Benjamin Davis is the Founder and CEO of TryNow, which has pioneered the “try before you buy” model to improve conversion rates for eCommerce brands. Under his leadership, TryNow has raised approximately $24 million in funding. Before TryNow, Benjamin founded an apparel brand and worked in private equity. 

Here’s a glimpse of what you’ll learn:

• [1:32] How TryNow reduces CAC through “try before you buy” solutions
• [4:18] Benjamin Davis explains the “try before you buy” concept
• [10:34] The impact of “try before you buy” on cart value
• [17:04] Why you shouldn’t focus on return rates when implementing the “try before you buy” model
• [24:24] How various eCommerce categories are adopting “try before you buy” methods
• [28:16] What are the barriers to widespread “try before you buy” adoption?

In this episode…

eCommerce brands are so focused on minimizing returns that they often don’t consider how to enhance the online customer experience fundamentally. Consumers want the same experience online as they have in-store, like trying on clothes before purchasing them. How can you unify the online customer experience to increase conversions?

Benjamin Davis has pioneered the “try before you buy” method, which allows customers to sample items before purchasing them and decide which ones to keep or return. Rather than analyzing each customer’s return rate, brands can encourage them to sample multiple items to increase purchase rates and profit per order. This model also drives lifetime value since brands demonstrate trust in their consumers by allowing them to try products before charging them.

Tune in to this episode of The Digital Deep Dive as Aaron Conant hosts Benjamin Davis, the Founder and CEO of TryNow, to talk about implementing a “try before you buy” solution. Benjamin discusses this model’s impact on cart value, how D2C categories are adopting this solution, and how TryNow reduces CAC.

Resources mentioned in this episode:

• Aaron Conant on LinkedIn   
• BWG Connect  
• Benjamin Davis on LinkedIn 
• TryNow 

Quotable Moments:

• "We can't take gross sales to the bank; everything is net."
• "Paying in the face of doubt and uncertainty is the problem we solve."
• "Why isn't everyone doing this? We've just gone GA in April, so it's all happening."
• "No one goes broke making a profit."
• "Solutions that make the online experience closer to in-store will be the game changer."

Action Steps:

1. Implement a “try before you buy” model: This approach allows customers to try products at home before purchase, reducing barriers to purchase and increasing the likelihood of multiple items being sent, which can increase overall sales. By mimicking the in-store experience, this model addresses online shopping apprehension and improves conversion rates, especially in industries like fashion and cosmetics.
2. Enhance fraud prevention measures: Collaborate with payment networks and card brands to ensure robust fraud prevention, which is essential when allowing products to be sent without upfront payment. By securing transactions, brands can confidently offer “try before you buy” solutions, minimizing risks associated with potential fraud.
3. Focus on profit per order instead of return rates: Shifting the focus from reducing return rates to improving net revenue per customer can lead to more profitable outcomes. By encouraging larger initial orders and increasing the chance of multiple items being kept, brands can enhance profitability even if return rates increase.
4. Leverage customer feedback for product improvement: Engage directly with customers to gather insights on why products are returned and aim to improve product offerings accordingly. Understanding the customer's perspective helps address fit and satisfaction challenges, leading to reduced return rates and better product-market fit.
5. Explore new verticals for “try before you buy”: While fashion and cosmetics are the most common applications, other sectors like electronics or home goods can also benefit from this model. Identifying and targeting new potential markets can open up opportunities for growth and expansion by tapping into segments where this purchasing flexibility can drive significant customer interest.

About BWG Connect...

BWG Connect provides executive strategy and networking sessions that help brands from any industry with their overall business planning and execution. We network and knowledge share together to better understand and adapt to the newest trends, strategies, and pain points shaping growth in the digital space. BWG Connect, in conjunction with BWG Strategy, has built an exclusive network of 125,000+ senior professionals and hosts over 2,000 virtual and in-person networking events on an annual basis.

In addition, we have had 1x1 conversations with over 5,000 brands and have a real-time pulse on what digital strategies are successful and why. This in-depth knowledge allows our team to operate on the cutting-edge and provide our clients with best-in-class guidance on how to win in the digital world. We have provided free consultations and strategy sessions for companies of all sizes, from start-ups to Fortune-100, to enable growth, resolve issues and make curated service provider introductions that can impact your digital footprint.

We have held to the philosophy of providing high-level insights and actionable knowledge with no sales pitches in order to provide to our network the ability to listen, learn and act to improve themselves as well as their organizations. Our ultimate goal is to be the resource out there to help digital executives find the research they need to excel in the modern marketplace.

If you are interested in getting involved with any of our current or past events, you can find them here. If you are looking for help & would like to set up some time to chat with our team, you can schedule a time or reach out directly to Aaron@bwgconnect.com or Tiffany@bwgconnect.com.