Walmart rewrites its e-commerce strategy
It is buying Jet for an eye-popping US$3.3b; the year-old online bulk retailer's founder Marc Lore is seen as one of the few execs who can help put a dent in Amazon's edge
New York
TRADITIONAL retailers have spent more than a decade and billions of dollars trying to transform their brick-and-mortar businesses for the online shopper. Yet Amazon and other digital upstarts continue to lap them.
Now Walmart, the world's largest retailer and the dominant player of big-box stores, is turning to someone else's technology and talent. On Monday, the company said it was buying Jet, the year-old online bulk retailer, for US$3.3 billion, the largest deal ever for an e-commerce company.
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