The Business Model of Jet.com
Jet.com was an e-commerce company headquarted in Hoboken, NJ, USA. Launched in July 2015, it was a relatively new entrant to the online shopping scene and competes directly with e-commerce giants such as Amazon.com and eBay. On its launch, Jet.com relied on earning profits solely through the membership fee. However, as of October 2015, the company decided to waive the 50$ membership fee.
In June 2019, in the wake of slumping sales through the Jet.com site in the period since the acquisition, the majority of Jet.com employees were transferred to work on the Walmart.com site and Simon Belsham, the president of Jet.com, stepped down. On May 19, 2020, Walmart announced that it was shutting down Jet.com, which they later did without warning on June 4, directing visitors to use Walmart.com instead