Commerce

Erica Guider

Harnessing the Power of Data Analytics in Retail: A Conversation with Erica Guider

In this episode of Talk Commerce, Brent and Madeleine interview Erica Guider from 42 Technologies about the importance of data analytics for retail brands. They discuss the role of data analytics in making informed decisions, the benefits of using an analytics tool versus building one in-house, and the challenges of using Google Analytics.

Erica explains how 42 Technologies helps unify data from different platforms and provides accurate and readable data for analysis. They also touch on the role of AI in data analytics and share success stories of brands that have made an impact with unified data. The episode concludes with discussing key strategies for the upcoming quarter and a shameless plug for 42 Technologies.

Introducing Erica Guider from 42 Technologies

Our episode kicked off with a warm introduction of Erica Guider, a key player in the sales team at 42 Technologies. Erica’s role involves managing accounts and ensuring that clients’ data is clean and organized on their visual dashboard. Her passion for retail is evident, and she is driven by the goal of giving people more time by streamlining their data processes.

The Importance of a Unified Data Spot

One of the main topics we discussed was the importance of having a centralized data source. Erica explained how 42 Technologies works with platforms like BigCommerce, NetSuite, and Apparel Magic to combine different data points from various channels, such as e-commerce and point of sale (POS). The aim is to clean and scrub the data to ensure accuracy and make it readable for humans. This approach overcomes the limitations of Google Analytics and provides more accurate numbers through daily snapshots of data.

The Role of AI in Data Analytics

Our conversation also touched on the potential role of AI in data analytics. Erica shared their plans to develop a chatbot that can provide quick answers to retail teams. This innovative approach is set to revolutionize the way retail businesses access and interpret their data.

The Impact of Data Analytics on Brands

Erica highlighted the impact that data analytics has made for clients like Figs, a scrubs brand. By providing real-time updates on inventory and sales, 42 Technologies has helped brands like Figs to streamline their operations and make more informed decisions.

The Importance of Granular Data Analysis

Erica emphasized the importance of analyzing data at a granular level, such as specific attributes like color, to make informed decisions about stocking items. She also discussed the negative effects of markdowns on a brand and customer expectations, highlighting the need for careful inventory management and understanding sell-through rates.

A Special Offer for Shopify Clients

As a Shopify certified plus partner, 42 Technologies is offering a free trial for Shopify clients. This is a fantastic opportunity for businesses to experience the benefits of a unified data spot and make more informed decisions based on accurate, granular data.

Wrapping Up with Some Light-Hearted Moments

Our conversation wasn’t all business. We shared some light-hearted moments and jokes, including a discussion about our experiences at Costco. I concluded the segment by thanking Erica for her time, humor, and invaluable insights into the world of retail data analytics.

In conclusion, our conversation with Erica Guider highlighted the importance of data analytics in retail businesses. By harnessing the power of a unified data spot, businesses can make more informed decisions, streamline their operations, and ultimately drive their success.

Takeaways

  • Data analytics is important for businesses of all sizes to make informed decisions.
  • Using an analytics tool can save time and money compared to building one in-house.
  • Unified data from different platforms provides accurate and readable information for analysis.
  • AI tools can help with predictive analytics and answer specific questions quickly.
  • Strategies for the upcoming quarter include focusing on sell-through and right-sizing inventory.

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Akeneo Supercharges 2023 Growth with New Products and Executive Talent

Propelled by over 100% US expansion and boosted by 850+ global customers, Akeneo maintained competitive superiority in 2023. It unveiled product updates, acquired AI leader Unifai, appointed 4 new executives, and won multiple awards.

The Dropshipping Revolution: How to Stay Ahead of the Competition and Boost Sales with Lior Pozin

As a podcaster, I am privileged to engage with some of the most innovative minds in various industries. In one of my recent episodes, I had the pleasure of interviewing Lior Pozin, the co-founder and CEO of AutoDS, a leading ecommerce dropshipping platform. This blog post is a deep dive into our enlightening conversation about dropshipping, its trends, and valuable tips for merchants.

Meet Lior Pozin: The Man Behind AutoDS

Lior Pozin is not just the co-founder and CEO of AutoDS, but also a seasoned drop shipper with over 14 years of experience in ecommerce. AutoDS is an all-in-one ecommerce dropshipping platform that assists drop shippers with product finding, pricing, stock monitoring, inventory management, and automatic order fulfillment across various selling channels like eBay, Shopify, Amazon, and Etsy.

Understanding Dropshipping: A New Age Fulfillment Method

Our conversation began with Lior explaining the concept of dropshipping and how it differs from direct shipping from a warehouse. Dropshipping is a fulfillment method where products are sold without being held in inventory. When a buyer places an order in an ecommerce store, the product is shipped directly from the supplier to the end consumer. This eliminates the need for inventory and allows for on-demand shipping, making it a preferred choice for many ecommerce businesses.

As we delved deeper into the world of dropshipping, Lior shed light on the current trends in the market. He emphasized that while the shipping domain is wide and constantly changing, dropshipping remains a constant in different variations. A significant shift he highlighted was the increasing use of platforms like Shopify for dropshipping, where organic traffic from social media sites like TikTok and Instagram Reels is being harnessed for advertising. This trend has made it easier for people to venture into dropshipping.

The Evolution of Dropshipping Businesses

Lior also shared his insights on the evolution of businesses based solely on dropshipping. He stressed the importance of branding in dropshipping and suggested rebranding products by shipping them to a warehouse in China before sending them to the end consumer. With the rise in customer acquisition costs, he recommended exploring multichannel dropshipping to expand reach.

Leveraging Social Media for Dropshipping

Lior highlighted the opportunities presented by short-form content platforms like TikTok and Instagram, where dropshippers can generate traffic and sales without relying on influencers. He advised dropshippers to be creative and replicate successful videos on these platforms. Interestingly, he also mentioned that influencers themselves can easily create ecommerce brands by importing products from their niche and promoting them on their accounts.

Successful Products and AutoDS’s Offerings

When asked about successful products, Lior mentioned the popularity of Christmas lamps, creative lamps with different figures, Christmas slippers, and massage guns. He concluded the interview by inviting listeners to follow him on Instagram and visit AutoDS’s website for assistance with dropshipping, including product finding and education. He mentioned that registering on the site provides a 30-day free trial and access to full features, including free shipping to any selling channels.

Wrapping Up

Lior Pozin’s insights and recommendations for drop shippers are invaluable. He emphasized the importance of branding, exploring multichannel dropshipping, and leveraging social media platforms for advertising. His advice is a testament to his expertise and passion for ecommerce, making this conversation a must-listen for anyone interested in dropshipping.

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How Bank-to-Bank Payments Could Transform Ecommerce with Eric Shoykhet

A New Vision for Saving on Processing Fees

The high cost of credit card processing fees has become a growing pain point for many ecommerce merchants. With rates steadily rising over the past decade, each credit card transaction now takes a huge bite out of online sellers’ bottom lines.

But what if there was a way to circumvent the dominant card networks altogether?

That’s the tantalizing possibility explored in our recent Talk Commerce interview with Eric Shoykhet, CEO and founder of Link Money. His company aims to facilitate direct bank-to-bank payments, allowing merchants to bypass interchange fees and potentially save 60-80%.

Could this be the future of online checkout? Let’s dive into the key takeaways from Eric’s visionary perspective.

The “Tax” Every Merchant Pays

Interchange fees – the bulk of what makes up credit card processing costs – essentially function as a “tax” on the entire retail economy, Eric argues. And it’s one that has crept steadily upward over time.

Back in the day, these fees amounted to maybe 2% of each transaction. But now, after years of increases by the card networks, interchange can cost ecommerce merchants anywhere from 2.5-3.5% per sale.

For thin-margin businesses already dealing with supply chain woes and inflationary pressures, that growing cut is painfully substantial.

Why Does the U.S. Lag Behind?

In many other countries, low-cost real-time bank transfers have become the norm. Payment platforms like UPI in India and PIX in Brazil enable cash-like speed without the fees.

So why is the U.S. still stuck in the credit card stone age?

Eric explains that it comes down to our fragmented banking system. With thousands of banks and acquirers, upgrades happen at a glacial pace compared to more consolidated markets abroad. We also lack the centralized authority to mandate instant adoption of new payment rails.

But while the ideal infrastructure may not exist here yet, Eric argues that consumer bank data access has improved enough for companies like Link Money to make direct bank payments work smoothly.

When Will Merchants Adopt?

How soon could we see widespread adoption of bank-to-bank payments for ecommerce?

Eric predicts that major merchants will start rolling out solutions like Link Money as soon as 2024. And he expects bank payments to steadily gain market share over the next 5-10 years, reaching up to 10% of total volume.

Adoption will depend heavily on repeating customer relationships where the merchant can encourage switching payment methods. Subscription services and repeat-purchase retailers are prime early candidates.

Should Ecommerce Owners Jump In?

For online sellers weighed down by processing fees, bank payments present an intriguing way to lighten the load at checkout. But interchange is still deeply entrenched, so this transition will likely span years rather than months.

Jumping in early comes with advantages – price savings, a novel sales hook, potential retention benefits – but also risks if low card fees remain customers’ status quo preference.

Carefully evaluate your business model, purchase patterns and customer loyalty. If you decide the time is right to bypass cards, reach out to emerging providers like Link Money to implement modern checkout. The future may be direct, but flexible payment options are always essential.

The Takeaway

With costs ballooning and consumers seeking smoother payments, the old interchange infrastructure looks increasingly outdated. Bank-to-bank platforms offer a tantalizing glimpse into a fee-light ecommerce future.

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The evolving expectations of B2B buyers: A digital transformation imperative with Arno Ham

Hello everyone, I’m Brent, your host, and today I’m excited to share with you an insightful conversation I had with Arno Ham, the CTO of Sana Commerce. Arno, with his extensive experience in technology and a deep passion for B2B e-commerce, shared some fascinating insights into the world of B2B commerce, the challenges it faces, and the solutions Sana Commerce provides.

Meet Arno Ham: The Tech Enthusiast

Arno Ham, with over 20 years of experience in technology and a background in computer science, is a man who lives and breathes technology. As the CTO of Sana Commerce, he oversees everything tech-related, from product management and development to professional services and customer service.

But Arno is not just about work. He’s a family man who loves spending time with his wife and three daughters. He enjoys running, cooking, and outdoor activities. He also has a penchant for visiting museums and indulging in good food.

The World of B2B E-commerce

Our conversation took a humorous turn when I asked Arno if a joke should remain free or if someone could charge for it in the future. Arno, with a chuckle, suggested paying for it, emphasizing that nothing comes for free in this world.

On a more serious note, we delved into the world of B2B commerce. I recalled a previous interview with Michelle, the CEO of Asana, and highlighted the growing importance of B2B commerce. Arno then took us through the backbone of Sana Commerce and what they are currently promoting.

The Challenges and Solutions in B2B Commerce

Arno shed light on the challenges of pricing in B2B and the complexity that arises when dealing with a large number of customers and products. He explained that the explosion of data and the need for rapid changes in the business world make it difficult to synchronize pricing information and ensure accurate stock levels.

Arno emphasized the importance of maintaining good relationships with customers and the need for agreements that go beyond just pricing. He also highlighted the changing expectations of younger business owners who want a seamless digital experience in B2B, similar to what they experience in B2C.

Interestingly, Arno mentioned that 40% of B2B transactions still happen offline, but there is a growing demand for digitization. He discussed the challenges faced by older generations in adapting to digital transformation and the need to transfer their knowledge into a digital experience.

Sana Commerce: Bridging the Gap in B2B E-commerce

Arno then introduced us to Sana Commerce’s role in this changing landscape. While Sana provides a great frontend solution, they also integrate with other frontends and ERP systems. Arno emphasized the importance of specialized vendors for specific needs, such as product information management systems. He mentioned that Sana integrates with various systems like CRM, customer data platforms, and product information management systems.

Arno’s Advice for the Future of B2B

As we moved towards the end of our conversation, I asked Arno for advice on digitization and moving forward in the B2B space. Arno suggested starting conversations with B2B buyers and understanding their needs, especially as younger generations prefer digital solutions. He advised forming a multidisciplinary team within the organization to drive digital transformation holistically. Arno also highlighted the importance of aligning incentives for the sales team to embrace the digital shift.

Wrapping Up

Arno concluded by plugging Sana Commerce as a solution for businesses looking to start or improve their B2B e-commerce storefronts. He mentioned that Sana integrates with Microsoft Dynamics and SAP, and invited listeners to check out his podcast, “B2B Waves.”

This conversation with Arno Ham was a deep dive into the world of B2B e-commerce, its challenges, and the solutions that Sana Commerce provides. It was a pleasure to have him on the show, and I hope you found his insights as valuable as I did.

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Into the Metaverse: Sunglass Hut’s Aims to Bridge the Gap Between E-Commerce and Physical Stores

Sunglass Hut ventures into the metaverse to seamlessly merge e-commerce with their physical stores. This new initiative further personalizes virtual fashion and improves the shopping experience for Sunglass Hut customers around the globe.

From Amazon to Everywhere: Navigating the Multichannel Landscape with Jamin Arvig

In a recent podcast episode, I welcomed Jamin Arvig, the co-founder of aiC Brands, a company that owns, operates, builds, and buys e-commerce brands. Jamin is also a co-founder of AIcommerce, a service company that provides multichannel marketing and growth benefits to brands. He is also involved in the Junior Presidents organization, which aims to teach kids about entrepreneurship and starting businesses.

The Importance of Multichannel Strategies for E-commerce Brands

Our conversation quickly shifted to the importance of multichannel strategies for e-commerce brands. Jamin explained that diversification is crucial for business stability and higher valuations. With the increasing competition and costs on platforms like Amazon, having a presence on multiple channels becomes even more important. Additionally, being present across various channels increases brand value and awareness.

Amazon’s Expansion Beyond Its Platform

We also discussed how Amazon is expanding beyond its platform through initiatives like Buy with Prime. Jamin explained that Amazon wants to capture customers who start their product searches elsewhere, and they are partnering with e-commerce platforms like Shopify to grow their infrastructure. Buy with Prime allows brands to leverage Amazon’s fulfillment network and benefit from quick delivery and lower shipping costs.

The Importance of Customer Experience and Branding Strategy

We addressed the misconception that Amazon is a soulless marketplace with limited opportunities for brand differentiation. Jamin explained that Amazon has added various features over the years that allow sellers to tell their brand story, such as branded pages, plus content, ads, comparable products, matrices, and videos. However, he acknowledged that there are still limitations to fully expressing a brand’s story on the Amazon platform.

We emphasized the benefits of creating a customer experience on your own website, where the possibilities are limitless. By leveraging the “Buy with Prime” button, sellers can combine the advantages of Amazon’s two-day shipping and name recognition with the ability to tell their brand story in any way they want on their own site.

The Need for Differentiation

We discussed how having a generic product on Amazon can make it difficult to stand out among the competition. Jamin highlighted the need for differentiation, including a strong supply chain, intellectual property (IP) protection, and a unique customer experience or community. He mentioned that having patents, trademarks, and even an app can make it more challenging for others to copy your product.

Choosing a Platform for Direct Sales

We discussed the considerations that bigger brands must make when choosing a platform for their direct sales. One advantage of using Amazon Prime is the happy feeling that comes with knowing your order will be delivered. However, Shopify Plus charges an additional fee for using an external gateway, and it’s unclear if Prime is even available for Shopify yet. Shopify has limited payment options compared to BigCommerce, which allows more flexibility.

Jamin agreed and added that regardless of the platform, there are costs involved in fulfillment, shipping, and labor. The difference lies in the commission charged by Amazon. He explained that deciding which platform to choose depends on factors like conversion rate increase and overall cost-effectiveness.

Expanding into New Channels

When expanding into new channels, Jamin explained that companies can either invest in building the capability internally, acquire a company with the desired capability, or partner with someone who already has it. He suggests that partnering with a fractional team can be more effective and cost-efficient, especially when resources are limited.

We mentioned aiCommerce as a potential partner, and Jamin agreed, stating that their reason for existing is to serve brands as they explore new channels. He mentioned that many brands achieve success by partnering with them.

Our conversation with Jamin provided valuable insights into the world of e-commerce, the importance of multichannel strategies, and the role of branding in differentiating products on platforms like Amazon. It’s clear that the future of e-commerce lies in diversification, customer experience, and strategic partnerships.

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