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Slide 1
Delivering Happiness
              Tony Hsieh – CEO
             tony@zappos.com
  Follow me on Twitter: twitter.com/zappos

           Digital Age 2.0 - Brazil
              August 26, 2009
Slide 3
A Little About Me (Tony)
  My Background




Slide 4
Zappos at a Glance
  Corporate Background

          •   Founded in 1999

          •   1300 employees (half in Las Vegas headquarters, half in Kentucky)
                  #23 in FORTUNE MAGAZINE’s “100 Best Companies To Work For”
                  Highest debut for a newcomer in 2009

          •   Zappos is “Powered by Service”
                  Providing the best online shopping experience possible.
                  Fast, Free Shipping. Free return shipping. 365-day return policy.
                  Fast fulfillment. Expedited delivery. Fast, friendly & expert customer service.

          •   Best selection
                  Over 1,000 brands, over 200,000 styles, over 900,000 unique UPCs.
                  4 million items in warehouse
                  100% of products inventoried (no drop ship).

          •   Zappos is a service company that happens to sell clothing, shoes, handbags, eyewear,
              watches (and eventually a bunch of other stuff).


Slide 5
Recent Recognition:
  Nice, but we pay more attention to our customers

  •       TV Stories
           •   Oprah (2008/2009)
           •   ABC Nightline (2008)
           •   60 Minutes (2007)


  •       Fortune “100 Best Companies to Work For”
           •   #23 (2009) – Highest ranking newcomer to list


  •       Fast Company “50 Most Innovative Companies”
           •   #20 (2009)


  •       BusinessWeek Top 25 “Customer Service Champs”
           •   #7 (2009)




Slide 6
Customer service value proposition in action…
  Zappos is committed to WOWing every customer.

          •   Customers come…
                  Over 11 million total purchasing customers
                  Over 4 million have purchased in the last 12 months


          •   Customers come back…
                  On any given day, about 75% of purchases from returning customers
                  Repeat customers order >2.5x in the next 12 months


          •   Customers come back, order more and order more often…
                  Repeat customers have higher average order size
                  $123.86 – first time customers in Q407
                  $156.27 – returning customer in Q407




Slide 7
Power of repeat customers and word of mouth...
                      $1,000


                       $800
   Gross Sales $M's




                       $600


                       $400


                       $200


                         $0
                               2000   2001   2002   2003   2004   2005   2006   2007   2008
              Gross Sales      1.6    8.6    32     70     184    370    597    841    1014


Slide 8
Customer Service:
  What customers first see

          •   24/7 1-800 number on every page

          •   Free shipping

          •   Free return shipping

          •   365-day return policy




Slide 9
Customer Service:
  What customers experience

           •   Fast, accurate fulfillment

           •   Most customers are “surprise”-upgraded to overnight shipping
                    Create WOW


           •   Friendly, helpful “above and beyond” customer service

           •   Occasionally direct customers to competitors’ web sites




Slide 10
Customer Service:
  What we do internally

           •   No call times, no sales-based performance goals for reps.
           •   The telephone is one of the best branding devices available.

           •   Run warehouse 24/7. Inventory all product (no drop-shipping).

           •   5 weeks of culture, core values, customer service, and warehouse training for everyone
               in Las Vegas office.

           •   We’ll pay you $2000 to quit.

           •   Culture Book

           •   Interviews & performance reviews are 50% based on core values & culture fit.

           •   Twitter helps build company culture.


Slide 11
Owning the 3 C’s



                     Clothing
            Customer Service
                     Culture

Slide 12
Clothing




Slide 13
Customer Service




Slide 14
Culture




Slide 15
Owning the 3 C’s:
  Clothing, Customer Service, Culture



                        Culture

                 Customer Service

                       Clothing

Slide 16
Zappos
           Delivering Happiness
                (customers and employees)



      “People may not remember exactly what you
         did or what you said, but they will always
           remember how you made them feel.”


Slide 17
CULTURE
           “Committable Core Values”




Slide 18
Zappos Core Values


           1.    Deliver WOW Through Service
           2.    Embrace and Drive Change
           3.    Create Fun and a Little Weirdness
           4.    Be Adventurous, Creative, and Open-Minded
           5.    Pursue Growth and Learning
           6.    Build Open and Honest Relationships With Communication
           7.    Build a Positive Team and Family Spirit
           8.    Do More with Less
           9.    Be Passionate and Determined
           10.   Be Humble




Slide 19
COMMITTING TO
            TRANSPARENCY
             “Be real and you have nothing to fear”

                   Your culture is your brand

             Don’t try to be someone you are not


Slide 20
Commitment to Transparency:
  Examples

           •   twitter.zappos.com

           •   “Ask Anything” newsletter

           •   Extranet for vendors

           •   Tours & reporter visits

           •   ZapposInsights.com

           •   Zappos Insights Live events – www.zapposinsights.com/live




Slide 21
“That’s great for Zappos but
   it would never work at my
           company…”


Slide 22
It doesn’t matter what your
     core values are…as long as
       you commit to them.
           ALIGNMENT

Slide 23
VISION
           “Whatever you’re thinking, think bigger.”

                Does the vision have meaning?

              Chase the vision, not the money…



Slide 24
VISION

       “Don’t chase the paper,
          chase the dream.”
               Sean Combs aka “Puff Daddy” to rapper
                   Biggie Smalls aka “Notorious B.I.G.”
                                          in Notorious




Slide 25
ENTREPRENEURS:


            “What would you be
           passionate about doing
           for 10 years even if you
            never made a dime?”

Slide 26
EMPLOYEES:


       What’s the larger vision
       and greater purpose in
         their work beyond
         money or profits?

Slide 27
VISION



           MOTIVATION
                vs.
           INSPIRATION
Slide 28
Evolution of Zappos Brand
  Transcends shoes & service

           •   1999   Selection

           •   2003   Customer Service

           •   2005   Culture and core values as our platform

           •   2007   Personal Emotional Connection

           •   2009   Delivering Happiness




Slide 29
Slide 30
TAKE A STEP BACK
What is your goal in life?
WHAT IS YOUR GOAL IN LIFE?

              Grow               Get a Great   Boyfriend /
            Company                                                 Be Healthy
                                     Job        Girlfriend
              why?                  why?          why?                why?

                                   Make         Find Soul
           Retire Early                                             Run Faster
                                   Money          Mate
              why?                  why?          why?                why?

           Spend Time                                                Run A
                                 Buy A Home    Get Married
            w/ Family                                               Marathon
                          why?         why?    why?          why?



                                 HAPPINESS
Slide 32
RESEARCH HAS SHOWN:



                 HAPPINESS
           People are very bad at predicting what
             will bring them sustained happiness.

                   “When I get ___, I will be happy.”

                 “When I achieve ___, I will be happy.”

Slide 33
HAPPINESS:

  • There is a SCIENCE behind many aspects of business including:
           •   conversion
           •   psychology of buying
           •   direct marketing
           •   customer acquisition metrics
           •   repeat customer behavior, etc.


  • What if you spent just 10% of your time studying and learning the
    SCIENCE of HAPPINIESS?

  • How much HAPPIER could you be?


Slide 34
WHAT IS YOUR GOAL IN LIFE?

              Grow               Get a Great   Boyfriend /
            Company                                                 Be Healthy
                                     Job        Girlfriend
              why?                  why?          why?                why?

                                   Make         Find Soul
           Retire Early                                             Run Faster
                                   Money          Mate
              why?                  why?          why?                why?

           Spend Time                                                Run A
                                 Buy A Home    Get Married
            w/ Family                                               Marathon
                          why?         why?    why?          why?



                                 HAPPINESS
Slide 35
A Few Different Frameworks
             of
        HAPPINESS
A FEW DIFFERENT FRAMEWORKS ON HAPPINESS:

                        Perceived Control
                       Perceived Progress
                          Connectedness
                        Vision / Meaning
               (Being part of something bigger than yourself)



Slide 37
Maslow’s Hierarchy:




Slide 38
3 TYPES OF HAPPINESS

                          Rock Star
                                                            tim
                 (Pleasure – chasing the next high)         e




                              Flow
                                                            tim
                     (Engagement – time flies)              e




              Meaning /Higher Purpose
                                                            tim
           (Being part of something bigger than yourself)   e




Slide 39
RECOMMENDED BOOKS:

                             PEAK
                           Chip Conley

                  TRIBAL LEADERSHIP
           Dave Logan, John King & Halee Fischer-Wright

              FOUR HOUR WORK WEEK
                           Tim Ferriss

               HAPPINESS HYPOTHESIS
                         Jonathan Haidt


Slide 40
Put a little Zappos in your day…
  …some links to check out…

           • Follow me on Twitter: @zappos
           http://twitter.com/zappos

           •   http://twitter.zappos.com (public mentions, employees)

           •   http://bit.ly/twitterbetter - “How Twitter Can Make You a Better (And Happier) Person”

           •   http://blogs.zappos.com (photos & videos of culture)

           •   http://about.zappos.com (more information about us & core values)

           •   http://www.zapposinsights.com (video Q&A, book recommendations)

           •   http://jobs.zappos.com (job opportunities)



Slide 41
Put a little Zappos in your day…
  …to contact me or get a tour…

           •   Email tony@zappos.com for:

                   A copy of this presentation

                   Copies of our culture book
                   (need physical mailing address)



           •   Email tours@zappos.com for:

                   Tour of our offices when you’re next in Las Vegas
                   (takes about 45-60 minutes)

                   We’ll pick you up from the airport or your hotel in a Zappos Shuttle!



Slide 42
What % of your time do you
           want to spend learning about
            the SCIENCE of HAPPINESS?

     How can the SCIENCE of HAPPINESS help
          your business, your brand, and
                    yourself?
Slide 43
If the research shows that
           vision / meaning / higher purpose
                    leads to happiness…

     What is your company’s higher purpose?
             What is your higher purpose?

Slide 44
Delivering HAPPINESS
Legal and Financial Disclaimer
      P.S. You might be wondering why we need to have a legal and financial disclaimer in this presentation, but you are still
      reading, so our lawyers, auditors and accountants would really like to make sure we make the following clarifications.

      Although an audit was underway and almost done, the financial information presented in this slide show was unaudited. We
      made every effort to present the best information we had at the time.

      Gross merchandise sales is a non-GAAP metric. We use it to express the total demand across all of our web sites and stores.
      This number measures the dollar value of the orders placed in the year before accruing for certain items such as returns, and
      it ignores certain timing cut-offs that are required by GAAP for revenue recognition purposes. If we were a public company,
      we would have to reconcile gross merchandise sales to the nearest GAAP metric (net sales), but we are currently a private
      company so the gross merchandise sales number should be viewed just as an interesting number that we want to share with
      our friends.

      This presentation contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they
      ever materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by the
      forward-looking statements and assumptions. These risks and uncertainties include, but are not limited to, the risk of
      economic slowdown, the risk of over or underbuying, the risk of consumers not shopping online or at our web site at the rate
      we expected, the risk of supplier shortages, the risk of new or growing competition, the risk of a natural or some other type of
      disaster affecting our fulfillment operations or web servers, and the risk of the world generally coming to an end. All
      statements other than statements of historical fact are statements that could be deemed forward-looking statements,
      including statements of expectation or belief; and any statement of assumptions underlying any of the foregoing. Zappos.com
      assumes no obligation and does not intend to update these forward-looking statements.

      Congratulations on making it through all the fine print. If you enjoy fine print, look for openings on our legal and finance team
      at jobs.zappos.com.




Slide 47
Slide 49

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Zappos.Com, por Tony Hsieh

  • 2. Delivering Happiness Tony Hsieh – CEO tony@zappos.com Follow me on Twitter: twitter.com/zappos Digital Age 2.0 - Brazil August 26, 2009
  • 4. A Little About Me (Tony) My Background Slide 4
  • 5. Zappos at a Glance Corporate Background • Founded in 1999 • 1300 employees (half in Las Vegas headquarters, half in Kentucky) #23 in FORTUNE MAGAZINE’s “100 Best Companies To Work For” Highest debut for a newcomer in 2009 • Zappos is “Powered by Service” Providing the best online shopping experience possible. Fast, Free Shipping. Free return shipping. 365-day return policy. Fast fulfillment. Expedited delivery. Fast, friendly & expert customer service. • Best selection Over 1,000 brands, over 200,000 styles, over 900,000 unique UPCs. 4 million items in warehouse 100% of products inventoried (no drop ship). • Zappos is a service company that happens to sell clothing, shoes, handbags, eyewear, watches (and eventually a bunch of other stuff). Slide 5
  • 6. Recent Recognition: Nice, but we pay more attention to our customers • TV Stories • Oprah (2008/2009) • ABC Nightline (2008) • 60 Minutes (2007) • Fortune “100 Best Companies to Work For” • #23 (2009) – Highest ranking newcomer to list • Fast Company “50 Most Innovative Companies” • #20 (2009) • BusinessWeek Top 25 “Customer Service Champs” • #7 (2009) Slide 6
  • 7. Customer service value proposition in action… Zappos is committed to WOWing every customer. • Customers come… Over 11 million total purchasing customers Over 4 million have purchased in the last 12 months • Customers come back… On any given day, about 75% of purchases from returning customers Repeat customers order >2.5x in the next 12 months • Customers come back, order more and order more often… Repeat customers have higher average order size $123.86 – first time customers in Q407 $156.27 – returning customer in Q407 Slide 7
  • 8. Power of repeat customers and word of mouth... $1,000 $800 Gross Sales $M's $600 $400 $200 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 Gross Sales 1.6 8.6 32 70 184 370 597 841 1014 Slide 8
  • 9. Customer Service: What customers first see • 24/7 1-800 number on every page • Free shipping • Free return shipping • 365-day return policy Slide 9
  • 10. Customer Service: What customers experience • Fast, accurate fulfillment • Most customers are “surprise”-upgraded to overnight shipping Create WOW • Friendly, helpful “above and beyond” customer service • Occasionally direct customers to competitors’ web sites Slide 10
  • 11. Customer Service: What we do internally • No call times, no sales-based performance goals for reps. • The telephone is one of the best branding devices available. • Run warehouse 24/7. Inventory all product (no drop-shipping). • 5 weeks of culture, core values, customer service, and warehouse training for everyone in Las Vegas office. • We’ll pay you $2000 to quit. • Culture Book • Interviews & performance reviews are 50% based on core values & culture fit. • Twitter helps build company culture. Slide 11
  • 12. Owning the 3 C’s Clothing Customer Service Culture Slide 12
  • 16. Owning the 3 C’s: Clothing, Customer Service, Culture Culture Customer Service Clothing Slide 16
  • 17. Zappos Delivering Happiness (customers and employees) “People may not remember exactly what you did or what you said, but they will always remember how you made them feel.” Slide 17
  • 18. CULTURE “Committable Core Values” Slide 18
  • 19. Zappos Core Values 1. Deliver WOW Through Service 2. Embrace and Drive Change 3. Create Fun and a Little Weirdness 4. Be Adventurous, Creative, and Open-Minded 5. Pursue Growth and Learning 6. Build Open and Honest Relationships With Communication 7. Build a Positive Team and Family Spirit 8. Do More with Less 9. Be Passionate and Determined 10. Be Humble Slide 19
  • 20. COMMITTING TO TRANSPARENCY “Be real and you have nothing to fear” Your culture is your brand Don’t try to be someone you are not Slide 20
  • 21. Commitment to Transparency: Examples • twitter.zappos.com • “Ask Anything” newsletter • Extranet for vendors • Tours & reporter visits • ZapposInsights.com • Zappos Insights Live events – www.zapposinsights.com/live Slide 21
  • 22. “That’s great for Zappos but it would never work at my company…” Slide 22
  • 23. It doesn’t matter what your core values are…as long as you commit to them. ALIGNMENT Slide 23
  • 24. VISION “Whatever you’re thinking, think bigger.” Does the vision have meaning? Chase the vision, not the money… Slide 24
  • 25. VISION “Don’t chase the paper, chase the dream.” Sean Combs aka “Puff Daddy” to rapper Biggie Smalls aka “Notorious B.I.G.” in Notorious Slide 25
  • 26. ENTREPRENEURS: “What would you be passionate about doing for 10 years even if you never made a dime?” Slide 26
  • 27. EMPLOYEES: What’s the larger vision and greater purpose in their work beyond money or profits? Slide 27
  • 28. VISION MOTIVATION vs. INSPIRATION Slide 28
  • 29. Evolution of Zappos Brand Transcends shoes & service • 1999 Selection • 2003 Customer Service • 2005 Culture and core values as our platform • 2007 Personal Emotional Connection • 2009 Delivering Happiness Slide 29
  • 31. TAKE A STEP BACK What is your goal in life?
  • 32. WHAT IS YOUR GOAL IN LIFE? Grow Get a Great Boyfriend / Company Be Healthy Job Girlfriend why? why? why? why? Make Find Soul Retire Early Run Faster Money Mate why? why? why? why? Spend Time Run A Buy A Home Get Married w/ Family Marathon why? why? why? why? HAPPINESS Slide 32
  • 33. RESEARCH HAS SHOWN: HAPPINESS People are very bad at predicting what will bring them sustained happiness. “When I get ___, I will be happy.” “When I achieve ___, I will be happy.” Slide 33
  • 34. HAPPINESS: • There is a SCIENCE behind many aspects of business including: • conversion • psychology of buying • direct marketing • customer acquisition metrics • repeat customer behavior, etc. • What if you spent just 10% of your time studying and learning the SCIENCE of HAPPINIESS? • How much HAPPIER could you be? Slide 34
  • 35. WHAT IS YOUR GOAL IN LIFE? Grow Get a Great Boyfriend / Company Be Healthy Job Girlfriend why? why? why? why? Make Find Soul Retire Early Run Faster Money Mate why? why? why? why? Spend Time Run A Buy A Home Get Married w/ Family Marathon why? why? why? why? HAPPINESS Slide 35
  • 36. A Few Different Frameworks of HAPPINESS
  • 37. A FEW DIFFERENT FRAMEWORKS ON HAPPINESS: Perceived Control Perceived Progress Connectedness Vision / Meaning (Being part of something bigger than yourself) Slide 37
  • 39. 3 TYPES OF HAPPINESS Rock Star tim (Pleasure – chasing the next high) e Flow tim (Engagement – time flies) e Meaning /Higher Purpose tim (Being part of something bigger than yourself) e Slide 39
  • 40. RECOMMENDED BOOKS: PEAK Chip Conley TRIBAL LEADERSHIP Dave Logan, John King & Halee Fischer-Wright FOUR HOUR WORK WEEK Tim Ferriss HAPPINESS HYPOTHESIS Jonathan Haidt Slide 40
  • 41. Put a little Zappos in your day… …some links to check out… • Follow me on Twitter: @zappos http://twitter.com/zappos • http://twitter.zappos.com (public mentions, employees) • http://bit.ly/twitterbetter - “How Twitter Can Make You a Better (And Happier) Person” • http://blogs.zappos.com (photos & videos of culture) • http://about.zappos.com (more information about us & core values) • http://www.zapposinsights.com (video Q&A, book recommendations) • http://jobs.zappos.com (job opportunities) Slide 41
  • 42. Put a little Zappos in your day… …to contact me or get a tour… • Email tony@zappos.com for: A copy of this presentation Copies of our culture book (need physical mailing address) • Email tours@zappos.com for: Tour of our offices when you’re next in Las Vegas (takes about 45-60 minutes) We’ll pick you up from the airport or your hotel in a Zappos Shuttle! Slide 42
  • 43. What % of your time do you want to spend learning about the SCIENCE of HAPPINESS? How can the SCIENCE of HAPPINESS help your business, your brand, and yourself? Slide 43
  • 44. If the research shows that vision / meaning / higher purpose leads to happiness… What is your company’s higher purpose? What is your higher purpose? Slide 44
  • 46.
  • 47. Legal and Financial Disclaimer P.S. You might be wondering why we need to have a legal and financial disclaimer in this presentation, but you are still reading, so our lawyers, auditors and accountants would really like to make sure we make the following clarifications. Although an audit was underway and almost done, the financial information presented in this slide show was unaudited. We made every effort to present the best information we had at the time. Gross merchandise sales is a non-GAAP metric. We use it to express the total demand across all of our web sites and stores. This number measures the dollar value of the orders placed in the year before accruing for certain items such as returns, and it ignores certain timing cut-offs that are required by GAAP for revenue recognition purposes. If we were a public company, we would have to reconcile gross merchandise sales to the nearest GAAP metric (net sales), but we are currently a private company so the gross merchandise sales number should be viewed just as an interesting number that we want to share with our friends. This presentation contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they ever materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by the forward-looking statements and assumptions. These risks and uncertainties include, but are not limited to, the risk of economic slowdown, the risk of over or underbuying, the risk of consumers not shopping online or at our web site at the rate we expected, the risk of supplier shortages, the risk of new or growing competition, the risk of a natural or some other type of disaster affecting our fulfillment operations or web servers, and the risk of the world generally coming to an end. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements of expectation or belief; and any statement of assumptions underlying any of the foregoing. Zappos.com assumes no obligation and does not intend to update these forward-looking statements. Congratulations on making it through all the fine print. If you enjoy fine print, look for openings on our legal and finance team at jobs.zappos.com. Slide 47
  • 48.