Sep 13, 2019 | By Athena Chen
Experience the leading provider of consumer foresight.
Jan 23, 2019
A new retail concept launched last week, backed by the former CEO of Neiman Marcus and of Macy’s.com. But investment aside, app-based Storr is interesting in its own right, launching as a new digital marketplace that allows anyone to ‘open a store from their phone in three clicks’.
The idea is that consumers can buy ‘new, brand-name products directly from their friends or people they follow’, building on studies that indicate consumers regard their network as the ultimate influencers, rather than celebrities or other paid spokespeople.
“Brands handle shipping and returns, and people make a 15-25% commission instead of traditional retailers,” the company said. It means consumers can buy from each other on Apple and Android devices, the web, and even directly from within Instagram, Twitter, and Facebook.
“There’s a Robin Hood feel to the platform,” says Eric Senn, founder and CEO. “You can buy new products from household-name brands directly from people you know. The money that would typically go to a company like Amazon or Macy’s now goes to the person you buy it from – and there’s no mark-up”.
As well as including some serious retail experience among its backers, Storr is also being backed by baseball star Alex Rodriguez, fashion stylist-turned-entrepreneur Elyse Walker, David Sacks’ Craft Ventures and Abstract Ventures.
Storr claims to “signal the decentralisation of a $3trn global retail market dominated by large corporations,” added Senn. “Airbnb and Uber democratised hospitality and transportation by empowering the average person to use their personal assets to generate income. Storr falls into this category, too. Anyone with a phone can create a store. [It] accelerates the transition from centralised, channel-first commerce to decentralised, people-first commerce.”
But of course, no online retail business and can thrive without getting brands on board. The company said it’s already “working over 150 brands including adidas, Re/Done Denim, Solid&Striped, La Ligne and Jonathan Simkhai to name but a few, and is on-boarding new brands daily.”
It takes mere minutes for a brand to integrate with Storr, and the platform hopes to feature thousands of brands across several verticals in the near future. Still in it’s infancy, it’s already partnered up with some high-profile brands.
Scott Zalaznik, SVP of Digital at adidas said, of the sport giant’s involvement: “adidas is the creator sports brand. We’ve always found inspiration in the creative community. Our strategy going forward is to democratise creativity, to empower creators to make an even bigger impact and make sure they have tools like Storr to create the new”.
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