As you all know, markafoni is internationally active and runs five countries. But it is also in close cooperation with other Shopping Clubs around the world. Last week, I had the honor of hosting 12 CEOs with their teams from 12 different countries in Istanbul.
We had our friends from Brasil, Russia, Australia, Canada, Ukraine, India, South Korea, Switzerland, Greece, Mexico and Dubai here.
We all invested our time during the three days conference into the future of Private Shopping, discussing the latest trends worldwide, exchanging our sales and logistics strategies as well as the international relationships with the suppliers.
My major takeaways have been:
1. It is a great business model and it is growing everywhere. But EXECUTION is king.
2. Consignment is the core of the business model. If the management starts to buy goods, they will come into troubled water. All examples worldwide confirm this. Buying goods is a strategic move which should be executed very carefully. Otherwise it becomes a drug and the Shopping Clubs are the loosers.
3. Creating capacities in logistics is the best market entry barrier. Strong EXECUTION in logistics is vital.
4. The Private Shopping Companies have two faces. The B2C face is different than the B2B face. On B2B, Shopping Clubs are sales channels for Fashion companies. On the B2C face, they are discounters and a heaven for bargain hunters.
5. Slicing and dicing the data is still in discussion but I have talked to nobody who is claiming to have discovered the holy grail with this.
6. Bad shareholders can destroy the best Private Shopping Club. Some already did.
7. Sourcing is a combination of relationship management and pricing conditions.
8. If you are the leader in a country, all the suppliers will try to work with you first. Exclusivity is a fairy tale.
9. Be humble, regardless of your numbers and your success.
10. EXECUTION is everything.
After all the discussions going on in the US and in Germany, I was very happy to listen to success and growth stories. Private Shopping is continuing to change eCommerce. Just stay focused on your customers (B2C and B2B) and execute well.