offerings that will complement its own.
So what exactly does this mean for sellers on Shopify? Sellers on the e-commerce website will be able to join Walmart and have their items show up on its website. That extends their reach while also letting Walmart offer a larger variety of goods to online customers.
Jeff Clementz, vice president of Walmart Marketplace, said this about the Shopify news.
“We’re excited to be able offer customers an expanded assortment while also giving small businesses access to the surging traffic on Walmart.com. Shopify powers a dynamic portfolio of third-party sellers who are interested in growing their business through new, trusted channels.”
Shopify sellers that want to learn more about the program can follow this link. They can also download the Walmart app from the Shopify app store to get more details about the deal.
SHOP stock was up 7.5% and WMT stock was largely unmoving as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
