Coffee & Commerce Episode 10 : The State of Commerce

TL;DR

Gary Vaynerchuk and Zubin discuss e-commerce trends, including the growing importance of online shopping and the opportunities for launching new brands during the COVID-19 pandemic.

Transcript

Gary Vaynerchuk and this wildly handsome man next to me is Zubin I'll let him introduce himself welcome to another episode of coughing Commerce subin's been holding it down while I've been running around the last couple episodes and today we're together and we're answering questions from the community so if you want a question please use hashtag co... Read More

Key Insights

• 👯 The COVID-19 pandemic has accelerated the shift towards e-commerce, with more people turning to online shopping for various products.
• 👨‍💼 Integrating e-commerce into an omni-channel strategy is crucial for businesses to stay competitive and reach a wider audience.
• 👶 New brands have a prime opportunity to launch and engage with consumers who are actively seeking out new brands online.
• 🥳 Partnerships between established retailers like Walmart and e-commerce platforms like Shopify can benefit both parties and provide a more seamless shopping experience for customers.
• 🤩 Freelancer marketplaces like Fiverr and Upwork offer opportunities for creatives to sell their services at competitive price points but differentiation is key.
• ✋ Selling niche products online may require strategic bundling or offering additional value to cover high shipping costs.
• ⚾ Retail will continue to exist, but retailers will need to innovate and provide more experiential or access-based experiences to adapt to changing consumer behavior.

Questions & Answers

Q: What changes can we expect to see in the retail space due to the COVID-19 pandemic?

Gary believes that retail will continue to exist, but lease prices will need to decrease and retailers will have to innovate to provide more experiential or access-based experiences. The retail landscape may look similar, but the economics will be different.

Q: What are your thoughts on the partnership between Walmart and Shopify?

Gary sees this partnership as a positive move for both companies. He believes that Shopify is a great platform for selling online and that Walmart can benefit from the ability to sell Shopify products directly on their site, making it a more integrated omni-channel experience.

Q: What do you think about freelancers using platforms such as Fiverr and Upwork?

Gary believes that these platforms serve a need in the market and allow for freelancers to sell their services at a lower price point. However, he emphasizes the importance of differentiation and leveraging these platforms to showcase the unique value that freelancers can provide.

Q: How can I sell niche products like kimchi online without high shipping costs?

Gary suggests bundling products or offering additional items such as t-shirts or access to exclusive content alongside the kimchi. This allows you to increase the price point and cover the cost of shipping while still providing value to customers.

Summary & Key Takeaways

• Gary and Zubin discuss the current trends in e-commerce, focusing on the increasing popularity of online shopping due to the COVID-19 pandemic.

• They highlight the importance of integrating e-commerce into an omni-channel strategy and emphasize the potential for growth in certain sectors, such as liquid hand soap and personal care products.

• They also discuss the opportunity for new brands to engage with consumers online, citing a study that shows 55% of Americans have purchased items online from unknown brands in the past three months.