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Andy Dunn, Walmart's senior vice president of digital consumer brands, says it's easy to "lose sight" of your core customer in retail.
The Bonobos cofounder told the audience at the Business of Home's first Future of Home conference about working with the Walmart e-commerce team to rescue a struggling mattress brand.
Allswell - Online - Mattress - Brand - Price
The Allswell online mattress brand initially flopped because its price point was too high.
Dunn said that his boss, Walmart e-commerce CEO Marc Lore, inadvertently recommended an illegal strategy.
Team - Price - Point - Mattress - Results
Instead, the team worked out a more fitting price point for the mattress, with immediate results.
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Walmart - Online - Mattress - Brand - Home
Back in 2018, Walmart launched an online mattress brand through its digitally native home goods brand, Allswell.
"We had the idea that we were going to build a great direct-to-consumer mattress brand," Walmart's senior vice president of digital consumer brands, Andy Dunn, told the audience at The Business of Home's first Future of Home conference in Manhattan.
Mattress - Price - Point - Walmart - Product
The mattress' initial price point sat between $700 and $800, and Walmart hawked its new product on both Hayneedle.com and Walmart.com.
"We've got all these channels," Dunn said, describing the thinking of Walmart's e-commerce executives at the time. "People are going to love this mattress brand."
Offering - Bounce - Mattress - Dunn - Team
But the offering lacked bounce. After launching the mattress, Dunn said he and the team quickly found out that "absolutely nobody cares." Customers just weren't going for the new product, Dunn said in a conversation with Business of Home columnist and podcaster Dennis Scully and Interior Define chairman and founder Rob Royer.
So Dunn and the rest of Walmart e-commerce decided to figure out how to put the slow mattress sales to bed. Dunn, whose online menswear brand Bonobos was acquired by Walmart...
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