Wal-Mart has snapped up three online retailers since December — and it isn’t done yet.
In a bid to catch up with Amazon, the world’s largest retailer will continue seeking out brands that bring new, unique products to its assortment, Marc Lore, president and CEO of Wal-Mart eCommerce U.S., said Monday.
Through these types of purchases, Wal-Mart is able to scale specialty categories more rapidly, as the companies already have relationships with key vendors. What’s more, their management teams have established expertise in their specific categories, when it comes to things like writing product reviews, Lore said.
The executive made his comments while speaking at the Code Commerce event in Las Vegas.
“We’re being pretty active,” the founder of Jet.com said. “We’re behind.”
Since Wal-Mart acquired Jet last year, it’s purchased three companies that specialize in specific product categories. It started with Shoebuy in December, followed by Moosejaw, an outdoor apparel retailer, in February. Most recently, Wal-Mart acquired the ModCloth women’s apparel label.
“There’s definitely been a nice surge in the categories that we’ve been acquiring and so we will continue to do it,” Lore said.
Indeed, Wal-Mart is seeing momentum in its digital sales, which grew 29 percent during the holiday quarter. Still, the world’s largest retailer has a way to go before it catches Amazon — if it ever happens.
According to the receipt-mining company Slice Intelligence, Amazon accounted for 53 percent of U.S. e-commerce growth in 2016.
“Win means win,” Lore said. “It’s not going to happen in 12 months, but win means win.”