A year ago a shopper posted a video of herself on TikTok buying clothes from Zara, then strolling into an H&M store next door to try them on because Zara’s fitting rooms were closed—before going back to H&M to return the items she didn’t like. It went viral, but more importantly it underscored the fact that a majority of people like to try merchandise on before purchasing.
Although ecommerce accelerated during the pandemic, conversion rates still hover around 3%, whereas in-store conversion is more than 20%, says Donny Ouyang, the founder and CEO of Toronto-based Blackcart.
To help online merchants boost that metric, Blackcart runs a risk score on buyers which makes them eligible–or not–for a “try before you buy” option.
Donny joins us on this episode of Rise of the Next to tell us how he stumbled on that idea, and some of the trends he sees shaping ecommerce.
Subscribe here to episodes of Rise of the Next on major streaming platforms.
THIS PODCAST IS INTENDED SOLELY FOR GENERAL INFORMATIONAL OR EDUCATIONAL PURPOSES ONLY. UNDER NO CIRCUMSTANCES SHOULD ANY CONTENT PROVIDED AS PART OF ANY SUCH PROGRAMS, SERVICES OR EVENTS BE CONSTRUED AS INVESTMENT, LEGAL, TAX OR ACCOUNTING ADVICE BY 500 STARTUPS MANAGEMENT COMPANY, L.L.C. OR ANY OF ITS AFFILIATES (“500 GLOBAL”).
500 GLOBAL MAKES NO REPRESENTATION AS TO THE ACCURACY OR INFORMATION IN THIS PODCAST AND WHILE REASONABLE STEPS HAVE BEEN TAKEN TO ENSURE THAT THE INFORMATION HEREIN IS ACCURATE AND UP-TO-DATE, NO LIABILITY CAN BE ACCEPTED FOR ANY ERROR OR OMISSIONS AND 500 GLOBAL ACCEPTS NO RESPONSIBILITY FOR ANY LOSS WHICH MAY ARISE FROM RELIANCE ON THE INFORMATION IN THIS PODCAST.
UNDER NO CIRCUMSTANCES SHOULD ANY INFORMATION OR CONTENT IN THIS PODCAST, BE CONSIDERED AS AN OFFER TO SELL OR SOLICITATION OF INTEREST TO PURCHASE ANY SECURITIES ADVISED BY 500 GLOBAL OR ANY OF ITS AFFILIATES OR REPRESENTATIVES. FURTHER, NO CONTENT OR INFORMATION IN THIS PODCAST IS INTENDED AS AN OFFER TO PROVIDE ANY INVESTMENT ADVISORY SERVICE WITH REGARD TO SECURITIES BY 500 GLOBAL. UNDER NO CIRCUMSTANCES SHOULD ANYTHING HEREIN BE CONSTRUED AS FUND MARKETING MATERIALS BY PROSPECTIVE INVESTORS CONSIDERING AN INVESTMENT INTO ANY 500 GLOBAL INVESTMENT FUND.
UNDER NO CIRCUMSTANCES SHOULD ANY STATISTICS, QUOTATIONS OR OTHER CONTENT BE INTERPRETED AS TESTIMONIALS OR ENDORSEMENT OF THE INVESTMENT PERFORMANCE OF ANY 500 GLOBAL FUND BY A PROSPECTIVE INVESTOR CONSIDERING AN INVESTMENT INTO ANY 500 GLOBAL FUND.
THIS PODCAST MAY CONTAIN FORWARD-LOOKING STATEMENTS WHICH INVOLVE RISKS AND UNCERTAINTIES, AND ACTUAL RESULTS MAY DIFFER MATERIALLY FROM ANY EXPECTATIONS, PROJECTIONS OR PREDICTIONS MADE OR IMPLICATED IN SUCH FORWARD-LOOKING STATEMENTS.
THE PODCAST INCLUDES CONTENT DELIVERED BY AN INDEPENDENT THIRD PARTY THAT IS NOT RELATED TO OR CONTROLLED BY 500 GLOBAL. ALL VIEWS AND OPINIONS PRESENTED IN THE PODCAST BY SUCH THIRD PARTY ARE THEIR OWN VIEWS AND OPINIONS AND DO NOT REPRESENT THOSE OF 500 GLOBAL. 500 GLOBAL MAKES NO REPRESENTATIONS AS TO OR GUARANTEES OF SPECIFIC OUTCOMES FROM ATTENDING OR RELYING ON THE CONTENTS OF THE PODCAST.