11 Jet Statistics That Prove It Can Contend with Amazon
Jet is one of the fastest-growing marketplaces on the web right now, behind only Amazon and eBay. In recent years, this online giant has risen into a formidable competitor to those major commerce platforms.
In fact, Walmart bought it specifically to compete with Amazon!
Here’s all the 2018 Jet statistics you need to understand this marketplace’s position in the e-commerce universe.
11 Mind-Blowing Statistics About Jet
Not familiar with Jet? Want to learn more? Here’s everything you need to know about this exciting new platform:
1. Jet.com Have Over 4 Million Users
This massive user base is due, in large part, to the fact that the Jet.com platform sells more than 12 million products. Don’t let their huge numbers fool you, though: the users are unique in that 70% of them are first-time buyers. The platform adds an average of about 400,000 new customers each month and processes 25,000 daily orders.
2. More Than $1 Billion in Goods Sold
While the platform offers a huge assortment of products, which helps it sell a massive amount, it’s important to note that gross sales for the platform on its launch day exceeded $1 million. Each month, Jet.com makes more than $33 million in sales.
This is pretty impressive when you consider the fact that Jet.com is a discount ecommerce site owned and operated by Walmart.
3. Walmart Purchased Jet to Compete with Amazon
Walmart purchased Jet in 2016 for $3 billion for the express purpose of competing with Amazon.com. This acquisition boosted Jet by allowing the platform to pursue a specific customer base: urban millennials.
Since becoming part of the world’s largest retailer, Jet has managed to maintain its own personality and stand out as a funky online discount site that dedicated customers love.
4. Jet Offers Discounts on Bundled Items
One of the things that sets Jet apart from the competition is that it offers best-in-class technology designed to reward customers in various ways. One of these ways is by offering discounts on items that are purchased and shipped together. This, in turn, reduces supply-chain logistics and lowers the price of goods, passing valuable savings along to customers.
5. Jet Partners with Over 2,400 Retailers
This extensive partner network serves to create a tailored, distinctive, and attractive assortment of products for customers to take advantage of.
Founded with the mission of creating a new shopping experience, Jet.com offers purchasing scale, unique sourcing capabilities, a widespread distribution footprint, and a large assortment of digital assets to serve customers and keep people coming back.
6. Customers Routinely Save 10-15%
Jet is marketed as offering a “nifty price tool” that offers the “best prices on the web.” As an online warehouse, Jet manages to routinely save customers about 10-15% on the price of all other online items.
These savings apply to both small and large items, and anything among the 10 million items that are currently available on the platform. The platform also offers bulk products and singular items, for shopper convenience.
7. Jet.com Orders in Bulk
You likely knew that you could order in bulk from Jet.com, but did you know that Jet orders in bulk from other online companies, which allows them to cut their own retail prices?
As an added extension to customers, Jet.com offers a feature called “Jet Anywhere,” which allows people to shop on other retail sites (including Macy’s and Gap) and access associated affiliate programs with these merchants.
8. Jet’s Backed by Chinese Investors
According to Forbes, Chinese company Alibaba.com invested in Jet.com in hopes of helping it challenge Amazon.com and become, potentially, a more popular online retailer than the ecommerce giant.
Like Amazon, Jet.com has worked hard to extend a comprehensive returns program, extending a hassle-free, no-questions-asked return window of 30 days and adding additional savings to past purchases if customers don’t return an item.
9. Jet.com Offers “Smart Card” Items
Smart Card items offer loyal customers additional savings at the time of checkout. These items are almost gamified and can go a long way toward encouraging customers to make purchases and keep shopping in attempts to find the items that will save them the most money. This creative feature is unique to Jet and is part of what customers love so much about it.
10. Jet’s Raised $225 Million in Funding
According to Crunchbase.com, this capital raise is from 17 primary investors and is the backing that Jet had before being acquired by Walmart. This funding is responsible, in large part, for Jet’s ongoing creativity and uniqueness in the online landscape.
The founder of Jet.com is Marc Lore, and Lore is also responsible for much of this innovation. The co-founder and chairman of Quidsi, Lore developed the parent companies of Diapers.com and Soap.com.
11. Jet Charges an Annual Membership
For $49.99, you can become an annual member of Jet.com. This is $5 less than Costco’s “gold star” membership, and $50 less than Amazon’s Prime membership rate. What’s more, the Jet.com membership is routinely offered for free as a 90-day trial, which makes it that much more accessible and user-friendly.
Jet vs. Amazon
Jet was established as a direct competitor to Amazon, but how do the two shopping experiences really stack up? Are they comparable? Is one better than the other? What do customers say? Here’s a breakdown of Amazon vs. Jet.
Like Amazon, Jet.com offers an annual membership plan. Today, Jet offers free shipping on all orders over $35, provides two-day delivery on household essentials, and provides exciting products that unlock new deals when added to a cart, or when a customer waives the return option. Jet.com also offers discounts to customers who purchase in multiples, pay with debit rather than credit cards, or add special items to their carts.
Today, about 51.7% of American consumers report being at least moderately familiar with Jet.com, which represents a 200% increase since customers were polled back in August 2015, a powerful Jet statistic about customer satisfaction and long-term retention.
As it stands now, 4.5% of online consumers have purchased from jet.com, and 35.2% of all Jet.com customers become return customers. While Jet offers many outstanding qualities, this retention rate pales in comparison to Amazon’s, which hovers around 90%.
Jet does offer free two-day shipping on household items, however, which allows it some form of competition with Amazon’s Prime product.
When it comes to retention and pricing on things like electronics, Amazon.com is the clear winner. Thanks to things like Prime Now (which offers a free two-hour delivery in available areas) and “set and forget” ordering options, Amazon has long since stood out as the king of the ecommerce jungle.
While annual memberships are more expensive than they are with Jet, site navigation is fully optimized and seamless across devices, and customers are likely to find something they appreciate about the site without digging too hard for it. The one place Jet.com truly outpaces Amazon, however, is with high-volume orders.
Shoppers on the platform can shop and purchase in bulk, obtaining discounts on multiple quantities and accessing discounts offered by other items when they add specific products to their carts. It’s a unique mixture of bulk-buying and bargain shopping, but it’s one of the primary things that has allowed Jet to stand out in the world of online commerce.
Another thing that Amazon offers which Jet does not is reviews. Customers shopping on the Amazon.com platform can access reviews posted by third-parties. These reviews often prove critical to pa purchasing decision and can go a long way toward helping customers decide which item to buy.
Infographic: 2018 Jet Statistics
While Jet.com may still have a ways to go to compete with Amazon fully, Amazon would do well to watch its back. An innovative online platform that offers many unique benefits to users, Jet.com stands out as a fun and functional way to shop for deals and grab great discounts. Check it out today, if you haven’t already! Need even more info? We’ve got you covered with this awesome infographic featured all the pertinent statistics about Jet for 2018.