Future Commerce Kate Fannin: “We Should Measure ROE — Return on Experience”
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Nov 29, 2024 Kate Fannin, a retail and customer experience expert with a rich history at brands like Gap and Estée Lauder, emphasizes the crucial need for meaningful customer connections in commerce. She argues that while technology has advanced, real human engagement remains essential. Fannin highlights the concept of Return on Experience (ROE), asserting that people don’t just buy products; they invest in experiences. The conversation also addresses the challenges of digital luxury marketing and the importance of integrating online and offline interactions for richer shopping experiences.
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A Retail Meet-Cute
- Phillip Jackson describes meeting Kate Fannin as a "meet-cute," connecting with her shared experience in retail.
- Fannin's background includes working with brands Jackson holds dear, establishing immediate rapport.
Internet's Unfulfilled Promise
- The internet's initial promise of global reach took longer and cost more than expected, not always meeting expectations.
- New channels often require retraining customers and adapting to existing context.
Focus on ROE
- Prioritize return on experience (ROE) over traditional ROI, especially in luxury retail.
- Focus on the entire customer journey and the intangible elements that create lasting impressions.