The Coles Group Ltd (ASX: COL) share price finished the day lower on Tuesday. This comes after the supermarket operator announced the launch of its new online marketplace offering exclusive internet-only deals.
At the closing bell, Coles shares were changing hands for $17.52 apiece, a fall of 1.74%. It's worth noting that since late September, its shares have gained around 6%.
Coles takes on Woolworths and Aldi with 'Best Buys' website
As the supermarket war heats up, Coles has entered the ring with its latest online platform to win new market share.
Labelled as Best Buys, the website will target consumers seeking discounted products that are not available in-store.
The exclusive range includes items from popular technology products to homewares and electrical appliances. The company aims to keep consumers intrigued by adding new products to the platform every Friday.
Under the Best Buys banner, anything ordered will be delivered free of charge and shipped directly from the supplier. This ensures the products are in the hands of customers more quickly.
Last month, rival Woolworths Group Ltd (ASX: WOW) introduced its own online version, dubbed "Everyday Market". The website contains more than 20,000 products from varying categories such as household, health and beauty, toys, books, and pet care.
In addition, German discount chain Aldi began offering some of its highly prized products on its "Special Buys" section online. The unique retailer listed appliances and technology, sport and outdoor, entertainment and hobbies, and home and living products.
Coles share price summary
It's been a rollercoaster ride for Coles shares over the last 12 months, posting a small gain of around 2%. When looking year-to-date, its shares have traversed the other way, down 3%, highlighting uncertain economic activity.
Based on today's price, Coles commands a market capitalisation of roughly $23.45 billion, with approximately 1.33 billion shares on hand.
