The value of Walmart, the biggest world retailer, fell $3bn. Shares lost 10% at one point on 20 February. The company which has been investing heavily in e-commerce in an attempt to counter Amazon, managed only a small increase in online sales which now account for 4% of total sales. It has been investing more in its own site while reducing marketing spending on Jet.com, the start-up it acquired in 2016 and whose customers are mostly higher-income millennials in cities such as New York. Walmart cited competitive pressure as well as logistical problems. Interestingly, logistics was also cited by H&M as a weak point in its e-commerce operations (see news article on H&M below). It would appear that this area is one of considerable vulnerability for traditional retailers entering the online world. Combined with this is the fall in margin which accompanies the growth of online sales: customers online contribute less.