In it’s continuing battle with Amazon for a larger share of online shoppers, Walmart announced Monday it is buying Jet.com for $3.3 billion.
Jet entered the online-retail market just over a year ago, offering lower prices than Amazon on about 81 percent of items in a survey and poising itself as a serious competitor for sites including Overstock.com and Walmart.com.
In a news release, Walmart said it and Jet will remain separate brands. Walmart President and CEO Doug McMillon said in the statement that the company’s purchase of Jet will allow it to grow Walmart.com “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. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”
Jet, according to Walmart’s news release, adds 400,000 shoppers a month, processes an average of 25,000 orders a day, and features “a select group of more than 2,400 retailer and brand partners tailored to create an attractive and distinctive assortment for consumers.”