I think Jet.com tried this. If my memory serves, they were trying to be the Costco of online retailers where they generated a significant portion of their revenue from membership fees which would allow them to charge lower margins for their products.

I don't know if their acquisition by Walmart was considered a good exit or not but it seems to me that they at least didn't grow big enough and fast enough to be a direct competitor to Amazon. Maybe they are now that they're part of Walmart? I don't personally buy from them anymore but that's mostly due to my disdain for Walmart.