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Marc Lore, founder of Jet.com, says he's figured out a technological way to undercut Amazon.com and now he has his sights set on disrupting the market leader's business model.
Lore sold his previous company Quidsi, which operates Diapers.com and Soap.com, to Amazon in 2010 for $545 million.
Jet.com, which formally launches in April, has a current valuation of $600 million and has already acquired some $140 million in financing, led by Bain Capital.
On Jet.com "you can basically buy anything online at the lowest prices, 10 to 15 percent below [what] you find anywhere else," because you'll see prices drop in in real time, potentially saving hundreds of thousands a year, Lore said in an interview Friday.
"Because of the way we built the technology, which looks more like a real-time trading system than an e-commerce site, we're able to dynamically reprice products as you shop to steer you toward more economically efficient orders," Lore said on CNBC's "Halftime Report. "
When a shopper adds a particular product to their cart, the site will lower the prices of other products that are close in proximity to the selected product's warehouse. Membership will cost $50 a year and orders over $35 will automatically ship for free.
Amazon's $99-a-year Prime service launched a decade ago with the guarantee of standard, reliable two-day shipping on online orders. Prime has since become the cornerstone of Amazon's growth—and a testing ground for new services ranging from TV and video to delivery by drone.
Amazon's net shipping costs as a percentage of revenue have remained relatively constant over the last several years at about 4.7 percent.
However, guaranteed two-day shipping on items as low as a few dollars—such as $5.17 for a set of measuring spoons—costs Amazon big, according to a Reuters report.
Amazon did not immediately respond to a request for comment from CNBC.
Correction: This story has been updated to reflect the correct spelling of Quidsi and Bain Capital and the annual fee for Jet.com.
—Reuters contributed to this report.