A Roadmap to Digital Value in the Retail Industry

| November 14, 2017

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If, as a retailer today, you aren’t racing to develop digital business capabilities as quickly as you can, you’re facing an imminent competitive threat and missing a major financial opportunity. The retail industry has the potential to generate $506 billion in digital business value through 2018. Retailers realized only 15 percent of this Digital Value at Stake in 2015.

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Noonday Collection is a socially responsible business that uses fashion to create meaningful opportunities around the world. By harnessing a network of stylists, storytellers, and social entrepreneurs called Noonday Ambassadors, we create a marketplace for Artisan Businesses in vulnerable communities. Together we're building a flourishing world where people have jobs, women are empowered, children are cherished, and we are all connected--come join us!

OTHER ARTICLES

We Have No Idea What We’re Doing

Article | December 15, 2020

Prior to the pandemic and quarantine, less than 8% of commerce was online. As of Q3FY20 eCommerce grew north of 14% of all commerce. So while the Retailpocalypse was in its last phase, physical retail still outsold eCommerce by at least 7:1. The failure rate of crowdfunding campaigns is 85%. The failure rate of eCommerce store owners ranges from 80 to 97%. What if there were a way to bridge the gap between these three failure rates? What if we could bridge what people consume online with what they purchase offline before waiting for brain-computer interfaces (BCI)? In short what if we could bridge social and commerce? (Example use case.) Mostly missing are the memorable, meaningful, measurable and monetizable responses from people interested in stories about beagles, princesses and pitbulls, pets, car repair, raspberry blueberry vinaigrette gyros, budget-saving techniques for holiday travel, getting stuck at airports in blizzards, rental cars and Cup o’ Noodles, My Fair Lady and @Instacart, dining out at the delicious Banana Leaves café, cooking kosher halal gelatin-free, blue #1 artificial dye-free egg nog flavored marshmallows, 50th anniversaries and chocolate ganache, adventures camping with youth groups, birdhouses built by kids, rainbow hair dye, artificial dye-free cakes DIY for your child’s birthday party, and Halloween gingerbread houses and Greek Mount Olympus costumes. Other than ad revenue Youtube collects which most of it’s video posters see little of, monetizing the DIY craze has proven quite tricky. Ditto for Christmas shopping, smartphone accessories, buying a new luxury Subaru online with no salesman, how to get hard to find contact lenses and vitamins for kids, how Amazon often has thrift store prices on inventory thrift stores rarely carry, the challenges of buying clothes on Amazon that don’t fit but you don’t realize that until the clothes arrive, DIY car repair, funny car repair, glorious victory of car repair, diaper cakes and muscle aches, drones and honey scones, Triple A baseball and blue-tailed skinks, favorite foods, fasting, and Boston, fused vertebrae and buried treasure, where to buy school supplies when most stores are sold out, creameries and charcuterie, Bridging social media with eCommerce has been the white rhino of many investors and start-ups for many years. Instead of working toward such solutions, we have VC’s and stockholders asking about vanity metrics: - How many people looked at your website? Instead of: How many people subscribed or how many purchased an item?- - How many downloads per month does your app have? Instead of: How many of the people who downloaded your app have note removed it less than 30 days later? - What’s your ad revenue? Instead of: How can your product capture or create more value? In reply entrepreneurs answer these questions, they often present their increased spend on marketing followed up with vanity milestones: “We’re using Google Analytics and similar providers to track every movement of the supply chain, to ensure when the purchaser’s journey is completed, there’s no delay in delivery. This will lead to more frequent purchases ideally of higher priced products, and… We are pitching to Chipotle on Friday!” This leads to concentrated research on Chipotle’s SWAT, followed up with an excellent pitch including a demo via Zoom. The result of this pitch is usually: 1. The person loved the pitch and accepts your invitation to meet again with his/her manager next week. 2. The person you pitched to is not the decision-maker 3. The person you pitched to doesn’t quite understand what you’re pitching 4. The person you pitched to had 3 other projects due by COB and wasn’t fully present and listening to your 10-minute pitch 5. You provided too many facts too quickly, trying to build rapport 6. You shared how you’re product can reduce shrink, increase ROI, decrease costs, increase retention, and cure cancer. The person you pitched to doesn’t believe all those promises. 7. The person you pitched to is afraid of advocating change; the risk from change that results in lesser results can lead to negative repercussions. The risk of “business as usual” is minimal. Forgotten by almost all eCommerce platforms and store owners are the facts that: - People behave differently when they are observed (best behavior vs. average behavior). Despite this, we are seeing an incredible number of start-ups that offer to help track everything your customers do. “We’re Palantir for eCommerce” is essentially the ethos of these companies. - The Paradox of Choice by Barry Schwarz – too many choices overwhelm the person making the choice, to the point that no decision is made. If you don’t train your mind to buy what you want even if you have to look on pages other than Amazon and Google Shopping, you might end up buying the product you almost wanted. - The concept of incentivized virality – when PayPal gave $20 to each person who referred another person who joined, and when DropBox offered free data storage to people who referred friends who joined – which Reid Hoffman and Chris Yeh brilliantly detailed in Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies. So now each eCommerce platform tries to copy Amazon who built their model on the opposite of physical retail. Consider your last experience renting a car at an airport vs. Amazon: - Do you want to refill the gas tank or would you like us to? - Would you like liability only or more comprehensive types of insurance coverage? - Would you like a GPS? - Would you like to join our exclusive members club? etc., etc. Adding to what @ElevateDemand said, “ B2B marketing is broken,” Raj De Datta, CEO and cofounder of @Bloomreach said, “The future of B2C marketing looks like B2B marketing,” Kevin Marasco, CMO of @Zenefits correctly said “marketing is going back in time from B2B to B2C” or person to person. Smart speakers in every phone, tablet, laptop PC, TV, and car succeeded by BCI, which @Facebook and @Neuralink are pioneering, hold great potential. Until those products arrive or after their R&D phase, @Homemaide’s object recognition and image recognition models can provide the sorely needed bridge between Social and Commerce.

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How to choose your niche when starting a new amazon store

Article | March 10, 2020

A large part of your success as an Amazon seller revolves around choosing the right niche. Everyone wants to select a niche that is profitable and has limited competition, but not many succeed with it. While products with high demand allow you to make money faster, the question is, how you find a profitable Amazon product niche. Even if you find the right product, the journey of selling on Amazon can be quite challenging. First, there are already numerous sellers using the leading ecommerce platform to sell similar products. And secondly, it is not easy to convince buyers to spend money on your product, especially if you are a beginner with no customer reviews. But fret not; because we are here to help you precisely with that. In this blog, we will walk you through some useful ways to find niche ideas and get your fist amazon ecommerce business going. But before that, let’s understand the term “niche” and its importance.

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How does Technology help in Business Growth?

Article | February 12, 2021

For every business leader, growth is the key goal. No matter what the size of the business one leads, their strategies revolve around the overall growth of the company. However, the main challenge that they had to face is to gain the lead most cost-effectively and feasibly. Nowadays, businesses are utilizing technology to integrate, automate or redesign their process operations. It has helped them in acquiring streamlined processes, minimal cost, and enhanced production. But how technology can help in strategizing for business growth? Here, the digital transformation of the business is the force driving success and growth. So let’s understand what is needed to gain exceptional results. Cloud Computing & Business Cloud computing has been around for a long time now. It can not only increase efficiency but also offers better security and fast process operation. To make it highly effective and enjoy its full benefits, it’s important to take help from an experienced team. Also, businesses can choose from the wide range of cloud service providers available in the market according to the requirements. Applications Honestly, the number of smartphone users has increased in recent years. So to make the product and services reachable to a larger range of customers, organizations need to hire developers and develop web or mobile apps that are responsive and user friendly. It is the best way for gaining success in any business. Social Media Social media like Instagram, Facebook, Linked In, Twitter, etc. have changed the way people interact with each other and brands. It makes the social media platform a gold mine for businesses. All that an enterprise needs to do is create a business profile and start targeting the potential customers while connecting and engaging with them. It helps in increasing attracting, offering, and sharing products or services with the audience. Big Data Analytics The last and most important factor in any business growth is data. The growth strategy of a business should be supported by relevant and valid data. To use data effectively, business leaders need to learn the way to collect data around the internet and analyze it for achieving valuable insights. With the right data in the pocket, companies can easily adapt powerful strategies, approaches, and plans instantly to give an unbeatable boost to their business. Conclusion Undoubtedly, technology gives a high potential for strategizing foremost business plans. But, the entire process of digitizing business will take time. However, by listening to the customer and identifying the right tools, businesses can enjoy digital value. All that organizations need to do is keep themselves updated with new technology tools and trends that can highly impact the business growth.

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Google Enjoy Retail store Will take Down Controversial Infowars App

Article | March 29, 2020

The controversial Infowars app, an outlet of infamous conspiracy theorist Alex Jones, has been taken down from the Google Play Keep for spreading misinformation about COVID-19, the illness caused by the new coronavirus. Google confirmed to WIRED that it taken out the application, which had more than 100,000 downloads. The app sold numerous products, contained films and content from Jones, and offered dwell broadcasts of The Alex Jones Display. The Infowars application was eradicated subsequent a online video that was posted to it previous 7 days, in which Jones questioned initiatives in slowing the spread of the coronavirus, which includes social distancing and self-quarantines.

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Spotlight

Noonday Collection

Noonday Collection is a socially responsible business that uses fashion to create meaningful opportunities around the world. By harnessing a network of stylists, storytellers, and social entrepreneurs called Noonday Ambassadors, we create a marketplace for Artisan Businesses in vulnerable communities. Together we're building a flourishing world where people have jobs, women are empowered, children are cherished, and we are all connected--come join us!

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