Ecommerce brands in the health and wellness space are leaving significant revenue on the table by not enabling tax-free payments. This episode reveals how integrating HSA/FSA payment options on Shopify can unlock substantial tax-free consumer funds, increasing AOV, LTV, and conversion rates by allowing customers to save 30-40% on wellness products. Learn how to implement this strategy and tap into a massive underserved market.
Key takeaways
Implement HSA/FSA payment options on your Shopify store to allow customers to pay for health-related products with pre-tax dollars, increasing sales and customer loyalty.
Explore transitioning from a DTC-only model to include wholesale and retail to expand market reach and diversify revenue streams, as demonstrated by Kettle & Fire.
Focus on preventative health solutions within your product offerings, aligning with the growing consumer demand to fight chronic diseases and leverage available health funds.
Actively seek strategic investment or funding when necessary to scale operations and accelerate growth, rather than adhering strictly to bootstrapping if it hinders progress.
Leverage influencer marketing and strategic partnerships to build brand awareness and credibility, especially in niche health and wellness markets.
Justin Mares is the Co-founder and CEO of Truemed, a payment tool that allows health and wellness brands and providers to harness consumer tax-free funds. He is also the Founder of Kettle & Fire, the Co-founder of Surely and Perfect Keto, and an investor at Long Journey Ventures. Justin strives to make health accessible and sustainable and create a food system that heals rather than harms. In this episode… Nearly 90% of the US population is at risk of chronic disease. While health accounts like HSAs and FSAs give consumers access to tax-free healthcare, they can only use them to cover qualified medical expenses. DTC wellness brands can offer the option to pay for products with these funds. How can these brands optimize this payment method to drive conversions and growth? Health and wellness serial entrepreneur Justin Mares capitalized on a market need for affordable chronic disease prevention. Health, wellness, and supplement brands can integrate one-click HSA and FSA payment options into their Shopify sites. Consumer drop-off rates between add-to-cart and check-out are 30-50%, so when provided with alternative payment methods, consumers can save 30-40% a year on wellness products, increasing brands' AOV, LTV, and conversion rates. Consumers can even make interest-free monthly payments on more expensive products. Join William Harris in today's episode of the Up Arrow Podcast as he interviews Justin Mares, the Co-founder and CEO of Truemed, about his tax-free solution for consumers with chronic illness. Justin also talks about his experience bootstrapping a brand, including transitioning from DTC to retail, his methods for scaling and gaining brand awareness, and how he became a serial entrepreneur in the health and wellness space.
Frequently asked about this episode
What does this episode say about dtc strategy?
Implement HSA/FSA payment options on your Shopify store to allow customers to pay for health-related products with pre-tax dollars, increasing sales and customer loyalty.
What does this episode say about shopify & ecommerce platforms?
Explore transitioning from a DTC-only model to include wholesale and retail to expand market reach and diversify revenue streams, as demonstrated by Kettle & Fire.
What does this episode say about finance & fundraising?
Focus on preventative health solutions within your product offerings, aligning with the growing consumer demand to fight chronic diseases and leverage available health funds.
What does this episode say about customer retention?
Actively seek strategic investment or funding when necessary to scale operations and accelerate growth, rather than adhering strictly to bootstrapping if it hinders progress.
What does this episode say about dtc strategy?
Leverage influencer marketing and strategic partnerships to build brand awareness and credibility, especially in niche health and wellness markets.
