June 4, 2020
Walmart Shuttering Jet dot com after Spending 3 billion Dollars in 2016

Walmart will Shut Down Jet.com (After Spending $3 Billion on the Site in 2016)

Walmart is calling it quits on Jet.com, an e-commerce site intended to unseat rival Amazon as the top online shopping spot…

American multinational retail corporation Walmart, with an $523 billion revenue, is about to abandon its Amazon competitor, Jet.com. This, after the company acquired the site just three years ago for $3 billion. The brick-and-mortar retailer says that it’s doing so because of the “continued strength of the Walmart.com brand.”

Walmart Shuttering Jet.com After Spending $3 Billion in 2016

Walmart’s killing off of Jet.com comes as a surprise. The company said when it bought the entity it would be “critical to accelerating our omni strategy.” However, the real numbers reveal a more stark reality: last year, Walmart bled approximately $2 billion from its online e-commerce operations, according to a report from The Wall Street Journal

Ostensibly, Walmart will refocus its efforts on its physical locations where the company holds a strong advantage over Amazon. Even though Walmart’s e-commerce business is up by 74 percent over Q1 2019, due to increased grocery pickup and delivery services, Jet.com never caught on with consumers.

Savannah Marie

Savannah Marie loves writing and all things social media. She writes on a variety of topics, from social media to health and wellness to travel and all points in between! She is the lead writer and creator of Mixios and blogs with style and a one of a kind voice.

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