Walmart Goes All-In On Digital- Weekly Market Update
Going digital has been one of Walmart’s biggest initiatives over the past few years. They’ve completely revamped their mobile app, improved online delivery services, and introduced Walmart+ membership. Now, they’re even redesigning their stores to look more like their app. Customers will be able to:
Use their app to navigate the store.
Scan and go by paying through the app.
This recent obsession with digital is all about competing with Amazon. Walmart wants to lure online shoppers away from Amazon and back into their stores.
Let’s take a look at some of the biggest business updates from this week.
Apple and Google’s secret collaboration
Two companies that are already in the hot-seat from regulators are coming under even more scrutiny. Google is currently under a lawsuit launched by the DoJ and it was discovered that they’ve been paying Apple anywhere from $8-$12 billion in a deal that requires Apple to set Google as their default search engine in Safari, Siri, and Spotlight search app.
This investigation is still ongoing but if this collaboration is deemed illegal, it would mean that a significant chunk of Apple’s services revenue is cut off.
Paypal makes the jump into Bitcoin
This past week, Paypal made the announcement that they would allow their 346 million members to hold Bitcoin (and other cryptocurrencies) to shop at 26 million merchants on its network. Although Paypal is late to the game in offering Bitcoin, this is still a big update.
The reason it holds so much weight is because of the size and trustworthiness of Paypal. They’ve been the number one provider of online payment services for quite some time. The fact that they now allow their users to hold and use Bitcoin will go a long way in bringing validity to Bitcoin.
This news triggered a spike in the price of Bitcoin, causing it to break $13,000 for the first time this year,
P&G posts their biggest quarterly sales increase in 15 years
P&G (Proctor & Gamble) is a consumer packaged goods company. Consumer packaged goods are anything that you buy frequently but are super cheap (think napkins, laundry detergent, razors, canned goods, etc.). Once you realize the brands that P&G owns, the spike in sales comes as less of a surprise.
Just to name a few of the brands that P&G owns:
As you rush to stock up on essentials, prepare to be quarantined in your home, and sanitize your work from home station, P&G has been raking it in.
A few other updates:
➢ Goldman Sachs agrees to pay $2.9 billion fine
➢ US jobless claims fall to their lowest levels since March.
➢ Coca-Cola plans to cancel 200 drink brands.
➢ Amazon workers demand election day off to be able to vote.
That’s it for this week -- Join us next week for another market update.
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All the views expressed are those of Chris Simpson and not those of Sierra Ridge Wealth Management or NEXT Financial Group Inc.
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