Being in the online retailing for so long, Amazon, eBay, and Walmart have substantially become the talk of the pedestrian. However, in a shorter period of time Jet.com Marketplace, has out-smarted these market behemoths in terms of its exceptional saving and pricing model both for its Retail Partners and Members.
Jet.com is not functional anymore. If you want to continue selling your Jet.com inventories, we can assist you in shifting them to Walmart till July 16, 2020. This is not an automatic process, sellers will have to place a request through the Walmart Seller Center or Contact us. If you are a new seller wishing to sell on Jet.com, don’t be disheartened, we can help you sell on Walmart.com instead.
What actually makes Jet marketplace, an under-rated winner is its enthralling features offering great products at lower prices. Other than letting you sell for free, Jet.com does not ask for any monthly subscription fee.
After being acquired by Walmart in 2016, it has now been growing large to over 400,000 users per month, with a whopping investment of $820 million before its acquisition.
If you already sell on other market-giants, going multi-channel with Jet.com can help you garner a certain set of shoppers who consistently look for buying in bulk at considerably cheaper prices.
This blog post intends to clarify your quests for diversifying your reach by bringing your products to the growing market-hub in the U.S.
- Exquisite Features of Jet Marketplace.
- No Listing fee.
- Smart Cart — Smart Traits
- Feasible Shipping & Fulfillment Options
- Empowers SMBs
- Saving Options in Abundance
- Ease of Selling
- Expedient & Discretionary Commissions
Take a peek up to eleven, as to why choosing Jet is the odds on favorite to sell upon.
Exquisite Features of Jet.com
Jet.com is the one marketplace that lets sellers, as well as customers, save on every purchase made. Most of the time, it is compared to Amazon for its low price products and lucrative offers. But jet marketplace claims to provide even 10-15% lower prices than Amazon.
Other than the low prices, Jet’s strong algorithm lets shoppers use the automated cart where the prices tend to go cheaper with every new product addition. Jet automatically chooses the best Retail Partner to fulfill the order based on the shopper’s location, shipping charges, and so on.
Jet has been partnered with over 2400 merchants now
As an independent subsidiary of Walmart, Jet’s GMV is expected to surpass $20 billion by 2020. Having the edge over with automated saving basket, Jet accounts for holding 1.5 units per order on average with the same merchant on amazon with just 1.1 units.
To become a partner with Jet.com, you have two choices either you apply for the third-party seller account, or you integrate to Jet’s system through an API — following its approval, further steps involve:
- Determine the type of seller you are: Retailer, Manufacturer, established Brand, or Distributer.
- Enter your details including Name, Contact, Address, Business info with the Tax ID number.
- Choose the product category and details.
- Set-up your product fulfillment information.
- Submit your details as soon as you are verified; You can start selling on Jet.com
The onboarding process is simple; what takes time is the verification of your account for unique listings. Jet.com strives to accept the unique SKUs; you enjoy an easy way out if all you have is a bunch of unique products.
Jet marketplace is growing at a 280% faster pace than Amazon. My Gosh! the figure.
All Monthly/Listing fee Free
Yes, that sounds crazy, but this is the topmost factor that makes Jet a unique marketplace.
Initially, it was decided to offer a monthly membership at $49, but soon after the launch, the fee was called off.
You can update any numbers of listings on Jet.com; it makes the profit in the form of commission that varies roughly from 8% to 15% for different product categories.
A point of halt: Not really a long halt, but this situation may occur due to the long waiting times. Your listings may take some weeks or months to come up, as Jet.com prioritizes the sellers having catalogs as large as 1000 SKUs.
However, if you have a mix of SKUs verified and in progress, the ones verified go live on-site, thus helping you encash 70% of the unique customers it has got monthly.
Smart Cart – Smart Traits
One of the innovative ideas Jet.com works on is the concept of “Smart Cart.” Smart Cart works as soon as shoppers add a product in the cart, Jet’s automated algorithm filters out suggesting related products at a slightly lower price than the actual one.
Bulk purchases are also a profitable option, where shoppers tend to save more on each item if they can be fulfilled from the same warehouse. This is the reason Jet.com enjoys a slightly higher average cart value at 1.5 units per order than all other market-giants in the U.S
The rate of repeat buyer’s on Jet.com is 23%, way better than both eBay (17%) & Amazon (11%).
The other interactive mechanism also assigns the retailers according to several factors like shopper’s location, cart size, proximity to the fulfillment center and product’s price, etc.
This smart move by Jet.com empowers each of its sellers by reaching out to the most appropriate customers, according to the factors mentioned above.
Jet’s Pricing Algorithm
Unlike other marketplaces, that determines the pricing of individual items. Jet’s pricing algorithm maximizes the shopper’s saving through the collective pricing model.
Considering that the savings may reflect at the customer’s end. It offers you three models, to choose the pricing of products,
- (101) No Price Control: Open pricing/discounts set by Jet
- (102) Minimum Advertising Price: Jet pricing/discount >= Set Price
- (103) Minimum Selling Price: Minimum selling price, at which Jet can sell the product.
Feasible Shipping & Fulfillment Options
As soon as you become a Retailer Partner at Jet.com, you can set-up the shipping rates according to the product. Here is the catch, be competitive with the price you charge since the algorithm picks up the suitable retailer who fulfills the order.
Retailer Price= Item’s Price + Shipping Rates
Jet marketplace supports a plethora of Shipping options:
- Standard: Shipping the item within five days
- Expedited: Shipping within 2-4 days.
- Second Day: Shipping the item max. of 2 days.
- Next-Day: Shipping by the next day
- Scheduled: Shipping within eight days
For soppers, however, again, the marketplace acts as a saving hub, offering free shipping for all the orders above $49. Shoppers get three basic shipping options to choose from while placing the order.
- Free Standard Shipping: Free shipping of order in 2-5 days.
- Free 2 Day Shipping: Free 2-day shipping of orders ( applicable if order placed before 2 pm)
- Flat Fee Shipping: Shipping orders under $49, costs $5.99
You can ship the product in contiguous 48 United States along with Columbia, and choose the major shipping partners: FedEx, DHL, UPS, APEX, Lone Star, USPS and many more
Variety of Fulfillment options:
At the present time, Jet doesn’t offer any features like Amazon’s FBA. However, it offers a variety of fulfillment options for you.
You can either fulfill the order yourself from your own warehouse, or you can get your orders fulfilled by the third party fulfillment center — “Dropshippers.”
To support the retailers, Jet allows you to set-up multiple fulfillment centers at different locations so that the products can be shipped from the nearest available center. These centers are also eligible for managing order returns.
If you are fulfilling the order yourself, Jet also helps you to create the packing slips indicating the layout and structure of the slip.
Empowers Small Merchants
Walmart already offers very huge discounts and saving options on its products. Jet.com, on the other hand, acts as a ‘hot’ version of Walmart, offering high-quality products at the lowest price.
Unlike Amazon, Jet doesn’t provide a dedicated page to the brands introducing and showcasing their products. Rather it provides all products on one page and focuses on building the ‘Brand Loyalty’ and ‘Competitiveness’ of the small brands.
If you are selling your products on Jet.com, the major criteria measuring your performance is the ‘No. of returns’. In order to lower this risk, Jet lets you access not just the shopper’s details, but you can actually contact them directly and figure out what and how they want their products.
This helps serve your customers better and also reduces the chances of order returns.
Shoppers can cancel their orders placed on Jet.com within 30min of placing it. If not satisfied, they can return it within 30 days for free.
Jet maintains the retailer anonymity while fulfilling the orders, which means shoppers don’t know to whom they are purchasing. Considering this point, playing more competitive with pricing and shipping may let you win more of the Full-Baskets.
Saving Options in Abundance
One of the billboard Ads in New York states –
“Imagine the things you want to buy. Now Imagine them for Less.”
The business model of Jet.com offers both parties; Partners, and Members, lucrative options for saving on each sale/purchase they make.
In addition to this, Jet.com also operates a Reward Program known as Jet Cash. This program allures customers to come back to Jet and make purchases using the Jet Cash they save from their regular purchases.
$1 of JetCash is equal to $1 off any purchase on Jet.
If you sell FMCG and personal care items on Jet, you can make your shoppers stick to you, by offering great savings at first and encashing the repeat purchases via Jet Cash.
Shoppers can also increase their Jet Cash by referral codes specifically designed for referring to their friends earning as much as $15 per referrals.
Not just that!
Jet also allows shoppers to opt-out of free return, and buy in bulk options. This reduces the per-item cost to a considerable amount, thus helping shoppers to stock-up the necessities and save time from frequent purchases.
Ease of Uploading Listings via Integrations
Just in case, if you are already selling on other marketplaces online and not able to figure out how to onboard on Jet.com. Getting registered may be easy through the official site, but Jet doesn’t provide you a dedicated jet seller portal, which causes a problem in managing your store.
As soon as you get your account gets approved on Jet, you need not enter the details of the products individually. The integration does all the jobs for you, from uploading the bulk listing on the Jet to seamlessly manage the orders, inventory, and shipments.
Once you integrate your store, you can manage all your proceedings from a single dedicated panel. Handling your Jet account, this way also reduces the risk of human errors and make you sell effortlessly.
Gotcha! In case of any errors or problems related to your selling experience, you can tap into it through real-time notifications.
You can integrate your store based on any major framework to Jet.com using the extension available from the prominent eCommerce Solution providers.
Expedient & Discretionary Commission Rates
The only way Jet makes a profit is through commission. With absolutely no other charges, Jet marketplace levies a certain percentage of commission roughly from 8%-15% as soon as the Retail Partner makes the Sale.
Jet’s base commission rates are added to the Retailer Price after certain adjustments. However, the Jet seller portal also allows you to a discretionary commission rate that you can adjust after the base commission rate is applied by Jet Rules Engine.
This commission rate is decided on four important factors, including shipping zones, cart size, product returnability, and marketing email opt-in. This way, it gives you the ability to alter the commission rate for certain products that you offer.
Dollar based Adjustment: You can also make a dollar-based commission adjustment (as per the case)
Here is an illustration to make it more clear to you:
Retailer Price = $100
Base Commission Rate = 15%
Commission Rate Adjustments = +3%
Applicable Commission Rate = 18%
Applicable Commission = $18 ($100 * 18%)
Other than these features, if you customize your product commissions according to the Jet Rule Engine, like Waive return rule, Email opt-in rule, and others, You are likely to win more of shoppers with lower price and more savings. (Remember! We talked about it in the “Brand” section above)
Selling on Jet.com is a Cream of the Crop
Although it takes much time to become a Jet Retail Partner and sometimes a long time to get your listings actually on the site, the wait is worth the time.
The perks of selling on Jet.com is so unique that it helps not only the shoppers by great deals and low prices but also the partners to sell more and build their own share of customers (both new & repeat). Thus helping the small and medium level merchants grow locally amidst the huge online sellers on other marketplaces.
In a shorter period of time, Jet has already become a prominent choice of the US shoppers and has made its name by the unique idea of the smart cart, pricing algorithm, diverse product category, and much more.
When are you planning to launch on Jet.com?
Go through these amazing reads.
- How To Create A Great Product Listing At Jet.com – CedCommerce
- Explained: Jet Returns Policy
- 6 Benefits That Makes It Irresistible to Selling on Jet.com Marketplace..!
- How to Sell on Jet com: A Complete Guide for Jet com Partners