Jet reaches $1B in sales in first year

At the end of its first year, online marketplace Jet.com has sold about $1 billion worth of goods to more than 4 million customers, reported Business Insider. The product assortment has grown by 20 percent to reach 12 million items for sale.

In addition, sales grew 28 percent per month from September 2015 to February 2016, according to Slice Intelligence. However, as of February, 70 percent of sales were still from first-time buyers.

The year has been marked with both highs and lows. One of the biggest changes was when Jet dropped its $50 membership fee less than six months after launch. The fees were initially meant to drive revenue but the subscription model did not accomplish this task.

In addition, more than 100 brands have removed product listings from Jet.com since launch. Some, including Walmart and Gap, complained they were never asked permission to be linked as affiliates on the site.

Jet.com will celebrate its one-year anniversary with 11 days of deals – which, while good, won't be as massive as the Black Friday-type deals that Amazon offered on its recent Prime Day.

Just in time for its one-year anniversary, Jet announced it would begin delivering groceries in the New York market.

For more:
- see this Business Insider article

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