Savy entered the Shark Tank with a startup that allows customers to shop for clothing online and make an offer on how much they’d be willing to pay for it. If the offer is accepted from one of their 1,000-plus retailers, confirmation is sent via email. Using a data-driven pricing strategy, it benefits both the businesses and consumers.
Here’s what else she told us about…
How the Idea Came About in Her High School Class
I got the initial idea for my startup back when I was a junior in high school; I was sitting in my AP European History class (sorry Mr. Endres!) and noticed one of my classmates shopping online in a rather peculiar manner. She’d find an item she liked and copy and paste a link to it in a giant Google Doc which was filled with links to other products. When I asked what she was doing, she told me that she was manually price tracking the products she was interested in. That’s when it hit me – price is really important!
How it Works
Savy is a win-win for both customers and businesses. Customers can discover their style at their price by shopping from any of our 1000-plus retail partners. When they find an item they love, they can enter how much they’d be willing to pay for it and we’ll email them if their price point is met. Our partnered businesses get direct feedback about their product pricing, access to customers’ emails, and also become a part of our awesome community of Savy Stores.
Feedback So Far
Partnered businesses love being part of the Savy Stores’ community and have mentioned that the data Savy has provided has been incredibly useful in pricing for sales. Our paid tier is currently in beta with two large clients. So far, it has significantly increased buyer and Add to Cart conversions and has also provided a 20 percent increase in revenue for products included in our tests.
Nerves in the ‘Tank’ & Advice to Future Contestants
I was incredibly nervous! I grew up watching Shark Tank, so being in front of the Sharks and pitching my company was fulfilling a childhood dream of mine. Also, that was the first time I’d ever been on a film set – every moment was new and captivating. Being in the Tank was such a cool opportunity that I am endlessly grateful for…Be yourself! Everything you’ve ever wanted is on the other side of fear, so laugh, be playful and fun. Don’t take slights against you or your product personally.
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