Marcus Lemonis, executive chairman of Beyond, Inc., and Chandra Holt, the new CEO of Bed Bath & Beyond, provided the final keynote session at The Inspired Home Show 2024, Going Beyond for the Housewares Business, offering a candid look at the company’s bold strategic plans and how they hope to partner with home and housewares suppliers for mutual success.
Owned and operated by the International Housewares Association (IHA), the Show was held March 17-19 at Chicago’s McCormick Place Complex. This year 1,700 home and housewares companies exhibited new products, shared ideas and built relationships with buyers from more than 140 countries.
Lemonis, who is the CEO of Camping World and also known for his business savvy and advice on television and media, joined the company last November.
Holt joined Beyond last month. She was most recently CEO and president of Conn’s HomePlus, having also held leadership roles at Walmart.com, Sam’s Club, Walgreens and Target Corp.
“We’ve recalibrated the company to include everything inside the four corners of the property and the four walls of the house,” Lemonis told attendees. “The business needed a focus, and it needed a deliberate focus, that explained to both the consumer…and the vendors, most importantly, how that business would interact going forward.”
Lemonis acknowledged that his arrival at the company was “un-conventional,” but he felt strongly that he could take the company in a better direction. He also shared that his interest was partially sentimental because he had fond memories of weekly trips to Bed Bath and Beyond with his adoptive mother while growing up.
Beyond will consist of a portfolio of e-commerce sites targeted to all different consumers at different stages of their lives. The sites will work collectively to drive repeat visits and purchases, and currently consists of two tiers.
The first tier consists of mainstream brands like Bed Bath & Beyond and several new ones that are in the works: Baby & Beyond, Kids & Beyond, College Living, Backyard.com and Wamsutta. The second tier consists of off-price brands Overstock and Zulily. (Beyond recently acquired Zulily and will be re-launching Overstock.com in less than two weeks.)
Lemonis added that they’re also looking to get into the high-end space, by possibly acquiring or launching their own luxury and/or tabletop e-commerce site.
“We’re trying to really own the home – own those four corners, and we’re going to do that by appealing to various customer segments and providing them with an unmatched value proposition across all the different segments,” said Holt, who added that they believe customers’ needs at different stages of their lives are “better met with specialized experiences.”
Holt went on to explain that each site will feature broad assortments, but that they would “curate the depth” so that customers know they’re getting high-quality products. Items will be competitively priced, and yes, coupons and rewards will be part of how they provide loyal customers with extra value the more they shop.
She said winning partner strategies will revolve around assortments that are new, on-trend, geared toward life moments and competitively priced. Direct relationships with suppliers and content are also key parts of the equation.
“I can’t tell you how important content is,” said Holt. “In e-commerce, content is king” because it drives traffic to sites, helps to convert traffic to customers and helps cut down on returns, she emphasized.
The re-launch of Overstock will allow it to return to a true off-price destination, allowing additional opportunities for both customers and suppliers (along with the acquisition of Zulily).
Based on the session, there may be more news coming for Beyond in the weeks and months to come. “We’re always looking at where there’s unmet customer demand and where we can provide value that’s not out there,” said Holt.
Recognizing that suppliers have many questions about Beyond’s new direction, Lemonis also took time to discuss the importance of vendor relationships and how Beyond’s leadership will work to build trust with suppliers, while adding that was one of the main reasons he was at Show. “If the relationship with the vendors isn’t healthy, and you’re not providing pathways to profitability….then you have destroyed that relationship,” he said.
Logistically, there will be one portal or platform that suppliers can use to direct certain products to Beyond’s different branded sites.
A video recording of the program will be posted on the Show’s website at TheInspiredHomeShow.com/education/#keynotes.
The post Beyond Executives Discuss New Strategic Direction and Supplier Relationship Building appeared first on The Inspired Home Show.