Employees collect items for customer orders at the Jet.com Inc. fulfillment center on Cyber Monday ... [+] in Kansas City, Kansas, U.S., on Monday, Nov. 30, 2015. Jet.com was not making any profit at the time of the acquisition and likely continued to bleed profitability during Walmart’s ownership. Consider what Walmart CEO Doug McMillon said at the time of the Jet.com acquisition:“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” said Doug McMillon, president and CEO of Walmart. It’s another jolt of entrepreneurial spirit being injected into Walmart.”From this viewpoint, Doug McMillon looks prescient. Walmart has been able to make the right moves to be competitive today.

Source: Forbes May 19, 2020 18:45 UTC