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Speaker 1: We’re fighting an unfair fight.

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Speaker 2: When we’re trying to win discovery and conversion, whether that

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Speaker 2: conversion happens on the digital shelf, whether that discovery happens

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Speaker 2: on the digital shelf, it’s fluid. And we’re going to

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Speaker 2: talk a lot about that. But the fact is that online,

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Speaker 2: it’s not a fair game.

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Speaker 1: You’re not in control.

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Speaker 3: Profitero set the stage how digital impacts offline sales and

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Speaker 3: offline impacts online. I think you’re all aware, because of

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Speaker 3: Micmac’s size now in the marketplace, we see billions of

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Speaker 3: impressions being flighted against our software. And what I wanted

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Speaker 3: to show you here is the traffic distribution that we’re

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Speaker 3: seeing across our 1,200 brands.

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Speaker 2: Welcome to today’s episode of Brave Commerce.

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Speaker 4: I’m Rachel Tippegraff, the founder and CEO of Micmac.

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Speaker 2: I’m Sarah Hofstetter, president of Profitero.

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Speaker 3: And this is a show that talks about what’s relevant

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Speaker 3: in e-commerce for the world’s biggest brands. Sarah, when was

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Speaker 3: the last time that we talked about ourselves on the show?

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Speaker 1: Professionally or personally, please?

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Speaker 4: I guess professionally, because.

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Speaker 3: Personally, I think we somehow always talk about that.

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Speaker 2: Personally, I think there are people that listen to this

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Speaker 2: podcast that know more about my personal preferences than possibly

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Speaker 2: my kids.

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Speaker 1: That was a lot of Ps, by the way. Professionally, though?

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Speaker 2: I don’t even know how many people on this podcast

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Speaker 2: would know how to pronounce the word Profitero.

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Speaker 4: Again, a lot of P’s.

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Speaker 2: So yeah, no, professionally don’t really talk very much about that,

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Speaker 2: but that’s by design, no?

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Speaker 1: Yeah.

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Speaker 3: Just so everyone knows, Sarah and I, we really don’t

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Speaker 3: make money from Brave Commerce.

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Speaker 4: That’s not why we’re in it because we actually have

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Speaker 4: day jobs.

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Speaker 3: Sarah is the president of Profitero and I am the

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Speaker 3: founder and CEO of MicMac. And together, we created this

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Speaker 3: podcast to really create a community of commerce executives. But

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Speaker 3: the whole point of this podcast is to focus on

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Speaker 3: the community of executives and not Sarah and I. But

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Speaker 3: since it’s probably been four years since we introduced ourselves,

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Speaker 3: because that’s how far this podcast goes back, we started

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Speaker 3: it nearly four years ago in 2020. And since then,

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Speaker 3: we’ve recorded 180 episodes, which is wild, with the biggest

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Speaker 3: brands and the biggest executives in the world. And we

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Speaker 3: decided to bring Brave Commerce to the big stage in

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Speaker 3: real life. And on May 21st, 2024, in New York City,

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Speaker 3: we hosted our first ever.

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Speaker 4: Brave Commerce Live.

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Speaker 3: Where we did live interviews of some executives we’ve had

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Speaker 3: on the show, others that you have yet to be

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Speaker 3: introduced to that you’ll hear from. And we thought it

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Speaker 3: would be a great idea over the next few months

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Speaker 3: to release each one of those live recordings as a

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Speaker 3: podcast episode.

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Speaker 2: This gives all of you the opportunity who weren’t able

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Speaker 2: to join us live to hear some of the awesome

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Speaker 2: nuggets that our speakers brought us to be introduced to

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Speaker 2: new people. And for those of you who were there

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Speaker 2: to get the replay, because, you know, frequency matters.

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Speaker 3: Reach and frequency, as Sarah says. And so we’re going

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Speaker 3: to release episodes very similar to how we did the

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Speaker 3: programming of the conference, which is Sarah and I were

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Speaker 3: the first ones on stage. where we set the stage,

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Speaker 3: no pun intended, for the day, what we’re seeing in

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Speaker 3: the ecosystem, and we also spotlighted our respective businesses. We’re

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Speaker 3: super grateful for Meta giving us a beautiful space at

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Speaker 3: their headquarters in New York City. So suspend your disbelief.

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Speaker 3: Picture that you’re sitting in the audience on May 21st,

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Speaker 3: New York City. It was a beautiful sunny day at

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Speaker 3: Meta’s headquarters. And if you can give Sarah and I

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Speaker 3: a few minutes to really reflect on the last four

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Speaker 3: years of Brave Commerce and look forward at what each

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Speaker 3: of our respective businesses, Micmac and Profitero, are achieving in

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Speaker 3: market today.

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Speaker 4: Without further ado, welcome to Brave Commerce Live. First off, everyone.

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Speaker 2: Holy crap.

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Speaker 3: So I’m Rachel Tippergraf, the founder and CEO of Micmac,

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Speaker 3: co-host of Brave Commerce.

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Speaker 2: I’m Sarah Hofstetter, president of Profitero, co-host, and also eagerly

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Speaker 2: trying to match Rachel’s clothing. So she picked out her suit,

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Speaker 2: and then I picked out my.

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Speaker 1: Dress, and here we are. And that’s how we do it.

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Speaker 1: And that’s how we roll, guys. This is how we roll.

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Speaker 3: Sarah and I are so excited. Some of you know

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Speaker 3: this is a historic moment because Brave Commerce has always

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Speaker 3: existed in the ether, in the audio channels where we

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Speaker 3: typically record via Zoom. Many of you in the audience

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Speaker 3: today have been guests on Brave Commerce and this is

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Speaker 3: the first time ever that we’re spending a whole day

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Speaker 3: live together with our community. So, we have some amazing

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Speaker 3: brands in this room today. What’s really special about Brave

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Speaker 3: Commerce is that we only allowed brands in the doors,

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Speaker 3: which we know is a pretty unique environment for conferences.

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Speaker 3: And the reason why is that Brave Commerce for Sarah

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Speaker 3: and I.

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Speaker 4: Is all about peer learning.

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Speaker 3: We truly believe that this industry moves at light speed

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Speaker 3: and what’s relevant today is irrelevant tomorrow.

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Speaker 4: And the only way.

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Speaker 3: For all of us to collectively stay ahead is if

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Speaker 3: we knowledge share. And so that’s the goal of today.

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Speaker 3: That’s the goal of Brave Commerce. Every single person in

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Speaker 3: here you’re facing the same challenges, you’re facing the same opportunities,

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Speaker 3: you’re going through the same negotiations with retailers, and you

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Speaker 3: really can help each other. So we highly encourage you

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Speaker 3: to meet as many people as possible. There’s a lunch,

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Speaker 3: there’s gonna be a cocktail hour, and let’s just have

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Speaker 3: some fun, and let’s truly, in typical Brave Commerce form,

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Speaker 3: try to have candid conversations so we can learn together.

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Speaker 4: Reflecting on Brave Commerce, we started.

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Speaker 3: This in June of 2020, Obviously, we all know what

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Speaker 3: we were collectively experiencing as a society then. But as

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Speaker 3: a business owner and as a marketer, we all had

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Speaker 3: to change how we operate. And for a company like

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Speaker 3: Micmac and a company like Profitero, the big question was,

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Speaker 3: how are we going to connect with executives like you

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Speaker 3: every single day? And that was really the genesis of

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Speaker 3: Brave Commerce, where Sarah and I started it, me in

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Speaker 3: an Airbnb in upstate New York, her in Long Island.

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Speaker 3: And we just figured it out as we go.

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Speaker 4: And we found this guy, Joey, who’s remained our editor.

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Speaker 3: And so today, if you’re speaking on stage and you

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Speaker 3: don’t like what you say, just like what Sarah and

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Speaker 3: I do during a recording, you say, Joey, can you

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Speaker 3: please take that out? And when we publish this, Joey

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Speaker 3: will take it out. We have done 180 episodes of

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Speaker 3: Brave Commerce, which is wild. That essentially means Sarah and

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Speaker 3: I have spent one month in a Zoom every second

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Speaker 3: of the day recording this, but the learnings that we’ve

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Speaker 3: extracted from it, we’ve taken into our collective businesses, we’ve

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Speaker 3: used it to propel your business forward, as well as

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Speaker 3: the greater community. Now, if you’ve ever listened to Brave Commerce,

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Speaker 3: you will know, Sarah and I rarely talk about our businesses.

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Speaker 3: It’s really about peer learning, but given the uniqueness of today,

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Speaker 3: we hope you’ll excuse us each for about 10 minutes

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Speaker 3: to actually talk about what’s going on at Micmac and

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Speaker 3: what’s going on at Profitero. And then for the rest

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Speaker 3: of the day, you’ll never hear a peep about it.

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Speaker 3: We will really be picking your brains. So some of

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Speaker 3: you might know my story, others you might not, but

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Speaker 3: I used to be you. Meaning before I started Micmac,

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Speaker 3: September will be 10 years, which is crazy. I ran

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Speaker 3: global digital and social media at Gap, and I reported

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Speaker 3: into the global CMO. The year was 2010. I was

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Speaker 3: a wildcard hire. The company had a decade of declining

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Speaker 3: sales and aging customer base. The senior leadership team looked

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Speaker 3: around the room. Their target customer wasn’t there. They wanted

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Speaker 3: their target customer to be a 20-something woman. And so

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Speaker 3: my boss boldly goes, let’s hire that person internally. What’s

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Speaker 3: unique about the time that I was at Gap, which

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Speaker 3: was 2010 to 2014, It was the rise of the

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Speaker 3: visual social web. And no one at the time believed

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Speaker 3: that meta was going to become the next major storefront.

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Speaker 3: But what I saw in my seat was the cost

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Speaker 3: per customer acquisition just.

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Speaker 4: Rise and rise and rise.

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Speaker 1: Why?

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Speaker 3: Because we were all competing for the same eyeballs on Facebook.

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Speaker 3: Gap’s competition was no longer just J.Crew or Uniqlo. It

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Speaker 3: was anyone on the internet who could.

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Speaker 4: Buy Facebook ads and launch a Shopify site.

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Speaker 3: While that was happening, I was watching America turn to

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Speaker 3: Amazon to try to buy Gap. It was early signs

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Speaker 3: to me that the major mass retailers were going to

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Speaker 3: become the new walled gardens. No one at Gap wanted

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Speaker 3: to hear this between 2010 and 2014, right? The entire

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Speaker 3: media ecosystem was shouting DTC while I was sitting there

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Speaker 3: feeling like I was experiencing the death of direct-to-consumer. And

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Speaker 3: so that’s what really led me to build Micmac. I

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Speaker 3: truly believed that one day, every darling direct-to-consumer brand was

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Speaker 3: gonna end up on the shelves of Amazon, Target, Walmart, Ulta, Sephora, Walgreens, CVS,

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Speaker 3: you name it, because you’ll need reach and qualified shoppers.

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Speaker 3: Now I don’t need to convince anyone here, this is

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Speaker 3: the truth, and we obviously have the great pleasure at

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Speaker 3: Micmac of working with over 1,200 brands around the world,

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Speaker 3: with many of you in the audience today. So what

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Speaker 3: we do day in and day out is we convert

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Speaker 3: consumers in the places where they spend time, like Meta, TikTok, Google, CTV,

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Speaker 3: your brand websites, to drive your performance at your biggest retailers.

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Speaker 3: And the reason why we do this is that at Micmac,

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Speaker 3: we truly believe that brand growth is directly correlated to commerce.

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Speaker 3: And now some people need to cover their ears like

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Speaker 3: Sarah’s agency holding company. But at Micmac, we truly believe

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Speaker 3: that if you put yourself in a driver’s seat with consumers,

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Speaker 3: You don’t need consultants, you don’t need agencies, you don’t need.

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Speaker 4: Panel data companies.

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Speaker 3: Every single day, sorry, you know I’m competitive, every single day,

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Speaker 3: You can glean insights from consumers if you put yourself

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Speaker 3: in a position to actually capture that. And that’s the

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Speaker 3: promise of Micmac, and that’s what we do with our

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Speaker 3: customers day in and day out. Many of you have

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Speaker 3: probably experienced our software, whether it’s as a customer or

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Speaker 3: as a consumer, but we are the inventors of where

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Speaker 3: to buy. We have the patent on our technology. I

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Speaker 3: filed it for it 10 years ago. So when you’re

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Speaker 3: in an environment like Meta or TikTok or Google, and

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Speaker 3: you’re given the power to choose where.

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Speaker 4: To check out, Amazon, Target, Walmart, that’s us behind the scenes.

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Speaker 3: And we now have over 7,000 retailers in the ecosystem, and.

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Speaker 4: We operate globally.

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Speaker 3: Some of you might know, last year was a pretty

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Speaker 3: wild year at Micmac, because, no, we decided not to

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Speaker 3: just buy one company, but buy two companies. So last

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Speaker 3: year we acquired Suaven, which was headquartered in Paris, and

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Speaker 3: then Channelvisor, which many of you know was a publicly

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Speaker 3: traded company. No, we did not buy the whole thing,

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Speaker 3: because that’s pretty big. We bought part of it, which

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Speaker 3: was the shopable media business, and it’s really now positioned

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Speaker 3: us to be the global leader in this space. On

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Speaker 3: top of that, we announced our strategic integrations with folks

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Speaker 3: like Sarkana and Nielsen IQ and Salsify and Syndigo and

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Speaker 3: LiveRamp and, of course, our deep commercial partnership that we

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Speaker 3: work day in and day out with Profitero. And then

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Speaker 3: we brought to market some great product innovation like shoppable recipes,

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Speaker 3: direct add to cart, our attribution API, sales estimation, and

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Speaker 3: so much more.

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Speaker 4: That was last year.

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Speaker 3: Now we’re in 2024 and even more product innovation has

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Speaker 3: come out from Micmac. The ecosystem is totally different than

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Speaker 3: when I started the company 10 years ago. The reality

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Speaker 3: is many of you are way more sophisticated in your approach.

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Speaker 3: And when I started the company 10 years ago, you

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Speaker 3: probably had five.

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Speaker 4: People on e-comm.

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Speaker 3: Now many of you have 200 person e-comm teams in

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Speaker 3: conjunction with data science teams. And I share this because

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Speaker 3: many of our releases this year is actually about getting

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Speaker 3: more deeply integrated with your tech stack. So two months ago,

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Speaker 3: we launched our headless commerce API. It allows brands to

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Speaker 3: actually build front end experiences on top of all of

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Speaker 3: Micmac’s inventory and sales data. And so you’ll see a

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Speaker 3: lot more coming down the pipe from us over the

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Speaker 3: coming months.

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Speaker 4: So that’s a little bit about Micmac. I’m now going

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Speaker 4: to give Sarah her few minutes of spotlight.

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Speaker 2: I’m going to see if I can do it in

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Speaker 2: less time, just because I talk faster than Rachel. So

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Speaker 2: I don’t know that many companies that have 200 people.

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Speaker 2: So everybody here that just took an internal gasp, it

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Speaker 2: was like, wait, I have like three people. What the

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Speaker 2: fuck are you talking about?

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Speaker 4: Don’t worry, guys.

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Speaker 1: Don’t worry, guys. You’re not outnumbered. Those of you who

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Speaker 1: have 200, you just keep on hiring. You do you.

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Speaker 2: But yes, I did not found Profitero. I’m not even

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Speaker 2: the CEO of Profitero. I’m the president of Profitero. I

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Speaker 2: joined the company four years ago, right before the pandemic happened,

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Speaker 2: thinking that we’d have some time to, you know, really

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Speaker 2: understand consumer behavior and all this like fun stuff that

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Speaker 2: was going to happen. Eventually, and then, what did they say?

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Speaker 2: Man plans and God laughs. And that’s certainly what happened.

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Speaker 2: So all of a sudden being thrown into trying to

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Speaker 2: drive change at a company where there’s nobody in e-commerce

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Speaker 2: that can even answer your call because they have been

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Speaker 2: pulled into so many meetings and life is upside down personally, professionally,

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Speaker 2: all those other things. I am so thrilled that four

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Speaker 2: and a half years later, like you guys actually got

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Speaker 2: your heads up You’ve risen within your organizations.

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Speaker 1: You’ve created a voice for yourselves.

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Speaker 2: And we’re proud to have been part of the underpinnings

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Speaker 2: of doing that. Before I go any further, I need

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Speaker 2: to recognize two very special people in the room.

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Speaker 1: I’m so sorry. Is it OK?

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Speaker 5: Yeah.

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Speaker 1: Mr.

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Speaker 4: And Mrs.

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Speaker 1: Typograph. Rachel’s parents are here, everybody.

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Speaker 4: Neil and Jill.

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Speaker 1: Typograph, please stand up. This is what made that. Sorry,

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Speaker 1: I can’t help myself.

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Speaker 2: I will not call on anybody else unless you work

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Speaker 2: for me, in which case it’s a fair game. Anyway,

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Speaker 2: so Profitero today is so different from where it was.

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Speaker 2: I think so much of what Profitero was four years

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Speaker 2: ago was about getting data. Give me data so I

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Speaker 2: can check a box, report up, do a dog and

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Speaker 2: pony show, and have something that matches whatever I’m seeing

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Speaker 2: in store. and some sort of a matching luggage kind

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Speaker 2: of situation that’s going on. Today, and for those of

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Speaker 2: you who have been with us on this journey, you

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Speaker 2: will see we are so much more than that to

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Speaker 2: you as a partner.

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Speaker 1: In fact, Mike, am I allowed to say that thing

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Speaker 1: that we found out yesterday?

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Speaker 4: Yeah?

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Speaker 5: You sure? Okay.

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Speaker 2: We just found out literally late yesterday, and some of

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Speaker 2: you that work at Profitero don’t even know this, let

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Speaker 2: me see if I got this right, that we were

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Speaker 2: named the number one digital commerce partner, according to DCG,

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Speaker 2: of all of our competitors in the space. Now, for

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Speaker 2: those of you who might be, you know, working on

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Speaker 2: an RFP or anything like that, sometimes you don’t read

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Speaker 2: the fine print of like, please let us know your accolades.

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Speaker 1: Number fucking one. All right? All right?

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Speaker 2: All right. Okay.

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Speaker 1: I’m done now.

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Speaker 2: Thank you.

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Speaker 1: I’m just going to leave. But here’s the thing. A

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Speaker 1: lot of what we’ve been doing.

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Speaker 2: Over the past few years is around organizing around client

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Speaker 2: problems and opportunities and figuring out where and how we

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Speaker 2: can be helpful without being duplicative. And we have found

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Speaker 2: three key areas. Number one, Getting your organization to understand

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Speaker 2: what you do, how hard it is to do what

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Speaker 2: you do, and why it matters is one of the

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Speaker 2: hardest things to be able to do. And it is

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Speaker 2: differently challenging whether you’re in a really big company or

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Speaker 2: a really small company. And so if you’re a really

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Speaker 2: small company, you are a Swiss army knife and you’re

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Speaker 2: doing e-commerce along with 17 other jobs as part of it.

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Speaker 2: If you’re at a big company, that means that you

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Speaker 2: are one of a million people that are trying to

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Speaker 2: get somebody’s attention to explain something that is completely foreign

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Speaker 2: to them. And it uses some of the words that

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Speaker 2: you’re used to using, but it also does not necessarily

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Speaker 2: mean what they think it means, and we’ve got major

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Speaker 2: Tower of Babel situations going on. So rallying your organization

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Speaker 2: around what you’re doing and why it matters is extremely challenging.

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Speaker 2: Number two, as you’re moving up the food chain and

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Speaker 2: figuring out how to get that done, guess what?

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Speaker 1: The cheese moves.

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Speaker 2: And so therefore, the things you used to do to

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Speaker 2: be able to drive discovery and conversion on online retailers

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Speaker 2: is so much harder than it was before. And I

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Speaker 2: want to make it really clear, there are no retailers

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Speaker 2: in this room at the moment for a reason. Because

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Speaker 2: we’re going to talk some real talk.

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Speaker 1: I know it’s shocking.

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Speaker 2: But I think a big part of this goes back

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Speaker 2: to the fact that We’re fighting an unfair fight. When

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Speaker 2: we’re trying to win discovery and conversion, whether that conversion

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Speaker 2: happens on the digital shelf, whether that discovery happens on

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Speaker 2: the digital shelf, it’s fluid. And we’re going to talk

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Speaker 2: a lot about that. But the fact is that online,

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Speaker 2: it’s not a fair game. You’re not in control. And

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Speaker 2: so being able to convince people that this is not

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Speaker 2: just a pay-to-play game, but there’s a bigger ecosystem and power,

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Speaker 2: is a very difficult thing to not just explain, but

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Speaker 2: it’s a very difficult.

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Speaker 1: Thing to figure out how to win.

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Speaker 2: And the last thing is I think a lot of

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Speaker 2: us got away with checking the box.

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Speaker 1: OK, I got my 95% score on Walmart.

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Speaker 2: Giddy up.

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Speaker 1: I’m going to go move on with my life.

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Speaker 2: And checking the box on content online is not enough.

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Speaker 2: That’s not even hygiene. That’s just like attendance. That’s not enough.

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Speaker 2: So you’ve got to think through, what does it mean

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Speaker 2: to do? And so that is how Profitero has organized itself,

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Speaker 2: specifically to be able to address these problems. The first

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Speaker 2: thing is that Profitero you’ve known and loved for so

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Speaker 2: many years. And what made us number one was getting

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Speaker 2: the data. 1,200 retailers, 95% accuracy every single day in

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Speaker 2: 70 countries. I don’t know, the last count of 70

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Speaker 2: million SKUs that we were tracking is two years old already.

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Speaker 2: We just stopped counting because that’s not a good use

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Speaker 2: of our time, but it’s a lot. So the scale

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Speaker 2: that we have in data collection is extraordinary. The depth

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Speaker 2: that we have of data collection, of being able to

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Speaker 2: go down to that specific store level so you can

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Speaker 2: understand where your stock levels are changing, where price competition

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Speaker 2: is creeping up regionally, locally, depending on how things are moving.

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Speaker 1: Extremely important today.

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Speaker 2: So the get, getting that data, getting an understanding of

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Speaker 2: your market share on Amazon, connecting the dots with our

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Speaker 2: good friends over in Serkana, what up? And being able

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Speaker 2: to connect that in ways that allow you to action

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Speaker 2: your data and understanding not just the what, but the

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Speaker 2: why behind the why. But then you’ve got all this data,

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Speaker 2: what do you do with it? And so over the

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Speaker 2: past couple of years, we’ve invested in guide. Now part

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Speaker 2: of guide is your phenomenal account teams. Your account teams

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Speaker 2: work hand in hand with you, helping you understand the

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Speaker 2: data and helping understand what you can do next, which

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Speaker 2: is super valuable and thank you so much to our

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Speaker 2: phenomenal account teams that just help our clients day in.

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Speaker 1: And day out in understanding that why.

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Speaker 2: But sometimes you need to go a little bit further,

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Speaker 2: and that’s some of the new AI innovations that we’ve

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Speaker 2: been rolling out, as well as our strategic consulting.

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Speaker 1: So sometimes you do need consultants, I’m just saying. a

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Speaker 1: little bit. Then you get the guide. Then what happens?

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Speaker 1: You’ve got to go.

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Speaker 2: You’ve got to figure out, what am I going to

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Speaker 2: do next? It can just be you learn all these things,

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Speaker 2: then you send an email, and then you set up

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Speaker 2: a meeting, and then we’re going to talk about what

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Speaker 2: our media strategy is going to be because of all

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Speaker 2: the things we learned from somebody who didn’t really understand

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Speaker 2: the things that you were doing in the first place.

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Speaker 2: The stuff’s got to get automated. We’ve got to figure

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Speaker 2: out how to make this stuff move faster. The data

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Speaker 2: can and should be fluid, and so that’s how we go,

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Speaker 2: whether that’s AI optimizations for fixing your Amazon content so

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Speaker 2: you can discover better so you’re not crapping out, whether

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Speaker 2: it’s activating media based on digital shelf triggers, whether it’s

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Speaker 2: optimizing your content based on conversion rank.

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Speaker 1: There’s a lot that can be done in order to

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Speaker 1: do that. Now what’s so.

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Speaker 2: Awesome is so many of you influenced the innovations that

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Speaker 2: we are creating that we have been bringing into the marketplace. Okay,

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Speaker 2: so what you see here is some of the newer

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Speaker 2: things that we’re bringing to market, shelf intelligent content, And

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Speaker 2: Ask Profitero, which is our chat-based, you can ask Profitero

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Speaker 2: anything about the data that we have, and it will

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Speaker 2: not only give you the answers, it’ll also make it

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Speaker 2: in a really pretty chart for you, and it’ll democratize

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Speaker 2: it and make it easier for your organization to understand that.

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Speaker 2: Ask Profitero comes free with your subscription to Profitero. It

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Speaker 2: just is here to make it easier for you. And

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Speaker 2: our people are just absolutely extraordinary. When our clients talk

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Speaker 2: about Profitero, it is not just about the tech. The

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Speaker 2: tech is only as good as the people who.

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Speaker 1: Know how to use them.

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Speaker 2: And our teams go above and beyond specifically to help. Now,

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Speaker 2: you can’t have people without tech, tech without people, but

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Speaker 2: the whole equation matters. So after 180 episodes together, we’ve

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Speaker 2: learned a thing or two about commerce from many of you, really,

422
00:21:58,200 –> 00:22:00,400
Speaker 2: because I didn’t know anything about commerce a few years ago.

423
00:22:01,230 –> 00:22:04,250
Speaker 2: But we also try to focus our thought leadership and

424
00:22:04,290 –> 00:22:07,340
Speaker 2: our investments on what matters. And so when I talked

425
00:22:07,380 –> 00:22:10,780
Speaker 2: about the fact that organizational dynamics are hard because you

426
00:22:10,800 –> 00:22:14,439
Speaker 2: have to educate people specifically about the changes that are

427
00:22:14,480 –> 00:22:17,859
Speaker 2: happening and what does that mean for people, that was

428
00:22:17,900 –> 00:22:19,940
Speaker 2: when people were like, well, I’ve been using the same

429
00:22:20,040 –> 00:22:24,110
Speaker 2: stat for the past five years from Forrester that said 62%

430
00:22:24,109 –> 00:22:27,629
Speaker 2: of purchases are digitally influenced. Anybody use that in a slide?

431
00:22:28,050 –> 00:22:31,169
Speaker 2: That was like the stat, and it was from 2001.

432
00:22:31,170 –> 00:22:31,470
Speaker 1: Okay.

433
00:22:31,750 –> 00:22:34,110
Speaker 2: I mean, 2021, but it wouldn’t matter because it’s just

434
00:22:34,170 –> 00:22:37,630
Speaker 2: as dated and useless reason being, and it’s nothing against Forrester.

435
00:22:37,670 –> 00:22:39,910
Speaker 2: It’s just as hard to be able to, to, to

436
00:22:40,020 –> 00:22:43,740
Speaker 2: actually understand it. The reason why we invested in actually

437
00:22:43,980 –> 00:22:47,120
Speaker 2: doing this study again was because it was 2023. We’re

438
00:22:47,660 –> 00:22:50,500
Speaker 2: past a pandemic. We’ve got all the supply chain issues,

439
00:22:50,800 –> 00:22:54,580
Speaker 2: price increases, shopping behavior, changing people, going back to work,

440
00:22:54,660 –> 00:22:56,770
Speaker 2: shipping your ice cream to your house. Isn’t going to work.

441
00:22:56,810 –> 00:22:58,090
Speaker 2: If you’re going to be at the office or a

442
00:22:58,090 –> 00:23:02,939
Speaker 2: soccer practice, What is happening today? And what’s happening today

443
00:23:03,560 –> 00:23:07,820
Speaker 2: is that 8 out of 10 shoppers are influenced by

444
00:23:07,859 –> 00:23:11,850
Speaker 2: what’s happening in the store. Walmart says 88% of shoppers

445
00:23:12,050 –> 00:23:15,240
Speaker 2: in store are checking the app while they’re in store

446
00:23:15,730 –> 00:23:19,570
Speaker 2: when they’re making impulse purchases. So to say that this

447
00:23:19,630 –> 00:23:23,950
Speaker 2: stuff is not important is, A, ridiculous, obviously. But also,

448
00:23:24,350 –> 00:23:27,730
Speaker 2: it has to get the credit that it deserves. So

449
00:23:27,750 –> 00:23:29,490
Speaker 2: there are certain things that we are seeing in the

450
00:23:29,530 –> 00:23:34,330
Speaker 2: marketplace about how commerce is influencing sales, how online commerce

451
00:23:34,350 –> 00:23:37,090
Speaker 2: is influencing sales in so many different directions and what

452
00:23:37,130 –> 00:23:37,970
Speaker 2: we need to do about it.

453
00:23:38,040 –> 00:23:40,420
Speaker 3: And just to give you context about what we’re seeing

454
00:23:40,440 –> 00:23:43,240
Speaker 3: in market when it comes to how digital impacts offline sales.

455
00:23:43,600 –> 00:23:47,360
Speaker 3: So we launched our strategic data partnership with Sarkana last year.

456
00:23:48,140 –> 00:23:50,960
Speaker 3: And what we’ve seen is if you’re a highly commoditized item,

457
00:23:51,220 –> 00:23:53,909
Speaker 3: let’s just say Hershey chocolate bar, you can see a 1%

458
00:23:53,910 –> 00:23:59,240
Speaker 3: sales lift. If you’re a little bit more expensive, let’s

459
00:23:59,280 –> 00:24:02,950
Speaker 3: just say alcohol, a higher consideration price point, we’ve seen

460
00:24:02,970 –> 00:24:04,630
Speaker 3: a 3% to 5% sales lift.

461
00:24:05,270 –> 00:24:06,330
Speaker 4: If you’re a net new.

462
00:24:06,210 –> 00:24:09,250
Speaker 3: SKU that’s opening up doors or you’re a challenger brand,

463
00:24:09,670 –> 00:24:12,850
Speaker 3: we’ve seen a 15% sales lift, meaning you’re investing in

464
00:24:12,910 –> 00:24:16,629
Speaker 3: meta and TikTok, and it’s impacting your physical sales in

465
00:24:16,650 –> 00:24:21,179
Speaker 3: an environment like Kroger. Profitero set the stage how digital

466
00:24:21,260 –> 00:24:26,030
Speaker 3: impacts offline sales and offline impacts online. I think you’re

467
00:24:26,070 –> 00:24:29,610
Speaker 3: all aware, because of Micmac’s size now in the marketplace,

468
00:24:29,690 –> 00:24:32,850
Speaker 3: we see billions of impressions being flighted against our software.

469
00:24:33,690 –> 00:24:36,090
Speaker 3: And what I wanted to show you here is the

470
00:24:36,170 –> 00:24:38,250
Speaker 3: traffic distribution.

471
00:24:37,570 –> 00:24:41,330
Speaker 4: That we’re seeing across our 1,200 brands. What you can.

472
00:24:41,210 –> 00:24:45,600
Speaker 3: See is that 66% of the traffic that Micmac sees

473
00:24:46,220 –> 00:24:49,900
Speaker 3: is from social, meaning the majority of brands are heavying

474
00:24:50,000 –> 00:24:55,020
Speaker 3: up on social spend to drive traffic to retailers. followed

475
00:24:55,060 –> 00:24:59,600
Speaker 3: by search, then their brand websites, streaming video, and there’s

476
00:24:59,640 –> 00:25:03,310
Speaker 3: a tiny bit of audio, most of that being Spotify

477
00:25:03,609 –> 00:25:04,310
Speaker 3: and Pandora.

478
00:25:04,930 –> 00:25:07,270
Speaker 4: Now, I can tell you within.

479
00:25:07,010 –> 00:25:11,210
Speaker 3: Social, 80% of the traffic that we see is meta.

480
00:25:11,960 –> 00:25:14,220
Speaker 3: So while we live in this world where everyone is

481
00:25:14,260 –> 00:25:18,710
Speaker 3: talking about TikTok, the majority of global social spend is

482
00:25:18,770 –> 00:25:21,290
Speaker 3: still going through Meta, which is why you continue to

483
00:25:21,310 –> 00:25:25,490
Speaker 3: hear me be so bullish about Meta’s earnings every single quarter. Now,

484
00:25:25,550 –> 00:25:27,960
Speaker 3: in terms of retail performance, you guys are all living

485
00:25:28,000 –> 00:25:28,680
Speaker 3: this dynamic.

486
00:25:29,270 –> 00:25:30,400
Speaker 4: The most traffic.

487
00:25:30,070 –> 00:25:36,230
Speaker 3: Retailers that we consistently see at Micmac are Amazon, Target, Walmart, Kroger, Instacart.

488
00:25:36,450 –> 00:25:37,890
Speaker 4: We sort of put in that bucket there.

489
00:25:38,410 –> 00:25:41,000
Speaker 3: But the big dynamic that we consistently see in our

490
00:25:41,040 –> 00:25:46,119
Speaker 3: data is that Amazon is really losing against Walmart when

491
00:25:46,160 –> 00:25:50,119
Speaker 3: it comes to grocery. We’ve actually seen a 50% decline

492
00:25:50,260 –> 00:25:53,139
Speaker 3: in our Amazon grocery traffic just in the last 90 days.

493
00:25:53,640 –> 00:25:57,000
Speaker 3: It really feels like brand manufacturers are waking up, that

494
00:25:57,040 –> 00:26:01,070
Speaker 3: that environment is highly challenged and they’re reallocating traffic towards

495
00:26:01,090 –> 00:26:04,409
Speaker 3: an environment like Walmart. The other big thing, which I

496
00:26:04,430 –> 00:26:06,169
Speaker 3: think is no surprise, but when you see it in

497
00:26:06,210 –> 00:26:08,850
Speaker 3: the data, it just validates what you’re experiencing in market.

498
00:26:09,570 –> 00:26:12,710
Speaker 3: When we compare sales data that we saw at Micmac

499
00:26:12,750 –> 00:26:18,670
Speaker 3: in 2022 versus 2023, We’ve seen a decline. Average orders

500
00:26:18,690 –> 00:26:21,520
Speaker 3: that went through our system in 2022, there were nine

501
00:26:21,650 –> 00:26:24,840
Speaker 3: items completed at the time of purchase.

502
00:26:24,840 –> 00:26:26,340
Speaker 4: 2023, 7.7.

503
00:26:26,340 –> 00:26:28,580
Speaker 3: I share this because when you’re in your meetings with

504
00:26:28,619 –> 00:26:32,380
Speaker 3: your colleagues and you’re trying to justify comps year over year,

505
00:26:32,840 –> 00:26:36,240
Speaker 3: the market’s different. And so the conversation that we’re constantly

506
00:26:36,280 –> 00:26:39,180
Speaker 3: having is beat the market where it is today because

507
00:26:39,340 –> 00:26:41,220
Speaker 3: trying to beat your comp from last year is going

508
00:26:41,240 –> 00:26:41,960
Speaker 3: to be impossible.

509
00:26:42,869 –> 00:26:45,290
Speaker 2: So a lot’s changed over the past five years, but

510
00:26:45,830 –> 00:26:49,139
Speaker 2: What keeps happening is that organizations think that a reorg is.

511
00:26:49,100 –> 00:26:50,229
Speaker 1: What’s going to fix everything.

512
00:26:56,440 –> 00:26:59,139
Speaker 2: Now, this is just a stat that validates what you

513
00:26:59,160 –> 00:27:03,020
Speaker 2: guys are all snickering about, but to quote the teacher

514
00:27:03,060 –> 00:27:05,240
Speaker 2: from Ferris Bueller, did it work, did it work, did

515
00:27:05,260 –> 00:27:07,720
Speaker 2: it work? It did not work, and the United States

516
00:27:07,780 –> 00:27:10,670
Speaker 2: sunk deeper into the deep depression. And if you don’t

517
00:27:10,710 –> 00:27:13,310
Speaker 2: know what I’m referencing, I’m sorry I’m older than all

518
00:27:13,330 –> 00:27:16,240
Speaker 2: of you. And if you haven’t watched Ferris Bueller, shame

519
00:27:16,280 –> 00:27:18,660
Speaker 2: on you. But also, I think one of the things

520
00:27:18,680 –> 00:27:20,460
Speaker 2: that we need to understand is that a reorg is

521
00:27:20,480 –> 00:27:22,520
Speaker 2: not going to solve the problem. We have to figure

522
00:27:22,600 –> 00:27:24,379
Speaker 2: out what is it going to take to get people

523
00:27:24,420 –> 00:27:27,570
Speaker 2: to work better together, to cross-train, to upskill, to figure

524
00:27:27,590 –> 00:27:31,270
Speaker 2: it out. Because the flip of that stat is that

525
00:27:31,290 –> 00:27:32,790
Speaker 2: more than half of them said it didn’t work and

526
00:27:32,810 –> 00:27:34,690
Speaker 2: they had to go either do it again or undo

527
00:27:34,730 –> 00:27:36,830
Speaker 2: what they had done. And if I asked the people

528
00:27:36,869 –> 00:27:38,790
Speaker 2: here to raise their hands and vote, it would be

529
00:27:38,830 –> 00:27:42,149
Speaker 2: greater than 63%. And a lot of this is because

530
00:27:42,210 –> 00:27:44,149
Speaker 2: the goalposts keep moving of like, what should we be

531
00:27:44,190 –> 00:27:46,879
Speaker 2: focusing on? Oh, we should focus on availability. Oh, we

532
00:27:46,910 –> 00:27:49,240
Speaker 2: should focus on content. We should focus on pricing, new

533
00:27:49,280 –> 00:27:51,359
Speaker 2: product development, inventory management.

534
00:27:52,060 –> 00:27:54,560
Speaker 1: Retail search. Retail search is everything. Oh, wait, no, we

535
00:27:54,600 –> 00:27:56,859
Speaker 1: could do it with organic. We’re OK. No, no, no, no, no.

536
00:27:56,900 –> 00:27:58,359
Speaker 1: But retail search is still important.

537
00:27:58,680 –> 00:28:03,310
Speaker 2: The absolute ADHD that has happened just specifically on goalposts

538
00:28:03,369 –> 00:28:10,260
Speaker 2: moving specifically related to what matters is just mind-boggling and, frankly,

539
00:28:10,320 –> 00:28:15,520
Speaker 2: a little paralyzing. So we want to just basically say we’re, like,

540
00:28:15,760 –> 00:28:20,139
Speaker 2: done with all this crazy chasing our tail stuff, and

541
00:28:20,200 –> 00:28:24,180
Speaker 2: we are moving into an era of intelligent commerce. You’ve

542
00:28:24,280 –> 00:28:27,590
Speaker 2: got the information at your fingertips. There’s no question about it.

543
00:28:27,920 –> 00:28:30,280
Speaker 2: It’s what do we do with it. So Rachel and

544
00:28:30,320 –> 00:28:34,280
Speaker 2: I will continue to invest both our companies and podcasts

545
00:28:34,640 –> 00:28:37,939
Speaker 2: in figuring out how to educate. But now it is

546
00:28:38,200 –> 00:28:41,380
Speaker 2: go time. And that is what today is all about.

547
00:28:42,000 –> 00:28:44,560
Speaker 2: Because the partners that you see that are with us today,

548
00:28:44,720 –> 00:28:50,480
Speaker 2: our sponsors are our partners. Our data flows between these organizations.

549
00:28:50,760 –> 00:28:53,700
Speaker 2: That’s a very important part for intelligent commerce to work.

550
00:28:54,040 –> 00:28:56,920
Speaker 2: You need your partners to work fluidly with you. And

551
00:28:56,960 –> 00:28:59,220
Speaker 2: I just want to just take a moment to thank

552
00:28:59,360 –> 00:29:02,870
Speaker 2: our partners for joining us today and for contributing so

553
00:29:02,910 –> 00:29:09,330
Speaker 2: much intelligence and thought leadership here. Because as we all know,

554
00:29:09,430 –> 00:29:11,610
Speaker 2: it does take a village in order to get this done.

555
00:29:11,910 –> 00:29:13,870
Speaker 2: So we got a great show for you tonight.

556
00:29:13,930 –> 00:29:20,140
Speaker 1: Tia Morey is here. Do not be shy, guys. So

557
00:29:20,160 –> 00:29:23,480
Speaker 1: we want you to take pictures. Use the hashtag.

558
00:29:23,980 –> 00:29:26,970
Speaker 2: Use your phone if you’re taking notes or taking pictures.

559
00:29:27,410 –> 00:29:30,650
Speaker 2: Silence your phone out of concern and respect for your

560
00:29:31,050 –> 00:29:32,210
Speaker 2: fellow attendees.

561
00:29:32,570 –> 00:29:34,130
Speaker 4: And we do have one quick request.

562
00:29:35,290 –> 00:29:38,850
Speaker 3: Take out your podcast app right now and please subscribe

563
00:29:38,930 –> 00:29:39,930
Speaker 3: to Brave Commerce.

564
00:29:40,500 –> 00:29:43,760
Speaker 4: So you can tune in to our new weekly episodes.

565
00:29:44,200 –> 00:29:47,020
Speaker 1: And with that, you will be introducing our keynote speaker. Yes.

566
00:29:47,240 –> 00:29:48,280
Speaker 1: So thank you very much.

567
00:29:48,300 –> 00:29:48,560
Speaker 5: Thank you.

568
00:29:48,600 –> 00:29:50,260
Speaker 1: And have a great day, everyone.

569
00:29:55,130 –> 00:29:58,520
Speaker 3: Well, if you enjoyed this episode, you’re going to get

570
00:29:58,560 –> 00:30:01,800
Speaker 3: to experience the entire conference over the next few months.

571
00:30:02,260 –> 00:30:04,480
Speaker 3: But we want to give a special shout out to

572
00:30:04,510 –> 00:30:07,610
Speaker 3: a few folks that we had on stage May 21st

573
00:30:07,650 –> 00:30:10,870
Speaker 3: in New York City with us. that were early supporters

574
00:30:10,910 –> 00:30:14,320
Speaker 3: of Brave Commerce, meaning that they have early episodes in

575
00:30:14,540 –> 00:30:17,840
Speaker 3: our repertoire of episodes now over the last four years.

576
00:30:17,980 –> 00:30:19,220
Speaker 4: From the archives.

577
00:30:19,380 –> 00:30:23,570
Speaker 3: That is Diana Hosling from Colgate, who also was at

578
00:30:23,610 –> 00:30:25,610
Speaker 3: Campbell’s when we first started the show and then went

579
00:30:25,650 –> 00:30:27,630
Speaker 3: to Colgate. So we have a few episodes with her.

580
00:30:28,310 –> 00:30:31,750
Speaker 3: We have Michael Geller. who is at New All Brands,

581
00:30:32,130 –> 00:30:35,800
Speaker 3: who was an early supporter of the show, and Kevin

582
00:30:35,820 –> 00:30:38,860
Speaker 3: Shapiro from Cody. We just want to thank these three

583
00:30:38,900 –> 00:30:41,580
Speaker 3: great folks that have been amazing partners to Sarah and I,

584
00:30:41,640 –> 00:30:44,240
Speaker 3: to Brave Commerce and our greater community. Go check out

585
00:30:44,260 –> 00:30:48,450
Speaker 3: their episodes, tell a friend about this podcast, and hopefully

586
00:30:48,510 –> 00:30:50,250
Speaker 3: next year we can see you in real life at

587
00:30:50,290 –> 00:30:51,130
Speaker 3: Brave Commerce Live.

588
00:31:08,160 –> 00:31:12,140
Speaker 5: Hi, I’m Jackie Cooper, Global Chief Brand Officer at Edelman

589
00:31:12,180 –> 00:31:14,940
Speaker 5: and the host of Touch of Truth, a new podcast

590
00:31:14,980 –> 00:31:18,440
Speaker 5: launching on the Adweek Podcast Network. My dad gave me

591
00:31:18,460 –> 00:31:22,170
Speaker 5: this incredibly smart piece of advice, meet everyone once. As

592
00:31:22,210 –> 00:31:24,510
Speaker 5: a result, I’ve met some of the most fascinating and

593
00:31:24,590 –> 00:31:27,690
Speaker 5: inspiring people on the planet. Now on Touch of Truth,

594
00:31:27,890 –> 00:31:31,160
Speaker 5: we’re coming centre stage and sharing the mic to experience

595
00:31:31,200 –> 00:31:34,070
Speaker 5: stories of truth, insights and visions for the future that

596
00:31:34,090 –> 00:31:36,560
Speaker 5: will challenge your way of thinking. Touch of Truth is

597
00:31:36,620 –> 00:31:40,150
Speaker 5: available wherever you listen to podcasts. New episodes come out

598
00:31:40,350 –> 00:31:42,410
Speaker 5: every Tuesday. I do hope to see you there.