Omni-Channel Beats E-Commerce – Mike Gettis on B2C retail (Part III)
Toronto: During Techweek Toronto Growth Summit 2017, Endy CEO Mike Gettis shared his views on the short and long-term realities of B2C marketplaces and what future opportunities lie in the space. In Part 3 of this 3 part series, Gettis lists down a few pointers for budding entrepreneurs.
“The biggest challenge is to eliminate your own bias.” – Mike Gettis, CEO, Endy
After explaining how an omni-channel vertical e-commerce model (read Part I) can win with a layered cake approach (read Part II), Gettis passed on some of the lessons he has learned while building Endy.
Gettis said business-building is like fishing. “As a kid when I first started fishing, I picked up my favorite lure out of the store, went out to the fishing spot, but really didn’t catch anything. This was because I didn’t know where to go, which pond to choose, etc. Similarly, while starting a new business, you really have to get in tune with your market and your customer.”
The biggest challenge for an entrepreneur, he said, is figuring out how their own biases are getting in the way of understanding a customer. Considering one’s own buying behavior as an assumption for the ideal buyer can set the company off-track from the beginning.
Endy’s solution for this was to open a showroom where they could listen to the live feedback of the customers. “When you talk to customers, you realize more and more what they want and you come across a whole different set of challenges with regards to customer acquisition. Setting up a showroom has helped realign our business towards the customer and especially towards the demographic.”
Gettis concluded by re-emphasizing that the way ahead for a startup is to build their offerings for the market and not for themselves. The cadence for doing that is to start with only one vertical, dominate one channel for customer acquisition, and move to cross-channel strategies only when the company has a strong customer base.
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