Amazon saying It plans to shut down its charitable giving program on Wednesday, in the latest example of the company’s broader cost-cutting efforts.

Through the program, called AmazonSmile, the e-retailer donates a percentage of eligible purchases on the site to the shopper’s chosen charity. Amazon said it has donated approximately $500 million to charity since the program launched in 2013.

Amazon it now plans to liquidate AmazonSmile by February 20, the company said in a notice to customers posted on its website.

“After nearly a decade, the program has not grown to create the impact we originally hoped for,” the company said. “With so many organizations eligible, more than 1 million around the world, our ability to make an impact has often been greatly diluted.”

The average donation to charity was less than $230, Amazon said.

Amazon will continue to invest in areas where it can «make meaningful change,» such as helping with natural disaster relief, affordable housing initiatives and community assistance programs, the company said.

Move to shut down AmazonSmile comes as CEO Andy Jassy has embarked in a sweeping overhaul of the company’s spending amid a worsening economic outlook and slowing growth at its retail division.

Amazon has started the largest layoffs in its history and instituted a hiring freeze on its entire corporate workforce. While Jassy has worked to control costs, the company halted expansion of the warehouse and shut down some experimental projects like its telehealth service and a quirky video calling device for children.

Lora Kolodni, CNBC contributed.