Jet.com CEO Marc Lore has said his startup’s online shopping marketplace needs to eventually be selling $20 billion of goods annually to make its complex business model work. On launch day yesterday, the company got $1 million of the way there. A Jet rep told Re/code, the company and its partnering retailers that sell on the marketplace sold about $1,002,000 worth of goods in the first 24 hours the site was open to the public. To be clear, that’s the company’s gross receipts, not the cut of sales it keeps for itself. It plans to make most of its profits from the $50-per-year subscription fee customers pay to access what the startup promises will be the lowest prices on the Web.
This article originally appeared on Recode.net.
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