Walmart – the world’s largest grocery retailer – is looking to reinvigorate its online sales through the acquisition of e-commerce start-up Jet.com, according to a report in Tech Crunch.
Quoting “a source with direct knowledge of the deal”, Tech Crunch reports that Walmart is set to pay up to $3 billion for the online retail specialist, which began operating last year.
Based in the US, Jet.com offers a broad range of consumer goods including groceries, appliances, furniture, books, toys and clothes and promotes itself as “all about saving you more money”. The firm offers 2-day shipping on “thousands of items” and free shipping on orders over $35, according to the firm’s website. Distinctive features of the service also include virtual ‘tags’ offering discounts on items that can be packed and shipped together, and the possibility to opt out of free returns.
While Walmart currently dominates US bricks and mortar retailing with 13% market share, it is only fourth in e-commerce with just 3% of the market, according to figures quoted by the LA Times.
Source: Tech Crunch / LA Times