Jet is a member-based e-commerce marketplace that is reinventing the concept of wholesale online. Costco reshaped essentials shopping through the membership model. Amazon changed e-commerce with a marketplace approach. Jet takes the best elements from each of these approaches to give customers a vast platform of retailers, the best prices and the exclusivity and privilege that comes with membership.
To shop on Jet, customers will have to pay a $49.99 annual fee. In exchange, Jet will give customers access to the lowest price for anything sold online. Guaranteed.
A little back story… back in 2010, seasoned e-commerce executive Marc Lore successfully sold his company Quidsi, which operates Diapers.com and Soap.com, to Amazon for $550 million. He’s back with members of his team with their sights set on greater things.
Price is still the most important factor to online shoppers. Jet is addressing the existing inefficiencies in e-commerce by pulling hidden costs out of the system to deliver a completely new, low price shopping experience for consumers.
Jet has created a variable and dynamic pricing engine that optimizes the true underlying economics of shopping online and unbundles the embedded retail costs that drive up prices for merchants and consumers. For merchants, Jet empowers them with tools to set different rules based on their business goals and profit targets. For consumers, Jet empowers them to control over the tradeoff between price, ship speed, payment method and other buying variables. Jet is grounded in transparency and fairness, allowing consumers to shop smarter and more efficiently.
From our purview, Jet is probably one of the biggest concepts to hit e-commerce in a very long time. It’s a big vision – touted as a new e-commerce “experience” by one of the best teams in e-commerce today. They have the motivation, the expertise, the platform and the backing they need to make this marketplace a huge win for consumers, merchants and investors alike. Today over 80 million Americans are brick-and-mortar wholesale club members. Clearly it’s a huge market.
On November 24, 2014, Jet launched a viral marketing program called Jet Insider. People who signed-up for the program will receive a six-month membership for free, and customers who promote the company to friends have a chance to receive more benefits, including stock options. For instance, each person who you get to sign-up will improve your ranking. The top 10 insiders will receive 10,000 stock options, and the No. 1 insider will receive 100,000. Insiders will also get early access to Jet.
The program has already garnered 350,000 prospective members on the waitlist and is adding 3,000 new prospective members each day.
Have you heard of Jet yet?
If not, stay tuned. You will soon.