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1️⃣ One Sentence Summary
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Interview Breakdown
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🔑 7 Key Themes
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💬 Keywords
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"Building a Scalable Business: We took a very Iterative approach towards building the business. And we've done that with everything. We do take an Iterative approach to every component of our business from how do we go to market, how we build product."
"Ecommerce Challenges and Beauty: And so it's like this asymptotal relationship where you can always get closer to a perfect customer experience, but you will never arrive there. And that's why the greatest force for driving enterprise value is just focusing on the customer, customer centricity, but like a relentless focus on customer centricity."
"Ecommerce Challenges: It's the biggest problem in Ecommerce. And shoppers fill their cart, a lot of window browsing, but then they abandon why are they abandoning?"
"Revolutionizing Online Shopping: 'We convert living rooms into fitting rooms, and that is key for selling apparel online... like size, fit, style, you need the ability to experience that in your own home, otherwise you're leaving money on the table.'"
"Innovative E-commerce Strategies: So even in those categories that rely on sampling, we kind of turn sampling from a two step process to a one step process where the shopper typically has a two step process where they like the sample. Step one, they then have to go back to the website and purchase. Step two, well, there's huge amounts of drop off between liking that sample and going back to repurchase. And so we eliminate that second step so that if they like it, they just keep it."
"Customer Centricity in Commerce: Ultimately, customer centricity is how you win."
"Customer Experience and Business Strategy: 'I think it's probably one of the most short sighted decisions a brand can make in this time because if you take that example of $10 restocking fee times a 20% return rate, that's $2 per order. Well, there's a lot of other ways that you can generate an extra $2 per order without creating a bad customer experience.'"
"Customer Centric Business Approach: And that's why internally at Try Now, we talk about anecdotes first, averages second. Because if you were focused on finding the anecdotes around, how are restocking fees resonating with your shoppers? You would then talk to your customer support team and I guarantee you that if you have a restocking fee, you're getting inquiries from shoppers complaining about that restocking fee. And brands will basically grease the squeakiest wheel. And so if a shopper is complaining they'll waive the restocking fee. Well, that's just not the right way to do business and it's also not fair to all of your shoppers. And so before even looking at the data, if you just heard the anecdotes and you just read the emails into customer support, you would know that this isn't customer centric and you would know that this is not going to help your business in the long run."
"Understanding Customer Returns: You do that by understanding why they returned."
"Continuing Shopify Partnership: So we continue to build deeper and deeper into Shopify, and so continuing to build upon our partnership with Shopify is key. So we're native within the checkout, but continue to build into other capabilities that Shopify offers and other integrations within the Shopify ecosystem to make the product as seamless as possible for the Shopper and for the constituents of the merchants and stakeholders of the merchants that use our product."
"Building Shopper Portal: The other piece would be building out a Shopper portal that allows the Shopper to have full transparency and visibility into their trial. Right now, we've been heavily into kind of communications, but ultimately having a place that they can self serve questions about their trial. They can extend a trial if they're out on vacation themselves without reaching out to customer support. They can initiate the return of their trial within this portal. So we're building that out and that will launch next year."
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❇️ Key topics and bullets
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✏️ Custom Newsletter
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🎓 Lessons Learned
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💎 Maxims
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🌟 3 Fun Facts
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📓 Blog Post
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🔘 Best Practices Guide
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🎆 Social Carousel: Do's/Don'ts
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🎠 Social Carousel
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