OpenStore

This July 4th, our team at OpenStore is implementing more Buy X Get Y promotions for more of our brands, based on how these promos outperformed more straightforward promotions like 20% off sitewide discounts during Memorial Day Weekend. Over MDW, one brand that usually sells 1-2 items per order sold 3-4 items per basket. We plan our promotional calendar every quarter, using performance data from the previous year and current trends to determine what promotions we’ll run this year. Two months out from launch, we lock in details such as which brands will have promotions and what the terms will be. At that point, we can brief the creative team on what assets we’ll need. Planning early allows us to be 80% ready so that we can handle any last-minute changes. We keep track of all of your promotional planning on ClickUp, and we use tools like Figma and iconik.io to build promotional assets and align on approvals. When it’s time to launch our promotions, we use our own proprietary promotional engine that our engineering team built, which allows us to set a day and time for each of our promotions to launch weeks in advance. By using our own platform, we can QA everything for promotions ahead of time so that fewer people have to be on call on the day of the launch, which is often a holiday. For the majority of brands, we find that simpler offers resonate better with customers. Offering shoppers free shipping or a free item with purchase can help shoppers get over the line without discounting your products too much. For those of you running your own brands this July 4th, make sure to optimize your offers for high conversion rates and gross profit per site visitor. And have a happy 4th! 

Shop Cash has become an important tool in Shopify's quest to get more people to use its Shop App. In June, when #Shopify hosted its first-ever Shop Week, it generated over $1 million spent in Shop Cash, the rewards program it rolled out one year ago. #retail In this piece by Melissa Daniels, we speak to Anna Decilveo, Margot James of OpenStore, and Noel Reinhold of Front Row.

Our team had an awesome time on Limited Supply last week, sharing some of our favorite tools that power our growing portfolio. A special shoutout to FERMÀT for helping our performance marketers efficiently test new concepts. Watch the full episode at https://shorturl.at/AWGTl

At OpenStore, we rely on a suite of tools to manage our brands’ storefronts. Over the next several weeks, I’ll highlight some of the tools we use and provide best practices we’ve developed while operating 40 brands. Here’s the customer review tool we use across our 40 brands: Okendo. Okendo is a great option because it leverages the power of customer feedback in fully customizable and interactive formats that help shoppers make faster and better purchasing decisions. No matter what you use to manage your customer reviews, there are ways you can optimize your reviews process. Here’s my list:   1. Ask for a review at the right time - Don’t ask for a review right after the customer makes their purchase. Time the review request to send once the customer has actually received the product. 2. Moderate your reviews strategically - DTC review apps typically allow you to hide negative reviews on your site. It might seem like a good idea to hide these reviews, but shoppers are smart. They’ll know something isn’t right if all of your reviews are five stars. Instead, publish some bad reviews (defined as 3 stars or lower) and make sure to respond to them. Pro tip: set up an automatic email notification for any 3-star or lower review so that they go right to your CX inbox and you can promptly respond to those publicly. 3. Invest in third-party reviews - Research shows that the majority of shoppers are likely to look at external reviews, in addition to site reviews, when considering a purchase from a brand they’re not familiar with. You can partner with sites like Trustpilot to compile your site’s reviews externally. Articles like these can help boost your SEO and paid search efforts, and improve your brand’s credibility. 4. Stay up-to-date on innovations - Customer marketing platforms are constantly evolving and updating their products to make managing reviews easier. Yotpo, for example, recently launched a feature called AI Reviews Summary, which uses a language model built specifically for summarizing reviews. Shoppers can read a concise summary of all customer reviews that highlight the most relevant, informative content. What best practices do you follow when managing reviews? Let me know ⬇️

🎙️ Just dropped: a new episode of Limited Supply with Nik Sharma featuring our President, Trenton Riggs, and Head of Business Operations, Lukas Judodihardjo. They dive into our unique acquisition strategy, what makes us different from typical aggregators, and the tech we're building to keep up with our growing portfolio of 40 brands and over 2 million customers. Everything you need to know below. 👇https://lnkd.in/euFn6iYH #business #podcast #entrepreneurship #shopify

During Shopify Editions Summer ‘24, Shopify announced more than 150 updates to its platform, designed to make it more unified and easier to use. Here are 4 updates that our team at OpenStore is most excited about: 1. Split shipping in checkout. This feature allows customers to view how their order can be split into multiple shipments, which is especially important if you fulfill from multiple locations! Shoppers can choose their shipping experience based on the lowest price, the fastest delivery, or custom shipping options. 2. New style settings for themes. Shopify is making it possible to customize the layouts of sections and blocks on storefronts. No more manual changes to achieve the look and feel that represents your brand best. 3. A rebuilt analytics experience. Shopify refreshed its analytics dashboard so that you can access real-time data and use it to make business decisions. You can also drag and drop your most important metrics into your dashboard so you can quickly scan them and build more highly customized reports. Plus, the mobile experience is great for busy, on-the-go entrepreneurs! 4. Store credit updates. You can now issue store credit directly to your customers in admin. You can also allow customers to use their store credit at checkout. Your customer support team will thank you later! Check out the full suite of updates announced at Shopify Editions Summer ‘24: https://lnkd.in/g6tqmvNK

The co-founders of Future Kind, Shaun Cunningham and Eliot Cunningham, received multiple offers to acquire their vegan supplement brand. They chose OpenStore because they felt confident that they were selling to people “who actually run businesses.” When we asked Shaun how his OpenStore experience has been so far, he said: “Honestly, I don't want to jinx it, but really good.” Read more about Future Kind’s acquisition and how we’ve continued scaling the brand: https://shorturl.at/oIJpW #Entrepreneurship #Shopify #Ecommerce

OpenStore's President, Trenton Riggs, chatted with RC Williams at 1-800-D2C and shared how we’ve become the largest owner of Shopify brands, what we look for before we make an offer to buy a brand, & more. Read the full interview: https://shorturl.at/67zNy

The ultimate checklist to ensure a smooth exit from your e-commerce business. If you're generating over $400k in profitable revenue, our acquisition experts at OpenStore can help you maximize your exit without the hassle. Learn more at https://tw.open.store/now

Calling NYC engineers. 🚀 Join OpenStore and our CEO, Keith Rabois, in NYC on Monday, June 24th, for an exclusive evening. https://lu.ma/i5uwhizr Discover the modern e-commerce stack behind OpenStore’s 40 brands, and see how our engineering team tackles complex challenges to scale and reshape e-commerce. If you’re passionate about solving problems and making an impact, don’t miss this chance to gain insights and engage in a live Q&A with Keith, who helped build world-changing companies including PayPal and Square. 🌟 Request and invitation https://lu.ma/i5uwhizr