Ecommerce still in early stages: Former Snap Inc. chief strategy officer
Verishop founder and former Snap Inc. chief strategy officer Imran Khan talks about e-commerce and his company that allows shoppers to utilize experts in selecting their clothes.
E-commerce may have been around for a while, but it's got a lot of growth potential, especially in the fashion industry, according to former Snap Inc. chief strategy officer Imran Khan.
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"If you look at e-commerce right now, it's only 11 percent of overall retail sales," Khan told FOX Business' Stuart Varney on Tuesday. "I think in the next decade, it will be 40 to 50 percent."
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Experts agree, with the latest census data showing U.S. retail e-commerce sales in the third quarter of 2019 was $154.5 billion, an increase of 5 percent from the previous quarter.
Khan put his money where his mouth is and became the largest shareholder in Verishop.
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Verishop is an e-commerce shop for luxury items but with a special twist. It has a personalization aspect with no subscription model.
"We have a group of buyers who have 100-plus years of experience, and they're tastemakers, and they go all over the world and find products for you," Khan, the founder of Verishop, said on "Varney & Co." "For example, we are getting 10 fashion brands from Korea. We are getting fashion brands from Scandanavia, from Argentina, all over the world, to find the best products for you."
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Another aspect Khan touted was his company's free, one-day shipping.
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"We have the fastest free shipping on the market; better than Amazon," Khan bragged.
Khan credits his dedication to customer service as to why quick shipping is crucial to his business model.
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"I want to focus on delivering the best experience for consumers, helping them find great products, to give them the best price and the best convenience," Khan listed. "I fundamentally believe that you give money to your customers as opposed to spending a lot of money on Facebook and Google."
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