Commerce

Transforming Retail through Product Experience with Kristin Naragon

The future of retail lies in delivering exceptional product experiences. That’s the key message from digital commerce expert Kristin Naragon in this insightful episode of Talk Commerce. As Chief Strategy and Marketing Officer at Akeneo, Naragon has seen firsthand how centralizing product data and incorporating AI is revolutionizing online shopping.

Key Takeaways:

  • Implementing a product information management (PIM) solution led to a 36% sales increase for Rural King and 15 minute time-to-market for Staples Canada.
  • 61% of retailers are adopting augmented reality, with some seeing conversion rates double for AR-enabled products.
  • AI can be transformative but needs human validation – incorrect product details could be dangerous.
  • A comprehensive product experience strategy requires buy-in across the c-suite, not just marketing.

About Kristin Naragon

With nearly 20 years in tech marketing, including senior roles at Akeneo and Adobe, Kristin brings a wealth of go-to-market strategy experience. As a customer-obsessed, outcomes-focused leader, she’s passionate about developing partnerships and solutions that drive business success. At Akeneo, that means delivering product experience innovation that transforms retail.

Exploring Centralized Data and AI for Next-Gen Shopping

Kristin traces the genesis of Akeneo back to a frustrating shopping experience – her husband struggling to find compatible AV equipment across various retailer sites. The problem? Inconsistent and conflicting product information stemming from decentralized data. As Kristin explains, “You can control the product information. Having that core record, categorized, cataloged, complete, enriched…that’s what Akeneo uniquely solves.”

That product record lies at the heart of Akeneo’s product experience cloud. By centralizing all product data into a PIM, retailers can distribute accurate, up-to-date listings to every touchpoint – web, mobile, print, and more. The result, as evidenced by Rural King and Staples Canada, is operational efficiency, reduced time to market, and revenue growth. “It touches every part of the business,” Naragon states.

And that was just the beginning. The launch of Akeneo’s in-platform app store unlocked innovation opportunities through 3rd party AI integrations. As Kristin explains, “We had about a dozen applications developed leveraging AI to help different parts of the product experience management process.” From onboarding data to generating descriptions and translating content, AI is transforming PIM capabilities.

Ultimately, Akeneo’s acquisition of AI startup Unifi was fueled by demand for enhanced data enrichment. But Kristin cautions AI requires oversight. “Bad product information generated from these AI models can really serve the business in a bad way,” she warns, sharing examples of incorrect phone storage stats and dangerously mixed chemical data. The solution lies in Akeneo’s workflows – “introducing a checking system with employees, humans.”

The Future of Retail Will Be Experiential

As the podcast wraps up, Kristin points to AI, AR, and the blockchain as technologies that will converge to enhance shopping dramatically. But the biggest shift must start internally. “Making product experience strategy a C-suite initiative – that’s something we’re going to be focused on,” she predicts. Because as omnichannel retail blurs lines, the brands offering the most contextual, consistent and helpful product experiences will win consumer loyalty.

In closing, Kristin perfectly captures the ethos of our digital era: “It seems so obvious, I guess. And sometimes the things that seem so obvious are often overlooked.”

Memorable Quotes

“You can control the product information. Having that core record, categorized, cataloged, complete, enriched…that’s what Akeneo uniquely solves.”

Here Kristin eloquently sums up the universal product data dilemma facing retailers – and how a properly structured PIM solves it through centralization.

“Bad product information generated from these AI models can really serve the business in a bad way.”

A stark reminder that while AI delivers efficiency, its capability to propagate nonsense means implementing guardrails is crucial.

“Making product experience strategy a C-suite initiative – that’s something we’re going to be focused on.”

This prediction underscores Kristin’s belief that optimizing product content across channels needs to become a boardroom priority to drive sales.

Tune In and Join the Product Experience Revolution

If mindset shifts, emerging technologies and real-world use cases have you rethinking your ecommerce content strategy, be sure to check out the full episode. Subscribe to Talk Commerce so you don’t miss future conversations at the intersection of commerce and digital disruption.

At its core, this podcast highlights that product experiences represent the new competitive battleground. As consumers increasingly demand personalized, contextual, and helpful shopping journeys, retailers must transform product content from a cost center into a revenue driver. The brands that invest in product experience now will shape the future of retail.

Transforming Project Planning in Land Development with Technology

Explore the pivotal role of technology in revolutionizing project planning in land development. From dedicated project management tools to advanced mapping and data analytics, this article delves into how tech advancements are reshaping the industry.

Smoke, Sizzle, and Success: Andrew Buehler’s Recipe for Building Urban Smokehouse

From Private Equity to Pitmaster: The Urban Smokehouse Story

The Birth of a Barbecue Brand

Hello, fellow food enthusiasts and entrepreneurial spirits! I’m Brent Peterson, your host at “Talk Commerce,” where we dive into the stories behind successful businesses and the passionate individuals who drive them. Today, I’m thrilled to share with you a remarkable journey from the financial world to the flavorful realm of barbecue. Join me as we explore the entrepreneurial path of Andrew Buehler, CEO of Urban Smokehouse, and the strategic decisions that have shaped his venture into a sizzling success.

The Spark That Ignited a Barbecue Revolution

Andrew Buehler’s story is one of passion pivoting into profession. As a former competitive swimmer with a zest for water sports, Andrew’s love for food and cooking always simmered in the background. But it wasn’t until the world was gripped by the COVID-19 pandemic that he took a deep dive into self-reflection and decided to leave his career in private equity to pursue his true calling—barbecue.

Urban Smokehouse emerged as a bootstrapped, 100% self-funded venture, aiming to deliver the authentic experience of low and slow barbecue to doorsteps across the nation. Andrew’s vision was clear: provide high-quality, precooked barbecue foods that are vacuum-sealed and shipped on dry ice, making it effortless for customers to enjoy without the need for a smoker or hours of preparation.

Overcoming the Heat: Challenges and Triumphs

Building Urban Smokehouse was no walk in the park. Andrew faced the daunting task of crowdfunding, a strategic move to gauge market fit and generate interest without significant upfront costs. He candidly shared the differences between pitching to institutional investors and crowdfunding backers, emphasizing the product’s appeal and market fit as crucial in the latter.

Shipping perishable products presented another set of challenges. Andrew tackled these head-on, using dry ice and meticulously planning logistics to ensure products reached customers in perfect condition, regardless of location or climate.

Leveraging Strengths and Expert Partnerships

Andrew’s mantra for scaling Urban Smokehouse effectively was to focus on his strengths and outsource other areas to experts. By partnering with a top-notch distribution center in Wisconsin, he could concentrate on what he does best—creating mouthwatering barbecue—while leaving tasks like pick and pack to those with the right expertise.

A Vision for Growth and Differentiation

Urban Smokehouse isn’t just about the meats; it’s about creating a full barbecue experience. Andrew’s vision includes expanding the product line to include various proteins, sides, barbecue sauces, and even venturing into retail and corporate gifting channels. He understands the importance of building a brand directly with the end customer and has strategically focused on direct-to-consumer sales before branching out.

In a market teeming with competition, Urban Smokehouse stands out by prioritizing quality and employing savvy marketing tactics. Andrew emphasizes customer acquisition and advocacy, using strategies like free samples, referral programs, and rewards to build a loyal customer base.

Setting the Table for Success

Andrew’s goals are as ambitious as they are clear: reach 5 to 10 million in annual revenue within the next 12 to 18 months. He approaches product expansion with caution, relying on sales volume and customer feedback to guide new additions. Quality, health accolades, and customer satisfaction remain at the forefront of Urban Smokehouse’s growth strategy.

Join the Barbecue Movement

As we wrapped up our conversation, Andrew extended an invitation to all listeners to visit Urban Smokehouse’s website and social media platforms. There, you can explore their delicious offerings and follow the brand’s journey.

Final Thoughts

My talk with Andrew Buehler was more than just a peek into the barbecue business; it was a masterclass in strategic entrepreneurship. His story is a testament to the power of following one’s passion and the importance of making calculated, customer-focused decisions in business.

Thank you for joining me on this flavorful adventure. Until next time, keep the fires of your passions burning and the wheels of commerce turning!

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.

More podcasts about commerce.

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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