Merchant Innovation

Where Jet Stacks Up On The Marketplace Rankings

The rollout of Jet.com made plenty of news before the marketplace launched. Now, one month in, it’s getting some positive press in a new report that ranks it as the No. 4 marketplace.

Jet, the newcomer in the marketplace scene, has been pitted most in the press as the competition to Amazon — praising its low prices (but with a much smaller selection). Jet launched in late July and is already making headwinds in the marketplace scene, which is shown by the latest report from ChannelAdvisor, a company that helps merchants sell their products on online marketplaces.

ChannelAdvisor, which tracks the transaction data of third-party sellers that use its eCommerce platform, can help marketplaces gain insights into their GMV better. And it is through that analysis that ChannelAdvisor has determined that the average seller’s sales on Jet are higher than many more established marketplaces. In fact, the data shows that it’s larger than Sears, Best Buy, Newegg, Tesco and Rakuten.

“It’s not out of the realm of possibility that in 2016 it will be our number three marketplace, after Amazon and eBay. That would be remarkable,” David Spitz, CEO of ChannelAdvisor, wrote in a blog post about the results.

According to Spitz: “Our sellers have seen tens of thousands [of] unique consumers buying on Jet since its public launch and a 23 percent repeat buyer rate.”

“It’s still early, so we can’t call this a trend. But, at this time, we don’t see evidence of cannibalization of Amazon or eBay GMV. In other words, even for consumers who purchased on both Jet and/or Amazon and eBay, their purchase rate remained unchanged on Amazon and/or eBay before and after Jet’s launch,” he noted.

“We’ve been impressed with Jet’s momentum out of the gate. Jet still has to prove the long-term viability of its business model, but sellers can be encouraged by the sales volume Jet is already driving and should consider joining the platform,” Spitz wrote.

To check out what else is HOT in the world of payments, click here.

——————————

New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.

Click to comment

TRENDING RIGHT NOW