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In this podcast, Ben & David discuss the rise of Jet.com and its acquisition by Walmart. They explore the history of the company and its founder, as well as Amazon's acquisition of Quidsi. They delve into Jet's vision as an 'online Costco' and its pivot away from a membership model. The podcast also explores the growth potential of Jet, the challenges it faces, and the competition with Amazon.
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Quick takeaways
- Jet aimed to compete with Amazon by offering lower prices and targeting price-conscious middle-class Americans.
- Walmart's acquisition of Jet.com demonstrates the challenges traditional retailers face in competing with online giants like Amazon.
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Jet's Vision and Business Model
Jet aimed to compete with Amazon by offering lower prices, with the goal of being 10-15% cheaper than Amazon. They incentivized customers to buy more items at once and offered discounts based on the items being in the same fulfillment center. They also introduced a membership fee of $50 a year, which was later dropped to attract more customers. Jet's focus was on serving middle-class Americans who were price-conscious.
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Listen to the best highlights from the podcasts you love and dive into the full episode