Ken Fenyo is a senior executive and advisor at companies ranging from startups to the Fortune 100. He has deep expertise in loyalty, e-commerce, digital marketing, and customer analytics in the retail, consumer goods, and technology industries.
Ken leads Consumer Markets for Fuel, a new practice within McKinsey which serves leading pre-IPO companies and their investors. Fuel accelerates growth by bringing together the McKinsey you know – deep industry knowledge and an unparalleled global network – and the McKinsey you don’t – vast start up experience and solutions specific to early and growth stage companies. Ken’s helps consumer e-commerce, marketplace, subscription, and retail tech companies target new markets, acquire customers, and increase loyalty.
Creating a Customer-Centric Culture
When developing a customer-centric culture, you must start from the top if they want to be effective. Senior executives, led by the CEO, must ensure the organization is delivering value to its customers every day.
Thinking Inside the Subscription Box: New Research on e-Commerce Consumers
Subscription e-commerce, led by start-ups such as Dollar Shave Club, Blue Apron meal kits, and Stitch Fix personal styling, is a fast-growing new way of buying online and has grown more than 100% a year over the past five years.
Consumers are Quick to Cancel Services That Don’t Deliver A Superior Experience
Nearly 40% of subscribers ultimately cancel services. Just 55% of consumers who consider a subscription service ultimately subscribe, with replenishment services enjoying 65% conversion rate. Compared to the general U.S. population, e-commerce subscribers are more likely to be 25 to 44 years old, to earn between $50,000 to $100,000 and to live in urban environments in the Northeast.