Overstock.com CEO Patrick Byrne said retailers worried about the economy should "outrun everyone else, then worry about outrunning the bear." Look at your competitors and focus on what you can do better, he said. Byrne was speaking at the fifth annual Internet Retailer Conference whose theme was, "Rising above - not just surviving - the economic storm."
Byrne had specific recommendations for retailers: Measure everything. Outsource anything you are not great at. Control expenses (payroll, inventory). Look for new business combinations - he sees mergers and acquisitions in the years ahead.
Halfway through his presentation, he gave the audience a choice of listening to him speak about his battle with Wall Street, which he said was related to "the economic storm," or stopping to take questions. The audience overwhelmingly chose to hear Byrne's presentation on his battle with Wall Street.
Comscore Chairman Gian Fulgoni also gave a presentation on Tuesday morning where he spoke on retail ecommerce sales. "We have bottomed out," he said, and added that there was no growth in the first quarter of 2009. The slowdown could be traced to the high price of gas and food, which are "sucking disposable income," which drives ecommerce. The unemployment rate is now a factor as well. Fulgoni believes people over 45 are focused on regenerating wealth lost last year, so are not spending.
The Internet Retailer Conference is taking place this week in Boston. Conference organizers said there were 5,000 attendees, almost the same as last year's conference in Chicago.
Internet Retailer Editor-in-Chief Kurt Peters said in an introductory address that there were 360 vendors, 91 sessions and 178 speakers at this year's conference, which continues on Wednesday with a featured address by eBay General Manager of North America Stephanie Tilenius and Under Armour Vice President Mark Kuhns.
