The startup, founded by Marc Lore, had managed to raise USD 250 million in order to expand business and attemptr to lure customers with lower prices, retailsolutionsonline.com reports. Jets business model is a mix of the Amazon Prime and Costco models and, for a USD 49.99 membership fee, customers receive free shipping and low prices.
The service promises delivery of household essential products in one to two days, with other products arriving in two to five days. To date, 2,200 retailers have signed up to sell through Jet.com, including NewEgg, Barnes & Noble, Lenovo, Asus, Dell, Harper Collins, Bluefly and others, but only 500 have completed integrations as of the website’s initial launch.
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