Walmart says it has agreed to acquire online retailer Jet.com for $3 billion in cash
. As a promise, Jet.com says it will deliver cheaper prices on a range of goods by encouraging users to buy more items at the same time or to purchase products located in the same distribution center
-- thereby cutting collection and shipping costs. ZDNet reports:Overall, it's clear that Wal-Mart has Amazon envy and needs to scale its e-commerce operations. The Jet management team has had experience battling Amazon through Quidsi and its brands such as Diapers.com. As for the deal, Wal-Mart said some of the $3 billion for Jet will be paid over time and $300 million of Wal-Mart shares will also be part of the transaction over time.