Walmart today announced it acquired Jet.com for $3.3 billion. The acquisition is Walmart's biggest statement to date in its effort to compete against Amazon.
So what does this mean for online retailers? Here's what you need to know right now about Walmart's big move and how you can leverage it to reach new, expanding ecommerce audiences.
- By acquiring ecommerce's new kid on the block Jet, Walmart will multiply and enhance its ecommerce presence.
“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” said Doug McMillon, president and CEO, Wal-Mart Stores, Inc in a statement. “We believe the acquisition of Jet accelerates our progress across these priorities. 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.”
- The acquisition allows Walmart to change the narrative about its offering: Through Jet.com, Walmart can break into the premium brands sector.
- Both marketplaces will continue to run independently, which means retailers will have two avenues to cash in on Walmart's huge audience.
- With that said, selling on both marketplaces will require two independent seller accounts, product and brand approvals, product data and feed submissions.
- Retailers should begin the application process and begin setting up their marketplace feeds now if they want to integrate with Walmart.com and Jet.com in time for the holidays.