to Acquire Art.com
Walmart announced Thursday that it plans to acquire online artwork retailer Art.com.
(Author : Kristina Stidham)
According to Business Insider, Walmart will acquire the entire art company for an undisclosed price and will continue to operate it as a standalone site. Walmart will eventually add Art.com's product assortment to Walmart.com, Hayneedle.com, and Jet.com, two more of the retailer's acquired sites. Art.com, which Walmart says is the world's largest seller of online artwork, joins the list of Walmart's recent purchases of smaller online retailers and complements the company's current home furnishing product offerings.
In a blog post announcing the acquisition, Anthony Soohoo, senior vice president and group general manager, home, of Walmart U.S. eCommerce, says, "this announcement is just another example of how we’re establishing Walmart.com as a specialty retail destination for the home, giving customers the inspiration and confidence to make a beautiful home possible for everyone."
Walmart has been steadily growing its product inventory and services through the purchase of digitally native brands such as Bonobos, ELOQUII, and Bare Necessities. These e-commerce brands bring unique, specialty products to Walmart's online portfolio and aid the retailer in its ongoing competition with Amazon.com.
Big-box retailers are all looking for ways to diversify and attract segments of higher-spending online customers who may not regularly shop their sites. This acquisition also makes Walmart a bigger player in the digital space, specifically in the home shopping category after launching a new digital shopping experience for specialty home products earlier this year. Art.com is the perfect addition, bringing millions of art products and wall decor options to Walmart's online customer base.