Company Expects Launch to Increase Momentum by More Than 10X
NASHVILLE, Tenn. & NEW YORK--(BUSINESS WIRE)--Today Croissant, the first fintech tool to empower users with guaranteed resale pricing (called Guaranteed Buybacks™) while they shop for apparel and accessories, announces the official launch of its consumer app out of beta, offering the industry’s first “shop now, sell later” resale experience for iOS.
Building on the success of Croissant’s existing shopping tools, the app provides customers guaranteed resale prices while they browse on their iPhones at over 100 leading brands & retailers via the newly launched Safari mobile extension. Croissant’s new app also allows customers to seamlessly sell past purchases through an industry-first Gmail sync feature.
Whether shopping or syncing, Croissant users see the aggregated resale value of their eligible items in one clean interface and can sell items in a matter of taps, with no photos or resale listings required. In a major advance for the industry, users are able to ship for free and know the exact value they will be paid out immediately upon Croissant’s receipt of their goods. After Croissant receives the items, it leverages its listing technology to find new buyers within the existing secondhand ecosystem.
The “shop now, sell later” model proposes less risk and more financial empowerment to the customer than the “buy now, pay later” model that has become popular in recent years. Importantly, Croissant’s shopping tools and new iOS app are entirely free for customers to use.
“Resale can be rewarding, but being a reseller is a lot of work for an uncertain outcome. According to our research, 75% of U.S. customers want an effortless, transparent way to participate in the resale economy beyond the existing resale marketplaces and consigning options. Croissant’s iOS app ties together all of the pieces needed for a delightful and rewarding resale experience,” said Croissant CEO and Co-Founder John Howard. “For the first time, users can channel the power and convenience of Guaranteed Buybacks™ on a single device - from the moment of purchase, all the way to the point of payout. The way we shop and resell will never be the same.”
The Croissant app makes resale dramatically more accessible. The integration of guaranteed, AI-generated resale prices and streamlined selling in one app is attracting a broader audience to the resale economy, including those who previously found it challenging to participate in secondhand transactions. 26,000 customers have already used Croissant, and the company expects the launch of its mobile app to increase recent momentum by more than 10x.
Shopper enthusiasm for Croissant’s services is also translating into benefits for retailers. Since the company’s launch in July 2023, Croissant reports that both affiliate and direct partners such as Neiman Marcus, Shopbop, and HATCH are seeing a 50% increase in average order value (AOV), and customers are spending an average of $2,500 per year through Croissant.
“Globally there’s over $2 trillion dollars of resellable inventory sitting in closets, representing a latent asset class the same size as the entire cryptocurrency market. A major part of our mission is helping people understand and unlock more of their existing net worth, rather than taking on unnecessary consumer debt while shopping. And with more spending power comes greater economic activity, which is why our partner retailers are experiencing such significant revenue gains. Croissant's iOS app is the next step in channeling this generational opportunity to benefit customers, retailers, and the resale ecosystem overall,” said Howard.
Download the Croissant iOS app here, and learn more at www.croissant.com.
About Croissant
Launched in 2023, Croissant is on a mission to empower intentional commerce by building financial technology for the circular economy. Croissant offers customers Guaranteed Buybacks™ at over 100 retailers and brands via seamless e-commerce integrations and shopping extensions for desktop and mobile devices. Shoppers are inspired to buy what they love today while locking in what it’ll be worth tomorrow, and retailers are afforded a boost in full-price sales through higher average order values and stronger customer loyalty. In 2024, Croissant was included in The Leading 100 list of innovative tech startups driving the future of B2C. Key investors include Portage, Third Prime, BoxGroup, 25madison, Twelve Below, XRC Ventures, and KKR Co-Founders George Roberts and Henry Kravis. To learn more, visit www.croissant.com or connect with us on Instagram and LinkedIn.
Contacts
Media:
Amanda Bell
XRC Ventures
Amanda@xrcventures.com