Marc E. Lore
Co-Founder and Chief Executive Officer
Jet was founded in the year 2014. The company has been operational for five years now. The founders of the company were Mike Hanrahan, Marc Lore and Nate Faust. Marc Lore wanted to build a website that was similar to Amazon but will have products with reduced prices. The company had started with an investment of $1 million from Accel Ventures. Marc Lore also created a 10-tier salary structure in the company, and then recruits were assigned to each tier. This eliminated any kind of negotiations for payment of salary. One of the most essential features of the website was its pricing model. The website will encourage users to buy more products that are within the same distribution channel, thereby making it less costly for the company.
The company started a $50 membership fees, which will be charged after a 90-day trial period. The website was launched along with Jet Insider, which will be helping the company in spreading the word. By the year 2015, there were almost more than 352,000 users who had already signed up for the membership program. The same year the website started its sale, and it had nearly 4.5 million products on offer. By the end of the year, the company was rumoured to be earning $500 million in sales. It also raised $350 million more other investors as well. As of the year2016, the company was valued at $1.3 billion, and it also started a pilot program for groceries, like Amazon Fresh. In the year 2016, the company was acquired by Walmart, for about $3.3 billion. The headquarters of the company is based in 702 South West 8th Street. The name of the place is Bentonville, while the name of the state is Arkansas, USA. The pin code of the area is 72716.
Jet is an American company that focuses on providing an e-commerce platform to its customers so that its members can shop from for various different products from numerous retailers. The current CEO and president of the company are Marc Lore. As of the year 2016, the total number of employees working at the company was less than 5,000. The current ranking of the online website, as per Amazon Alexa, is at 764 places in the USA and 3,100 places in the world.
The primary services provided by the company include allowing customers to have an online presence so that the members of the e-commerce website can proceed to buy various types of products at lesser prices. The products that are sold on the website range from furniture, electronics, appliances, toys, watches, books, video games, office products, music and movies, clothing, accessories, shoes, etcetera.
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