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Lydia Jett

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60
first
2022-06-21
most recent
2022-06-21
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1
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  1. “Think there's very explicit reasons why that has been so powerful. I think there is a lack of the high quality physical retailing. There's a lack of trust with existing brands. I think there's a culture of people selling to you in markets that we don't have in the”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “No question that that's right, and it has provided the model for the rest of the world in terms of how we think about what matters. But I do think excitingly for all of us, what we saw in the pandemic was Amazon not capable of fulfilling that promise that they've been really good at fulfilling. It provided a really nice opportunity for others to step in and make significant investments. I was listening to your interview with Toby from Shopify recently and thinking about the investment he's made and trying to be that full stack provider to e-commerce players. Walmart's stepping in and thinking how do they use their fulfillment differently. I think this is a less obvious point in time that Amazon is going to be everything to everyone. And I think it is a more interesting time to think about how you can innovate. I think one of those areas we've been watching really closely, and I still sit somewhat on the fence on, is live and social commerce innovation that's happened across the Eastern world.”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Think that is very dependent on markets that you sit in specifically in economies like the United States, you have an established set of supply chain operators. You've got your FedEx and your UPS, your USPS to provide a lot of last mile. You have your three PLs, which do a lot of the fulfillment for your long-tailed e-commerce assets. The question that we have been asking is how do you start to integrate more of that supply chain and drive through technology in a way that can just shave some of the handover between these separate operators, can shave time off a transaction. I think our best example of that has been Korea, where you have a fully integrated supply chain in the context of coupon. You have the same very similar setup in India with Flipkart and with Amazon India. You don't yet have that in the United States. You don't have it to the same degree in other established economies that have more traditional existing footprints already standing up.”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Thoughtful about the fact that we're not trying to over engineer the complexity of what we're doing, but how do you strip it down to a very base level to make sure that we're really nailing that customer value proposition from speed as well as increased value on assortment?”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Experience has been the very obvious one. It is really hard to compete against speed. I think that is generally true across every region I look at. But I think if you start to dive down into micro levels, there are economies which are much more value driven. I would argue India, Indonesia have been much more value driven. I think it's one of the beautiful aspects of e-commerce that I've seen evolve over the last couple years as you started to bring in much lower cost assortment into geographies. So how do you actually bring down that cost for customers and allow a higher quality of living? I think the really obvious ones that we've seen have been speed. They've been cost of product. And those have been big curves that have compacted very fast. It's hard to build these operationally intensive businesses where you're repeating pretty remote actions millions, if not billions of times in a specific year. We are very”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “That overlay into this. I look at Korea as a very under retailed geography. I look at the US as one where we have big dispersion across big geographic swaths of land and have very different experiences in terms of access to goods. I think the question to me is not are we done, but how much more value can we continue to add? I don't see a stopping point realistically. Now, I don't think you see traditional retailers seeing a stopping point. Walmart is actually one of my first customers when I started my career in banking. It was the first corporate I worked with. And they were the big fundamental retailer that was innovating around the box structure, but it's really exciting to see how much they're doing today in terms of thinking about how do they bring digital to a customer base. I think we're so far away from our conclusion here to be precise about it is sort of impossible for anyone to do with any confidence.”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Tend to be very, very bullish on this topic. It is incredibly dependent on the specific economies that we operate in. When I first started working on e-commerce assets at Softbank, I had this really naive perspective that you could just take models that worked in the US or in China and you could transplant them to India, Korea, Indonesia, and you'd see very similar curves. And I realized really quickly the obvious statement I'm about to make, which is that countries are very different from each other and are driven by different factors. I think we can all agree that we expect upward penetration to continue, even though the rates are dramatically different today. If you look at China, a US, which have very meaningful penetration today, Korea comes up next, India, Indonesia very low on the list, Russia very low on the list. Across the board, I do believe the economic benefit to the consumer is significant enough. It should continue to drive penetration. There's lots of different factors.”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Had tailwinds driving your business. And then identify the couple big things that had to go right to win. And that transition took a while. I will admit, I think I called my husband my first night at Softbank and I said, I'm not sure I can do this. The methodology, the style of thinking is just so different from how I've grown up and where my head sits. And nevertheless seven years at Softbank, I've really been pulled in that direction and can see the beauty of the optimistic thinking and the identification of what really matters.”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “And I've been here ever since. I spent about a decade focused on more private equity style investing that really is understanding the risk factors of the business because fundamental growth of the underlying assets isn't big enough to support big misses relative to the debt that you have on the balance sheet. I take a step back and I look at that period of time and it was 100 page decks talking about all the potential risks that businesses might run into and how we get comfortable that we have mediated those risks. In 2015, when I leapt over to join the SoftBank platform, first as a member of the Softbank group investing team, which was seven of us launching the very first growth equity efforts, in many ways it felt like a wild place that I just couldn't understand. I'd had a decade teaching me that you had to be really disciplined and focused on downside. And all of a sudden I ended up in an organization where you really had to do the opposite, which was just make sure that you”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Thank you for having me. I started listening to this a couple of years ago and have found it just to be incredibly informative as to how people think and the random walks we've been on. I'll address the question in terms of what linear path is driven where I am with a little bit more of an admission that's been a little bit of a random walk. I've spent my entire career in finance that was haphazard. I graduated from college knowing nothing and having no particular connections and really struggled to figure out how to land in a place that felt fulfilling. It took me a year post-college to land, but I ended up at JP Morgan right in the back half of the last crisis back in 2002. And I felt really lucky to be there. I was on the capital market side of the business focused on debt capital markets and really understanding capital structure and risk and how do companies optimize how they structure and fund their businesses. And after a couple years, I had the opportunity to go lean into the investing world and launched into investing in 2010.”

    2022-06-21 · Invest Like the Best · Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282] · IDENTIFIED FROM THE TRANSCRIPT · source