Yahoo Finance sat down with CEOs from top industries to discuss a variety of topics, from gym memberships to restaurant chains to e-commerce to AI. Here are the highlights from this week's interviews.
Crunch Fitness CEO Jim Rowley (00:00:05)
Crunch Fitness CEO Jim Rowley explains how customers are looking at gym subscriptions as we start 2024. “As far as what they’re signing up for… it’s really goal-based. So some people want to… lose weight, some people want to gain strength… some people are looking for general health, and other people are looking to destress their life,” Rowley discusses. On pricing, Rowley notes, “we try to be affordable for… everybody… We’ve got membership prices that allow everybody to enjoy Crunch.”
Pinstripes Founder & CEO Dale Schwartz (00:00:38)
Pinstripes (PNST-WT) Founder and CEO Dale Schwartz discusses how the restaurant and entertainment venue is “unique.” “Everything we do is to connect people and have people gather, celebrate, and… spend time together,” Schwartz says. “We touch a lot of touch points and compete with a lot of players, but we’re so unique that... we often stand alone in terms of our differentiators.”
Loop Returns CEO Jonathan Poma (00:01:13)
Loop Returns CEO Jonathan Poma notes the “two things” happening in e-commerce and returns. “E-commerce is continuing to grow. Return rates in e-commerce are significantly higher than return rates in retail. And then, specifically in holiday season when we’re buying gifts for other people, those return rates go up even further,” Poma notes. “Primarily, maybe two things are happening at the same time,” Poma explains, “consumer expectations continue to rise. So shoppers want free, they want easy returns. And logistics cost continue to rise.”
Appian CEO Matt Calkins (00:01:49)
Appian (APPN) CEO Matt Calkins discusses “the number one issue in AI regulation” and some of the benefits of artificial intelligence. “The number one issue in AI regulation is fair use, at least in the United States,” Calkins says. “There would be a little bit of a break on innovation if we precluded AI from using copyrighted information… I believe that if you create something, you have a right to the thing you created. And so, we should respect the authors, the artists, the musicians, the creators, even if it does slow down the progress of AI just a little bit.” Calkins adds, “in 2024, we’re going to find that our fears about AI were overblown and in fact it’s a great compliment and a team member.”
Video Transcript
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JIM ROWLEY: As far as what they're signing up for their subscriptions, it's really goal based. So some people want to obviously lose weight, some people want to gain strength. Strong is the new skinny, especially with women. So people want to get stronger.
Some people are looking for general health and other people are looking to de-stress their life. And we try to be affordable for everybody. Back to being the original no-judgments gym, we know that not everyone can afford the most expensive membership. So we've got membership prices that allow everybody to enjoy Crunch.
DALE SCHWARTZ: Everything we do is to connect people and have people gather, celebrate, and spend time together. That certainly was accentuated during COVID. Zoom is effective but not as exciting as just spending quality time together.
With the Amazon effect and a lot of the trends for experiential, we're right in the sweet spot. We touch a lot of touch points and compete with a lot of different players, but we're so unique that we often stand alone in terms of our differentiators.
JONATHAN POMA: E-commerce is continuing to grow. Return rates in e-commerce are significantly higher than return rates in retail. And then specifically in holiday season when we're buying gifts for other people, those return rates go up even further. Primarily, maybe two things are happening at the same time. Consumer expectations continue to rise.
So, shoppers want free. They want easy returns. And logistics costs continue to rise. You know, e-commerce logistics, the market is going to grow 6% annually over the next decade, ultimately becoming a $3.2 trillion market. And transportation and labor costs are really driving those costs higher.
MATT CALKINS: The number one issue in AI regulation is fair use. At least in the United States, it's fair use, which is to say, is AI's right to train on copyrighted information stronger than individual's right to their own privacy and intellectual property? There would be a little bit of a brake on innovation if we precluded AI from using copyrighted information.
They would have to go out and compensate the copyright owners for use of that information. And in some cases, they might not choose to do so. But I believe that that's fair. I believe that if you create something, you have a right to the thing you created.
And so, we should respect the authors, the artists, the musicians, the creators, even if it does slow down the progress of AI just a little bit. I think in 2024, we're going to find that our fears about AI were overblown and, in fact, it's a great compliment and a team member.
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