From CNET: Walmart's push to take on Amazon took a big step forward Monday.
The big-box retailer closed its $3.3 billion acquisition of e-commerce retailer Jet.com, pulling off one of the biggest e-commerce deals ever and giving Walmart a new set of tools and talent to bulk up online. Still, Walmart now faces the difficult job of making this tie-up pay off by bringing together all its resources to create an Amazon alternative people will want to use.
Jet, led by e-commerce veteran Marc Lore and backed by hundreds of millions of dollars in funding, launched its site a little more than a year ago, offering consumer products ranging from laptops to shampoo to furniture.
The size of the Jet deal, which was first announced last month, shows how serious Walmart has become in wanting to be a bigger force online, in hopes of goosing its lagging sales growth and stopping Amazon from stealing its customers. (In a nod to Walmart's effort to become more tech-focused, CEO Doug McMillon broke the news of the Jet deal closing on Instagram.) Walmart has been trying for years to become a more significant player in e-commerce, pouring billions of dollars into its warehouse infrastructure and website. But, so far, it's had little to show for it, with its e-commerce sales growth slowing in most recent quarters.
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