Jet.com attracts 350 million dollars | RetailDetail

Jet.com attracts 350 million dollars

Jet.com attracts 350 million dollars

Online retailer Jet.com has attracted 350 million dollars (330 million euro) from its investors, although that means it is still short of its 500 million dollar target.

Compete with Amazon

Jet.com did mention it will have verbal agreements for another 150 million dollars (141 million euro) by the end of the year and intends to use that money to compete with Amazon over the coming holiday season.

 

Some investors state that Jet.com's founder, Marc Lore, is preoccupied with this fight against Amazon. There is actually a bit of history between Lore and Amazon, as his previous online retailer (Quidsi) almost perished under Amazon's rule and was eventually sold to Amazon for 500 million dollars (471 million euro) in 2010.

 

Analysts say that Jet.com will face an uphill battle if it were to compete with Amazon as the competitor already has a extensive logistics network and a loyal customer base. Nevertheless, Jet.com hopes it can entice customers with higher discounts if more is purchased. A subscription fee has already been scrapped.

 

Jet.com has already invested heavily in advertising campaigns, but its October turnover only reached 33 million dollars (31 million euro).

Questions or comments? Please feel free to contact the editors


Amazon now delivers packages to car trunks

25/04/2018

From now on, Amazon delivers orders to the trunk of your car. The retail and technology giant has given its Prime subscribers access to get packaged delivered to the trunk of their car, without any additional costs. The service is currently limited to the United States.

Dutch Beate Uhse division not bankrupt after all

05/04/2018

German Beate Uhse’s Dutch subsidiary has not gone bankrupt after all and will continue its activities in both Belgium and the Netherlands. The company revealed the information itself after bankruptcy rumours surfaced.

Amazon often cheaper than Dutch competitors

03/04/2018

Products that are available on both Dutch web shops and Amazon.de, are cheaper at Amazon in about half the cases. Not only do Dutch stores compete with Amazon.de, which ships to the Netherlands, but there are also rumours that Amazon.nl and Amazon.be will soon become more active.

Trump targets Amazon

03/04/2018

President Donald Trump has apparently targeted Amazon as his new enemy. He feels the retail giant is taking advantage of the U.S. Postal Service, something he wishes to remedy with a series of new rules and legislation.

Amazon undisputed ruler of French online world

29/03/2018

Amazon is the undisputed leader of the French online world thanks to a 5.6 billion euro turnover and a 19 % market share. According to Kantar Worldpanel, the overall online market in France was worth 30 billion euro in 2017.

Retail is main driver of artificial intelligence innovations

29/03/2018

Retail companies will invest about 2.76 billion euro in artificial intelligence this year. According to research firm IDC, they are the main driver for AI worldwide, ahead of the banking sector.