On today’s episode, Kunle is joined by Jason Wong, Founder, Doe Lashes + Wonghaus. Jason is a seasoned expert at all things eCommerce and has recently launched a comprehensive eCommerce masterclass “Building Blocks for Success”.

Jason advocates a First Principles approach to mastering ecommerce, he does this by reverse-engineering complicated problems and unleashing creative possibilities.

His “first principles reasoning” breaks down complicated problems into basic blocks and then reassembles them from the ground up. It’s one of the best ways to learn to think for yourself, unlock your creative potential, and move from linear to non-linear results. The first principles approach to reasoning is strongly endorsed by Tesla’s Elon Musk, Charlie Munger and the philosopher Aristotle. Jason used this approach to develop what I think is the most comprehensive ecommerce education program available right now.

The pandemic has completely shifted the eCommerce industry. For every brand that grew exponentially, there were many that shut shop. Even large and established brands had to reimagine their way of doing business. But let’s take a moment to think about the entrepreneur just getting started in the industry. It will be both exciting and daunting.

Getting the right guidance at the right time can prevent many expensive lessons. It is with this goal in mind that our guest today has put together a comprehensive resource to help entrepreneurs not only build their business, but also create a brand.

In this episode, Kunle and Jason pick up from where they left off in Jason’s previous appearance last year. You will get to hear about the new challenges eCom brands are facing, ideas for acquisition funnels, getting new customers with zero ad spend and much more . This is a great episode for anyone in or enthusiastic about eCommerce!

Here is a summary of some of the most important points made,

• • Once-in-a-lifetime events brings big opportunities for change and growth
  • You now have to work doubly hard to get customer data points
  • TikTok is now a great option for new businesses
  • Co-op Commerce is great way to get new customers through brand partnerships
  • People are going back to stores but there’s no slowdown in online shopping

Covered Topics:

On today’s interview Kunle and Jason discuss,

• Leveling Up during the pandemic
• Major changes in the eCom landscape
• Ideas for acquiring new customers (with no ad spend)
• Shoppable Quizzes
• Customer sharing through Co-Op
• Impact of Covid on the Cosmetics industry
• The Building Blocks Course
• Predictions for the rest of 2021

Timestamp:

• 10:00 – Prep Work done during Covid
  • Once in a lifetime events brings big opportunities
  • Have to leverage the changing behaviour of consumers
• 14:20 – Big Changes in eCommerce:
  • “You can no longer just put up an ad and wait for things to happen”
  • You now have to work doubly hard to get customer data points
  • Focus has shifted from acquiring new customers to driving repeat purchases
• 17:20 – Why eCommerce just got harder to break into
• 21:00 – Acquiring new customers
  • Businesses are now dabbling in alternate platforms
  • TikTok is now a great option for new businesses
  • “Our TikTok handle accounts for 30% of our revenue”
  • Snapchat has an older audience now – great for home decor
• 25:30 – Acquisition funnel ideas:
  • Send people to a landing page instead of cart
  • Make them go through a shoppable quiz to get to know them better
  • Plug in those data points into your email and FB ads
  • Send nurture campaigns after 30 days
• 28:10 – Shoppable quizzes:
  • Octane
  • Typeforms
  • 8 out of 10 people complete quizzes on Doe Lashes
• 31:20 – Getting more data points:
  • Co-op Commerce is great for after purchase
  • “A great tech stack is golden”
• 35:30 – Using Co-op:
  • Your products are featured on the thank you page of brands you have high affinity with
  • It takes customers straight to checkout
  • 5-6% new customers are coming in from Co-op
• 38:10 – Impact of Covid on the Cosmetics industry:
  • Rising ad costs
  • Cost and time of shipping has gone up significantly
  • Lipsticks took a big hit, but eye products actually saw growth of over 250%
• 40:20 – The Building Blocks Course:
  • 119 modules in 20 blocks
  • Great line-up of experts
  • Focus is on how to create a brand from scratch
  • “Your company is only as healthy as you are”
• 53:10 – Predictions for the rest of 2021:
  • People are going back to stores but there’s no slowdown in online shopping
  • Consumer behaviour has shifted to online shopping

Takeaways:

• Focus has shifted from acquiring new customers to driving repeat purchases
• It will take some time and a lot of effort for offline stores to bring customers back
• TikTok accounts for upto 30% of Doe Lashes revenue
• Snapchat audience is older than what people think – great for home decor and other consumer goods

Links & Resources

• Sign up for Jason’s comprehensive eCommerce masterclass “Building Blocks for Success”
• Co-op Commerce
• Octane AI

Tweetable Quotes:

“A great tech stack is golden.”

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