Walmart Brand Growth Leads to Canceling Online-Only Marketplace Jet.com
BENTONVILLE, AR - Walmart continues to surprise as it makes moves to strengthen its physical and digital presence. As of late, this has included several changes to Jet.com, most recently undergoing a cancelation of its fresh grocery services in New York City. As these strategic pivots have come to a head, Walmart revealed it will cease Jet.com entirely, which it acquired in 2016 for $3.3 billion.
“Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com,” the retailer said in a short statement. “The acquisition of Jet.com nearly four years ago was critical to accelerating our omnistrategy.”
Walmart has long been working to up its e-commerce abilities; its two-hour delivery service pilot attested to this. The surge in people shopping online has also helped the retailer’s e-commerce sales spike. In fact, the newly released Q1 report noted that these sales were up 74 percent. The jump seems to align with the retailer's reiteration that it is preparing for further digital transformation.
What is up next for the innovative behemoth as the online space continues to shift for our industry and beyond? AndNowUKnow will continue tuning into the newswire for updates.