1. S6 EP Using Live Commerce to stand out, Amazon for e-commerce, Sunk Cost Fallacy
The Joy Killers - A business murder Mystery.6 Aug 2021

1. S6 EP Using Live Commerce to stand out, Amazon for e-commerce, Sunk Cost Fallacy

Our first article from McKinsey looks at how live commerce is transforming the shopping experience. By blending entertainment with instant purchasing, live commerce provides the solopreneur the opportunity to stand out from the crowd.

Then we turn to McKinsey Digital “Building e-commerce ecosystems on Amazon. A conversation with Rainforest’s JJ Chai” a cofounder of the Singapore based e-commerce aggregator. By looking at what Mr. Chai looks for a potential acquisition you can learn where you should focus your efforts and maybe achieve that big payday as you exit your business.

After that it is time for some self-refection. From the Harvard Business Review – How susceptible are you to the sunk cost fallacy? Have you continued a project too long after you should have abandoned it? Dragged yourself to an event in miserable weather just because you already bought a ticket with your hard-earned cash. These are examples of the sunk cost effect. Later in the show I will let you know what the author, David Ronayne has to say on the topic. Also, how you can assess your own susceptibility to the sunken cost, or continuation, bias.

Finally from Gartner Business Quarterly we can learn why do executives move forward with Strategic initiatives when they see pitfalls ahead. The author Marc Kelly says its due to overconfidence and in most cases their confidence is not justified.

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