Chances are you’re familiar with Sam’s Club or Costco. If not, you’ve probably shopped with Amazon Prime and know all of the ins and outs of club based retailers.
What is less certain is whether enough people know about the revolutionary and relatively new online retailer known as Jet.com.
As the newest, and strangest, online merchant of its kind, Jet is raising the bar for online retail in a number of surprising ways.
They’re also rocking the boat- with the expressed purpose of making waves for Amazon.com. Before you race over to find out what’s new, it might be helpful to talk about why Jet is so new and so different.
With glowing reviews from customers, a triple A rating from the Better Business Bureau, and a never seen before business model- Jet.com is setting a new standard for online retailers.
Jet is forcing many major eMerchants to reconsider how they run their operations. And leaders in the vitamin and nutrition supplement industry are sitting up and taking notice.
10 Ways Jet.com is Breaking all the Rules on How to Sell Supplements Online
1. Having branded themselves as the innovators of their innovative new price tool, Jet claims to offer the “best prices, not on the web.” Also the Jet.com cashback stystem is very customer friendly.
They back this up by fairly reliably saving their club members between 10 and 15 percent over any of its competitors.
You might find a better price on a given item elsewhere, but Jet’s discounts are across the board, meaning you will not find better prices terribly often.
2. They have items of every kind, big, small, bulk, and single.
We don’t know where they keep their warehouse that stores over 10 million items reportedly- but the fact that Jet is the seller for everything they move, unlike Amazon and eBay- that means you’re dealing with a single merchant every time.
No more scrutinizing the seller for each individual thing you buy online. Go ahead and celebrate.
3. You might not think “passing the savings on to you” sounds terribly innovative. But is it, because Jet actually does it.
How? They do it by buying all of their stock in bulk from their online partners. This makes it possible for them to offer consistent discounts on everything they have in stock.
4. Jet has a very competitive affiliate program that allows you to enjoy their benefits with other online retailers such as Macy's, and The Gap GPS.
Jet offers reward programs for club members who shop with their affiliates, making a Jet membership even more valuable.
5. The globally famous mega-retailer, Alibaba.com has made massive investments in Jet with the goal of helping jet to mount a serious challenge to Amazon.
Jet has used this capital to optimize their delivery systems with automation that easily rivals Amazon, giving the legacy online retailer a serious run for its money. And that’s no accident.
6. If you aren’t happy with your purchase, Jet has a 100% free return policy within 30 days of purchase.
That’s valuable, but club members have the option to waive the 30-day free return option in exchange for even greater savings. If you shop with them a lot, it may be worth your while.
7. They have a unique “smart card” program which unlocks even more savings.
This makes it easy for them to track shopping behavior which is useful to them for marketing research, and they pass that value on to you. For those who don’t mind giving away a small amount of privacy, it’s a good deal.
8. Investors have shown a great deal of enthusiasm for the brand- which means there is probably some
merit to their unusual business model. The same investors are keeen to watch the jet.com networth as it is increasing daily.
Their 17 major investors have contributed over $225 million during Jet’s short lifetime. What that tells you is some powerful people want Jet to succeed.
9. Jet.com’s founder, Marc Lore is a veteran of the eCommerce game. He also founded and acted as CEO for Quidsi, Diapers.com’s and Soap.com’s parent company.
Both of these have enjoyed a great deal of success and provided Lore with the insight and inspiration to take the innovations of those companies and apply them to his masterpiece company, Jet.com.
10. Here’s where it gets good. The annual membership cost for Jet.com is just $49.99. That’s $5 cheaper than Costco’s membership package, and $50 cheaper than Amazon Prime’s annual club fee.
If you catch them during a promotional period, you can probably get your cart in the door for a free 90-day trial.
Gunning for Amazon
What’s really interesting about Jet.com is that their whole business model seems to be designed to take down Amazon, even before taking profit.
Why? Because that is the Jet.com culture
Amazon has been projected to be on its way to achieving a total monopoly in the online retailing game within the next ten years.
If this were allowed to go too far, no other online merchants would even have the chance to merge into the slow lane to do business.
Marc Lore has said, “We don’t take any profit on the products that we sell- we only make money on our membership fees. So that means that we’re always on the customer’s side.
Anytime we can find a way get our costs down, we do it and pass the savings back to our customers.”
To understand Jet.com, you only have to realize that it is essentially a weaponized online retailer designed to cut Amazon down to size and prevent them from sucking all of the air out of the world of online shopping.
This is also going to have a significant effect on any retailer who does business in any way resembling Amazon.
Until now, Amazon cast the best shadow to stand in. No longer. Now that their model has come under serious fire fro Jet, everyone else will need to distance themselves from Amazon-like tactics.
Otherwise, they risk falling under the cross hairs of Jet.com net worth and bunker busting game plan.
