Walmart’s Jet.com to target millennials with higher-end grocery line
Walmart’s Jet.com will launch a higher-end grocery line targeting millennials, just over a year after Walmart spent more than $3 billion for the fast-growing online retailer amid intense competition from Amazon.
Amazon.com Inc. last month closed on its acquisition of Whole Foods as other major players, including Target and supermarket chains, fight for a bigger slice of the grocery market.
Jet.com said Friday that the new brand, called Uniquely J, will focus on younger customers in urban areas. The service will offer them select coffee, olive oil, paper towels and other products.
Jet.com, which sells products including clothing, gadgets and home furnishings, also will be carrying some niche brands, including ModCloth and Bonobos, that Walmart acquired in recent months. ModCloth is now starting to be carried on Jet, while Bonobos will be some time next year, according to Walmart.
The moves are part of an overall strategy by Marc Lore, who founded Jet.com in 2015 and is now head of Walmart’s U.S. ecommerce, to set the startup apart from the Walmart.com website and add an upscale sensibility.
Jet.com is built on a real-time pricing algorithm that adjusts prices based on items in a checkout cart and how far away they are from a shopper’s home. So as shoppers add items to their cart, they are encouraged to continue shopping and build a more efficient cart, buying items labeled “smart cart” for more savings.