Shopping cart abandonment is a huge issue for the e-commerce world of fashion. Browsing is fun, pulling together outfits and imagining yourself in that $5000 frock can provide hours of entertainment. But, at the end of the 'window shopping spree' reality hits, you realize dropping thousands, even hundreds, of dollars is not fiscally responsible, and you call it a day. Like I did last Friday on Garmentory.
When Lyst, an online fashion website and app, was redirecting its shoppers to a brand's website to complete the sale, cart abandonment accounted for as much as 10% loss in conversion. The process of shuffling from one site to another was clunky, and customers were getting bored and frustrated. Just two years after launching a $25M business, Lyst CEO Chris Morton found himself pivoting and refocusing his business towards on a new model.
If the chief pain point for Lyst's users was the clunky checkout process, what better place to solution than there?
Read on for Lyst's creative, and very valuable, solution to this problem.
Lyst became an aggregator for around 11,500 online fashion retailers. By simplifying the checkout process, this style-savvy site has boosted sales from $25M to $150M. In fact, according to Business Insider UK "sales initiated by Lyst grew more than five-fold in the two months following the launch of the universal checkout in the US". That is enormous growth for a startup barely 5 years old at the time!
Oh, and did I mention the vast amounts of data available to Lyst now? What a wonderful, magical place that must be. Working with data based completely around fashion insights and consumption trends is pretty much every single dream of mine come true. Check out this Infographic from Fraser Lyness, featured in Wired to get an idea of just what Lyst's data (and their phenomenal data team) is capable of!
Lyst has hit the ground running, marketing themselves as an incredible tool for both consumers and the big players in the fashion industry. Lyst's first advertising campaign, run by Anamoly out of London, UK, do a great job of marrying the style products with the data points.
Very excited to follow Lyst and see what other exciting things they get up to...
No comments:
Post a Comment