While the Internet has facilitated seamless communication between people across the world, produced new types of entertainment, and given people vast amounts of information at their fingertips, perhaps its most tangible effect has been on commerce. Online shopping is a wildly popular way to find just about any product, and often comes with lower prices. Massive online marketplaces like eBay and Amazon continue to drive people away from traditional shopping and towards Ecommerce.
Although these major companies are the most common sites for online shopping, some individuals have managed to create start-up sites that attract a significant following. One such individual is Marc Lore. Lore has seen to the creation and development of several highly successful online shopping companies. His sense for finance and marketing is seemingly unparalleled, as he has competed with industry giants like Amazon. Most recently, his company Jet.com, of which he is the CEO, was purchased by Walmart.
This is a major development both for Lore’s career and for the online marketplace industry. However, far more people are aware of his companies than Lore himself. Here are ten interesting facts about Marc Lore for anyone who wants to know about this giant of the Ecommerce industry.
He has a long history of selling companies
When people think of a successful businessperson, they think of someone who has built a company that dominates a particular field. However, Lore is an example of someone who has made an incredible living from creating companies that are successful enough to be bought by larger corporations. His first notable company was The Pit, an online sports card company. The Pit was acquired by Topps Company in 2001 for $5.7 million.
He has experience in the financial industry
Although Lore is clearly highly creative, as he seems to have an endless reserve of business ideas, he has also done more traditional work in the finance industry. He has held upper positions at Sanwa Bank, Credit Suisse First Boston, and Banker’s Trust. While his entrepreneurial spirit has driven his success, his experience in more established financial institutions has no doubt given him invaluable insight.
He is highly educated
In addition to his experience in the financial industry, Lore also boasts a formal education. Most notably, he earned a BA in Business Management/Economics from Bucknell University. He graduated cum laude with the degree. As well, he is a certified CFA.
Jet.com’s acquisition is part of Walmart’s online shopping overhaul
Most people will see the acquisition of Jet.com by Walmart as a move to absorb a competitor. In reality, it is but one step in a complete revamping of the retailer’s Ecommerce operations. Essentially, Lore is being brought in to help Walmart catch Amazon in the battle for Ecommerce dominance. Currently, Walmart brings in less than a quarter of Amazon’s online revenue. With Lore’s expertise and the user-friendly technology that defines Jet.com, Walmart hopes to make significant gains in online sales.
His progressive mindset has helped his businesses
Although Jet.com and his previous businesses have never reached the level where they were on equal footing with Amazon or eBay, Lore’s unique approach to Ecommerce has attracted many consumers. One notable example of his forward-thinking approach was with Diapers.com. With this company, Lore used Kiva robots to streamline the warehouse operations. As well, he demonstrated a keen eye for making online shopping more user-friendly, as products from Diapers.com would be delivered in bright packages, often with a handwritten note.
He believes in his team
Despite his tremendous success, Lore has not moved on from past business partners. In fact, he clearly believes that his success is due to a winning formula with his associates. For this reason, he is quite loyal to the people he has worked with in the past. When founding Jet.com, Lore enlisted the help of Mike Hanrahan, the project director from Quidsi. As well, he brought in Quidsi’s VP of Special Operations, Nathan Faust.
He has won several awards
Unsurprisingly, Lore has been recognized for his incredible success and shrewd financial mind. Some of his notable awards include being named one of the “smartest people in technology” by Fortune, and being named a regional “entrepreneur of the year” by E&Y. As his career continues to grow with each passing year, he will most likely add more awards to this list in the near future.
Marc Lore Net Worth
As one of the most successful individuals in the world of Ecommerce, one would rightly expect Lore to be worth a significant sum. While his current net worth is difficult to pinpoint, it is estimated to fall between $1-2 billion. The bulk of his wealth has come from the acquisitions of his companies. For example, he sold Quidsi for $545 million, and Jet.com has just been sold for $3 billion. He is expected to see approximately $750 million from this latest acquisition, as well as $250 million in stock.
He rarely shops online
Interestingly, this leader in the world of online shopping does not shop very much. He stated in an interview with Forbes that he rarely shops online, or much at all. He has stated that he leaves the shopping to others in his home.
He is set to take over Walmart’s Ecommerce operations
Walmart’s acquisition of Jet.com is much more than a lucrative buyout. Lore is set to assume an executive position with the retailer, taking over its Ecommerce operations. This is nothing new for Lore, as he worked with Topps Company and Amazon after being bought out of previous businesses. His talents are clearly highly sought after, as Walmart appears to have as much to gain from acquiring Jet.com as Lore does.