5 Minutes with David Bell, Wharton School
We recently caught up with with David Bell (Xinmei Zhang & Zongge Dai Professor, Wharton School) ahead of his session, ‘Winning in the Digital Economy’ at Online Retailer 2018.
Can you give us a sneak peek into what you’ll be covering?
I am planning to cover three main things:
- Principles of the digital economy and what this means for customer behavior
- The evolution of location as a cornerstone of retail
- A practical framework on how to win in the digital economy (with examples from my investments, bonobos, Harry’s, Warby and many others)
You clearly have an eye for winners in this space, having been an early investor in Bonobos, jet.com and Quidsi. What do you think made these business ventures stand out from their competition?
These businesses attacked categories that had three structural deficiencies:
- High to excessive price and poor value
- Limited to no quality innovation
- Poor to appalling customer experience
Then they corrected the deficiencies and built a great narrative.
What is your top tip to dealing with fast changing consumer preferences and online behavior?
Be where the customer needs you to be, when she needs you to be there, and in a way that ALWAYS delights her.
Straight from the United States, hear David Bell speak at Online Retailer this July. Register now.