"The Art & Science of E-Commerce," ModCloth >> Eric Koger [COMMERCISM 2014]
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THE $100 MILLION EQUATION: THE ART & SCIENCE OF E-COMMERCE, Eric Koger, Co-Founder & CEO, ModCloth Check out Eric's presentation that goes with this slide deck here: https://www.youtube.com/watch?v=pCN_eiuR_Sw
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"The Art & Science of E-Commerce," ModCloth >> Eric Koger [COMMERCISM 2014]
- 1. Eric Koger CEO & Co-Founder, ModCloth The $100 Million Equation: The Art and Science of E-Commerce Commercism Conference March 21, 2014
- 8. Raised $48 Million in Funding
- 10. 503 employees Headquartered in SF San Francisco – 154 Los Angeles – 53Pittsburgh – 296
- 11. In 2013... • Collection of over 7,500 designs from over 1,200 designers ! • Growing private label business
- 14. Remarkable Assortment of Fashion & Decor Retro & Vintage-Inspired One-of-a- Kind Vintage
- 17. Unique Marriage of Art and Science
- 18. 965 4,550 2,914 3,031 26,621 14,767 25,061
- 19. Available for Sale 2-12 Weeks Traditional Retail “Push” Model Disruptive “Pull” Model Customer signals inform buying re-order decisions Vast majority of Inventory sold at full price ✓ 1 YearBuyers Inventory Discounting Buyers 2-12 weeks 2-12 weeks
- 20. How It Began: Be the Buyer
- 22. Morgan Skip It! Holy salmon stripes, Batman! What is that ruffly crap oozing out of the blood red waist line, there? Honestly, from the waistline down is sort of cute, but that top is a hot mess. Bethany Skip It! If it weren’t for the ruffles above the waistband, this would be a really adorable dress. ModLover Skip It! The ruffles over the belt completely ruin this dress! Get rid of the ruffles and it would be amazing. 11.3% Pick It! 88.7% Skip It! Before
- 23. Bethany Skip It! If it weren’t for the ruffles above the waistband, this would be a really adorable dress.
- 24. Customers provide direct feedback… “Get rid of the ruffles and it would be amazing.” … we incorporate into our merchandise. 11.3% Pick It! 88.7% Skip It! Before 63.4% Pick It! 36.6% Skip It! After
- 25. • Be the Buyer products historically sell 2X as much ! • Lifetime spend of Be the Buyer customers is 3X more
- 26. Lean DNA Paves the Way for Great Ideas
- 29. Community outfit-sharing platform with shoppable images and style inspiration.
- 34. Windy City Dress in Navy Style Gallery Inspiration (11)
- 35. ! • Over 20,000 total photo submissions ! • Conversion is over 50% higher than site average ! • Over 1.1 million loves on our Style Gallery
- 36. Efflorescent Effect Dress Heart of the World Bag Too Much Fun Dress in Black Dots Installation Art Exhibit Tank in Aqua Zigzag Time for a bite Necklace Efflorescent Effect Dress Heart of the World Bag Too Much Fun Dress in Black Dots Installation Art Exhibit Tank in Aqua Zigzag
- 37. Takeaways
- 38. SHE ENGAGES SHE INFLUENCES DATA ENABLES PERSONALIZATION SHE FEELS OWNERSHIP SHE VISITS
- 39. Takeaways • Niche Start = Competitive Advantage & Fundraising Disadvantage ! • Niche Focus x Iterative Expansion = Scale ! • Marriage of Art & Science = Lean Principles x Creative Leadership x Analytical Course Correction