00:12 Scott Gerber: You've had incredible growth in your own trend that you've owned and created, flash sales and taking sample sales online. How does Gilt ultimately maintain the long-term future where certain other trends have started to sizzle? What is the strategy for long-term growth and continuing hyper-growth?
00:29 Alexis Maybank: I think some of the keys to making it not be just a trend, but something that continues way past. That is making sure that; one, you're building a long sending brand that customers feel a certain level of loyalty to, and the second that you're building a truly great customer experience. And I feel confident that we are doing that. We're doing it in very unique ways. On a weekly basis, we're hosting over a 150 sales of the top consumer brands in America and outside of the US. We're offering sales that, on a daily basis, draw in over half a million people within the same second as our doors open, that could never happen in anything but a virtual world. And they are putting this experience into their daily calendars. They know if they come to Gilt, they'll find the best product at great prices. That they'll purchase and likely get that to their front door within a few days. And it's a fantastic experience, one that creates a customer loyalty that I haven't seen through any other business that I've been with. And I think the key is to stay close to those consumers and see what else would get them to continue to come to you every single day.
01:31 Gerber: Speaking of businesses that are built to last, when you're looking about first owning a space and then capitalizing on it then ultimately defending it, how do you suggest other businesses defend their position as they innovate to stop others from taking their ideas and running with them?
01:45 Maybank: There are a couple of things that we make sure that we do and I've named one already, but staying really close to the customer. Beyond that we have five years of data now on our customers, and that is a huge competitive advantage that if you come in today, you can't replicate overnight. So, given that five years of history of customer shopping with us, telling us where they live, what color preferences, sizes, where they travel, how they live their life, we have to be very good at using that information to the best of our ability to provide an experience that anticipates what they're looking for every time they come to Gilt.
02:16 Maybank: So, we do that in a number of ways. We look at this five years worth of shopping history and we take the 150 sales that we have today. And we put forward what are the six or seven sales they are most likely interested in seeing. We take our one email that goes out to over 5 million people and we customize it over 3,000 iterations of that email based again on your preferences. There's many things we do, but the end affect is, "Wow. Gilt really knows me." And that's something, again, you can't replicate or build overnight.
02:47 Gerber: Do you see big data playing a role even more so than what you're describing now in the next decade ahead?
02:52 Maybank: I think it's critical the way that you understand and communicate with your customers and it's going to be an entry requirement, but it helps you overcome the challenges of scale. So, Gilt was built on the principle of taking a five-minute escape from your daily life, finding something quickly, in two clicks of a mouse you're purchasing something you love. That's increasingly hard to do as you scale from 30 sales a week to 150 sales a week to 500 sales a week. Same is true if you look at companies like Netflix as libraries expand. As your offerings expands, which is a natural part of the growth cycle, you need to find ways to feel smaller to the customer to help the customer get quickly to what he or she is looking for. And that to me is just a requirement as you grow as a company.