'Wal-Mart preys on Amazon competitor '

'Wal-Mart preys on Amazon competitor '

Tech August 4, 2016 07:54

- The US supermarket chain Wal-Mart for the acquisition of e-commerce company Jet.com, a startup that bills itself as a formidable competitor to Amazon online store. That initiates Wednesday reported on Bloomberg. According to the sources could be that Wal-Mart is also taking a strategic stake in Jet.com.

The Internet activities of the supermarket chain can be a boost now use the growth in recent quarters has slowed. Last year, online sales accounted for 3 percent of sales from Wal-Mart. CEO Doug McMillon Wal-Mart said recently that e-commerce has just top priority.

Jet. com peddle also comes in turn been longer at retail for an investment in order to compete with Amazon. The e-commerce company hopes to raise through a financing round of $ 640 million, Jet. com would be valued at approximately $ 1.7 billion.
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