Kickoff | Magento Imagine 2018

Kickoff | Magento Imagine 2018

September 12, 2019 0 By Bernardo Ryan


>>Narrator: Live from the Wynn Hotel in Las Vegas, it’s the
CUBE, covering Magento Imagine 2018, brought to you by Magento. (upbeat music)>>Hey, welcome to the CUBE, we are live in Las Vegas at the Wynn
for Magento Imagine 2018. I’m Lisa Martin with my
co-host John Furrier, and John, we have a really
exciting day planned, talking all things digital
commerce innovation. What are you most excited about?>>Well Magento’s one of those companies that people know about, but it’s the rocket ship in eCommerce,
mainly because they’ve cracked the code on a few things, Lisa, that I’m really impressed with. One is, they’ve modernized eCommerce. ECommerce has been around 25 plus years on the web, with internet,
but you think of it like the old Amazon, eBay, database world, but now we’re living in a cloud world, cloud native’s big,
and there’s still money to be made in retail as
everything goes online. The digital transformation
is impacting retail more than ever, smart
phones is over 10 years old, so the question I’ve always asked is, where’s the modern stack? So these guys have
cracked the code on that. Two, and they’re powering
a lot of impressive sites, and the growth is
phenomenal, but they have an ecosystem partner network
that you can see behind us, if you can look at the camera you’ll see hundreds of partners. So I mean, eCommerce
obviously isn’t going away, look at the growth of digital, digital natives are coming online, people want to do things digitally, but also it’s changing the
offline consumer experience. So there’s a gap, traditionally,
between online, offline, that’s coming together. This is only going to
get more acute as cloud, mobile, decentralized, block chain, there’s still eCommerce in our future, and it’s just never going away, and these guys have a
really interesting approach, so we’re excited to find out more here on what they’re doing, their success, and how eCommerce is going to evolve. To me, that’s the number one story is, can people leverage turnkey,
scalable digital technologies to do business?>>So Magento has built
their reputation on helping retailers to
target online shoppers. You talked about online and offline, but they’re now moving into the B2B space. As consumers, we expect,
Amazon set the bar obviously very high, we
expect to be able to get whatever we want as consumers,
we’re channel agnostic, we don’t care, we just
want to be able to find whatever we want when we want it, have it shipped to us, have
it shipped to the store, and that is spilling
over into the B2B space. And Magento’s data suggests
that 93% of B2B buyers want to be able to buy
online, which not only changes the sales model, it changes
the marketing model as well.>>I mean, they’re taking the charge, that’s the slogan here, and
the thing that’s interesting is that it used to be nice little buckets, B2C, business to consumer,
B2B, business to business, but really it’s a
consumer to consumer role, and one of the things
that you see right now social media is consumers
are directly involved in either the content development process, or the engagement process. And if you look at no
further than the side effects of what we see with Facebook, the downside of this whole data
conversation is that the users want to be in control,
and they are in control. So you’re seeing almost
a blurring of the lines between B2B, B2B, and
C2C, where people need to tailor the eCommerce experience and have the data
insights, either realtime, and or intelligent wise
to know that the consumer is participating offline, they’re online, but also peer to peer. The consumer to consumer
relationship is to me going to be the cutting
edge forward innovation area that a lot of these companies
are going to innovate on because a lot of referrals
are going on organically now as it’s not so much audience anymore, because the audience is online digitally, it’s about the network connection. So as people have a network
connection with their friends, and you’re seeing Facebook proving this, and LinkedIn, and others,
is that you’re going to start to see that data be very important. So I see a future where eCommerce stacks have to support consumer to consumer in any context, business to business, B2C, business to consumer,
consumer to consumer, this is the holy grail,
and whoever can scale that, again at large scale,
while creating a money making opportunity, value
creation opportunity for ecosystems is the winning formula.>>One of the themes
that popped up during the keynote this morning
with a number of folks that were on stage, including their CEO, and the Pittsburgh Steelers,
was personalization. That’s something that
we expect as consumers, and as well as business buyers, we want to be able to have
something where we know they know us, but we don’t
want to be marketed to. So Magento has done an interesting job and we’re going to have a number
of guests on the show today talking about how they’re
enabling this more personalized customized, you
mentioned the word tailored, experience as a consumer to
be able to get what I want when I want it, but also,
through a now omnichannel. We’re going to hear a lot
about omnichannel today and how that’s enabling
new revenue streams, reduction in attrition, they talked about one of their newest features, Magento did, with the instant purchase. We want to be able to click once, buy it, and have it, something
that means something to us, be able to buy it again,
and again, and again.>>I mean this is the challenge right, in eCommerce, is table
stakes are some of these features like instant click buying, having the kind of personalization, but the real angle to me is
bringing in the personalization so that the consumer’s involved. So what you see with the
Steelers for instance, they do realtime shooting of the game and incorporate the fan experience into the eCommerce
experience really seamlessly and in realtime, and so
what you have is a change of a methodology. And so, eCommerce used to
be a very one directional monologue, you’d put content out there, people browse and consume. Now you have a realtime
interactivity piece, which changes the content
production perspective, and the Steelers pointed that out. In the tech world, we used to
call this agile programming, when you write software development. So you start to see the concept of agile come into eCommerce where,
whether it’s an entrepreneur, Melissa, baking goods, or a business, they want to focus on
the business at hand, not provisioning technology. So you’ve got to have a
partner like a Magento or someone who can build
all that tech turnkey so that people can focus
on the business at hand and that’s agile. So if they decide to incorporate
something really fast, you can’t have this waterfall process, and that’s the problem
with the content market, and that is a legacy baggage of eCommerce, where hey, we built it, we ship it, but we got to go back and
decide what to change, and we got to push it
through the code base. You’re provisioning technology, that is an old way of doing things, that’s not ideal for the modern era. You need to be very
agile, very scrum like, to use that term, and
content people need that to be successful because the
difference between realtime and having that right experience
is a matter of seconds and or context specifics. So agile content, can’t be waterfall.>>Exactly, agile content
that’s data driven. You mentioned data earlier,
we’re going to actually be talking with Anita Andrews,
who’s going to be talking about what Magento can facilitate and deliver their users with respect
to BI, the Steelers talked about that, they actually
see when the Steelers aren’t doing well, they see a reduction in merchandise, merch that’s
actually purchased on site. So they have the data to be able to make the decisions to deliver
this personalized content in a way that they can
see, how can we adjust our sales structure to
be able to capitalize on revenue opportunities.>>I mean responding to
data is really critical, so the Steelers example is great. When they lose, there’s no sales, ’cause everyone’s kind of bummed out. When they win, they sell everything out. So you know, in sports world, which is that big part of Magento’s base, managing the assets of running
the franchise, for instance, becomes a real big thing. Whether it’s food, or apparel, or any kind of fan experience, they can
adjust either dynamic pricing, these are the things that
the content owners want. They want to be able to
say, hey, we can understand sentiment from the data, and then adjust the marketing mix and content mix based on what’s going on in realtime. That’s a game changer,
and if you can do that on a form factor for web,
mobility, and future formats, whether it’s cryptocurrency,
that is going to be to me the tell sign of who’s innovating.>>And speaking of
innovation, this is the eighth event that Magento, the
eighth Imagine event, our first time here,
but you mentioned their partner ecosystem, there’s 1150 solutions and technology partners
you can see quite a few of them behind us here, a
lot of people are needing this type of technology
to be able to better merge the online and offline worlds, across consumers, across businesses. We have some great guests
here who are going to talk to us about how they’re doing that, enabling multi-retail,
enabling multi-channel, and really enabling this true
globalization of commerce to allow businesses to
go, we actually have a guy from Coca Cola who’s going to be on today, talking about the project that they are, where they’re personalizing
the Coke bottles, it’s such an interesting
topic of discussion because it’s very personal
and very relatable, and I think.>>Marketing’s always,
market to the persona of one, but now you have a brand relationship that’s online and offline,
and this is changing how companies are building their assets. So an offline retail
outlet, whether it’s a mall or a superstore, or whatever,
that can be configured in a way that’s
complementary to the online, and then having the merging of the data, and then having that
relationship with the consumer. To me, omnichannel is a
huge retail challenge, it’s super important, because
at the end of the day, do you want to have that
insight into the customer, but also have the great
experience, that’s key.>>Exactly, so we’re going to be talking with the Accent Group,
who’s an award nominee for their awards here, and
they’re going to be talking about how they are
merging multiple brands, hundreds of thousands
of SKUs to be able to facilitate, and also give them the insight that retailers need on inventory, giving them fulfillment
options, there’s so much positive business outcomes that can be generated from this. We talked about reducing attrition, getting us faster check outs,
we want to have something that’s very simple, very seamless, and as you pointed out, really
interesting to understand, what is the modern technology stack that can facilitate that?>>Yeah, great user
experience, retail intelligence is something I think that’s
going to be something that’s fascinating, and
again, it’s all about scale and the technology stack,
and taking that complexity away from the customer,
because at the end of the day, the digital storefront is
what people are going to be interfacing with on a primary basis, that’s also very
complementary to the offline. So I’m super excited, I’m totally pumped to get into it.>>Me too, well looking forward to hosting with you all day John, and again, we are live in Las Vegas at the Wynn at Magento Imagine 2018. I’m Lisa Martin with John Furrier, we’re going to be here
all day, stick around. We’re going to be right
back with our next guest. (upbeat music)