Prepare for Takeoff: Next-Generation Marketplace Jet.com is Ready to Change the Game
At a very basic level, the Jet model functions like this:
- Buyers are motivated to shop in a way that minimizes costs for retailers, drives larger baskets (or shopping carts) and maximizes order profitability.
- At checkout, Jet determines which retailer can provide the best economic value for a transaction based on product location, buyer location and order details.
- The retailer that offers the best value wins the sale and fulfills the order.
- Customers access these savings and benefits by joining Jet.
Many marketplaces tend to focus on the buyer experience at the expense of the merchant experience, leaving retailers frustrated. Jet understands that e-commerce is a two-sided coin. These two sides are different, but intimately tied together because a positive merchant experience correlates with a better customer experience.
To marry the merchant and customer experiences, Jet's platform includes an innovative, real-time dynamic pricing engine that can help retailers sell effectively and improve both sales and profitability. The end result: lower costs and more incentives for buyers.
When a consumer wants items that you sell, Jet refers to your preset rules and calculates the new price. It does the same for all the sellers that are offering the products included in the order, then compares the adjusted prices and awards the purchase to the seller that can provide the best offer.
Are You Ready to Take Flight?
Before you get started on Jet, here are some things you need to know:
- You must have a U.S. address, U.S. bank account and U.S.-based operations.
- You must pass a screening process to ensure a high-quality experience for Jet members. The Jet partner services team will review your online presence, Amazon or eBay ratings/feedback score and other proxies for quality.
- Your company name isn't revealed until checkout, after the dynamic pricing engine has calculated the best value.
Jet brings an exciting and innovative approach to online retailing and has generated a lot of buzz in the industry. It will be interesting to see how consumers respond to the marketplace.
Mark Vandegrift is the director of business development at ChannelAdvisor, a provider of cloud-based e-commerce solutions.