About Speaker Marc Lore…
Marc Lore serves as President and CEO of Walmart eCommerce U.S. He was appointed to lead Walmart’s U.S. e-commerce operations in September 2016, when Jet.com was acquired by Wal-Mart Stores, Inc.
Since joining Walmart, Lore has accelerated the company’s e-commerce growth and customer reach through new services like free 2-Day shipping on Walmart.com with no membership fee, and Pickup Discount, which allows customers to save money by picking up an online order at their local Walmart.
Lore continues to oversee Jet.com, which uses basket economics to help customers save money, and is particularly popular with millennial and urban shoppers.
Prior to Walmart, Lore worked in the finance industry, at Banker’s Trust, Credit Suisse First Boston, and Sanwa Bank, then embarked on entrepreneurial ventures. Lore was an entrepreneur who founded companies including Diapers.com, Jet.com, and The Pit, Inc.
In 2005, he and Vinit Bharara founded 1800DIAPERS, which would be rebranded as Diapers.com and fall under the parent corporation Quidsi, Inc. According to a 2009 interview, his vision for Diapers was inspired by his own family’s experience with the difficulty of keeping necessary baby-care goods in stock. From 2005 to 2012 the company launched a portfolio of websites catering to families, including Soap.com and Wag.com. Lore and Bharara were successful in building a loyal customer base among young parents in urban areas. To improve the economics of shipping bulky, low-margin products like diapers to their customers, they established warehouses relatively close to urban areas to take advantage of ground shipping rates, instituted algorithms to minimize ship cost, and conducted warehouse operations using Kiva robots. The company was sold to Amazon in 2011 for $545 million.
In 2014, Marc Lore co-founded an e-commerce company, Jet, with Nate Faust and Mike Hanrahan. The company raised a total of $80 million in Series A funding, which closed in September 2014. Investors include NEA, Accel Partners, and Bain Capital Ventures. In November 2014, Jet launched a campaign offering stock options to users generating word-of-mouth for the company in advance of launch. In January 2015, a Jet was featured in a cover story in Bloomberg Businessweek, in which it was revealed that Jet will be a shopping club in which members will pay an annual fee of $49.99 to access the lowest prices on millions of items. In February 2015, Lore announced via his blog that Jet raised an additional $140 million in pre-launch funding from investors including Bain Capital Ventures, Accel Partners, Coatue Management, and others.