Jet.com, a startup that has raised $220 million, has pledged the lowest prices in the industry, lower than the likes of Amazon and Walmart.
Jet products start at about eight per cent cheaper, and the site offers more discounts when shoppers combine multiple orders into a single shipment, waive the ability to return something, or use debit cards instead of credit cards.
The company does, however, make users pay $50 a year for membership on Costco-esqueto, which enables them to shop on its site.
The site has about five million products so far, and is aiming for 10 million.
Shopping on Jet’s site does evoke the “thrill of a good deal” as the site calls it because buying on site constitutes a bargain compared to competitors.
Online shopper are not only made aware of how much they are saving, but every time an item is put into a cart in conjunction with another item for shipping, “smart cart” savings are accrued.
Marc Lore’s previous online business, Quidsi, was bought by Amazon in 2011 for more than a half billion dollars. From this experience Lore discovered that e-commerce retailers need to focus on what customers really want from online shopping, namely excellent customer service and quick delivery.
