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Target acquires Shipt for $550M to bring you same-day delivery - CNET

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Target is trying to boost its delivery chops. Getty Images

Target hopes same-day delivery will be enough to lure you away from the likes of Walmart and Amazon.

On Wednesday, the retail giant said it'sacquiring online grocery delivery company Shipt for $550 million. Target will use the startup's technology and platform to bring same-day delivery to approximately half its stores by early 2018, the company said in a press release.

The move could help Target compete against Walmart and Amazon, which are both working on offering faster shipping to customers. In August, Target acquired Grand Junction, a transportation tech company, to expand its delivery capabilities.

In a blog Wednesday, Target Chief Operating Officer John Mulligan said the Shipt acquisition will mark an important milestone in Target's strategy, which includes making "shopping at Target easier, more reliable and more convenient for our guests."

"By acquiring Shipt, we'll be able to take advantage of our...(continued)

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