Parachute founder Ariel Kaye discusses how the luxury linens brand is navigating the retail downturn, emphasizing the strategic importance of profitable physical retail locations for customer connection. The episode highlights the acceleration of omnichannel initiatives like BOPIS and curbside pickup to deliver a consistent customer experience across all channels, demonstrating how businesses can adapt and innovate during challenging economic times.
Key takeaways
Physical retail, even if a smaller percentage of overall business, can be a profitable channel and crucial for building customer relationships for DTC brands.
Prioritize and accelerate omnichannel initiatives like BOPIS and curbside pickup, as they transition from conveniences to necessities for customer experience.
Focus on delivering a seamless customer experience across all touchpoints, regardless of how customers choose to shop.
Embrace difficult moments as opportunities for innovation and refinement of your business model, as 'great businesses do come from difficult moments.'
Americans may have more reason than ever to appreciate the comforts of home and the value of making theirs their own.
But even a company like Parachute, a luxury linens and home goods company founded in 2014, is feeling the pinch from the downturn in retail.
"Our [physical] retail is about 25% of our business -- but it's a profitable part of our business," the company's founder Ariel Kaye said on the Modern Retail Podcast. "And it's really also how we connect with our customers and build relationships."
The brand is accelerating some of the shopping alternatives it had already been planning before the coronavirus pandemic.
"We've been excited about buy online, pickup in store, and curbside pickup for a long time, but it was always one of those things that we thought we would get to," Kaye said. "We want to make sure that we can deliver the experience that we want our customers to have no matter where they are."
What does this episode say about retail & omnichannel?
Physical retail, even if a smaller percentage of overall business, can be a profitable channel and crucial for building customer relationships for DTC brands.
What does this episode say about dtc strategy?
Prioritize and accelerate omnichannel initiatives like BOPIS and curbside pickup, as they transition from conveniences to necessities for customer experience.
What does this episode say about founder & leadership?
Focus on delivering a seamless customer experience across all touchpoints, regardless of how customers choose to shop.
What does this episode say about retail & omnichannel?
Embrace difficult moments as opportunities for innovation and refinement of your business model, as 'great businesses do come from difficult moments.'
