Why did Walmart acquire Jet.com in 2016?

To aid it in its fight against Amazon's meteoric growth.

Step-by-step explanation

Amazon's meteoric ascent prompted Walmart to buy Jet.com in 2016.
Walmart placed a big investment on e-commerce four years ago. Jet.com was an e-commerce start-up that aimed to appeal to wealthy, urban-dwelling millennia's, cost the company $3.3 billion.
Wallmart's CEO remarked, "Although we may still utilize the brand name in the future, our resources, personnel, and financials have been dominated by the Walmart brand since it has so much traction. There is a universal appeal to the Walmart brand, regardless of income or location."