Fireside Chat with CFO Kevin Vassily
We recently hosted a fireside chat with CFO Kevin Vassily. This report contains a transcript of the conversation from April 18, 2024, which can be accessed on demand. Link accessible in our full report. IPW has developed its main product categories organically and has been adding new categories using its data analysis and product design capabilities, including design help from its manufacturing partners. The main categories today, in approximate order of magnitude, are consumer and commercial fans, hydroponics, shelving systems, and home furnishings. Pet products, kitchen products, and other various categories complete the overall offering. IPW’s product development is driven by data analysis that focuses on uncovering unmet consumer needs, primarily by analyzing a large quantity of consumer reviews and identifying potential product improvements. When IPW was invited to participate in the early stages of the launch of the TikTok Shop in the US, the company developed a new category, kitchen space products, which it felt was more conducive to the social media environment. IPW is also interested in food and nutraceuticals for the TikTok Shop and other social media platforms, but the company will focus on finding partners to develop and sell these types of products to assist with the regulatory environment. The company has already identified one partner for that space, a company selling coffee beans. On the business suite side, product design is typically not the driving reason companies choose to partner with IPW, but rather its relations with online marketplace operators. Nevertheless, we expect IPW’s data analysis should be helpful over time, in particular for product modification and improvement purposes. Data analysis on TikTok Shop is different given that reviews typical of online marketplaces tend to be replaced by “likes” and other types of consumer feedback. But the company still believes there will be a range of opportunities for data mining, which will probably kick into gear in a couple of years of activity and data history on a particular platform. Inflation and consumer confidence do not appear to be issues affecting IPW’s business at this point. If anything, IPW has seen some input price deflation following the supply constraints of the previous years. Given the typically modest prices of its products, the company is not seeing consumer purchase decisions being negatively affected by macro issues, such as concerns about the economy.
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