eCommerce Podcast Data Driven Ecommerce with Friedrich Schwandt
In this episode of the Ecommerce Podcast, host Matt Edmundson interviews Friedrich Schwandt, founder of ECDB, about leveraging ecommerce data for business success. They discuss the importance of data analysis in ecommerce, surprising market trends, and strategies for building profitable online businesses. Friedrich shares insights on international expansion, the rise of social shopping platforms like TikTok, and the challenges of relying on marketplaces for sustainable growth.
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Timestamps:
0:00 Intro
7:48 The power of numbers in communication
13:14 Gathering and analysing ecommerce data
18:49 Starting an ecommerce business in beauty
23:07 Surprising trends in global ecommerce markets
27:55 TikTok Shop's potential for early adopters
31:35 Building brand loyalty for long-term profitability
37:01 International expansion opportunities for ecommerce businesses
41:01 Connecting with Friedrich and ECDB
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Key Takeaways:
1. Focus on Profitability Over Growth:
Friedrich emphasises the importance of prioritising profitability rather than just growth. He states, "You really do it only for the profitability. And if that is true, again, that means basically all your actions should be questioned by do I believe... I can really develop a profitable business?"
2. Be Cautious with Marketplaces:
He advises against relying heavily on marketplaces for day-to-day business due to intense price competition and diminishing margins. Friedrich mentions, "If a marketplace is basically the channel for new customer acquisition, I agree. And then work on it. But if it's basically for your day-to-day business, I don't think it will work."
3. Consider International Expansion:
Friedrich highlights the benefits of exploring international markets once a niche is established. He shares, "Once you found your niche, and you are absolutely sure, [international expansion] is something which I would always recommend to others."
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