Walmart is set to continue down the path of tech startup acquisitions, observed Marc Lore, CEO at Walmart E-commerce US, speaking this week at The Wall Street Journal's annual tech conference.
The Jet.com founder joined Walmart when the retailer snapped up the venture. Since then, it has bought the likes of ShoeBuy, Parcel and ModCloth. “Specialist positioning is better than mass,” said Lore. “We’ve empowered the leaders of these companies to basically run the category across the entire entity.”
Talk somewhat inevitably turned to Amazon, where he worked after the e-tailer bought his company, Quidsi. Walmart is working towards faster deliveries throughout the US. It has the infrastructure to do overnight delivery for 87% of the country and is in the process of spreading out inventory to all its warehouses.
Walmart will “crush it over the next two years,” according to Lore. “I wouldn’t trade our position with anyone right now,” he added.