Alex Frank, FCP euro, case study @ open commerce conference 2016

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Transcript of Alex Frank, FCP euro, case study @ open commerce conference 2016

Est. 1986

2

Decade of double-digit top line growth

$10 million in annual revenue

Abundant opportunities

A pile of cash

A 40% growth plan

The 2011 Plan

40% expense increase

5% revenue growth

$1 million of profit lost

$750k bank line called

45 days to bankruptcy

2011 Results

Alex FrankVP of eCommerce at FCP Euro

alex.frank@fcpeuro.com@alexfrankly

Growth

Death

InflectionWe had to make a notable change to our business

That change had to be different than everyone else

We were on a legacy white-box ERP/CMS

We had stretched ourselves too thin

We were disappearing into a commoditized market

What we were doing wrong

We could not develop anything on the platform

We needed a viable Rails eCommerce solution so we could quickly prototype

We needed flexibility for integrations and customizations both for UX & backend logic

We were on a cumbersome & inflexible platform.

We could not develop anything on the platform

We needed a viable Rails eCommerce solution so we could quickly prototype

We needed flexibility for integrations and customizations both for UX & backend logic

We were on a cumbersome & inflexible platform. We immediately integrated

deeply with industry data formats

We developed custom features to build catalogs in mass

We abandoned our white-box website and transitioned to the Spree site

We Integrated With Spree

We were operating too many websites

We were selling through too many channels

The team was scattered across to many projects

We were distracted

We were operating too many websites

We were selling through too many channels

The team was scattered across to many projects

We were distracted

We consolidated extraneous channels

We put our employees on the projects that contributed the highest value

We abandoned existing revenue in favor of potential performance

We focused

There was a massive amount of competition

There was clear commoditization of the products in the market

Market boundaries were solidified and stable

We weren’t standing out in the market

There was a massive amount of competition

There was clear commoditization of the products in the market

Market boundaries were solidified and stable

We weren’t standing out in the market

We observed what was causing our customers trouble

We identified what the competition was afraid to offer

We implemented a lifetime replacement warranty on all car parts

We differentiated

We focused on catalog expansion & optimization

We marketed our value propositions

We focused on the speed and usability of our website and backend

The next 2 years

25% Revenue Growth

Double earnings

Bring our differentiator to the community

Bring in experts in automation & data

Focus and convert to 90% web sales

The 2016 Plan

95% online sales

50% growth on the website

First meaningfully profitable year

Hires for data & automation are building apps to monitor market and competitor trends

New FCP race team

2016 Results

Integrate with systems that keep you nimble

Have the discipline to abandon distracting activities

Differentiate

Alex FrankVP of eCommerce at FCP Euro

alex.frank@fcpeuro.com@alexfrankly