This week, Walmart, the world’s largest retailer, has reached an agreement to acquire the ecommerce start-up Jet.com.
On the table it’s a website that has achieved a $1 billion gross merchandise run rate in little more than a year and is adding 400,000 shoppers monthly. Jet’s 2,400 retailers are currently offering over 12 million SKUs. Jet.com was launched in 2015 with a different pricing model to other marketplaces – the more you bought, the bigger the discount.
Through this acquisition, Walmart aims to raise its online retail sales and increase its market share in the ecommerce space, becoming a serious competitor for Amazon and other marketplaces dominating the online world.
For online retailers, this is a positive shift in the market as it offers new opportunities to sell to a larger audience. More competitors on the market means stronger diversification and better deals for retailers and customers alike. Of course, this also means increased complexity and competition among sellers. Managing multiple stores on several marketplaces and listing thousands of products requires a comprehensive, easy-to-use platform that can manage large amounts of inventory and sales and automates supply and fulfillment. You also need a system that provides accurate reports to make better informed decisions.
The end result of using such a platform? Quickly growing a business, much like Jet.