They Think Retailers Want Their Own Version of Amazon

Adrien Nussenbaum

In Episode #752, Nathan interviews Adrien Nussenbaum. He’s the co-founder and CEO of Mirakl which was founded back in 2012. He’s currently based at the company’s Boston office and is responsible for the business’ growth in both the business to consumer and business to business sectors.

Famous Five:

  • Favorite Book? – Hemingway
  • What CEO do you follow? – N/A
  • Favorite online tool? — Instacart
  • How many hours of sleep do you get?— 5
  • If you could let your 20-year old self, know one thing, what would it be? – “I would have helped my wife use Instacart”

Time Stamped Show Notes:

  • 00:50 – Nathan introduces Adrien to the show
  • 01:20 – Mirakl is a technology company that allows retailers, distributors and manufacturers relaunch and operate an online marketplace of third–party vendors
  • 01:45 – Mirakl is similar to Amazon
  • 02:10 – Mirakl is a technology solution and most of their customers are large enterprise companies
  • 02:39 – Mirakl doesn’t compete with Amazon but allows their customers to have their own marketplace
  • 03:05 – Mirakl’s technology would allow Best Buy to have different merchants on their website
    • 03:20 – From the consumer’s perspective, they can purchase different products from different merchants within one website
  • 03:28 – Mirakl currently has 125 customers in 25 countries
  • 03:41 – Mirakl is a SaaS business
  • 03:58 – Mirakl takes a small percentage of their clients’ generated revenue
  • 04:24 – Mirakl provides companies a technology that leverages 12 years of experience in operating
  • 05:13 – Mirakl’s cut depends on the revenue bracket they’ve set
  • 05:49 – Mirakl’s charges vary per industry
  • 06:15 – Mirakl’s customers charge retailers a certain percentage and Mirakl charges depending on those percentages
    • 06:52 – Generally speaking, the charge is more than 5%
  • 07:20 – Mirakl allows companies to operate a new business
  • 08:15 – The additional earnings a company can get will be from the partnerships they have with other retailers using the Mirakl’s platform
  • 09:19 – Mirakl was launched in 2012
  • 09:26 – Mirakl was initially bootstrapped using the money from the previous company acquisition
    • 09:36 – Splitgames was acquired by FNAC in Europe
  • 10:04 – Mirakl raised $2M in the first round and $20M in 2015
    • 10:23 – Both were equity rounds
  • 10:30 – Adrien was the founder of Splitgames and it was initially bootstrapped, but raised later on
  • 11:30 – Adrien is French and he thinks that they are more conservative when it comes to risk than Americans
    • 11:48 – Adrien’s risk level when he started Mirakl was fair
  • 11:56 – Mirakl has 2 founders
    • 12:06 – The split was 50/50 but there’s a bit more for the one who had the idea
  • 13:02 – Adrien’s had a background in banking prior to Splitgames
  • 13:28 – Team size is 160
    • 13:36 – 40% engineering and 25-30% sales
  • 14:05 – Mirakl spends money on programs and lead generation
    • 14:44 – Mirakl makes industry reports with people like Gardner
    • 15:05 – Last month’s total paid ads spend was around $30-40K
  • 15:58 – Mirakl sells something that is strategic for their customers
  • 16:42 – Payback period is less than a year
  • 18:50 – The Famous Five

3 Key Points:

  1. Creating relationships will not only nurture your network, but increase your opportunities for revenue as well.
  2. One can be considered radical or conservative when it comes to taking risks; choose to which degree of risk you’re most comfortable taking.
  3. In pitching to clients, you have to give them the assurance that your product is valuable to them and that they will NOT be needing any other product.

Resources Mentioned:

  • Simplero – The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • GetLatka – Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • Klipfolio – Track your business performance across all departments for FREE
  • Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
  • Show Notes provided by Mallard Creatives