DTC POD #244 - Benjamin Davis, TryNow: Try Before You Buy for E-Commerce

1️⃣ One Sentence Summary
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"Exploring TryNow's innovative 'try-before-you-buy' concept in e-commerce."

Interview Breakdown
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In today's episode, we delve deep into how Benjamin Davis has revolutionized the e-commerce space, with a unique TryNow approach - trying before buying. We explore his strategies, challenges, successes and much more in our fascinating interaction. In this episode, we'll cover: - Understanding TryNow and its inception - Discussing the implementation of try-before-you-buy strategies and their challenges - A detailed briefing on the future plans of TryNow, including the launch of a Shopper portal - Learning about ways to balance customer satisfaction and profitability in times of economic downswing - Taking a look at how TryNow aims to transform the online shopping experience for brands and consumers alike.

🔑 7 Key Themes
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1. Importance of customer-centric e-commerce strategies 2. Product market fit in e-commerce businesses 3. TryNow's future data offerings and expansion 4. Challenges of try-before-you-buy strategies 5. Raising investment capital for business development 6. TryNow's background, vision, and deployment 7. Benefits of try-before-you-buy for merchants

💬 Keywords
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SEO Assistant, Anecdotes, Customer Satisfaction, Business Success, Merchants, Product Quality, Supply Chain, Unit Economics, Success Rate, GoodLife Apparel, Try Now, Product Market Fit, Product Description, Benjamin Davis, Shopify, Shopper Portal, Try-before-you-buy, E-commerce, Customer-centric, Restocking Fees, Customer Experience, Revenue Generation, MVP, Funding, Fraud, Conversion Rates, Abandoned Carts, Apparel Brands, Handbags, Fragrances/Candles.

🎞️ Clipfinder: Quotes, Hooks, & Timestamps
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Benjamin Davis 00:10:22 00:10:35

"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."

Benjamin Davis 00:16:50 00:17:12

"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."

Benjamin Davis 00:20:15 00:20:22

"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?"

Benjamin Davis 00:25:52 00:26:02

"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.'"

Benjamin Davis 00:27:00 00:27:26

"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."

Benjamin Davis 00:30:36 00:30:39

"Customer Centricity in Commerce: Ultimately, customer centricity is how you win."

Benjamin Davis 00:31:59 00:32:19

"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.'"

Benjamin Davis 00:36:23 00:37:11

"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."

Benjamin Davis 00:42:52 00:42:54

"Understanding Customer Returns: You do that by understanding why they returned."

Benjamin Davis 00:44:00 00:44:57

"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."

📚 Timestamped overview
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03:33 Expensive bill sparks idea for better shopping.

08:18 Infrastructure unlocks psychological advantage of purchasing.

10:22 Iterative approach used to build scalable business.

14:36 Building a business requires solving complex problems.

16:05 Customer-centricity drives value in ecommerce.

21:17 Customer checkout must be flawless, and trust is earned through great value and customer experience.

23:40 Brand needs good product; do you vet merchants?

26:30 Eliminating steps in the sampling process.

30:22 No separation between shopper and merchant interests.

36:00 Data takes time to show true impact. Anecdotes matter more than averages.

37:17 Understand service, consider costs, audit supply chain.

41:25 Exciting insights from customers help improve products.

43:59 Deeper integration with Shopify, seamless shopper experience.

❇️ Key topics and bullets
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1. Introduction of Benjamin Davis and TryNow - The concept of Try Now and the changes it brings to the e-commerce market - Customer centricity as the key motif of TryNow. - Highlights of Try Now's plans to innovate and expand its offerings. 2. Understanding Customer Behavior - The importance of observing customer actions and returns for product improvements. - Why understanding product returns can reveal opportunities for product market fit. - The role of TryNow in reducing customer journey friction and shopper uncertainty. 3. Business Strategies and Metrics - Why anecdotes are preferred over averages in assessing customer satisfaction and business success. - The role of various elements, like product quality and supply chain in modern business. - Importance of the success rate in determining product market fit. - Alternatives to implement for extra revenue generation without compromising the customer experience. 4. Future Prospects and Developments by TryNow - Anticipated expansion of TryNow’s offerings and applications of data. - Building a deeper partnership with Shopify. - Introduction of the Shopper portal for increased transparency and self-service options. - Implementing try-before-you-buy strategies and the challenges involved. 5. Use of Capital in Business - Fundraising highlights of TryNow. - Purpose of equity capital in building Trinom business. - Challenges faced with fraud and complex e-commerce transactions. 6. Efficacy of TryBeforeYouBuy and Brand Confidence - Enhanced conversion rates, average order value (AOV), and customer lifetime value (LTV) from the use of TryNow. - The importance of reducing uncertainty in business. - The challenge of addressing abandoned carts in e-commerce. - Value of building trust with confident brands and the elimination of separate purchases after trying samples. 7. Products and Verticals Benefiting from TryNow - Discussions on apparel brands and the advantage provided by turning living rooms into fitting rooms. - Other product categories like handbags and fragrances/candles benefiting from try before you buy mechanism. 8. Outro and Contact Details - Recap of the discussed topics and excitement for Try Now's potential in the e-commerce market. - Information on how interested parties can reach out to Benjamin Davis.

🎬 Reel script
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On this episode of DTC POD, we chat with Benjamin Davis, visionary entrepreneur and founder of TryNow, who is revolutionizing the e-commerce space. We explore why customer-centricity should be at the heart of any successful venture, why TryNow is the future of online shopping, and how Benjamin brings trial and error, the innovation of new ideas, and the value of data together to create a thriving business. From raising $25 million in funding, to boosting conversion rates with the try-before-you-buy model, to overcoming the challenges of navigating the digital marketplace - today's episode provides valuable insights on scaling a business in our modern, data-driven world. Tune in, plug in, and let's get your business energized!

✏️ Custom Newsletter
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Subject: 💥NEW DTC POD Episode🎙️: Transforming the E-Commerce World - 'Try Before You Buy' Hey there, We're back, and we've got a fun-packed episode for you with the incredible Benjamin Davis, the mastermind behind the 'Try Before You Buy' concept for E-Commerce! This week on DTC POD, hosts Blaine Bolus and Ramon Berrios are diving deep into the heart of innovative e-commerce strategies. We're uncovering how Benjamin's brainchild, TryNow, is taking the online shopping world by storm. So tune in, sit back, and allow us to teleport you inside the game-changing world of TryNow. Here's a glimpse at the 5 KEY TAKEAWAYS from this episode: 1️⃣ Discover how TryNow is flipping the traditional order of payment and allowing customers to try products first. 2️⃣ Dive deep into the importance of customer-centricity and how understanding customer returns can pave the way for product improvement. 3️⃣ Find out about the plans for a shopper portal that brings transparency and visibility into the trials and return process. 4️⃣ Get the inside scoop on the budding partnerships TryNow is nurturing with other e-commerce giants. 5️⃣ Explore the challenges TryNow faced and the strategies they used to overcome them. FUN FACT TIME 🎉: Did you know that the inception of TryNow was catalyzed by a simple landing page test that resulted in a 300% increase in conversions for the Try Now call-to-action? Yeah, Benjamin knows his stuff! As we wrap up: A big THANK YOU to Benjamin Davis for sharing his insights and experiences. Despite the challenges faced, his passion and commitment have taken TryNow to unprecedented heights in e-commerce. This episode definitely offers a goldmine of knowledge and strategies for anyone interested in or working in the e-commerce industry! CALL TO ACTION 📣: Do yourself a favor this week. Grab a coffee, find a cosy spot, and tune into this week's episode of DTC POD. And remember, if you love our show as much as we enjoy making it, please rate, review, and subscribe to DTC POD on your favorite podcast platform. Every bit of your support makes a huge difference! Keep your ear to the ground, podcasters. More exciting episodes are coming your way! Until next time, (The podcaster's name) DTC POD Team

🐦 Business Lesson Tweet Thread
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1/10 "Ever longed to try something before paying? We scratched our heads over this simple concept too! Cue in Benjamin Davis from TryNow, who transformed buying from a cliff jump to a walk in the park. Here's his ingenuity unveiled." 2/10 "Remember that sweater you returned cos it didn't fit perfectly? Imagine if you could have tried it first. You can with TryNow. Davis reimagines commerce, letting you try before you buy. Sweater fitting just got an upgrade." 3/10 "Davis says, don't run a business on instinct. Run it on data. With TryNow, merchants get a glance of customer actions that can help them refine the buying experience. It's like being a fly on the wall of every customer's home!" 4/10 "TryNow's not stopping there. They've got big plans to partner with Shopify, think symbiosis on steroids. This means more variety, more options, basically an increased shopping high." 5/10 "Relieving customer anxiety is the heart of TryNow. A new Shopper portal will allow customers to peek into their trials. Like peek-a-boo, but with data." 6/10 "A product that sells is great but one that stays sold is better. Davis scrutinizes returns with an detective's eye. Unbottling the 'why' on returns can lead to tweaks in product and website, improving the shopping experience." 7/10 "What if an economic recession looms? Davis warns brands to not penalize customers with restocking fees. This isn't chess - here, the customer should ALWAYS win." 8/10 "TryNow's funding journey started with a well-validated MVP. From bootstrap to big bucks - $1 million first and then $23 million more. Mutually beneficial partnerships pave the way for growth." 9/10 "Building trust online is a challenge and 'try before you buy' just might be the holy grail to customer loyalty. Like turning your living room into a store fitting room. Who needs a magic carpet when TryNow does it better?" 10/10 "Time to rethink commerce. The future is trying before buying, where quality is not assumed but tried and tested. Join us in cheering Benjamin Davis and TryNow in rewriting the e-commerce playbook!"

🎓 Lessons Learned
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1. "Customer-Centric Approach in Business" Prioritize customer experience over cost-cutting, as a poor customer experience could negatively impact customer lifetime value and repurchase frequency. 2. "Try-Before-You-Buy Services" Services like TryNow allow customers to try products at home before purchasing, potentially leading to increased conversions and better shopper experience. 3. "Product Market Fit Evaluation" Keep rates, the percentage of orders where customers keep something, is a crucial metric in determining product-market fit. 4. "Leveraging Customer Return Data" Comprehending why customers return products can provide valuable insights on product-market fit and reveal potential areas of improvement. 5. "Creating Business Transparency" Develop a shopper portal for transparency in trials and returns, enabling customers to manage their purchases efficiently. 6. "Innovation in E-commerce" Engage in continuous innovation in e-commerce, like introducing a try-before-you-buy model to decrease the rates of shopping cart abandonment. 7. "Product Quality Importance" Maintain high product quality alongside other business aspects like supply chain, unit economics, and sourcing, to ensure customer satisfaction and success. 8. "Raising Funds for Startups" Fund your business initially with personal capital to validate the concept, then seek investor funding for further growth and development. 9. "Building Trust with Brands" Emphasize trust-building between customers and brands, reassuring customers about product quality and potential for usage. 10. "Combatting Fraud in E-Commerce" Counteract the complexities of ecommerce transactions and potential fraud, major challenges faced in the try-before-you-buy business model.

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1. Prioritize anecdotes over averages when assessing customer satisfaction and business success. 2. Be scrupulously mindful about all aspects of your business, from product quality to supply chain management and unit economics. 3. Always track your success rate - the percentage of orders where shoppers keep something, to gauge your product-market fit. 4. Constantly strive to achieve exceptional product quality and a high rate of customer satisfaction. 5. Seek insights from customer actions and returns to drive improvements in product descriptions, sizing, and website communication. 6. Understand the whys of product returns to reveal areas for improving product market fit. 7. Be forward-thinking and focus on productizing and providing comprehensive data to your customers. 8. Keep a close eye on expanding your offerings and smartly leveraging data in your sector. 9. Establish strong partnerships with other platforms and aim for growth within their ecosystems. 10. Allow end-user transparency through accessible interfaces detailing transactions. 11. Reciprocate interest from your customer base by offering them opportunities to try your product before its formal purchase. 12. Battle the stigma of implementing a try-before-you-buy strategy even in industries deemed tough, like furniture. 13. In recessionary periods, prioritize customer centricity over business profit. 14. Avoid implementing restocking fees that might deter customers. Opt for alternatives such as repricing and cost reduction. 15. Approach business development iteratively, not necessarily immediately in full scale. 16. Validate concepts initially with a Minimal Viable Product (MVP) funded privately. 17. Be prepared to grapple with issues such as fraud and the intricacies of ecommerce transactions in your business journey. 18. Uphold and foster a culture of customer centricity for an excellent shopping experience. 19. Relentlessly work towards frictionless customer journeys and resolving customer uncertainties. 20. Champion the aim to increase conversion rates, average order value (AOV), and customer lifetime value (LTV), without sacrificing the shopping experience. 21. Be agile in flipping the payment order to let customers try before they buy. 22. Acknowledge the importance of reducing business risk and uncertainty. 23. Understand the reasoning behind abandoned shopping carts and strategize to overcome such challenges. 24. Stand by the value of try-before-you-buy in building a rapport with confident brands. 25. Aim to convert living rooms into fitting rooms to benefit the apparel sector as well as handbags and fragrances/candles manufacturers. 26. Streamline the sampling process and eliminate the need for customers to make a separate purchase post trying a sample.

🌟 3 Fun Facts
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1. Benjamin Davis, founder of TryNow, validated the concept of his business by conducting a test with landing pages, which resulted in a whopping 300% increase in conversions for the try-now call-to-action. 2. TryNow's unique business model flips the conventional purchase process by allowing customers to try products before making a payment, effectively turning their living rooms into fitting rooms. 3. The idea for TryNow was born from Benjamin's previous experience in running a direct-to-consumer apparel brand, where he faced the challenge of conveying product quality through a mere browser window.

📓 Blog Post
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Title: "Revolutionizing E-Commerce: Try Before You Buy with Benjamin Davis of TryNow" Subheader: "Exploring the revolutionary concept of product trials before purchasing in e-commerce with the visionary entrepreneur, Benjamin Davis" **Prioritizing Customer Satisfaction** The DTC POD Episode #244 kicked off with a key takeaway: customer satisfaction is paramount. Benjamin Davis emphasized on anecdotes over averages as measures of business success and customer satisfaction. **A Deeper Insight into 'TryNow'** Benjamin Davis, the founder, and CEO of TryNow, revealed the unique value proposition of his business model - try before you buy, aimed at improving customer experience in e-commerce. Backed by $25 million in funding, Davis's brainchild helps increase conversion rates, average order value, and customer lifetime value, promising a better e-commerce experience. **Optimizing E-Commerce with Product Trials** Davis utilizes his experience from running a direct-to-consumer apparel brand to better understand the challenge of showcasing the quality of a product through a browser window. To tackle this, his company TryNow flips the order of payment, allowing customers to trial products before purchase, hence reducing shopping cart abandonment **Challenges in Try-Before-Buy Strategy** Davis revealed the challenges faced while implementing the try-before-you-buy strategy, particularly for furniture and mattress companies. On the same note, he stressed the importance of focusing on what’s best for shoppers in a potential economic recession. This included avoiding cost-cutting measures like restocking fees that might negatively affect customer experience. **Innovative Revenue Generation and Growth** Davis also highlighted how merchants can alter their strategies to raise revenue without risking customer satisfaction. His pointers ranged from smart price increments, cost cuts, to renegotiating supplier and lender terms. Building on the end-to-end fully automated platform that TryNow relies on, Davis expressed the company's future plans. This includes product enhancement, comprehensive data provision, and improved partnership with Shopify. **The Shopper Portal: A Step Towards Transparency** TryNow plans to launch its Shopper portal next year. This platform aims to offer transparency and visibility into trials, letting customers manage their trials and initiate returns seamlessly. **Looking Ahead** With the iterative approach, validation of the concept through landing pages, and a 300% increase in conversions for the try-now call-to-action, Davis has set a strong foundation for TryNow. As the conversation concluded, both hosts expressed their excitement about TryNow's potential in revolutionizing e-commerce, and eagerly anticipated the progress this industry-altering innovation will bring in the near future. Interested parties can keep track of TryNow with updates from Davis directly via email at ben@trynow.io or follow TryNow on LinkedIn for industry-related content. As we shift increasingly towards digital and tech-driven solutions, businesses like TryNow are paving the way for a more innovative and customer-centric e-commerce experience. With this episode, the DTC POD once again informs and inspires its audience about the latest trends and leaders in direct-to-consumer business models.

🎤 Voiceover Script
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"In this intriguing episode of DTC POD, we dive deep into the world of 'try-before-you-buy' with Benjamin Davis, founder of TryNow. We explore how this innovative retail concept is shaking up the e-commerce marketplace, transforming customer expectations and improving product market fit. We uncover the importance of customer-centricity, the power of raw data, and the potential impact of thoughtful, automated solutions on business success. Tune in and redefine what you know about the realms of e-commerce and customer centricity."

🔘 Best Practices Guide
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Merchants should evaluate business success through customer anecdotes and not averages, focusing on all business aspects. Implementing a "Try Before You Buy" policy can offer valuable insights into customers' opinions and behaviors, leading to potential improvements in the e-commerce marketplace. Merchants should prioritize customer-centric practices, even in challenging economic times, avoiding cost-cutting measures that could negatively impact user experience. Alternative revenue-generating measures without compromising customer experience can include raising prices, cutting costs, or renegotiating terms with suppliers. Merchants keen on adopting "Try Before You Buy" policy should consider their prospects on a transparent Shopper portal offered by Try Now, allowing a seamless trial experience for potential buyers.

🎆 Social Carousel: Do's/Don'ts
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Slide 1: "10 Tips Every Retention Marketer Needs to Know" Slide 2: "No Averages" Instead, prioritize anecdotes when evaluating customer satisfaction and business success. Slide 3: "Don't Neglect" Consider all business aspects: product quality, supply chain, sourcing, unit economics. Slide 4: "No Guesses" Make smart decisions based on key metrics like the success rate of product market fit. Slide 5: "Don't Miscommunicate" Understand that data from customer actions can significantly improve product descriptions and website communication. Slide 6: "No Negativity" Turn returns into opportunities, understanding why customers return products reveals room for improvement. Slide 7: "No Restocking" Avoid restocking fees as they create a bad customer experience and impact customer lifetime value negatively. Slide 8: "No Risks" Investigate alternative ways in generating revenue without compromising the customer experience. Slide 9: "No Assumptions" Reduce friction and risk in the customer's journey. Understanding their reasons behind actions like abandoning carts is beneficial. Slide 10: "No Impersonality" Foster trust with your clients by building personalized relationships and providing exceptional customer experience.

🎠 Social Carousel
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Slide 1: "10 Tips Every E-Commerce Entrepreneur Needs to Know" Slide 2: "Prioritize Anecdotes" Go beyond averages in analyzing customer satisfaction and business success. Slide 3: "ConsiderUnit Economics" Think about product quality, supply chain, sourcing, and unit costs in your business. Slide 4: "Measure Success Rate" Track the percent of orders where shoppers keep something to assess product market fit. Slide 5: "Leverage Customer Data" Use customer actions and returns data to refine product descriptions, sizing, and website communication. Slide 6: "Customer-centric Strategy" Be thoughtful about what's best for the shopper, particularly in challenging economic times. Slide 7: "Avoid Restocking Fees" Don't compromise customer experience for cost-cutting; it impacts customer satisfaction and lifetime value. Slide 8: "Validate with MVP" Test your concept with a Minimum Viable Product using your own capital before scaling. Slide 9: "Reduce Transaction Friction" Providing a seamless customer experience can lead to increased conversion rates and order values. Slide 10: "Embrace Try-Before-Buy" Flip the order of payment to allow customers to try out your products first and build trust. Slide 11: "Don't Miss the Next Episode" Join us to keep learning valuable tips - follow DTC POD on Spotify and Apple Podcasts.

One Off Tweets
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1. Move over average! In the world of e-commerce, customer anecdotes reign. Glean business insights from their stories. It might surprise you what you find. 2. For e-merchants, the tiny details matter. Put thought into every aspect of your business, from sourcing to unit economics. It’s not just about the product, it's the journey! 3. The path to product market fit? High success rate. Strive for a high percent of orders where shoppers keep something. Success could be one kept item away. 4. The Shopper portal from TryNow will revolutionize customer trials. With self-service options, we are taking customer transparency to a new level. Coming next year! 5. E-commerce companies: Know why customers are returning your products. It’s not just an inconvenience—it’s a gateway to product market fit. 6. Think twice before implementing restocking fees. For businesses the cost seems small, but the impacts on customer lifetime value and satisfaction are huge. Focus on the long game, not the quick cash. 7. Fundraising isn't always about a rate of return. For TryNow, $1 million in initial equity was the key to building a fully automated end-to-end platform. Sometimes, you have to invest to innovate. 8. Can you trust your product? Then it's time for customers to TryNow. This solution not only allows customers to trial products at home, but also helps businesses gain insights to improve. 9. E-commerce can be a game of risk. With TryNow, we’re flipping the sequence of purchase. Let your customers try first without fear. What if that’s all they needed to trust you? 10. Why distinguish between buying and trying? With a seamless try-before-you-buy process, you can increase conversions, average order value and customer lifetime value. Your browser window can be the fitting room.

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