And for the time-pressed, here’s the speed summary of key insights/takeaways. Brilliant.
The future is e-commerce; offline commerce will serve only two purposes: immediacy(stuff you need right away), and experiences (showroom, fun venues).
But immediacy may no longer a promise for offline commerce companies as both Amazon and eBay have announced same day delivery.
The role of offline lies in the value of the “showroom” and “entertainment” aspects to places like Williams Sonoma. The future of commerce is a hybrid model with (entertaining) showrooms + online fullfillment
The future of e-commerce is combining online and offline experiences in disruptive ways. (Chloe + Isabel, Warby Parker, Everlane, and Stylemint)
There is no such a thing as e-commerce any more. There’s just commerce. You can innovate in commerce with technology, but the e-commerce silo is dead/dying (mobile payments are disrupting/removing the online/offline divide).
The future of e-commerce is vertical integration in markets where there is significant markup in both wholesale and retail (think Shoedazzle, Bonobos, J Hilburn, Warby Parker, IndoChino).
Few successful e-commerce companies were started in the early 2000s, although a slew of recent new entrants appear to be getting traction - flash sales, social commerce,subscription commerce and other new “content + commerce” models
The first wave of e-commerce was about commoditization this wave online and offline is about being a “merchant” (point of view, authority, experience etc).
The key equation driving e-commerce is: profit = lifetime customer value minus customer acquisition costs
“If it has a UPC code, Amazon will beat you.”
Before you enter the e-commerce game, visit an Amazon warehouse.
E-commerce is good for two things – price and exclusives. Amazon will beat you on price, so you have to beat it on exclusives.
The only way to escape commoditization and catalogue commerce dominated by Amazon is to a) sell used stuff, or b) make your own products (or provide a marketplace for those things), or c) (possibly) offer customisation
Be wary of e-commerce businesses based on customization – they’ve existed for a decade (cafePress, Shutterly, Vistaprint) and yet none are thriving. Customers don’t want customization, they want great brands and great design, and they want to be told what they want.
The e-commerce opportunity is to contribute to the e-commerce ecosystem rather than sell directly yourself; four opportunities – 1) supply chain innovation, b) marketplaces, c)e-commerce solutions for small businesses, d) mobile payments
There’s room for innovation in the space as long as the ecommerce company creates value for all participants – the retailer, the supplier and the customer
To make money in e-commerce, you need to sell in emerging markets where there are no huge incumbents
Compete in an industry with a grey market, where consumers are willing to pay higher prices for reducing risk, for authenticity, and warranties
The opportunity is to venture into segments where Amazon won’t go (adult, arms… !)
The opportunity for e-commerce success is a) sell to iPad owners (iPad owners are 10x more valuable than non iPad owners), b) mobile commerce (nobody owns this yet), and b) target your customers who use social features (3 to 4 x more valuable)
You can’t sell to people who know exactly what they want – Amazon owns that; focus instead either a) ‘discovery‘ (“the best place to discover the stuff you don’t know you need”) or b) deep domain expertise
to succeed in e-commerce, you need to sell exclusives. You can’t sell stuff that Amazon sells, Amazon will crush you
Amazon is not a store, it’s the world’s best supply chain and logistics company. Amazon is transforming from a retailer to a marketplace+services provider over time.
Domain expertise, live assistance, and overall experience are the critical success factors for success in a market where price-competitiveness and scale rule
Necessary (but not sufficient conditions) for e-commerce success are a) remarkable, unique and branded experience and remarkable, unique and branded service; do what Apple, Tiffany & Co., Coach, Lululemon do in bricks and mortar commerce, but online
Mother Superior called a young novice into her office one evening. ''Now dear, I want you to give the Father his nightly bath. You are to do as he tells you and be sure to report to me in the morning,'' she said.
The novice agreed to do as she was told and went to prepare the Father's bath. Doing as she was told, the novice washed the Father's hair and back. While she was doing this the Father told the novice that he had the key to heaven. The Father told her that if his key to heaven fit her gate, she would be saved.
London: January 20, 2015 - In the long-running debate over suite versus best-of-breed solutions, marketers are divided down the middle, according to an independent research study released today. But regardless of how they build their technology “stacks,” marketers say neither model solves the key challenge of how to gather, merge and activate their cross-channel data.
Aer Lingus has confirmed that its board is considering a sweetened offer from British Airways owner IAG.
The Irish flag carrier said IAG had raised its all-cash offer to €2.55 (£1.90) per share, including a cash dividend per share of five euro cents.
It added that the proposal remains conditional on due diligence, board recommendation and the receipt of "irrevocable commitments from Ryanair and the minister of finance for Ireland" to accept the offer.
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Small firms are being ‘plagued’ by a poor payment culture, with some respected household brand names ‘abusing’ their suppliers, it was claimed last night.
The accusations came as it emerged that US consumer giant Heinz has more than doubled the length of time it is making small British suppliers wait for bills to be settled.Leading lobby group the Federation of Small Businesses said large companies were being ‘tarnished’ by their treatment of small suppliers and that their behaviour is damaging the reputation of business as a whole.