Walmart is hoping its acquisition of startup Jet.com takes its own online presence to new heights.
The retail giant said Monday it has acquired Jet.com in a stock and cash deal worth $3 billion.
The deal underscores the competitive nature of the online retail business, where Amazon dominates and Walmart, the largest brick-and-mortar retail in the US, plays second fiddle. Walmart is apparently expecting that Jet.com, which saw early hype as a possible "Amazon-killer," can even the playing field.
"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," Walmart CEO Doug McMillon said in a statement.
"The combination of Walmart's retail expertise, purchasing scale, sourcing capabilities, distribution footprint, and digital assets -- together with the team, technology and business we have built here at Jet -- will allow us to deliver more value to customers," Jet.com CEO Marc Lore said in a statement.
Walmart and Jet.com disclosed that the retail startup adds 400,000 new shoppers every month and processes an average of 25,000 orders each day.
A bulk of the deal is in cash, with Walmart paying $300 million in stock over time.
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