IRCE 2013: Endless Adaptability: The Key to E-Commerce Success

Posted 6.7.13 by
wpadmin
Blog

Online Tech is exhibiting PCI hosting solutions at booth #108 at the Internet Retailer Conference & Exhibit (IRCE) 2013 in Chicago, IL. Hosted at the McCormick Place West, the event runs from June 4-7, and is the world’s largest e-commerce event. The event draws 9,500 e-retailing executives from more than 40 countries.

Endless Adaptability: The Key to E-Commerce Success
Niraj Shah, CEO, Wayfair

Niraj has had a successful career as an entrepreneur, business executive, board director and most recently co-funded Wayfair, an online home furniture store. Niraj helped Wayfair consolidated over 200 websites into one main website and navigate through the pains of losing website traffic and rerouting. By holding to a long-term vision for the company and focusing directly on where they wanted to go, Wayfair was able to maintain an entrepreneurial culture and go out of their way to stay remain agile and find new opportunities.

In an effort to consolidate and carry out their long-term goals, Wayfair closed industry channels that were making $15-20 million worth of revenue, simply because they couldn’t serve in those industries as a leader. It may not have made sense in the short-term, but it made sense for the long-term vision Niraj held for Wayfair.

Key points for success:

  • Build a company that embraces change. Build a culture. Wayfair tells their new hires, they’re willing to take risks. The company needs to reward risk-taking even when it fails. When you scold them for it not going well, risk-taking culture goes away.
  • Encourage experimentation instead. Above all, make it fun. Create a life-work balance for you’re employees.
  • Make major decisions with the end game in mind. Know when to stick to your guns and when to adapt to something in the industry. It may seem extreme at the time, but focus, focus, FOCUS on the long run vision for the organization.
  • Make decisions today that will add up and create growth for tomorrow. Map out different opportunities so you can always answer, “what’s next?”
  • Efficiently spend money and measure everything so you can adapt. Figure out how to grow without having major capital. You’re then able to find ways to adapt and use all money efficiently when you do have capital. When you focus just on cash, you make better decisions on investing. Renegotiate contracts and find savings. It all adds up over a long period of time.

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