Was it successful? Did it become profitable? Did they become the "Amazon killer" they were raving about? Or did they just sell stuff below market value so that they can inflate their revenue?
This was a giant smoke and mirrors scheme by Marc Lore, the best mega-corporate salesman alive.
The main investors in Jet were Venture Capitalists and Hedge funds who knew Marc Lore's plan from the get-go. Fidelity didn't give $500 million to Jet to sell detergent.
Let's see how long Marc Lore stays as Walmart's "ecommerce guru". Walmart is not in the business of losing money...
Yes, it was very successful.
They created the tech and put together a team of executives that Walmart wanted for itself.
It was never meant to be an amazon killer, that was the naive media narrative.
The idea of Jet was to take a small chunk of the rapidly expanding ecommerce pie.
Jet believes ecommerce sales will hit 1 trillion (revenue) in 10 years, their plan was to take 20 billion revenue in 5 years (which is 20% of Amazon revenue NOW) and then be profitable. Hardly sounds like they planned to murder Amazon. That's why Jet was mainly focused on areas that Amazon doesn't have a stronghold on- pantry/cheap household items. They didn't really take amazon head on.
Walmart can see the Jet's real numbers for themselves. If they were absolutely terrible they would pick them up for pennies next year like all other ecommerce fads. Apparently Jet had something good (but admittedly- not great) going for them otherwise the sale would've never happened.
