Walmart Pay Big For Jet.com

The deal is worth $3.3bn

Walmart has announced that it has acquired e-commerce company Jet.com. Included in the deal worth 3.3 billion US dollars, is the ecommerce company's customer and supplier lists, whilst it will also see Jet.com's founder Marc Lore continue his leading role. Walmart is said to have considered the deal attractive due to Jet.com's proprietary technologies that include a system that was able to identify in real-time, the flow of orders through the site. Using this system Walmart would now be able to reduce shipping costs and delivery speeds from its already existing stores and warehouses. Doug McMillon, president and CEO of Walmart, said that the move showed “Walmart being even more committed to winning in e-commerce.” The deal is now the biggest e-commerce acquisition in the US, and will see Walmart attempt to reduce the gap to Amazon, which is currently worth 85 billion US dollars of sales each year.

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