Sramana Mitra: If you were to tell us what you’re seeing in your customer base, what are some of the big trends that you’re seeing right now? Rick Wilson: There are some broad industry trends that are fairly ubiquitous. Most online stores today are becoming multi-channel. They’re going to be selling through their own store,
Sramana Mitra: How did you get to these articles? Were you doing PR outreach to the press? Samy Liechti: We did a press release. At that time, we did that by fax. Then we put together a list of potential journalists. Then we had a little luck. By the time we launched, the Internet hype
Al Goldstein: The real estate business was a lot more competitive and a lot more difficult. What we saw was a huge opportunity in providing credit alternatives to near-prime or mid-prime borrowers. Half of the credit spectrum are all customers making about $50,000 to $60,000 a year and with credit scores between 600 and 700.
Rick Wilson: On one hand, you have this free-wheeling, open source world where as long as someone knows what they’re doing, they can literally do anything. On the other hand, you have what I call apple-ification where all of the hard choices have been made for you. There’s some brilliance to that for sure. The
Sramana Mitra: How did you do it? How did you launch? What did you do specifically? Samy Liechti: We knew that marketing will be very hard. We knew that a subscription business will only work if people like the quality of goods they receive. We knew that we wanted to build a brand, and we
Consumer Credit is a $10 trillion dollar industry that Al and his team are trying to turn on its head. Aided by Big Data and machine learning, they are creating a direct to consumer lending model that may have far reaching impact on the financial services industry. Sramana Mitra: Let’s start at the beginning of
Sramana Mitra: In 2007, what was the landscape in the e-commerce shopping cart or the e-commerce platform world? What was going on around you? What was the competitive landscape? Whom did you compete with directly and indirectly? Rick Wilson: Yahoo stores was still a popular platform. I wouldn’t say that it had momentum, but it
Samy Liechti has built up a very nice subscription e-commerce business from Switzerland selling socks, underwear, and shorts. The company is 100% bootstrapped. Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background? Samy Liechti: I’m Swiss and grew