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BUSINESS

Q&A with Marc Lore, CEO of Jet.com

Mable Yiu

By Mable Yiu

Business innovator Marc Lore is the face of Jet.com, a new platform destined to revolutionize online shopping.

What gave you the idea to start Jet.com?

I realized that there was an enormous opportunity to create the next generation ecommerce marketplace that empowers consumers, retailers and brands through unprecedented transparency.

What makes Jet.com different from its competitors?

At the core of Jet is our Smart Cart technology. Our technology operates like a real-time trading system where prices drop as an order becomes more cost-efficient to ship. I believe we’ve found an equation where everyone wins. Customers can save by taking actions to lower costs and retailers can fulfill orders more profitably as a result.

I've read a lot of articles stating that Jet.com is aiming to "take on Amazon." Do you think there is a way to coexist, or could you call it "healthy competition?"

It’s hard to believe, but only 8% of total U.S. retail sales take place online right now. The e-commerce space is set to explode over the next decade and it’s not a winner-take-all market. There will be more than enough room for different brands to resonate. 

Do you have any advice for starting entrepreneurs? In your opinion, what are the most important things to consider when thinking about starting a new company?

First, you have to know exactly what your mission and values are — why your company exists and where you’re going, what the vision is. Second, you need to surround yourself with great people — investors, advisors and mentors — and share everything about your idea with them. They’ll help shape your strategy and business model in ways that will take the business farther than you ever could’ve yourself.

Photo courtesy of Jet.com.