What to Expect From Q4:
Klarna CEO Sebastian Siemiatkowski on Gen Z Spending Habits and an Extraordinary Holiday Season
As retailers extend Black Friday over several weeks and invest heavily in warehouse logistics, this Q4 will be anything but business as usual. But which trends are temporary, and which reflect an acceleration of permanent consumer changes? One key is to examine how Gen Zers are approaching the holiday season and flexing their purchasing power in new ways. Watch Klarna CEO Sebastian Siemiatkowski and Vox Media SVP of eCommerce Camilla Cho have an insight-driven conversation on what retailers can expect from this Q4, how customer preferences are accelerating, and what we can learn about the future of retail from the shopping habits of Gen Z.
Recode senior correspondent Jason Del Rey hosted three unscripted conversations with top commerce executives on how they made strategic decisions for their companies, and what they learned over the past six months as coronavirus has upended business models and transformed consumer habits. Here are some themes Jason explored:
- The acceleration of consumer behavior shifts toward online sales channels
- How delivery services are operating, innovating and protecting workers
- Long-term effects of the pandemic on brick and mortar retail
This series offered a behind-the-scenes look into how the leaders of retail are navigated this difficult moment and identified opportunities.
Jason Del Rey is the most trusted source for news and analysis on tech, commerce, and Amazon. He was named one of NRF's 20 People Shaping Retail's Future in 2019, and is on Influencer Index’s Top 50 Journalists CEOs Follow. Jason has spent the last seven years reporting on Amazon, e-commerce, and how technology is transforming brick-and-mortar retail. Last year, he hosted Land of The Giants: The Rise of Amazon about the e-commerce giant.
Klarna makes shopping smooth. With Klarna, consumers can buy now and pay later, so they can get what they need today. Klarna’s offering to consumers and retailers includes payments, social shopping and personal finances. Over 200,000 merchants, including H&M, Sephora, Expedia Group, Adidas, ASOS, and Abercrombie & Fitch, have enabled Klarna’s innovative shopping experience online and in-store. Klarna is ranked number five on the 2020 CNBC Disruptor 50 list, is one of the most highly valued fintech in Europe with a valuation of $10.65 billion, and is one of the largest private fintechs globally. Klarna was founded in 2005, has over 3,000 employees and is active in 17 countries. For more information visit klarna.com/us/business.
Nancy Green is the head of Old Navy, the leading value apparel brand that delivers the democracy of style through its affordable, on-trend styles for the family with unbelievable quality and one of the most inclusive size ranges in the industry.
During Green’s more than 25-year tenure with Gap Inc., she has held executive leadership roles across the company. During her time as head of Athleta, the business grew from $250 million to a nearly $1 billion purpose-led brand. Her team built a community and customer relationship-driven store model, while also launching the brand’s girls’ line, Athleta Girl and achieving B Corp Certification. She has also held leadership roles at Shabby Chic and Pottery Barn.
Green is a council member of the women’s executive leadership organization, C200, and is a member of the Board of Directors for the UC Berkeley Haas School of Management, Center for Equity, Gender and Leadership. Green serves on the Gap Foundation Board of Trustees, the Gap Inc. Sustainability Board and the Board of Directors for Allbirds. She holds a bachelor’s degree from University of California, Berkeley.
Stephenie Landry is the worldwide vice president of grocery at Amazon. Landry has been with Amazon.com for over 16 years and during that time she has held a variety of roles with a special focus on launching new initiatives. She was a founding team member of Amazon Fresh (fresh grocery delivery), and she led the conception and launch of several initiatives including Amazon Student, Amazon Mom, and Prime Pantry. She also led the team that created Prime Now, bringing the idea to market in 111 days total. Landry joined Amazon as a Pathways intern after earning her master’s degree from University of Michigan. Prior to earning her master’s degree, she spent two years working at an internet start-up in San Francisco.
Olamide Olowe is the co-founder and CEO of Topicals, a medicated skincare company for chronic skin conditions that is transforming the way people feel about skin by taking the focus off of "perfect" skin and donating a percentage of sales to mental health organizations. Growing up with multiple chronic skin conditions, Olowe developed a passion for dermatology. As a student-athlete at UCLA, she co-founded SheaGIRL in partnership with Shea Moisture and discovered her love for business. Olowe is the youngest Black woman to raise over $1 million having raised $2.6 million from investors like Issa Rae, Yvonne Orji, Hannah Bronfman, Bozoma Saint John, and Lerer Hippeau. Topicals is currently sold at Nordstrom and at mytopicals.com.
Camilla Cho is Vox Media’s senior vice president for e-commerce, overseeing affiliate revenue for the company’s digital brands, as well as incubating and managing several key new business initiatives for the company. Cho joined New York Magazine in 2014 and, as general manager for e-commerce, helped launch shopping site the Strategist in 2016, developing its strategy for growth. The site now has about 20 employees and is run similar to an independent start-up within the company.
Cho previously worked at Aol, MTV Networks, IAC, and in early-stage start-ups in NYC, primarily in business development and strategy roles. She has often been hired and tasked to set partnership strategies and identify new business opportunities for digital media brands. She has her MBA from the Wharton School and her bachelor’s degree in business administration from UC Berkeley / Haas.
In 2005, Sebastian Siemiatkowski co-founded Klarna in order to provide safe and smooth online payments. He currently serves as its chief executive officer. Over the past decade, he has overseen the company’s rapid growth across Europe and more recently into North America. Klarna is now a fully licensed bank with 90 million consumers and a 200,000 merchant user base. Siemiatkowski has received multiple awards for his leadership, including runner up in the 2015 global EY Entrepreneur of the Year award, Leader of the Year by Adecco, and European Entrepreneur of the Year Award by TechTour. He holds a master’s degree from the Stockholm School of Economics.