Wal-Mart To Cut Hundreds Of Jobs As It Invests In Online Sales

Wal-Mart will cut hundreds of corporate jobs to cuts costs as it invests in online sales, according to multiple reports. This news comes just a few months after the company announced the elimination of 1,000 jobs in January and following a month in which the retail sector overall lost 30,000 jobs, according to the Bureau of Labor Statistics. It was also revealed Wednesday that Wal-Mart will be offering discounts on products ordered online and picked up at store locations.

The Wall Street Journal reported on the job cuts, which the company confirmed to other outlets. And the Associated Press reported Wednesday morning that Wal-Mart will offer a discount of 3 to 5 percent on thousands of items ordered online.

As traditional brick-and-mortar retail continues to suffer from the rise of online shopping, competition in the e-commerce sector is heating up at the expense of traditional shopping outlets.

Many industry experts expect store sales to decline further.

Amazon continues to be a juggernaut in online retail. According to an analysis by the financial firm Needham, Amazon represents 34 percent of all online retail, which could grow to 50 percent by 2021. "We believe Amazon's established dominance in the U.S. is sustainable with Prime, mobile penetration and third-party growth," analyst Kerry Rice told Fortune.

Wal-Mart's moves show an effort to compete with Amazon for a share of this critical market going forward.

In a statement, Wal-Mart said it "will continue to find ways to operate more efficiently and effectively, true to our cost-conscious heritage. In order to achieve this, from time to time you'll see the company eliminate positions in an effort to stay lean and fast."

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