Bonobos CEO Micky Onvural shares how the digitally native menswear brand navigated the unprecedented challenges of 2020. The episode details their rapid product strategy shift from "wear-to-work" to "wear-everywhere" and the operational agility required to stay ahead of evolving customer demands and market changes. It offers valuable lessons for ecommerce operators on embracing continuous change and preparing for peak seasons.
Key takeaways
Bonobos rapidly pivoted its product offering from 'wear-to-work' to 'wear-everywhere' by kicking operations into high gear to meet changing consumer demands during 2020.
The brand embraced an expedited pace of innovation, recognizing that 'change is normal' and maintaining a 'fleet-of-foot' approach is crucial to stay ahead of customers, competition, and industry trends.
Despite being predominantly e-commerce, Bonobos maintains that physical stores will always have a place in retail, highlighting the importance of an omnichannel perspective.
Proactive holiday season planning, starting as early as October 1st, is vital for ecommerce businesses to capitalize on peak sales periods and manage operational demands.
True customer-centricity means not only understanding current needs but anticipating future desires and adapting product development and operations accordingly.
As the CEO of digitally native menswear brand Bonobos, Micky Onvural has experienced both extreme challenges and lucky breaks in getting the brand through 2020. “We've always been predominantly e-commerce, so we didn't have the same catch-up game to play as other retailers did,” she said on the Glossy Podcast. “The biggest catch-up game we had to play was on the product side -- because we were ‘wear-to-work,’ but now we want to be ‘wear-everywhere.’”
To swiftly transition the product, among other untimely elements of the business, the Bonobos team kicked its operations into high gear. As Onvural sees it, that expedited pace is set to define the company’s new normal. “We’ve all gotten used to the fact that change is normal -- and that we have to be very fleet-of-foot, and we need to be half a step ahead, if possible, of what's going on with the customer, the competition and the industry,” she said. “[Five month ago] we were innovating fast, and we've just gotten used to that new pace of working.”
In addition to sharing how Bonobos plans to build on new learnings, products and initiatives, she discussed how the company is tackling the holiday season and why she believes, “There is always going to be a place for physical stores.”
Bonobos rapidly pivoted its product offering from 'wear-to-work' to 'wear-everywhere' by kicking operations into high gear to meet changing consumer demands during 2020.
What does this episode say about retail & omnichannel?
The brand embraced an expedited pace of innovation, recognizing that 'change is normal' and maintaining a 'fleet-of-foot' approach is crucial to stay ahead of customers, competition, and industry trends.
What does this episode say about product & merchandising?
Despite being predominantly e-commerce, Bonobos maintains that physical stores will always have a place in retail, highlighting the importance of an omnichannel perspective.
What does this episode say about founder & leadership?
Proactive holiday season planning, starting as early as October 1st, is vital for ecommerce businesses to capitalize on peak sales periods and manage operational demands.
What does this episode say about dtc strategy?
True customer-centricity means not only understanding current needs but anticipating future desires and adapting product development and operations accordingly.
