Jet.com was an American e-commerce company founded in 2014 by Marc Lore, Mike Hanrahan, and Nate Faust. The company aimed to provide a cost-effective online shopping experience by offering dynamic pricing based on the items in the shopping cart and their locations. This strategy encouraged customers to buy more items at once, reducing shipping costs for the company and passing on the savings to the customers.
In 2016, Walmart acquired Jet.com for $3.3 billion to bolster its online presence and compete with Amazon. Despite initial success, Jet.com struggled to maintain its customer base and traffic. By 2020, Walmart decided to shut down Jet.com and redirect its focus to Walmart.com, integrating many of Jet.com's features and innovations into its main platform.
Jet.com was known for its unique pricing schemes, such as offering discounts for waiving returns and purchasing items from the same distribution center. The platform also featured its own brand, Uniquely J, and collaborated with non-profit organizations.
Jet.com is now defunct, with its operations and innovations absorbed into Walmart's e-commerce strategy.