Jet.com expects $1bn of sales by May
Jet.com, a US ecommerce marketplace that offers deep discounts but not speedy delivery and encourages bundling of orders, is on course for a $1.bn milestone.
They only launched last July and, at ChannelAdvisor Catalyst in Las Vegas last week, Scott Hilton of Jet revealed they already have 3.6 million registered users and host 1,600 sellers. Jet doesn’t sell inventory itself and the existing sellers are selling about 10m individual items. Sellers pay roughly 8-15% in fees to Jet.
Hilton said he expected the gross merchandise value of Jet sales to total $1bn in May and noted key categories on Jet are electronics, home & garden and grocery and household goods.
Sadly, at the moment, Jet.com is only available to buyers and sellers in the US but this success is significant. Firstly, it shows that new marketplaces can emerge and enjoy rapid and solid growth and that eBat and Amazon can be challenged. It also shows that quick delivery isn’t always what shoppers want.
For shoppers on Jet to get the best deals, they’re encouraged to bundle up for bigger shipments and goods are send via economy services to keep costs low. Shipping is free on orders over $35.