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Sara Wood - Before and after IPO

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Leading the Product Speaker Sara Wood talks about "Navigating the ever-changing landscape of building products"

For the blog post that goes with this presentation and more speaker talks go to:
https://www.leadingtheproduct.com/behind-the-scenes/

Veröffentlicht in: Business
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Sara Wood - Before and after IPO

  1. 1. Navigating the ever-changing landscape of building products Before and after IPO Sara Wood
  2. 2. Chapter II: Present - Becoming a publicly traded company Chapter III: Future - Now what? Contents. 2 Chapter I: Past - Building a company with hyper growth Forward: The set up - Who I am - What Farfetch is - Building the business - Road to IPO
  3. 3. The set up 3 Forward: The set up
  4. 4. Hello I’m Sara. 4 Forward: The set up Early Years: i <3 computers • First computer 1987 • First job after MBA was to build my own computer with a screwdriver & a box of parts! • Gopher, listproc, vim/pico, html1 & elm/pico • Collected data manually from law libraries and via global contacts on IRC. • Steve Martin Me
  5. 5. Hello I’m Sara. 5 Forward: The set up 1st Dotcom Boom • Visual design • PERL and CGI scripts • CSS & Javascript • Front end • Content writing & editing • Research • Fundraising Steve Martin Me
  6. 6. Hello I’m Sara. 6 Forward: The set up Product Leadership since then • 3x seed stage companies • 1x design/webdev agency • 3x hyper growth • 2x f500s • 2x international agencies • 2x NGOs • 1x tech money backed institute and an Ivy. Steve Martin Me
  7. 7. 7
  8. 8. Building a company with hyper growth 8 Chapter I: Past
  9. 9. 9 Our job is to solve problems in a way things just work. The idea that we make people’s lives a little bit easier — without them even knowing we exist — is exciting, liberating, and motivating. The role of Product. Chapter I: Past Cobbler’s elves!
  10. 10. 10 We had a huge vision in a hard space, that combination attracts the best people in tech. As you start growing like crazy, it can be hard to recruit as fast as you need. Attracting the best people. Chapter I: Past Only the best!
  11. 11. 11 Need to be adaptable. In the early days, you’re still proving your business model or raising funds. You don't have the luxury of having all the key disciplines at the table either. Each stage requires a different approach. Chapter I: Past Founded in 2008 2014: supply from 64 boutiques 2015: Farfetch Acquires Browns 2016: 600 boutiques
  12. 12. 12 Nobody can predict the future. This business is both art and science and often luck. Is the market ready to be disrupted in your space? Are customers interested in your brand and product offering? It’s all in the timing. But if you get it all just right, your numbers start growing. No single approach works in any two companies. Chapter I: Past To the future!
  13. 13. 13 Hyper growth. Chapter I: Past GMV 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Founded First US Retailer on marketplace Series A Investment 100+ retailers $50m+ GMV 240k Marketplace Customers Further Expansion to 31 supply Countries Launched brands On marketplace Black & White Browns Acquisition 1 millionth Marketplace Consumer F90 Store of the Future style.com JD.com Partnership with Harvey Nichols Chanel Burberry Chalhoub Group
  14. 14. 14 The path to IPO I Chapter I: Past Our F1! Starts about a year in advance. Quietly start prepping for the filings, but no one knows this is what you are working on at the edges of your day job. Our F-1 focused heavily on the product we have built “Farfetch is the leading technology platform for the global luxury fashion industry”
  15. 15. 15 Our vision. Chapter I: Past Global platform! Our vision!
  16. 16. 16 Then come the analysts days - Product was always on the agenda. Talking to bankers in closed sessions, sharing your vision and what you have done so far. Hoping your message lands. The roadshows. Chapter I: Past
  17. 17. 17 Our platform is at the core of everything. Chapter I: Past Stakeholders Our approach Luxury consumers Luxury Sellers (Brands & retailers) Third-Party Companies Building on our Platform Internal customers API First Multi-tenancy Modularityy Flexibility Road-testingatscale = Best practices for customer journey
  18. 18. 18 Creating an operating system. Chapter I: Past Data Farfetch API Farfetch API Marketplace Seller Tools Black & White solutions Store of the Future Other Applications Additional servicesCustomer ServiceFulfilmentPaymentsMarketing Product Catalogue Inventory Management Photography Data APPLICATIONS SERVICES This party integrations External service providers
  19. 19. 19 Data unlocks a ‘no channel’ approach. Chapter I: Past Inventory data 295,000 SKUs1 Traffic data 33m visits per Product data 3.9m SKUs Customer feedback 92% customer satisfaction3 Customer interactions 155 per seconds Pricing data 1.9m orders placed in 2017 Shipping data 7,600 deliveries per Operating data 98.4% stock “KNOW ME” “INSPIRE ME” “BE WHERE I AM” CUSTOMER IS THE CHANNEL
  20. 20. 20 It also unlocks core product priorities Chapter I: Past Embrace external shifts Shape internal journey 70% 37%+ +278% 60%+ Traffic on App & Mobile Web CN Traffic Through Dedicated iOS App Increase in VIP App Traffic YoY More Units in Our Catalog YoY
  21. 21. 21 Platform enables us to build truly local experiences. Chapter I: Past Local Language Consumer Preferences Local engagement Mobile eCommerce label Local regulations Sales cycle • 37%+ consumers in China are willing to pay for products using mobile • Localised payment & login • Localised delivery & CS • Fashion authority • vs discovery • Cross border • Supply chain
  22. 22. 22 Our platform enables new businesses to be built… Chapter I: Past Black & White Customers Mono-Brand Ecommerce offering tailored for luxury market MULTI-TENANCY CAPABILITIES • Specific pricing, categorization, customer tree • Tailored business logic, rules, descriptions • Shared architecture • Push and pull of data and
  23. 23. 23 … and enables new experiences in store Chapter I: Past Retailers Customers of affluent shoppers research online before purchase of luxury sales still take place offline (75% by 2025) higher lifetime value of multi-channel shoppers vs. single-channel of consumers in store are unknown digitally How to provide personalised service? How to empower Store Assistants? 85% 75% 91% 13x CUSTOMER CENTRIC NO CHANNEL OPEN / MODULAR HUMAN INTERACTION
  24. 24. 24 After the roadshows… Chapter I: Past Our Platform
  25. 25. 25 But you still can’t talk about it. Chapter I: Past We actually opened at $9b Huge industry, unique offering Platform play resonated with analysts Magnitide of what we are doing
  26. 26. Becoming a publicly Traded company 26 Chapter II: Present
  27. 27. A single moment. 27 Chapter II: Present
  28. 28. A celebration of hard work. 28 Chapter II: Present
  29. 29. Stories are built on characters. 29 ALL companies are technology companies. We happen to work in fashion. At Farfetch, Product & Design has always been a main character. Ringing the bell! Me again! Chapter II: Present
  30. 30. 30 Sharing more and new types of numbers than before. In a publicly traded company there are shareholder meetings, quarterly earnings calls and more scrutiny of how you make decisions. What does this mean for product? Chapter II: Present
  31. 31. 31 But you must also be really good at continuous deployment of incremental value. Your job as product is still to keep your eye on the short and long term visions.  To grow top-line AND bottom-line while innovating into new spaces ahead of the rest. You must still take risks. Chapter II: Present
  32. 32. 32 01. Develop a portfolio investment thesis. Measure benefits of products back into the P&L. 02. Ensure you are organised for increased autonomy, focus & accountability. Methodologies are a study in anthropology determined by your tech, industry, culture. The story continues I. Chapter II: Present
  33. 33. 33 03. Continue improving ways of working at the team level. 04. Quarterly & annual strategies rooted in data, but also long range plans that keep you tethered to the mission! A method to track alignment on the big picture (like OKRs) is your friend. The story continues II. Chapter II: Present
  34. 34. There are many more chapters to come 34 Chapter III: Future
  35. 35. 35 There’s a lot more to come. Chapter III: Future Show up. Be human. Be brilliant. Todos Juntos!
  36. 36. Thanks! 36 Sara Wood: Global VP Product

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