Articles & Podcast Episodes

Talk Commerce - Udayan Bose

The Future of E-Commerce: Insights from Udayan Bose on AI-Powered Marketing

In this episode of Talk Commerce, I had the pleasure of speaking with Udayan Bose, founder and CEO of NetElixir. With over 20 years of experience in digital marketing, Udayan shared his insights on the rapidly evolving landscape of e-commerce and how artificial intelligence (AI) is reshaping the way businesses approach marketing.

Failing Faster and Learning in Digital Marketing

One of the key themes that emerged from our conversation was the importance of adopting a “fail faster” mindset in digital marketing. As Udayan put it:

Just the willingness to dive in and figure things out and suddenly sort of you really have to obviously hustle hard but things slowly come in place and when it comes in place the impact is quite magical.

He emphasized that in an industry as dynamic as e-commerce, being open to experimentation and learning from failures is crucial for staying ahead of the curve.

Navigating Competitive Pressures and Rising Costs

Udayan also shed light on the challenges faced by e-commerce businesses today, particularly the squeeze on contribution margins due to intense competition and rising advertising costs. He noted:

If you certain categories saw a CPC increase of almost about 32%. So the cost per click, the same Google ad, costs a lot more now. So just think of it. You are unable to increase your prices, and the variable cost keeps on increasing. And this is leading to a massive squeeze in the contribution margins.

As someone who has worked with numerous e-commerce clients, I’ve witnessed firsthand the impact of these pressures on businesses. It’s more important than ever for merchants to optimize their marketing strategies and find ways to differentiate themselves in a crowded market.

The Power of AI and Machine Learning in Marketing

One of the most fascinating parts of our discussion centered around the role of AI and machine learning in transforming digital marketing. Udayan explained the difference between horizontal AI, which focuses on productivity and doing more with less, and vertical AI, which is tailored to solving specific problems using a company’s own data.

Vertical AI, I think of it, is very specific to solving your problem. And the problem that, for example, our tool, Alexa Insight, solves […] is we just wanted to solve a simple problem that the entire e-commerce world or digital marketing was focused on new customer acquisition. We wanted to change it marginally and say that, can we use machine learning to help you do new high value customer acquisition?

This notion of leveraging AI to identify and acquire high-value customers resonated with me. As e-commerce becomes increasingly competitive, the ability to target and retain the right customers can make all the difference in a business’s success.

Advice for E-Commerce Merchants

As we wrapped up our conversation, I asked Udayan what advice he would give to e-commerce store owners looking to stay ahead in today’s market. His response emphasized the importance of experimentation and staying informed about industry trends:

I would actually sort of have two very specifically. The first one is just creating, carving those experiments of those tests. […] The second one effectively is as simple as that. I mean, you have to reserve 10% of your personal time as the business owner or the CMO to just explore what is going on because in many cases the biggest mistake I have seen a lot of lot of business owners really make they’re just so so much working inside out that they just never get the time to look at us to what season am I in, right?

I couldn’t agree more with this advice. In my experience working with e-commerce businesses, the most successful ones are those that prioritize continuous learning and adaptation.

Watch the full episode on YouTube

Final Thoughts

My conversation with Udayan Bose offered a wealth of insights into the future of e-commerce and the role of AI in shaping digital marketing strategies. As we navigate this rapidly evolving landscape, embracing experimentation, staying attuned to industry shifts, and leveraging the power of AI will be key to thriving in the years ahead.

To dive deeper into these topics and hear more of Udayan’s expertise, be sure to listen to the full Talk Commerce podcast episode. Let’s keep the conversation going – reach out and share your own experiences and insights on the future of e-commerce!

Contact Details:
GLOBAL HEADQUARTERS:
3 Independence Way, Suite #203,
Princeton, NJ 08540
Call: 609.356.5112
https://www.netelixir.com/

Connect on Linkedin: https://www.linkedin.com/in/netelixirudayanbose/

Scaling Your Brand’s Revenue with a Global Marketplace Strategy: Insights from Jordi Vermeer of Channel Engine

Jordi Vermeer, VP of Revenue for Channel Engine North America, shares strategies for brands to expand globally and optimize sales across marketplaces like Amazon, Walmart & more. Learn key trends in multichannel commerce for 2024 and beyond.

If you’re a brand looking to expand your reach and revenue through online marketplaces, this episode of Talk Commerce is a must-listen. Our guest is Jordi Vermeer, the Vice President of Revenue for Channel Engine North America. With his deep expertise in marketplace strategies, Jordi shares valuable insights on optimizing multichannel sales, key trends shaping the future of ecommerce, and how Channel Engine is empowering brands to succeed in the ever-evolving world of digital commerce. Let’s dive in!

The Power of Marketplace Expansion for Brand Growth

One of the central themes Jordi emphasizes is the immense opportunity marketplaces present for brands aiming to scale:

“What’s good to understand is you have Amazon 1P or the vendor model and you have Amazon seller, the three P model. So what I’ve said so far is mostly the 3PL model where you sell on Amazon or the seller record and you determine everything, how it’s sold, for what price you get the, uh, the order and you fulfill it.”

Jordi highlights that Channel Engine simplifies the process of listing, optimizing, and managing sales across 700+ global marketplaces, enabling brands to tap into new audiences and markets.

As someone who has seen firsthand the revenue impact of strategic marketplace expansion, I can attest to the power of diversifying your sales channels. It reduces your dependence on any single platform and exposes your products to entirely new customer segments.

Navigating the Complexities of Cross-Border Commerce

Expanding into international markets comes with its own set of challenges, from regulatory compliance to fulfillment logistics. Jordi shares how Channel Engine helps brands overcome these hurdles:

“If you want to go to other regions, there are some product compliances and other regulations fulfillment you have to go through. But then also you can make use of the local network of those marketplaces and the local traffic that they have and like that you can expand your brand into also other regions.”

Having a trusted partner like Channel Engine to navigate the intricacies of cross-border commerce can make all the difference in your global success. They have the local market knowledge and technology to streamline the process.

The Rise of Hybrid Selling & Social Commerce

Jordi also touches on two significant trends shaping the ecommerce landscape: hybrid selling and the emergence of social commerce platforms as marketplaces.

“Hybrid selling is then the combination. And this is one of the biggest trends that we’re currently seeing in the market. Actually, in the past two years, it grew to 70% of the brands actually selling hybrid. So both 1P and 3P.”

Brands that adopt a hybrid approach leveraging 1P (selling directly to the marketplace) and 3P (selling on the marketplace platform), can enjoy the best of both worlds – maintaining control while maximizing exposure.

Additionally, the rise of TikTok Shop and Meta’s marketplace ambitions underscores the growing importance of social commerce. As Jordi points out, these platforms are eager to keep transactions within their ecosystems, making it crucial for brands to adapt their strategies accordingly.

The Future of Ecommerce: Jordi’s Predictions for 2024-2025

Looking ahead, Jordi shares his thoughts on what the next couple of years hold for the world of ecommerce:

“Personally, I see that later in 2024, early 2025, the economy will make some positive strides. And I do think that that is going to work in the favor of these online retailers or online platforms or online sales.”

As the global economy recovers, Jordi anticipates a resurgence in online purchasing power. Brands that have laid the groundwork with a strong marketplace presence will be well-positioned to capitalize on this growth.

Reflecting on my own ecommerce journey, I couldn’t agree more with Jordi’s assessment. The brands that continue to innovate, adapt, and diversify their sales channels will be the ones that thrive in the coming years.

Whether you’re an established brand or just starting out, Jordi’s insights provide a roadmap for success in the dynamic world of multichannel commerce. By embracing new marketplaces, optimizing your listings, and staying attuned to key trends, you can unlock new levels of growth and take your brand to new heights.

To dive deeper into the strategies and tools that can elevate your marketplace game, be sure to check out the full episode of Talk Commerce. And if you’re ready to supercharge your multichannel sales, head over to Channel Engine to learn how their platform can help you achieve your goals.

The future of ecommerce is bright – and with the right strategies and partners, your brand can shine even brighter. Happy selling!

Particle 41’s Ben Johnson on Purposeful Business Planning with OKRs

In this episode of Talk Commerce, I had the pleasure of chatting with Ben Johnson, the CEO and founder of Particle 41, a global software development consultancy. Ben shares his expertise on using OKRs (Objectives and Key Results) for purposeful business planning, Particle 41’s unique approach to software development, and his thoughts on the role of AI in the future of coding.

The Power of OKRs in Business Planning

Ben emphasizes the importance of being purposeful in business planning, and he sees OKRs as a powerful framework for setting and measuring goals. As he explains:

OKRs are a framework for goal setting. It’s one thing to say, hey, I have this. When I learned about OKRs, I actually put my family through them. I know. I would probably get charged for child abuse in some cultures.

By setting clear objectives and defining key results to measure progress, businesses can adopt a data-driven approach to goal setting and achievement. Ben even applies this framework to his personal life, demonstrating its versatility.

Particle 41’s Unique Approach to Software Development

Particle 41 offers a range of services, including advisory, software development, application modernization, DevOps, and data science. What sets them apart is their focus on building high-functioning tech teams that act as an asset of skill rather than just manpower. As Ben puts it:

What we do is put together really good tech teams. And a lot of folks think of outsourcing software development as the asset of manpower, like, hey, I just need some more bodies. But we really take pride in being the asset of skill.

Particle 41’s core values of visibility, velocity, and vision drive their approach to delivering dependable tech solutions that match their clients’ needs and market demand.

Balancing Custom Development with Existing Tools

When it comes to deciding between custom development and leveraging existing tools, Ben advises a balanced approach. He suggests mapping out the client’s existing IT stack and identifying areas of high need and high value. As he explains:

High need things are well established in the market. I don’t know anybody who’s going to go make their own email server or make their own computer and host it in their garage… And so those are like your high need things. And when we have high need, so I put that at the bottom of the diagram, those things, we just want to partner really well, pick the best to breed, you know, top right corner of the Gartner reference chart.

On the other hand, custom development should be focused on areas that differentiate the brand and deliver the most value to the customer.

The Future of AI in Software Development

As AI continues to advance, Ben believes that developers will still need to have a deep understanding of what they’re doing. While AI can help with tasks like writing and coding, he cautions against becoming intellectually lazy:

AI is not going to prevent software developers from having to do that… you’ll still have to very much know what it is that you’re doing.

As businesses explore AI applications, Ben observes that many end up narrowing their focus and arriving at more literal solutions rather than relying entirely on AI-generated output.

This insightful conversation with Ben Johnson highlights the importance of purposeful planning, adaptable software development approaches, and the evolving role of AI in the industry. To learn more about Ben and Particle 41, visit their website at particle41.com or connect with Ben on LinkedIn.

The Power of Geofencing: How To Dominate Your Market with Location-Based Marketing

In this episode of Talk Commerce, we explore the world of geofencing with the dynamic duo, Barbara Wardell and Ernesto Caleri, co-founders of Kalari & Wardell. They share their valuable insights on how to use location-based marketing to attract customers, drive foot traffic, and outperform your competition. Get ready to unlock a powerful strategy that can transform your business!

Geofencing: A Powerful Tool for Small Businesses

“We started this company in the middle of COVID to help small businesses recover foot traffic,” says Ernesto. He explains that geofencing is a technology that utilizes the relationship between smartphones and satellites to create virtual fences around locations of interest. “When someone walks into a competitor’s store, we can send them an ad to your store.”

This tactic is particularly relevant for industries like restaurants, laundromats, and even niche businesses like mezcal brands. Ernesto emphasizes that the power of geofencing lies in its ability to track satellite-verified visits. “We do 5,000 satellite-verified visits a month across the US, Canada, and Australia.”

Democratizing Geofencing for Small Businesses

“We asked the question, what will it take to bring this technology to small businesses?” Barbara explains. Their answer was a revolutionary approach to geofencing, making it accessible for even the smallest businesses. They honed their strategy in the laundromat industry with a budget as low as $1,000 a month. “We were able to drive over 1,000 visits to one laundromat owner in the Carolinas with about 30 locations.”

This success story propelled them into new verticals, including private aviation, apparel, and even the alcohol and beverage industry. “We’ve been able to bring it to other verticals as well.”

Beyond Retail: Geofencing for Services and B2B

Ernesto and Barbara emphasize that geofencing goes beyond retail. “We can do B2B, which is retail. We also do services. We also do track website traffic.” They highlight examples like vacation rentals and retreats where geofencing can be used to target people in a broader geographic area. “We can look at neighborhoods in New York City, neighborhoods in Staten Island, neighborhoods in Florida. We can see where people are actually coming from and we can send ads to consumers like that even if they’re not living within driving distance of a location.”

Privacy-Focused Approach: Anonymity and Data Protection

One of the key concerns with location-based marketing is the perceived creep factor. Barbara addresses this concern directly. “Your device becomes anonymized, unlike with Facebook and other platforms.” She emphasizes that Kalari & Wardell prioritize data privacy and use a clean-room approach to anonymize users. “We actually do protect consumer privacy.”

The Future of Commerce: Hybrid Models, Data Accuracy, and Human Connection

As we move forward into 2024, Barbara believes the future of commerce lies in a hybrid model. “I think we’re going to go a little bit back to old school as well as integrate.” This means a balance between online and offline experiences.

Ernesto echoes this sentiment. “The world’s best visual models do not create faces that resonate with people just yet.” He believes that while AI is a powerful tool, it can’t replicate the human element of connection and empathy.

Final Thoughts: Embrace the Power of Geofencing

It’s clear that geofencing is a powerful tool for small businesses looking to attract customers, drive traffic, and dominate their markets. Kalari & Wardell offers a compelling solution that puts the power in the hands of the underdog.

The future of commerce is exciting and filled with possibilities. Get ready to embrace the power of geofencing and unleash the potential of your business!

Expensify Launches Unlimited Virtual Cards, Empowering Businesses with Enhanced Spend Management

Expensify has launched unlimited virtual cards, empowering businesses with enhanced spend management capabilities. The new feature offers fixed and monthly spend limits, customizable card names, and seamless integration into the Expensify platform.

Talk Commerce

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