Nothing much has changed, it is just online
Not surprising but when I really understand the fundamentals of a business I bring a lot more value to the table. My work history is long and there were many successes and many failures on a daily basis particularly in wholesale and retail. You learn from each one.
I am an investor in Sourceeasy. As the founder said to me when he was trying to get me to commit early on was “but you get it”. He was right. As the business grew there were ebbs and flows as there always is but then something happened, they figured out the process. I remember it clearly. He came to my office with the way the business was going to work from start to finish. A brand enters the door and by the time the process is over the goods arrive at their door. Sourceeasy does the rest engaging the brand in the parts where need be and allowing Sourceeasy to be the experts from start to finish.
I went through the process and the thing that was so amazing is that this is the exact process I used 25 plus years ago in an offline business. Believe me it worked and it worked well. The only difference here is that technology makes the business more fluid and able to scale without tons of labor costs yet essentially the business hasn’t changed from decades ago. It is kind of brilliant.
I have been watching other businesses online, particularly ecommerce businesses. The key to getting people back and back is no different than it was 25 years ago too. When I was in the stores and the new merchandise came in the door we changed up the floor. If a product wasn’t selling we would move it somewhere else on the floor so the customer coming through each day didn’t see the same “look”. We mixed it up. We also marked down items that were not moving to move it out and bring new in.
Online stores need to be mix it up every day. New front pages, new content to be read, new information about a particular item, a new way to wear an item to move it out the door. Just like the stores are trying to figure out how to get a customer in the door these days, the ecommerce shops needs to do the same thing. Change it up. The same is boring.