Walmart, a complete general store for the common mob. Prices at Walmart are at its best. But, they are not satisfied with their range of business, hence they acquired Jet.com for $3 billion. So this purchase by Walmart is significantly gonna expand its business in online retailing. But the US giant didn’t revealed the deal, hence it leaked on Friday(5/8/16). This deal surely will help Walmart to compete its rival Amazon. Walmart’s CEO Douglas McMillon stated in a statement that ” Wallmart.com will grow faster, the seamless shopping experience we are pursuing will happen quicker, and we will enable the Jet brand to be even more successful in a shorter period of time”.
Jet.com the company which is acquired has a prestige part in sales and stock item. It hits $1 billion in sales and $12 million stocked items in just a year. And on the other hand Walmart has seen a decline in growth from five consecutive quarters. So we could see acquisition may bring new ideas and business strength to Walmart. CEO of Jet.com Marc Lore knows business of retailing well because they sold their last company Quidsi to Amazon for $545 million and now they sold Jet.com to their rivals. But, Lore owns 25% of shares and will continue to lead it under Walmart’s guidance.
Lore gave an official statement regarding the deal ” Walmart.com will focus on delivering the company’s everyday low price strategy, while Jet will continue to provide a unique and differentiated customer experience with curated assortment”. Jet also added that “they will surely make benefit through Walmart guidance in many ways”. So, a new page or we could say a part, more has been added to the Walmart’s business, now it will be a strong competition among the two giants that is Amazon and Walmart.
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