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


Yoox-Net-a-Porter thrives thanks to mobile surge

03/08/2017

Online retailer Yoox-Net-a-Porter has managed to beat analysts’ expectations in the past fiscal year, thanks to a surge in mobile sales. For the first time ever, these sales contributed more than half of the retailer’s total turnover.

Lidl constructs new distribution center in Venlo

01/08/2017

Lidl will open a new distribution center in Venlo, which will cater its web shop’s customer base. The distribution center is not a Lidl Netherlands project, but apparently an international project.

Amazon places own pick-up lockers at consumers' homes

31/07/2017

Amazon announced The Hub, a system of pick-up lockers that can be placed everywhere. They come in different sizes and can be placed both inside or outside of buildings.

Amazon's profit takes enormous hit

28/07/2017

American Amazon’s profit plummeted in the second quarter and is also lower than what analysts had predicted, despite a 25 % turnover increase.

Amazon: a looming problem for other retailers

27/07/2017

Those who thought Amazon’s growth would slow down, were wrong: the company is now worth more than 500 billion dollars. The Amazon effect is even troubling other retailers and investors. How should they react?

European web shop growth stagnates

26/07/2017

The number of companies with an online sales channel in the European Union has stagnated. The study shows that many companies are hesitant to sell abroad, because they fear fraudulent activity.

Back to top