Walmart and ecommerce giant eBay have announced an agreement that will allow them to buy one another’s goods.
Walmart’s website will become a new ecommerce subsidiary, while eBay will be part of Walmart’s online store and will be allowed to sell its products and services to Walmart customers.
eBay will have access to Walmart’s ecommerce platform, including its catalogs and catalog products, and the company will be able to integrate its ecommerce solutions into Walmart’s platform.
Walmons CEO Doug McMillon said in a statement that the deal “will further our growing partnership with eBay, the world’s largest ecommerce marketplace.”
Walmart already has its own ecommerce business, but it will now have the ability to integrate with eBay’s offerings to create a seamless online shopping experience for consumers.
Ebay will also be allowed in Walmart’s new eCommerce store and online store to offer products and other services for Walmart customers, as well as to offer its own products.
Walton’s announcement comes as ecommerce is experiencing a surge in popularity.
Last month, Amazon’s Alexa became the first smart speaker to sell for more than $100.
Amazon is expected to announce its Alexa voice-controlled assistant for the holidays.
Walter Russell Mead, the CEO of Walmart, said the partnership will give Walmart the “greatest choice of products and the best value.”
Mead told CNBC last week that the partnership “makes us more competitive” against Amazon, as it will allow Walmart to provide customers with the best online shopping experiences.
Wal-Mart’s deal will be the latest in a string of acquisitions by eBay, with the company in 2014 acquiring ecommerce company Shopify.