U.S. Markets closed

Verishop takes on Amazon, says retail must embrace 1-day delivery

McKenzie Stratigopoulos

Startup Verishop is ramping up the online retail battle against Amazon (AMZN), with its CEO arguing that rapid customer deliveries are a standard the industry needs to embrace.

Verishop, which launched back in June, has a basic premise to offer verified brands only, with no third-party sellers allowed.

Co-Founder & CEO Imran Khan explained to Yahoo Finance’s YFi PM the site is debuting free one-day shipping for all purchases without a membership fee, or minimum purchase amount required.

That strategy differs from Amazon, which just expanded its free one-day shipping to Prime members. Other big retailers have also moved to expedite customer shipping.

“I completely believe that over the next decade, one-day, free shipping will be standard,” Khan said. “That’s how the world is moving, and we want to push it forward. And I think every retailer has to embrace that.”

Online startup Verishop is ramping up the retail battle against Amazon. (Courtesy: Getty)
Online startup Verishop is ramping up the retail battle against Amazon. (Courtesy: Getty)

The Verishop CEO also explained he wants to work “very closely” with delivery giants like FedEx (FDX) and UPS (UPS) to make the expedited shipping possible.

FedEx cut ties with Amazon back in August, ending ground deliveries in the U.S. for the company.

Meanwhile, Verishop is also hoping to capitalize on the tech giant’s recent troubles.

Among the vast number of products available on Amazon’s site, a recent Yahoo Finance investigation revealed how some third-party sellers are taking advantage of loopholes on Amazon’s platform. In some instances, unsafe items are available for purchase on the site.

“I think in the e-commerce space for all this marketplace there is need of a retailer where all of the products are sourced by the brand, sourced from the brand directly. And that’s what we’re doing,” said Khan, who’s also a former Snap (SNAP) executive.

Reserve your AMS ticket here!
Reserve your AMS ticket here!

McKenzie Stratigopoulos is a producer at Yahoo Finance. Follow her on Twitter: @mckenziestrat

Read more:

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.