BRAVE COMMERCE

On this episode of BRAVE COMMERCE, Sucharita Kodali, Vice President and Principal Analyst at Forrester, returns to the podcast to discuss the current state of the consumer economy, the impact of inflation, interest rates, and consumer spending.

Sucharita sheds light on the resilience of the US economy despite challenges like inflation, interest rate hikes, and an inverted yield curve. She explains that consumers have been spending enthusiastically, especially on discretionary categories like travel and leisure, even though there were concerns about a potential recession. She talks about the "pandemic paradox," where despite health and education crises, households emerged financially stronger.

The discussion also covers the prospect of future interest rate hikes and how brands can navigate the economic landscape. Despite inflationary pressures, consumers have shown little inclination to shift to cheaper options, making the market favorable for brands. However, she predicts that once consumers exhaust their savings, the competitive dynamics will change, leading to possible price reductions and more cautious spending.

Sucharita mentions that certain sectors, like housing, aren't as impacted by seasonality and increasing supply could potentially drive down costs. However, the movement towards urban areas for work might sustain spending in these regions. Sucharita's expertise shines as she offers a positive outlook for the US economy, predicting a favorable business environment through the back half of the year and possibly beyond.

Key Takeaways:

• In the face of gloom and doom financial forecasts, tracking consumer behavior is still your best source of understanding
• Give your customers a “why” to spend on your brand as opposed to potentially cheaper alternatives
• Embrace uncertainty as an opportunity for growth and innovation in your business

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Kirk Perry, CEO and President of IRI, shares his insights on the current trends of the online world. He specifically discusses inflation, covering the differences in price across the US, possible causes for these changes, and how they will impact the 2021 holiday season. He also dives into the intersection of brand and retailer loyalty & the future of online purchase behavior.

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Loretta Franks, Global Chief Data & Analytics Officer at Kellanova, started her career at Kellogg’s seventeen years ago. Thanks to a recent spinoff, she now works at a company with a 118 year legacy that is also a start-up. In this conversation, recorded live on June 4th, 2024 at Shoptalk Europe in Barcelona, Loretta shares the experience of managing IT through the separation of Kellonova from WK Kellogg Co as well as how she successfully leads a data and analytics organization across 180 countries and an extensive array of product categories.

In spinning off Kellanova, Loretta oversaw the transition of 300 different IT systems, the creation of 7K+ individual user IDs, and did so while maintaining the supportive and fun culture that kept her at the company for so many years. The success of these transitions required that all bets were off as far as silos “We had a job to do and that was to make sure that we continued to supply our customers, continued to delight our consumers, and continued to keep running the business.”

Despite the 118 year legacy of the Kellogg’s brand, Kellanova is facing the future with a startup mentality and this perspective shift also triggered a cultural shift. The company added courage to its key values of accountability and integrity and they shaped their strategy in order to differentiate, drive and deliver. When it comes to data and analytics in particular, Loretta focuses on the business need or problem and backs their processes, tools, and goals into those needs.

Every day requires thoughtful prioritization to meet the needs of so many brands across so many markets. Loretta balances speed, risk and value in order to help her team address organizational needs and assess new opportunities successfully. She emphasizes the need for strong partnerships to succeed in a cross-functional role.

Key Takeaways:

• Focus on what you are trying to achieve and finding the right solution for it
• In a time of change, transparency and teamwork are the keys to success
• Look after your talent and ensure they have a career path

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In this episode of BRAVE COMMERCE, Mir Zaman, Vice President of Commercial Operations at Spectrum Brands, joins hosts Rachel Tipograph and Sarah Hofstetter to provide insights on leadership, innovation, and adaptability, offering strategies for navigating dynamic business landscapes effectively.

The discussion starts with Mir introducing Spectrum Brands, a company operating in three diverse industries: Home and Personal Care, Home and Garden, and Pet Care. He highlights key brands in the company's portfolio, providing context for understanding the extensive range of consumer products offered by Spectrum Brands.

The conversation then delves into Mir's unconventional career path, beginning with his childhood dream of working in aerospace engineering, to roles at Boeing, NASA, and eventually Amazon. His transition into the eCommerce realm at Amazon, despite initial reservations, highlights his adaptability and problem-solving prowess, both integral to his leadership philosophy.

Mir emphasizes the significance of curiosity, data-driven decision-making, and a commitment to continuous experimentation in navigating complex business landscapes. He also reflects on the seamless integration of his experiences into his current role at Spectrum Brands, highlighting the importance of augmenting organizational cultures rather than imposing radical transformations.

In conclusion, Mir talks about his strategic vision for Spectrum Brands and his focus on fostering collaboration across teams and aligning efforts with overarching business objectives. He also shares insights into decision-making frameworks, akin to an engineering approach, that prioritize inputs and outputs to achieve desired outcomes.

Key Takeaways:

● Embrace curiosity as a leadership skill for problem-solving and innovation

● Empower teams with ownership and accountability tied to revenue and cost objectives

● Apply a profit and loss mindset to decision-making, analyzing inputs and outputs to determine the best course of action

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On this episode of BRAVE COMMERCE, Esi Eggleston Bracey, President Unilever USA, CEO Personal Care North America, talks about creating a human-centric brand. From her work at P&G to developing Febreze Esi has found ways to drive profits while helping people.

As national demographics shift, brands need to shift and increasingly personalize their messaging to today’s shoppers. Here again, doing the right thing - being a more inclusive brand - is also doing the profitable thing.

Esi provides advice for up-and-coming professionals based on her own experience. Her primary piece of advice is to know yourself, once you know yourself be yourself, and then share yourself with others.

Likewise, she provides similar advice for corporations. Esi says companies should commit to the journey - there is no quick fix. Create a workplace representative of the people you serve. Acknowledge honestly where you are today, where you want to be and develop a plan with milestones, and specific actions to close the gap between the two.

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Sources: 1Fortune, August 2023. 2Walmart internal data, January 2023. No endorsement of third-party data sources.

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