Recently, India’s largest lingerie portal Zivame raised around Rs 250 Cr in series c funding from a consortium of investors. Tata group was one of the investors along with other major investors. In the Startup funding arena, where Startup companies raise millions as part of their funding, the amount contributed by Tata group was very small but the significance of an investor like Tata group cannot be ignored.
Zivame, which was founded by Richa Kar, has become a big name in the Indian lingerie market. In a way the concept is tapping the awkwardness that women in general face while purchasing a lingerie in a store. Zivame seeks to take away the awkwardness by providing an online portal where women can purchase lingerie from a wide range of collection. Telling preferences to the shopkeeper in a traditional store is nothing short of awkward.
As far as the present valuation of Zivame is concerned, the company is valued at around $100M and it recently completed it series c funding. Private equity firm Zodius Capital led the series c funding and the funding raised Rs 250 Cr in total. According to sources, Tata group put in around Rs 10 lakh which is their smallest investment in Startups. But what is big is the name that Tata brings with itself. The amount of experience Zivame can gain from Tata group is incalculable.
In a burgeoning startup industry, not everyone succeeds and the success is also hampered if there is not enough experience on board. With Tata group’s involvement in Zivame, the company can grow leaps and bounds by tapping the often revered experience of the Tata group. In total Tatas have invested in about 16 companies and most have witnessed valuation growth. This explains why Startups are trying their best to catch the eyes of Tatas and irrespective of the amount put in by them, they will remain hot favorite for entrepreneurs.
Image Source: zivame
Storytelling in e-commerce: Power sales and customer loyalty
Storytelling has been used for centuries as a way to connect with people on an emotional level. In today’s digital age, e-commerce businesses are harnessing this power to attract and retain customers. One of the ways storytelling can make a business stand out is by creating a unique and memorable brand image.
By telling a compelling story that captures the values and mission of the business, customers are more likely to remember and identify with the brand. This can differentiate the business from competitors with similar products, but that lack a distinct identity. So, whether you are just starting your e-commerce or scaling your business in the market, there are opportunities for you here.
Customers are more likely to develop an emotional connection with a brand that offers a story they can relate to. Tech life is growing in proportion to the need to humanize. In this article, we’ll explore the benefits of using storytelling in e-commerce and how you can leverage visuals to make your brand stand out.
The benefits of telling stories
When you tell a story, you create a narrative that people can relate to and engage with. Your listeners or readers can be your clients and future customers. Here are some of the benefits of using storytelling in e-commerce:
Establishing emotional connections with customers
When you tell a story that resonates with customers, you create an emotional link that goes beyond the transactional nature of e-commerce. It is a step further, as it involves human nature and the need for connection and belonging to something meaningful. A lot of shopping is emotional, so this is a powerful tool. The emotional relationship can help build trust and loyalty, leading to repeat business and referrals.
- Improving brand recognition and recall
Stories are more memorable than facts or figures. When you tell a story that aligns with your brand values and resonates with your target audience, you create a memorable experience that may help your brand stand out and be remembered. When you feel and have that direct experience in yourself, it creates a strong imprint in the body. If it is pleasant you will want to have more of it.
- Increasing engagement and reducing bounce rates
The more you have something of value to share, the more you can keep customers engaged and interested in your brand, reducing bounce rates and increasing the time customers spend on your site. Plus, it has the great potential to improve your search engine rankings as well as to drive more traffic to your site. It is the same as aiming for a larger community that is happy to come back to where they feel good and helps them create a feeling of identity about themselves. When they feel welcomed and safe to be themselves, they are more prone to interact and choose your brand as their preferred.
- Driving conversions and sales
Connecting with customers on an emotional level has a great potential to lead to more conversions and sales. When customers feel a connection with your brand, they are more likely to make a purchase and recommend your brand to others. If they stick around because they feel good, they relate and even learn from shared experiences, they are more likely to feel attracted to a product and service and therefore follow into action and purchase.
- Building customer loyalty and advocacy
The power of a great story can dissolve any barriers and which can turn them into loyal advocates for your brand. These loyal customers can help spread the word about your brand and attract new customers to your site. They may feel so inspired by what they read and their own overall experience that you are providing for them, that they just can’t help themselves and the impulse to tell others. It is like a sophisticated way to gossip, but by all means positive.
Guidelines for successful stories
We have covered how storytelling is a powerful tool to create a connection with customers and differentiate themselves from competitors. To effectively use storytelling, there are several tips that one should consider. Let’s get into them, in 4 valuable points:
- It’s important to understand your audience and tailor your story accordingly. Who are your customers, and what are their values, interests, and needs? Use this information to craft a story that speaks to your audience and resonates with them on an emotional level. When you study them accurately, find out also what is their language, tone, and how they speak and then use the same format.
- Use visuals to enhance your storytelling. Images, videos, and other multimedia elements can bring your story to life and make it more engaging for customers. High-quality visuals can also help to showcase your products and to convey the unique personality of your brand. It is definitely important to invest in quality, speed of download and optimisation for mobile.
Visuals can help bring your story to life and create a more immersive experience for your customers. When used effectively, visuals can help customers understand your brand values and products, leading to a deeper connection with your brand.
Best practices include considering the placement and timing of the visuals on your site, as well as the quality and relevance of the visuals to your brand and story.
There are many types of visuals such as images, videos, infographics, and animations. Each type of visual has its own strengths and can be used to create a different type of emotional connection with your customers.
- Keep your story authentic and true to your brand. Don’t try to force a story that doesn’t align with your business values or mission. Authenticity is key to building trust with customers and creating a genuine emotional connection. There is a sixth sense in every human and sooner or later we can detect the level of honesty, so you can build trust and loyalty by being transparent from day one.
- Your story should be consistent across your website, social media channels, and other marketing materials. This consistency helps to reinforce your brand identity and creates a unified message for customers. In a world of so much mystery where so many things can not be taken for granted, offering a system and a structure gives a sense of accountability and safety. It is relaxing and that promotes our well-being.
You’ve gotten the benefits of storytelling as well as simple foundational guidelines to make them successful. Finally, don’t be afraid to experiment and iterate. Storytelling is a process, and it may take some trial and error to find the right story and approach that works wonders with your audience. Pay attention to customer feedback and analytics, and adjust as needed to continually improve and refine your message.
Storytelling is a powerful tool that e-commerce businesses can use to connect with customers on an emotional level and drive more sales and loyalty. By using visuals effectively and telling compelling stories that resonate with your target audience, you can make your brand stand out in a crowded marketplace. So why not start using storytelling in your marketing efforts today?
Women Ready-to-wear e-Commerce Sales rise amidst Coronavirus due to Flexible Payment Options; Finds Klarna Report
NEW YORK, May 8, 2020 — Klarna, a leading global payments and shopping provider, today released new data showing that women’s ready-to-wear clothing saw a 20% week-over-week rise in average daily transactions made through the Klarna app, which allows consumers to shop at any online store. In addition, average daily transaction volumes for jewelry continued on an upward trend, rising by 35% week over week in the week ended May 2.
“As various states loosen their stay-at-home orders and more people begin to return to work, our data suggest that female consumers may be looking to refresh their closets with in-season ready-to-wear apparel,” said David Sykes, Head of US at Klarna. “Another interesting trend our data is revealing is that jewelry transactions are continuing to trend upward, rising by 35% week over week. That may indicate that consumers are treating themselves, or perhaps their loved ones, to little luxuries in the midst of the ongoing pandemic.”
Aside from analyzing average daily volumes to identify simple increases and decreases in category transactions week to week, Klarna has also been analyzing share of wallet-or how its app users are dividing their spending among different shopping categories-to identify what product categories Gen Zers, millennials and Gen Xers are shopping for most often using Klarna’s flexible payment options and how their e-commerce spending is shifting as the coronavirus crisis continues.
Klarna’s most recent demographic data show that from April 25 through May 2, Gen Z and millennial Klarna app users increased their share of spending on apparel, footwear and accessories for the third week in a row. The jewelry subcategory, which saw 35% week-over-week transaction growth, also saw average order value tick up 4% to $154 in the week ended May 2 from $148 the previous week.
Over the coming weeks, Klarna, which serves 7 million consumers in the US and 85 million consumers globally, will continue to analyze transaction data weekly to identify how the coronavirus outbreak is affecting e-commerce and consumer shopping behavior.
Other Key Findings
- Week over week in the week ended May 2, the apparel, footwear and accessories category’s share of all purchase transactions made through the Klarna app increased 4% among Gen Zers and nearly 2% among millennials, while decreasing 3% among Gen Xers.
- Gen Xers continued their seven-week trend of shifting share of wallet toward home and garden items in the week ended May 2, suggesting they are continuing to focus on DIY improvements and making their living environments more comfortable as the pandemic wears on. Millennials’ share of spending on home and garden was flat versus the previous week, while Gen Zers’ share of spending on the category fell 27% week over week.
- Millennials and Gen Xers increased their share of spending on leisure, sport and hobby items week over week, while Gen Zers’ share of spending on the category fell slightly. The musical instruments subcategory also had another strong week, with transactions up 15% week over week.
- All three demographic groups decreased their share of spending on health and beauty items week over week, but increased their share of spending on electronics, perhaps indicating they had stocked up on personal care and grooming items in previous weeks.
- Week over week, share of spending on marketplaces (which include sites such as Amazon.com, Walmart.com, Target.com and eBay.com) increased 9% among Gen Zers and 2% among millennials. Gen Xers’ share of spending on the category was flat versus the previous week.
Klarna analyzed purchase volumes for items bought through the Klarna app, which allows consumers to shop at any online store, for the weeks of April 26-May 2, April 19-25, April 12-18, April 5-11, March 29-April 4, March 22-28, March 15-21 and for an average week based on the five-week period covering February 1-March 7, 2020. The data were distributed as share of total, and did not account for any increases or decreases of volume within any of the age groups analyzed-Gen Zers ages 18 and older (born 1997-2002), millennials (born 1981-1996) and Gen Xers (born 1965-1980). The data indicate only the distribution of purchase volumes among the following categories for each age group:
- Apparel, footwear and accessories: adult and kids clothing and shoes, underwear, jewelry and watches, sunglasses, bags, and wallets
- Leisure, sport and hobby: sports and outdoor gear, concept stores, hobby articles, prints and photos, costumes, and party supplies
- Home and garden: furniture, tools and home improvement, pet supplies, kitchenware, plants and flowers, and cleaning and sanitary products
- Health and beauty: personal care and haircare, cosmetics, dietary supplements, fragrances, and prescription optics
- Marketplace: items purchased from the likes of Amazon.com, Walmart.com, Target.com and eBay.com
- Electronics: diversified electronics, electronic equipment and related accessories, household electronics (including white goods and appliances), office machines and related accessories (excluding computers), and car electronics
- Intangible items: travel services and event tickets
We make shopping smooth. With Klarna, consumers can buy now and pay later, so they can get what they need today. Klarna’s offering to consumers and retailers includes payments, social shopping and personal finances. Over 200,000 merchants, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress, have enabled Klarna’s innovative shopping experience online and in-store. Klarna is the most highly valued fintech in Europe, with a valuation of $5.5 billion, and one of the largest private fintechs globally. Klarna was founded in 2005, has over 3,000 employees and is active in 17 countries. Klarna’s North American offices are in Columbus, Ohio; Los Angeles; and New York. Klarna Credit is issued by WebBank, member FDIC.
For more information, visit klarna.com.
This News has been Published in Partnership with PR Newswire
Why shopping from this online store can be the craziest thing you have done in a while
Starting from the first online transaction in 1994 which resulted in the sale of a CD of “Ten Summoner’s Tales” by Sting to the Billion Dollar industry it is today, the rise of online shopping has been exponential and in a way unimaginable. But one thing that has remained the same since the very beginning is that a customer views a product or a service on the screen and places the order for the same and needless to say, gets the product that was seen on the screen delivered to his/her address.
What if when you are placing the order, you don’t really know what are you going to get when your order gets delivered? Sounds Crazy, right? Mystery Boxes Online is an online store which makes this experience possible.
Shopping on Mystery Boxes Online can be fun. A customer while placing the order doesn’t really know what he or she is going to get.Most people get generally worried at the thought of a mystery box. Am I really going to get my money’s worth with this box? In order to ameliorate this fear, the online store ensures that all boxes hold enough product to meet face value and they also guarantee an above standard value for the mystery box. You can get Mystery boxes starting from USD 9.99 to USD 99,999.99.
However, as a customer service rule, the online store, gives the customers a general idea on what they might receive.
One their non-luxury boxes, one can expect to receive.
– Collectibles (Antique and Modern)
– Stuffed Animals
– Name brand clothing
– Candy ($10 and $15 box only)
– Kitchen Items
On their luxury boxes, one can expect to receive
– High class clothing
– One of a kind collectibles
– Name brand purses
– High class Jewelry
For Mystery Boxes online, the biggest challenge is to win the trust of the customers. This, they do by delivering quality products.
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