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Jet.com is a Hoboken, NJ based start-up that calls itself the '...online version of Costco". Prior to starting their site in July, Jet had raised $225 million in capital from investors including Goldman Sachs Group Inc. and Google Ventures. Jet's initial pricing strategy was to charge an annual membership fee of $50 and then keep prices low by subsidizing them with the sales commissions it collected from the site's merchants. Jet insisted that their sole source of profits were to be this annual fee. Below is a comparison between Jet and Amazon. Jet announced that they were abolishing this annual fee. Given what we know about Costco and their success with this type of pricing, why might Jet have abandoned this model? (Think about this question without regard to Jet's acquisition by Walmart, it is not relevant to the question being asked.)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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