Shares of Kroger plunged Tuesday after the company reported that its investments in tech and delivery will take a bigger bite of its 2019 profits, but it isn't the only grocery chain struggling to make e-commerce work for its business.
Shares of Kroger plunged Tuesday after the company's earnings showed that its investments in tech and delivery services are taking a bigger bite out of its 2019 profits than expected, but it isn't the only grocery chain struggling to make e-commerce work.
Ever since Amazon acquired Whole Foods in August 2017, grocers have been forced to step up their tech investments to avoid losing customers to the e-commerce giant. Kroger has struck up a number of partnerships with companies like Microsoft and Walgreens to learn more about its customers and bring its groceries to more people. Last May, it took a 5 percent stake in British online retailer Ocado in exchange for an exclusive deal for its grocery service. The efforts have paid off, with digital sales increasing by 58 percent during its fourth quarter. Additionally, 91 percent of its customers can pick up their groceries or have them delivered.
Fellow retail titan Walmart has been focusing on its own grocery business, with plans to bring delivery to 1,600 locations by the end of fiscal 2020. On its fiscal fourth-quarter conference call, the company said it expects losses in digital sales to accelerate this year because it spending more on its infrastructure, labor, online grocery and innovation hub Store No. 8.
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