As advanced
in a previous article, a new online shopping platform that allows you to
pick your items and send these selections to another person to pay has been
launched.
It is
called YouPay and is a sort of collaborative approach that makes the act
of buying gifts more efficient. A study conducted revealed that 30% of the
respondents usually expect to receive a Christmas present that they will never
use. This implies that $980 million worth of presents are wasted every year and
very often, these end up in the landfill.
As such,
YouPay aims to reduce the impact of this issue. It has recently closed an
initial $4 million seed round with Sprint, a Brisbane-based venture capital firm.
The start-up claims that it also aims to increase e-commerce conversion rates
by offering an alternative payment mechanism.
This
sentiment is echoed by one of the retailers adopting this shopping method,
Culture Kings. Its founder and CEO advanced that YouPay provided a solution to
a common frustration experienced by both merchants and consumers. He said, “With
more than $1 million of goods left in abandoned carts each day, we were looking
for a simple yet effective solution that would not only reduce this but make it
easier for our customers to be able to share their cart as opposed to sending a link to someone and
hoping they select the right size and colour”.
Photo
credit: Kreatikar from Pixabay
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