With Jet.com Wal-Mart moves to target digital and Millennials sales
While it’s true that companies, especially large ones, take time to evolve their business very much the way it takes a large boat to turn. That said, there is a tipping point at which the turn picks up speed, and we are seeing that at Wal-Mart when it comes to our Connected Society investing theme. Its moves, which are now being copied by Target (TGT) and others, make it one of the likely survivors of the current retail-mageddon.
A discount giant is using its newest acquisitions to connect with its millennial shoppers. During an earnings call, Walmart revealed that it’s trendy, upscale Bonobos or ModCloth brands will soon be sold via jet.com. This move highlights how Walmart plans to leverage its Jet division to target the millennial shopper, according to Business Insider.
Unlike Walmart’s goal to appeal to most demographics, company spokesperson Randy Hargrove said in the report that “The Jet customer demographic —millennial, urban, higher income — aligns well with the demographics of ModCloth and Bonobos.”
They also align well with Jet’s other millennial-focused brands and lines, including La Croix seltzer, fresh produce, and ethical cleaning products. The retailer added that Bonobos or ModCloth product will likely not see the inside of a Walmart store in the near future, the report said.
Source: Two high-profile Walmart acquisitions will find a home on jet.com | Chain Store Age
