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Walmart joins hands with Jet.com for retail expertise
• On 8th August, Jet.com was acquired by e – commerce giant, Walmart, for a whopping $3.3 bn
• The objective of this acquisition will facilitate Walmart’s business operations, site, stores, Walmart app and provide infrastructural impetus.
• Since its inception, Jet.com, brainchild of Marc Lore, Mike Hanrahan and Nate Faust has become US’ fastest growing e – commerce companies.
• To support Walmart’s mission of effective pricing, proper assortment and the ‘wow’ factor for shoppers’ experience, this tie – up will foster new ideas, innovation , brand appeal, expertise and broaden the outlook.
• Wal-Mart said that Jet.com could add in as many as 400,000 new customers every month, could reach $1bn in run-rate gross merchandise value (GMW) and offer 12 million SKUs in the first year.
• The Wal – Mart and Jet.com duel is all set for an all new team management, technology and business, aided by sourcing capabilities, distribution footprint and digital assets.