Last Word: Bullish on eCommerce
Reconsider how you think of eCommerce; it’s more than Amazon Prime and DNVB hype. This week, I had the opportunity to spend a little time with the folks at GGV Capital in Menlo Park. While coast to coast flights aren’t the best, the takeaways were. We discussed the past, present, and future of eCommerce and how the businesses of today will need to shift to maintain relevance. Of the most important takeaways:
- China is leading the United States in eCommerce penetration (and the GGV portfolio reflects this).
- Don’t think of eCommerce as the merchandising of material goods only. Consider Hotel Tonight, Airbnb, and other experiential apps (often travel centric). These platforms have superior tech (and superior conversion rates).
- To that point, as an eCommerce retailer – invest in one-click checkouts. This is the crux of today’s wave of investments in mCommerce.
- Narrow focus and deepen relationships with consumers. To better understand this context, see Jeff Richard’s latest on CNBC.
Experiential eCommerce is a burgeoning market. Travel, events, tickets, and services are each stealing the attention away from traditional retail. Reconsider how you think of eCommerce.
See more of the issue here.