Amazon rival 'jets' into gear

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New Online Retailer Jet Takes on Amazon

There's a new player in town (think a mix of Amazon and Costco). is a brand new ecommerce site, which opened online to the public on Tuesday.

The website works with a one-time annual fee and boasts lower prices than Amazon. After a free three-month trial, a Jet membership will cost you $49.99 a year, half of the annual cost of Amazon Prime.

In an interview with CNBC, Jet co-founder and CEO Marc Lore explained the premise behind

Lore said that all the household essential products you will get in one to two days, and everything else you'll get in two to five days.

Like a wholesale club like Costco or BJs, relies on the $49.99 per year membership fee to save you money. The site also uses its algorithms to recommend the right products to the right person, to get you more of the items you want. It also identifies some items as "smart," which means if the items are purchased together, it will save you even more money. The site is able to do this by shipping these items together.

Want to see exactly how the service works?

So we'd like to know, do you think you'll sign up for

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