Some Details Emerge on Marc Lore’s E-commerce Startup Jet

Photo: Marc Lore wants to bring wholesale club shopping online. Photo Credit: Courtesy Diapers.com

Marc Lore wants to bring wholesale club shopping online. | Courtesy Diapers.com

Recently, Bloomberg Businessweek featured an article by Brad Stone on Marc Lore’s e-commerce startup, Jet, which wants to out-Amazon Amazon, and out-Costco Costco.

NJTechWeekly.com has learned that Lore will be a guest at the NJ Tech Meetup in March. That should be a hot ticket.

The Businessweek article notes:

  • Jet is now located on Bloomfield Avenue in Montclair, while it builds new offices in Hoboken.
  • It employs approximately 100 people.
  • Jet is out to re-invent wholesale online shopping.
  • Lore expects the company to compete with Amazon, but says Jet will use different business practices and tactics. Jet’s culture will foster loyalty, trust and openness.
  • Its business model will be similar to Costco’s: $49.99/year for a membership, with prices 10-15 percent lower than competition’s.
  • The startup will be offering a 90-day free trial.
  • Jet plans to make money on membership fees. All other savings will be passed along to the buyer.
  • Shoppers will get more savings if they choose a more economical shipping method: buying more items in one visit to the site, and buy from sellers located near them.
  • Customers will be able to combine different items to be shipped in one box, saving money.
  • Permutations in prices, shipping costs and basket-size rules will be calculated in real time, so Jet members can determine the cheapest way to get goods delivered.
  • As of the publication of the Businessweek article, Jet had received $80 million in venture funding, but Lore said that he wanted to raise hundreds of millions more.
  • Jet plans to use some of its funding for a massive ad campaign to get the word out about the company.

Related articles:

NJ Serial Entrepreneur Marc Lore Snags $55 Million to Build E-Commerce Platform Jet

Marc Lore’s Startup Jet Offers Equity to a Few People Who Bring in the Most Referrals

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