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5 Ways To Crash an Ecommerce Startup Sean Percival Imagine 2014
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5 Ways To Crash an Ecommerce Startup Sean Percival Imagine 2014

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Transcript

  • 1. Top 5 Ways to Crash an Ecommerce Business
  • 2. Sean Percival @percival Venture Partner, 500 Startups
  • 3. Passion Out Strips Experience1
  • 4. Pro Tips • Constantly be hiring smarter people than you • Know your arrogance is going to be expensive • Get some serious industry BFFs
  • 5. Shipping Fails2
  • 6. Customer Happiness Over Time Order Placed Week 1 Week 2 Week 3 Week 4 ---Happiness--- Stoked Concerned Pissed You Ruined Christmas Happy Out for blood We both said things we didn’t mean
  • 7. Pro Tips • Go to a 3PL ASAP • Fight with your vendors more • Set good expectations with customers • It’s worth discounting when you screw up
  • 8. Margins You Can’t Fix3
  • 9. Pro Tips • Test upfront (then test more) • Avoid discounting • Make the tough price switches early • Find secret unsexy revenue
  • 10. Fundraising Screw Ups4
  • 11. Pro Tips • Ecom words to never use with a VC: • Subscription commerce (or the trend of the moment)! • Lifestyle brand! • Curated artisanal experience! • Celebrity endorsement! • It’s Pinterest for…..! • Never go out in Q4 • Know your numbers
  • 12. You Suck at Marketing5
  • 13. Pro Tips • You have try 10 things to get 1 that works • Learn to ankle bite the big dogs • Assume 100% of sales come on a 2nd visit
  • 14. Thank You

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