Tag: jet.com

Walmart buys Amazon rival Jet.com for $3.3bn

Retail giant Walmart has bought online retailer Jet.com for $3.3 billion (£2.5 billion), one of Amazon’s biggest online challengers, in a major statement of intent from the superstore giant. The move is seen as Walmart’s latest attempt to tackle the widening gap between Amazon and its own ecommerce business, which remains a very small percentage of its overall business. .

Could Jet threaten Amazon?

Jet.com has raised $220 million so far for an ecommerce service with around 1,600 retail partners, and plans to sell some 10 million products when it launches in the coming weeks.