Channel News Asia — SHANGHAI: Wal-Mart Stores Inc has taken full ownership of Chinese e-commerce firm Yihaodian.com, buying out the 49 percent stake that it did not already own to accelerate its push online, the U.S. retail giant said on Thursday. The investment will help Wal-Mart target China’s fast-growing online market at a time when largely brick and mortar retailers are feeling the pinch of competition from online rivals and a slowing of the world’s second-largest economy.
Times of India — NEW DELHI: After starting a business-to-business e-commerce site, Walmart Stores is now eyeing the sale of fashion products directly to Indian consumers. Walmart is exploring the possibility of selling its ‘George’ brand of clothing and home products on third-party e-commerce sites, according to a person familiar with the development. “Walmart is in a very early stage of exploring the market for George,” the person said, asking not to be identified.
The Chinese government says it is allowing foreign companies to fully own some e-commerce businesses in the country, as it looks to bolster overseas investment and boost market competition. Effective immediately, the new ruling applied to “online data handling and trade handling services, though, no details were provided on how existing e-commerce operators would be impacted, reported Reuters.
American retailer Wal-Mart has signed a deal with online payments provider Alipay to help consumers pay for goods in China. Wal-Mart will begin the cooperation within 25 of its outlets in Shenzhen. Based on the market response in this southern Chinese city, Wal-Mart plans to gradually expand the coverage of this new service throughout mainland China. Alipay is a related service of Alibaba, the Chinese e-commerce juggernaut. Financial terms of the deal were not released.