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How Brands Think About Retail Tech Featuring Monica Royer of Monica & Andy
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Ever wondered how brands make the decision to implement a particular retail tech product? This episode features Monica Royer, Founder & CEO of Monica & Andy, a baby & children’s apparel brand. Monica gives us an inside look into how she thinks about technology, what types of solutions are interesting to her as a founder, and tips for retail tech founders in selling to brands.
- The criteria for incorporating new tech products at various stages of the brand’s growth
- Monica & Andy's build vs. buy decision with technology products
- Why retail tech companies need to understand the brand’s internal stakeholders and capabilities when selling – and why alignment is key
- How the brand thinks about holistic cost analysis when contemplating new tech tools (long-term vs. short-term)
- When Monica & Andy is open to working with very early-stage retail tech vendors
- How the internal process at Monica & Andy works when evaluating tech products
- How tech vendors need to communicate during implementation, discuss expected ROI, and define success metrics
- How retail tech providers should think about pricing their product
- Tips for when the sales process or implementation gets stalled
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