The Finterview - Fintech Exposed episode 11.
In episode 11 of The Finterview - Fintech Exposed, we welcomed Danny Howe and Lee Hart, co-founders of Stored. - an innovative platform that aims to revolutionise the online shopping experience for creators, consumers, and retailers. Danny and Lee shared their backgrounds, motivations, and how their partnership has been crucial to the development and success of Stored.
Keep reading for the key takeaways from the episode or listen to the full podcast here 🎧.
Addressing challenges in the retail space
Retailers today face numerous challenges, such as increased complexity due to multiple routes to market and a lack of consumer understanding. Stored aims to address these challenges by optimising experiences for consumers and removing friction from the purchasing process.
Increased complexity and multiple routes to market
The traditional retail model has evolved dramatically in recent years, with retailers now having to manage various sales channels and customer touchpoints. The growth of e-commerce, social media, and mobile platforms has resulted in an increasingly complex environment for retailers. They must navigate multiple routes to market, including brick-and-mortar stores, online marketplaces, direct-to-consumer websites, and social media platforms.
This increased complexity poses a significant challenge for retailers as they attempt to create cohesive and consistent shopping experiences across all channels. They must also ensure that their supply chain, inventory management, and customer service systems are optimised to cater to these diverse sales channels.
Absence of consumer understanding
Retailers often struggle to understand and cater to the ever-changing needs and preferences of their consumers. With the vast amount of data available through various sources, it can be difficult for retailers to sift through the noise and gain actionable insights into consumer behaviour. This lack of understanding can lead to suboptimal decision-making and missed opportunities to connect with customers and drive sales.
A solution for consumers
Stored.'s primary goal is to create seamless and engaging shopping experiences for consumers. The platform achieves this by offering a unified interface that allows users to discover, save, and purchase products from multiple retailers in one place. This streamlined approach helps to eliminate the need for consumers to navigate between various websites and apps, simplifying the shopping process and increasing the likelihood of conversion.
One of the key challenges faced by retailers is the friction that consumers often encounter during the purchasing process. This friction can manifest in the form of complicated checkout procedures, slow website load times, and a lack of relevant product information. Stored. addresses these pain points by offering an intuitive and user-friendly platform that simplifies the purchasing process.
By removing friction and streamlining the customer journey, Stored. offers an attractive solution for both retailers and consumers. Retailers can benefit from increased sales and customer engagement, while consumers enjoy a more seamless and enjoyable shopping experience. In this way, Stored. is revolutionising the retail landscape and paving the way for a more connected and satisfying future in retail.
Comparing the creator economy with the e-commerce economy
Danny and Lee noted similarities in the stages of development between the creator economy and the e-commerce economy. Stored. aims to solve problems faced by both creators and retailers, disrupting first-market movers and competitors by offering more flexible and valuable products targeted at the evolving creative economy.
Both the creator and e-commerce economies have experienced rapid growth, fueled by the democratisation of technology and the accessibility of online platforms. In their early stages, both economies focused on providing tools and resources for individuals and businesses to create, distribute, and monetise their products and services.
As these economies matured, they began to address more complex challenges, such as providing seamless experiences for consumers, optimising supply chains, and integrating advanced technologies like artificial intelligence and augmented reality. Consequently, both economies now focus on delivering innovative solutions that empower creators and retailers to thrive in an increasingly competitive landscape.
Revolutionising social media shopping: how Stored. empowers creators, enhances consumer experience, and overcomes current limitations
Stored. is transforming the way we shop on social media by empowering creators, enhancing the consumer experience, and addressing the limitations of current social media shopping behaviours. Stored. enables creators and brands to create shoppable listings instantly, making it easier for their followers to identify and engage with the products they promote. This not only increases customer engagement but also leads to a higher number of product purchases.
Currently, social media shopping is plagued by unconscious browsing, with users often not ready to buy immediately. They may screenshot products, cutting creators out of the buying journey, and reducing potential earnings from sales. Stored. addresses this issue by increasing conversion rates and ensuring creators receive their fair share of the profits.
Stored. acknowledges the importance of influencers and content creators in driving sales. By providing accurate measurements and compensation for their contributions, Stored. promotes the potential growth and future development of its platform, benefiting both creators and brands.
Creators becoming more powerful than brands
As creators become the entities selling products for brands, Stored. reduces the dependency on tracked links, discount codes, and coupons. This shift in power dynamics allows creators to cater to different buying journeys, whether a consumer wants to purchase a product immediately or save it for later. By removing friction and optimising purchasing experiences, Stored. ensures a seamless shopping process.
In conclusion, as we consider the rapidly evolving landscape of the metaverse and future consumer behaviour, Stored. is well-positioned to adapt and thrive in the AR/VR and metaverse realms. The platform presents numerous opportunities for growth and expansion, particularly as it integrates its core product philosophy with the emerging technologies.
Stored.'s core product philosophy revolves around connecting multiple channels, both online and offline, and focusing on the creator community and economy. This approach enables Stored. to be at the forefront of innovation and remain relevant in the ever-changing digital landscape.
As the line between physical and digital worlds continues to blur, Stored. is poised to capitalise on these future possibilities. By seamlessly adding products from both physical and digital realms, Stored. can integrate with AR experiences and capture real-world admiration, providing an immersive and engaging shopping experience for consumers.
Listen here 🎧or in your favourite podcast app👇