Walmart CEO promises more e-commerce acquisitions

May 28, 2014: 4:44 PM ET

New CEO McMillan says 3-D printing and wearable tech are also areas of interest.

Walmart is planning more online acquisitions as it tries to make a dent in Amazon's e-commerce lead

Walmart is planning more online acquisitions as it tries to make a dent in Amazon's e-commerce lead

FORTUNE -- Doug McMillon has only been CEO at Walmart (WMT) since February, but he already has his sights trained on digital rivals like Amazon.

McMillon told a crowd at the Code Conference near Los Angeles on Wednesday that Walmart's "pace of acquisitions . . . is going to accelerate" in an effort to better compete in the e-commerce market, according to Bloomberg. Walmart's online sales jumped 30% in the fiscal year ending January 31 to $10 billion, but the company still lags far behind Amazon (AMZN) in that category. (Walmart also said last week that its e-commerce unit will hire hundreds of new tech workers in the unit's Sunnyvale, Calif. offices.)

Walmart has already been fairly active in acquiring web companies through its research division @WalmartLabs, which has made a dozen small acquisitions over the past few years. Earlier this month, the company bought Adchemy, an advertising technology company for online retailers, for an undisclosed amount.

MORE: Target pins e-commerce hopes on tech dream team

McMillon also reportedly expressed some interest in buying a 3-D printing company at some point. Such a deal would be palatable "in some cases," as the company could use the printers to make replacement part for certain products while customers could print other products right in the store.

Wearable technology and connected home products could also prove to be attractive categories for the retail giant in the future, the CEO said.

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