Jet.com Loses A Wall
Walmart has shut down Jet, an ecommerce operation it acquired a few years ago. Yet, imagine if a major technology company has bought a competitor and after about 4 years take it out of the market. That would be news. Of course, with Amazon growing unbounded across all domains, any alliance is appreciated by many stakeholders in the beautiful America. The good news is that Walmart.com has been strengthened by Jet’s technology: “ store sales increased 10% while online sales surged 74%”. Hopefully, this stops Amazon from eating American retail because if Walmart gives up, we may have the United States of Amazon!
Uploaded files:Walmart is pulling the plug on Jet.com, phasing out the brand in favor of its flagship online marketplace. The world’s largest retailer acquired Jet for $3 billion in 2016 in a bid to take on Amazon, but it’s now abandoning the strategy after successfully strengthening its own Walmart.com brand. The retailer saw sales grow at the fastest pace in two decades during the last quarter — store sales increased 10% while online sales surged 74% as Americans stockpiled basic goods amid the pandemic.