Walmart’s answer to Amazon’s growing marketplace, Jet.Com has launched a new online presence in a bid to better compete with the online powerhouse.
Since purchasing the e-commerce site in 2016 for $US3.3 billion, Walmart has worked to ensure Jet.Com’s product offering and brand positioning caters to a largely millennial consumer-base in urban areas like New York City. However, as Amazon has ramped up its online presence, Jet.com’s traffic has reportedly fallen by the wayside.
Now, Walmart is stepping up its marketplace game, launching a redesigned Jet.com that offers better delivery services, a larger product range, and improved personalisation features.
According to Jet.com’s Chief Customer Officer, David Echegoyen, Jet wants to approach product personalisation the same way Spotify does with its music app – the more you use the service, the better it gets.
“Our plan is to be more relevant for what you’re shopping for,” Echegoyen told CNBC.
The updated personalisation technology will reportedly make product recommendations based on a shopper’s location and will suggest items based on past purchases.
Faster delivery is also a primary focus of the new and improved Jet.com, with the more efficient service rolling out across New York. The company plans to make delivery competitive with the likes of Amazon and Target. The company will be opening a new Bronx-based fulfilment centre to achieve this. Grocery and alcohol deliveries are also said to part of Jet’s new product offerings, as Walmart rolls out the use of its recently acquired logistics company, Parcel to cater for three-hour delivery windows.
Like Walmart, Jet will also be introducing new brand partnerships that will see the likes of Nike and Converse launching on the e-tailer’s platform. This comes after Jet.com became an authorised Apple reseller earlier in the year.
“Apple and Nike have both been very good partners to us… they understand that experiences matter,” Echegoyen says.
According to the founder of Jet and the President and CEO of Walmart’s e-commerce presence in the US, the revitalised Jet.Com platform “perfectly complements [the company’s] e-commerce portfolio strategy”.
Despite its efforts, however, Jet.Com has a long way to go if it wants to compete with Amazon on a larger scale. The e-commerce juggernaut recently hit a valuation of $USD1 trillion in a share price surge that saw the company catch up to Apple as one of the world’s most valuable businesses. Share prices have surged by as much as 75 percent since the start of 2018, trailing closely behind Apple to become the second company to reach a value of $1 trillion, mere weeks behind the global tech giant.