Jet.com was publicly launched in July 2015. The website functions as a marketplace allowing third-party sellers to list and sell products.
Uniquely Jet.com marketplace is hidden from the customer, compared to the likes of Amazon where anyone can see who is selling a product and even pick a particular seller. Jet.com itself decides which seller is best and only hints to the seller the customer bought from after the purchase.
Mark Lore, co-founder and former CEO of Quidsi (which sold to Amazon for $540 million in 2010), along with Mike Hanrahan and Nate Faust announced plans for Jet.com in 2014.
Walmart acquired Jet.com in August 8th, 2016 for $3.3 billion. Doug McMillon, president and CEO, Wal-Mart Stores, Inc issued a statement saying:
“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. We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”