Optimizing in a changing economy — Ross Andrew Paquette // Maropost
- Part 1 Optimizing in a changing economy — Ross Andrew Paquette // Maropost
- Part 2Unifying ecommerce and retail data — Ross Andrew Paquette // Maropost
Show Notes
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02:29Optimizing eCommerce in a challenging economyIn the current situation of rising shipping and labor costs, the eCommerce industry needs to adopt a leaner approach to grow and scale. The reality is that if businesses arent moving quickly to make themselves efficient, they are going to fall off.
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04:21Sources for understanding the economy and shaping eCommerce strategyMaropost looks at economic trends from a banking and capital fundraising perspective to gauge whos going to be able to spend and who isnt. They also look at consumer spending and measure event attendance to assess the market and whats happening.
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07:00Managing eCommerce spend effectivelyThe challenge of managing eCommerce spend lies in the fact that revenue is not stable, and companies struggle to balance conservative spending with effective capital utilization. Many companies arent sitting on a large cash position, making it difficult to allocate budget for spend.
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08:41The eCommerce tech stack for nimble adaptation to changing market conditionsDue to the number of platforms, its difficult for businesses to get a single customer view and LTV to CAC ratios. Maropost has been working to provide a comprehensive solution, but currently, there isn't any other provider.
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11:16The current state of eCommerce marketing channels and innovationThe factors driving people to eCommerce and physical stores haven't changed much. The problem is that there hasn't been much innovation in the industry, and current marketing channels are still working but not as effective as before.
Quotes
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"Unless the eCommerce industry as a whole starts to adopt a leaner approach to how they're going to grow and scale, we're going to see a lot of the fall off that we're seeing now." -Ross Andrew Paquette, Chairman & CEO, Maropost
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"The number one metric we're watching now is what consumer spend looks like. Even people in the $100,000 to $200,000 annual income bracket are scaling back, and that's becoming noticeable." -Ross Andrew Paquette, Chairman & CEO, Maropost
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"A VIP vendor and partnership award ceremony took place in New York recently, and they had about 50% fewer attendees than normal." -Ross Andrew Paquette, Chairman & CEO, Maropost
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"What we've been striving towards for the last seven years is how do we provide our customers with one solution that provides them with everything." -Ross Andrew Paquette, Chairman & CEO, Maropost
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"We're not going to be everything to everyone, but we can certainly provide 60%, 70%, 80% of the core tech stack." -Ross Andrew Paquette, Chairman & CEO, Maropost
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"Nobody's building anything that's truly innovative. It's just things that we were doing five or six years ago with a different packaging or a little bit of algorithm-driven outcomes, etc." -Ross Andrew Paquette, Chairman & CEO, Maropost
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"What we would define today as the standard channels, are those still working? The short answer is they are working, but they're not working in the way that they were six to 12 months ago." -Ross Andrew Paquette, Chairman & CEO, Maropost
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"Tik Tok to me is another version of what Instagram was doing 12 to 18 months ago." -Ross Andrew Paquette, Chairman & CEO, Maropost
- Part 1 Optimizing in a changing economy — Ross Andrew Paquette // Maropost
- Part 2Unifying ecommerce and retail data — Ross Andrew Paquette // Maropost
Up Next:
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Part 1Optimizing in a changing economy — Ross Andrew Paquette // Maropost
Ross Andrew Paquette, Chairman and CEO at Maropost, talks about optimizing your eCommerce business. As the world transitions away from the pandemic, the economy is facing a decline despite the previous success experienced by eCommerce companies. In response, eCommerce companies must adapt their strategies to not only maintain their current success but also to continue growing and thriving in an ever-changing economic landscape. Today, Ross discusses optimizing in a changing economy.
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Part 2Unifying ecommerce and retail data — Ross Andrew Paquette // Maropost
Ross Andrew Paquette, Chairman and CEO at Maropost, talks about optimizing your eCommerce business. While eCommerce was at an all-time high during COVID, now that the restrictions have eased, customers are returning to retail stores. As a result, businesses need to unify their eCommerce and retail data to gain a complete understanding of their customer behavior and maximize their marketing efforts. Today, Ross discusses unifying eCommerce and retail data.
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