Move over, Amazon?
Jet.com, an e-commerce platform with everything from "toilet paper to trampolines," has entered the internet with a soft launch today, reports Forbes. The small company has 10,000 users, who were able to access the merchandise on launch day. According to Forbes, the site, which has 5 million products available for sale, boasts prices 10-15% cheaper than other retailers, including Amazon.
Jet.com has raised $225 million in funding, which makes the website the largest competitor that Amazon has ever had. The online retailer is value at $600 million and hopes to reach $20 billion in merchandise volume by 2020. Chinese Amazon competitor Alibaba has also invested in Jet.com during the last round of fund-raising.
Founder Marc Lore has said he is "hoping to build a marketplace of sellers where Jet makes no money off the transaction of goods. Instead, the company will charge an annual $50 membership fee to customers, who will then get access to the site's low prices."
Because "nothing has a markup," Jet.com will show savings when comparing an item's price to the lowest competitive price that is being scraped from other websites. For example, a 12-pack of Cottonelle Ultra Comfort Care toilet paper cost $6.23 on Jet, compared to $9.99 on Amazon.
The current subscribers will test out the site's functionality so Jet.com will be ready for the public launch later this year.