I'm extremely particular about what I consume - be it food or personal care products. So when I get product samples that I toss, I can’t help but think – someone could have enjoyed it and may even have purchased a full-size version of this product after trying it. But, instead, it’s going to end up in a landfill. And I know there is a better way to do it.
I was recently at the National Retail Federation conference in New York and I noticed something: the conference brings together countless thought leaders, innovators, tech experts, and people experts, but nobody is talking about how to differentiate themselves through ecommerce delivery.
All the buzz was about the in-store models of companies like Apple and Urban Outfitters and how to replicate these experience-focused stores. This new model entices customers with lunch, a trendy atmosphere, music, and interactive displays. It’s all about the in-store experience. But what about the nearly $350 billion-dollar industry that is ecommerce retail?
Startups are the most exhilarating ride of your life. You must be willing to step outside of your comfort zone and make sacrifices to make a big impact on a company that is partially yours. It means sometimes taking tough feedback. It sometimes means long nights and different time zones, but it also means celebrating the small wins and the big wins. It means accountability in good times and bad.
Today, the internet has brought products and services from around the world into our homes – all available to be delivered to us in a day or less with just a few keystrokes and clicks of a mouse. Retailers and consumer brands alike are frantically trying to adapt to this new reality and the present-day digital marketplace where purchase occasions are being done more frequently online versus in-store, especially for Millennials (18-34) and Gen-X’ers (35-50).
As we engage with the hundreds of thousands of consumers who tell us about their experiences with products, the most consistent thing we see is that the biggest barrier to adding a new brand or product to one’s consideration set is the inherent risk in spending money on it—of buying a product that you’re not sure will work, or that you’ll like, especially if its replacing a brand that you buy already. For marketers this barrier to trial is frustrating and they can lead to finer and finer targeting of messaging and discounting to groups that surely will be most receptive due their particular stage in life that is driving them to consider new brands.