Richer Poorer cofounder and CEO on how to identify core value product - Business Insider

Pawling told Business Insider how the brand identified its most profitable offerings and shifted its wholesale approach to focus on what customers really want right now.Richer Poorer relied on wholesale for the nine and a half years since it was founded. But within weeks of the coronavirus pandemic outbreak in the US, revenue slowed and the company had to shift its model to favor ecommerce. This included cutting down on some wholesale staff and repositioning others to focus on digital.

"What e-comm has allowed us to do is to really start looking at some of those factories and partnerships that we have turned away from historically, because we didn't have enough margin," Pawling said.has more than 115,000 followers, but branding isn't everything. Customer retention, or tracking repeat purchasers, is the number one metric the company focuses on. This slightly differs from the retail industry's standard of measuring customer acquisition.

That focus on quality over branding is what Pawling believes will usher in the companies that last. "Brands have been very convinced that your brand is the most important part of the company and we haven't really been living in a product-centric world," she said.

CEO Adam Brimo talks at ASX conference, all about OpenLearning=ASX$OLL

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