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Brands that launch Try Now Buy Later programs transform their relationship with returns, and in doing so, transform how they measure success.
At TryNow, we think about measuring success of Try Now Buy Later programs in 3 buckets:
Conversion rate is an incredibly sticky metric to move. Even a Brand with a 5% conversion rate sees 95% of their traffic window shopping, scrolling by but walking away with nothing. A Try Now Buy Later program helps de-risk the purchase for shoppers who have expressed interest in your product and gives shoppers the confidence to check out.
Giving shoppers permission to try before they buy increases conversion rates — shoppers who normally would have abandoned their cart are now more likely to try your product. Moreover, you’ve now differentiated your brand with an elevated shopping experience not offered by other Brands. Why would someone buy in the face of uncertainty from one Brand when they can try yours first?
Just like in the fitting room or the show room, when shoppers have the option to try, they’ll do it. But instead of picking one top off the rack, they’ll grab a few tops in different sizes and colors, a skirt to go with it, and the dress that caught their eye in the window. In the fitting room, shoppers fall in love with a product before they’re confronted with the price, and they’re more likely to check out with more items than they would have if they came in, grabbed the white v-neck and headed straight to the register.
When shoppers see a Try Now Buy later option on your website, their behavior changes. Instead of shoppers filling their carts and then deleting options until they see a dollar amount they’re comfortable with, they fill their cart like they would fill their basket on the way to the fitting room. Instead of shoppers buying one item at an entry level price point, they’ll try a few more expensive items to see what works best.
Brands with Try Now Buy Later programs see substantial increases in Gross AOV (cart size) as shoppers shift their behavior to mirror how they shop in a store.
The byproduct of more trying is more buying. Shoppers find things they love, and they even surprise themselves. And a shopper who is surprised and delighted with their experience will purchase more frequently.
The result of more trying is also more returns. The idea of returns can seem scary, but visionary Brands are relentlessly focused on the bottom line. If the increase in AOV after returns is greater than the increase in costs associated with returns, that means that every order that goes through TryNow is more profitable than a regular online store order. Because TryNow orders increase the likelihood that a shopper will find something to love and convert shoppers without discounts, there is more than enough buffer to absorb the returns and related costs.
More profitable growth means more efficient margins and more cash to reinvest in the brands’ growth.
Tracking the right metrics will help you understand, measure, and refine the impact that a Try Now Buy later program has on your business:
The key to driving success with a Try Now Buy Later program is relentless focus on unit economics and understanding the program levers that impact each KPI. That’s why TryNow provides robust analytics and growth advisory support to help Brands achieve their growth goals.
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