With 4,330% Growth Since Inception, Quantum Networks Looks to Revolutionize E-Commerce
December 3, 2015 101 min read
Quantum Networks is listed as one of the top 500 e-commerce companies in the country and experienced 100% growth each year for the past three years. What has Quantum Networks done right to achieve this exponential success? This company, founded by three friends, changed online retail by working with brands to bring an exceptional experience to the customer. This unique business model revolutionized e-commerce by becoming a hybrid of B2C and B2B.
In the Eleventh episode of Skubana’s E-Commerce Mastery Series where we invite experts of their respected fields to share their best practices for success, our host, Dr. Jeremy Weisz of InspiredInsider.com interviews Eytan Wiener of Quantum Networks.
E-commerce sellers will discover:
- The story of Quantum Networks' beginnings by three friends who shared a cubicle
- How Quantum Networks cultivated its growth achieving 100% growth year after year
- New services that minimizes your cart abandonment rate and focus on customer retention
- Qualities to look for in a prospective employee for small businesses
- Unique marketing techniques to stay ahead on this technologically evolving market
Raw Transcript: Eytan Wiener of Quantum Networks.
"So one of the things we're doing now is video content. So since retail is going away, you want to bring that retail experience to the web. So we partnered with a company that does a lot of video based marketing. So every product that we have on our new website, there will be a video. But it's not as though there will be a custom video from the vendor, but the beauty of a lot of the software and the process is that it will pull from existing content. So if I'm selling, let's say, a NetGear or switch or router, I don't have to really do a review on that, because there's a lot of existing content. So I can pull from YouTube. I'll pull from iTunes. We can serve up the best video, and aside from the video being on our product page, we'll also have a dot TV. So if the site is jeremy.tv, you'll have all your products, videos. Then people will click there and it will take them to the actual checkout page. The conversion is almost 60% to 70% higher. You're getting relevant content, video content of what they want to buy, and explaining it to them. Almost like a customer service person explaining what this is to you." (00:13:55)
"The reality is, people search YouTube a second after Google. YouTube is the biggest search engine. [inaudible 00:19:42] YouTube into a product video generator, research, that's where people are going anyways. So why not just put that on your website? It's easier said than done. The way we're doing it with these advanced algorithms and testing, and cross selling items and different videos per channel, per category, is quite advanced, and it's almost mixing a retail experience on the internet." (00:19:35)
"So it's hard to have one website create the messages. So a lot of these technologies that [inaudible 00:21:30], like responsive pages to the consumer, seem to win. So Amazon will tell you, "Oh, if you like this, you're gonna like that. You're in this zip code, you're gonna want this deal. You recently viewed this, that." Those kind of automated, algorithmic things seem to be much, much more efficient in converting than just AB testing and manual types of things that were more prevalent when I started. Now there's technologies that know everything about the user when they log on your page. They track all these different things that most people don't even realize. A little spooky. I'm not saying I'd do anything in the wrong way, but there's so much data you can get about a person when they sign up with Google or Facebook, and this and that, and cater to them, that it's almost an easier sell than when they are in the store." (00:21:23)
"But the reason is, a lot of times you'll do research on your phone. I do this sometimes. Like, on the bus I want to buy a wallet, or example. I needed a new wallet. So I was looking on my phone this morning, or wallet on Amazon and on some sites, or Nordstrom, or whatever. But to actually go buy it on my phone, it seems like my wife likes to do that. I don't really like to do that so much. Then I'll go to the computer and really buy it. So that's the idea. Finding it on the phone, edit the cart and then go into your online profile there and have it be in your cart. So this company is, like, "No, don't even do that. Just send it to your email and complete the transaction. So it triggers you. That, I think on the mobile level, we're getting a little deep here. That's the right way to... Even less, less friction than a computer. There's very little real estate. People are all over their phone getting texts and this, and WhatsApp. If you really want to sell them, it has to be as simple as possible, and we're working on that as well on our new rollout." (00:27:48)
"It's hard to put a finger on it, but the government and this B to B play, where we diversify more from E-Commerce and have that be a big part of our revenue, I think, is gonna be huge. It's a huge sector. It's underdeveloped. There's a lot of need for product. The technology within the procurement is kind of old. We're trying to bring anew edge to it, so I want that to be a lot of our new business." (01:47:08)
Be sure to utilize this real insight from a real seller to help your e-commerce business grow and succeed. Stay tuned - this will be an ongoing weekly series featuring a variety of e-commerce experts looking to provide you with hard-won knowledge free of charge.
Checkout out our previous E-Commerce Mastery Series episode featuring Hendrik Laubscher of Electric Thoughts in a Digital Era and PriceCheck where our host speaks with Hendrik about increasing your business's international presence.
Work Smart. Sell More.
Written By Chad Rubin