Marc Lore’s reputation as a disruptor is well known; so is his penchant for shopping deals. That Jet.com might join the Unicorn club in record time just adds to the excitement surrounding the shopping club. After the co-founder and former CEO of Quidsi sold it to Amazon for $550 million, Lore began working on Jet.com. He intends to take on Amazon and Costco, relying on total sales volume—not paid annual membership—to meet his revenue goals. So what’s the draw for consumers? The ability to compare pricing while shopping, rack up instant “smart cart” savings, get free shipping on orders over $35 and earn digital Jet Cash from shopping its Jet Anywhere portal featuring partner companies.
Critics of Jet say it’s a losing financial proposition, from sourcing, to shipping, to product inventory. His venture backers feel differently, giving Lore $220 million and a current $600 million valuation well. And more capital is rumored to be in the offing, which would take Jet.com’s valuation beyond $1 billion.
Marc sits down with Fortune’s Erin Griffith to talk specifics of what makes Jet.com different from its rivals, how the company is handling rapid growth while redefining the online shopping club and how Lore is aligning his vision with smart execution to put a serious (and profitable) dent in Amazon’s dominance. Audience Q&A follows.