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Expires: Expires November 28, 2018
Submitted: 4 years ago
Jet.com is an American e-commerce company headquartered in Hoboken, New Jersey. The company was co-founded by entrepreneur Marc Lore along with Mike Hanrahan and Nate Faust, and has raised $820 million over four venture rounds from firms including Google Ventures, Goldman Sachs, Bain Capital Ventures, Accel Partners, Alibaba Group, and Fidelity. The site was publicly launched in July 2015.
One of core features of Jet is the “realtime pricing algorithm”, which, according to cofounder Marc Lore, aims to gauge “the true marginal cost of getting that product to Items are priced based on their locations in distribution centers. If, for example, a user purchases several items that are all located in the same distribution center, their price would be lower than if they are located in separate centers. If the user waives their right to return an item, the item decreases in price. Paying by a less expensive form of payment, for example by using a debit card rather than a credit card, will also decrease the price. The site is also linked with partner sites such as TigerDirect.com and the Sony Store.
Jet Anywhere was a program that allowed Jet users to spend money at other venues and earn “JetCash”, which could be spent on the actual Jet site. Partner sites in the program included Ann Taylor, Bloomingdale’s, Hotels.com, and Nike. Jet Anywhere was ended in March 2017.
Jet ran into some backlash in August 2015 after displaying some links to other sites as if they were partnering sites without obtaining their permission. Brands such as Macy’s, Walmart, and Home Depot detached themselves from Jet because of the incident. Jet removed all the links to brands that requested removal. Jet’s chief customer officer stated the brands that wished to be removed viewed Jet as a competitor.