Almost overnight, Walmart moves into a top three marketplace position.
By acquiring Jet.com - for $3 billion in cash and $300 million in shares - Walmart hopes the millennial-friendly, online-only shopping site will be key to releasing Amazon's stranglehold on the market.
If you haven't heard of Jet, you aren't alone. Founded in late 2014, their biggest strength was encouraging the customer to get more products from the nearby retailers. Behind the scenes, Jet would make note of retailers in close proximity and pass the shipping savings to the customers, maximizing savings. So who better than Walmart to inject nearly 5,200 distribution centers (read brick-and-mortars) into their network. It also gives Walmart access to Jet's talented workforce, who clearly have a strong grasp on how to materialize an Amazon competitor out of thin air.