What is Jet.com? Jet.com Review

Jet.com is a retail platform that sells products at the lowest prices. The website was publicly launched in July 2015.

About Jet.com

On May 2, 2015, Jet.com launched its trial operation, open only to 10,000 "internal members".

Jet.com promises that the price of goods on its website will be 10% to 15% cheaper than anywhere else, including Amazon. Jet.com itself has a "dynamic pricing system" (Smart Cart system), which basically means that the more you buy, the more discounts you get.

Jet.com did not intend to make a profit through the price difference, but to earn the $50 membership fee paid by users every year. However, less than three months after its launch, Jet.com canceled the $50 membership fee, and the company shifted from a membership system similar to Costco to a business model that earns revenue for each transaction.

Entry conditions

Jet.com is specifically for US users. Sellers who want to join Jet.com must meet one of the following two conditions:

1. It must be a local U.S. company with a U.S. business license;

2. If the headquarters is not in the United States, but the company has a valid U.S. business license, it can also apply.

At the same time, sellers also need to meet the following requirements to successfully enter Jet.com:

An approved authorized dealer of Jet products (Note: Jet does not currently accept used or refurbished products or prohibited products);

The seller must be able to ship products to the 48 contiguous U.S. states (preferably with a warehouse in the U.S.);

Have a valid US tax ID number (9 digits);

Meet the customer's requirement to ship within 5 working days after placing an order;

It is best to have sales experience on other third-party e-commerce platforms.

How to join

(1) Submit an application to join Jet.com, click here. This step is the application form for Jet platform to measure whether the seller is eligible for cooperation. It needs to understand the seller's business, products, order fulfillment capabilities and other convenient information. The specific steps are as follows:

(2) Fill in the company-related information, product information and order fulfillment capability information:

(3) Wait for Jet.com to review your cooperation application. If successful, you will receive an email from the Jet platform and proceed with the subsequent steps of opening a store.

FAQ

Q: What is Jet's shipping policy for products?

A: Jet has its own logistics and also accepts the seller's own logistics methods. However, for customers, Jet promises that orders greater than $35 can be delivered free of charge using Jet logistics and guaranteed to be delivered within 2 days. The seller's logistics requires a time limit of 5 days.

Development History

- In July 2015, Jet.com had 4.5 million products available for sale. After a beta test period, the site was officially launched on July 21, 2015.

-In October 2015, the membership fee model was cancelled.

-In August 2016, Walmart spent $3.3 billion to acquire Jet.com, including $3 billion in cash and $300 million in stock, making it the largest e-commerce startup in U.S. history.

Financing

Jet.com raised $55 million in its first round of financing in July 2014. New Enterprise Associates led the investment, with participation from Accel, Bain CAPItal Ventures, MentorTech Ventures, Primary Venture Partners and other investment institutions and angel investor David Spector.

In September 2014, Jet.com received an additional $20 million investment from Western Technology Investments and a $5 million asset-backed loan from Silicon Valley Bank, bringing its total Series A funding to $80 million.

In February 2015, Jet.com completed a financing of US$140 million. Alibaba participated in this round of financing, led by Bain Capital, followed by Accel Partners, New Enterprise Associates and other companies.

In November 2015, Jet.com announced that it had just completed a new round of $350 million in equity financing at a valuation of $1.35 billion, led by mutual fund giant Fidelity Investments, with participation from existing shareholders.