What Top Brands Require to Collaborate with e-Commerce Businesses
In this episode…
Have you ever considered collaborating with top brands to sell their products in your e-commerce store? Do you know what you need to prioritize while you’re putting together a partnership? What’s your plan?
In this episode of the Relationship Commerce Podcast, Dr. Jeremy Weisz of Rise25 is joined by Peter Hajduček, the Founder and CEO at Footshop, to discover what e-commerce brands should look out for while putting together a collaboration. Peter also shares his entrepreneurial journey and talks about his reasons for acquiring one of his competitors.
Peter Hajduček is the Founder and CEO at Footshop, a company about sneakers, creativity, and urban lifestyle. Some of their most popular products are stylish sneaker collaborations with Drake, Nike, Kanye West, and Adidas, among others. They are the only retailer in Central East Europe who can sell these sneakers, leading the Czech and Slovak markets.
So You Want to Collaborate with an e-Commerce Business — Now What?
Thinking about collaborating with other brands? Then there are some key things you need to consider. You need to take the time to do your research and find out what those brands require from you. Be sure to look into sales thresholds, customer base, or market size.
In the case of Footshop's collaboration with international footwear brands, Peter Hajduček was required to look into his brand's authenticity, brand-building strategies, and relevance to customers. It turned out, sales volume wasn’t a big driver for the partnerships he was looking for. So, he had to prove to the other brands that his company would make a good partner.
When you feel that your e-commerce brand is ready to start collaborating, you should reach out to any prospective brands you’re interested in and find out what they will need from you. Different brands tend to have different requirements; there is no one size fits all.
Why New e-Commerce Brands Should Practice Patience
Peter started his Footshop e-commerce business with a budget of €1,500. His idea was to sell sneakers from different top brands through e-commerce, so he started by building a website for his business. After the first order, he had to wait for a whole month to get the next order — which taught him the value of being patient and persistent.
This is a common occurrence for many new e-commerce brands. At this stage, many people do not know the company and the products they sell. It takes time to acquire customers and successfully grow a new business, so it’s important to get good at being patient while you work on winning over new customers.
As his business grew, Peter realized that using an e-commerce platform to sell sneakers was possible in his country at a time when online sales were not common.
How Acquiring a Competitor Can Help Expand Your Market Share
Competition in any industry is good for business. It helps ensure that customers access products from different suppliers, driving creativity and leading to the production of better quality items. However, competition also poses a challenge to business growth — and in some cases, can lead to reduced sales and low-profit margins.
To handle competition in his industry, Peter decided to acquire one of his biggest competitors. His company, Footshop, made four times the revenue his competitor had, and he knew that acquiring the other brand would expand his market size. The acquisition would also make his e-commerce business more attractive to top international brands, leaving the door open to even greater collaborations.
If your e-commerce business has been growing steadily and you are in a position to acquire a competitor, you may consider doing so to give your e-commerce business a competitive advantage. It will increase your market share in the industry and lead to more sales and higher profits.
Resources Mentioned in this episode
- Worth eCommerce
- Peter Hajduček on LinkedIn
- adidas Superstar
- "The Challenges With Being the Face of Your e-Commerce Brand" with Brian Burt
- "How Partnering with Other Brands Boosts Awareness for Your e-Commerce Products" with Victoria Flores
- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company by Robert Iger
Sponsor for this episode...
This episode is sponsored by Worth eCommerce.
Worth eCommerce is a small mighty team of eCommerce email marketers who help businesses of all sizes dramatically grow revenue with lifecycle email marketing. It is made up of copywriters, designers, strategizers, and marketing extraordinaires who specialize in nurturing relationships and guiding sales through the sheer power of email.
Worth eCommerce's sole focus is creating a lasting relationship between eCommerce sellers and their customers through the most personable form of digital connection: email. Businesses that send personable, interesting, and helpful emails earn the trust and continued business from that same customer.
Worth eCommerce’s mission is to help small medium-sized e-commerce businesses generate more than a million dollars a year each in revenue using their own marketing channels.
To learn more about Worth eCommerce, visit http://worthecommerce.com/.
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