Amazon still has the lion’s share of the online shopping market, with predictions of capturing approximately 48% of total online market share. However, Walmart is gaining momentum in a hurry.
Walmart is predicted to show online sales growth of 40% this year, while the overall online sales growth is at around 16% this year. The retail giant is anticipating total online sales to capture about 4% of total market share this year.
eBay, meanwhile, will still hold the number 2 position, but will see its market share dip to 7.2%. Apple was bumped to number 4 based on Walmart’s growth.
“Walmart’s e-commerce business has been firing on all cylinders lately,” said eMarketer principal analyst Andrew Lipsman.”
Walmart’s recent successes in the online sector are no accident. They have made several key acquisitions in the last 2 years, all of them in an effort to close the market share gap with Amazon. In 2016, Walmart acquired Jet.com, and earlier this year they launched a subscription service called Jetblack, with a variety of benefits and delivery options to ramp up competition with Amazon Prime.
Walmart on Thursday reported total revenue jumped 2.4 percent in the third quarter to $124.9 billion and delivered a profit of $1.7 billion.
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