Imagine scrolling through your favorite social media platform, stumbling upon a product that catches your eye. You eagerly click the “shop now” button only to be whisked away to another site, losing your place in the social feed and ultimately abandoning the purchase. This common frustration is exactly what Ownit aims to eliminate with its innovative checkout experience. By streamlining the buying process right at the point of discovery, Ownit offers a solution that not only enhances the shopping experience but also helps brands significantly improve their conversion rates.
The Genesis of Ownit
Founded by Payman Nejati, Evan Shiue, and Joel Tan, Ownit emerged from the realization that e-commerce brands desperately needed a better approach to selling products. With backgrounds in grocery, autonomous, and conversational checkout, the trio brought a wealth of expertise to the task of reinventing the checkout process. Less than a year since its inception, Ownit has managed to test its platform with 10 distinct brands, laying the groundwork for a revolutionary technology aimed at maximizing sales.
How Ownit Works
At the core of Ownit’s philosophy is the “Ownit Connected Checkout link.” This unique technology seamlessly integrates social media, commerce, and payment options, allowing consumers to complete their purchases without leaving the platform where they discovered the product. Here’s how it operates:
- Unified Checkout Experience: Customers can shop directly through a web page interface that appears atop their social media app.
- Multiple Payment Options: The platform supports various payment methods, including Apple Pay, Google Pay, Shop Pay, and PayPal, which are often unavailable on certain social media sites.
- Enhanced Customer Engagement: Brands can tap into rich marketing strategies, proven to double sales conversion while minimizing cart abandonment rates.
The Importance of Instant Gratification in Online Shopping
The rise of e-commerce during the COVID-19 pandemic has underscored a fundamental truth: consumers crave convenience. Current statistics suggest that cart abandonment rates hover around 75%, accentuating a dire need for solutions that prevent losing customers at the final hurdle. Ownit’s approach dramatically reduces friction in the buying process, catering to the changing behavior of consumers who want quick and effortless transactions.
Funding and Future Prospects
The enthusiasm around Ownit hasn’t gone unnoticed in the investment community. In early March, the company announced an impressive $8 million seed funding round backed by renowned venture capital firms and tech luminaries. With the raised capital, Ownit plans to focus on its “three Cs”: conversion, customer onboarding, and establishing robust connections within its social, commerce, and payment platforms.
The Impact on Consumer Brands
As brands continue to expand their e-commerce presence, initial feedback from Ownit’s early adopters proves encouraging. For example, campaigns utilizing text marketing reportedly achieved two-fold conversion increases, while email marketing showed an even higher rate of three times conversion. Clearly, the intersection of social media and streamlined checkout processes stands to benefit numerous businesses.
Conclusion: Embracing the Future of E-Commerce
As Ownit continues to develop its platform and build relationships with direct-to-consumer brands, one thing is clear: the future of checkout is rapidly evolving. The melding of social media, instant payment options, and smart marketing has the potential to reshape how consumers shop online. At **[fxis.ai](https://fxis.ai)**, we believe that such advancements are crucial for the future of AI, as they enable more comprehensive and effective solutions. Our team is continually exploring new methodologies to push the envelope in artificial intelligence, ensuring that our clients benefit from the latest technological innovations.
For more insights, updates, or to collaborate on AI development projects, stay connected with **[fxis.ai](https://fxis.ai)**.
