In nearly 8 years of crypto haven’t come across an exchange with good customer service like @kraken @krakensupportOther exchanges should take notes. Very rare to find an exchange in crypto that has half way decent customer serviceKraken setting the standard ...

Core Insights - Nearly half of U.S. shoppers believe customer service is deteriorating, with only 20% reporting improvements and 42% noting a decline [2][4] - Younger generations, specifically Gen Z and Millennials, are more optimistic about customer service compared to older generations [3][4] Consumer Sentiment - Among Gen X and Boomers, only 12% feel customer service has improved, while 46% think it has worsened [2] - In contrast, 29% of Gen Z and 31% of Millennials perceive an improvement in customer service [3] Expectations and Trust - 68% of consumers expect small businesses to match the digital security and professionalism of larger companies [4] - Younger consumers have higher expectations for speed, flexibility, and friendliness in service [3][4] Customer Service Preferences - 44% of consumers still prefer phone support, but Gen Z and Millennials favor live chat, text, or social media [7] - 86% of respondents prefer interacting with a real human over a chatbot [7] Frustrations with Service - 66% of consumers cite rude treatment as a primary complaint, while 55% mention a lack of empathy [7] - Nearly half (47%) express frustration over the absence of customer service options [7] Generational Attitudes - Younger generations are less forgiving; 24% of Gen Z would not give a business a second chance after a mistake, compared to 18% of Gen X and Boomers [7] Opportunities for Small Businesses - Small businesses can leverage AI tools like GoDaddy Conversations to enhance customer interactions and build trust [5][6] - The ability to respond instantly and personalize interactions is crucial for maintaining customer relationships [6]

What does it take to go from blank page to live enterprise voice agent in 100 days? That’s the challenge we took on with Fin Voice at Intercom. Enterprise customer service demands high-quality, reliable voice interactions - but delivering that fast means wrestling with tough problems like latency, hallucinations, voice quality, and answer accuracy. We rapidly evaluated and integrated a full voice stack - including transcription, language model, text-to-speech, retrieval-augmented generation, and telephony - ...

Hi, how are you doing? My name is Charisma Glassman and I'm here today to talk about AI in retail, luxury, and fashion. AI, the topic that never gets boring, right? But before we get into it, let me tell you something that I love. I love the fourletter word s a l e sale. I love shopping and it never gets boring for me. Whether it is strolling on uh Manhattan in Fifth Avenue in the boutique or going online or finding something on social media, it is really a stress busting exercise. Whether it is finding som ...

Customer Service & AI Integration - Retailers are spending 1-5% of their revenues on customer service, indicating a significant investment area for AI impact [1] - AI can automate customer service by processing customer policies, product recommendations, and interacting via phone, email, and chat [1] - AI implementation in customer service requires risk management, human escalation for sensitive issues, and cost-benefit analysis [1] - AI agents will assist human agents in customer interactions, escalating sensitive issues or approvals [1] Personalized Shopping Experience - By 2028, AI will create digital twins through direct interactions and online behavior tracking to enable hyper-personalized offers [1] - Retailers should start their digital twin journey with clean data and centralized data links to run AI models [1] - By 2030, AI will proactively suggest products and services through wearable devices and smart homes [1][3] Employee Experience - AI will enhance employee experiences by providing real-time insights into sales and customer preferences [4] - AI will be the foundation for customer and employee experiences in the next five years [4] Future of Retail - AI will deeply impact daily lives and transform the retail experience [5] - The future of retail with AI is transparent and compelling [5]

Financial Data and Key Metrics Changes - The company reported Q1 2025 net sales of $102.7 million, a decrease of 12% compared to the previous year [16] - Reported EPS loss was $0.45, while adjusted EPS loss was $0.32, with adjustments totaling $4.5 million [16] - Adjusted EBITDA for the quarter was negative $3.8 million [16] - Gross profit margin rate declined by 80 basis points year-over-year, but improved by over 300 basis points in March and April combined compared to last year [17][18] Business Line Data and Key Metrics Changes - Direct channel sales, excluding wholesale, fell by 14.6%, with web traffic declining but partially offset by higher average order value (AOV) [16] - Retail store sales declined by 2.6%, but profitability trends improved as promotions were reduced [17] - The company plans to reduce SKU count by at least 20% by spring 2026, focusing on core men's and women's workwear [9][23] Market Data and Key Metrics Changes - Mobile sales penetration increased by 200 basis points, with mobile conversion trending upwards [16] - Inventory levels increased by 29% year-over-year, with a current inventory mix of 91% core products and 9% clearance [19] Company Strategy and Development Direction - The company is focusing on three key areas: brand awareness, solution-based products, and customer service [6][9] - A significant expense savings initiative is expected to yield annualized savings of approximately $15 million, with at least $10 million realized in the current fiscal year [10] - The company is rationalizing its store portfolio, with nearly 25% of store leases up for renewal through 2026 [13][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain macroeconomic environment and emphasized the need to manage expenses prudently [25] - The company is maintaining its fiscal year 2025 financial guidance, with an adjusted EBITDA range of $20 million to $25 million [20] - Management is optimistic about the path forward, focusing on brand and product enablers to achieve profitable growth [14][42] Other Important Information - The company has transitioned its line of credit to an asset-based lending agreement, providing a $100 million limit with improved borrowing rates [20][25] - The company anticipates approximately $14 million in additional product costs due to tariffs, with minimal exposure to China [21][22] Q&A Session Summary Question: Can you elaborate on building brand awareness and marketing strategies? - Management is evaluating investments in the marketing funnel, particularly in upper funnel activities to drive brand awareness, with initial successes noted [30][31] Question: What are the consumer responses to the promotional reductions and potential price increases? - Management observed sequential improvement in gross margin rates and positive trends in conversion and full-price sales as promotions were refined [34][38]

Financial Data and Key Metrics Changes - The company reported Q1 2025 net sales of $102.7 million, a decline of 12% compared to the previous year [16] - Reported EPS loss was $0.45, while adjusted EPS loss was $0.32, with adjustments totaling $4.5 million [16] - Adjusted EBITDA for the quarter was negative $3.8 million [16] - Gross profit margin rate declined by 80 basis points year-over-year, but improved by over 300 basis points in March and April combined compared to last year [17][18] - Inventory increased by $39.7 million or 29% year-over-year, with a current inventory mix of 91% core products and 9% clearance [19] Business Line Data and Key Metrics Changes - Direct channel sales, excluding wholesale, fell by 14.6%, with web traffic declining but higher average order value (AOV) partially offsetting this [16][17] - Retail store sales declined by 2.6%, but profitability trends improved due to reduced promotions [17] Market Data and Key Metrics Changes - Mobile sales penetration increased by 200 basis points, with mobile conversion trending upwards [17] - The company is experiencing a shift in promotional strategy, reducing the number of promotional days by 35% and the depth of promotions from 25% to 20% on average [16] Company Strategy and Development Direction - The company is focusing on three key areas: brand awareness, solution-based products and product innovation, and customer service [6][14] - A significant reduction in SKU count by at least 20% is planned by spring 2026 to enhance efficiency in inventory purchases and marketing activities [9][24] - The company is implementing an expense savings initiative expected to yield annualized savings of approximately $15 million [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need to restore financial health and is taking decisive actions to right-size the business [10][14] - The company is maintaining its fiscal year 2025 financial guidance, with adjusted EBITDA expected to range from $20 million to $25 million [20] - Management is aware of the uncertain macroeconomic environment and is focused on managing expenses and operational execution [26] Other Important Information - The company has transitioned its line of credit to an asset-based lending agreement, providing a $100 million limit with improved borrowing rates [20][26] - The company anticipates approximately $14 million in additional product costs due to tariffs, with minimal exposure to China [21][22] Q&A Session Summary Question: Can you elaborate on building brand awareness and marketing strategies? - Management is evaluating investments in the marketing funnel, particularly in upper funnel activities to drive brand awareness, with initial successes noted [31][33] Question: What are the consumer responses to the promotional reductions and potential price increases? - Management observed sequential improvement in gross margin rates and is balancing promotional activities while being cautious about pricing strategies to maintain customer retention [35][37]

Financial Data and Key Metrics Changes - Second quarter revenue was $665 million, a decline of approximately $18 million or 2.7% from Q1, which was significantly below the expected growth [6][16] - Adjusted EBITDA was $63 million or 9.4% of revenue, a reduction of 250 basis points compared to Q1, reflecting the impact of lower revenue on the company's fixed cost structure [6][22] - Net loss for the quarter was $28 million, with a diluted loss per share of $0.21, while adjusted net loss was $6 million with a diluted loss per share of $0.05 [22] Business Line Data and Key Metrics Changes - Revenue from rental business decreased by $11 million, while direct sales declined by $7 million, with the latter reflecting typical seasonality [6][17] - New business contributed $17 million or 2.4% of revenue growth during the quarter, with a 35% year-over-year increase in recurring revenue installations [17][18] - Customer retention rate was 92.4% at the end of Q2, consistent with previous years, despite a decline in revenue from existing customers by approximately $8 million [18][19] Market Data and Key Metrics Changes - The company experienced a significant decline in volume as some customers adjusted their demand seasonally, particularly in workplace supplies [8][19] - The impact of lost business was approximately $20 million, which improved by roughly 10% compared to Q1 [18] - The company noted that the decline in direct sales was primarily due to the loss of a large national account customer, which represented approximately $26 million in annual revenue [20] Company Strategy and Development Direction - The company is focused on improving customer service and operational effectiveness, with a strong emphasis on a customer-centric approach [12][13] - There is a commitment to deleveraging and disciplined capital allocation, with an amendment to the credit agreement providing additional flexibility [14][26] - The company is optimistic about entering Q3 in a stronger position, with expectations for revenue growth and margin expansion [15][29] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q2 performance but highlighted positive trends in recent months, including sequential monthly revenue growth [10][29] - The new CEO, effective June 2, 2025, is expected to drive profitable growth and ensure a seamless transition [4][5] - Management is confident in the guidance for Q3, citing improved trends and a better understanding of financial metrics [35][36] Other Important Information - The company generated $7 million in operating cash flow, but cash flow was negative due to lower profit and higher working capital investments [23] - The company has a strong liquidity position with no debt maturities until 2027 and $293 million of available liquidity [26] - The company has suspended annual guidance and shifted to quarterly guidance due to recent performance and macroeconomic uncertainties [28][68] Q&A Session Summary Question: Confidence in Q3 earnings guidance - Management expressed confidence in the Q3 guidance, noting that trends support this outlook and that they are monitoring sustainability [35][36] Question: Actions on cost structure - Management indicated ongoing efforts to better utilize assets and facilities while balancing investments to retain customers and improve service [39][45] Question: Service issues and competitive dynamics - Management acknowledged ongoing service issues but emphasized improvements in organization and customer focus to address these challenges [50][51] Question: Cultural transformation timeline - Management stated that cultural transformation will take time and is focused on accountability and effective communication within the organization [70][71] Question: Update on strategic advisors - Management confirmed there is currently no active activity regarding strategic advisors [69] Question: Year-over-year revenue decline causes - Management attributed the revenue decline to lost business exceeding new business, lower volume with existing customers, and the loss of a significant national account [86][87]