How Nike Lost $27 billion in one day? : Direct-to- Consumer Business case study
Summary
TLDRThe video script discusses Nike's struggle with its Direct to Consumer (D2C) strategy, which initially boosted sales but later led to inventory issues and a decline in stock prices. It highlights the challenges of D2C, including inventory management, operational costs, and the impact of recession on consumer behavior. The script also emphasizes the importance of understanding market dynamics and the potential pitfalls of bypassing traditional retail channels, drawing lessons for D2C businesses and investors.
Takeaways
- 👟 Nike, a dominant player in the running shoe market, is facing stiff competition and seeing a decline in sales and stock price.
- 📉 The company's direct-to-consumer (D2C) strategy, which initially showed promise, has been a significant factor in their current struggles.
- 🔄 Nike's D2C approach has led to high unsold inventory levels, with figures reaching as high as $9.7 billion in certain quarters.
- 💹 While Adidas's stock price appreciated by 19%, Nike's stock price declined by 21% within a year, reflecting market perception and performance.
- 🛒 The D2C model offers benefits like higher profit margins, brand control, and direct customer relationships, but it also comes with significant challenges.
- 📈 Nike's D2C sales initially rose from 16% of total revenue in 2011 to 35% in 2020, showing early success before the strategy faced headwinds.
- 🏪 The high operational costs of maintaining physical stores under the D2C model became a burden during economic downturns, impacting profitability.
- 🔄 Nike's attempt to rebuild relationships with retailers after focusing heavily on D2C is challenging due to the market share gained by competitors like On and Hoka.
- 📊 The script highlights the importance of understanding the full implications of a D2C strategy, including inventory management, customer reach, and economic resilience.
- 💡 For D2C brands and investors, the script serves as a cautionary tale, emphasizing the need for a balanced approach that considers both the benefits and risks of bypassing traditional retail channels.
Q & A
Why is Nike struggling in the running market according to the transcript?
-Nike is struggling due to increased competition, particularly from brands like Hoka, and a shift in consumer preferences. The company's direct-to-consumer (D2C) strategy, which initially seemed successful, has led to overstock and a drop in sales as consumers are now more price-sensitive and prefer buying from retailers.
What is the Direct to Consumer (D2C) strategy and why did Nike adopt it?
-The D2C strategy involves selling products directly to consumers through the company's own website or stores, eliminating the need for wholesalers. Nike adopted this strategy to gain better control over pricing, inventory, and customer data, as well as to increase profit margins.
How did the pandemic affect Nike's D2C sales initially?
-During the pandemic, Nike's D2C sales initially rose drastically as consumers shifted to online shopping. However, post-pandemic, the sales growth from apps and websites started dropping as consumers returned to in-store shopping.
What are the four major superpowers that a D2C approach offers according to the transcript?
-The four superpowers of a D2C approach are: 1) Higher profit margins, 2) Brand control and consistent pricing, 3) Detailed customer relationship and data, and 4) Better customer experience through direct interaction and control over the retail environment.
Why is Nike now facing a challenge with its unsold inventory?
-Nike is facing a challenge with unsold inventory because the D2C model requires the company to manage its own inventory without the help of wholesalers. This has led to overproduction and a lack of flexibility in responding to changing consumer demands.
What are the operational costs associated with the D2C model that Nike is now reconsidering?
-Operational costs in the D2C model include high rent for flagship stores in prime locations, maintenance of retail spaces, and logistics. These costs have become a burden during times of low sales, leading Nike to reconsider its reliance on the D2C model.
What are the lessons that entrepreneurs and investors should learn from Nike's D2C experience?
-Entrepreneurs and investors should learn that D2C is not always ideal and that middlemen can add value to the supply chain. They should also understand that brand loyalty can be overrated and that building a strong ecosystem, like Apple has done, can be more effective than relying on perception for loyalty.
How did Nike's decision to cut ties with retailers impact its market reach?
-Cutting ties with retailers reduced Nike's market reach because it lost access to the extensive distribution networks of these retailers. This made it harder for Nike to sell in areas with fewer customers and limited its ability to quickly adapt to changing market conditions.
What is the impact of recession on Nike's D2C strategy as described in the transcript?
-During a recession, consumers tend to look for more economical options and may opt for discounted shoes at retailers rather than full-priced options from Nike's D2C channel. This shift in consumer behavior has negatively impacted Nike's D2C sales.
What are the advantages of the wholesale model from Nike's perspective as highlighted in the script?
-The wholesale model allows Nike to mitigate risk by sharing inventory management with retailers, reach a wider audience through the retailers' networks, and reduce operational costs as it does not have to manage individual stores or logistics.
What is the 'Consumer Direct Offense' strategy that Nike announced?
-The 'Consumer Direct Offense' strategy was Nike's initiative to focus on its D2C approach by cutting off ties with one-third of their wholesale partners and reducing supply to remaining stores. It aimed to strengthen Nike's digital and retail presence directly with consumers.
Outlines
📉 Nike's Struggle with the D2C Model
Nike, a 60-year-old company, is facing a significant challenge in the running market due to increased competition, particularly from Hoka. Despite a pandemic-induced sales boom, Nike's stock price has dropped by 21%, and they have a high unsold inventory compared to Adidas. This decline is attributed to Nike's shift to a Direct to Consumer (D2C) strategy, which has not been as successful as anticipated. The video aims to dissect the D2C model, understand Nike's implementation, and the resulting flaws that have led to their current predicament.
🛍️ The Shift to Direct to Consumer Strategy
The video explains the transition from a wholesale model, where Nike sold to retailers like Foot Locker, to a D2C model, which allows the company to sell directly to consumers. This change was driven by the potential for higher profit margins, brand control, better customer relationships, and data collection. Nike's D2C strategy, called 'Consumer Direct Offense,' involved cutting ties with certain retailers and focusing on digital platforms and physical stores to enhance customer experience and brand value.
🔄 The D2C Ecosystem and Its Challenges
Nike's D2C approach created a three-pillar framework consisting of digital products, retail stores, and the interconnection between the two. This ecosystem was designed to collect customer data, optimize inventory, and enhance the shopping experience. However, post-COVID, there has been a decline in app and website sales growth, leading to a significant inventory buildup and a dip in revenue. Nike is now reconsidering its D2C strategy and moving back towards the wholesale model.
📉 The Downfall of Nike's D2C Strategy
The script delves into the issues faced by Nike's D2C strategy, including the impact of recession, inventory and supply chain challenges, and high operational costs. The recession led consumers to seek more economical options, and Nike's inventory management became a burden as they had to handle everything in-house. High fixed costs from flagship stores and a limited reach compared to wholesalers contributed to Nike's difficulties, forcing them to rebuild relationships with retailers.
🚀 Lessons from Nike's D2C Experience
The video concludes with key lessons for D2C entrepreneurs and investors. It highlights that D2C is not a panacea and that middlemen can provide value in terms of risk mitigation and market reach. It also emphasizes the importance of building customer loyalty through design, as opposed to perception, and the need for strategic distribution and product development. The speaker encourages viewers to subscribe for more insights and mentions a masterclass for financial education.
Mindmap
Keywords
💡Direct to Consumer (D2C)
💡Wholesale Model
💡Inventory Management
💡Profit Margins
💡Brand Control
💡Customer Data
💡Operational Costs
💡Recession
💡Supply Chain Shocks
💡Market Reach
💡Loyalty
Highlights
Nike is facing increased competition in the running market, with 50% of people now wearing Hoka.
The company's stock price has decreased by 21%, while Adidas's has appreciated by 19%.
Nike's unsold inventory reached $8.9 billion in the first quarter of 2023, compared to Adidas's $6 billion.
The Direct to Consumer (D2C) strategy is identified as a major mistake made by Nike.
The D2C retail space is making significant market moves, impacting Nike's market value.
Nike's missteps with the D2C model are a lesson for investors and founders in the D2C space.
The D2C model offers four superpowers: profit margins, brand control, customer relationship, and better customer experience.
Nike's Consumer Direct Offense strategy involved cutting ties with one-third of their wholesale partners.
Nike's three-pillar framework for D2C includes a digital product portfolio, retail store portfolio, and interconnection between physical and digital.
The D2C strategy initially increased Nike's sales from 16% to 35% of total revenue from 2011 to 2020.
Post-COVID, Nike's sales growth via apps and websites dropped, leading to a surplus of inventory.
Nike is now reverting to the wholesale model due to the challenges faced with D2C.
Recession impacts D2C sales as consumers look for more economical options.
Inventory and supply chain shocks are significant challenges for D2C models like Nike's.
Operational costs for flagship stores and high rents add to Nike's financial burden.
D2C models face a reach problem, limiting their market penetration compared to wholesalers.
Lessons from Nike's D2C experience include the value of middlemen in risk mitigation and market reach.
Loyalty for a brand is often overrated, and brands need to build ecosystems that increase customer retention.
Transcripts
hi everybody Nike is feeling Nike is no
longer dominating the running Market the
60-year-old company is stumbling this is
the first real time that you're seeing
Nike really struggle with competition do
do you have Nikes or you don't 50% of
people are wearing Hoka now this is a
story of misfires being masked by a
pandemic sales Boom for the fiscal
fourth core it looks like a Miss pretty
much across the board really worried
that the company just doesn't have the
next like a for us in the past one year
while Adidas stock price has appreciated
by 19% Nike stock price has gone down by
21% while in the first quarter of 2023
Adidas had an unsold inventory of $6
billion in the same quarter Nike had an
unsold inventory of $8.9 billion and it
even touched 9.3 and 9.7 billion so Nike
sales are dropping dead inventory is
very very high and the stock price is
going down which is why this year Nike
seems to be a stock market disaster in
the United States of America and all of
this started because Nike made one big
big mistake and this mistake is called
direct to Consumer strategy or
d2c the direct to Consumer retail space
is making some pretty big Market moves
donaho pointed to the results as proof
his strategy was working and started
cutting those ties with retailers and
Nike is just lagging behind Nike market
value nose dived over the past few years
an era that was about to come to an end
now this d2c approach is the reason why
this case study is super super important
because while America got hit by the d2c
wave in 2010 now in India everybody
wants to start a d2c brand so if you're
a d2c investor or a Founder watch this
episode very very carefully because you
can get all the hard lessons that Nike
learned by burning a billion dollars and
that too in less than 20 20 minutes so
in this episode today let's dig deep and
try to understand what exactly is this
d2c model why did Nike switch to this
d2c model what are the most fundamental
flaws in this model because of which
Nike is now going back to the wholesale
model and most importantly as investors
and entrepreneurs what are the lessons
that we need to learn from Nike's
billion doll
mistake before we move on I want to
quickly thank our education partners of
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[Music]
description this is a story that dates
back to 2011 when Nike realized that
they were the Godfather of the American
shoe market and it's quite
understandable because Nike was a legend
in the market Jordans were flying off
the shells their stock price had shot up
by more than 300% in the past 10 years
and they recorded a revenue of $20
billion people rush to get the newest
pair of Air Jordans a crowd busted
through this door in Indiana and
remember as you're watching these
pictures this is all over shoes How many
pairs of Air Jordans do you have I have
about nine pair of Air Jordans since I
was a kid I've been you know working
hard just to come up here early in the
morning just to wait line to get these
shoes and by that time Nike had such a
strong brand image that every star
player was wearing a Nike whether that
was Roger Federer or Kobe Bryant Tiger
Woods or Cristiano Ronaldo everybody was
wearing a Nike once I went through the
presentation with Nike they really made
a grave effort of trying to have my
input on the shoes when I first signed
up with with Nike lines and apparel that
know people love it's just been amazing
for me to be part of at 35 years old
he's still lighting up the Siri a for
Juventus coming in this season as runner
up for the Golden Boot with 31 total
goals so since Nike had an incredible
brand pull Nike decided to make a
tectonic shift and this tectonic shift
was to go from a wholesale model to a
direct to consumer model and this is
what shook the entire Sports Market of
America for those who don't know
wholesale model is a model whereby Nikey
sells its shoes to a wholesaler like
Foot Locker or Macy's who then use their
distribution to sell these shoes at
their own price in their own stores all
across America or the wholesalers might
sell it to other retailers who further
go on to sell it to their customers
whereas in a direct to Consumer model
Nike can directly sell all of its
products directly to the customer either
through its own website or through its
own retail store so in this model the
wholesaler is completely eliminated now
the question is if Nike was able to sell
its shoes to wholesalers without the
worry of website traffic or store
maintenance why did they suddenly shift
to the direct to Consumer model well
that is because ladies and gentlemen a
direct to Consumer approach gives you
four major superpowers the first
superpower is a superpower of profit
margins in simple words if Nike makes a
shoe for $80 and sells it to Macy's at
$100 Macy's would then sell the same
shoe at
$120 so even though the product cost is
$120 the profit of Nike is only $20 but
theoretically if Nike sold this product
directly to the customer they could sell
the same shoe at $110 and still make a
profit of
$30 so do you see even with decrease in
cost Nike can still generate more
profits the second superpower is brand
control and pricing so during a holiday
season a retailer like Macy's might
heavily discount Nike shoes just to
attract customers and this creates a
perception that Nike is a low value
brand but with Nike's own stores of
website Nike could maintain a consistent
pricing which can maintain the
premiumness of the brand the third
superpower is customer relationship and
data so if a customer buys a Nike shoe
from Foot Locker Nike might receive
basic sales data like which product was
sold and which state did the sale happen
in but in a d2c scenario if the same
customer buys from nike.com Nike can
collect all the micro details like
customer preference age gender location
interest and even profession and
testimonial so this allows Nike to run
the most accurate ads which are
personalized to every single person who
buys from Nike and more importantly when
it is able to collect direct feedback
from the customer it is also able to
improve its product life and lastly
while a wholesaler might have a Salesman
who doesn't know about the product or a
shelf that could be completely
disorganized if Nike owns a store it can
control everything from quality of sales
staff to the lighting to even the music
in that store and this results in a
better customer experience so do you
realize this way the d2c strategy could
literally offer everything that a brand
wants Better Price better margins better
experience better customer data and most
importantly better control over both the
product and the Brand This is a reason
why ladies and gentlemen in a
revolutionary approach Nike announced
something called consumer direct offense
strategy under this strategy Nike cut
off onethird of their wholesale Partners
including Macy's Urban Outfitters and
even Zappos and eventually they reduced
their supply to the remaining stores on
top of that it also ended its
high-profile partnership with Amazon yes
Nike ended their relationship with
Amazon and where the d2c strategy of
Nike started the real story is direct to
Consumer DTC a business model that had
exploded in the 201 it is the golden
model of the new age they want to sell
direct to Consumer and like not do the
retail stores as much but they're doing
something that really no Behemoth has
ever done before instead of selling
through wholesalers they established a
three-pillar framework the first pillar
was digital product portfolio and this
portfolio had four apps Nike Training
Club for gym and yoga and Enthusiast
Nike run club for runners sneakers for
sneaker enthusiasts and they had the
main Nike app which sold all their
products this layer collects all the
data from the customer from location to
preference to purchase data to search
data to age and even gender Now using
this data layer Nike understood the hot
spots of their customer base all across
America so now they knew where to set up
their stores and what kind of products
they need to keep in those stores in
order to maximize sales and here's way
they built their second pillar which was
their retail store portfolio and this
portfolio again had four types of stores
firstly they had the Nike rice store
which are focused on customized shopping
experience with localized products and
events then they have Nike House of
innovation stores which are specially
made to launch Cutting Edge Nike
products thirdly they have Nike live
which are small stores which were
designed for quick pickup and returns
and then they have Nike style which is
specifically aimed at genz consumers
with a mix of streetwear and sports
inspired fashion then Nike had the third
layer which was the interconnection
between physical and digital layer so
let's try to understand this better you
see when a customer uses these Nike
digital products Nike is able to
understand where is the maximum density
of Nike customers and then Nike is able
to set up its stores and here's where
this third layer makes people use both
the digital products as well as the
retail stores and eventually it results
into a virtuous cycle for example in the
app when the customer feeds all the data
the retail stores use customer data of
that location to decide which products
will be kept in which store and then the
customer data is feeded into the app so
when the customer walks in Nike will use
that data from the customer's profile to
give customized recommendation to that
customer based on the store products and
then for the products that are already
there in the store Nike has these QR
codes which the customers can scan so if
you look at an airone one in a store the
QR code will tell you everything from
what sizes are available which other
products will go well with that
particular shoe what is the review that
the customers have given and it will
even give you similar recommendations
based on that particular store's
inventory so your buying experience is
enhanced by a large large extent and
lastly if you have the Nike app you
don't need to wait in the queue at all
you can simply check out from the Nike
app itself and this again feeds data
into the Nike database so so if you see
this third layer helps Nike build an
ecosystem where the customers use both
the app as well as the store to feed
Rich data into the Nike database at
Nike's new flagship on Fifth Avenue the
house of innovation you can shop
68,000 ft of Cutting Edge retail space
without talking to a human you take a
picture of that QR code and this entire
look is loaded onto your phone we are
going to be allowing our consumers in
the mobile app um to buy product in
their app and walk out without needing
to talk to us and this gives Nike three
incredible superpowers number one is
better Inventory management and
optimized product placement for example
with the intelligence of evolving
customer data Nike will know which
products will sell better and which
products need to be produced more for
example suddenly if there is a trend of
white sneakers in Brooklyn and a trend
of Jordans in Manhattan Nike will
quickly send more Jordans to Manhattan
and more white sneakers to Brooklyn the
second superpower is customer
segmentation insight for better
marketing for example if Nike
understands that Brooklyn has gym and
Tennis enthusiasts and Manhattan has
more yoga practitioners Nike would
sponsor tennis tournaments in Brooklyn
and they would Place their products in
the best gyms in Brooklyn similarly they
would organize more yoga workshops in
Manhattan and they would try out more
yoga products in Manhattan and lastly
when Nike organizes these special events
or sponsors tournaments that are close
to the hearts of the people it builds a
sense of community and eventually it
would help them command loyalty from
their customers so as time passes the
database was expected to get richer and
richer with better and better insights
eventually it was expected that this
entire d2c ecosystem will help Nike
pinpoint opportunities all across
America and it will help Nike make
better decisions eventually keeping it
way ahead of its competition this was
the Revolutionary framework that Nike
designed to go all in with its d2c
strategy so do you realize Nike
literally had everything to achieve
success in his d2c model they had a
solid brand value insane amount of data
millions of customers using the app to
collect data and a billion dollars to
make all of this happen all across
America so the question is did they
succeed well initially yes their d2c
sales Rose from 16% of the total revenue
in 2011 to 35% in 2020 in fact even
during co Nike sales started Rising
drastically now just to give you an idea
about how big a deal this was while
Adidas's entire Revenue in 2022 was $24
billion just with the d2c channel in the
same year Nike generated $18.7 billion
this is how insanely well the d2c
channel was doing for Nike so everything
was great right well you know what guys
something changed after covid and this
is what led to disastrous consequences
for Nike now whether this is shortterm
or long-term we don't know but as of now
Nike is facing in a hard hard time so
the question over here is what exactly
went wrong well if you look at this
graph Nike's sales growth from apps and
website started dropping drastically now
even while d2c scales are rising overall
they are left with billions of dollars
in inventory the revenue is dipping and
lastly after all this leap Nike is now
making a uturn to go back to the
wholesale
model as the world reopened turned out
people still quite liked buying shoes in
stores but but Nike just wasn't in as
many of them now it was kind of like
done and uh the hype was done so now the
question over here is when the d2c
strategy was so well plotted out when it
was so well designed when Niki had all
the money in the world all the data in
the world what exactly went wrong well
here's where ladies and gentlemen the
dark side of the direct to Consumer
Channel comes in and here's where you
need to pay very very close attention
because these are the same problems that
d2c brands are facing in India so if
Nike faed to this problem so will you so
listen to this carefully the first
Factor was the impact of recession in
simple words Whenever there is a
recession a consumer would want to
compare multiple shoe options and choose
the most economical option rather than
just blindly preferring a Nike over
others for example during a recession a
consumer would look for discounted shoes
at Foot Locker rather than paying the
full price at nike.com And this is
exactly what happened in case of Nike
whereby Nike's d2c sales in the last
quarter of fi 24 fell by 8% to $5.1
billion whereas the wholesale sales of
Brands like Foot Locker and DSW they
remained super stable which means people
were buying shoes it's just that they
were buying from wholesalers and not
directly from Nike itself the Second
Challenge was the challenge of inventory
and supply chain shocks for example in
case of a wholesale model Nike simply
has to sell its products to the
wholesaler and the wholesalers would
take care of everything from inventory
to shipment to to stock clearance to
even reverse shipping so once Nike sells
the products to the wholesalers Nike
doesn't have to worry but in case of the
direct to Consumer Channel Nike has to
take care of everything from inventory
to shipment to clearance to even the
reverse supply chain at the same time
when you deal with wholesalers
wholesalers share the burden of
inventory management so they Place bulk
orders in advance which helps Nike
forast the demand and reduce the risk of
Overstock similarly if Nike over
produces a particular shoe then they can
rely on wholesale Partners to help them
move those products through their
extensive distribution networks and
promotional efforts so if you look at
what happened after Nike event d2c you
will see that they started to pile up
more and more inventory in fact in 2022
they had 8.42 billion of inventory which
further went up to touch 9.7 and 9.3
billion in a quarter and this meant in a
quarter Nike had to bear the cost of
storing billions of dollars worth of
stock which directly impacted their
profitability the third factor that
backfired was the operational cost for
example Nike invested very heavily into
building a flagship store in a prime
location which incurred high rent and
high operational expenses and while this
did enhance the brand image of Nike it
also added to the fixed cost of Nike so
when the market was bullish and
everybody had money Nike was having a
great time but as soon as recession hit
and sales started to go down these
stores became a cash burning machine but
when it comes to the wholesale model
Nike did not have to worry about store
rent or maintenance in fact they did not
even have to worry about logistics for
example instead of opening a new Nike
store in a smaller City Nike could
partner with a local sports retailer who
already had an established customer base
and operational capabilities so for Nike
it was no headache of a store no rent no
staff and no need to set up Logistics so
all they had to do was build a great
product sell it to the wholesaler and
let them decide where and how they want
to move the stock so in exchange for the
profit margins that Nike paid to the
wholesaler they got risk mitigation and
less headache of Logistics in return and
lastly in a d2c model there is a reach
problem in simple words if Nike has to
set up and maintain a store for that
store to be viable Nike might have to
sell at least 500 shoes a month so Nike
can set up its retail store only in
those areas where they can sell 500
shoes a month but when it comes to a
retailer Nike could just sell 100 shoes
to that retailer and reach those areas
where there are lesser Nike customers
and since the retailer is selling
products of multiple other brands for
him 100 Nike shoes sold a month is good
enough to make a profit so long story
short while Nike has a genius strategy
to go d2c the lesson that Nike learned
is that while d2c Channel gives higher
margins better data and better customer
experience it comes at a very heavy cost
of inventory load lesser reach less
tolerance to recession and less risk
mitigation this is the reason why Nike
is now trying to get back to its
retailers and wholesalers but now there
is one big big problem so Nike tried to
bolster and build their own shops but it
looks like they do need partners and
they brought back Tom Petty and with one
goal rebuild relationships with
retailers a brand that is struggling
trying to rebuild Retail Partners the
moment Nike went off the shells of
wholesalers two other brands took off in
the American market and they took off as
a result of this Lacuna that Nike had
created
these two brands are on and Hoka so now
Nike is struggling to get back those
slots that the wholesalers had given
away to on and Hoka this is the story of
Nike's d2c Channel now does this mean
that Nike has completely failed with his
d2c approach not at all Nike is a very
big brand and like I said before they
have a billion dollars they have a
strong brand value and they have a very
strong digital ecosystem using which
they are collecting a ton of data so
even now they could very easily turn
this around and turn their d2c channel
into a successful channel it's just that
as of now they are struggling and from
their struggles we could understand the
most important challenges that Nike may
not face 5 years later but entrepreneurs
like you and me will face when we build
our d2c brand and this is what brings us
to the last part of the episode and that
are the lessons that we need to learn
from this billion dooll mistake of Nike
lesson number one d2c is not as ideal as
everybody thought and middlemen are not
always bad well most people look at
payment to wholesalers as a loss of
profit it is actually a payment to be
made in exchange for risk mitigation and
reach so the wholesalers are not
charging you money just because they can
they're actually adding value to the
supply chain and they're not going away
anytime soon lesson number two loyalty
for a brand is often overrated and while
most brands like to believe that their
customers are extremely loyal more often
than not customers are not so loyal
whether that's Nike apple or St
Starbucks and here's where Apple
understood this very very clearly and
they have done an extraordinary job with
their apple ecosystem and today Apple
has built such a strong ecosystem that
with each passing product the exit from
that ecosystem gets more and more
difficult so while Nike tried to build
loyalty with perception Apple has built
loyalty by Design so it's literal pain
that you will feel to exit the ecosystem
at the same time you will get rewarded
if you keep adding products to the
ecosystem so do you realize Apple did it
with design and Nike tried to do it with
perception and lastly if you're a d2c
founder or an investor in d2c we are
releasing two amazing podcast episodes
with the legendary founders of vibas
sauce and bolt and both these
entrepreneurs have built a thousand CR
Company by cracking distribution and
product so do subscribe to this channel
if you haven't already and if you're
watching this episode in October check
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