November 2, 2023 • 31 mins
Get ready for a riveting discussion about the evolving world of livestream shopping in retail. Our esteemed guests for this episode include Mark Price, Ricardo Belmar, and Sharon Gai, who's got her fingers on the pulse of livestream shopping through her extensive experience at Alibaba. As we unpack the rise of livestream shopping from being a marketplace sellers' tactic to a multi-billion dollar industry in China, we shed light on the elements that make a live stream successful. Buckle up as we navigate the nuances of the presenter, the brand, the content, and the art of selling the product.
Can retailers truly harness livestreaming to drive sales? This is the question we grapple with as we explore the practicality of repurposing video content and using AI chatbot technology for interactive video replays. We encourage you to join us in dissecting the delicate balance between the actual profit of a product and the excitement it generates, while deliberating on the categories that thrive in the livestreaming space.
The conversation wouldn't be complete without discussing the crucial role of influencers and presenter expertise in live streaming. Brace yourselves for an intriguing comparison of the dynamics between the West and China regarding influencers and MCNs. Walking the fine line between profitability, cannibalization, and incrementality, we ponder the challenges smaller retailers face and how to gauge the success of your livestreaming strategy. So, if you're seeking the answer to higher return rates, don't miss out on this compelling dialogue. Get in on the retail revolution now!
RetailWire is the retail industry's premier source for news, analysis, and discussion. With a focus on the latest trends, technology, and consumer behavior, RetailWire provides a platform for industry experts and thought leaders to share their insights and perspectives. Whether you're a retailer, supplier, or service provider, RetailWire is your go-to destination for staying informed and ahead of the curve.
Be sure to leave us a comment and let us know what you think. You might even hear your comment read on the next episode!
To learn more, or to join our Daily Discussions, visit RetailWire.com.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:14):
Hey there, Vanessa, here from RetailWirecom.
You are about to listen to avery special episode, which is a
replay of the livestream thatwe have on Monday, October 23rd.
The topic was livestreamshopping Is it in decline or is
it on the rise?
We were joined by specialguests, Mark Price, Ricardo
(00:36):
Belmar and Sharon Guy, who alldiscussed some amazing points on
the topic.
Before we dive in, remember ifyou are loving the podcast, go
ahead and make sure yousubscribe to our channel and
like the video.
All right, let's dive intotoday's episode.
Speaker 2 (00:52):
Good morning If you are on Central Time or on
Pacific Time, and Good Afternoonif you are East Coast or in
other parts of the world.
My name is Mark Price and I amone of the panelists on
RetailWire.
It is my pleasure to be able tobe your moderator today for the
future tech-themed discussion.
(01:13):
We're going to be talking todayabout live streaming in retail
and question of whether it'sgoing to be increasing or
decreasing, and what thechallenges are associated with
it.
But before we dive in together,why don't I just take this
opportunity and introduce theother panelists and let them say
(01:39):
a little bit about themselves?
Just real quick, because Iforgot to introduce myself.
I am the chief analyst after 20years in analytics consulting,
focused primarily on retail ande-commerce, as well as business
services.
I have an MBA from the DardenSchool at the University of
(02:00):
Virginia.
I'm also an adjunct professorat the University of St Thomas
in Minneapolis, so I will nowturn it over and let Sharon
introduce herself.
Speaker 3 (02:11):
Thanks, mark.
Hi everyone, my name is SharonGuy.
I'm really happy to be here.
So live streaming is a topicthat's near and dear to my heart
because when I used to work atAlibaba, I hosted one of
Alibaba's very first livestreams in Los Angeles with a
celebrity at the time.
We'll talk all about that, butright now I'm an author and
(02:35):
keynote speaker on e-commerce,retail and, as well as the live
streaming space, I think, theChinese e-commerce thing side of
the house.
So topics like live streamingis something that is growing in
the US.
It's very mature in China.
My book called E-commerceReimagined Answers to Exactly
(02:58):
that, so today I'll be sharingthings from the book as well.
Speaker 2 (03:03):
That is wonderful.
Thank you very much, Ricardo.
When you introduce yourself,please.
Speaker 4 (03:09):
Hey, thanks, mark.
Hi, I'm Ricardo Belmar.
I'm currently lead partnermarketing for retail and
consumer goods in the Americasat Microsoft and I've been in
the retail industry in one formor another on the technology
side of things for the last 20years give or take, ranging from
delivering different in-storetechnologies, things like
(03:31):
digital signage to Wi-Fi, othertechnologies that sort.
So here's some back-end thingslike different cloud
applications, as the partnersthat I work with now and have
just been fortunate enough toreally work across lots of
different retail segments,whether it's mass merchants to
home goods and other specialtytypes of retail.
(03:52):
So I just will say for me thisis a really interesting topic
because I happen to be a bigproponent of live streaming as
part of a bigger video commercestrategy.
So it's been super interestingto watch which retailers are
more open to embracing thistechnology than others.
Speaker 2 (04:10):
Great, Thank you and Sharon, given your experience in
the Chinese market, why don'tyou ground us a little bit, if
you can, and give us a littlebit of sort of the history of
live streaming, and then maybe afew thoughts about where you
see it today?
Speaker 3 (04:27):
Sure.
So the live streamingphenomenon really occurred in
the year of 20.
At first it was a tactic for alot of sellers in the
marketplace to be morecompetitive.
So, as you know, if you are abrand or seller on the
marketplace by throwing money interms of bidding words and
(04:48):
search terms and keywords, it'sgoing to get really costly
really quickly, especially ifyou don't have a very defined
brand, if consumers aren'tdirectly searching for your
brand in this marketplace.
So back then it was sort of amechanism for brands to
differentiate themselves.
So instead of a two dimensionalproduct photo, which then
(05:09):
evolved into a more 3D or moreinteractive video as something
to show in your product detailpage, these brands started to
live stream.
So they started to turn on acamera and back then there were
no sort of these professionallive streamers.
That entire industry was notreally made up yet, so it was
just a store owner turned on acamera, started talking about
(05:31):
his or her brand, and it slowlyevolved into more and more
professional live streamerscoming into the scene.
There's somebody called via.
If you Google her, she is thebiggest live streamer in China.
She no longer is active becauseshe later, because she earned a
lot of money.
There was a lot of tax issues,so she's not really active as a
(05:53):
streamer anymore.
But now the big person in Chinais Austin Lee.
We also call him the lipstickKing.
He actually used to be just heused to be an offline store
salesperson at the Estee Laudercounter and catching sort of
offline foot traffic and saying,hey, do you want to try out
(06:14):
this new lip color?
There's a lot of these peoplein these professions in these
shopping malls, right on thatfirst floor where there's so
many different cosmetics, andthat's where he trained a lot of
his skills in terms of sellingand getting people to getting
people's attention, and so whenhe turned on his camera to sell
(06:35):
lipstick online, it really tookoff.
There's we in China.
We always try to figure outthese different factors, you
know, is it the person that'sselling the product?
Is it the brand?
That's really working?
Is it the content or howthey're selling, what they're
saying that's really working?
And that's always somesomething that we're trying to
figure out.
(06:55):
So what is the formula forhaving this work?
But now, live streaming is amulti billion dollar industry.
So within team all and team allis about 30% of total GMV is
converted on a live streamingplatform in a live streaming
fashion.
So that's a considerable amountof GMV, and it also means that
(07:17):
as a brand or seller, you sortof can't ignore this phenomenon
that's happening.
So if you are not livestreaming yourself, then you're
probably losing out on some sortof business, and so that trend
is something that I seegradually flowing over to Europe
, to the US, to Australia.
Tiktok shop has obviously comeinto the scene and they're very
(07:39):
they're heavy hitters in thelive streaming space in terms of
Tiktok live, and you see a lotof streamers doing this already.
So if I open my Tiktok, there'sa lot of streaming rooms that
selling everything from bags tocosmetics, to clothing, to candy
, and every week I'm seeing sortof this new trend that's on
(08:00):
Tiktok.
Speaker 2 (08:01):
That's great.
I mean, stop there, becauseyou've got so much great
information.
Really appreciate it.
Ricardo, could you put this inmaybe the broader context of
video commerce as a whole,because it strikes me that this
actually goes back to shop NBCand QBC and a lot of the online
(08:21):
not online but the on TVversions that originally been in
this industry for 20 plus years?
Speaker 4 (08:29):
Yeah, I mean, I think it is pretty common to draw
those parallels, Like you justlisted, you know how, in terms
of defining how is thisdifferent, right, how is this
reaching new audience?
Potentially and I think it'sinteresting to look at this
maybe two different ways, andthat's why I referenced it as
part of a larger video commercestrategy.
So there's sort of anentertainment component to this,
(08:50):
right, we're watching the livestream for that, a little bit of
that entertainment value.
And I think that's where a lotof influencers come into play,
where you're also then gettingthe benefit and ability to shop
and transact, commerce and buythings as a consumer.
And those tend to be, I think,more opportunistic, in that you
know they're either a scheduledevent or it's something that you
(09:11):
know you promote heavily and inadvance.
Do that.
But then there's also well,what do you do afterwards?
Right, let's say you've donethat.
But if I'm a retailer and Ipromoted my own live stream, for
example, you know the livestream, in my view, is one
component of the strategy.
You have that real time momentwhen the live stream runs and
you may get some business withconsumers that watch that live
(09:32):
stream.
But now that, when the livestream is over.
Why not repurpose some of thevideo that you've just generated
and it is a video that's alittle different than just
having a product video on awebsite, for example?
Right, it's not the same, butI've seen examples of this, for
example, in the food space,particularly with in fact, some
smaller regional grocery chainshave done this where the live
(09:55):
stream is about having a chef,for example, show you how to
make a dish using ingredientsyou can buy in the store,
potentially maybe even some ofthe products and tools that they
use in the kitchen right tocook that dish.
You might also be available,but once you've done.
Speaker 2 (10:10):
that, richard, is probably similar to what the
Today Show in Good MorningAmerica had been doing for years
.
When they bring a shrimp in,they have a series of featured
products and they are makingmaking all sorts of things with
the products that are up forthat day.
Speaker 4 (10:25):
Yeah, and that's why I think that the reuse of that
is so important from theretailer's perspective because
now that you've produced that,why not make it accessible
through your website right forsubsequent viewings, where you
could still generate sales fromthat video?
And their newer technology isnow available.
That even makes that replay alittle bit more interactive.
You know, we're seeing AI creepinto even this video space
(10:50):
where now you could think of,you know, the equivalent of an
AI chatbot that is responsivewhile you're watching the replay
of that video that can stillanswer questions.
You know, a main, I think,benefit in some of these live
streams is, as I'm watching andon the consumer, maybe I want to
ask something and I put it intoa live chat and get a response
from the influencer in the video.
Well, there are technologiesnow that let you add an AI layer
(11:14):
where the AI chatbot does thatresponse for you during the
replay, so you still get thatinteractive nature that
encourages the purchase.
Speaker 2 (11:21):
It seems to me that there's a piece of this about
shopping as entertainment andshopping as discovery that
allows people to have adifferent kind of experience
than they would have whenthey're online looking at most
conventional products these days.
You know, one of the questionsthat I have about this is
(11:44):
particular categories that workreally well.
If you look at QVC and ShopMBC,it tends to be fashion.
Cosmetics and cookware are someof the biggest categories,
though they found that they canbrought out.
Brought out on that over time.
Sharon, I wonder if you couldgive us a little bit of the
(12:05):
lessons from the Chinese marketand then, as you see it in the
US, which of those lessonsactually carry over to the US
and which ones?
Is it not so much the same?
Speaker 3 (12:17):
I think yeah.
So what I'm seeing is a lot ofstartups in this field are
trying to replicate that success.
So there's firework.
You might heard of them.
They're very big in the groceryspace.
They've worked with Walmartbefore.
They've worked with Whole Foodsas well in adding that live
streaming layer to a brand's orretailer's native website.
(12:41):
So, contrary to the e-commercelandscape in China where 99% of
shoppers are going to amarketplace to buy something, in
the West it's a sort of variedlandscape between a marketplace
like Amazon versus a retailerversus a brandedcom.
So that's a startup that's inthat state.
(13:01):
There's whatnot that's morefocusing on a mobile strategy.
So their sort of niche in themarket is toys and collectibles.
They've onboarded a lot of livestreamers that have these
coveted Pokemon cards, and thatwas the community that they
brought on and had a surefooting in that space.
(13:22):
And then you have TikTok, whichis more cross-packed categories
.
So everything from fashion tobeauty to little bits of sort of
home goods or toys.
There's also a lot of crystalsthat are sold on TikTok as well,
and so I would say the trend oflive streaming is definitely
(13:46):
thickening in the West, but thatfrequency or the habit of
watching is the part where it'ssort of less popular.
Speaker 2 (13:57):
So do either.
Thank you, do either of youhave a sense of kind of the
profitability of differentcategories in live streaming?
I know the article refers tovery, very high returns in
jewelry, for example.
That could really significantlycut into the profitability.
I don't have any numberspersonally of seeing some of
(14:19):
those results, but I waswondering if either of the two
of you do.
Speaker 3 (14:23):
I'll go ahead.
So in terms of profitability, alot of it is tied to the
products, the category that Isee.
So obviously things that workwell on an e-commerce space are
things that are smaller andlighter.
So that's why the toys category, the jewelry category a lot of
(14:43):
people on TikTok sell crystalsand sort of these home good
knick-knack things that you like, posters that you hang, that
sort of serves as an art or ainstead of a painting.
It's a.
There are these stickers thatyou decorate your walls with.
A lot of those things have veryhigh margins innately itself.
(15:05):
Stickers is also a very popularproduct within the live
streaming space because it'ssort of fun to look at and
there's a lot of collaborationpossibilities with different
cartoons or IPs or quotes.
So a lot of the things that yousee work well in live streaming
are products that have that arevery content, rich in and of
(15:28):
themselves.
So they're very they attractattention because when you are,
as a viewer, looking at livestreaming, sometimes you're just
scrolling through an app andthen suddenly there's this video
that's catching your attentionand somebody's talking about a
product or brand live, and sowhatever that item is that's
able to catch that viewersattention to stop them from
(15:50):
scrolling away, or categoriesthat work well.
Speaker 2 (15:54):
It seems to me that there's there's a.
There needs to be a balancebetween the the actual penny
profit, if you will, that aproduct can deliver.
You're kind of what's the pricepoint at it and what's the
level of excitement generated.
Because you can have a lot ofexcitement generated and, as you
talked about with stickers, Iguess the question that I wonder
(16:16):
with that in the US is cansomething like that achieve
enough of a volume in a shortperiod of time to make that as
profitable as perhaps selling alittle bit fewer of, for example
, you might say crystal figures,or you might say pots, pots and
pans and and hand protectors orsilverware thing thing, things
(16:41):
like that.
That might be kind of a littlebit of a higher price point,
perhaps a tiny bit lessexcitement than the latest
cartoon or movie stickers, butcould still have a lot of appeal
.
Does that make sense?
What do you think, ricardo?
Speaker 4 (16:58):
I would say this is where you kind of think about
what's the entertainment valuein the lives.
You're right.
So there is, I think, very mucha concept of what shows well on
camera versus what's somethingthat if you were looking at it
in person it may look and have acertain look and feel to you
and you may experience it acertain way, but that changes a
(17:18):
little bit when you put it oncamera.
So I think you're right thatyou kind of have to have a story
to go with it, to go with thatlive stream on camera which
speaks a little bit to theentertainment value.
And I think what Sharon saidspecifically about things that
are content rich, I think isvery true here, because if it
lends itself to tell acontent-oriented story, it's
likely to lend itself well, Ithink, in that live stream sales
(17:41):
mode.
Now I think another way you canlook at it is what audience are
you trying to reach?
So in a sense I think of thisas if you're focusing on that
entertainment value.
You're probably trying tobroaden the types of products
that you're going to show inthis live stream and have a wide
range of them.
But if I look at this maybe froma specific retailer's point of
(18:01):
view.
They may be very narrowlyfocused on one type of product
and it may or may not lenditself to be content rich, which
means they need the personwho's on the live stream to
really provide some of thatadd-on value.
I didn't do a good job oftalking about the product and
showing it off, and some of theconversations I've had around
this have sent around retailerslooking to their own store teams
(18:23):
who have that kind of productexpertise where they might have
that very same conversation withyou in a store, with a customer
about showing you a product andtelling you what's great about
it, who then are naturallyinclined to translate well on
camera, to share that same storyand tell that same story about
the product on camera.
I think the difference there is.
(18:43):
You have to kind of look at itand say am I starting from a
perspective of I'm justexpecting people to discover my
live stream because I'moriginating it on TikTok or
another medium right thatalready is going to have a
propensity to show other livestreams that people can discover
and find, or is this reallymeant to be targeted to a
customer base I already havefrom my website?
(19:05):
for example and I want the livestream specifically from my
website for people who I knoware going to come to me because
they already have a propensitytowards the products I have.
But I need to rely on the livestream for that extra push to
get that conversion.
Speaker 2 (19:21):
Well, ricardo, you mentioned something a little bit
earlier about the presenter,and John, who submitted a
question, had an excellent point, and I'm really wondering,
karen, we know that in China thepresenters are possibly just
overwhelmingly popular.
What I'm wondering in the US isI know from QVC and Shop NBC
(19:44):
that frequent shoppers get veryattached to their presenters,
but that's different than havingan influencer or somebody who
brings their own cachet,separate from the products in.
What do you find when you lookat the US market as it compares
to the Chinese market in termsof the use of influencers and
(20:06):
the success of influencers inthe live stream?
Speaker 3 (20:09):
Yeah, so in China there are these companies called
MCN organizations.
They're sort of theorganization that ropes up a lot
of these mega influencers.
You can think of them asagencies, almost.
So if you're a brand, insteadof going on a one-to-one
relationship.
So today I have to have thislive stream.
(20:30):
So I have to find X livestreamer.
Next day I have another product.
I have to find Y live streamer.
You go to these organizationsthat have hundreds of
influencers under their umbrella.
You say I'm this brand, can yougive me a sort of packaged live
streaming set of live streamersfor me to work with for this
(20:50):
quarter or this year?
And then that organization willthen match you with a certain
type of influencer.
What I see in the West andwhat's happening is there are
these databases.
So Isaiah is one, grinn isanother one, where they're doing
this in a more of a databaseway.
(21:11):
So as a brand, you're stillgoing to this website and trying
to search and find this rightinfluencers, whereas in China
it's a very handheld experiencewith certain organizations where
it's less effort from a brandside, more involvement from the
MCN side that's proactivelytrying to match you with the
(21:35):
right influencer because theyhave so much knowledge on who's
watching these people.
So some influencers are theirmom, so a lot of her audience is
new mothers.
Some other influencers are abit older, so the people that
watch her are also in an agerange that's a bit older.
Some are male, so most peoplethat watch him are guys, so it
(22:02):
really varies, but that'sdefinitely something that I'm
seeing as an absence.
Is that type of model ofworking or that type of
organization in the West?
Speaker 2 (22:13):
So one of the questions so John's further
question was about return ratesand presenters.
Would you think, ricardo, thathaving the right presenter
because you talked about peoplewho are sort of steeped in the
business as opposed to just yourstandard MC do you believe that
(22:33):
that has an impact, or shouldhave an impact, on return rates?
Speaker 4 (22:39):
Yeah, I actually do.
I think that there isdefinitely value in the level of
expertise of who's presentingthe particular product.
I think you do have to layer onto that.
Some products just naturallyhave higher return rates.
We know this from e-commerce ingeneral, that you're apparel in
particular because of size-eatissues, we know those have
higher return rates.
I think that's a little bit ofa challenge to expect that
(23:02):
having the right influencer orpresenter is going to change
that one, but maybe more so onother products and categories
where the educational valuecomes through based on the level
of expertise of that presenter.
If I'm the consumer and thislivestream catches my attention,
or even in the example where Idiscovered the livestream by
going through a retailer'swebsite and I'm already somewhat
(23:25):
interested in their products,getting me to that purchase
decision I think has a lot to dowith the specifics around.
What is the presenter tellingme about the product?
What are they telling me abouthow they're using it?
If the livestream includes ademonstration and this, for
example, is, I think, wherethings like that example of
mimicking the cooking shows, theToday Show cooking
demonstration kind of thinglends itself quite nicely to
(23:47):
this, because then youautomatically see kind of the
value of, whether it's theingredients or the pots and pans
or tools, whatever it is, it'svery immediate to the consumer.
Watching that, I do think thatthe more precision that
presenter has in terms oftalking about what the product
does, what you can do with it,what the outcome is for the
consumer, the better thepurchase experience is going to
(24:09):
be for that consumer and thelower the return rate would be.
I think we still may have alittle bit of a challenge when
it comes to high return rateitems like apparel.
But then again, if you're apresenter is someone who works
in the store for that retailbrand where they sell that
particular piece of clothing andthey know, because they have
experience from other customerswho have bought it, that maybe
(24:29):
the sizing runs a littledifferently and they can convey
that in the livestream.
That could be something thatmakes a difference.
I think it'd be interesting tosee how much of an impact that
has.
I question a little bit, but mysuspicion is that you would see
a little bit of a better resultthere, depending on the
knowledge level of thatpresenter.
Speaker 2 (24:48):
It sounds like you're talking about.
Your example was about cookingHard goods, spices, a range of
those kinds of products aroundfood.
What are the categories?
I'll open it to both of you.
What are the categories youthink are especially well suited
to having an expertise focusedpresenter or influencer.
Speaker 4 (25:12):
I think Sharon listed a few earlier things.
Like you mentioned, things liketoys, things, I think, things
around home goods, householdtools maybe even sticking with
that kitchen thing rightappliances, those kind of hard
goods I think lend themselveswell because they're more easily
it's possible for the presenterto perform a good demonstration
of them.
I think the better the qualityand the depth available to the
(25:35):
presenter to present and showoff the products, the better
that result will be.
I think, when we're talkingabout products that maybe are a
little more involved and harderto really visually demonstrate
them, I think that's where itmay be a little more challenging
.
Speaker 2 (25:50):
Now what's interesting is that George Ann
just jumped in with a questionthat said that what she's
discovering versus Facebook Liveis that it's the human factor
and it's getting to know thepresenter.
They become almost like familythe way they do on Shop NBC or
QVC and that kind of comfortlevel.
(26:12):
Sharon, as you look, it soundsa little different than the
Chinese market in terms of thelevel of connection that some of
these frequent shoppers aregetting, or feeling like they
get, with the host.
There are different kinds ofhosts.
That plays well here as opposedto China.
Speaker 3 (26:33):
I think the hosts that I've seen in the US versus
China is they're a little morecasual and a little less rigid
in terms of structure.
I think that's just to do withthe maturity levels of live
streaming as a phenomenon andhow much of a company or
business has been created aroundthem.
(26:55):
So in China, at VIA, forinstance.
So the live streamer that Imentioned in my book, who I've
also had a chance to work with,she has a 200 people team that
sits behind her that subpaid herto do so.
You're providing her withsamples that she has to try.
If it's some sort of face cream, she's gonna try it for a month
(27:15):
to see if actually her wrinklesdisappeared or if it's just
kind of nice packaging, and shewill refuse brands that she
feels that are not authentic orit's just all marketing versus a
product that actually works.
And, of course, she's just oneperson.
So that's why she relies on her200 people team to test all of
(27:36):
these products for her andcoordinate with all of these
brands.
In the US, the streamers that Ihave seen and gotten a chance
to work with, they're operatingwith a bit smaller teams.
They're also a lot moreflexible with the way that they
can work with brands.
So if a brand says I'm willingto, you know, give you this type
(27:57):
of resource as well, the livestreamer will say okay, and
they're also a little happier tonegotiate on rates, whereas the
streamers I've seen in Chinaare very rigid.
So if you can't pay for thatnumber, then I cannot work with
you, and so there's sort ofdifferences there as well.
The family aspect, I would say,is a commonality between the
(28:19):
two.
Streamers might start off asstreamers but eventually, you
know, as a viewer I've alsowatched via myself.
I've bought a ton of new brandsand new products.
I have never seen anywhere, butit did appear in her live
stream room one day and I caughtit and from her one minute or
so of talking about the brand orthe product.
(28:39):
I purchased it without everhaving seen a Facebook ad,
instagram ad of that product,and I'm a happy customer also.
So I'm happy that I bought alot of new products from her
because they've added a littlebit of delight in my life.
So I think it's an interestingconnection that these streamers
(29:03):
eventually blossom into and youeventually you recognize that
they're a pivotal part, theyplay a pivotal part in our
overall e-commerce ecosystem.
Speaker 2 (29:13):
Very good.
Well, I want to thank you all.
We've had a fascinatingconversation today, and I really
think we've just sort oftouched on this phenomenon.
One of the things that I givesome thought to is, given that
there is an unlimited number ofplaces on the internet that a
consumer can park themselves tosee live streaming, the mall
(29:37):
approach at least allowsconsolidation, or very large
retailers allow consolidation aswell.
It seems to me that one of thechallenges with smaller
retailers is you may get a verypassionate, smaller group of
consumers, maybe not as much newcustomers or prospects.
You tend to get a lot morerepeat customers, and it may not
(30:01):
have as much incrementality asthe larger stores where people
could come on because of thebrand, or at Amazon because
they're on anyway, or on TikTokbecause they're on there anyway.
That seems to be the placesthat you could easily get extra
incrementality.
Because we've talked aboutprofitability, we haven't talked
(30:22):
about incrementality yet, andif you have a thriving
e-commerce business, thequestion is how much of that are
you stealing through the livestreaming or not?
And so there's a whole bunch ofmeasurement that, in my mind,
is some of the critical links tothis to determine
cannibalization, incrementality,profitability all of those
different measures come into howyou really evaluate the success
(30:47):
of the strategy and also howmuch is it driving new customers
versus loading existing ones.
So with that, ending withmeasurement, take care everyone,
bye, bye.
Hey there, Vanessa, here from RetailWirecom.
You are about to listen to avery special episode, which is a
replay of the livestream thatwe have on Monday, October 23rd.
The topic was livestreamshopping Is it in decline or is
it on the rise?
We were joined by specialguests, Mark Price, Ricardo
(00:36):
Belmar and Sharon Guy, who alldiscussed some amazing points on
the topic.
Before we dive in, remember ifyou are loving the podcast, go
ahead and make sure yousubscribe to our channel and
like the video.
All right, let's dive intotoday's episode.
Speaker 2 (00:52):
Good morning If you are on Central Time or on
Pacific Time, and Good Afternoonif you are East Coast or in
other parts of the world.
My name is Mark Price and I amone of the panelists on
RetailWire.
It is my pleasure to be able tobe your moderator today for the
future tech-themed discussion.
(01:13):
We're going to be talking todayabout live streaming in retail
and question of whether it'sgoing to be increasing or
decreasing, and what thechallenges are associated with
it.
But before we dive in together,why don't I just take this
opportunity and introduce theother panelists and let them say
(01:39):
a little bit about themselves?
Just real quick, because Iforgot to introduce myself.
I am the chief analyst after 20years in analytics consulting,
focused primarily on retail ande-commerce, as well as business
services.
I have an MBA from the DardenSchool at the University of
(02:00):
Virginia.
I'm also an adjunct professorat the University of St Thomas
in Minneapolis, so I will nowturn it over and let Sharon
introduce herself.
Speaker 3 (02:11):
Thanks, mark.
Hi everyone, my name is SharonGuy.
I'm really happy to be here.
So live streaming is a topicthat's near and dear to my heart
because when I used to work atAlibaba, I hosted one of
Alibaba's very first livestreams in Los Angeles with a
celebrity at the time.
We'll talk all about that, butright now I'm an author and
(02:35):
keynote speaker on e-commerce,retail and, as well as the live
streaming space, I think, theChinese e-commerce thing side of
the house.
So topics like live streamingis something that is growing in
the US.
It's very mature in China.
My book called E-commerceReimagined Answers to Exactly
(02:58):
that, so today I'll be sharingthings from the book as well.
Speaker 2 (03:03):
That is wonderful.
Thank you very much, Ricardo.
When you introduce yourself,please.
Speaker 4 (03:09):
Hey, thanks, mark.
Hi, I'm Ricardo Belmar.
I'm currently lead partnermarketing for retail and
consumer goods in the Americasat Microsoft and I've been in
the retail industry in one formor another on the technology
side of things for the last 20years give or take, ranging from
delivering different in-storetechnologies, things like
(03:31):
digital signage to Wi-Fi, othertechnologies that sort.
So here's some back-end thingslike different cloud
applications, as the partnersthat I work with now and have
just been fortunate enough toreally work across lots of
different retail segments,whether it's mass merchants to
home goods and other specialtytypes of retail.
(03:52):
So I just will say for me thisis a really interesting topic
because I happen to be a bigproponent of live streaming as
part of a bigger video commercestrategy.
So it's been super interestingto watch which retailers are
more open to embracing thistechnology than others.
Speaker 2 (04:10):
Great, Thank you and Sharon, given your experience in
the Chinese market, why don'tyou ground us a little bit, if
you can, and give us a littlebit of sort of the history of
live streaming, and then maybe afew thoughts about where you
see it today?
Speaker 3 (04:27):
Sure.
So the live streamingphenomenon really occurred in
the year of 20.
At first it was a tactic for alot of sellers in the
marketplace to be morecompetitive.
So, as you know, if you are abrand or seller on the
marketplace by throwing money interms of bidding words and
(04:48):
search terms and keywords, it'sgoing to get really costly
really quickly, especially ifyou don't have a very defined
brand, if consumers aren'tdirectly searching for your
brand in this marketplace.
So back then it was sort of amechanism for brands to
differentiate themselves.
So instead of a two dimensionalproduct photo, which then
(05:09):
evolved into a more 3D or moreinteractive video as something
to show in your product detailpage, these brands started to
live stream.
So they started to turn on acamera and back then there were
no sort of these professionallive streamers.
That entire industry was notreally made up yet, so it was
just a store owner turned on acamera, started talking about
(05:31):
his or her brand, and it slowlyevolved into more and more
professional live streamerscoming into the scene.
There's somebody called via.
If you Google her, she is thebiggest live streamer in China.
She no longer is active becauseshe later, because she earned a
lot of money.
There was a lot of tax issues,so she's not really active as a
(05:53):
streamer anymore.
But now the big person in Chinais Austin Lee.
We also call him the lipstickKing.
He actually used to be just heused to be an offline store
salesperson at the Estee Laudercounter and catching sort of
offline foot traffic and saying,hey, do you want to try out
(06:14):
this new lip color?
There's a lot of these peoplein these professions in these
shopping malls, right on thatfirst floor where there's so
many different cosmetics, andthat's where he trained a lot of
his skills in terms of sellingand getting people to getting
people's attention, and so whenhe turned on his camera to sell
(06:35):
lipstick online, it really tookoff.
There's we in China.
We always try to figure outthese different factors, you
know, is it the person that'sselling the product?
Is it the brand?
That's really working?
Is it the content or howthey're selling, what they're
saying that's really working?
And that's always somesomething that we're trying to
figure out.
(06:55):
So what is the formula forhaving this work?
But now, live streaming is amulti billion dollar industry.
So within team all and team allis about 30% of total GMV is
converted on a live streamingplatform in a live streaming
fashion.
So that's a considerable amountof GMV, and it also means that
(07:17):
as a brand or seller, you sortof can't ignore this phenomenon
that's happening.
So if you are not livestreaming yourself, then you're
probably losing out on some sortof business, and so that trend
is something that I seegradually flowing over to Europe
, to the US, to Australia.
Tiktok shop has obviously comeinto the scene and they're very
(07:39):
they're heavy hitters in thelive streaming space in terms of
Tiktok live, and you see a lotof streamers doing this already.
So if I open my Tiktok, there'sa lot of streaming rooms that
selling everything from bags tocosmetics, to clothing, to candy
, and every week I'm seeing sortof this new trend that's on
(08:00):
Tiktok.
Speaker 2 (08:01):
That's great.
I mean, stop there, becauseyou've got so much great
information.
Really appreciate it.
Ricardo, could you put this inmaybe the broader context of
video commerce as a whole,because it strikes me that this
actually goes back to shop NBCand QBC and a lot of the online
(08:21):
not online but the on TVversions that originally been in
this industry for 20 plus years?
Speaker 4 (08:29):
Yeah, I mean, I think it is pretty common to draw
those parallels, Like you justlisted, you know how, in terms
of defining how is thisdifferent, right, how is this
reaching new audience?
Potentially and I think it'sinteresting to look at this
maybe two different ways, andthat's why I referenced it as
part of a larger video commercestrategy.
So there's sort of anentertainment component to this,
(08:50):
right, we're watching the livestream for that, a little bit of
that entertainment value.
And I think that's where a lotof influencers come into play,
where you're also then gettingthe benefit and ability to shop
and transact, commerce and buythings as a consumer.
And those tend to be, I think,more opportunistic, in that you
know they're either a scheduledevent or it's something that you
(09:11):
know you promote heavily and inadvance.
Do that.
But then there's also well,what do you do afterwards?
Right, let's say you've donethat.
But if I'm a retailer and Ipromoted my own live stream, for
example, you know the livestream, in my view, is one
component of the strategy.
You have that real time momentwhen the live stream runs and
you may get some business withconsumers that watch that live
(09:32):
stream.
But now that, when the livestream is over.
Why not repurpose some of thevideo that you've just generated
and it is a video that's alittle different than just
having a product video on awebsite, for example?
Right, it's not the same, butI've seen examples of this, for
example, in the food space,particularly with in fact, some
smaller regional grocery chainshave done this where the live
(09:55):
stream is about having a chef,for example, show you how to
make a dish using ingredientsyou can buy in the store,
potentially maybe even some ofthe products and tools that they
use in the kitchen right tocook that dish.
You might also be available,but once you've done.
Speaker 2 (10:10):
that, richard, is probably similar to what the
Today Show in Good MorningAmerica had been doing for years
.
When they bring a shrimp in,they have a series of featured
products and they are makingmaking all sorts of things with
the products that are up forthat day.
Speaker 4 (10:25):
Yeah, and that's why I think that the reuse of that
is so important from theretailer's perspective because
now that you've produced that,why not make it accessible
through your website right forsubsequent viewings, where you
could still generate sales fromthat video?
And their newer technology isnow available.
That even makes that replay alittle bit more interactive.
You know, we're seeing AI creepinto even this video space
(10:50):
where now you could think of,you know, the equivalent of an
AI chatbot that is responsivewhile you're watching the replay
of that video that can stillanswer questions.
You know, a main, I think,benefit in some of these live
streams is, as I'm watching andon the consumer, maybe I want to
ask something and I put it intoa live chat and get a response
from the influencer in the video.
Well, there are technologiesnow that let you add an AI layer
(11:14):
where the AI chatbot does thatresponse for you during the
replay, so you still get thatinteractive nature that
encourages the purchase.
Speaker 2 (11:21):
It seems to me that there's a piece of this about
shopping as entertainment andshopping as discovery that
allows people to have adifferent kind of experience
than they would have whenthey're online looking at most
conventional products these days.
You know, one of the questionsthat I have about this is
(11:44):
particular categories that workreally well.
If you look at QVC and ShopMBC,it tends to be fashion.
Cosmetics and cookware are someof the biggest categories,
though they found that they canbrought out.
Brought out on that over time.
Sharon, I wonder if you couldgive us a little bit of the
(12:05):
lessons from the Chinese marketand then, as you see it in the
US, which of those lessonsactually carry over to the US
and which ones?
Is it not so much the same?
Speaker 3 (12:17):
I think yeah.
So what I'm seeing is a lot ofstartups in this field are
trying to replicate that success.
So there's firework.
You might heard of them.
They're very big in the groceryspace.
They've worked with Walmartbefore.
They've worked with Whole Foodsas well in adding that live
streaming layer to a brand's orretailer's native website.
(12:41):
So, contrary to the e-commercelandscape in China where 99% of
shoppers are going to amarketplace to buy something, in
the West it's a sort of variedlandscape between a marketplace
like Amazon versus a retailerversus a brandedcom.
So that's a startup that's inthat state.
(13:01):
There's whatnot that's morefocusing on a mobile strategy.
So their sort of niche in themarket is toys and collectibles.
They've onboarded a lot of livestreamers that have these
coveted Pokemon cards, and thatwas the community that they
brought on and had a surefooting in that space.
(13:22):
And then you have TikTok, whichis more cross-packed categories
.
So everything from fashion tobeauty to little bits of sort of
home goods or toys.
There's also a lot of crystalsthat are sold on TikTok as well,
and so I would say the trend oflive streaming is definitely
(13:46):
thickening in the West, but thatfrequency or the habit of
watching is the part where it'ssort of less popular.
Speaker 2 (13:57):
So do either.
Thank you, do either of youhave a sense of kind of the
profitability of differentcategories in live streaming?
I know the article refers tovery, very high returns in
jewelry, for example.
That could really significantlycut into the profitability.
I don't have any numberspersonally of seeing some of
(14:19):
those results, but I waswondering if either of the two
of you do.
Speaker 3 (14:23):
I'll go ahead.
So in terms of profitability, alot of it is tied to the
products, the category that Isee.
So obviously things that workwell on an e-commerce space are
things that are smaller andlighter.
So that's why the toys category, the jewelry category a lot of
(14:43):
people on TikTok sell crystalsand sort of these home good
knick-knack things that you like, posters that you hang, that
sort of serves as an art or ainstead of a painting.
It's a.
There are these stickers thatyou decorate your walls with.
A lot of those things have veryhigh margins innately itself.
(15:05):
Stickers is also a very popularproduct within the live
streaming space because it'ssort of fun to look at and
there's a lot of collaborationpossibilities with different
cartoons or IPs or quotes.
So a lot of the things that yousee work well in live streaming
are products that have that arevery content, rich in and of
(15:28):
themselves.
So they're very they attractattention because when you are,
as a viewer, looking at livestreaming, sometimes you're just
scrolling through an app andthen suddenly there's this video
that's catching your attentionand somebody's talking about a
product or brand live, and sowhatever that item is that's
able to catch that viewersattention to stop them from
(15:50):
scrolling away, or categoriesthat work well.
Speaker 2 (15:54):
It seems to me that there's there's a.
There needs to be a balancebetween the the actual penny
profit, if you will, that aproduct can deliver.
You're kind of what's the pricepoint at it and what's the
level of excitement generated.
Because you can have a lot ofexcitement generated and, as you
talked about with stickers, Iguess the question that I wonder
(16:16):
with that in the US is cansomething like that achieve
enough of a volume in a shortperiod of time to make that as
profitable as perhaps selling alittle bit fewer of, for example
, you might say crystal figures,or you might say pots, pots and
pans and and hand protectors orsilverware thing thing, things
(16:41):
like that.
That might be kind of a littlebit of a higher price point,
perhaps a tiny bit lessexcitement than the latest
cartoon or movie stickers, butcould still have a lot of appeal
.
Does that make sense?
What do you think, ricardo?
Speaker 4 (16:58):
I would say this is where you kind of think about
what's the entertainment valuein the lives.
You're right.
So there is, I think, very mucha concept of what shows well on
camera versus what's somethingthat if you were looking at it
in person it may look and have acertain look and feel to you
and you may experience it acertain way, but that changes a
(17:18):
little bit when you put it oncamera.
So I think you're right thatyou kind of have to have a story
to go with it, to go with thatlive stream on camera which
speaks a little bit to theentertainment value.
And I think what Sharon saidspecifically about things that
are content rich, I think isvery true here, because if it
lends itself to tell acontent-oriented story, it's
likely to lend itself well, Ithink, in that live stream sales
(17:41):
mode.
Now I think another way you canlook at it is what audience are
you trying to reach?
So in a sense I think of thisas if you're focusing on that
entertainment value.
You're probably trying tobroaden the types of products
that you're going to show inthis live stream and have a wide
range of them.
But if I look at this maybe froma specific retailer's point of
(18:01):
view.
They may be very narrowlyfocused on one type of product
and it may or may not lenditself to be content rich, which
means they need the personwho's on the live stream to
really provide some of thatadd-on value.
I didn't do a good job oftalking about the product and
showing it off, and some of theconversations I've had around
this have sent around retailerslooking to their own store teams
(18:23):
who have that kind of productexpertise where they might have
that very same conversation withyou in a store, with a customer
about showing you a product andtelling you what's great about
it, who then are naturallyinclined to translate well on
camera, to share that same storyand tell that same story about
the product on camera.
I think the difference there is.
(18:43):
You have to kind of look at itand say am I starting from a
perspective of I'm justexpecting people to discover my
live stream because I'moriginating it on TikTok or
another medium right thatalready is going to have a
propensity to show other livestreams that people can discover
and find, or is this reallymeant to be targeted to a
customer base I already havefrom my website?
(19:05):
for example and I want the livestream specifically from my
website for people who I knoware going to come to me because
they already have a propensitytowards the products I have.
But I need to rely on the livestream for that extra push to
get that conversion.
Speaker 2 (19:21):
Well, ricardo, you mentioned something a little bit
earlier about the presenter,and John, who submitted a
question, had an excellent point, and I'm really wondering,
karen, we know that in China thepresenters are possibly just
overwhelmingly popular.
What I'm wondering in the US isI know from QVC and Shop NBC
(19:44):
that frequent shoppers get veryattached to their presenters,
but that's different than havingan influencer or somebody who
brings their own cachet,separate from the products in.
What do you find when you lookat the US market as it compares
to the Chinese market in termsof the use of influencers and
(20:06):
the success of influencers inthe live stream?
Speaker 3 (20:09):
Yeah, so in China there are these companies called
MCN organizations.
They're sort of theorganization that ropes up a lot
of these mega influencers.
You can think of them asagencies, almost.
So if you're a brand, insteadof going on a one-to-one
relationship.
So today I have to have thislive stream.
(20:30):
So I have to find X livestreamer.
Next day I have another product.
I have to find Y live streamer.
You go to these organizationsthat have hundreds of
influencers under their umbrella.
You say I'm this brand, can yougive me a sort of packaged live
streaming set of live streamersfor me to work with for this
(20:50):
quarter or this year?
And then that organization willthen match you with a certain
type of influencer.
What I see in the West andwhat's happening is there are
these databases.
So Isaiah is one, grinn isanother one, where they're doing
this in a more of a databaseway.
(21:11):
So as a brand, you're stillgoing to this website and trying
to search and find this rightinfluencers, whereas in China
it's a very handheld experiencewith certain organizations where
it's less effort from a brandside, more involvement from the
MCN side that's proactivelytrying to match you with the
(21:35):
right influencer because theyhave so much knowledge on who's
watching these people.
So some influencers are theirmom, so a lot of her audience is
new mothers.
Some other influencers are abit older, so the people that
watch her are also in an agerange that's a bit older.
Some are male, so most peoplethat watch him are guys, so it
(22:02):
really varies, but that'sdefinitely something that I'm
seeing as an absence.
Is that type of model ofworking or that type of
organization in the West?
Speaker 2 (22:13):
So one of the questions so John's further
question was about return ratesand presenters.
Would you think, ricardo, thathaving the right presenter
because you talked about peoplewho are sort of steeped in the
business as opposed to just yourstandard MC do you believe that
(22:33):
that has an impact, or shouldhave an impact, on return rates?
Speaker 4 (22:39):
Yeah, I actually do.
I think that there isdefinitely value in the level of
expertise of who's presentingthe particular product.
I think you do have to layer onto that.
Some products just naturallyhave higher return rates.
We know this from e-commerce ingeneral, that you're apparel in
particular because of size-eatissues, we know those have
higher return rates.
I think that's a little bit ofa challenge to expect that
(23:02):
having the right influencer orpresenter is going to change
that one, but maybe more so onother products and categories
where the educational valuecomes through based on the level
of expertise of that presenter.
If I'm the consumer and thislivestream catches my attention,
or even in the example where Idiscovered the livestream by
going through a retailer'swebsite and I'm already somewhat
(23:25):
interested in their products,getting me to that purchase
decision I think has a lot to dowith the specifics around.
What is the presenter tellingme about the product?
What are they telling me abouthow they're using it?
If the livestream includes ademonstration and this, for
example, is, I think, wherethings like that example of
mimicking the cooking shows, theToday Show cooking
demonstration kind of thinglends itself quite nicely to
(23:47):
this, because then youautomatically see kind of the
value of, whether it's theingredients or the pots and pans
or tools, whatever it is, it'svery immediate to the consumer.
Watching that, I do think thatthe more precision that
presenter has in terms oftalking about what the product
does, what you can do with it,what the outcome is for the
consumer, the better thepurchase experience is going to
(24:09):
be for that consumer and thelower the return rate would be.
I think we still may have alittle bit of a challenge when
it comes to high return rateitems like apparel.
But then again, if you're apresenter is someone who works
in the store for that retailbrand where they sell that
particular piece of clothing andthey know, because they have
experience from other customerswho have bought it, that maybe
(24:29):
the sizing runs a littledifferently and they can convey
that in the livestream.
That could be something thatmakes a difference.
I think it'd be interesting tosee how much of an impact that
has.
I question a little bit, but mysuspicion is that you would see
a little bit of a better resultthere, depending on the
knowledge level of thatpresenter.
Speaker 2 (24:48):
It sounds like you're talking about.
Your example was about cookingHard goods, spices, a range of
those kinds of products aroundfood.
What are the categories?
I'll open it to both of you.
What are the categories youthink are especially well suited
to having an expertise focusedpresenter or influencer.
Speaker 4 (25:12):
I think Sharon listed a few earlier things.
Like you mentioned, things liketoys, things, I think, things
around home goods, householdtools maybe even sticking with
that kitchen thing rightappliances, those kind of hard
goods I think lend themselveswell because they're more easily
it's possible for the presenterto perform a good demonstration
of them.
I think the better the qualityand the depth available to the
(25:35):
presenter to present and showoff the products, the better
that result will be.
I think, when we're talkingabout products that maybe are a
little more involved and harderto really visually demonstrate
them, I think that's where itmay be a little more challenging
.
Speaker 2 (25:50):
Now what's interesting is that George Ann
just jumped in with a questionthat said that what she's
discovering versus Facebook Liveis that it's the human factor
and it's getting to know thepresenter.
They become almost like familythe way they do on Shop NBC or
QVC and that kind of comfortlevel.
(26:12):
Sharon, as you look, it soundsa little different than the
Chinese market in terms of thelevel of connection that some of
these frequent shoppers aregetting, or feeling like they
get, with the host.
There are different kinds ofhosts.
That plays well here as opposedto China.
Speaker 3 (26:33):
I think the hosts that I've seen in the US versus
China is they're a little morecasual and a little less rigid
in terms of structure.
I think that's just to do withthe maturity levels of live
streaming as a phenomenon andhow much of a company or
business has been created aroundthem.
(26:55):
So in China, at VIA, forinstance.
So the live streamer that Imentioned in my book, who I've
also had a chance to work with,she has a 200 people team that
sits behind her that subpaid herto do so.
You're providing her withsamples that she has to try.
If it's some sort of face cream, she's gonna try it for a month
(27:15):
to see if actually her wrinklesdisappeared or if it's just
kind of nice packaging, and shewill refuse brands that she
feels that are not authentic orit's just all marketing versus a
product that actually works.
And, of course, she's just oneperson.
So that's why she relies on her200 people team to test all of
(27:36):
these products for her andcoordinate with all of these
brands.
In the US, the streamers that Ihave seen and gotten a chance
to work with, they're operatingwith a bit smaller teams.
They're also a lot moreflexible with the way that they
can work with brands.
So if a brand says I'm willingto, you know, give you this type
(27:57):
of resource as well, the livestreamer will say okay, and
they're also a little happier tonegotiate on rates, whereas the
streamers I've seen in Chinaare very rigid.
So if you can't pay for thatnumber, then I cannot work with
you, and so there's sort ofdifferences there as well.
The family aspect, I would say,is a commonality between the
(28:19):
two.
Streamers might start off asstreamers but eventually, you
know, as a viewer I've alsowatched via myself.
I've bought a ton of new brandsand new products.
I have never seen anywhere, butit did appear in her live
stream room one day and I caughtit and from her one minute or
so of talking about the brand orthe product.
(28:39):
I purchased it without everhaving seen a Facebook ad,
instagram ad of that product,and I'm a happy customer also.
So I'm happy that I bought alot of new products from her
because they've added a littlebit of delight in my life.
So I think it's an interestingconnection that these streamers
(29:03):
eventually blossom into and youeventually you recognize that
they're a pivotal part, theyplay a pivotal part in our
overall e-commerce ecosystem.
Speaker 2 (29:13):
Very good.
Well, I want to thank you all.
We've had a fascinatingconversation today, and I really
think we've just sort oftouched on this phenomenon.
One of the things that I givesome thought to is, given that
there is an unlimited number ofplaces on the internet that a
consumer can park themselves tosee live streaming, the mall
(29:37):
approach at least allowsconsolidation, or very large
retailers allow consolidation aswell.
It seems to me that one of thechallenges with smaller
retailers is you may get a verypassionate, smaller group of
consumers, maybe not as much newcustomers or prospects.
You tend to get a lot morerepeat customers, and it may not
(30:01):
have as much incrementality asthe larger stores where people
could come on because of thebrand, or at Amazon because
they're on anyway, or on TikTokbecause they're on there anyway.
That seems to be the placesthat you could easily get extra
incrementality.
Because we've talked aboutprofitability, we haven't talked
(30:22):
about incrementality yet, andif you have a thriving
e-commerce business, thequestion is how much of that are
you stealing through the livestreaming or not?
And so there's a whole bunch ofmeasurement that, in my mind,
is some of the critical links tothis to determine
cannibalization, incrementality,profitability all of those
different measures come into howyou really evaluate the success
(30:47):
of the strategy and also howmuch is it driving new customers
versus loading existing ones.
So with that, ending withmeasurement, take care everyone,
bye, bye.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.