Walmart announced that is acquiring Jet.com – an online retail business that was founded in 2014 – for a whopping US$3.3 billion. Experts have called this the biggest move for the retail giant and one that will help it propel to new heights in the e-commerce landscape.
Jet is among the fastest growing and most innovative e-commerce companies in the US, with an experienced leadership team led by Co-founder and CEO Marc Lore, together with fellow Co-founders Mike Hanrahan and Nate Faust.
In a press statement on its website, President and CEO of Wal-Mart Stores Inc. Doug McMillon said: “We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want. We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”
The statement also reassures that Walmart and Jet will maintain distinct brands, with Walmart.com focusing on delivering the company’s Everyday Low Price strategy, while Jet will continue to provide a unique and differentiated customer experience with curated assortment. Walmart and Jet will leverage innovative technology solutions from both companies to develop new offerings to help customers save time and money.
For more information and the official statement, please click here.
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Rushika Bhatia Editor
Rushika Bhatia is one of the region’s leading commentators on business and current affairs issues. She is the Editor of SME Advisor magazine - the flagship title of CPI Business. She is passionate about infographics – with special emphasis on data, research and statistics. Rushika has a Bachelor’s Degree from Indiana University, USA and is also CIMA qualified.