Walmart may be the biggest retailer in the world, but the company’s dominance doesn’t extend to the online world, where Amazon reigns supreme.

Walmart is looking to challenge Amazon though, and the company just announced it’s making a $3 billion bet to do that. Walmart is acquiring Jet.com.

jet.com

Jet launched a year ago, looking to bring BJ’s/Sam’s Club retail model to the internet: pay $49 per year for a membership and you get access to a wide range of discounted products at prices that are lower than those offered by most rivals.

Over time, the company has changed its business model. Now you don’t need to pay a membership fee, but prices get lower the more you add to your cart, and Jet offers free shipping on orders over $35.

In a statement, Walmart CEO Doug McMillon says the company is “looking for ways to lower prices, broaden our assortment, and offer the simplest, easiest shopping experience” and that acquiring Jet will help Amazon do that.

Walmart.com and Jet.com will continue to operate as separate websites with separate brands… at least for now. But putting the two companies under one corporate roof could mean that tech and inventory from one will be leveraged to help the other.

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