TryNow Company Profile

Background

Overview

Founded in 2018, TryNow is a pioneering software company that enables e-commerce businesses to offer a "Try Before You Buy" (TBYB) experience. By integrating seamlessly with platforms like Shopify, TryNow allows consumers to receive products, try them at home, return unwanted items, and pay only for what they keep. This approach aims to bridge the gap between online shopping and the tactile experience of in-store retail.

Mission and Vision

TryNow's mission is to transform the online shopping experience by empowering consumers to try products before committing to a purchase, thereby reducing friction and enhancing customer satisfaction. The company's vision is to make TBYB a standard offering in e-commerce, fostering trust and driving growth for online retailers.

Industry Significance

In the rapidly evolving e-commerce landscape, TryNow addresses a critical challenge: the inability for consumers to physically experience products before purchasing. By offering a TBYB solution, TryNow enhances conversion rates, increases average order values, and improves return on ad spend for retailers, thereby playing a significant role in the industry's growth and innovation.

Key Strategic Focus

Core Objectives

Enhancing Consumer Confidence: By allowing customers to try products before purchasing, TryNow aims to reduce purchase hesitation and increase conversion rates.

Driving Retailer Growth: The platform focuses on boosting retailers' average order values and return on ad spend through the TBYB model.

Areas of Specialization

E-Commerce Integration: Specializing in seamless integration with e-commerce platforms, particularly Shopify, to provide a frictionless TBYB experience.

Risk Management: Implementing proprietary fraud management systems to ensure secure transactions and minimize financial risks for retailers.

Key Technologies Utilized

API Integration: Utilizing direct integration with Shopify's APIs to streamline the TBYB process.

Returns Management Solutions: Collaborating with returns management systems to facilitate easy product returns.

Email Marketing Integration: Partnering with email providers like Klaviyo to enhance customer communication and engagement.

Primary Markets Targeted

Apparel and Accessories: Brands like Universal Standard and Roolee leverage TryNow to offer TBYB programs.

Beauty and Cosmetics: Companies such as Snif utilize the platform to allow customers to try fragrances before purchasing.

Home Goods and Electronics: Retailers in these sectors use TryNow to provide customers with a hands-on experience before committing to a purchase.

Financials and Funding

Funding History

Series A Funding: In March 2021, TryNow raised $12 million in a Series A funding round.

Notable Investors

Shine Capital

Craft Ventures

SciFi VC

Third Kind VC

Zachary Perret and William Hockey (Co-founders of Plaid)

Utilization of Capital

The funds have been allocated towards:

Product Development: Enhancing the platform's features and capabilities.

Market Expansion: Extending the TBYB model to a broader range of e-commerce sectors.

Talent Acquisition: Strengthening the leadership team with experienced professionals from companies like Stitch Fix and Affirm.

Technological Platform and Innovation

Proprietary Technologies

Fraud Management Suite: Ensures secure transactions and successful fund capture at the end of trial periods.

Seamless Integration: Direct integration with Shopify's APIs, returns management solutions, and email providers to streamline the TBYB process.

Significant Scientific Methods

Data Analytics: Utilizing analytics to manage risks and optimize the payments and returns experience.

Leadership Team

Key Executives

Benjamin Davis, Founder and CEO: Leads the company's strategic vision and growth initiatives.

Jessica Baier, VP of Growth Strategy: Former strategy leader at Stitch Fix, focusing on expanding TryNow's market presence.

Jonathan Kayne, VP of Platform: Previously led product partnerships at Affirm, overseeing platform development and integration.

Competitor Profile

Market Insights and Dynamics

The TBYB model is gaining traction in e-commerce, addressing consumer hesitations associated with online shopping. This approach is particularly relevant in sectors where product experience is crucial, such as apparel, beauty, and home goods.

Competitor Analysis

Le Tote: Founded in 2012, Le Tote offers a clothing rental service, allowing customers to try and return items, operating in a similar space as TryNow.

Stitch Fix: Established in 2010, Stitch Fix provides personalized styling services with a try-before-you-buy model, posing competition in the apparel sector.

Wantable: Since 2012, Wantable has offered curated subscription boxes with a TBYB option, competing in the fashion and lifestyle segments.

Strategic Collaborations and Partnerships

Notable Collaborations

Shopify Plus Brands: Partnerships with brands like Universal Standard, Roolee, Western Rise, and Solid & Striped to implement TBYB programs.

Technology Integrations: Collaborations with returns management systems and email providers to enhance platform functionality.

Operational Insights

Strategic Considerations

Market Position: TryNow positions itself as a leader in the TBYB space, offering a scalable solution for e-commerce retailers.

Competitive Advantages: The company's seamless integration capabilities, proprietary fraud management, and focus on enhancing consumer confidence set it apart from competitors.