The real motivation for success: ‘Accept not knowing everything’
As luxury consumption habits undergo massive transformation in the region, omnichannel distribution is fast becoming a dominant model in the retail industry. Couple that with a young population in the Middle East – 50 percent is below 30 years of age – and deep internet penetration, and it’s clear to see why this strategy model is booming.
Enthused with the immense scope that an omnichannel approach offers, many startups are making optimal use of it. One such successful startup, which is harnessing the potential of the omnichannel model, is Paris-based Stockly.
“We decided to start a business in fashion retail because we felt that this huge market needed innovation, especially in online distribution and omnichannel,” says Eliott Jabes, co-founder of Stockly, who started the company with his partner Oscar Walter.
“I am personally a sneakers-passionate: I had a good knowledge of the sneakers market, so we tried to offer value to it by optimizing its online distribution. We developed algorithms to analyze what would happen if a sneakers e-shop mutualized their inventory and we made amazing discoveries. Six months later, Stockly was born: the technology that allows e-retailers to increase sales by reducing stock-outs.”
Related: Learn from startups’ failures, not just successes
As per the reports, marrying online and physical domains could benefit startups hugely. According to market researcher Euromonitor, e-commerce is predicted to grow at a CAGR (compound annual growth rate) of 12 percent until 2020, as compared to brick-and-mortar retailing growing at a CAGR of two percent in the Middle East.
“Digital has become an unavoidable part of every company,” says Jabes. We are a tech digital company, offering the possibility to retail companies to accelerate their digital growth with our innovative solution.”
Every successful journey has its share of challenging times and Stockly is no exception.
“The most challenging part was to accept not knowing everything and strive to learn a lot every day. This is painful in the beginning because learning uses a lot of energy, but it quickly becomes a way of life. Today, my main motivation is learning,” Jabes says.
“However, we successfully overcame all the challenges. My first incoming call from a company that heard from us and wanted to work with us has been the most rewarding part of my entrepreneurial journey so far.
“Ten years down the line, I see myself in the same mindset in which I am now: trying to keep children’s eyes and curiosity on every subject I approach. I would always look forward to gaining experience and wisdom and avoid losing humility. My idea is to innovate in an area you love, and don’t think too much before starting building things,” Jabes concludes.
Cultivating new contacts
Showcasing its cutting-edge solutions, Stockly recently participated in the Global Start-up Bootcamp – part of the arab luxury world conference that took place in Dubai on May 8 and 9 –at INSEAD Business School campus in Abu Dhabi.
The boot camp, sponsored by TAG Heuer and Chalhoub Group, was attended by a global community of game-changers who are successfully driving digital transformation in the industries related to exceptional customer experiences.
Stockly rubbed shoulders with dozens of other startups from Paris, London and New York, and presented their company in a ‘pitch session’ in front of 600-plus industry professionals.