Jet.com was supposed to give Amazon a run for its money.
It’s still going to do that, but with Walmart’s backing.
Walmart has acquired ecommerce startup Jet.com for $3 billion in a combination that will look to pair Walmart’s reach and supply chain with Jet.com’s ecommerce expertise.
The two-year-old Jet.com — which in many ways was indistinct from Amazon — was co-founded Marc Lore, who will join Walmart to run ecommerce for both companies. Lore is one of the most respected entrepreneurs in the ecommerce industry, having previously founded Diapers.com, which was eventually sold to Amazon.
“We started Jet with the vision of creating a new shopping experience,” Lore said in the press release. “Today, I couldn’t be more excited that we will be joining with Walmart to help fuel the realization of that vision. The combination of Walmart’s retail expertise, purchasing scale, sourcing capabilities, distribution footprint, and digital assets – together with the team, technology and business we have built here at Jet – will allow us to deliver more value to customers.”