Embrace adventure,
turn challenges into strengths,
and always stay connected
with your customers.
This week, we get Up-Close with Olivier Buffon, Head of International at online wholesale marketplace, Faire. Uncover the influences shaping Olivier's leadership and gain expert insights for navigating economic challenges.
What is your career highlight to date? How has this influenced you as a leader?
I’m lucky to have worked for lots of exciting businesses throughout my career. I transitioned from seven years working in consulting and private equity, to taking operational roles in rapidly scaling tech businesses. My first role driving the EU expansion at Airbnb was a career highlight. There is nothing more exciting than working for a truly mission driven business – you give your best to solve something that you know is bigger than yourself but that can change how societies function and economies work. I really enjoy working for these types of companies and this certainly influenced my decision to join Faire, where I am today. If ever there is a day where I feel frustrated, I just need to spend time with customers, and this helps me really appreciate why I do what I do. Operating in fluid environments has also taught me to embrace adventure. For example, at Faire, we expanded during the pandemic and continued increases during this period of macroeconomic uncertainty which continues to be a challenging environment for retailers. Nevertheless, we’ve learnt to turn challenges into strengths, and this is a theme we are proud of; turning adversity into very deep strengths.
“If ever there is a day where I feel frustrated, I just need to spend time with customers, and this helps me really appreciate why I do what I do.”
In your opinion, what are the top three attributes of a great digital GM / operational leader?
There is no single definition of a General Manager, but personally I view the connection with customers as the most critical attribute. Companies cannot exist without them. As a digital GM, I am fortunate to be closely connected to customers across multiple markets and I often lead customer-centric teams, which have the ability to represent customers to the business, to communicate internal decisions back to customers and to leverage them as a great source for innovation. At Faire in particular, innovation comes directly from customer behaviour and feedback.
The second key attribute of a great GM is the ability to inspire the team. This involves setting the vision for the market or category and providing a sense of focus, particularly during periods of growth and expansion. This is also closely tied to aspects of people leadership, including creating the right culture, implementing the right hiring processes, and empowering individuals within the team to grow and bring their best to work every day. It's about encouraging people to embrace the adventure and establishing a culture where people thrive in the face of change.
The third attribute relates to the operating system. When you have a large team, it is crucial to be very clear about the strategy; otherwise, you might find yourself spending an entire day in meetings. Additionally, there are often cross-functional collaborations, especially between product/tech and ops/GTM teams, necessitating the need to build powerful partnerships.
In your opinion, do you need different GM skillsets for different stage of company growth (i.e. start-up, scale-up, listed, etc)
I’m going to be biased on this one as I went through it all, firstly at Tilt, then Airbnb and now at Faire. As someone who has experienced these ventures, my view is that a GM’s top attributes are consistent irrespective of the stage the business is at. However, depending on the scale of the business, you need to flex some more than others at different times. When the business is earlier on in its journey, you must be able to empower the team which is likely to be a small team of generalists – specialists are a luxury in the start-up and scale-up stage. At Faire, we have seen strong growth and market fit, so prioritisation has become critically important. Ultimately, the challenge is to unearth processes that not only scale seamlessly but always come back to the customer, and how to uphold that strong connection with them.
The War-Time operational GM – How has the current economic and market context impacted your strategy?
Both consumer and retailer have had to navigate through a plethora of crises, most notably the far-reaching implications of COVID-19 and inflation which are still affecting trade complexities, supply chain issues, cost of living etc.
In light of these formidable challenges, our commitment to and focus on our mission and strategic vision has become imperative. These crises have served as a catalyst for us to delve deeper into our innovation reserves and build tools that save time and money for our customers which will ultimately help them to grow their business. In view of these times, building these tools with the needs of our customers at the forefront has become even more important. Our recent employment of AI to identify optimal products for stores and the implementation of seamless, cost-free return policies, designed to empower stores are some of the fruits that have borne on the back of staying true to our mission. I believe it is because of this approach that we have strengthened our product market fit and is why we have remained resilient and have succeeded despite the crises surrounding us.
What would be your advice for GMs leading through economic challenges for the first time?
These challenging times not only exert pressure on our teams and customers but also underscore the amplified significance of anchoring ourselves to our mission and amidst the turmoil, the rally cry of our mission to support independent retail takes on an even greater importance. When it comes to our workforce, the potency of hiring individuals intrinsically motivated by our mission becomes extraordinarily evident—a shared sense of purpose invariably propels them beyond transient concerns.
Central to weathering economic challenges is to focus on unit economics as this is a foundational element in building a sustainable business model. Instilling your top 3 metrics for example emerges as indispensable as these metrics serve as the north star which you must use to continually signal how you are creating value. While there are undoubtedly going to be times where the journey is arduous, being able to endure this will invariably lead to a strengthened position in the years to come. I was lucky enough to witness and be a part of this at Airbnb where resilience resulted in enhanced robustness for the business.
“Staying in touch with what our customers are both saying and doing provides an endless source of learning and this ceaseless evolution is vital to staying relevant in a dynamic landscape.”
What trends have you seen in retail in the last 12-24 months?
Not so much new trends, but rather a pronounced acceleration of existing ones. A remarkable shift has unfolded in the realm of independent retailers, propelling them toward embracing novel technologies. While this arena predominantly operated offline in the past, the post-COVID era has spurred substantial tech integration, prominently featuring platforms like Faire and pivotal technological tools. To exemplify this transformation, consider Faire: what was once a mere 20% of retailers with an online presence has burgeoned into an impressive 75%.
Beyond this surge, a fascinating convergence between social dynamics and retail is unfolding. This convergence is resulting in a captivating realm of unique experiences that allow brands to forge cohesive communities. If you zoom out, brands have been the ones who have considerable sway as trendsetters and influencing change. As the landscape shifted toward the digital sphere, people became the influencers. What remains paramount is the ability to craft narratives that captivate—a narrative not just confined to products but one that encompasses the intricate journey of sourcing materials and crafting compelling stories that resonate deeply with the consumer. At Faire, we make it easier for retailers to curate to their community through values-tagging for example. In the UK, retailers have spent over nine figures in volume on products that are eco-friendly, women-owned, or handmade over the past year.
“If you zoom out, brands have been the ones who have considerable sway as trendsetters and influencing change.”
How do you keep up to date in your sector?
When it comes to staying up to date in the retail sector, I partly do that by spending time with customers. Our vast network of 700,000 retailers is an invaluable resource that is teeming with well-informed voices that offer a wealth of insights, so we have much to learn from them.
Additionally, using our own data, we can discern emerging trends and maintain our finger on the industry's pulse. So staying in touch with what our customers are both saying and doing provides an endless source of learning and this ceaseless evolution is vital to staying relevant in a dynamic landscape. Beyond customer interactions, we actively engage with the industry through a multifaceted approach, spanning both physical and virtual domains. Industry events, both online and offline, serve as knowledge hubs. In our pursuit of facilitating connectivity, we've pioneered our own online tradeshow, the Faire Market, drawing in a staggering 100,000+ retailers.
As for staying up to date in the tech sector more generally, I am lucky enough to have regular exposure to industry leaders so my colleagues serve as an indispensable source of learning and growth for myself in this area.
Any suggestions of great books / podcasts / content that you listen to keep up to date? Or any books or content that have influenced your career or leadership style that you would recommend?
I love many podcasts but if I am to reduce it down to a couple, two I want to highlight are Masters of Scale and Lenny’s Podcast. Lenny’s podcast mostly has operators on it and he highlights great learnings and puts these stories into context which is really helpful.
