HOBOKEN, N.J. -- This is the story of a young David, aiming at the established Goliath of e-commerce. This said, Jet.com is not your typical start-up story. Launched barely over four months ago on July 21, the Hoboken based company is already reported to have a valuation of $1.5 billion dollars. Extremely impressive considering that the Goliath this David is competing against is Amazon.
Liza Landsman, the Chief Customer Officer at Jet.com, offered this perspective to the biblical analogy: "We are always flattered with comparisons to Amazon because obviously they are a market leader, but e-commerce represents less than 10% of all retail shopping in this country, so we think there is lots of room for great providers and we would be delighted to be a huge number two."
During a stroll at their headquarters on Black Friday, the first time that a New York City television station was allowed inside, Landsman shared that Jet already has north of 1.5 million members as a result of an aggressive marketing campaign that has included outdoor and subway canvassing in New York City. The result has helped establish new benchmarks over the last 72 hours, including eclipsing more than $1 million dollars in sales in record time on Friday.
The e-commerce site is enjoying success by taking a unique approach of not only focusing on pricing through what it categorizes as "Smart Items", but rewards. The site offers a program called "Jet Anywhere." The program allows customers to receive a percentage of what is spent on a purchase in the form of "Jet Cash." The customer can then redeem the earned cash for future orders on the site.
Like Hoboken legend Frank Sinatra, they are doing it their way.