Future Commerce

We chat with Ingrid Milman Cordy about business growth and decline in 2020 and Walmart’s new partnership. Our EconomyThe way our economy is set up, big businesses are bound to thrive, even during economic disruption like COVID-19.Small businesses seemed to be the ones to cope best with the disruption, but the distinction of “essential businesses” shifted from small business to big business.Businesses like Amazon and Shopify doing well also signifies that the small and medium businesses that sell through them are doing well. The difference between growth and decline in small businesses in 2020 comes directly from being in the right or wrong industries given the current circumstances.Branding and Positioning in a Changed MarketSmall businesses that have seen growth this year should be focusing on retention.Businesses that saw the most decline were retail in fashion and apparel - but they could bounce back given they rethink their branding and positioning in the current market.COVID-19 didn’t kill these brands, they just sped up their already growing decline.The best branding comes from getting consumers to be emotionally attached to a brand, not just buying a commodity.Marketing plays a much bigger role in our community - in connection.  Walmart and ShopifyBig businesses should have a system to help small or local businesses.Walmart is teaming with Shopify and integrating small businesses into their model. They are realizing they cannot continue doing everything themselves and monopolizing markets.LinksIngrid Milman Cordy’s last appearance on Future Commerce, Episode 158: “Our Base Sense of Self is Heightened Right Now”Jeremy Cai from Italic on Future Commerce, Episode 170: “The Plan Was Always to Go Back to Membership”Walmart x Shopify Press Release: “Walmart Expands Its eCommerce Marketplace to More Small Businesses”Have any questions or comments about the show? You can reach out to us at info@futurecommerce.fm or any of our social channels. We love hearing from our listeners!

Read the Retail Rebirth Report here. Read Insiders #045: The New Dada Here. Read Insiders #046: The New Formal Here. Find us at Futurecommerce.fm, or reach out to us on Twitter, Facebook, Instagram, or LinkedIn. Have any questions or comments about the show? You can reach out to us at Hello@futurecommerce.fm or any of our social channels; we love hearing from our listeners!

We chat with Nilla Ali, the Senior Vice President of Commerce at BuzzFeed. Can content and commerce coexist within a platform? How does the shift into shopping digitally affect the way that retailers and advertisers reach to consumers?CONTENT AND COMMERCEThere has been an Increase in traffic and consumption on BuzzFeed during COVID-19.BuzzFeed Shopping has been introduced, a native checkout feature on BuzzFeed which optimizes a consumer’s experience and increases revenue for featured products.Creating content drives discovery and can enhance partnerships with retailers, providing an ease-of-use experience for consumers to get products through retailers.Because of commerce switching to primarily digital, content will start playing a huge role in those experiences. Content and commerce coming closer together is a natural progression.INTEGRITY AND CONSUMER TRUSTBuzzFeed Shopping has a self-regulating business model that is mutually beneficial to all parties.BuzzFeed has to understand their consumer well enough to recommend products and create an ease of use system for the consumer to use.Editorial integrity wouldn’t be skewed because BuzzFeed Shopping is enhancing what they’re already doing  - it’s not a threat or competition to retailers, but a way to coexist, to bring content and commerce closer together.BuzzFeed shopping is ‘employing the highest levels of integrity’ to prove trust with consumers. Providing customers not only with products to buy, but also with resources and details to aid them in making a good decision. LINKSNilla Ali’s last appearance on Future Commerce, Episode 144: "Affiliate Is A Very Tricky Word"WSJ - “Buzzfeed Starts Selling Products Directly to Consumers”

We talk with Jeremy Cai, CEO of Italic. We discuss what Italic is and how it is different than other DTC brands today.ITALICItalic offers subscription memberships with access to a thousand plus products at-cost - stepping away from mark-up retailing.Italic is moving less in a brand specific, single category product direction and more into a value driven lifestyle.Italic’s ‘secret’ lies in partnering with manufacturers instead of treating them as vendors.WHY IT WORKSThree primary reasons people purchase from Italic:ValueDesignEthics/SustainabilityItalic thrives by being able to sell to everyone - including those who buy specific brands - by having a wide range of categories to choose from. Italic appeals to the value conscious part of everyone’s shopping behavior.Investing in data, reporting, and understanding metrics early on in a start-up can be extremely beneficial by being able to be adaptable.  LINKSItalic’s membership signup waiting listJeremy’s first bootstrapped startup, “Not Pot”Crunchbase listing for Italic

What is NBC Universal CheckoutNBC Universal Checkout is a native shopping experience embedding within any NBC content page.Whether it's a text based article, a static page, or even a video, it can be transformed into a native shopping experience. When the viewer encounters a product, they can click on the product to see more information about it, add it to a shopping cart, pay, and check out all without leaving the NBCU site.Context is really important during the experience - finding alignment between retailers with product and property within a piece of content within their portfolio.Universal Checkout’s Launch on SYFY Wire After DarkOn SYFY Wire After Dark, they can play tastemaker by making trustworthy recommendations to their audience.They can also expose the audience to collaborative products, like the Wonder Woman 1984 sunglasses from goodr.Who’s the Retailer?NBC doesn’t see themselves as a retailer, but as a channel for retail partners.For partner retailers, orders that happen through NBC Universal Checkout drop into their eCommerce system as if they were actually placed on their own website, and then they can fulfill direct to the consumer and own the customer relationship going forward.Where retailers and consumers come together is a sort of audience-driven marketplace - which is important, especially in a time when commerce is shifting to primarily digital.NBC Universal Checkout will eventually move to other platforms, but for now is available only on the web.The Future of NBC’s Universal CheckoutNBC looks at this as a business opportunity on par with anything else that they're pursuing.NBC generates valuable shopping intent and Universal Checkout creates the opportunity to capture that intent.Right now, their focus is more in partnering with retailers than creating their own products and brands out of the existing NBC properties.Universal Checkout is only on the web right now.LinksEvan’s last appearance on Future Commerce in Episode 128 - Bringing Commerce Closer: Audience FirstNBCU’s press release for Universal CheckoutThe first Universal show using Universal Checkout: Syfy Wire After DarkSyfy Wire After Dark: How to Shop guide videogoodr Limited Edition Wonder Woman 1984 Sunglasses‍Evan’s Twitter, where he posts “bad memes too late”

Listen to Part 1 of the Nine by Nine Retrospect here

What makes a brand meaningful? We sought to answer this question in our recent report, Nine by Nine: 81 Brands Changing Our World. In this episode, Part 2 of 2, we sit down and reflect on the report and the categories included. See Part 1: Episode 165: What Makes A Brand Meaningful?Purpose Driven BrandsPurpose driven brands are focused on having alignment with their worldview. They state a purpose behind their brand and provide that to their customers. They make it clear what kind of world they want to build and are actively working to achieve that world.For these consumers, they base their purchasing on their lens through which they see their world, which is especially true for Gen Z and millennials.CEO and co-founder of Good On You says in the report that “It just goes back to having a core purpose and a core connection to the person that your brand is intended to serve and the problem that your brand is intending to solve.”REI is number one on our list because they’re doing so much more than just sustainability and ecology - even if they are a retailer and not a DTC brand.Bowery Farming is on the list - they do indoor farming without pesticides. Bowery Farming is tech centric and tech forward, using less water and producing more food in a more sustainable way.Sunday, who was recently on the podcast, gives a better understanding of home and garden from a philosophical perspective.Late Stage RetailAs retail has developed, we’ve seen more companies move to capture attention through subversive techniques, FOMO, etc. for conversion rate optimization.From the report: “These retail heroes are seeking to uplift underserved communities, create and market sustainable products, pay their employees a living wage and treat their suppliers ethically and fairly. They’re the founders of numerous DTC brands who are focusing on sustainable and ethical products, B Corp certified companies and even members of the Business Roundtable, which recently redefined the purpose of a corporation that speaks directly to our Future Commerce values.”Patagonia is at the top of this list for many reasons - they have stood against the encroachment of federal property on native lands, they’ve stood for Black Lives Matter, and they’ve led the movement of countercultural anti Black Friday events.This category is all about doing right by all people all the way across the board - even to your own detriment.After releasing the report, Everlane has undergone heavy criticism because of their practices - which in rethinking our list, they should not be included.Audience FirstThis category belongs to those brands who create an audience and then market products, goods, or services to them - like Kanye and Yeezy, Emily Weiss and Glossier, Virgil Abloh and Off-White, Ryan Kaji and Ryan’s World, Marie Kondo, and of course, five different Jenner/Kardashian brands.Joanna Gaines and Magnolia stands out - truly leading with content and then taking the steps to give their audience ways to buy in.Local HeroesChick-Fil-A tops this list. We wanted to cover more than just venture-backed or private equity backed brands. Chick-Fil-A, as a franchise model, has a great record in investing into its local communities. They’ve given an incredible amount of money back towards COVID relief.Ace Hardware is another on this list, allowing for local ownership just as much as Chick-Fil-A.Thistle Farms, with Becca Stevens, have created a brand carried in a lot of retailers including Whole Foods. Thistle Farms creates products that give work to survivors of abuse, having a 100% female employee base.Costco made the list for being a pioneer in wages and supporting their local communities.100 ClubThese businesses are defined as having raised no outside capital in exchange for giving up an ownership stake in the business. These businesses are on the long path to prominence.Many businesses in this category have been on our podcast, including - Industry West’s CMO Ian Leslie, Frank & Eileen’s Founder Audrey McLoghlin, and Farm Girl Flowers’s CEO and Founder Christina Stembel.“The 100 Club has the ability to stick to the core tenets of your brand and not sacrifice them for a bunch of suits.” - Brian Lange LinksCheck out our Nine by Nine report: 81 Brands Changing Our WorldSee our webinar with Klaviyo on Nine by Nine: 81 Brands Changing Modern eCommerceCheck out where our Nine by Nine report was featured:GQ: Not So Vain: C.A.R.L.Y.s Love Crocs, Memes and Social JusticeAdweek: These 81 Brands Are Shaping the Future of CommerceBusiness Insider: Meet the ‘Carlys’: The meme-loving young shoppers who ‘can’t afford real life yet’ - but will soon enjoy the biggest cohort of spenders in the USMorning Brew: Meet CARLY: Gen Z’s New, Socially Conscious ShopperIndependent Retailer: Meet The New Customer Demographic: C.A.R.L.Y.Women’s Wear Daily: New Report Asks What Makes a Brand Meaningful?Sourcing Journal: New Cohort of Young Consumers Values An Iconic Brand Aesthetic If you have any comments or questions about this episode, you can reach out to us at hello@futurecommerce.fm or any of our social channels. We love hearing from our listeners! ‍

In this episode, we chat with Kyle Hoff, co-founder of Floyd Furniture.  What is Floyd Furniture’s approach?Floyd started from looking at the amount of furniture consumed and thrown out after its use and the idea that furniture can be sustainable, adaptable, and kept for long periods of time.They began with a Kickstarter campaign based around their core idea and kept it simple with one product at a time.There are few DTC furniture brands. Floyd focuses on connection with their direct consumers in sticking with a product, improving it, and evolving it over time.Furniture manufacturing is saturated around Detroit - so most materials are sourced as locally as possible, with the goal of supporting those local communities. Pride in those communities results in better work and building a stronger community.Floyd doesn’t only focus on the sustainability of the furniture itself, but sustainability all around - in US manufacturing, ethically sourcing materials, leaving the smallest footprint for its entire manufacturing process, and being able to adapt more quickly to changes - especially during COVID. How has COVID affected business and what’s the near future look like?Originally had a drop in business in March, but since then, people have spent less money on experiences and more money on their homes - which includes furniture.As an eCommerce DTC brand, Floyd’s business has always been focused online, which is the only viable option during COVID.Priorities might be placed on different products, but because of the long-term investment of furniture and the constant demand, Floyd’s plan is remaining unchanged for the most part. LinksCheck out Floyd’s website or InstagramFloyd’s Crunchbase listingRetail Rebirth reportFuture Commerce InsidersStairway to CEO Have any questions or comments about the show? You can reach out to us at info@futurecommerce.fm or any of our social channels, we love hearing from our listeners!

What is Profitero?Profitero is a platform for eCommerce performance, measurement, analytics, and optimization for brands primarily in Europe, North America, and Asia.Profitero isn’t an agency, though it has similarities. Profitero doesn’t actually perform the work for the brands, but does create data and create tech to make that data valuable.Agencies have seemed to be expendable or interchangeable in the past. Profitero comes in to perform the “know-how” of an agency, but allows the work to be performed in-house. This allows for better visibility into the processes and its effectiveness.Some brands that Profitero works with are working with agencies that are managing their eCommerce DTC, their Amazon presence, their paid media, etc. and Profitero’s data helps to inform and optimize all of those processes.How are brands moving forward?“Everybody that was doing eCommerce is doing much more of it. Everybody that wasn’t doing it wants to do it. Either way, everybody needs to know: how do we do it and is it working?” - Keith AndersonCPG brands (Pepsi and Heinz, for example) have pushed into having their own DTC platforms. During COVID, CPG brands that traditionally relied on retailers had to push into having their own domains in order to have that direct connection value due to supply chain disruptions or limitations on “non-essential” items.“We need to de-risk our dependency on others for fulfillment of demand.” - Keith AndersonCPG to DTCFirst-party data about customers is valuable - knowing who they are, how they’re behaving, and having direct lines of communication.In having your own DTC domain, loyal customers have a place they know they can receive your full selection and in displaying that selection, you have full control over the way those products are presented and priced.Both Indirect (retail) and Direct eCommerce presences have value. Typically, these two branches lack communication with each other. COVID has pushed the realization that these organizational structures should be simplified so that brands can quickly and effectively adapt to a changing market.Brands should recognize that moving into DTC is a way to get closer to their consumer, get more control over their brand and customer experience, and be more personal with their consumer instead of looking to DTC as a singular pathway to your consumers or as a way to get discovered by new consumers.Anderson advises focusing on sustainability for long-term exponential growth: “The sooner you do the right thing, the better the outcome.” - Keith AndersonCommerceLiveProfitero hosted a webinar conference to help discuss the uncertainties of the global pandemic and what brands can do to stay ahead.“All of your scarce resources really have to be revisited during times of volatility, uncertainty and crisis.” - Keith AndersonCommerceLive wasn’t opportunistic, but very community-centric and community driven.LinksJackson Jeyanayagam’s appearance on Future Commerce, Episode 175: “Around You, On You, In You”Profitero’s CommerceLive video replay galleryVisit Profitero’s websiteConnect with Keith Anderson on Twitter Have any questions or comments about the show? You can reach out to us at info@futurecommerce.fm or any of our social channels, we love hearing from our listeners!

We all feel it: the rhythm of retail has been disrupted. Current events have changed the way consumers shop and Future Commerce has partnered with Gladly to bring you Retail Rebirth: a report that will inform retailers what this "new normal" is and how consumers plan to spend.