Walmart (NYSE: WMT) shocked the retail world when it announced that it had acquired Jet.com for $3.3 billion. The deal gives the big box store access to new technology, as well as the upstart online retailer’s CEO Marc Lore, who will take over the company’s complete e-commerce operation.
It’s a move that makes the No. 1 physical retailer the clear No. 2 in the online space. That said, Wal-Mart was already second to Amazon.com (NASDAQ: AMZN), and this move may not actually bring it much closer to the top.