When Walmart announced in August that it plans to acquire Jet.com for approximately $3 billion in cash plus hundreds of millions more in shares, the news underscored predictions about the imminent future of ecommerce. eMarketer sees double-digit growth in retail ecommerce continuing through 2020 and reaching $4 trillion annually – that’s “trillion” with a “T.”
Amid all this opportunity, retailers are scrambling to learn the best ways to win in online marketplaces, like Amazon, Walmart and many more waiting in the wings. Retailers are feeling the pressure of big questions during this evolution related to fulfillment strategy, pricing, conversion rates, reviews, relevancy and more. The right data analytics tool helps sellers answer these questions, and Teikametrics is delivering that and more, with resources to coach, teach and lead retailers and sellers in their pursuit of business growth.
As part of our effort to empower retailers in online marketplaces, we announced today that Andy Coughlin is joining our team as chief revenue officer. An ecommerce veteran, Andy brings deep experience in scaling businesses globally. When he was U.S. Country Director at Sonos, for example, Andy helped grow the company from $250 million to almost $1 billion in annual revenue. Earlier in his career, Andy was on the sales, marketing and leadership teams at Microsoft in Australia, New Zealand and U.S. His tenure there included a core role in the Xbox business and forging partnerships with Best Buy, Target, Walmart, GameStop and Amazon. Andy knows retail, and as a partner at Converge Venture Partners – a $26 million fund focused on early-stage technology startups in the Northeast – Andy also has a valuable perspective on what it takes to grow businesses.
As our new CRO, Andy will help us expand Teikametrics’ global infrastructure and the depth of our product as the future of retail rapidly becomes the present. He takes on this role at a pivotal time. We’ve increased our own revenue by 150 percent and doubled our staff in the past year, all while much of this industry focuses on hyper-growth and runs at a loss.
Like all of us at Teikametrics, Andy sees the opportunity to disrupt retail commerce and help form the future of retail, and he’s eager to jump in. We welcome him to the team and look forward to his insights as we continue to give customers the technology, services and strategies they’ll need to win the future of retail.
Connect with Andy on Twitter.