Returns — the new frontier of optimisation!
3-in-1: 3 digital news in 1 minute. On Monday. Episode 253
Discover 3 original digital news, invest one minute and be a better professional!
News 1: Zeekit perfect virtual try-on lands in Walmart’s arms
Zeekit software maps a person’s image into thousands of segments, clothes as well — the whole is re-mapped for a perfect virtual try-on. Customers upload a photo of themselves and try different clothes. Walmart just grabbed this technology, Zeekit is Tel-Aviv based and was financed with a moderate $9m. Opinion for B2B: Virtual try-on has been researched for years. In trying clothes before buying (virtually), it prevents returns (so high in fashion e-commerce) — Zeekit claims a 10% reduction. It also increases the probability of buying (Zeekit claims a 20% plus). Interesting move by Walmart in an area, fashion, where we don’t really expect them. A sign of Walmart pushing into fashion?
Returns… the next frontier for fashion e-commerce optimisation!
News 2: Why? PayPal buys HappyReturns
HappyReturns is an original system to smoothly manage returns: 2.500 return locations, customers can return without a box, solution also suggests exchange instead of pure return. It is mainly a Shopify application that fashion e-commerce sites can use. And now PayPal acquires the Santa Monica (CA) start-up. Opinion for B2B: PayPal had already invested in HappyReturns and now acquires it completely. Why? PayPal has made two announcements 1/ grow the PayPal app to a super app with more services and 2/ grow vertically in the commerce chain. With HappyReturns they do both.
And what a good name HappyReturns! Will PayPal keep it as a function name?
News 3: New proposition: TNPL… Try Now, Pay Later
TNPL is pushed by a San Francisco based startup called TryNow. Customers can try clothes, shoes and accesoires for 7 day before paying. A very promising increase of conversion. TryNow is a solution only for Shopify Plus shops that recently gathered a first round of $12m. Opinion for B2B: An original approach by TryNow… make returns a “friend instead of a foe” and build the customer journey around it. TryNow is a complete programme for Shopify Plus shops with all the returns elements in one system.
And a great graphic design in all what they do!
Author is the research team (10 trend scouters) at specialist Space and Lemon (Hamburg, Berlin) — scouting in main tech geographies, in AI development, virtual worlds and e-commerce. Excerpts of research are gathered here in original weekly news since 2016, always with a professional opinion — no re-write of TechCrunch. Research time: May 2021.
Come back next Monday and share your opinion.