Walmart Buys Jet For $3 billion, Hopes To Turbo Charge Ecommerce

Walmart says it has agreed to acquire online retailer for $3 billion in cash. As a promise, says it will deliver cheaper prices on a range of goods by encouraging users to buy more items at the same time or to purchase products located in the same distribution center — thereby cutting collection and shipping costs. ZDNet reports:Overall, it’s clear that Wal-Mart has Amazon envy and needs to scale its e-commerce operations. The Jet management team has had experience battling Amazon through Quidsi and its brands such as As for the deal, Wal-Mart said some of the $3 billion for Jet will be paid over time and $300 million of Wal-Mart shares will also be part of the transaction over time.

Share on Google+

Read more of this story at Slashdot.

Clip to Evernote

Leave a Reply

Your email address will not be published. Required fields are marked *