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business e-commerce Editor's pick Podcast Retail technology

From recession into a prosperous new normal

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Entrepreneurialism is about tackling fundamental problems and trends that the world faces today, says billion dollar investor and leading internet entrepreneur, Kevin Ryan, on the latest episode of the Innovators podcast.

Ryan has founded and sold several billion dollar businesses, including Gilt Groupe, Business Insider and MongoDB. He credits his success with taking a problem-centric approach, directing his attention next to crystal meth, autism and maternal health with his new ventures. He advises entrepreneurs and business leaders to do the same – focusing on long-term trends, great products and consumer needs, as opposed to short-term pressures, something he believes traditional retailers have failed to address.

“Creative destruction is an important part of our economy. And it’s working,” he explains. “If you’re in football, and you’re down two touchdowns, you’re gonna have to throw the ball. You may not win, but it’s the right move to start throwing the ball. And Macy’s didn’t throw the ball. And so I think they really deserve where they are.”

Moreover, during a time when we’re surrounded by stories of retail’s struggle to adapt – it’s easy to feel despondent. But as long as you focus on creating a great product, you will win in the long term, he notes.

“The number one priority is don’t run out of cash. […] The reason that traditional retailers don’t win is their products are not very good. And so that’s what they didn’t focus on – the basics. Batten down the hatches, get through a difficult year, because next year, we’ll be back.”

During this conversation, Ryan explains why, in light of the global pandemic, creative destruction is an important part of our economy, how businesses can survive by focusing on building better products, and despite feeling like life is contracting, we’ll actually end up with more choice.

Catch up with all of our episodes of the Innovators podcast here. The series is a weekly conversation with visionaries, executives and entrepreneurs. Get in touch to recommend a guest you’d love to hear from. 

 

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business e-commerce Podcast product Retail technology

Creating experiences beyond transactions

Mastercard is on a mission to curate and create priceless experiences that money cannot buy, says Raja Rajamannar, CMO of the company, on the latest episode of the Innovators podcast.

While credit cards have historically been about giving consumers speed and convenience, over the past couple of decades they have made strides into becoming an integral part of how consumers live their lives.

“We are a lifestyle brand. Lifestyle doesn’t mean it’s lifestyle for the rich and famous -lifestyle for everyone,” explains Rajamannar. “Everyone deserves to lead a beautiful life and to grow.”

On the one hand there’s the fact the technology is more seamless – gone is the swiping and signing, and in is the tapping and dipping. And if you’re shopping online, digital wallets mean you don’t even need to remember your password.

But on top of that today are perks focusing on giving consumers exclusive access to events, services and treats that help create an even deeper emotional connection between brand and participant.

A few years ago, Mastercard noticed a change in consumer behavior and strategically shifted its advertising spend into experiences. It now hosts over 750 experiences on any given day globally, from recreating the iconic The Rock restaurant from Zanzibar in NYC’s Tribeca, to enabling card holders to shadow Cirque du Soleil cast members in Canada. This strategy is based on addressing key consumer passion points, ranging from music and sports to the environment and philanthropy.

During this episode, Rajamannar explores creating emotional connections, gives advice to brands on how to drive loyalty through having a clear purpose, and reveals an industry first: why the brand is launching a sonic identity.

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Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more. 

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business e-commerce Podcast product Retail

Trusting partners for growth

When you start a business, you should always be thinking about what your end goal is, says Adam Brown, founder of luxury swimwear brand Orlebar Brown, on the latest episode of the Innovators podcast. In Brown’s case, it was the eventual acquisition by none other than Chanel.

Many founders pride themselves on being scrappy, and figuring it out as they go along. There is an element of truth to that approach – Brown spent the brand’s first two years in a storage unit in West London learning every aspect of the business, from pressing shorts to talking to customers on the phone. 

But he knew from the get-go that one of the strongest tools he could have under his belt was finding the people he trusted to do the things that were beyond his expertise. That is a surprisingly rare trait for a founder, who often have so much emotional stake in the game that it is hard to let go of the control. 

Brown, however, always knew he didn’t want to be a CEO with 300 stores across the globe. He also doesn’t consider himself a designer, but rather a curator. So his focus became the product, and creating a process to perfectly tailor swim shorts that fit every body shape, and could take you from the beach to a fancy dinner party. The brand filled a gap in the market and quickly created its own niche.

And in 2018, just at the right time, Chanel came knocking. The acquisition, says Brown, represents the perfect marriage of aspirations that both sides have for the swimwear brand, as well as the chance to leverage many of Chanel’s mature capabilities in brand positioning, sourcing, e-commerce, and so on.

During this conversation, Brown tells us just why the Chanel partnership is a match made in heaven, how they are looking to connect sustainability with the brand in a creative way, and just what is needed to make the luxury consumer forget the price tag.

Listen here: Entale | Spotify |  Apple Podcasts | Android Google Podcasts | Stitcher | RSS

Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more. 

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e-commerce product Retail technology

Enhancing customer experience through tech

The only way to embed technology in the store is to think about it in a meaningful way focused on what will benefit the customer, says Holli Rogers, CEO of Browns Fashion, on the latest episode of the Innovators podcast.

On top of that, it’s been about how it can help connect the physical and digital spaces together. “We want to be able to bring the online and offline together. Because I think that’s actually fundamentally where we’re all going from a retail standpoint. Because people give you their time, physically, a little bit less than they used to, so it needs to be very engaging when you do get their time,” Rogers explains.

The British luxury retailer, which sits within the Farfetch stable of businesses these days, has been experimenting with the e-commerce company’s Store of the Future strategy since it was first announced in 2017. News here has been relatively quiet in terms of what all has been included as well as how well it is or isn’t working, but Rogers reveals the main thing it has focused on has been around how to use technology in a way that is enhancing to the sales associates. 

Browns has fully focused on this strategy through its Browns East store in London’s Shoreditch, but also has big plans for its upcoming new space on Brook Street in Mayfair. 

Co-founder and chief innovation officer of Current Global, Rachel Arthur, with CEO of Browns Fashion, Holli Rogers

One thing that’s clear across the industry is that brick and mortar stores aren’t as cut and dry as they used to be – there’s no more of the simple “build them and they will come” philosophy. But it’s also not just about going all in on tech or all in on bells and whistles experiences. Somewhere in the middle is this little thing called the customer, which is where Browns says it is concentrating. 

During this episode we also talk about the forgotten virtue of product, Holli’s experience being one of the first employees at Net-a-Porter and what out of the box thinking she’s also applying to the brand’s sustainability strategy.

Listen here: Entale | Spotify |  Apple Podcasts | Android Google Podcasts | Stitcher | RSS

Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more. 

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business e-commerce Podcast product Retail sustainability technology

Taking risks for long-term return

The most important question everybody needs to ask themselves relative to a more sustainable fashion industry is around cost and long-term thinking, explains Nicolaj Reffstrup, founder of Danish fashion brand, Ganni, on the latest episode of the Innovators podcast.

“If you really want to do something, you need to look at the fabrics that you’re using and see if you can convert those to recycled fabrics, or at least organic fabrics. But that comes with a cost. So the biggest and most important question everybody needs to ask themselves, is literally how much are we spending on converting our company or our brand and our product towards a more sustainable future?” he asks.

Oftentimes, the immediate follow-up query to what is the cost, is who is going to pay for it. The majority of brands in the space – including those actively making moves towards adapting their business processes – are measured on short term returns. And yet sustainability is not an overnight fix. To make the changes that are really necessary throughout the supply chain is a big and long-term investment.

So how do we convince CFOs and shareholders that it’s worthwhile – that we have to take a hit now in order to benefit in the future. Or more importantly, that there is indeed a business case there to do it full stop?   

Ganni is one exploring it from all angles. The fact it’s small and agile means it has more ability to do so, but it also means it relies entirely on an outsourced supply chain to drive the agenda forward. Power is therefore limited, but ambition is not.

Rachel Arthur, co-founder & chief innovation officer at Current Global & Nicolaj Reffstrup, founder of Ganni

Join us as we discuss with Reffstrup how the brand is flexing its muscle as well as making investments to drive towards a more sustainable future. We also explore how he’s watching innovation from other industries like food, the new rental business model he’s testing, and why he believes sustainability and fashion is a contradiction that needs to be faced by all brands.

Listen here: Entale | Spotify |  Apple Podcasts | Android Google Podcasts | Stitcher | RSS

Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more. 

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e-commerce Podcast

Why Pinterest pushes shopping over commerce

There’s a big difference today between the role of commerce, and that of shopping, says Tim Weingarten, head of shopping product at Pinterest, on the latest episode of the Innovators podcast by the Current Global.

“Commerce has this implication of pushing for the transaction – about reducing friction in the conversion. Whereas shopping is one of joy. It’s one of serendipity, it’s one of discovering something you didn’t know existed,” he explains.  

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It’s that mentality that underpins everything his team does at the company, focusing primarily on how to better the user experience with discovery and personalization at its core. This includes the introduction of a series of tools that filter and predict needs – from Pinterest Lens, which allows customers to find items from the database by photographing similar ones, to the newly announced Catalogs feature, where brands can upload their entire product catalog as shoppable pins.

What makes Pinterest stand out among its competitors, is that its users navigate the platform for entirely personal reasons, such as renovating their kitchens or achieving the perfect hairstyle, as opposed to pushing aspirational content to followers, Weingarten comments. Being able to capitalize on that then comes down to having the right algorithms in place.

“The more data you have, the more you can personalize. But on an e commerce site, the only data they have is based on prior transactions. That’s a very sparse dataset and it happens very infrequently. If you switch gears to Pinterest, what you have is someone visiting every day doing this authentic thing – saving things for particular use cases. This engagement signal can be applied to all products… And because we have this authentic form of engagement, we’re able to understand what you’re trying to accomplish, and actually personalize it to your tastes,” he says.

Pinterest has been around for nearly a decade with a quiet yet steady climb to the top. As of 2018, users on the platform had pinned 175 billion items on three billion virtual boards. The company is now on track to top $1bn in revenue, and is rumored to be moving forward with an IPO this summer at a valuation of $12bn.

During this conversation recorded at Shoptalk with the Current Global’s Rachel Arthur, Weingarten dissects how Pinterest is only getting better at predicting consumer needs before they’re voiced; shares how the platform balances being commercial with keeping the joy of inspiration alive, and hints at the types of technologies he’s looking at to further personalize the shopping experience.

Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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e-commerce Podcast Startups technology

Warby Parker on why technology is the lynchpin to customer service

Technology can enable us to do great things, says Warby Parker co-founder and CEO, Neil Blumenthal, with regards to the brand’s meteoric rise in the direct-to-consumer space, on the latest episode of the Innovators podcast by the Current Global.

Speaking to Liz Bacelar at this year’s NRF Big Show in New York, Blumenthal explains how technology is critical to making customers’ lives easier.

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Warby Parker sees itself sitting at the intersection of three communities – tech, fashion, and social enterprise, he notes. It’s both a tech company and a retailer focused on creating products and services that tangibly impact consumers every day.

Warby Parker is one of Silicon Valley’s first so-called unicorns, a special group of startups that exceed expectations to pioneer within their own category by hitting over $1bn in valuation – including Airbnb, Uber and WeWork.

The nine-year-old company has paved the way to creating a great retail experience that transverses seamlessly between online and offline, and as a result, inspired the business model of many single-product focused startups known to consumers today – from suitcases at Away,  to footwear at Allbirds.

But from its scrappy beginnings hosting a showroom at Blumenthal’s New York apartment, to being one of the first DTC brands to launch a brick-and-mortar retail space, the eyewear company has had a razor sharp focus on treating the whole experience of buying glasses as a single product – from trial to wear.

From its successful at-home trial program to digital eye tests, Warby Parker works with a team of in-house technologists to constantly iterate its approach to better serving the customer. For example, after receiving feedback that it was inconvenient for customers to take time off work to get an eye exam, it developed a prescription app that pairs an iPhone to a second screen to test the user’s vision. Recently, it then deployed Apple’s new AR technology to launch a virtual try-on feature.

During this conversation, Blumenthal also shares how the brand has been built to resonate with multiple consumer segments, the importance of the social aspect of the company, and why he sees Amazon more as inspiration, rather than threat.

Liz Bacelar and Neil Blumenthal Warby Parker
Liz Bacelar and Neil Blumenthal

Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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e-commerce Editor's pick Podcast

NET-A-PORTER on personalizing the customer experience

Rosanna Falconer and Matthew Woolsey

The future of e-commerce may not be about a traditional website at all, but about existing on multiple other platforms, expresses Matthew Woolsey, managing director at online luxury retailer, NET-A-PORTER, on the latest episode of the Innovators podcast by TheCurrent.

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The company sees many of its big customers making purchases over platforms including Whatsapp, iMessage and WeChat, which have become their primary entry point to e-commerce through their relationships with personal shoppers, he explains.

“We want to be in the platform where our customer is engaging with content, seeing the product or speaking with the personal shopper. It’s about what’s best for her. We never want to be in a position where we are forcing or imposing a platform or methodology on our customers, because that’s the opposite of customer centricity,” he explains.

“It’s very easy to imagine a time when NET-A-PORTER doesn’t even have a website, in the traditional sort of desktop sense, and really what it exists as is more of a concierge, on-demand, service offering. I think that’s the future of where this industry is headed and it’s something we are really well suited for because we have that infrastructure, we have that service component but we also know a lot more about our customer than just what she is buying.”

Data is central to being able to personalize the experience for individual customers in this way, he explains, outlining how the company is constantly looking at how to give its personal shoppers greater tools through technology.

The company is currently experimenting with how it can use artificial intelligence to merge data between purchase history and fashion trends to give personal shoppers recommendations and ideas in advance that are personalized to the customer, for instance.

Eventually the idea is for this to be scalable across the seven million consumers NET-A-PORTER talks to, but hitting its EIPs, or extremely important people, is the core focus, given the fact this 3% of its customer base, make up 40% of its revenue.

Speaking with Rosanna Falconer at a FashMash event in London, Woolsey also reveals why the most expensive item ever bought via a messaging app is so significant, whether NET-A-PORTER would ever think about physical retail, and how to manage the modern day tension between algorithms and inspiration.  

Catch up with all of our episodes of the Innovators podcast by the Current here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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e-commerce Editor's pick Podcast Retail sustainability

Allbirds on why sustainability is a non-negotiable

Tim Brown of Allbirds with Rachel Arthur
Tim Brown of Allbirds with Rachel Arthur

It’s not incumbent on the consumer to change behaviour, but on businesses to take responsibility, says Tim Brown, co-founder of direct-to-consumer footwear brand Allbirds, on the latest episode of the Innovators podcast, by TheCurrent.

Speaking to Rachel Arthur, Brown stresses that brands need to show leadership on the issue of sustainability, and not expect their customers to be the ones to do it for them. “People don’t buy sustainability, they buy great products,” he explains.

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Brown started his career as a professional soccer player in his native New Zealand, which he says is what got him understanding the comfort needs in footwear. It was when he met co-founder Joey Zwillinger, a San Francisco-based biotech engineer and renewables expert, that the idea of creating a shoe that focused on sustainability and comfort together began to take shape.

Fast forward to 2016 and Allbirds launched its very first product, a pair of wool sneakers. Word of mouth quickly spread about the shoe’s simple design, level of comfort and sustainable use of textiles: a winning combination of good product and good storytelling that is at the core of any DTC brand’s strategy, and as a result, so attractive to the Millennial shopper.

Allbirds in London
Allbirds in London

Two years on, the brand has recently announced a new round of funding worth $50m, now valuing it at $1.4bn. With the investment, Brown says, comes the pressure to deliver on the many things they have imagined for the future, with a focus on physical retail, international expansion, and constant material innovation.

The latter has already included everything from a collection using ethically-sourced Eucalyptus fibres and a new flip-flop with a renewable sugarcane sole. The brand has also just opened up its first flagship store in London, as its first international move.

During this conversation, Brown explains how DTC brands succeed by owning every consumer touchpoint, how the narrative of retail being dead is greatly exaggerated, and why, in line with the UN’s recent report on climate change, every brand should strive to be sustainable in 2018.

This episode was recorded at Entale’s studio in London. Entale is a new podcasting app that allows you to interact with exclusive extra content like images, links and maps as you listen to your favourite podcast. You can download Entale from the iOS app store today.

Catch up with all of our episodes of TheCurrent Innovators here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by TheCurrent, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.