There’s a new player in the ecommerce world and it’s making a big splash. Jet entered the online marketplace pool last year and has been gaining popularity and momentum ever since. Just a year after launching, Jet has already surpassed 4,000,000 customers due to its fun algorithm that offers customers discounts on related items as they shop. The more you buy, the more you save. It’s a concept called dynamic pricing, and it is working. With a start like that, you are likely wondering if you should add Jet to your current sales channels (if you haven’t already). The answer to that is yes, and here are six reasons why:
Sell on Jet to… Harness the Power of Novelty
We humans love new things. That love of novelty can benefit ecommerce businesses. As Jet’s visibility increases, there is a novelty factor that piques customers’ interest in finding out about this new marketplace. And novelty makes customers feel good, which makes them more likely to buy. A study done at the University College London found that exposure to something new and unfamiliar increases the release of dopamine in the brain, and that potential for pleasure motivates us to seek it out. Neuroscience is paying off for Jet sellers, with over four million new customers and growing, the time to get in on it is now.
Sell on Jet to… Save Money
Jet is less expensive to get started than other marketplaces. In fact, Jet doesn’t charge any sign-up fees, monthly fees, or listing fees. The only fees you’ll pay are commissions on the items fulfilled. This is really good news for ecommerce sellers, as most marketplaces have fees to begin selling, and listing fees as well.
Sell on Jet to… Get More Customers
Jet is making a name for itself as the online destination for customers looking for the absolute lowest prices – THE discounted marketplace. Jet founder and CEO Marc Lore said, “We’re going after that segment of the market that really cares about price.” Bargain hunters make up a big portion of online buyers. That, coupled with the fact that Jet has said that its pricing will generally be 10 to 15 percent lower than elsewhere online, means that there are customers for the taking. If you aren’t selling on Jet, you may be missing out on reaching an important group of buyers.
Sell on Jet to… Get More Visibility
Adding Jet as one of your sales channels will obviously increase the visibility of your products. Just as eBay and Amazon are different marketplaces, Jet is yet another unique way to market and sell your products and make money. The company sunk $100 million into marketing for the first year following its launch. Why not capitalize on Jet’s massive marketing strategy by joining its current partners (what Jet calls its sellers) and getting your product more visibility? It’s another marketing method for your business, and it won’t cost you a thing.
Sell on Jet to… Benefit Your Customers
As mentioned above, customers like discounts and they like novelty. Jet satisfies customers on both counts with its dynamic pricing. Although dynamic pricing often gets a bad rap from the consumer’s perspective, Jet makes it a positive element, actually lowering prices and saving customers money. Some of the ways that customers can save are:
- Customers are offered a discount for providing their email address, making it easy for sellers to personalize messaging which encourages reordering.
- Discounts are offered when a customer buys multiple items together, especially if they are coming from the same warehouse.
- Customers receive a discount when they use a debit card for their purchases.
- Customers earn an additional discount if they opt-out of the free return policy.
- Free shipping is offered on purchases over $35.00.
With all of these savings, it is easy to see why Jet is appealing to customers, and why they are choosing to make their purchases there. Placing an order is almost like a game of “How much can I save?”
Sell on Jet to… Increase Your Reach
You don’t want to put all of your eggs in one basket, which is why it is important to expand and diversify your sales channels. Multi-channel selling is one of the best ways to build your brand and reach a lot of customers, and it doesn’t have to be complicated – especially if you use a Jet listing manager that allows you to manage all of your inventory in one place. Adding Jet to your sales channels will increase your products’ exposure, and increase sales by an average of 23% quarter over quarter. If your competitors are already selling on Jet, you should strongly consider using it as well. Don’t risk giving up your share of the market to other brands. Jet inventory management systems help you stay competitive.
Whether you choose to start selling on Jet is a choice only you can make for your brand. However, when you consider that there are no start-up or listing fees, only a commission when you fulfill an order, it is a low-risk opportunity to see if it works for you and your products. Try listing a few of products on Jet and see how it goes – nothing ventured, nothing gained, right?