E-commerce

“The credit card adoption in Germany is notoriously extremely low, which is a kind of a big barrier to Penetration of e-commerce.”

“The fixed costs and the barriers to entry are gone. So you don't need to rent the store and get up on the ground of inventory necessarily. You don't need the kind of, the initial expenditure might have changed completely. It doesn't mean that getting to a hund…”

“Because of course e-commerce in the USA at the beginning of the year, we're still only sort of 15% of retail. Closer to 20% of retail in the UK.”

“Macy's is a bundle in the same way that a newspaper or a CD is a bundle. And the bundle gets broken apart. The department store is a bundle and all of that gets massively disaggregated.”

“Previously all those budgets were siloed and now they're all kind of one conversation about how do I reach a customer and communicate to them?”

“We've had, you know, three, four, five years worth of growth happen in like two quarters.”

“E-commerce as a percentage of addressable retail was at 20% at the beginning of the year. It went up to 20 to 35%. Low thirties in lockdown has now stabilized at high twenties. It's like 27, 28% of retail.”

“When you're not buying through that aggregation model, then some of those questions have to be kind of recreated. Which was what we had to do with the city in the 19th century, because you don't know the butcher anymore. You don't know where the cow came from.…”

“Like, you can live in Wisconsin and the internet means you can buy anything that you could buy in New York, but you can't shop the way you would shop in New York.”

“You should split e-commerce by the logistics model, not by the product category. That is to say, instead of saying books are totally different from shoes, you should say parcels are different from stuff you have to go and collect, or stuff that has to come to …”

“Do you want efficiency or do you want an experience? Because the reality is you probably can't have both. You can't have the nice e-commerce experience delivered straight to your door versus the efficiency.”

“There's this cliche that e-commerce has infinite shelf space, and for Amazon it's more that there's one shelf that has infinite length. Everything has to fit on that one shelf. You can't have different kinds of shelves for different things. It all has to be th…”

“Physical retailers sort of manage to persuade you that your time and your logistics cost is free and isn't costing you anything.”

“There's tech being obsessed with what will happen in 10 years. There's what's actually happening now, which is what tech was obsessed by 10 years ago. And then there's everything that's happening in retail and TV and advertising, which is basically like stream…”

“Another big piece of it, of course, is that instead of spending the money on advertising, they spend the money, instead of spending the money on rent, they spend the money on advertising. So, you know, there's no, there's, you know, it's like a law of thermody…”