Retail eCommerce Ventures: Crack the Success Code!
Like the aftermath of the apocalypse for physical storefronts, the past decade has been through an enormous amount of change in the way we shop.
As a child, a teenager, and even through my twenties, if I wanted to buy something, the easiest and quickest way to get that GameBoy or Walkman was to waltz my ass through the doors of the nearest Circuit City or Radio Shack (and pick one up from that incredibly nice, pimple-faced fellow from school).
Take a moment and look around. Do you notice anything missing? You’ll see that many of the stores you grew up with have become ancient history — But where did they all go?
Some stores simply failed, no other way to put it – They went belly-up and couldn’t adapt to our quickly changing world.
But, some were able to evolve with the times and morph from a strictly brick-and-mortar business model into a highly profitable eCommerce powerhouse. So, how could they make this happen if their profitability was already circling the drain of the crapper?
In walks Retail eCommerce Ventures, like the new sheriff in town busting through the saloon doors to clean up the riff-raff.
Here’s what I’ve got in store for you today.
- Who is Retail eCommerce Ventures?
- How does REV affect the retail landscape?
- What can we learn from the REV model?
- How can we use these tactics in our eCommerce ventures?
- Frequently asked questions
- Wrapping up
Who is Retail eCommerce Ventures?
REV’s mission is to prop up and boost ethical companies, with the end goal of helping to create a more “abundant and sustainable” future. Which in their words: “moves the needle for both our investors and the world at large.”
To me, that sounds like a bunch of trendy buzzwords rolled up into one statement, and isn’t inherently clear what exactly it is that they do.
But, what is evident right off the bat is that Retail eCommerce Ventures is legit, it’s not just some made-up website that’s run by a 40-year-old in some dank basement of Moscow.
REV is headquartered in Beverly Hills, California, and was co-founded by Mr. Alex Mehr, Founder of the online dating giant, Zoosk, and Tai Lopez, an actual business and investing guru in 2019.
It might be too early to tell if they’ll be around for the long haul, but I would put money on this being a winning team.
So, what does REV do?
REV is best described as an investment group that does more than just pump money into failed (or failing) businesses. They actually do the footwork to breathe new life into some of the most iconic retail brands, struggling to adapt to the eCommerce-first age we live in.
From my point of view, the best example of what they do is REV’s acquisition of Pier1 Imports. At its peak, Pier1 boasted around 973 physical locations across the US. Mostly due to the eCommerce boom in the last few years, Pier1 was clinging to life before finally deciding to shutter all of its locations and throw in the towel.
With the assistance of investors, REV acquired the brand and turned this beloved American physical home decor retailer into a thriving online store. Phew – That was a close one!
Retail eCommerce Ventures, LLC is now responsible for brands and products that have generated upwards of $1 billion in revenue, including a $258 million exit for Mehr’s Zoosk platform.
Why do they do it?
From what I can tell, these guys actually care about struggling physical-first businesses – it’s not all about the money.
By forming partnerships or acquiring the brands that we all hold dear, REV saves them from certain doom by transforming them into online shopping experiences (all while keeping with the voice that made us love them in the first place).
A “win-win-win” situation:
- Investor-Friendly – The goal is to rapidly scale businesses for maximum returns for investors while reducing risk through the use of REV’s extensive human resources and deep industry knowledge.
- Employee Focused – They consider REV employees as their most valuable resource with a focus on cultivating an open and supportive work environment to unleash their full potential.
- Positive Impact on Society – Their mission is to create companies that make a positive difference in the world, and hold all of their companies to the following principles: sustainability, affordability, growth, integrity, and excellence.
Deep down I think these guys (and their investors) feel the same way that most of us do. They don’t want to see these iconic retailers vanish if there’s something that can be done to help keep them alive!
How does REV affect the retail landscape?
The physical retail market is dying, little by little. Hundreds of brick-and-mortar locations are closing for good. That goose is all but cooked, and REV is not interested in saving in-person trade.
But, if we take a look at what they’re doing within eCommerce, it could, and most likely will affect retail in a big way.
Let’s consider branding for a moment. When we start an eCommerce business, a humongous portion of our time and energy is devoted to building consumer trust and making a name for ourselves, am I right?
Well, REV is taking some of the biggest, most well-known, trusted names in retail and converting them into online stores. Essentially, they get to skip one of the toughest parts of marketing a new shop. They already have a wide and loyal customer base!
For more, see How to Make Money on Shopify: 42 Unique Business Ideas
What does this mean for the rest of us?
Fortunately for most of us in the eCommerce game, the specific industries that are being transformed into online stores aren’t necessarily “heavy hitters” – Not yet, anyway.
There are other groups out there that are competing with REV, but for now, most of us appear to be safe.
Try to keep in mind; you hopped right into eCommerce from the get-go, so even though a company such as Pier1 may now be a competitor of yours (if that’s your industry), and while it is true that they’ve got a loyal following, you’ve built your own fan-base! Customers will always see the two of you differently. It’s kind of like comparing apples to oranges when you think about it that way, right?
What can we learn from the REV model?
Most new and intermediate Shopify sellers can’t come up with the $500K minimum investment to work with REV, and buying a failing, iconic retail business on our own is a total pipe dream. But, there are some things Retail eCommerce Ventures is doing that we can copy.
If you take all of the “big names” and multi-million dollar investments out of the equation and look at the actual online stores they’ve created – and tactics they’ve employed – you’ll begin to see quite a few similarities between their creations and yours.
So, concentrate on REV’s final product and check out what makes their online stores so appealing to shoppers.
I like picking on their Pier1 site. So, I’ll once again use them as an example.
When you first land on their site, a full-screen pop-up game will appear that gives visitors the chance to get 10% off their entire order! This is some genius, in-your-face marketing/lead generation if I’ve ever seen it. The cool thing about it is that visitors won’t even mind handing over their email address because they just played a game, and got a sweet little discount in exchange before they’ve even browsed a single product – Whoa.
The next thing you’ll notice is a fairly large sale banner complete with a countdown timer and the discount code to use at checkout. This is standard stuff, but it’s worth mentioning. The timer creates a sense of urgency, the design is eye-catching, on brand, and makes visitors feel like they’re getting an exclusive deal.
In addition to the banner, they’ve got a scrolling reader bar that is constantly reminding customers of the advantages of shopping with them. On Pier1.com the reader bar shows: “Free Shipping on All Orders Above $149” and “Want to save more? Join Pier1 rewards today for free shipping offers | Extra 10% off everything”.
The remainder of the site is nothing out of the ordinary, I can safely assume that your eCommerce store already includes a lot of the same features. When it comes down to it, REV is just another online retailer, the same as you!
How can we use these tactics in our eCommerce ventures?
Aside from laser focusing on your CTAs and other on-page marketing strategies, there are plenty of apps that help guide your customers through the sales journey toward the final checkout process.
As you can tell by taking a peek at some of REV’s online stores, they are the masters of marketing. But nothing that they do is out of your reach, you can emulate them in more ways than you think!
Consider adding a couple of ultra-helpful apps to your site, I’ve taken the liberty of pulling together a few awesome ideas that will not only improve the customer experience but also boost your bottom line.
1. Island
Unlock higher sales with Island – the product page upsell popup app. By adding a conversion-driven popup when customers click on “add to cart,” you can encourage them to purchase not just the item they’re interested in, but also related products and accessories.
This simple addition of Island to your store can increase your average order value and maximize revenue without needing more visitors. Ideal for upselling across a variety of categories.
2. Sweet Upsell
Sweet Upsell is an automated upsell application that seamlessly integrates with all payment providers in the native checkout.
Boost your revenue effortlessly with post-purchase upsells displayed on the order confirmation page, no developer or designer is required! The order confirmation page is a valuable space where you can offer upsells to increase your revenue and average order value.
If you’re not utilizing Sweet Upsell on the standard Shopify order confirmation page, you’re missing out on potential earnings.
3. Fondue Cashback Promotions
With Fondue Cashback Promotions, you have the power to make choices that not only enhance the shopping experience but also increase revenue and profit for your business. Say goodbye to traditional pre-purchase incentives like coupon codes and say hello to a new level of empowerment.
With Fondue Cashback, customers can easily see their eligibility for Cashback offers throughout their purchase journey. The best part? They’ll get to decide how to redeem your Cashback rewards post-purchase. Whether you prefer gift cards, cash, or upcoming options, the choice is yours. No more settling for generic discounts that prioritize revenue over profitability. Fondue Cashback lets you tailor incentives to keep customers engaged. Enjoy bonus values on gift cards, discounts to help you convert, and even recapture revenue when shoppers choose not to redeem a discount they don’t need.
Whether it’s sitewide or URL-based promotions, you have the opportunity to benefit from tailored offers. Plus, you can decide if they can be combined with other ongoing promotions, giving you more control over the shopping experience.
If you love A/B testing, Fondue Cashback has you covered. Utilize URL-based Cashback to segment customers, ensuring they receive targeted promotions that truly resonate.
Rest assured, you’re in control. Fondue Cashback allows you to create or suspend Cashbacks manually, addressing your individual needs and providing a personalized shopping experience.
4. Pixelio
Pixelio is a user-friendly app that enables you to track and synchronize multiple Facebook and Instagram pixels, including the conversion API for iOS 14, ensuring you never miss a single bit of data.
The app allows you to easily add and manage multiple Facebook pixels without any coding or technical skills required. The pixel code is seamlessly installed on your store by Pixelio, and the more events and data that are collected, the better your optimization and chances of increased conversions will be.
With Pixelio, track all your events in the backend, maximizing the potential of your ads across Facebook and Instagram. Integration with all Shopify themes ensures that you won’t miss a single sale.
5. Upsell & Cross Sell – Selleasy
Selleasy provides a variety of options to increase your average order value. Customers are encouraged to purchase additional items through pre and post-purchase upsell offers. These offers can be generated manually or through automated product recommendations.
Selleasy is also compatible with multi-currency and multi-language Shopify stores. Their widgets are subtle and can be customized to match your store’s style, and also offer free assistance with setup through Zoom, chat, or email.
The upsell options include displaying Amazon-style “frequently bought together” product bundles, suggesting cross-sell addons on the product page in a list or grid format, presenting a pop-up upsell funnel or add-ons based on the items in the cart, showcasing a one-click upsell page after checkout, and cross-selling related products through the “thank you page” upsell.
Frequently asked questions
Is Retail eCommerce Ventures legit?
The short answer is yes, they are a legitimate investment opportunity, and do in fact transform failed physical retailers into successful online stores. If you’re asking if it is a good investment opportunity, I can’t give you an answer to that, but I will say that it seems like the risk is pretty freaking high for such a large minimum investment. Use extreme caution.
What companies does Retail Ventures own?
The complete and most current list of their holdings can be found directly on REV’s homepage – a few of the names you’ll recognize are Pier1, Tuesday Morning, Radio Shack, Stein Mart, Linens-N-Things, and The Franklin Mint.
Wrapping up
In conclusion, Retail eCommerce Ventures (REV) is an investment group with a mission to help physical-first businesses transition to successful online retailers. By doing so, they aim to create a more stable and sustainable future.
The acquisition of Pier 1 Imports is a testament to its ability to transform a struggling physical store into a thriving online business.
From what I can tell, REV treats their employees like gold, strives to make a positive impact on society and their investors, and is dedicated to conducting business in a sustainable manner.
The retail industry is evolving quickly, and REV’s influence on eCommerce could potentially have a significant impact and will help prevent the permanent closure of some of our most beloved retailers worldwide.
The last thing I need to say, and I really need you to hear me on this one. I am in no way suggesting that investing with REV is a surefire way to “get rich quick“. There is a high likelihood that you won’t see incredibly high returns, and if you do, it’s almost guaranteed to take a good long while. All I’m saying is I like their mission, and I’m happy to see some of these iconic stores being saved from the funeral pyre.
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Chad is a Freelance Copywriter & the Founder of Jensen Copy. He's an expert in SaaS, technology, and travel (he's also done data center network maintenance, underwater repair, and CDL driving professionally). He's best known for providing a humorous, knowledgeable, no-B.S. view to everything he writes. Plus, he's fun to drink with -- Maybe he'll buy you a beer sometime and tell you some stories that should probably never be printed.
