The [True] Cost of Convenience

Welcome to the membership revolution where suddenly airlines are the talk of the town. With a flat fee comes compromise, but are you willing to give up convenience for a cheaper price? Also, if you haven’t yet, take a look at your Shop Pay app and check your wallet out. You may have some cash to burn sitting in the account courtesy of the annual “Shop Pay Shop Day,” which totally existed before this year…right? Tune in now to hear the rest.Loyalty is a Two-Way Street{00:13:14} “The loyalty in the ERP space, and what your business actually runs on that has a lot of bearing on how you choose your eCommerce stack in enterprise.” - Phillip{00:20:16} “What I've always realized, especially when being budget conscious, there's always a cost associated. It's either your time, your patience, or your dollars. And sometimes paying more means that you get a little bit more of your time and you save a little bit of patience.” - Phillip{00:25:08} “We're becoming much more isolated from each other, so naturally, the workplace has become the place that has to help compensate for this because you have to have a community of people that you work with in the workplace. And that's why we have the rise of these social groups and mandated social groups within the workplace, not just for entertainment and for bringing your whole self to work, but there's also an element of just trying to find people and connect with people who have similar life experiences.” - Phillip{00:33:00} “During economic downturns and uncertainty, brands tend to look at memberships or loyalty, maybe a subscription program, as the thing that makes up the difference. It is a lever for the business and not a benefit for the customer.” - Phillip{00:38:06} “I've bought into things before where I'm like, "Man if I just bought stuff piecemeal a la carte, this would have been better." Why did I go for the bundle or the membership? And I now have paid way more than I would have otherwise.” - Brian{00:50:55} “Getting people to the Shop app, it's adoption has a lot of opportunity. There are still a lot of legs, and there's still so much growth opportunity for that, as far as people using it for shopping experiences that Shopify hasn't even touched that yet.” - Brian{00:51:51} “There is a wealth of new channel growth for tomorrow. There's something brand new happening right in front of our eyes. You want to talk about loyalty and how irrational it is, to capitalize on that, you kind of have to be thinking about the future, and you have to see this through.” - Phillip{00:53:08} “This new channel, new platform growth that is being set up in front of us could come from somewhere else in the world and I think it would probably be open source because I think that that's how you tend to see things like this play out in international contexts is through open source projects.” - BrianAssociated Links:Find out more about The Visions Summit at RICE 2023 and make plans to meet us there!Have you checked out our YouTube channel yet?Subscribe to Insiders and The Senses to read more of what we are witnessing in the commerce world! Listen to our other episodes of Future CommerceHave any questions or comments about the show? Let us know on futurecommerce.com, or reach out to us on Twitter, Facebook, Instagram, or LinkedIn. We love hearing from our listeners! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.