This piece highlights retail strategies based on an interview with entrepreneurs Riley Stricklin and Mornee Sherry.
With smartphones and GoPro images taking over the internet, Kickstarter cofounders Riley Stricklin and Mornee Sherry realised the growing importance of lighting attachments for cameras and computers. On their journey from selling to wholesalers to direct-to-customer, Kickstarter founders found that a large retail partner means longer payment terms and smaller margins.
However, distributing wholesale to large retailers can help gain early traction and success. In contrast, direct-to-customer channels can help maintain the regular cash flow of the business and prevent major cash crunches in the growth stage, as opposed to the wholesale business model.
Companies need to be proactive around customer needs and ensure transparency and timely communication to keep customers happy. Using before and after shots, lifestyle images and embedded video can help boost conversions.
[32 minute read]