[ 02:32-04-26 ] What makes for an excellent online shopping experience
Often it takes a long time for other retailers to maybe recognize the importance of some of those features. I think that many of them have just omitted to realize what an important part of their customer experience is. Or maybe content management systems don't make it. So, you know I think that it's a very long-winded answer to your question. But I think that there's still lots of room for improvement, you know, to be very successful in eCommerce.
[ 05:38-06:38 ] What kind of personalization enhances the customer experience?
You know 99% of the data points that you have about a customer are not that useful. But things like this, which are kind of how can I help you? How can I get my product to you faster? Because I know that geographically I can get it to you. That's a great illustration of welcome personalization. That is useful personalization.
[ 08:14-11:02 ] What KPIs should retailers look at?
There's a variety of pretty established metrics that retailers already look at. It's important to understand things like your average order value but push it a little bit further to take it at a segment level, like, what is it for new customers v/s existing customers. Are there certain demographics, or certain segments, or certain types of consumers that end up being more lucrative for you? And understanding and capturing that kind of information over time.
[ 17:45-19:49 ] Why the online shopping experience is broken
I think that one of the most important things is to hire somebody who knows DTC and understands how to sell in eCommerce. And one of the things that I don't see especially with CPG. CPG are some of the biggest you know kind of violators of this - is that they don't have DTC talent. But they're not people who really either know eCommerce or are empowered to really kind of own a P&L or they're not responsible for a meaningful P&L. So you end up with a lot of weak experiences at least in that sector.
[ 28:53-30:34 ] What kind of ideal relationship between online and offline retail.
I think that it's different for a retailer where you own the customer relationship in both channels you know v/s for brands where you know, kind of their eCommerce channel, their owned eCommerce channel, they get more data than other digital eCommerce channels that they don't own. And I don't see a ton of companies explicitly trying to incent behavior that is financially viable to them and that they think is competitive with Amazon. I mean, if you're selling unique products, you know you're in a much better position to, you know, kind of do things on your terms.