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Business

Amazon beware, Marc Lore is back

Opening sequence

Opening sequence

Business

Amazon beware, Marc Lore is back

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COMING UP:Amazon beware, Marc Lore is back

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00:00:00
>> A smart way to save on pretty much anything.>> Jet.com founder Marc Lore has been a thorn in the side of Amazon before and his new deal with Walmart promises to make him one again. Wal-mart is paying $3.3 billion for Lore's latest online retail vendor jet.com in hopes that the purchase will do more than just annoy Jeff Besos.
00:00:19
And it's not the first time Lore has done just that. In 2005 he introduced start-up Quidsy, the parent company of retail site diapers.com that doubled its sales every year and after a bitter price war Amazon bought the company for $545 million. Lore worked with Amazon for two years following that purchase before leaving to launch another assault against it.
00:00:42
This time with jet.com, which rewarded shoppers with lower prices for buying more. Now, Walmart will be able to use Lore's unique pricing software on its own retail site. Even though jet.com will continue to run as a separate entity under Lore's leadership. Lore will however also head Walmart's US e-commerce operations, giving him a new army to assault Amazon once again.