Try Now Buy Later is not a new idea. Some of the world’s most innovative companies leverage this model to drive profitable growth.
When Katrina Lake founded Stitch Fix in 2011, she was styling friends out of her apartment. Now with a market cap of $10 billion, the Brand is the market leader in the personalized styling space. Shoppers pay an upfront fee (that counts towards a purchase), and they’re sent a box of 5 items — selected by a personal stylist with the help of a powerful algorithm - that the shopper can try on for 3 days before checking out. Stitch Fix transformed how people discover what they love by bringing the experience off line and into the hands of their customers. Stitch Fix shoppers rave about their experience with the Brand, and are some of the most loyal customers in the industry. And Stitch Fix has been able to achieve this growth without offering a single discount.
The Warby Parker founders knew that selling eyewear online would only work if they offered an easy way for shoppers to find the frame that was perfect for their face. Warby Parker shoppers can choose 5 pairs of frames to try for free at home. Shoppers select the pairs they want, send the frames back, and get their prescription eyewear sent directly to their door. With this Try Now Buy Later program, Warby Parker made shopping online for eyewear easy and risk free, even for shoppers new to shopping from digitally native Brands. Today, Warby is valued at over $3 billion.
Modeled after the programs offered by Stitch Fix and Warby Parker, Amazon Prime Wardrobe allows Prime members to try up to 8 items across select apparel, footwear, and accessory categories at home for 7 days and only charges shoppers for items they keep.
The launch of this program catapulted Amazon to beat retailers like Target and Walmart to the #1 destination for apparel, with fashion sales topping $30 billion.
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