Walmart splashes $3.3bn on Jet.com in hopes of jolting online retail sales

Superstore giant has fallen well off the pace of online retail leader Amazon and hopes Jet's chief executive will provide 'entrepreneurial sprit'

Walmart is buying Jet.com, an online retailer less than two years old, for more than $3bn (2.3bn) as it attempts to rebuild its internet retailing strategy to try to catch up with Amazon.

The big box store giant, which operates more than 11,000 stores across the world, including Asda in the UK, on Monday said said the total $3.3bn purchase represented "another jolt of entrepreneurial spirit being injected into Walmart".