Hosted by Eitan Koter · EN

Ilya Mikin is Vice President of Technology M&A at Corum Group, one of the leading technology M&A advisory firms globally. His background spans more than two decades across enterprise marketing at Intel and Unilever, executive and CEO roles at companies including iHerb, multiple founder exits across AdTech, MarTech, and FinTech, and now advising founders through acquisitions. He has been on every side of the M&A table, which makes his perspective unusually grounded.This episode gets into what has fundamentally changed about how technology and e-commerce companies are built, valued, and sold. The old playbook of raising VC money, growing at all costs, and gunning for IPO has largely collapsed. What replaced it is a market where M&A has become the primary liquidity event for founders, and where the rules for what makes a company attractive have shifted significantly.Eitan and Ilya dig into what acquirers actually look at today: why NRR, GRR, and low churn have become the cornerstones of valuation, why private equity now represents up to 40-50% of buyers in some sectors, and what it means to be an AI-native company versus an AI-enabled one. They also cover the mechanics of the M&A process itself — the four to eight week preparation phase, how Corum builds competitive tension among buyers, why the narrative around a business often matters more than the financials, and the internal deal killers that founders rarely talk about openly.Ilya also shares his take on where shoppable video sits in a world increasingly shaped by agentic AI, why he believes emotional product categories are protected from agent-driven purchasing, and what he is personally watching in the space. Founders who are building toward an exit, or who have never seriously thought about timing one, will find this conversation both practical and clarifying.Website: https://www.vimmi.net Email us: info@vimmi.net Commerce Untold: https://vimmi.net/commerce-untold/ Eitan Koter's LinkedIn: https://www.linkedin.com/in/eitankoter/ YouTube: https://www.youtube.com/@VimmiVideoCommerce/featured Guest: Ilya Mikin, Vice President Technology M&A, Corum Group, Ltd. Ilya Mikin's LinkedIn: https://www.linkedin.com/in/ilyamikin/ Corum Group, Ltd.: https://www.corumgroup.com/Key Takeaways:VC investment in D2C e-commerce collapsed more than 90% from its 2021 peak, while M&A deals in that same sector grew 47% in 2025 — the exit path has fundamentally shiftedIPO is no longer the default liquidity event for most founders; M&A is now the primary outcome to plan aroundAcquirers today prioritize NRR, GRR, and low churn over raw growth rate — the stickiness and profitability of your customer base drives valuation more than top-line momentumPrivate equity now represents up to 40-50% of buyers in some sectors, and PE buyers lead with EBITDA, not vision — a minimum of $2-3M ARR and $500K EBITDA is roughly where serious interest startsBeing an AI-native company can increase your valuation by 20-30% or more; for true AI-native businesses, multiples can reach up to 20x EVFor AI companies, proprietary data sets matter more than the technology itself — the model is the moatMarket consolidation follows a cycle: the first quartile of a consolidation window has the most buyers, the most competition, and the highest multiples. Waiting too long means the music stopsThe narrative you build around your company matters more than your financials in the early stages of a buyer conversation — buyers need to feel fear of missing outRunning a competitive process with multiple interested buyers is the single most powerful lever a founder has in an M&A negotiation — inbound interest from one buyer puts the founder in a weak positionDeal fatigue and co-founder misalignment are the two most common internal reasons M&A deals collapse before closingAgentic AI will likely commoditize purchasing for basic, emotionally neutral products — but shoppable video remains essential for fashion, luxury, and any category where emotional decision-making drives the purchaseMore than 20% of WallID's customers now come through AI search channels like ChatGPT, Gemini, and Claude, with zero marketing spend — a real signal of how discovery is changingChapters:[00:00] Introduction and Guest Background[00:57] Ilya's Path from Intel and Unilever to E-Commerce and M&A[02:07] How the Approach to Building and Exiting Startups Has Changed[03:29] Why VC Investment Collapsed and M&A Deals Are Rising[04:40] What Acquirers Actually Look at Today: NRR, GRR, and Profitability[05:58] The Rise of Private Equity as a Buyer and What PE Wants[07:20] How AI-Native Companies Command a Valuation Premium[08:47] Where E-Commerce Multiples Stand Today[10:32] The Sell-Side Process: Preparation, Positioning, and Narrative[12:06] The Consolidation Window and Why Timing Your Exit Matters[13:38] How Corum Prepares Founders for Market[14:17] Technology Evaluation: AI vs. Non-AI Companies[17:00] Building the Story, Outreach, and Creating Competitive Tension[20:02] How Long a Typical M&A Process Takes[21:44] Deal Fatigue and Co-Founder Misalignment as Internal Deal Killers[23:28] Shoppable Video and Agentic Commerce: Where Emotion Still Wins[26:09] WallID: Solving Checkout Friction and Fraud at Scale[28:13] Managing Multiple Ventures and the Side-Hustle Mindset[29:44] What Ilya Is Watching in E-Commerce Right Now: Know Your Agent[31:04] How to Connect with Ilya and Corum Group

In this episode of Commerce Untold, host Eitan Koter sits down with Carol Shih, founder of Qode Space, a boutique Shopify agency, and Doraemi, a cross-border consultancy helping international brands enter and grow in the US market.Carol has a background that spans LVMH, Alibaba, and years of working with fashion and beauty brands across multiple continents. She brings a direct, no-nonsense perspective to what it actually takes to succeed in cross-border e-commerce.They get into why so many international brands, including some doing billions in Asia, struggle the moment they try to enter the US. Carol explains that the product is rarely the problem. It usually comes down to self-awareness: knowing your weaknesses before you start spending.The conversation covers what a proper Shopify audit looks like, why pouring money into traffic before your store is ready is one of the most common and expensive mistakes brands make, and how to think about brand positioning before touching paid ads or picking a sales channel.They also talk about the shift toward AI search and what brands need to do now to stay discoverable, why TikTok Shop has changed the beauty category faster than most brands expected, and how Gen Alpha is about to reshape shopping behavior in ways most businesses are not prepared for.Carol also shares how she leads her two businesses, why transparency and community sit at the core of her team culture, and why her ideal clients are usually brands that have already made the expensive mistakes.If you are thinking about cross-border e-commerce, expanding into the US market, or trying to get more out of your Shopify store, this episode is worth your full attention.Website: https://www.vimmi.netEmail us: info@vimmi.netPodcast website: https://vimmi.net/commerce-untold/Eitan Koter's LinkedIn: https://www.linkedin.com/in/eitankoter/YouTube: https://www.youtube.com/@VimmiVideoCommerce/featuredGuest: Carol Shih, Founder, Qode Space and DoraemiCarol Shih's LinkedIn: https://www.linkedin.com/in/shihcarol/Qode Space: https://qodespace.com/Watch the full Youtube video here:https://youtu.be/ptO--lEfDegTakeaways:Self-awareness is the most overlooked step in cross-border e-commerce expansionDominating your home market does not mean you will succeed in the USA slow, buggy website with spelling errors destroys trust before a sale can happenAmazon drives volume but builds no brand loyalty or long-term competitive edgeShopify store performance must be audited before investing in paid trafficAI search (GEO) is the next layer brands need to prepare for alongside SEOTikTok Shop has already surpassed Sephora in beauty salesGen Alpha will reshape shopping behavior within the next four yearsGreat teams are built on transparency, community and psychological safetyThe best clients to work with are the ones who already understand where they failedChapters:[00:00] Introduction: Meet Carol Shih[01:05] From Taiwan to Australia to the US: The Third-Culture Founder[02:30] Biggest Mistakes Brands Make When Going Global[04:31] The Self-Awareness Problem: You Can't Fix What You Won't See[05:58] What Cross-Border Consulting Actually Looks Like in Practice[07:57] Founder-Led Content and Building Long-Term Authority[09:38] Lessons from Alibaba: Speed, Competition and Work Culture[12:26] The Shopify Audit Process: How to Build a High-Converting Store[14:36] AI in E-Commerce: What Is Real Right Now[16:40] AI Search, GEO and the Click-Less Future[18:04] Go-to-Market for International Brands: Amazon vs TikTok vs DTC[22:10] Beauty, Fashion and Lifestyle: Why Carol Keeps Landing Here[23:46] K-Beauty, Gen Z and the TikTokification of Shopping[25:18] Gen Alpha Will Change Everything: Here Is What to Watch[27:10] Leadership, Team Building and Running Two Companies[30:46] Leading With Transparency as a Founder and a Parent[32:01] Carol's Ideal Client: Brands That Have Already Failed[34:05] Where to Find Carol Shih

Eitan Koter sits down with Tarkan Salar, founder of Smart Concepts and the consultancy Can't Stop Me, who has spent 30 years working with brands like Louis Vuitton, Zara and Adidas and has shaped over 50 million units from factory floor to checkout. Tarkan's take is pretty straightforward. Most D2C brands are bleeding money in the wrong places and blaming marketing for it. He breaks down why marketing is no longer the edge it used to be and what founders should be focusing on instead: product positioning, operational clarity and finding their blue ocean.They get into the 80/20 bestseller engine, how to spot your hero products, why too many SKUs is quietly killing your margins, and how to pick the right suppliers before you even think about placing an order. Tarkan also shares how he builds a custom brand filter for each founder that helps every business decision become a lot cleaner and faster.Website: https://www.vimmi.net Email us: info@vimmi.net Podcast website: https://vimmi.net/mastering-ecommerce-marketing/ Talk to us on Social:Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube Guest: Tarkan Salar, Founder, Smart concepts GmbHTarkan Salar’s LinkedInTakeaways:Blue Ocean vs Red Ocean marketsProfitability and operational efficiencyProduct testing and hero productsStrategic filtering and brand positioningImpact of AI on marketing and logisticsChapters:00:00 Introduction to Tarkan Salar and Smart Concepts01:38 The Shift from Marketing to Operational Clarity06:02 Understanding Blue Ocean vs. Red Ocean Strategies09:14 The 80/20 Bestseller Engine Explained14:21 Transitioning from Red Ocean to Blue Ocean19:41 Product Innovation and Brand Voice24:08 Overview of Smart Concepts and Consulting Process

Host, Eitan Koter is joined by Leo Rodriguez, Vice President at River Plate Inc., a fulfillment company with over 33 years of experience helping brands ship smarter. River Plate works with everyone from beauty and toy brands to influencer-led lifestyle companies, so Leo has seen pretty much everything. In this episode, Leo talks about why your 3PL should feel like a partner, not just a vendor, how to spot when something is going wrong before it becomes a bigger problem, and what fast growing brands usually get wrong when they start scaling. He also gets into how bundling, returns, and data dashboards all connect back to keeping customers coming back.If your fulfillment partner feels more like a vendor than a partner, this episode will tell you exactly why that's costing you.Website: https://www.vimmi.net Email us: info@vimmi.net Podcast website: https://vimmi.net/mastering-ecommerce-marketing/ Talk to us on Social:Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube Guest: Leo Rodriguez, Vice President, River Plate, Inc.Leo Rodriguez’s LinkedIn | River Plate, Inc.Watch the full Youtube video here:https://youtu.be/U3NQCo3KvakTakeaways:Price is the worst reason to pick a 3PLGet your 3PL involved before you're ready to shipMulti-carrier shipping saves real money at scaleYour fulfillment data is a goldmine, start using itSlow returns processing loses you customersTrack speed, accuracy and chargebacks, everything else is noiseProactive beats reactive every single timeChapters:00:00 Introduction to River Plate and Logistics02:00 Choosing the Right 3PL: Common Mistakes06:25 Optimizing Shipping Costs and Customer Experience12:03 Creating High-Performing Fulfillment Operations14:37 Scaling Operations for Fast-Growing Brands17:41 The Role of 3PLs in Customer Retention20:09 Key Performance Indicators for Logistics22:12 Identifying Red Flags in 3PL Performance25:30 Future Trends in Logistics and E-commerce27:32 Target Customers for River Plate30:46 How to Connect with River Plate

In this episode of Commerce Untold, Eitan Koter sits down with Pamela Wagner, Founder and CEO of Ajala Digital, a Google Partner agency that has helped thousands of businesses grow through paid advertising.They get into a real conversation about what is actually working in ads today and what is not.Pamela explains why many brands struggle when they try to scale too fast. Small changes in budget can make a big difference, and constant adjustments can hurt performance more than help it.They also talk about why ads alone are not enough anymore. People need to see a brand multiple times before they trust it. That could be through content, reviews, or videos across different platformsThe conversation also covers the difference between Google and Meta, how each one fits into the customer journey, and why understanding that matters.They touch on attribution as well. Sometimes the simplest way to understand what works is not another tool, but asking customers directly or even turning a channel off to see what happens.It is a straightforward conversation that helps make sense of what to fix first before spending more.Website: https://www.vimmi.net Email us: info@vimmi.net Podcast website: https://vimmi.net/mastering-ecommerce-marketing/ Talk to us on Social:Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube Guest: Pamela Wagner, Founder/CEO at Ajala DigitalPamela Wagner’s LinkedIn | Ajala DigitalWatch the full Youtube video here:https://youtu.be/G5uqVPTLS7wTakeaways:Algorithm changes and AI impact on ad platformsStrategies for scaling paid campaigns effectivelyThe role of organic marketing in paid ad successChapters:00:00 Introduction to Agila Digital and Pamela Wagner01:21 The Evolution of Advertising Strategies03:28 Balancing Budget and Scaling in Advertising06:09 The Importance of Organic Growth07:44 Building Trust Through Multi-Platform Engagement09:29 Meta vs. Google: Understanding Platform Differences11:41 Navigating Policy Violations in Advertising15:18 Exploring New Advertising Channels18:49 The Role of YouTube in Marketing Strategies21:19 Attribution Challenges in Advertising23:52 Testing and Experimentation in Campaigns25:30 Pamela's Journey with Agila Digital28:04 Creative Strategies in Advertising29:06 Final Thoughts and Advice

Eitan Koter is joined by Matt Raminick, Founder and CEO of Sunnyside, to talk about what’s really going on behind performance marketing numbers.They start with a simple idea, strong ROAS doesn’t always mean a healthy business. Matt explains how brands often rely too much on platform data without connecting it back to real revenue and costs.The conversation moves into what to focus on instead, like profitability at the order level, total marketing efficiency, and how to think about acquiring new customers the right way.They also cover a common mistake, pushing too hard for growth without checking if the spend actually makes sense. Matt shares how brands can reset and build a more stable approach.Towards the end, they talk about how much creative is needed today, how fast things move on Meta, and why keeping things simple with tools and data still works best.Website: https://www.vimmi.net Email us: info@vimmi.net Podcast website: https://vimmi.net/mastering-ecommerce-marketing/ Talk to us on Social:Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube Guest: Matt Raminick, Founder & CEO at SunnysideMatt Raminick’s LinkedIn | SunnysideWatch the full Youtube video here:https://youtu.be/wOb3OmkBm-cTakeaways:Performance marketing metrics that matterThe importance of diversification in marketing channelsBuilding sustainable and profitable brandsChapters:00:00 Introduction to Sunnyside and Its Unique Approach02:26 Understanding ROAS and Profitability Metrics05:15 The Importance of Customer Acquisition Costs07:49 Net Contribution Margins and Their Impact10:35 Transitioning from Brand to Agency13:33 Creative Strategies in Performance Marketing16:25 Balancing Growth and Profitability18:44 Diversification in Marketing Channels21:28 Tools and Technology for Performance Marketing24:15 Ideal Customer Profile for Sunnyside26:54 Creative Production and AI in Marketing28:35 Conclusion and Final Thoughts

There’s a point where more revenue doesn’t mean more profit. And that’s where things start to break.In this episode, Eitan Koter is joined by Adam Callinan, founder of Pentane, to talk about how ecommerce brands can actually make money, not just grow.Adam explains why many businesses look successful on the surface but struggle behind the scenes. He breaks down how to think about costs, margins, and the real drivers of profit in a way that’s easy to follow.The conversation also covers how founders should approach different stages of growth. What to focus on early, how to think about hiring, and why keeping things simple for as long as possible can make a big difference.They also touch on paid media, what founders often get wrong, and how to tell if it’s truly working.It’s a practical look at building a business that works long term, not just one that looks good from the outside.Website: https://www.vimmi.net Email us: info@vimmi.net Podcast website: https://vimmi.net/mastering-ecommerce-marketing/ Talk to us on Social:Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube Guest: Adam Callinan, Founder/CEO at PentaneAdam Callinan’s LinkedIn | PentaneWatch the full Youtube video here:https://youtu.be/hWTnZpio-_cTakeaways:Importance of contribution margin over revenueThe profit pyramid and financial structuringStages of business growth and cash flow managementThe role of AI and automation in operational efficiencyBuilding trust and onboarding clients in SaaS solutionsChapters:00:00 Introduction and Personal Values02:50 Balancing Curiosity and Leadership05:41 Understanding Revenue and Profitability08:31 The Profit Pyramid Explained11:29 Navigating Cash Flow Challenges14:18 The Importance of Staying Lean17:05 Paid Media Strategies for Founders19:58 Identifying Negative Trends in Business22:45 Efficiency and Technology in Operations25:44 Overview of Pentane and Its Offerings28:34 Building Trust and Customer Engagement30:25 Conclusion and Key Takeaways

Eitan Koter is joined by Iñigo Rivero, co-founder and managing director at House of Marketers, a global TikTok Marketing Agency.They talk about how the platform has shifted over time, from a place for visibility to something much closer to a sales channel. Iñigo explains why many brands still approach influencer marketing the wrong way, and what actually drives results.The discussion covers the role of authentic content, why engagement matters more than follower count, and how TikTok’s algorithm gives new brands a chance to get seen.They also break down how TikTok Shop is opening up new opportunities for both brands and creators, and how social commerce is becoming easier to track and scale.It’s a clear conversation on what brands should focus on if they want to make TikTok work for them.Website: https://www.vimmi.netEmail us: info@vimmi.netPodcast website: https://vimmi.net/mastering-ecommerce-marketing/Talk to us on Social:Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTubeGuest: Iñigo Rivero, Co-Founder & Managing Director at House of MarketersIñigo Rivero’s LinkedIn | House of MarketersWatch the full Youtube video here:https://youtu.be/V_DA-VWIt8MTakeaways:Resilience is crucial for personal and business growth.Growth often comes from mistakes and tough feedback.TikTok's authenticity sets it apart from other platforms.Social commerce is the future of TikTok.The algorithm prioritizes engaging content over follower count.Brands can expand internationally through TikTok Shop.Forecasting is essential for scaling a business effectively.Health and beauty products perform well on TikTok.Understanding local markets is key for international brands.Influencer marketing requires a balance of creativity and strategy.Chapters:00:00 Introduction to Influencer Marketing and Resilience02:44 The Evolution of TikTok and Its Unique Appeal05:15 The Rise of Social Commerce on TikTok08:01 Influencer Marketing Strategies and TikTok Shop10:33 The Importance of Authenticity and Engagement13:16 SEO and Discovery on TikTok15:56 House of Marketers: Agency Insights and Growth18:53 Navigating International Markets with TikTok21:38 Challenges in Influencer Marketing and Agency Growth24:17 Building a High-Performing Team in a Remote Environment27:00 Conclusion and Future of Influencer Marketing

Welcome to Commerce Untold.In this episode, host Eitan Koter sits down with Rebekah Kondrat, Founder of Recon Retail, a company that helps ecommerce and DTC brands launch and scale physical stores.Rebekah has worked with brands like Apple, Starbucks, Warby Parker, Outdoor Voices, and Joybird. Today, she partners with growing brands that are ready to expand beyond online sales and build retail the right way.Together, they unpack the idea that retail is dying. Rebekah explains that most purchases still happen in person and that brands cannot rely on a single channel anymore. Online only brands are opening stores, and store based brands must strengthen their ecommerce presence. The future is about making both work together.She shares when a DTC brand should consider opening its first store, why revenue around 10 million dollars can be a helpful benchmark, and why your first location should be close enough for leadership to stay connected to customers.They also discuss what separates profitable stores from the rest, how product selection should vary by region, and why operations can make or break the retail experience.If you are thinking about expanding from ecommerce into physical retail, this episode gives you a clear place to start.Website: https://www.vimmi.net Email us: info@vimmi.net Podcast website: https://vimmi.net/mastering-ecommerce-marketing/ Talk to us on Social:Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube Guest: Rebekah Kondrat, Founder and Managing Partner at rekon retailRebekah Kondrat’s LinkedIn | rekon retailWatch the full Youtube video here:https://youtu.be/e7-kvX3Qe4gTakeaways:Retail is still a significant part of the economy, despite the rise of e-commerce.Brands need to evolve and adapt to stay relevant in the retail space.A multi-channel approach is essential for modern brands.Recon Retail acts as an embedded partner to help brands open physical stores.Successful retail operations require a focus on customer experience and operational efficiency.The role of retail staff is evolving beyond traditional sales roles.AI can streamline retail operations and enhance customer interactions.Brands should consider their first store location carefully to maximize learning and engagement.Every store should be designed to be profitable, not just as a marketing tool.Understanding customer demographics and preferences is crucial for retail success.Chapters:00:00 The Resilience of Retail03:48 Evolving with the Industry09:47 Recon Retail's Unique Approach15:36 Building Successful Retail Operations21:55 The Future of Retail Staff25:25 Innovations in Retail Experience29:10 Identifying Ideal Customers
In this episode of Mastering eCommerce Marketing, host Eitan Koter sits down with Megan Vasquez, Director of Creator Strategy and Strategic Marketing at Grin.Megan shares what she has learned from working across beauty brands, agencies, and large e-commerce companies. Creator marketing is no longer a side project. It is expected to deliver results.They cover how to forecast revenue from influencers, how to align campaign goals with the right creators, and why reducing friction in the buying process makes a big difference.Megan also talks about TikTok Shop, affiliate strategy, and the importance of long term creator relationships.If you want a clearer view of how creator marketing drives sales today, this episode is worth listening to.Website: https://www.vimmi.netEmail us: info@vimmi.netPodcast website: https://vimmi.net/mastering-ecommerce-marketing/Talk to us on Social:Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTubeGuest: Megan Vasquez, Director of Creator Strategy & Strategic Marketing at GRINMegan Vasquez’s LinkedIn | GRINWatch the full Youtube video here:https://youtu.be/4J9Dit-kIC4Takeaways:The creator economy is evolving and growing rapidly.Data-driven marketing is essential for success in the creator space.AI can help streamline processes and enhance creativity.TikTok has revolutionized e-commerce and product discovery.Brands must focus on building authentic relationships with creators.Neglecting brand affinity can lead to poor performance in campaigns.Long-term contracts with creators foster trust and better results.Clicks and audience sentiment are crucial KPIs for campaigns.User-generated content often outperforms traditional marketing.Grin is focused on meeting market needs with innovative solutions.Chapters:00:00 Introduction to the Creator Economy02:29 The Evolution of the Creator Economy05:18 Data-Driven Marketing in the Creator Space08:14 Balancing Self-Service and Hand-Holding in SaaS11:08 The Role of AI in Marketing and Content Creation13:49 The Impact of TikTok on Social Shopping16:45 Common Mistakes in Creator Programs19:49 Building Long-Term Relationships with Creators22:47 Key Performance Indicators for Campaign Success25:26 Future Plans for Grin and the Creator Economy