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…