Walmart has been touted as a potential rival of Amazon for some time. The giant bricks and mortar retailer has a massive foothold in physical stores, but until very recently its ecommerce site was weak. However, new earnings show that has all changed, as the company saw an almost unbelievable 69% jump in online sales in the first quarter. Walmart now has 50m items available for sale online and free two-day shipping on orders over $35. The stock jumped on the news.
FINSUM: The acquisition of Jet.com, and the new strategy overall, seem to be paying off for Walmart, but it is a long way to go to catch Amazon.