0 Comments
By: Bennie Randall Jr Faraday is a unified data and AI company that predicts customer behavior. They use data on all US adult consumers, obtained from major data brokers, to help brands build predictive models and personalize their content. The company was created 10 years ago by founders who initially focused on the clean energy space but expanded to serve various industries. In the next five years, Faraday aims to be a leader in responsible and transparent AI, ensuring that their models are equitable and free from biases. Their AI is trained on opt-in permission data from US consumers and is customized for each brand they work with. To learn more, visit Faraday.ai. VM: Hello Mr. Dave so tell us about your company? Dave Small: Yeah, so Faraday is a unified data and AI company that's purpose-built to predict customer behavior. So we predict things like product recommendations, next best purchase, high lifetime value customers, who's likely to subscribe to your service or your product, who's likely to churn and stop buying. The way that we do that is we come preloaded with data on all US adult consumers, about 270 million people, 1500 attributes that we get working with all the major data brokers. So it's all opt-in, permissioned, responsibly sourced data, and we make that really easy for a brand to combine their customer purchase data and order data with that graph, they get their own version of our data plus their data that they can use then to build predictive models so they can figure out all these next... "What are my customers going to do next? How should I personalize my content? How should I segment not just on what they did in the past, but what they're likely to do in the future?" VM: Now why was this company created? Who started it and why is it so necessary right now? You've been around for 10 years, correct?
Dave Small: Yes, We have been around for 10 years. So our founders, Seamus and Andy, and Robbie Adler, this is their second company actually, and they got started in the clean energy space. So 10 years ago we had all these solar companies popping up, all these clean tech companies and they were trying to figure out who they should be targeting. And so they started going out and building the database of households and customers who would look good for these companies. Then we found out that banks wanted the same kind of technology and same kind of data and retailers and insurers and all these different kinds of brands. So we basically built this very comprehensive graph of consumer data and property data and started to layering on machine learning and AI techniques on top of that to deliver these predictive models. So it started as this kind of white glove approach, and then we turned it into a fully API-based software platform that marketers and product folks can use and engineers can build against. VM: Since we're in this AI phase, and we're clearly in the beginning of it, where do you see your company in the next five years from now? Dave Small: Yeah, it's a great question. We have really established a strong track record in the responsible and transparent AI space. So our system is not a black box. You can see exactly what our system is doing. Within our system, you can make sure that models are not skewing along protected classes, race, gender, sexual identity, things of that nature. So you can actually make sure that the models that you're building, maybe your customer file has historical biases in it, and you can actually mitigate and make those models more equitable with our platform. And so that's an area that we're doing a lot of leadership in to make sure that AI is not going to repeat the wrongs of the past especially in protective industries like insurance, banking, and real estate where we work. We really want to make sure that we can not only do good by the clients that we work with, but their end customers. So I think in the next five years we're increasingly seeing a lot of talk around responsible AI, but talk is one thing and really building that into product is another thing. And so we'll be a leader in that space. VM: The million-dollar question many of our readers often ask, Who is teaching your AI? Dave Small: Our models are trained off of this consumer file that we have. So it's all this opt-in permission data on US consumers that we're getting from the major data brokers, and that every model is built specifically for the brand we work with. So it's their customer file. So the models learned from what our customers do. Boll & Branch, for example, this direct to consumer home goods brand, our models are trained just for them on their data plus all our data. It's not a broad system. Everyone gets a model that's unique to what they're trying to do and what their customers look like, and so it's not going rogue or anything. It's very much confined to the business outcomes that our brands are looking for. VM: Where can our readers locate you online? Dave Small: Faraday.ai Vonoi Magazine Vonoimag.com Bennie Randall Jr. / Vonoi Staff Writer As we navigate through 2024, the retail landscape continues to evolve at a rapid pace. The rise of e-commerce, accelerated by the COVID-19 pandemic, has reshaped consumer behavior and set new standards for convenience and accessibility. However, contrary to predictions of a retail apocalypse, brick-and-mortar stores, particularly small businesses, are finding innovative ways to survive and even thrive amidst the dominance of online sales. The Current Retail LandscapeRetail sales in 2024 show a dynamic interplay between online and offline channels. According to recent industry reports, e-commerce sales have grown by approximately 15% year-over-year, now accounting for nearly 30% of total retail sales. While this marks a significant shift, physical stores still capture a substantial portion of consumer spending, indicating their enduring relevance. Brick-and-mortar stores offer tangible benefits that online platforms struggle to replicate, such as immediate product availability, personalized customer service, and the sensory experience of shopping in a physical space. Small businesses, in particular, are leveraging these strengths to carve out their niche in the competitive retail market. Embrace Omnichannel Retailing: Successful small businesses are adopting omnichannel strategies, seamlessly integrating their physical and online presences. By offering services like buy online, pick up in-store (BOPIS), and facilitating easy returns at physical locations, they provide the convenience of online shopping while drawing customers into their stores. Enhance Customer Experience: The in-store experience is a key differentiator for brick-and-mortar retailers. Small businesses are focusing on creating unique, memorable experiences that attract customers. This includes personalized service, interactive product demonstrations, and hosting events or workshops that build community and brand loyalty. Leverage Local and Community Connections: Small businesses have the advantage of deep local ties. They are capitalizing on this by emphasizing locally sourced products, collaborating with other local businesses, and engaging in community events. This local focus resonates with consumers who value supporting their local economy. Invest in Technology: Integrating technology into the retail experience can enhance efficiency and appeal to tech-savvy customers. Implementing point-of-sale systems that track inventory in real-time, offering mobile payment options, and utilizing data analytics to understand customer preferences are ways small businesses are staying competitive. Focus on Sustainability: With growing consumer awareness around environmental issues, small businesses that prioritize sustainability are gaining a competitive edge. Practices such as reducing packaging waste, sourcing eco-friendly products, and implementing recycling programs attract conscientious consumers.
Build Strong Online Presence: While physical stores are crucial, having a robust online presence is equally important. Small businesses are investing in user-friendly websites, engaging social media content, and targeted digital marketing campaigns to drive both online and offline traffic. Offer Personalized Services: Personalization is a powerful tool in retail. Small businesses can leverage customer data to offer tailored recommendations, exclusive deals, and personalized communication, enhancing customer loyalty and satisfaction. Adapt to Consumer Trends: Staying attuned to evolving consumer trends is essential. This means keeping up with shifts in consumer preferences, such as the demand for wellness products, tech gadgets, or home improvement supplies, and adapting inventory accordingly. Training and Empowering Staff: Well-trained, knowledgeable staff can significantly enhance the shopping experience. Investing in employee training ensures that staff can provide expert advice and exceptional service, making customers more likely to return. Utilize Data and Analytics: Small businesses are increasingly using data analytics to understand customer behavior, optimize inventory, and tailor marketing efforts. This data-driven approach helps in making informed decisions that enhance efficiency and profitability. The Path ForwardIn 2024, small brick-and-mortar businesses are proving their resilience and adaptability. By embracing technology, enhancing customer experiences, and leveraging their unique strengths, these businesses are not only surviving but thriving in an era dominated by online sales. The synergy between physical stores and digital channels is creating a balanced retail ecosystem where both can coexist and flourish. The future of retail is not solely digital; it's a harmonious blend of online convenience and offline experience. Small businesses that recognize and adapt to this reality will continue to play a vital role in the retail landscape, offering consumers the best of both worlds. Vonoi Magazine At a time when the four-day workweek is gaining global traction among employers and lawmakers, Samsung Electronics is adopting a six-day workweek for its executives.
The Korea Economic Daily reports that the strategy is a reaction to the company's declining performance expectations. Reports indicate that performance fell short in 2023 among central units, including the manufacturing and sales divisions. Samsung Life Insurance Co. "and other financial services firms under the Samsung Group will likely join them soon," it added. Some Samsung executives have been voluntarily working six days a week since January. The aim is "for executives to inject a sense of crisis and make all-out efforts to overcome it," the paper reported, quoting an unnamed Samsung Group company executive. Employees below the executive level will continue working five days a week. Last year, South Korea's government proposed a 69-hour workweek "after business groups complained that the current cap of 52 hours was making it difficult to meet deadlines," according to The Guardian. However, protests from members of Generation Z and Millennials there caused the government to reconsider the proposal. Samsung's approach is the opposite of Microsoft Japan, headquartered in Minato, Tokyo. It adopted a four-day workweek after seeing a 39.9 percent productivity boost among employees during a pilot of the shorter workweek 2019. Samsung's move toward a longer workweek doesn't mean other employers will follow suit. "It appears Samsung executives are being cautious in the face of uncertain macroeconomic and geopolitical tensions," said Sydney Ross, an economic researcher at SHRM. "Since it is only for executives, the six-day week seems to be an opportunity for executives to regularly assess global market conditions to mitigate potential losses." Ross highlighted the increasing demand for more sophisticated generative AI and advanced process technologies. As Samsung is increasing investments in overseas operations, a weaker won has raised borrowing costs and dented company profits. "It's possible," Ross said, "the public announcement is an effort to put pressure on the South Korean government to institute policies to protect the domestic semiconductor industry." This post is about the treatment of Black women in business. If you can’t handle it respectfully, don’t comment. Our collective goal for any discussion should be progress, not ego on who is right/wrong.
Nike is signing Caitlin Clark to an eight-figure deal and giving her a signature shoe - an obvious decision for the apparel behemoth. However, this means that the only active WNBA players with active signature shoes are: CC, Breanna Stewart, Elena Delle Donne, and Sabrina Ionescu. What do they have in common? They’re all white women playing in a dominantly Black league. This is a new development. Previously, almost every WNBA player signature shoe from 1995-2011 belonged to a Black woman: Sheryl Swoopes, Rebecca Lobo (Cuban), Lisa Leslie, Dawn Staley, Cynthia Cooper, Nikki McCray, Chamique Holdsclaw, Diana Taurasi (Argentinian-Italian) and Candace Parker. Stardom drives shoe deal decisions, but shoe deals also drive stardom. Marketers and media have the ability to dictate culture and what’s popular. And right now, basketball companies are saying *only* white women are the face of the WNBA, when A’ja, Arike, Jewell, AT and Sky are right there. Some say “they’re just the best players right now and more marketable,” but come on. COME ON. Stop that. Anyone who is authentically working in women’s sports genuinely understands that representation matters, both ethically and economically. Anyone disagreeing with that is a false actor. This is a truth I have seen first-hand. The U.S. economy stands to add trillions annually if there were more women entrepreneurs (which would require VCs funding women at a greater clip than the current 2-13% rate). Meanwhile, underrepresentation of Black businesses is costing the economy additional billions in unrealized revenues. And so it as a member of both these groups, the Black woman, who faces hardship and unequal footing in America in society and in business, from private civilians to premier basketball players. A’ja Wilson is on the 2024 TIME100 List. And yet for all the progress in society regarding race, and the celebration that is made of A’ja now in media, when it comes to actual *business transactions* that require supporting Black women there is a statistical-based significant fall off that is supported by anecdotal evidence like this WNBA shoe example. Credit to shoe brands for their aforementioned work from 1995-2011. But how in the 12+ years since have we not had a Black woman in the WNBA with an active signature shoe line? It’s not enough for a player to just have a colorway. The signature shoe and the marketing push behind it comes with social implications. I’m asking those with the power to create change to value Black women. Anthony Baldini Athlete Strategies & "Sports in LA" | Sports business analyst | Investor in women’s sports properties Walgreens Boots Alliance is getting the boot from the 30-stock Dow Jones Industrial Average and Amazon is taking its place.
S&P Dow Jones Indices, which manages the index, said in a statement Tuesday that the change is intended to reflect “the evolving nature of the American economy” by increasing the Dow’s consumer retail exposure. The change means that investors who bet on the Dow Jones Industrial Average will now have exposure to Amazon’s stock performance.Walgreens Boots Alliance is getting the boot from the 30-stock Dow Jones Industrial Average and Amazon is taking its place. S&P Dow Jones Indices, which manages the index, said in a statement Tuesday that the change is intended to reflect “the evolving nature of the American economy” by increasing the Dow’s consumer retail exposure. The change means that investors who bet on the Dow Jones Industrial Average will now have exposure to Amazon’s stock performance. Amazon joins Apple and Microsoft as the third company from the “Magnificent Seven,” a group of high-performing tech stocks, to join the Dow 30. The other four companies in the group — Meta, Nvidia, Tesla, and Alphabet — are not included in the index, though all seven stocks are included in the much larger S&P 500 index. Historically, getting added to or dropped from the Dow hasn’t had a significant impact on companies’ stock performances. But presence in the index, which began in 1896, comes with a certain level of cachet. The exclusive group traditionally tries to mirror the most important companies in the US economy. That is why the index is so heavily dominated by technology stocks today. The change will occur before the US stock market’s opening on Monday, February 26. Amazon’s stock rose more than 1% and Walgreens’ stock fell 3% in after-hours trading on Tuesday. S&P Dow Jones Indices also announced that Uber would replace JetBlue Airways in its Dow Jones Transportation Average, which is a 20-stock index that tracks the performance of US transportation companies. The change was prompted by JetBlue’s low share price, according to the company. Both Walgreens and JetBlue have experienced share price declines in recent years. Walgreens’ stock is down 68% in the past 5 years, while JetBlue’s stock has fallen 59% in the same time period. Shawn “Jay-Z” Carter, hip-hop’s first billionaire and one of America’s leading Black billionaires, experienced a staggering $1.3-billion surge in his net worth in 2023 — solidifying his position among the world’s wealthiest Black billionaires. According to Forbes, Jay-Z’s net worth leaped from $1.2 billion on Jan. 1. 2023 to an impressive $2.5 billion on Dec. 31, 2023. This substantial increase placed him among Black billionaires who witnessed remarkable wealth gains during the year. The driving force behind Jay-Z’s remarkable financial growth was the sale of a 50-percent stake in the high-end cognac label, D’Usse, to Bacardi Limited, one of the world’s largest privately owned spirit companies. Jay-Z’s fortune surges from $1 billion to $2.5 billion in 2020
However, the transaction was not without its challenges, as the rapper engaged in a contentious legal battle with Bacardi, expressing concerns over financial transparency and insisting on access to the company’s books and records. This surge in net worth follows Jay-Z’s strategic divestment of shares in the music streaming platform, Tidal, to Square, a renowned U.S.-based mobile payments firm founded by Jack Dorsey — the transaction resulted in a substantial cash and stock compensation of $297 million. Since achieving the milestone of hip-hop’s first billionaire in 2019, Jay-Z has more than doubled his fortune, predominantly through lucrative liquor businesses. Notably, his net worth has escalated from $1 billion in 2020 to $2.5 billion, securing his position as the 1,269th wealthiest individual on Forbes’ richest list. From courtroom wins to Bacardi deals In addition to his business ventures, Jay-Z received a significant $7.2-million settlement from Parlux in 2023, marking the resolution of a seven-year court feud. This financial windfall adds to the rapper’s already substantial wealth. Jay-Z’s strategic decision to sell a majority stake in D’Usse to Bacardi mirrors his previous lucrative deals, such as the $300 million payday in February 2021 from the sale of a 50-percent stake in his Champagne empire, Armand de Brignac, to the French luxury goods conglomerate, Louis Vuitton Moët Hennessy (LVMH). VonoiMag.com Powerful Interview with the The Shark Tank Investors about 15 years of Shark Tank deals. Charlemagne The GOD talks about The Black Effect Network. Christy Rutherford talks about $14 million in salary raises for women, and Vonoi Entrepreneur Awards 2023 Winners and so much more in our printed magazine. Grab your copy at VonoiMag.com
Inspired by spring, travel and vibrant tropical colors. Using simple aluminum extrusions framing, vibrant fabrics and LED lighting to create this spectacular eye catching pop up concepts for luxury brands. Vonoi Magazine
Photo Credit: Vonoi Magazine Rick Ross has had the word “billion” in his vocabulary for quite some time now, from dropping Hood Billionaire in 2014 to naming his son Billion four years later, and he now claims to be on the path to being worth that amount. Rozay has previously talked about operating at a level that involves billions of dollars and has even referred to himself as a billionaire before. On Tuesday (November 7), the Miami rapper took to his Instagram Stories to announce that he’s only a few miles away from actually attaining that status. “We racin’ to a billion, n-gga,” he told his social media followers. “I’m a year away. I’m a year away. Let’s go, baby!” Earlier this year, he put himself in the billionaire conversation alongside one of America’s most divisive businessmen. In mid-September, the Biggest Boss took to social media to show off his shiny black and gold private jet, which was parked at an airport near former president Donald Trump’s aircraft.
The politician’s jet featured similar markings as Ross,’ albeit in red, white and blue colors — a nod to the American flag. Also impossible to ignore was the fact that Trump’s plane dwarfed that of the mogul. “Billionaires Row [champagne toast emoji],” Ross wrote in his Instagram caption, claiming membership in the billionaire boys’ club. While his financial flex has yet to be verified and recent estimates peg his net worth at a figure between $100-150million, he would become just the fourth Hip Hop artist to surpass that milestone following JAY-Z, Kanye West and Diddy. Ye, who was at one point the richest rapper alive, lost the title last year after Adidas terminated their lucrative Yeezy partnership due to his antisemitic comments. The move saw his net worth plummet from $1.5 billion to around $400million. Vonoi Magazine |
Get Your Copy Today
Issue 400
Issue 300
Issue 200
Issue 100
AuthorThe Business of Doing Business. Archives
June 2024
Categories |