Walmart Makes It Official, Acquires Jet.com for $3 Billion
Summary
Jet, barely out of diapers, launched its site about one year ago, offering deeper discounts as customers add more items to their online shopping carts.Shai Goldman, managing director with Silicon Valley Bank, put the significance of Jet’s acquisition into perspective via Twitter.The plan, according to Walmart, is to maintain the distinct Jet.com brand and its assortments of products curated for its customers while Walmart.com continues to stick with it bread and butter of “everyday low prices.” Of particular interest to Walmart is the draw Jet has with millennial and urban consumers; the company specifically cited the gains Jet.com made in a short amount of time attracting customers from those demographics.Last year, the original iteration of Quirky, a platform for marketing and selling inventions, filed for bankruptcy and then sold off all its assets, including smart home app developer Wink.Fab.com was another shooting star from the New York startup community that made a splash in e-commerce as a curator and seller of well-designed products, and seemed to be on track to become huge with mainstream consumers.
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