Online clothing retailers have struggled with the disconnect that exists with consumers who do not purchase clothes online because they are accustomed to making their purchase decisions after they have tried garments on for their fit. The new software platform TryNow allows consumers to check out clothes for free, try on their purchases in their homes and then return what they don’t like. They only pay for what they keep.
While this seems to be too good to be true for the buyers and the seller, TryNow’s founders have established that TryNow brands have “a 63% increase in average order value, a 22% increase in conversion rates, and a 76% increase in return on ad spend”.
Those numbers brought in a recently announced $12 million Series A funding round that included New York City based Shine Capital, Craft Ventures, SciFi VC, Third Kind, and Plaid co-founders Zachary Perret and William Hockey. In addition two new seasoned retail industry executives joined the company: Jessica Baier, formerly Stich Fix’s strategy leader as their new VP of Growth Strategy and Affirm’s product partnership leader Jonathan Kayne as VP of Platform.
Now poised for growth TryNow CEO and Founder Benjamin Davis shares how his startup is going to disrupt in store clothing purchasing.
“Only ~3% of online shoppers convert to purchase. Can you blame them? Could you imagine an in-person shopper having to swipe their credit card before taking items into a fitting room? It is completely unnatural, yet this is exactly what we are asking of online shoppers,” Davis explains. “Removing uncertainty before purchasing allows brands to unlock the power of in-store retail for consumers—all from the comfort of their own homes.”
To accomplish such a bold undertaking, TryNow’s platform seamlessly integrates with Shopify and various accounting and return management systems. Shopify Plus brands such as Solid & Striped, Roolee, Western Rise, and Universal Standard use its technology, while Amazon Prime Wardrobe, Stitch Fix, and Warby Parker have built in-house Try Now Buy Later programs to address the online clothes purchasing challenge.
Using a consultative approach the TryNow platform provides prospective client brands the right support to launch and scale through their well proven programs. Security is assured via TryNow’s proprietary fraud management suite that captures payments at the end of the trial period.
“Benjamin and the TryNow team are taking what they’ve learned from Affirm, Stitch Fix, and operating a DTC brand and launching the ultimate checkout option: try now, buy later. This translates into more order volume and more profit. We all want to try before we buy: it’s only a matter of time before TryNow’s checkout solution becomes the standard,” said Brian Murray, managing director at Craft Ventures.
