Walmart Acquires Jet.com
Walmart Acquires Jet.com refers to Walmart's 2016 purchase of the online retailer Jet.com for about $3.3 billion, which put Jet founder Marc Lore in charge of Walmart's US e-commerce business.
What happened and why it matters
The Jet.com deal marked Walmart's decision to compete head-on with Amazon online, a push that later produced the Walmart Marketplace and fulfillment services many brands use today. Announced on August 8, 2016, the purchase cost about $3 billion in cash plus $300 million in Walmart shares. Jet had grown quickly with pricing that rewarded larger baskets, which are cheaper to fulfill per item. Marc Lore became head of Walmart's US e-commerce operations and expanded free two-day shipping and online grocery. Walmart later retired the Jet.com site, but the acquisition reshaped its online strategy.
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Related events
Sources
- Walmart announces $3.3B Jet.com acquisition (Supermarket News) supermarketnews.com
- Wal-Mart Stores buying Jet.com in $3.3 billion deal (Talk Business and Politics) talkbusiness.net