Monday, June 5

Today's DTC news, tips, & tools you need to know

June 05, 2023

🛍️ Klarna is determined to be an e-comm powerhouse

đź“° TL;DR - Klarna is dead set on being much more than a simple buy now, pay later facilitator. The company is rolling out new features in select regions — including the US — to make itself a shopping destination. That includes “Ask Klarna,” a personal shopping assistant that connects shoppers to fashion experts, an AI-powered shopping feed, and customized storefronts for creators. This all comes along with an overhaul of Klarna’s app.

đź’ˇ Insight - This is certainly ambitious and I still think we need some proof that people will use the Klarna app as their first destination for shopping. What’s interesting about Ask Klarna is it’s currently only for luxury fashion items, though they plan to expand to pricy electronics. The game plan here seems to be convincing shoppers buy now, pay later is a method of making high-ticket items accessible. Again, a bold plan. In any case, worth keeping an eye on to see if it attracts shoppers to your brand.

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📦 Why your subscriptions aren’t working

đź“° TL;DR - Subscription shopping ticked way up during the pandemic, but there’s a lot that can go wrong with. This article digs into what those things are. For example, if a month’s supply contains the wrong amount, people end up having too much product and inevitably cancel to stop the flow. Another pain point is making it easy to sign up, but overly difficult to cancel. No one wants that and it will surely deter potential subscribers. The goal overall is to reduce friction.

đź’ˇ Insight - I think this all points to an important truth: don’t just offer subscriptions because you can, offer them when they make sense. For myself, for example, the only thing I subscribe to is cat litter because I will definitely need it replaced on a regular basis. In cases where I’ve turned down a subscription prompt, it was because I wasn’t confident I’d actually need the replacement in just a month. If you want a subscription model, think carefully and test frequency and product volume to get it just right.

🧠 150 e-commerce acronyms to know

đź“° TL;DR - If you’ve spent any time on e-comm Twitter, blogs, or articles, you’ve probably been inundated with a cornucopia of acronyms you either had to look up or simply skimmed over. Well here’s a handy glossary of all those terms in one spot. Like CRO (conversion optimization rate), PPC (price per click), and ROAS (return on ad spend). All important things you already talk about, just maybe you don’t know the translation.

đź’ˇ Insight - Definitely bookmark this for future reference. I also want to say — be kind to yourself. Just like every other industry, there’s a group of insiders who love to adopt the lingo and toss it around like everyone else knows it, too. But if you’re just starting out, or perhaps just keep more to yourself, it may be a language you don’t yet speak. Don’t sweat it! It doesn’t make you less knowledgeable or capable. You’ll pick it up as you go along.

🛠️ Things worth checking out

🚨 GOOGLE WEBINAR - Google Analytics 4 Last Call Webinar with experts Charles Farina and Ashish Vij on 06/08. Register for free.

🤷🏻‍♀️ TIKTOK SHOP - Where art thou? A decent summary of reasons Shop is taking its sweet time. Read here.

đź’° INVESTMENT- Smartrr has gotten itself a sweet $10 million for its DTC subscription market. Read here.

🤔 THE WHY- Why own a company at all? 4 e-comm owners get into the why of it all. Check it out here.

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Disclosure: Some things in this newsletter may be a sponsored post or Growth Daily LLC may be getting a small commission if you sign up / fill out their form or Growth Daily LLC might own a percent of the business. In particular, but not always, those sponsored or commissioned or owned posts or might have an * in it the subject headline. ThurMo

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