What You Need to Know About Amazon Competitor Jet.com

— -- Touted as a competitor to Amazon.com and Walmart, Jet officially launched its deals website today.

The company describes itself as an online warehouse seller that typically saves members "10 to 15 percent" than the lowest prices online on more than 10 million products. The company orders items on other websites in bulk to sell discounted items to customers. The site also displays affiliate links, called "Jet Anywhere," which allow Jet customers can buy products from someone else, such as Macy's or Gap.

An analysis by ABC News' Good Morning America compared items from Jet.com and Amazon and did find savings. For example, Jet.com is charging $7.40 for a woman's Schick Quattro razor, which are listed on Amazon for $8.20. A Dell 15.6-inch laptop sells for at least $40 less on Jet.com than Walmart and $200 less than on Amazon.com. But a Hamilton Beach slow-cooker is $8 cheaper on Walmart's website at $69.99 than on Jet.com and Amazon, which both sold it at $78.

Here's what you should know about Jet:

1. $49.99 annual membership

The annual membership fee is somewhat lower than Costco's $55 "gold star" membership for individuals and households. The company claims there are "no strings," because it doesn't mandate auto-enroll. For now, the members-only start-up website is offering a free three-month trial.

2. Jet's CEO sold a company to Amazon

Jet CEO and co-founder Marc Lore also created Quidsi, particularly known for one of its websites Diapers.com. After competing with Amazon for years, he sold the company to the e-commerce giant in 2010 for $550 million. Jet is based in New Jersey. Its customer service staff is based in Salt Lake City.

3. Jet makes money on membership fees, for now

The company said it will make money on its membership fees to offer savings to customers, similar to Costco's business model.

4. Free shipping on $35 or more

The company charges for two- to five-day shipping but offers free returns within 30 days. If you don't need a free return, you can choose to waive returns for additional savings.

5. The more you buy...

When you add items at Jet.com, you unlock "smart card" savings on other items, such as saving an extra few dollars on a similar item.