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

Sharing is caring!

1689 More posts in News category
Recommended for you
Front Row Labs team
‘Venture Catalyst’ Front Row Labs Holds Competition to Invest in Your Startup

Front Row Labs (Newtown, Penn.) — a relatively new entry into the venture scene in...