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"If Wal-Mart were starting today and we were building an e-commerce business some of the things that Jet designed into their approach would have been things we would have thought of and we would have wanted to do, and they've just done it from scratch," said McMillon.
The move is Wal-Mart's biggest effort to date to stand up against Amazon.com in the online retailing space. Later in the conversation, Jet.com CEO Marc Lore joins in on how his company is expected to add immediate value to Wal-Mart's business model.
Other topics discussed in the interview include:
The entire in-depth interview is only available to CNBC PRO subscribers.