Jet is an online marketplace that counts urban millennials as its fastest growing demographic. It has more than 2,400 retailers and third-party sellers (referred to as partners) selling on its platform.
Jet positions itself as a marketplace that is fair for both buyers and sellers because it delivers both lower prices for shoppers and higher per-item profits for suppliers. Unlike Amazon, Jet is also not competing with the companies that sell on its by carrying products itself. It is a platform — not a retailer.
The company claims that its system — a proprietary one — matches sellers and buyers efficiently. Shoppers on Jet choose the items they want and Jet, in turn, selects the seller based on a variety of factors, including the size of the shopper’s basket, location, the location of item and whether products can be shipped from the same warehouse, and options such as whether the consumer will accept making the purchase without the possibility of a return.
Got all that? If it sounds a bit like online dating, you’re not that far off. The secret sauce is in the appropriate matching of sellers with buyers, in a way that maximizes cost efficiency. When that happens, everyone wins — buyers get the best possible deals and sellers enjoy the best margins.