Fall-fit shopping gets less cringe… Hollister rolled out a check-out option that makes shopping with Mom and Dad less embarrassing. On Tuesday, the California-style teen retailer rolled out “Share2Pay,” which lets shoppers share their carts with parents (no awkward mall trips required).
- How it works: US and UK customers can text their digital shopping carts to the buyer (aka: Mom and Dad), who can use the link to add or remove items before paying.
- How it’s doing: After a soft launch, Hollister said customers who used Share2Pay placed orders nearly twice as often as those who didn't.
- Corporate parent: Hollister makes up over half of Abercrombie’s sales. But while Abercrombie’s namesake sales jumped 5% last quarter (thank: more jean sizes, fewer logos), Hollister’s fell 15% and Abercrombie reported a surprise loss.
“Enjoy the bucket hat, sweetie”... Gen Z accounts for a massive $360B in disposable spending power, more than double the estimate from three years ago. But with more teens interested in saving for retirement versus splurging, retailers are trying to boost sales by easing friction between the shopper and the payer:
Abandoned carts are a multibillion-dollar problem… Nearly 70% of online shopping carts are abandoned, costing retailers $18B in lost annual sales. It’s even harder for tween-fave brands like Hollister (only half of its Gen Z demo has credit cards). Now retailers are targeting a more reliable source to get shoppers to the finish line: their parents.