What Is Jet.com? Why Did It Shut Down? (2022 Facts)
Who owns Jet.com? What is Jet.com? Why did Walmart shut down Jet.com? This large retail e-commerce website was growing at substantial rates. Why did Walmart choose to shut down this online retailer?
Learn everything about Jet.com and why the business decided to close its doors.
What was Jet.com?
Jet.com was an American e-commerce company founded by Marc Lore in 2015. The company was headquartered in Hoboken, New Jersey. Jet.com was acquired by Walmart for $3.3 billion in 2016. The website operated until it was shut down in 2020.
The company started as a membership-based shopping site that offered discounts on bulk orders and same-day delivery. Jet.com later expanded its product offerings to include groceries, household items, and electronics. The company also launched a business-to-business marketplace called Jet for businesses to sell products to other businesses.
Walmart acquired Jet.com in 2016 in an effort to grow its online presence and compete with Amazon. The acquisition gave Walmart access to Jet.com's technology and customer base. However, Walmart struggled to make Jet.com profitable and the company decided to shut it down in 2020.
Jet.com was a victim of the grocery wars between Walmart and Amazon. While Jet.com was able to grow its customer base, it was not able to compete with the scale and customer loyalty of Amazon. The company's decision to shut down Jet.com shows how difficult it is for even a large retailer like Walmart to compete against Amazon in the e-commerce space.
How much did a Jet.com membership cost (membership fee)?
A Jet.com membership cost $50 per year. members received free shipping on orders over $35 and discounts on bulk orders.
Why did Walmart purchase Jet.com?
Walmart purchased Jet.com in 2016 for $3.3 billion. The acquisition gave Walmart access to Jet.com's technology and customer base. However, Walmart struggled to make Jet.com profitable and the company decided to shut it down in 2020.
What features did Jet.com have?
Jet.com offered discounts on bulk orders and same-day delivery. The company also launched a business-to-business marketplace called Jet for businesses to sell products to other businesses.
Jet.com members could also spend money and points at other retailers. Like Ann Taylor, Nike, Bloomingdales, and more.
What retail partners did Jet.com have?
Jet.com had partnerships with retailers such as Ann Taylor, Nike, Bloomingdales, and more.
What is the difference between Jet.com and Walmart?
The main difference between Jet.com and Walmart is that Walmart is a brick-and-mortar retailer while Jet.com was an online retailer. Jet.com was also a membership-based shopping site that offered discounts on bulk orders and same-day delivery.
How many employees did Jet.com have?
At the time of its acquisition by Walmart, Jet.com had about 2,000 employees.
Why did Walmart shut down Jet.com?
Walmart shut down Jet.com in 2020 after struggling to make the company profitable. Jet.com was a victim of the grocery wars between Walmart and Amazon. While Jet.com was able to grow its customer base, it was not able to compete with the scale and customer loyalty of Amazon. The company's decision to shut down Jet.com.
Who is Marc Lore of Diapers.com?
Marc Lore is the founder of Diapers.com, an online retailer that was acquired by Amazon in 2010. Lore is also the founder of Jet.com, an American e-commerce company that was acquired by Walmart in 2016.
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Patrick Algrim is a Certified Professional Resume Writer (CPRW), NCDA Certified Career Counselor (CCC), and general career expert. Patrick has completed the NACE Coaching Certification Program (CCP). And has been published as a career expert on Forbes, Glassdoor, American Express, Reader's Digest, LiveCareer, Zety, Yahoo, Recruiter.com, SparkHire, SHRM.org, Process.st, FairyGodBoss, HRCI.org, St. Edwards University, NC State University, IBTimes.com, Thrive Global, TMCnet.com, Work It Daily, Workology, Career Guide, MyPerfectResume, College Career Life, The HR Digest, WorkWise, Career Cast, Elite Staffing, Women in HR, All About Careers, Upstart HR, The Street, Monster, The Ladders, Introvert Whisperer, and many more. Find him on LinkedIn.
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