Gura, Our Mission for an Interactive and Data Centric Approach to Shopping, with Live Video
Hello, thank you for taking time out of your day to visit our new #gurablog. This is our first blog post, and I thought it would be a great place to share our mission, and ultimately our vision of Gura.
Like many other startups, Gura derived from insights and introspection. Shopping online is a solid mix of reading product descriptions, looking at photos, and reading reviews. This has been completely fine up to this point in time. But where it starts to deviate is for higher priced products. Typically, you would go into a brick & mortar store and speak directly to a sales representative to consult through the process of buying these higher priced products, to make sure you understand the product and can potentially try on the product. We thought there must be a better way to bring this consultative experience to online.
After doing some research, we found that there isn’t a great way to do this today. There are more traditional customer service tools such as Zendesk and others, that can help with more generalized questions online shoppers may have. But these services are more predicated on text chat with a customer success representative, as opposed to a face to face interaction with a sales agent.
Upon more research, we discovered that in 2019, for higher priced luxury goods, the online sales channel only makes up about 12% of their total sales. It’s incredible that in 2020, higher priced products are still reliant upon going into a store and not online.
This has been very much accelerated during coronavirus. With shopping malls and luxury stores closed, it’s expected that the luxury personal goods market will decrease 20-35% in 2020 compared to 2019, due to the world being locked down and not going into retail stores. We've already seen some stores start to reopen around the world and customers still aren't flocking back.
We thought, couldn’t there be a service that brings the best of both worlds of online shopping and brick & mortar shopping? That’s our vision of Gura. We want to give the online shopping experience another dimension, and the first step of this is with our live video solution to connect online shoppers to contextual product specialists. Think of going into a retail store, there are different specialists by department, and our software allows for the online shopper to connect to the relevant specialist of the product they are shopping for. Think of Telehealth for Retail or eCommerce, telecommerce.
There have been some anecdotal data points with workaround solutions using Skype video sessions allowing customers to connect with specialists on eCommerce stores. Conversion rates of the products in these video sessions were over 30%, while also reducing returns for the brand.
Live video shopping isn’t a new concept. It’s been happening in China for years and is already a $4B+ market today. This is expected to grow significantly in the coming years, and it is currently non existent for the most part in the United States today.
This brings us to the Gura mission, which is to help our customers sell more products to their customers using interactivity, data, and optimization.
So, this is our vision and mission of Gura. It’s pretty simple.
We're set to launch this month with our first client, and we’re already building enhancements to our software and dashboard to better optimize video sessions and sell more products.
If anyone has questions or wants to get in touch, or you want to integrate Gura into your eCommerce store, please don't hesitate to email me directly. Thank you so much for your time and support.
Co-Founder & CEO