GZV #31: Gen Z > Adults, and Shop Pay
Startups. Trends. Markets. All from a Gen Z view.
Welcome to all of our new subscribers! If you ever want my opinion or thoughts on something associated with Gen Z, just shot me an email.
Let me introduce you to… Realworld
Problem:
The skills required to be an adult aren’t exactly taught in school.
Solution:
“Providing Gen-Zs with a single point of entry to adulthood. Through a personalized, community-driven platform, Realworld simplifies big adulting decisions, recommends the best products and services, and tracks progress all in one place.”
Gen Z View
School doesn’t teach you how to be an adult so sometime needs to!
In most cases, your parents will help you navigate life after college, but you can’t be calling them 24/7, a platform like this can alleviate that.
The platform has a great UI/UX which makes it easy to read and navigate. Most of Gen Z doesn’t like to figure out a platform, it has to be intuitive like this.
Some quick numbers
Launched in April 2020
Since then has helped make 17k+ financial decisions
90+ playbooks across healthcare, finance, work, government, and life.
Fundraising?
Raising a $3M seed. Investors include Fitz Gate Ventures, Jeff Bezos, and Great Oaks VC.
$500k left in the round. Contact the CEO here.
Shopify expands its payment option, Shop Pay, to its merchants on Facebook and Instagram. - TechCrunch
Wait, what is Shop Pay?
Shop Pay is a feature from Shopify that allows users to pay at the click of a button. The API saves all of your information, address, credit card, billing address, so all you have to do when you check out is click “buy”.
Doesn’t the company Fast already do this?
Yes they do, but they aren’t a partner with Shopify, so it seems like they may have their first competitor. Shop Pay has historically only operated within Shopify, so the move to Instagram and Facebook is rather large.
Does Gen Z even buy products from merchants on Facebook or Instagram?
Honestly, no we don’t. From my view I have never seen any of my friends buy items from any of these social platforms. I think we know where we want to buy our clothes and we just go directly to the URL. Maybe though, the new generation of consumers (16-18 year olds) are buying through their social platforms because it is the most familiar to them.
Does Shop Pay help merchants at all?
Yes,
“Shopify claims Shop Pay on its own platform is 70% faster with a conversion rate that’s 1.72x higher than a typical checkout. It also includes order tracking and management, which, to date, have tracked more than 430 million orders across over 450 million miles.”
On top of this, in Shop Pay you can offset your carbon emissions, in 2020 alone Shop Pay help offset 75,000 tons of carbon emissions.
Does Tom ever see a world where his generation buys off Instagram or Facebook?
I will definitely not rule this out as a possibility, but I think it is going to be tough. My peers and I really know which brands we shop with. When we want new clothes we go to their website or their store location and buy the products we want. It is going to be really hard to change this consumer behavior.
Like I said before though, high schoolers are still figuring out their “style”. I wish I knew more, but i’m guessing that generation using the shopping feature way more than my friends and I. (for reference I am 20, and a junior in college.
Thats all for today!
Cheers!