The Future of Retail Over the Next 5 Years, with Cormac Kinney, CEO at Bitcarbon and Aaron Weiner

Thank you so much for joining us! Can you tell us a story about what brought you to this specific career path?

I’m an engineer and software entrepreneur. My startups have all been very technical, like computational linguistics and optimization. But I literally struck gold with my wife Mimi So who just so happens to be a fantastic jewelry designer. Over the years I became involved in the operations of her company and saw firsthand that e-commerce was a major challenge within her industry. Jewelry is a high-touch sale, and unless someone can truly experience a jewel, they are unlikely to make a big purchase. Younger generations especially don’t have the knowledge and confidence to buy fine jewelry. I wanted to fix that, and found a great solution for the entire industry — jewelry as a service.

What do you think makes your company stand out? Can you share a story?

I was surprised, and delighted, by how happy the service made people. Initially, I really only looked at the concept from a business perspective. I saw the demand on the market, and I wanted to help independent jewelry designers like my wife find an online solution to current retail trends. The feedback we’ve received from our customers has been astounding. Bringing flexibility to an industry where the upfront investment is typically so high adds real value to our customers lives. It may be a small detail; nonetheless, it’s great to hear.

Which tips would you recommend to your colleagues in your industry to help them to thrive and not “burn out”?

I can’t say I’ve never burned the candle at both ends. What I can say is I’ve learned a few tips to combat the hardships that come with starting a business. First, you have to get comfortable with the notion that there will always be too much to do and not enough time to do it. Entrepreneurs have to wear multiple hats, and they have endless responsibilities because everything needs your attention from funding, product development, legal, sales and marketing, HR and the list goes on. It seems like there is no room for failure, and everything is urgent. When things get rough, take a minute to clear your mind and assess the priorities. You also have to make sure you hire the right people, and ensure that they’re people that you can trust as the eyes and ears of your business. You can’t do it alone.

Are you working on any exciting projects now?

IPO launch, white labeling other brands, Global expansion. Just your typical YOY pipeline.

How have you used your success to bring goodness to the world?

At Flont, we’re working to bring an element of sustainability. Fashion is considered one of the most polluting industries in the world– from toxic chemical use to water pollution and waste. Many fashion brands are working hard to fix this through the creation of natural, environmentally conscious collections. Still, there is an urgent need to limit the sheer volume of waste fashion creates. The rental fashion industry is designed to eliminate as much waste as possible straight from the get-go, thereby helping the world to become more sustainable. Unfortunately affordable ‘fast-fashion’ takes up a considerable amount of space in our closets (disposable fashion and costume jewelry ruin the environment) and fine jewelry can be expensive and sit in a dark box for ages. We solve this problem, and one can enjoy the benefits of wearing to both quality designer brands at an affordable price. It doesn’t sit in a dark box after you wear it, you can switch it up for something new! Plus, all the packaging waste that typically comes along with purchasing an item is eliminated.

Can you share 5 examples of how retail companies will be adjusting over the next five years to the new ways that consumers like to shop?

Due to shifting consumer preferences, in order to cater to new attitudes business will have to adapt to the following trends:

• A preference for experience and access, over outright ownership. (NetJets, AirbnB, Flont, Uber, Porsche — The shared economy will be thriving)
• Personalization at scale Brands must strive to evoke authenticity and individuality. Data-driven companies are able to imitate the (offline) in-person experience online in a way that feels familiar and personable. They’re able to collect feedback and user data to predict product recommendations and enhance the user’s experience overall — what they (want to) see is what they get.
• Digital first retail. Brick and mortar absolutely isn’t dead, but consumers expect a 360 omni-channel experience. They want have a consistent experience every time they interact with a brand whether it be in-store, online, via text or on social media.
• Consumers will expect AI, Video, and 3D imagery to enhance the shopping experience
• Fast mobile checkouts. Apple Pay, Samsung Pay, Google Wallet. If you don’t accept it now, you’re already behind.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

The American workforce is about to face a considerable challenge. While technology is poised to create new job opportunities, it will also displace people in certain professions. We will have to put an emphasis on educating people with a different set of tools so they can keep up with the advancement of technology. Instead of fighting an inevitable change perhaps we could start equipping people with the tools they’ll need to make the necessary adjustment, and so they can find their new place in the workforce. Living in a city, we’re more familiar with technology and service-based apps, but you’d be surprised how many people aren’t familiar with cloud services and online office tools when you venture a couple hundred miles in any direction. Change isn’t as scary when you’re well informed.

This was great, thank you for joining us!