Target Just Got Serious About E-commerce
Target (NYSE: TGT) is making a big bet on e-commerce.
The big-box chain said it would acquire Shipt -- an online grocery marketplace known for same-day delivery -- for $550 million. The move is reminiscent of Walmart's (NYSE: WMT) own decision to acquire Jet.com for $3.3 billion, which has paid off immensely, or Whole Foods Market's strategic investment in Instacart before it was acquired by Amazon.
Like Instacart, Shipt specializes in same-day delivery of online orders, working with a range of retailers. Target said it would "leverage its network of stores and Shipt's proprietary technology to quickly and efficiently bring same-day delivery to guests across the country."
Source: Fool.com
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