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Transcript

The Key Takeaways From Groceryshop 2024 Live Podcast · Omni Talk Retail

• 0:00
  Welcome,
• 0:00
  everybody.
• 0:01
  Thank
• 0:01
  you
• 0:01
  so
• 0:01
  much
• 0:02
  for
• 0:02
  staying
• 0:03
  for
• 0:03
  the
• 0:04
  final
• 0:04
  countdown.
• 0:05
  Like,
• 0:06
  somebody's
• 0:06
  gonna
• 0:06
  start
• 0:06
  singing
• 0:07
  for
• 0:07
  me.
• 0:07
  No,
• 0:08
  not
• 0:08
  happening.
• 0:09
  Okay.
• 0:10
  Thank
• 0:10
  you
• 0:10
  so
• 0:10
  much
• 0:10
  for
• 0:10
  coming,
• 0:11
  though.
• 0:11
  We
• 0:11
  are
• 0:11
  going
• 0:12
  to
• 0:12
  do
• 0:12
  a
• 0:13
  live
• 0:13
  podcast
• 0:14
  recording.
• 0:14
  So.
• 0:15
  Yes,
• 0:15
  we
• 0:15
  are
• 0:16
  recording.
• 0:16
  Yes.
• 0:17
  You
• 0:17
  can
• 0:17
  make
• 0:17
  noise
• 0:18
  and
• 0:18
  make
• 0:18
  it
• 0:18
  sound
• 0:18
  like
• 0:19
  there's
• 0:19
  a
• 0:19
  gigantic
• 0:20
  audience
• 0:20
  in
• 0:20
  here,
• 0:21
  which
• 0:21
  there
• 0:21
  is
• 0:22
  anyone
• 0:22
  clapping?
• 0:23
  No.
• 0:23
  Yes.
• 0:24
  Yes.
• 0:25
  There
• 0:25
  we
• 0:25
  go.
• 0:26
  All
• 0:26
  right.
• 0:27
  Well,
• 0:28
  I
• 0:28
  wanted
• 0:29
  to.
• 0:29
  Quickly,
• 0:29
  before
• 0:30
  we
• 0:30
  get
• 0:30
  into
• 0:31
  the
• 0:31
  grocery
• 0:32
  shop,
• 0:32
  2024
• 0:33
  key
• 0:34
  takeaways.
• 0:35
  Wanted
• 0:35
  to
• 0:35
  give
• 0:35
  you
• 0:36
  a
• 0:36
  quick
• 0:36
  background.
• 0:37
  Those
• 0:37
  listening
• 0:37
  at
• 0:38
  home
• 0:38
  right
• 0:38
  now
• 0:39
  know
• 0:40
  Chris
• 0:40
  and
• 0:41
  they
• 0:41
  know
• 0:41
  me.
• 0:42
  We
• 0:42
  are
• 0:42
  the
• 0:43
  founders
• 0:43
  of
• 0:43
  Omnitalk
• 0:44
  Retail.
• 0:45
  We
• 0:45
  are
• 0:45
  the
• 0:46
  only
• 0:46
  retail
• 0:47
  podcast
• 0:47
  that
• 0:47
  is
• 0:48
  in
• 0:48
  Apple's
• 0:48
  top
• 0:49
  100
• 0:49
  podcasts
• 0:50
  right
• 0:50
  now.
• 0:50
  So
• 0:50
  go
• 0:51
  right
• 0:51
  now.
• 0:52
  You
• 0:52
  can
• 0:52
  download
• 0:53
  any
• 0:53
  of
• 0:53
  the
• 0:53
  episodes,
• 0:54
  and
• 0:54
  this
• 0:55
  episode
• 0:55
  will
• 0:55
  be
• 0:56
  available
• 0:56
  for
• 0:57
  everybody
• 0:57
  right
• 0:58
  after
• 0:58
  the
• 0:58
  show.
• 0:58
  So
• 0:59
  if
• 0:59
  you
• 0:59
  need
• 0:59
  to
• 0:59
  take
• 0:59
  notes
• 1:00
  for
• 1:00
  the
• 1:00
  rest
• 1:00
  of
• 1:00
  your
• 1:00
  team
• 1:00
  back
• 1:01
  at
• 1:01
  home,
• 1:01
  that's
• 1:02
  where
• 1:02
  to
• 1:02
  go.
• 1:02
  Do
• 1:02
  it
• 1:03
  now.
• 1:03
  Next,
• 1:04
  I
• 1:04
  want
• 1:04
  to
• 1:04
  make
• 1:04
  sure
• 1:04
  we
• 1:05
  introduce
• 1:05
  the
• 1:05
  real
• 1:06
  experts
• 1:06
  that
• 1:06
  are
• 1:06
  up
• 1:07
  here.
• 1:07
  Ben
• 1:08
  Miller
• 1:08
  and
• 1:08
  Raquan
• 1:09
  Lucas
• 1:09
  from
• 1:09
  the
• 1:09
  grocery
• 1:10
  shop
• 1:10
  team
• 1:10
  who
• 1:10
  are
• 1:11
  joining
• 1:11
  us.
• 1:11
  Big
• 1:11
  round
• 1:12
  of
• 1:12
  applause
• 1:12
  for
• 1:12
  Ben
• 1:12
  and
• 1:12
  Raquan.
• 1:14
  Thank
• 1:14
  you.
• 1:15
  For
• 1:15
  those
• 1:15
  of
• 1:16
  you
• 1:16
  who
• 1:16
  don't
• 1:16
  know
• 1:16
  them,
• 1:17
  Ben
• 1:17
  is
• 1:17
  the
• 1:17
  vice
• 1:17
  president
• 1:18
  of
• 1:18
  original
• 1:18
  content
• 1:18
  and
• 1:19
  strategy
• 1:19
  for
• 1:19
  grocery
• 1:20
  shop
• 1:20
  and
• 1:20
  Shop
• 1:21
  talk.
• 1:21
  And
• 1:21
  in
• 1:21
  his
• 1:21
  role,
• 1:22
  he
• 1:22
  works
• 1:22
  with
• 1:22
  the
• 1:22
  internal
• 1:23
  teams
• 1:23
  here
• 1:24
  to
• 1:25
  create
• 1:25
  external
• 1:26
  research
• 1:26
  with
• 1:27
  partners
• 1:27
  to
• 1:27
  lead
• 1:28
  content
• 1:28
  creation
• 1:28
  across
• 1:29
  grocery
• 1:29
  shop
• 1:29
  and
• 1:30
  shop
• 1:30
  talks
• 1:30
  spring,
• 1:31
  fall
• 1:31
  and
• 1:32
  Europe
• 1:32
  shows.
• 1:33
  And
• 1:33
  then
• 1:33
  Rakwan
• 1:34
  is
• 1:34
  grocery
• 1:35
  Shop's
• 1:35
  vice
• 1:35
  president
• 1:36
  of
• 1:36
  content.
• 1:36
  He
• 1:36
  oversees
• 1:37
  the
• 1:37
  agenda
• 1:38
  that
• 1:38
  we
• 1:38
  were
• 1:38
  all
• 1:38
  following
• 1:39
  this
• 1:39
  week.
• 1:40
  He
• 1:40
  develops
• 1:40
  that
• 1:41
  and
• 1:41
  does
• 1:41
  speaker
• 1:41
  recruitment
• 1:42
  for
• 1:42
  grocery
• 1:42
  shop.
• 1:44
  And
• 1:44
  now
• 1:45
  that
• 1:45
  we
• 1:45
  have
• 1:45
  the
• 1:45
  intros
• 1:46
  out
• 1:46
  of
• 1:46
  the
• 1:46
  way,
• 1:47
  I
• 1:47
  just
• 1:47
  want
• 1:48
  to
• 1:48
  give
• 1:48
  you
• 1:48
  a
• 1:48
  quick
• 1:48
  rundown
• 1:48
  of
• 1:49
  how
• 1:49
  this
• 1:49
  is
• 1:49
  going
• 1:49
  to
• 1:49
  work.
• 1:49
  So
• 1:50
  the
• 1:50
  four
• 1:50
  of
• 1:50
  us
• 1:51
  got
• 1:51
  up
• 1:51
  very
• 1:52
  early
• 1:52
  this
• 1:53
  morning
• 1:53
  to
• 1:53
  put
• 1:54
  together
• 1:54
  our
• 1:54
  key
• 1:54
  takeaways
• 1:55
  from
• 1:55
  the
• 1:55
  show
• 1:55
  so
• 1:56
  far.
• 1:56
  So
• 1:56
  we're
• 1:56
  going
• 1:57
  to
• 1:57
  go
• 1:57
  through
• 1:57
  just
• 1:57
  like
• 1:57
  the
• 1:58
  last
• 1:58
  session.
• 1:58
  And
• 1:59
  rapid
• 1:59
  fire.
• 1:59
  We
• 2:00
  have
• 2:00
  four
• 2:00
  minutes
• 2:00
  for
• 2:00
  each
• 2:01
  topic
• 2:01
  to
• 2:02
  talk
• 2:02
  through
• 2:03
  exactly
• 2:03
  what
• 2:04
  each
• 2:04
  of
• 2:04
  our
• 2:04
  takeaways
• 2:05
  were.
• 2:05
  And
• 2:06
  brace
• 2:06
  yourself
• 2:06
  for
• 2:07
  the
• 2:07
  buzzer,
• 2:07
  because
• 2:07
  if
• 2:07
  you
• 2:08
  thought
• 2:08
  that
• 2:08
  I
• 2:08
  was
• 2:08
  loud
• 2:08
  when
• 2:09
  I
• 2:09
  came
• 2:09
  out
• 2:09
  here,
• 2:09
  that
• 2:09
  buzzer
• 2:10
  is
• 2:10
  going
• 2:10
  to
• 2:11
  blow
• 2:11
  you
• 2:11
  all
• 2:11
  away.
• 2:12
  So
• 2:12
  let's
• 2:12
  get
• 2:12
  into
• 2:13
  it.
• 2:13
  You
• 2:13
  guys
• 2:13
  ready?
• 2:14
  Let's
• 2:14
  do
• 2:14
  it.
• 2:15
  All
• 2:15
  right,
• 2:15
  gentlemen,
• 2:17
  the
• 2:17
  first
• 2:18
  topic
• 2:19
  is
• 2:19
  around
• 2:20
  what
• 2:21
  the
• 2:21
  overall
• 2:21
  feeling
• 2:22
  of
• 2:22
  the
• 2:22
  show
• 2:23
  is
• 2:23
  and
• 2:23
  what
• 2:23
  the
• 2:24
  state
• 2:24
  of
• 2:24
  the
• 2:24
  grocery
• 2:25
  industry
• 2:25
  is
• 2:26
  right
• 2:26
  now.
• 2:27
  Ben,
• 2:27
  we're
• 2:27
  going
• 2:28
  to
• 2:28
  you
• 2:28
  first.
• 2:29
  Great.
• 2:29
  So
• 2:29
  I'm
• 2:30
  going
• 2:30
  to
• 2:30
  use
• 2:30
  a
• 2:30
  rule
• 2:30
  of
• 2:31
  thumb
• 2:31
  that
• 2:31
  it's
• 2:31
  never
• 2:31
  too
• 2:32
  early
• 2:32
  in
• 2:32
  the
• 2:32
  wrap
• 2:33
  up
• 2:33
  session
• 2:33
  to
• 2:33
  talk
• 2:33
  about
• 2:34
  Taylor
• 2:34
  Swift.
• 2:36
  Rapid
• 2:37
  session
• 2:37
  even
• 2:37
  needs
• 2:38
  to
• 2:38
  be
• 2:38
  a
• 2:38
  qualifier.
• 2:39
  I
• 2:39
  think
• 2:39
  it's
• 2:39
  never
• 2:40
  too
• 2:40
  early
• 2:40
  to.
• 2:40
  Talk
• 2:40
  about
• 2:40
  never
• 2:41
  too
• 2:41
  early.
• 2:42
  So
• 2:42
  never
• 2:42
  too
• 2:42
  late.
• 2:43
  If
• 2:43
  the
• 2:43
  grocery
• 2:44
  industry
• 2:44
  was
• 2:44
  getting
• 2:44
  dressed
• 2:45
  to
• 2:45
  go
• 2:45
  out,
• 2:45
  it
• 2:45
  would
• 2:45
  be
• 2:46
  wearing.
• 2:46
  There's
• 2:46
  a
• 2:47
  lot
• 2:47
  going
• 2:47
  on
• 2:47
  at
• 2:47
  the
• 2:47
  moment
• 2:48
  t
• 2:48
  shirt
• 2:48
  right
• 2:49
  now,
• 2:49
  so
• 2:50
  there
• 2:50
  is
• 2:50
  an
• 2:50
  awful
• 2:51
  lot
• 2:51
  going
• 2:51
  on.
• 2:51
  But
• 2:52
  what
• 2:52
  that's
• 2:52
  created
• 2:53
  around
• 2:54
  the
• 2:54
  show
• 2:54
  is
• 2:54
  a
• 2:54
  real
• 2:54
  buzz.
• 2:55
  There's
• 2:55
  been
• 2:55
  real
• 2:56
  energy,
• 2:56
  there's
• 2:57
  been
• 2:57
  real
• 2:57
  burrs,
• 2:59
  and
• 2:59
  that's
• 3:00
  kind
• 3:00
  of
• 3:00
  almost
• 3:00
  a
• 3:01
  contrast
• 3:01
  with
• 3:02
  how
• 3:02
  tough
• 3:02
  the
• 3:02
  market
• 3:03
  is
• 3:03
  at
• 3:03
  the
• 3:03
  moment.
• 3:04
  And
• 3:04
  I
• 3:04
  think
• 3:04
  what
• 3:05
  that's
• 3:05
  created
• 3:06
  is
• 3:06
  an
• 3:06
  environment
• 3:06
  where
• 3:07
  people
• 3:07
  want
• 3:08
  to
• 3:09
  learn.
• 3:10
  They're
• 3:10
  trying
• 3:10
  to
• 3:11
  shape
• 3:11
  because
• 3:11
  there's
• 3:12
  some
• 3:12
  massive
• 3:12
  forces
• 3:13
  putting
• 3:13
  the
• 3:13
  industry
• 3:14
  in
• 3:14
  different
• 3:15
  things.
• 3:15
  And
• 3:16
  it's
• 3:16
  also
• 3:16
  created
• 3:17
  a
• 3:17
  real
• 3:17
  feeling
• 3:18
  of
• 3:20
  collaborativeness,
• 3:21
  but
• 3:21
  also
• 3:21
  openness
• 3:22
  to
• 3:22
  the
• 3:22
  extent
• 3:23
  that
• 3:24
  it's
• 3:24
  almost
• 3:25
  completely
• 3:25
  sending
• 3:25
  to
• 3:25
  therapy
• 3:26
  at
• 3:26
  times.
• 3:28
  I'm
• 3:28
  sure
• 3:28
  you've
• 3:28
  been
• 3:29
  in
• 3:29
  conversation
• 3:29
  the
• 3:29
  amount
• 3:30
  of
• 3:30
  openness,
• 3:30
  because
• 3:31
  people
• 3:31
  have
• 3:31
  got
• 3:31
  the
• 3:31
  same
• 3:31
  problems
• 3:32
  and
• 3:32
  we're
• 3:32
  trying
• 3:32
  to
• 3:32
  solve
• 3:33
  these
• 3:33
  same
• 3:33
  problems
• 3:33
  together.
• 3:35
  I
• 3:35
  think
• 3:35
  the
• 3:35
  last
• 3:36
  one
• 3:36
  probably
• 3:36
  is
• 3:36
  a
• 3:36
  bit
• 3:36
  more
• 3:37
  seriously.
• 3:38
  It's
• 3:38
  been
• 3:39
  great
• 3:39
  spending
• 3:40
  time
• 3:40
  with
• 3:40
  some
• 3:40
  incredible
• 3:41
  retail
• 3:42
  and
• 3:42
  brand
• 3:42
  executives
• 3:44
  and
• 3:45
  having
• 3:45
  looked
• 3:45
  into
• 3:45
  quite
• 3:46
  a
• 3:46
  few
• 3:46
  retailers
• 3:46
  eyes
• 3:47
  over
• 3:47
  the
• 3:47
  last
• 3:47
  couple
• 3:47
  of
• 3:47
  days,
• 3:48
  there's
• 3:48
  a
• 3:48
  lot
• 3:48
  of
• 3:49
  tired
• 3:49
  people
• 3:49
  in
• 3:49
  our
• 3:50
  industry.
• 3:50
  It's
• 3:51
  tough.
• 3:51
  People
• 3:51
  are
• 3:51
  working
• 3:52
  hard,
• 3:52
  so
• 3:53
  we're
• 3:53
  going
• 3:53
  into
• 3:53
  holidays,
• 3:54
  we're
• 3:54
  going
• 3:54
  into
• 3:54
  the
• 3:54
  big
• 3:54
  time.
• 3:55
  We're
• 3:55
  going
• 3:55
  into
• 3:56
  this
• 3:56
  time
• 3:56
  when
• 3:56
  we
• 3:56
  make
• 3:56
  our
• 3:57
  p
• 3:57
  and
• 3:57
  l
• 3:57
  of
• 3:57
  the
• 3:58
  year,
• 3:58
  and
• 3:58
  a
• 3:58
  lot
• 3:58
  of
• 3:58
  people
• 3:59
  are
• 3:59
  going
• 3:59
  into
• 3:59
  it
• 3:59
  knackered.
• 4:00
  So
• 4:01
  I
• 4:01
  think
• 4:01
  if
• 4:01
  you
• 4:02
  were
• 4:02
  in
• 4:02
  HR,
• 4:02
  if
• 4:02
  you're
• 4:03
  in
• 4:03
  leadership
• 4:03
  positions,
• 4:04
  there's
• 4:04
  definitely
• 4:05
  a
• 4:05
  look
• 4:05
  after
• 4:06
  your
• 4:06
  team
• 4:06
  vibe
• 4:07
  at
• 4:07
  the
• 4:07
  moment.
• 4:08
  But
• 4:09
  it
• 4:09
  could
• 4:09
  just
• 4:10
  be
• 4:10
  that
• 4:10
  people
• 4:10
  have
• 4:10
  been
• 4:10
  out
• 4:11
  partying
• 4:11
  too
• 4:11
  much
• 4:11
  over
• 4:11
  the
• 4:11
  last
• 4:12
  few
• 4:12
  days.
• 4:13
  Vegas
• 4:13
  does
• 4:13
  that
• 4:13
  to
• 4:14
  you.
• 4:14
  Vegas
• 4:15
  does
• 4:15
  that.
• 4:16
  I
• 4:16
  guess
• 4:16
  what
• 4:16
  I
• 4:16
  would
• 4:17
  add
• 4:17
  there,
• 4:17
  I
• 4:18
  don't
• 4:18
  have,
• 4:18
  like,
• 4:18
  the
• 4:18
  Taylor
• 4:19
  Swift
• 4:19
  reference,
• 4:20
  but
• 4:20
  one
• 4:20
  that
• 4:20
  I'm
• 4:20
  thinking
• 4:21
  of
• 4:21
  is
• 4:21
  more
• 4:21
  so
• 4:22
  aligned
• 4:22
  with
• 4:23
  Wendy's,
• 4:23
  the
• 4:24
  fast
• 4:24
  food
• 4:24
  restaurant.
• 4:25
  Their
• 4:25
  slogan
• 4:26
  is
• 4:26
  like,
• 4:26
  where's
• 4:26
  the
• 4:26
  beef?
• 4:27
  But
• 4:27
  I
• 4:27
  feel
• 4:27
  like
• 4:28
  the
• 4:28
  state
• 4:28
  of
• 4:28
  the
• 4:28
  industry
• 4:29
  when
• 4:29
  I'm
• 4:29
  talking
• 4:30
  to
• 4:30
  some
• 4:30
  of
• 4:30
  the
• 4:30
  retailers,
• 4:31
  it's
• 4:31
  kind
• 4:31
  of
• 4:31
  like,
• 4:32
  where's
• 4:32
  the
• 4:32
  growth
• 4:33
  in
• 4:33
  this
• 4:33
  situation?
• 4:34
  So
• 4:34
  how
• 4:35
  do
• 4:35
  you
• 4:35
  kind
• 4:35
  of
• 4:35
  drive
• 4:36
  volume?
• 4:37
  Is
• 4:37
  it
• 4:37
  going
• 4:37
  to
• 4:37
  come
• 4:38
  through
• 4:38
  traditional
• 4:39
  trade
• 4:39
  or
• 4:39
  is
• 4:39
  it
• 4:39
  going
• 4:39
  to
• 4:39
  come
• 4:40
  through
• 4:40
  these
• 4:40
  adjacent
• 4:41
  revenue
• 4:41
  streams?
• 4:42
  We
• 4:42
  all
• 4:42
  know
• 4:43
  that
• 4:43
  margins
• 4:44
  are
• 4:44
  being
• 4:44
  hit.
• 4:44
  We
• 4:44
  just
• 4:45
  talked
• 4:45
  about
• 4:45
  that
• 4:46
  a
• 4:46
  bit
• 4:46
  earlier,
• 4:47
  how
• 4:47
  their
• 4:48
  net
• 4:48
  margins
• 4:49
  are
• 4:49
  about
• 4:49
  1.6%
• 4:50
  in
• 4:50
  the
• 4:50
  US,
• 4:51
  0.9%
• 4:52
  in
• 4:52
  the
• 4:52
  UK.
• 4:53
  So
• 4:53
  it's
• 4:53
  kind
• 4:54
  of
• 4:54
  just,
• 4:54
  everyone's
• 4:55
  just
• 4:55
  coming
• 4:55
  together
• 4:56
  to
• 4:56
  figure
• 4:56
  out
• 4:57
  what's
• 4:57
  going
• 4:57
  to
• 4:57
  happen,
• 4:58
  where's
• 4:58
  the
• 4:58
  growth
• 4:58
  going
• 4:58
  to
• 4:59
  come
• 4:59
  from?
• 5:00
  And
• 5:00
  I
• 5:00
  think
• 5:00
  we
• 5:00
  were
• 5:01
  hoping
• 5:01
  that
• 5:02
  across
• 5:02
  the
• 5:03
  three
• 5:03
  days
• 5:03
  of
• 5:03
  the
• 5:03
  show
• 5:04
  that
• 5:04
  we
• 5:04
  could
• 5:05
  assist
• 5:05
  with
• 5:05
  that.
• 5:07
  Chris,
• 5:07
  where
• 5:07
  do
• 5:07
  you
• 5:07
  land?
• 5:08
  We've
• 5:09
  got
• 5:09
  people
• 5:09
  who
• 5:10
  are
• 5:10
  tired.
• 5:10
  They're
• 5:11
  trying
• 5:11
  to
• 5:11
  get
• 5:11
  their
• 5:11
  stuff
• 5:12
  together.
• 5:13
  We've
• 5:13
  got
• 5:14
  people
• 5:14
  trying
• 5:14
  to
• 5:14
  find
• 5:15
  new
• 5:15
  revenue
• 5:15
  streams
• 5:16
  because
• 5:16
  margins
• 5:16
  are
• 5:16
  getting
• 5:17
  thinner.
• 5:17
  But
• 5:18
  where
• 5:18
  do
• 5:18
  you,
• 5:18
  like,
• 5:18
  put
• 5:19
  the
• 5:19
  state
• 5:19
  of
• 5:19
  the
• 5:19
  grocery
• 5:19
  industry
• 5:20
  after
• 5:20
  the
• 5:20
  last
• 5:20
  three
• 5:20
  days?
• 5:21
  I
• 5:21
  think
• 5:21
  that's
• 5:21
  all
• 5:22
  true.
• 5:22
  I
• 5:22
  think
• 5:22
  the
• 5:23
  word
• 5:23
  I
• 5:23
  would
• 5:23
  use
• 5:23
  to
• 5:23
  sum
• 5:23
  it
• 5:24
  up
• 5:24
  is
• 5:24
  pragmatism.
• 5:25
  I
• 5:25
  feel
• 5:26
  like
• 5:26
  the
• 5:26
  entire
• 5:26
  industry
• 5:26
  is
• 5:27
  just
• 5:27
  being
• 5:27
  very
• 5:27
  pragmatic
• 5:28
  right
• 5:28
  now.
• 5:28
  And
• 5:29
  grocery,
• 5:29
  when
• 5:29
  you
• 5:30
  look
• 5:30
  at
• 5:30
  it
• 5:30
  across
• 5:30
  retail,
• 5:30
  has
• 5:30
  probably
• 5:31
  always
• 5:31
  been
• 5:31
  more
• 5:31
  pragmatic
• 5:32
  than
• 5:32
  other
• 5:32
  segments
• 5:32
  of
• 5:33
  retail.
• 5:33
  But
• 5:34
  you
• 5:34
  and
• 5:34
  I
• 5:34
  talk
• 5:34
  about
• 5:34
  it
• 5:34
  on
• 5:34
  our
• 5:35
  show
• 5:35
  all
• 5:35
  the
• 5:35
  time.
• 5:36
  For
• 5:36
  the
• 5:36
  last
• 5:36
  couple
• 5:36
  years,
• 5:37
  we've
• 5:37
  been
• 5:37
  calling
• 5:37
  it
• 5:37
  to
• 5:37
  show
• 5:37
  me
• 5:37
  the
• 5:38
  money
• 5:38
  year
• 5:39
  or
• 5:39
  years,
• 5:39
  because
• 5:40
  it
• 5:40
  seems
• 5:40
  like
• 5:40
  the
• 5:41
  tech
• 5:41
  investment
• 5:41
  is
• 5:41
  really
• 5:42
  just
• 5:42
  going
• 5:42
  to
• 5:42
  those
• 5:43
  things
• 5:43
  that
• 5:43
  have
• 5:44
  a
• 5:44
  card
• 5:44
  carrying
• 5:45
  case
• 5:45
  of
• 5:45
  ROI
• 5:46
  attached
• 5:46
  to
• 5:46
  them,
• 5:47
  versus
• 5:47
  the
• 5:47
  fun,
• 5:48
  fancy
• 5:48
  tech
• 5:49
  projects
• 5:49
  that
• 5:49
  everyone
• 5:49
  likes
• 5:50
  to
• 5:50
  do
• 5:50
  in
• 5:50
  their
• 5:50
  corner.
• 5:51
  Which
• 5:51
  makes
• 5:51
  sense
• 5:52
  because
• 5:52
  the
• 5:53
  issues
• 5:53
  are
• 5:53
  real,
• 5:53
  particularly
• 5:54
  the
• 5:54
  labor
• 5:54
  issues,
• 5:54
  which
• 5:55
  I've
• 5:55
  heard
• 5:55
  over
• 5:55
  and
• 5:55
  over
• 5:56
  again
• 5:56
  at
• 5:57
  this
• 5:57
  show,
• 5:57
  and
• 5:57
  coming
• 5:58
  into
• 5:58
  the
• 5:58
  show
• 5:58
  are
• 5:58
  real,
• 5:58
  and
• 5:59
  you've
• 5:59
  got
• 5:59
  to
• 5:59
  figure
• 5:59
  out
• 5:59
  what
• 5:59
  to
• 5:59
  do
• 5:59
  with
• 6:00
  them.
• 6:00
  So,
• 6:00
  yeah,
• 6:01
  pragmatism
• 6:01
  would
• 6:01
  be
• 6:01
  my
• 6:02
  word.
• 6:02
  To
• 6:02
  sum
• 6:02
  everything
• 6:02
  up.
• 6:03
  Yeah,
• 6:03
  it
• 6:03
  sometimes
• 6:04
  makes
• 6:04
  our
• 6:04
  job
• 6:04
  harder.
• 6:05
  Picking
• 6:05
  our
• 6:05
  fast
• 6:06
  five
• 6:06
  for
• 6:06
  the
• 6:06
  week.
• 6:06
  Because
• 6:06
  it
• 6:07
  used
• 6:07
  to
• 6:07
  be
• 6:07
  like,
• 6:08
  oh,
• 6:08
  my
• 6:08
  God,
• 6:09
  Amazon's
• 6:09
  gonna
• 6:09
  do
• 6:09
  this
• 6:10
  crazy
• 6:10
  new
• 6:10
  store
• 6:11
  and
• 6:11
  they're
• 6:11
  gonna
• 6:11
  make
• 6:11
  everybody
• 6:12
  use
• 6:12
  smart
• 6:12
  carts.
• 6:13
  And
• 6:13
  now
• 6:13
  it's
• 6:13
  like,
• 6:14
  well,
• 6:14
  everybody's
• 6:14
  making
• 6:15
  sound
• 6:15
  financial
• 6:15
  investments.
• 6:16
  They're
• 6:16
  thinking
• 6:17
  through
• 6:17
  these
• 6:17
  pragmatic
• 6:18
  decisions
• 6:18
  now.
• 6:19
  Just
• 6:19
  walk
• 6:19
  out
• 6:19
  is
• 6:19
  cumbersome,
• 6:20
  right?
• 6:21
  Yes.
• 6:21
  That
• 6:21
  was
• 6:21
  the
• 6:21
  quote
• 6:22
  this
• 6:22
  week,
• 6:22
  right?
• 6:22
  I
• 6:22
  mean,
• 6:23
  all
• 6:24
  creator,
• 6:24
  my
• 6:24
  colleague
• 6:24
  Joe,
• 6:25
  who
• 6:25
  wrote
• 6:25
  that
• 6:25
  it's
• 6:26
  Roi,
• 6:27
  not
• 6:27
  R
• 6:27
  and
• 6:27
  D.
• 6:28
  Yes,
• 6:28
  I
• 6:29
  think
• 6:29
  that's
• 6:29
  right.
• 6:29
  That's
• 6:29
  good.
• 6:30
  All
• 6:30
  right,
• 6:31
  let's
• 6:31
  go
• 6:31
  on
• 6:31
  to
• 6:31
  the
• 6:31
  next
• 6:32
  one.
• 6:32
  What's
• 6:33
  next
• 6:33
  for
• 6:33
  the
• 6:34
  evolution
• 6:34
  of
• 6:34
  the
• 6:34
  physical
• 6:35
  grocery
• 6:35
  store?
• 6:36
  Speaking
• 6:36
  of
• 6:36
  Amazon,
• 6:37
  Chris,
• 6:37
  we're
• 6:37
  going
• 6:37
  to
• 6:37
  you
• 6:38
  first
• 6:38
  on
• 6:38
  this
• 6:38
  one.
• 6:39
  Yeah,
• 6:39
  this
• 6:39
  one
• 6:39
  was
• 6:39
  interesting.
• 6:40
  I
• 6:40
  didn't
• 6:40
  know
• 6:40
  this.
• 6:40
  I
• 6:41
  didn't
• 6:41
  think
• 6:41
  about
• 6:41
  this
• 6:41
  at
• 6:42
  all
• 6:42
  coming
• 6:42
  in,
• 6:42
  but
• 6:43
  I
• 6:44
  think
• 6:44
  given
• 6:44
  the
• 6:44
  attention
• 6:45
  on
• 6:45
  retail
• 6:45
  media,
• 6:45
  there's
• 6:46
  going
• 6:46
  to
• 6:46
  be
• 6:46
  a
• 6:46
  continued
• 6:47
  focus
• 6:47
  to
• 6:47
  figure
• 6:47
  out
• 6:47
  how
• 6:48
  to
• 6:48
  unlock
• 6:48
  that
• 6:48
  in
• 6:48
  the
• 6:49
  store,
• 6:49
  because
• 6:49
  that's
• 6:49
  where
• 6:49
  the
• 6:49
  volume
• 6:50
  comes.
• 6:50
  And
• 6:50
  that's
• 6:50
  where
• 6:51
  most
• 6:51
  of
• 6:51
  the
• 6:51
  data
• 6:52
  is
• 6:52
  sitting
• 6:53
  latent
• 6:53
  for
• 6:53
  us
• 6:53
  to
• 6:54
  understand
• 6:54
  around
• 6:54
  all
• 6:54
  of
• 6:55
  our
• 6:55
  shoppers.
• 6:55
  And
• 6:56
  what
• 6:56
  hit
• 6:56
  the
• 6:56
  nail
• 6:56
  on
• 6:56
  the
• 6:57
  head
• 6:57
  for
• 6:57
  me
• 6:57
  with
• 6:57
  that
• 6:57
  was
• 6:57
  when
• 6:58
  Pepsi's
• 6:58
  vp
• 6:59
  of
• 6:59
  digital
• 6:59
  commerce
• 7:00
  was
• 7:00
  on
• 7:00
  stage
• 7:00
  and
• 7:01
  he
• 7:01
  was
• 7:01
  sharing
• 7:01
  actual
• 7:02
  case
• 7:02
  studies
• 7:02
  of
• 7:03
  where
• 7:03
  they've
• 7:04
  had
• 7:04
  success
• 7:05
  attributing
• 7:06
  digital
• 7:06
  media
• 7:06
  spend
• 7:07
  to
• 7:07
  in
• 7:07
  store
• 7:07
  behavior.
• 7:08
  And
• 7:08
  the
• 7:08
  two
• 7:08
  that
• 7:08
  he
• 7:08
  mentioned,
• 7:09
  which
• 7:09
  I
• 7:09
  thought
• 7:09
  were
• 7:09
  really
• 7:09
  interesting,
• 7:10
  were
• 7:10
  Sam's
• 7:11
  club
• 7:11
  now
• 7:11
  and
• 7:11
  their
• 7:11
  mobile
• 7:12
  app,
• 7:12
  because
• 7:13
  they're
• 7:13
  pumping
• 7:13
  retail
• 7:13
  media
• 7:14
  through
• 7:14
  that.
• 7:15
  Or
• 7:15
  not
• 7:15
  Sam's
• 7:16
  club
• 7:16
  now,
• 7:16
  but
• 7:16
  Sam's
• 7:16
  club
• 7:16
  and
• 7:16
  it's
• 7:17
  scanning
• 7:17
  o
• 7:17
  app.
• 7:18
  And
• 7:18
  you
• 7:18
  saw
• 7:18
  their
• 7:18
  announcements
• 7:19
  with
• 7:19
  their
• 7:19
  big
• 7:19
  store
• 7:19
  this
• 7:20
  week.
• 7:20
  And
• 7:21
  then
• 7:21
  the
• 7:21
  other
• 7:21
  one
• 7:21
  was
• 7:21
  a
• 7:21
  capercart,
• 7:22
  you
• 7:22
  know,
• 7:22
  which
• 7:23
  like
• 7:23
  folks,
• 7:23
  like
• 7:23
  some
• 7:24
  of
• 7:24
  the
• 7:24
  Chinooks
• 7:24
  teams
• 7:24
  in
• 7:24
  here
• 7:25
  today,
• 7:25
  they're
• 7:25
  deploying
• 7:26
  for
• 7:26
  that,
• 7:26
  that
• 7:27
  same
• 7:27
  reason.
• 7:27
  So
• 7:27
  I
• 7:28
  think
• 7:28
  when
• 7:28
  you
• 7:28
  talk
• 7:29
  about
• 7:29
  the
• 7:29
  physical
• 7:29
  retail
• 7:30
  store,
• 7:30
  that's,
• 7:31
  that's
• 7:32
  where
• 7:32
  we're
• 7:32
  going
• 7:32
  to
• 7:32
  see
• 7:32
  a
• 7:32
  lot
• 7:32
  of
• 7:33
  the
• 7:33
  investment
• 7:33
  in
• 7:33
  the
• 7:33
  momentum.
• 7:34
  But
• 7:34
  how
• 7:35
  you
• 7:35
  actually
• 7:35
  unlock
• 7:36
  that
• 7:36
  in
• 7:36
  a
• 7:36
  fiscally
• 7:37
  responsible
• 7:38
  way
• 7:38
  through
• 7:38
  either
• 7:38
  one
• 7:39
  of
• 7:39
  those
• 7:39
  tools,
• 7:39
  I
• 7:39
  think
• 7:40
  is
• 7:40
  still
• 7:40
  a
• 7:41
  moving
• 7:41
  target
• 7:41
  and
• 7:41
  hasn't
• 7:42
  really
• 7:42
  been
• 7:42
  determined
• 7:43
  yet,
• 7:43
  but
• 7:43
  I
• 7:44
  still
• 7:44
  see
• 7:44
  a
• 7:44
  lot
• 7:44
  of
• 7:44
  energy
• 7:45
  going
• 7:46
  in
• 7:46
  that
• 7:46
  direction.
• 7:47
  Yeah.
• 7:47
  The
• 7:47
  same
• 7:48
  session,
• 7:48
  one
• 7:49
  of
• 7:49
  the
• 7:49
  panelists
• 7:50
  totally
• 7:50
  dissed
• 7:51
  your
• 7:51
  Walmart
• 7:51
  radio
• 7:52
  as
• 7:52
  the
• 7:52
  perfect
• 7:53
  in
• 7:53
  store
• 7:53
  media
• 7:53
  execution.
• 7:54
  I
• 7:54
  know
• 7:54
  you
• 7:54
  were
• 7:55
  very
• 7:55
  disappointed
• 7:55
  about
• 7:56
  that.
• 7:56
  Yes.
• 7:57
  Rock,
• 7:58
  where
• 7:58
  do
• 7:58
  you
• 7:58
  stand
• 7:58
  anything
• 7:59
  here
• 7:59
  that
• 7:59
  you
• 7:59
  would
• 7:59
  throw
• 8:00
  in?
• 8:00
  What
• 8:00
  components
• 8:01
  are
• 8:01
  in
• 8:01
  the
• 8:02
  next
• 8:02
  evolution
• 8:02
  of
• 8:03
  physical
• 8:03
  grocery?
• 8:04
  Yeah.
• 8:04
  Yeah.
• 8:04
  So
• 8:05
  I
• 8:05
  don't
• 8:05
  want
• 8:05
  to
• 8:05
  keep
• 8:06
  rehashing
• 8:07
  some
• 8:07
  of
• 8:07
  the
• 8:07
  things
• 8:07
  that
• 8:07
  we
• 8:07
  talked
• 8:08
  about
• 8:08
  just
• 8:08
  earlier
• 8:09
  as
• 8:09
  part
• 8:09
  of
• 8:09
  the
• 8:10
  zeitgeist
• 8:10
  presentation,
• 8:11
  but
• 8:11
  I
• 8:11
  think
• 8:11
  in
• 8:12
  terms
• 8:12
  of,
• 8:13
  in
• 8:13
  addition
• 8:13
  to
• 8:14
  kind
• 8:14
  of
• 8:14
  unlocking
• 8:15
  retail
• 8:15
  media
• 8:16
  in
• 8:16
  store,
• 8:16
  I
• 8:16
  think,
• 8:16
  you
• 8:17
  know,
• 8:17
  still
• 8:17
  those
• 8:17
  technology
• 8:18
  investments
• 8:18
  that
• 8:18
  are
• 8:19
  going
• 8:19
  to
• 8:19
  help
• 8:19
  make
• 8:19
  the
• 8:19
  store
• 8:20
  more
• 8:20
  efficient
• 8:21
  are
• 8:21
  super
• 8:21
  important
• 8:22
  as
• 8:22
  well.
• 8:23
  You
• 8:23
  know,
• 8:23
  what
• 8:23
  I'm
• 8:23
  thinking
• 8:23
  about
• 8:24
  right
• 8:24
  now,
• 8:24
  and
• 8:24
  that's
• 8:24
  coming
• 8:25
  to
• 8:25
  mind
• 8:25
  is
• 8:25
  just
• 8:26
  the
• 8:27
  different
• 8:28
  technology
• 8:28
  that
• 8:28
  can
• 8:29
  help
• 8:29
  with
• 8:29
  assessing
• 8:30
  kind
• 8:30
  of
• 8:30
  out
• 8:30
  of
• 8:30
  stock.
• 8:31
  BJ's
• 8:32
  has
• 8:33
  rolled
• 8:33
  that
• 8:33
  out
• 8:34
  and
• 8:34
  partnered
• 8:34
  with
• 8:35
  tally
• 8:36
  and
• 8:36
  that's
• 8:37
  on
• 8:37
  all
• 8:37
  of
• 8:37
  their
• 8:38
  stores.
• 8:38
  I
• 8:38
  think
• 8:38
  it's
• 8:39
  one
• 8:39
  of
• 8:39
  those
• 8:40
  technologies
• 8:40
  where
• 8:41
  we're
• 8:41
  seeing
• 8:41
  it
• 8:41
  kind
• 8:42
  of
• 8:42
  being
• 8:43
  adopted
• 8:44
  so
• 8:44
  well
• 8:44
  that
• 8:45
  it's
• 8:45
  kind
• 8:45
  of
• 8:45
  scaled.
• 8:46
  And
• 8:46
  so
• 8:46
  we
• 8:46
  think
• 8:47
  that
• 8:47
  obviously
• 8:47
  there
• 8:47
  are
• 8:48
  going
• 8:48
  to
• 8:48
  be
• 8:49
  other
• 8:49
  technologies
• 8:50
  that
• 8:50
  people
• 8:50
  are
• 8:50
  interested
• 8:51
  in
• 8:51
  that
• 8:51
  are
• 8:52
  going
• 8:52
  to
• 8:52
  unlock
• 8:52
  and
• 8:52
  efficiencies,
• 8:53
  make
• 8:53
  things
• 8:54
  easier.
• 8:54
  I'm
• 8:54
  also
• 8:55
  thinking
• 8:55
  about
• 8:55
  different
• 8:56
  technologies
• 8:56
  that
• 8:56
  can
• 8:56
  help
• 8:57
  with
• 8:57
  fulfillment
• 8:58
  and
• 8:59
  store
• 8:59
  picking
• 9:00
  as
• 9:00
  well.
• 9:01
  So
• 9:01
  those
• 9:01
  are
• 9:02
  probably
• 9:02
  equally
• 9:02
  important.
• 9:03
  Yeah,
• 9:04
  yeah.
• 9:04
  I
• 9:05
  mean,
• 9:05
  we
• 9:05
  were,
• 9:06
  in
• 9:06
  thinking
• 9:07
  about
• 9:07
  this,
• 9:07
  we'd
• 9:07
  come
• 9:07
  up
• 9:07
  with
• 9:08
  a
• 9:08
  model
• 9:09
  that
• 9:09
  I
• 9:09
  was
• 9:09
  really
• 9:09
  proud
• 9:10
  of.
• 9:10
  It
• 9:11
  was
• 9:11
  my
• 9:11
  four
• 9:11
  c
• 9:11
  model
• 9:12
  that
• 9:12
  the
• 9:12
  role
• 9:12
  of
• 9:13
  the
• 9:13
  future
• 9:13
  store
• 9:13
  is
• 9:13
  going
• 9:13
  to
• 9:13
  be
• 9:14
  content.
• 9:14
  So
• 9:15
  store
• 9:15
  as
• 9:15
  a
• 9:15
  marketing
• 9:16
  channel,
• 9:16
  basically
• 9:17
  community,
• 9:19
  collection
• 9:20
  and
• 9:20
  convenience.
• 9:21
  But
• 9:22
  it
• 9:22
  didn't
• 9:22
  really
• 9:23
  work,
• 9:23
  because
• 9:23
  actually,
• 9:23
  by
• 9:23
  collection,
• 9:24
  we
• 9:24
  meant
• 9:24
  delivery.
• 9:25
  But
• 9:25
  I
• 9:25
  was
• 9:25
  a
• 9:25
  d,
• 9:26
  so
• 9:26
  I
• 9:26
  couldn't
• 9:26
  have
• 9:26
  that.
• 9:28
  And
• 9:28
  then
• 9:28
  Ethan
• 9:28
  from
• 9:29
  Placer
• 9:29
  AI,
• 9:29
  who
• 9:30
  some
• 9:30
  of
• 9:30
  you
• 9:30
  might
• 9:30
  know,
• 9:30
  did
• 9:30
  a
• 9:30
  presentation
• 9:31
  earlier
• 9:31
  where
• 9:31
  he
• 9:31
  completely
• 9:32
  ripped
• 9:32
  the
• 9:32
  idea
• 9:32
  of
• 9:33
  convenience
• 9:33
  to
• 9:33
  pieces
• 9:34
  and
• 9:34
  said,
• 9:34
  it's
• 9:35
  just
• 9:35
  not
• 9:35
  important
• 9:35
  at
• 9:36
  the
• 9:36
  moment.
• 9:36
  People
• 9:36
  are
• 9:36
  prepared
• 9:37
  to
• 9:37
  put
• 9:37
  in
• 9:37
  more
• 9:37
  effort,
• 9:37
  to
• 9:38
  travel
• 9:38
  more,
• 9:39
  to
• 9:39
  find
• 9:39
  the
• 9:40
  right
• 9:40
  value
• 9:40
  equation
• 9:41
  for
• 9:41
  their
• 9:41
  family.
• 9:42
  So
• 9:42
  my
• 9:42
  four
• 9:43
  c's
• 9:43
  is
• 9:43
  a
• 9:43
  little
• 9:43
  dented,
• 9:44
  if
• 9:44
  I'm
• 9:45
  honest.
• 9:45
  But
• 9:45
  I
• 9:45
  think
• 9:46
  the
• 9:46
  core
• 9:46
  of
• 9:48
  content
• 9:48
  as
• 9:48
  a
• 9:48
  marketing
• 9:49
  channel,
• 9:49
  we
• 9:49
  talked
• 9:49
  about.
• 9:50
  But
• 9:50
  the
• 9:50
  other
• 9:50
  area
• 9:51
  is
• 9:51
  about
• 9:51
  community,
• 9:52
  and
• 9:53
  we
• 9:53
  touched
• 9:53
  on
• 9:53
  it
• 9:54
  a
• 9:54
  little
• 9:54
  bit
• 9:54
  more
• 9:55
  than
• 9:55
  we
• 9:55
  have
• 9:55
  done
• 9:55
  in
• 9:55
  other
• 9:55
  shows.
• 9:56
  And
• 9:56
  I
• 9:56
  think
• 9:57
  that's
• 9:57
  so
• 9:57
  important.
• 9:59
  Franz
• 9:59
  Muller,
• 10:00
  and
• 10:00
  we've
• 10:00
  had
• 10:00
  great
• 10:00
  feedback
• 10:01
  from
• 10:01
  his
• 10:01
  opening
• 10:02
  day
• 10:02
  keynote,
• 10:04
  global
• 10:04
  CEO
• 10:04
  of
• 10:04
  Ahold
• 10:05
  Delaire's,
• 10:06
  and
• 10:06
  talked
• 10:06
  about
• 10:06
  the
• 10:06
  importance
• 10:07
  of
• 10:07
  their
• 10:07
  stores
• 10:07
  in
• 10:08
  the
• 10:08
  community,
• 10:08
  the
• 10:08
  roles
• 10:08
  in
• 10:09
  the
• 10:09
  community.
• 10:10
  I
• 10:10
  think
• 10:11
  with
• 10:11
  community,
• 10:11
  it
• 10:11
  links
• 10:11
  to
• 10:12
  purpose,
• 10:12
  which
• 10:12
  links
• 10:12
  to
• 10:12
  sustainability.
• 10:13
  We're
• 10:14
  still
• 10:14
  not
• 10:14
  talking
• 10:14
  about
• 10:15
  sustainability
• 10:15
  enough
• 10:15
  as
• 10:16
  an
• 10:16
  industry,
• 10:17
  and
• 10:17
  I
• 10:17
  think
• 10:17
  that's
• 10:17
  been
• 10:18
  absent
• 10:18
  from
• 10:18
  the
• 10:18
  conversation
• 10:19
  the
• 10:19
  last
• 10:19
  couple
• 10:19
  of
• 10:19
  days.
• 10:20
  But,
• 10:20
  yeah,
• 10:21
  this
• 10:21
  whole
• 10:21
  idea
• 10:21
  of
• 10:22
  the
• 10:22
  stores
• 10:22
  and
• 10:22
  their
• 10:23
  role
• 10:23
  in
• 10:23
  the
• 10:23
  communities,
• 10:24
  as
• 10:24
  often,
• 10:26
  they're
• 10:26
  often
• 10:26
  one
• 10:26
  of
• 10:27
  the
• 10:27
  biggest
• 10:27
  employers
• 10:28
  and
• 10:29
  one
• 10:29
  of
• 10:29
  the
• 10:29
  biggest
• 10:30
  businesses
• 10:31
  in
• 10:31
  any
• 10:31
  local
• 10:31
  community,
• 10:32
  and
• 10:32
  I
• 10:32
  don't
• 10:32
  think
• 10:33
  we're
• 10:33
  making
• 10:33
  up
• 10:33
  for
• 10:33
  that.
• 10:34
  All
• 10:34
  right,
• 10:35
  moving
• 10:36
  on.
• 10:36
  All
• 10:36
  right,
• 10:37
  my
• 10:37
  turn.
• 10:37
  Let's
• 10:37
  put
• 10:37
  four
• 10:38
  minutes
• 10:38
  on
• 10:38
  the
• 10:38
  clock.
• 10:38
  Thank
• 10:39
  you,
• 10:39
  Ann.
• 10:39
  All
• 10:39
  right,
• 10:40
  Raquan,
• 10:40
  let's
• 10:40
  go
• 10:40
  back
• 10:40
  to
• 10:40
  you.
• 10:41
  How
• 10:42
  imperative
• 10:42
  do
• 10:42
  you
• 10:42
  think
• 10:43
  adjacent
• 10:43
  or
• 10:44
  additional
• 10:44
  revenue
• 10:44
  streams
• 10:45
  are
• 10:45
  going
• 10:45
  to
• 10:45
  be
• 10:45
  for
• 10:45
  retailers
• 10:46
  and
• 10:46
  grocers
• 10:46
  going
• 10:46
  forward?
• 10:47
  Yeah.
• 10:48
  Yeah.
• 10:48
  So
• 10:48
  me
• 10:48
  and
• 10:49
  Ben
• 10:49
  almost
• 10:49
  had
• 10:50
  to
• 10:50
  battle
• 10:50
  it
• 10:50
  out
• 10:50
  for
• 10:51
  this
• 10:51
  one,
• 10:51
  because
• 10:51
  this
• 10:51
  is
• 10:52
  a
• 10:52
  topic
• 10:52
  that
• 10:52
  we're
• 10:53
  both
• 10:53
  super
• 10:54
  interested
• 10:54
  in,
• 10:55
  and
• 10:55
  I
• 10:55
  think
• 10:55
  we
• 10:55
  would
• 10:56
  say
• 10:56
  that
• 10:56
  it's
• 10:57
  resounding.
• 10:57
  Yes,
• 10:58
  it's
• 10:58
  super,
• 10:58
  super
• 10:59
  imperative
• 11:00
  that
• 11:00
  retailers
• 11:01
  be
• 11:01
  thinking
• 11:01
  about
• 11:02
  adjacent
• 11:03
  revenue
• 11:03
  streams.
• 11:04
  We
• 11:04
  shared
• 11:04
  some
• 11:04
  statistics
• 11:05
  around
• 11:06
  kind
• 11:06
  of
• 11:06
  why,
• 11:07
  what
• 11:07
  retail
• 11:08
  media
• 11:08
  could
• 11:08
  do
• 11:09
  to
• 11:09
  potential
• 11:10
  margins.
• 11:11
  But
• 11:11
  I
• 11:11
  did
• 11:11
  want
• 11:11
  to
• 11:12
  call
• 11:12
  out
• 11:12
  maybe
• 11:13
  a
• 11:13
  different
• 11:13
  statistic
• 11:14
  that
• 11:14
  we
• 11:14
  saw
• 11:15
  from
• 11:16
  Baines
• 11:17
  name
• 11:17
  only
• 11:17
  Alford
• 11:18
  when
• 11:18
  she
• 11:18
  was
• 11:18
  giving
• 11:18
  her
• 11:19
  research
• 11:20
  presentation
• 11:20
  where
• 11:21
  she
• 11:21
  said
• 11:21
  that
• 11:22
  by
• 11:22
  2030,
• 11:24
  they
• 11:25
  believe
• 11:25
  that
• 11:26
  one
• 11:26
  third
• 11:26
  to
• 11:26
  one
• 11:27
  half
• 11:27
  of
• 11:27
  the
• 11:27
  retail
• 11:28
  profit
• 11:28
  pool
• 11:28
  will
• 11:28
  be
• 11:29
  retail
• 11:30
  media.
• 11:31
  Again,
• 11:31
  I
• 11:31
  think
• 11:31
  it
• 11:31
  just
• 11:32
  shows
• 11:32
  the
• 11:33
  importance
• 11:34
  of
• 11:35
  that
• 11:36
  being
• 11:36
  kind
• 11:36
  of
• 11:36
  the
• 11:37
  way
• 11:37
  to
• 11:37
  kind
• 11:37
  of
• 11:37
  unlock
• 11:39
  growth
• 11:39
  and
• 11:40
  potential
• 11:41
  profit.
• 11:41
  And
• 11:42
  then
• 11:42
  the
• 11:42
  only
• 11:42
  other
• 11:42
  thing
• 11:43
  that
• 11:43
  I
• 11:43
  would
• 11:43
  probably
• 11:44
  add
• 11:44
  here
• 11:45
  is,
• 11:45
  while
• 11:45
  it
• 11:45
  is
• 11:46
  kind
• 11:46
  of
• 11:46
  an
• 11:46
  opportunity,
• 11:47
  that
• 11:47
  it's
• 11:47
  right
• 11:48
  smack
• 11:48
  in
• 11:48
  front
• 11:48
  of
• 11:48
  the
• 11:49
  faces
• 11:49
  of
• 11:50
  retailers,
• 11:50
  I
• 11:51
  think
• 11:51
  you
• 11:51
  still
• 11:51
  need
• 11:52
  to
• 11:52
  be
• 11:52
  pretty
• 11:52
  smart
• 11:52
  and
• 11:53
  strategic
• 11:53
  about
• 11:54
  how
• 11:55
  you
• 11:55
  enter
• 11:55
  that
• 11:56
  opportunity
• 11:56
  and
• 11:57
  make
• 11:57
  sure
• 11:57
  that
• 11:57
  you're
• 11:58
  delivering
• 11:58
  on
• 11:59
  targeting
• 11:59
  and
• 12:00
  you're
• 12:01
  getting
• 12:01
  the
• 12:01
  measurement
• 12:02
  right
• 12:02
  and
• 12:02
  you're
• 12:02
  delivering
• 12:03
  the
• 12:03
  value
• 12:04
  to
• 12:04
  the
• 12:04
  brands
• 12:05
  so
• 12:05
  that
• 12:05
  you
• 12:06
  can
• 12:06
  make
• 12:06
  it
• 12:06
  all
• 12:07
  work
• 12:07
  and
• 12:08
  not
• 12:08
  just
• 12:09
  doing
• 12:10
  a
• 12:10
  half
• 12:10
  hazard
• 12:10
  drop
• 12:11
  at
• 12:11
  it.
• 12:12
  And
• 12:12
  there's
• 12:12
  still
• 12:13
  so
• 12:13
  far
• 12:13
  to
• 12:14
  go
• 12:14
  on
• 12:14
  that
• 12:15
  we're
• 12:15
  just
• 12:16
  a
• 12:16
  day
• 12:16
  one
• 12:16
  in
• 12:17
  every
• 12:17
  stage
• 12:17
  on
• 12:17
  that.
• 12:17
  I
• 12:17
  mean,
• 12:18
  yeah.
• 12:18
  Ben,
• 12:18
  do
• 12:18
  you
• 12:19
  think,
• 12:19
  is
• 12:19
  it
• 12:19
  all
• 12:19
  about
• 12:19
  retail
• 12:20
  media
• 12:20
  for
• 12:20
  the
• 12:20
  additional
• 12:21
  revenue
• 12:21
  streams,
• 12:21
  or
• 12:21
  is
• 12:21
  it
• 12:22
  mostly
• 12:22
  about
• 12:22
  it?
• 12:22
  Like,
• 12:23
  how
• 12:23
  do
• 12:23
  you
• 12:23
  think
• 12:23
  about
• 12:23
  that?
• 12:25
  So
• 12:25
  it
• 12:26
  shouldn't
• 12:26
  be.
• 12:27
  It
• 12:27
  shouldn't
• 12:27
  be.
• 12:28
  But
• 12:28
  retail
• 12:28
  media
• 12:29
  is
• 12:29
  absolutely
• 12:29
  dominating.
• 12:31
  Data
• 12:32
  monetization
• 12:32
  is
• 12:33
  really
• 12:33
  big,
• 12:34
  and
• 12:34
  selling
• 12:35
  insight
• 12:35
  and
• 12:35
  selling
• 12:36
  software
• 12:37
  and
• 12:37
  selling
• 12:38
  consultancy
• 12:38
  and
• 12:39
  selling
• 12:39
  hardware
• 12:40
  is
• 12:40
  also
• 12:40
  a
• 12:40
  big
• 12:40
  part
• 12:40
  of
• 12:40
  it.
• 12:41
  But
• 12:41
  retail
• 12:41
  media
• 12:42
  is
• 12:42
  just
• 12:42
  kind
• 12:42
  of
• 12:42
  gobbling
• 12:43
  up
• 12:43
  all
• 12:43
  of
• 12:43
  the
• 12:43
  oxygen
• 12:44
  in
• 12:44
  the
• 12:44
  room
• 12:45
  on
• 12:45
  this
• 12:45
  one.
• 12:45
  And
• 12:46
  if
• 12:46
  there
• 12:47
  was
• 12:47
  a
• 12:47
  great
• 12:47
  illustration
• 12:48
  for
• 12:48
  that
• 12:49
  for
• 12:49
  me,
• 12:49
  so
• 12:49
  two
• 12:50
  years
• 12:50
  ago,
• 12:50
  some
• 12:51
  of
• 12:51
  you
• 12:51
  would
• 12:51
  have
• 12:51
  been
• 12:51
  here.
• 12:52
  Shop
• 12:52
  talk
• 12:53
  grocery
• 12:54
  shop
• 12:55
  22.
• 12:56
  We
• 12:56
  had
• 12:57
  a
• 12:57
  keynote
• 12:58
  panel
• 12:58
  and
• 12:59
  it
• 12:59
  was
• 12:59
  all
• 12:59
  about
• 12:59
  e
• 12:59
  commerce
• 12:59
  profitability.
• 13:00
  And
• 13:00
  one
• 13:01
  of
• 13:01
  the
• 13:01
  participants
• 13:01
  was
• 13:01
  Natalie
• 13:02
  Knight,
• 13:02
  who
• 13:02
  was
• 13:02
  then
• 13:02
  CFO
• 13:03
  from
• 13:03
  Aholdelez.
• 13:04
  And
• 13:04
  she
• 13:05
  publicly
• 13:06
  stated
• 13:06
  that
• 13:06
  their
• 13:06
  ambition
• 13:07
  was
• 13:07
  to
• 13:07
  grow
• 13:07
  a
• 13:08
  retail
• 13:08
  media
• 13:08
  business
• 13:09
  worth
• 13:09
  a
• 13:10
  billion
• 13:10
  dollars.
• 13:11
  So
• 13:11
  that
• 13:11
  was
• 13:11
  just
• 13:12
  two
• 13:12
  years
• 13:12
  ago.
• 13:13
  Franz
• 13:13
  Muller
• 13:14
  on
• 13:14
  Monday.
• 13:14
  The
• 13:15
  ambition
• 13:15
  now
• 13:15
  in
• 13:15
  a
• 13:15
  strategy
• 13:16
  is
• 13:16
  $3
• 13:16
  billion
• 13:18
  for
• 13:18
  their
• 13:18
  adjacent
• 13:19
  revenue
• 13:19
  streams.
• 13:19
  So
• 13:20
  that,
• 13:20
  for
• 13:21
  me,
• 13:21
  illustrated
• 13:21
  the
• 13:22
  speed
• 13:22
  of
• 13:23
  change.
• 13:25
  I
• 13:25
  guess
• 13:25
  one
• 13:25
  of
• 13:25
  the
• 13:25
  other
• 13:26
  things
• 13:27
  we'd
• 13:27
  thought
• 13:27
  about
• 13:28
  it
• 13:28
  as
• 13:28
  a
• 13:28
  way
• 13:28
  to
• 13:29
  offset
• 13:29
  the
• 13:29
  rising
• 13:29
  cost
• 13:29
  of
• 13:30
  e.com.
• 13:30
  and
• 13:31
  I
• 13:31
  had
• 13:31
  a
• 13:31
  conversation
• 13:31
  with
• 13:32
  two
• 13:32
  grocers
• 13:32
  on
• 13:32
  Sunday
• 13:33
  evening,
• 13:34
  both
• 13:34
  of
• 13:34
  whom
• 13:34
  have
• 13:35
  got
• 13:35
  very
• 13:35
  small
• 13:36
  e
• 13:36
  commerce
• 13:36
  businesses
• 13:37
  and
• 13:37
  both
• 13:37
  of
• 13:37
  whom
• 13:37
  said
• 13:38
  their
• 13:38
  number
• 13:38
  one
• 13:38
  priority
• 13:38
  was
• 13:39
  retail
• 13:39
  media.
• 13:39
  So
• 13:40
  it's
• 13:40
  kind
• 13:40
  of
• 13:40
  more
• 13:40
  than
• 13:41
  just
• 13:41
  offsetting.
• 13:41
  It's
• 13:41
  actually
• 13:42
  just
• 13:42
  how
• 13:42
  do
• 13:42
  we,
• 13:42
  how
• 13:43
  do
• 13:43
  we
• 13:43
  grade
• 13:43
  this
• 13:43
  profit
• 13:43
  pool?
• 13:45
  But
• 13:45
  the
• 13:45
  other
• 13:45
  thing
• 13:45
  is
• 13:46
  that
• 13:46
  there
• 13:46
  seems
• 13:46
  to
• 13:46
  be
• 13:46
  this.
• 13:47
  The
• 13:47
  big
• 13:48
  are
• 13:48
  going
• 13:48
  to
• 13:48
  really
• 13:49
  benefit
• 13:49
  here,
• 13:50
  and
• 13:50
  the
• 13:50
  small
• 13:51
  will
• 13:51
  benefit
• 13:51
  because
• 13:52
  they
• 13:52
  can
• 13:52
  buy
• 13:52
  services
• 13:53
  from
• 13:53
  the
• 13:53
  big.
• 13:53
  And
• 13:53
  it's
• 13:53
  the
• 13:54
  bit
• 13:54
  in
• 13:54
  the
• 13:54
  middle
• 13:54
  I
• 13:54
  worry
• 13:54
  about.
• 13:55
  Anne?
• 13:56
  Yeah,
• 13:56
  I
• 13:56
  think
• 13:57
  the
• 13:57
  thing
• 13:57
  that
• 13:57
  we
• 13:57
  didn't
• 13:57
  talk
• 13:58
  a
• 13:58
  lot
• 13:58
  about
• 13:58
  here,
• 13:59
  that
• 13:59
  is
• 13:59
  also
• 13:59
  another
• 14:00
  adjacent
• 14:00
  revenue
• 14:00
  stream.
• 14:01
  Amazon
• 14:01
  is
• 14:02
  a
• 14:02
  great
• 14:02
  case
• 14:02
  in
• 14:02
  point,
• 14:03
  is
• 14:03
  membership
• 14:03
  programs.
• 14:04
  I
• 14:05
  think
• 14:05
  there's
• 14:05
  a
• 14:05
  lot
• 14:06
  of
• 14:07
  benefit
• 14:07
  to
• 14:07
  be
• 14:08
  had
• 14:08
  on
• 14:09
  one
• 14:09
  hand
• 14:09
  from
• 14:10
  just
• 14:10
  getting,
• 14:11
  getting
• 14:11
  your
• 14:11
  customer
• 14:12
  to
• 14:12
  be
• 14:12
  more
• 14:12
  sticky
• 14:13
  because
• 14:13
  you're
• 14:13
  offering
• 14:14
  them
• 14:14
  so
• 14:14
  many
• 14:14
  things
• 14:15
  for
• 14:15
  that
• 14:16
  monthly
• 14:16
  membership,
• 14:17
  but
• 14:17
  also
• 14:17
  you
• 14:17
  get
• 14:18
  to
• 14:18
  know
• 14:18
  more
• 14:18
  about
• 14:18
  them,
• 14:19
  which
• 14:19
  then
• 14:19
  I
• 14:20
  think
• 14:20
  helps
• 14:20
  feed
• 14:20
  into
• 14:21
  personalized
• 14:22
  shopping
• 14:22
  experiences.
• 14:22
  It
• 14:23
  feeds
• 14:23
  into
• 14:23
  your
• 14:23
  retail
• 14:24
  media
• 14:25
  possibilities.
• 14:25
  And
• 14:25
  so
• 14:26
  I
• 14:26
  think
• 14:26
  that's
• 14:26
  another
• 14:27
  area
• 14:27
  where
• 14:27
  grocers
• 14:28
  really
• 14:28
  need
• 14:28
  to
• 14:28
  start
• 14:28
  thinking
• 14:28
  about
• 14:29
  partnerships
• 14:29
  and
• 14:29
  what
• 14:30
  makes
• 14:30
  the
• 14:30
  most
• 14:30
  sense
• 14:30
  to
• 14:31
  like,
• 14:31
  get
• 14:31
  people
• 14:31
  to
• 14:32
  stay
• 14:32
  consistent
• 14:33
  with
• 14:33
  them
• 14:34
  as
• 14:34
  a
• 14:34
  retailer.
• 14:35
  Yeah,
• 14:35
  and
• 14:35
  Kroger
• 14:35
  had
• 14:35
  the
• 14:36
  big
• 14:36
  Disney
• 14:36
  plus
• 14:36
  announcement
• 14:37
  this
• 14:37
  week
• 14:37
  to
• 14:37
  that
• 14:37
  point.
• 14:38
  All
• 14:39
  right,
• 14:39
  Anne,
• 14:39
  let's
• 14:39
  go
• 14:39
  back
• 14:39
  to
• 14:39
  you
• 14:40
  for
• 14:40
  the
• 14:40
  first
• 14:41
  1st
• 14:41
  response
• 14:42
  on
• 14:42
  this
• 14:42
  one.
• 14:43
  What's
• 14:43
  the
• 14:43
  best
• 14:44
  AI
• 14:44
  use
• 14:45
  case
• 14:45
  or
• 14:45
  case
• 14:45
  study
• 14:46
  that
• 14:46
  you
• 14:46
  heard
• 14:46
  here
• 14:46
  at
• 14:47
  grocery
• 14:47
  shop?
• 14:47
  I
• 14:47
  mean,
• 14:48
  coming
• 14:48
  from
• 14:49
  a
• 14:49
  production
• 14:50
  team
• 14:50
  at
• 14:51
  a
• 14:51
  major
• 14:52
  top
• 14:52
  ten
• 14:52
  us
• 14:53
  retailer
• 14:53
  at
• 14:53
  Target,
• 14:54
  I
• 14:54
  have
• 14:54
  to
• 14:54
  say
• 14:55
  that
• 14:55
  where
• 14:55
  I'm
• 14:56
  hearing
• 14:56
  the
• 14:56
  most
• 14:57
  investment
• 14:57
  in
• 14:57
  Gen
• 14:57
  AI
• 14:58
  right
• 14:58
  now
• 14:58
  across
• 14:58
  the
• 14:59
  board
• 14:59
  is
• 15:00
  in
• 15:01
  personalization
• 15:01
  when
• 15:02
  it
• 15:02
  comes
• 15:02
  to
• 15:02
  marketing
• 15:02
  materials.
• 15:03
  So
• 15:03
  the
• 15:03
  ability
• 15:04
  to
• 15:04
  really
• 15:05
  drive
• 15:05
  in
• 15:06
  and,
• 15:06
  and
• 15:07
  take
• 15:07
  a
• 15:07
  $300,000
• 15:09
  photo
• 15:09
  shoot
• 15:09
  budget
• 15:10
  to
• 15:10
  shoot
• 15:10
  just
• 15:11
  basic
• 15:11
  product
• 15:12
  photography
• 15:12
  on
• 15:13
  different
• 15:13
  sets
• 15:13
  and
• 15:13
  backgrounds
• 15:14
  now
• 15:15
  can
• 15:15
  be
• 15:16
  divvied
• 15:16
  out
• 15:17
  by
• 15:17
  what
• 15:18
  region
• 15:18
  of
• 15:18
  the
• 15:18
  country
• 15:19
  this
• 15:19
  person
• 15:19
  is.
• 15:19
  And
• 15:20
  it
• 15:20
  costs
• 15:20
  tens
• 15:21
  of
• 15:21
  cents,
• 15:22
  tenths
• 15:22
  of
• 15:22
  cents
• 15:23
  on
• 15:23
  the
• 15:23
  dollar
• 15:24
  to
• 15:24
  create
• 15:24
  those
• 15:25
  images
• 15:25
  when
• 15:25
  it
• 15:26
  used
• 15:26
  to
• 15:26
  be
• 15:27
  a
• 15:27
  team
• 15:27
  of
• 15:27
  25
• 15:28
  people
• 15:29
  and
• 15:29
  a
• 15:30
  budget
• 15:30
  of
• 15:30
  hundreds
• 15:30
  of
• 15:31
  thousands
• 15:31
  of
• 15:31
  dollars.
• 15:31
  And
• 15:32
  the
• 15:32
  impact
• 15:32
  that
• 15:32
  I
• 15:33
  think
• 15:33
  retailers
• 15:34
  are
• 15:34
  starting
• 15:34
  to
• 15:34
  see
• 15:34
  from
• 15:35
  that
• 15:35
  are
• 15:35
  going
• 15:35
  to
• 15:36
  have
• 15:36
  a
• 15:36
  huge
• 15:36
  impact
• 15:37
  on
• 15:37
  the
• 15:37
  industry
• 15:38
  and
• 15:38
  change
• 15:38
  a
• 15:39
  lot
• 15:39
  of
• 15:39
  jobs
• 15:39
  for
• 15:39
  a
• 15:40
  lot
• 15:40
  of
• 15:40
  people
• 15:40
  working
• 15:40
  in
• 15:41
  those
• 15:41
  departments.
• 15:42
  Pretty
• 15:42
  compelling.
• 15:43
  Brock?
• 15:43
  Yeah,
• 15:44
  I
• 15:44
  would
• 15:45
  agree
• 15:45
  that
• 15:45
  we're
• 15:46
  definitely
• 15:46
  seeing
• 15:47
  it
• 15:48
  unlocking
• 15:48
  creativity
• 15:49
  and
• 15:50
  in
• 15:50
  marketing
• 15:50
  efficiency.
• 15:51
  We
• 15:52
  had
• 15:52
  a
• 15:52
  speaker
• 15:52
  who
• 15:52
  I
• 15:53
  see
• 15:53
  in
• 15:53
  the
• 15:53
  audience
• 15:53
  here,
• 15:54
  MTs,
• 15:55
  who's
• 15:55
  the
• 15:56
  head
• 15:56
  of
• 15:56
  performance
• 15:56
  marketing
• 15:57
  at
• 15:58
  Wreck
• 15:58
  it.
• 15:58
  And
• 15:58
  he
• 15:59
  talked
• 15:59
  a
• 15:59
  lot
• 15:59
  about
• 16:00
  how
• 16:01
  you
• 16:01
  can
• 16:01
  leverage
• 16:01
  generative
• 16:02
  AI
• 16:03
  to
• 16:03
  just
• 16:03
  be
• 16:04
  more
• 16:04
  efficient
• 16:04
  with
• 16:05
  your
• 16:05
  marketing
• 16:06
  to
• 16:06
  help
• 16:06
  with
• 16:06
  tagging
• 16:07
  a
• 16:08
  content.
• 16:08
  And
• 16:08
  I
• 16:08
  believe
• 16:09
  he
• 16:09
  mentioned
• 16:09
  that
• 16:10
  it
• 16:10
  led
• 16:11
  to
• 16:11
  kind
• 16:11
  of
• 16:11
  a
• 16:11
  reduction
• 16:12
  in
• 16:12
  hours,
• 16:13
  in
• 16:13
  time
• 16:13
  put
• 16:13
  in
• 16:14
  by
• 16:14
  being
• 16:14
  like
• 16:15
  50%.
• 16:15
  So
• 16:17
  really
• 16:18
  great
• 16:19
  example
• 16:19
  of
• 16:19
  that.
• 16:20
  I
• 16:20
  guess
• 16:20
  my
• 16:21
  additional
• 16:22
  comment
• 16:22
  here
• 16:22
  would
• 16:23
  be
• 16:23
  that
• 16:24
  we've
• 16:25
  kind
• 16:25
  of
• 16:25
  created
• 16:26
  what
• 16:26
  we
• 16:26
  kind
• 16:26
  of
• 16:26
  see
• 16:26
  as
• 16:27
  the
• 16:27
  framework
• 16:27
  for
• 16:28
  what
• 16:28
  degenerative
• 16:29
  AI
• 16:29
  use
• 16:30
  cases
• 16:30
  could
• 16:30
  potentially
• 16:31
  be.
• 16:32
  We
• 16:32
  talked
• 16:32
  about
• 16:32
  how
• 16:33
  it
• 16:33
  can
• 16:33
  unlock
• 16:34
  efficiencies,
• 16:34
  how
• 16:35
  it
• 16:35
  could
• 16:36
  propel
• 16:37
  and
• 16:37
  drive
• 16:37
  creativity,
• 16:38
  and
• 16:39
  the
• 16:39
  last
• 16:39
  one
• 16:40
  being
• 16:40
  how
• 16:40
  it
• 16:40
  could
• 16:40
  transform
• 16:41
  shopping
• 16:41
  experiences.
• 16:42
  That
• 16:43
  last
• 16:43
  one
• 16:43
  is
• 16:43
  probably
• 16:44
  the
• 16:44
  part
• 16:44
  where
• 16:44
  we
• 16:44
  weren't
• 16:45
  seeing
• 16:45
  like
• 16:45
  too,
• 16:46
  too,
• 16:46
  too
• 16:46
  much
• 16:47
  here
• 16:47
  at
• 16:47
  the
• 16:48
  show.
• 16:48
  So
• 16:49
  we'll
• 16:49
  be
• 16:49
  very
• 16:49
  keen
• 16:50
  to
• 16:50
  kind
• 16:50
  of
• 16:50
  see
• 16:50
  what
• 16:51
  that
• 16:51
  looks
• 16:51
  like
• 16:51
  in
• 16:51
  the
• 16:51
  future.
• 16:52
  Obviously,
• 16:53
  there's
• 16:53
  the
• 16:53
  leaders
• 16:53
  like
• 16:54
  Walmart
• 16:54
  and
• 16:55
  Carrefour
• 16:56
  who
• 16:57
  are
• 16:57
  developing
• 16:57
  more
• 16:58
  consumer
• 16:58
  facing
• 16:59
  technologies
• 17:00
  that
• 17:00
  could
• 17:02
  offer
• 17:03
  a
• 17:03
  better
• 17:03
  shopping
• 17:04
  experience
• 17:04
  by
• 17:04
  using
• 17:05
  generative
• 17:05
  AI.
• 17:06
  So
• 17:06
  I
• 17:07
  think
• 17:07
  we'll
• 17:07
  continue
• 17:07
  to
• 17:07
  see
• 17:08
  how
• 17:08
  they're
• 17:08
  progressing
• 17:09
  with
• 17:09
  that.
• 17:11
  And
• 17:11
  I
• 17:11
  guess
• 17:11
  maybe
• 17:12
  the
• 17:12
  only
• 17:12
  other
• 17:12
  thing
• 17:13
  to
• 17:13
  mention
• 17:14
  would
• 17:14
  be
• 17:14
  that
• 17:15
  we
• 17:15
  did
• 17:15
  find
• 17:15
  out
• 17:16
  through
• 17:16
  our
• 17:17
  startup
• 17:17
  pitch
• 17:18
  program
• 17:18
  that
• 17:18
  there
• 17:18
  is
• 17:19
  interest
• 17:19
  in
• 17:20
  Genai
• 17:21
  startups
• 17:21
  because
• 17:22
  a
• 17:22
  company
• 17:22
  called
• 17:22
  simulate
• 17:23
  AI
• 17:24
  won
• 17:24
  starter
• 17:25
  pitch
• 17:25
  competition
• 17:26
  and
• 17:26
  they're
• 17:27
  kind
• 17:27
  of
• 17:27
  focused
• 17:27
  on
• 17:28
  leveraging
• 17:28
  gen
• 17:28
  area
• 17:28
  of
• 17:29
  AI
• 17:29
  for
• 17:30
  search.
• 17:31
  And
• 17:31
  that
• 17:31
  really
• 17:31
  surprised
• 17:32
  me.
• 17:32
  It
• 17:32
  feels
• 17:32
  like
• 17:32
  we're
• 17:33
  so
• 17:33
  far
• 17:33
  past
• 17:33
  the
• 17:34
  peak
• 17:34
  of
• 17:34
  Genai
• 17:35
  hype
• 17:36
  for
• 17:36
  a
• 17:36
  Genii
• 17:37
  company
• 17:37
  to
• 17:37
  win
• 17:37
  startup
• 17:38
  pitch,
• 17:38
  which
• 17:39
  is
• 17:39
  an
• 17:39
  audience
• 17:39
  vote
• 17:40
  I
• 17:40
  thought
• 17:40
  was
• 17:41
  really
• 17:41
  interesting
• 17:42
  for
• 17:42
  me.
• 17:43
  Some
• 17:43
  of
• 17:43
  what
• 17:43
  I've
• 17:43
  heard
• 17:44
  leans
• 17:45
  into
• 17:45
  this,
• 17:45
  what's
• 17:45
  been
• 17:46
  a
• 17:46
  theme
• 17:46
  of
• 17:46
  the
• 17:46
  show,
• 17:47
  which
• 17:47
  has
• 17:47
  been
• 17:47
  around
• 17:49
  making
• 17:50
  and
• 17:50
  the
• 17:50
  importance
• 17:51
  right
• 17:51
  now
• 17:51
  in
• 17:51
  the
• 17:52
  current
• 17:52
  climate,
• 17:52
  current
• 17:52
  industry
• 17:53
  of
• 17:53
  making
• 17:53
  really
• 17:53
  small
• 17:53
  incremental
• 17:54
  gains.
• 17:55
  Now,
• 17:55
  in
• 17:55
  the
• 17:55
  previous
• 17:55
  panel
• 17:56
  before,
• 17:56
  I've
• 17:56
  just
• 17:56
  heard
• 17:57
  Adgil
• 17:57
  Hop,
• 17:57
  who
• 17:58
  leads
• 17:58
  the
• 17:58
  global
• 17:59
  grocery
• 17:59
  practice
• 17:59
  of
• 18:00
  Deloitte,
• 18:00
  basically
• 18:01
  say
• 18:01
  that
• 18:01
  that's
• 18:01
  rubbish,
• 18:01
  we
• 18:01
  should
• 18:02
  be
• 18:02
  focusing
• 18:02
  on
• 18:02
  a
• 18:02
  big
• 18:02
  picture.
• 18:03
  But
• 18:03
  when
• 18:03
  you're
• 18:03
  only
• 18:04
  making
• 18:04
  like
• 18:05
  0.9
• 18:06
  of
• 18:06
  a
• 18:06
  percent
• 18:06
  on
• 18:07
  margin
• 18:08
  at
• 18:08
  scale,
• 18:09
  all
• 18:09
  these
• 18:09
  tiny
• 18:10
  little
• 18:10
  incremental
• 18:10
  things
• 18:11
  really
• 18:11
  matter
• 18:11
  and
• 18:12
  really
• 18:12
  build
• 18:12
  up
• 18:12
  in
• 18:13
  our
• 18:13
  industry.
• 18:14
  And
• 18:15
  there
• 18:16
  was
• 18:16
  a
• 18:16
  great
• 18:16
  presentation
• 18:17
  from
• 18:18
  Caleb
• 18:18
  Carr
• 18:19
  from
• 18:19
  snook
• 18:19
  markets,
• 18:20
  and
• 18:20
  he
• 18:20
  used
• 18:20
  this
• 18:21
  great
• 18:21
  term
• 18:21
  which
• 18:21
  was
• 18:21
  about
• 18:22
  they're
• 18:22
  using
• 18:23
  genai
• 18:23
  to
• 18:24
  automate
• 18:24
  hate.
• 18:26
  So
• 18:27
  you're
• 18:27
  not
• 18:27
  suddenly
• 18:27
  going
• 18:27
  to
• 18:28
  see
• 18:28
  lots
• 18:28
  of
• 18:29
  awful
• 18:29
  social
• 18:30
  media
• 18:30
  posts
• 18:30
  from
• 18:30
  snooks.
• 18:31
  That's
• 18:31
  not
• 18:32
  their
• 18:32
  style.
• 18:32
  What
• 18:32
  he
• 18:32
  meant
• 18:33
  is
• 18:33
  how
• 18:34
  you
• 18:34
  remove
• 18:34
  the
• 18:35
  things
• 18:35
  that
• 18:35
  people
• 18:36
  don't
• 18:36
  like
• 18:36
  doing
• 18:37
  to
• 18:37
  be
• 18:37
  able
• 18:37
  to
• 18:37
  free
• 18:38
  up
• 18:38
  time
• 18:38
  to
• 18:38
  add
• 18:38
  value.
• 18:39
  And
• 18:40
  that,
• 18:40
  I
• 18:41
  think
• 18:41
  is
• 18:41
  really
• 18:41
  valuable
• 18:41
  for
• 18:42
  us
• 18:42
  to
• 18:42
  think
• 18:42
  about.
• 18:43
  Whoa,
• 18:44
  you
• 18:44
  just
• 18:44
  made
• 18:44
  it.
• 18:45
  Close
• 18:45
  call
• 18:46
  then.
• 18:46
  All
• 18:46
  right,
• 18:47
  next
• 18:48
  one.
• 18:48
  Technology
• 18:49
  that
• 18:49
  excited
• 18:50
  you
• 18:50
  the
• 18:50
  most
• 18:51
  these
• 18:51
  last
• 18:52
  three
• 18:52
  days.
• 18:54
  Raquan,
• 18:54
  let's
• 18:55
  go
• 18:55
  to
• 18:55
  you
• 18:55
  first.
• 18:56
  Yeah,
• 18:56
  yeah.
• 18:57
  I
• 18:57
  think
• 18:57
  the
• 18:57
  technology
• 18:58
  that
• 18:58
  I
• 18:58
  was
• 18:59
  super
• 18:59
  excited
• 18:59
  about,
• 19:00
  and
• 19:00
  I
• 19:00
  might
• 19:00
  get
• 19:00
  some
• 19:01
  like,
• 19:01
  grunts
• 19:02
  or
• 19:02
  groans
• 19:02
  in
• 19:03
  the
• 19:04
  audience,
• 19:04
  but
• 19:05
  it
• 19:05
  was
• 19:05
  definitely
• 19:06
  to
• 19:07
  Anne,
• 19:07
  your
• 19:07
  point?
• 19:08
  The
• 19:09
  use
• 19:09
  of
• 19:10
  technology
• 19:11
  to
• 19:11
  kind
• 19:11
  of
• 19:11
  drive
• 19:12
  in
• 19:12
  store
• 19:13
  retail
• 19:13
  media.
• 19:14
  So
• 19:14
  whether
• 19:15
  it's
• 19:15
  the
• 19:15
  opportunity
• 19:16
  that
• 19:17
  Instacart
• 19:18
  Capercart
• 19:19
  could
• 19:19
  provide
• 19:20
  or
• 19:21
  potentially
• 19:22
  with
• 19:22
  the
• 19:23
  scan
• 19:23
  and
• 19:23
  go
• 19:24
  app
• 19:24
  that
• 19:25
  Sam's
• 19:25
  Club
• 19:26
  is
• 19:26
  building,
• 19:26
  I
• 19:27
  think
• 19:27
  those
• 19:27
  are
• 19:28
  the
• 19:29
  opportunities
• 19:29
  within
• 19:31
  in
• 19:31
  store
• 19:31
  retail
• 19:32
  media
• 19:32
  that
• 19:33
  excite
• 19:33
  me.
• 19:34
  I
• 19:34
  think
• 19:34
  some
• 19:34
  of
• 19:35
  the
• 19:35
  other
• 19:35
  ways
• 19:35
  that
• 19:36
  you
• 19:36
  can
• 19:36
  use,
• 19:37
  you
• 19:37
  can
• 19:37
  kind
• 19:37
  of
• 19:37
  drive
• 19:37
  in
• 19:38
  store
• 19:38
  retail
• 19:38
  media,
• 19:39
  I'm
• 19:39
  not
• 19:39
  so
• 19:39
  certain
• 19:40
  about,
• 19:40
  like,
• 19:40
  whether
• 19:40
  it's
• 19:41
  just
• 19:41
  about
• 19:41
  kind
• 19:42
  of
• 19:42
  growing
• 19:42
  digital
• 19:43
  screens
• 19:43
  in
• 19:43
  the
• 19:43
  store.
• 19:43
  I
• 19:43
  don't
• 19:44
  know
• 19:44
  if
• 19:44
  that,
• 19:44
  like,
• 19:44
  gets
• 19:45
  to
• 19:46
  kind
• 19:46
  of
• 19:47
  what
• 19:47
  I
• 19:47
  would
• 19:47
  imagine
• 19:48
  the
• 19:48
  brand
• 19:48
  advertisers
• 19:49
  kind
• 19:49
  of,
• 19:49
  like,
• 19:49
  want
• 19:50
  in
• 19:51
  terms
• 19:51
  of
• 19:51
  being
• 19:51
  able
• 19:51
  to
• 19:52
  kind
• 19:52
  of
• 19:52
  deliver
• 19:53
  more
• 19:53
  targeted
• 19:54
  and
• 19:54
  personalized
• 19:56
  ads
• 19:57
  and
• 19:58
  make
• 19:59
  them
• 19:59
  measurable
• 19:59
  and
• 20:00
  attribution,
• 20:00
  I
• 20:00
  feel
• 20:01
  like
• 20:01
  that
• 20:01
  part
• 20:02
  is
• 20:02
  a
• 20:02
  little
• 20:03
  bit
• 20:04
  further
• 20:04
  along.
• 20:04
  But
• 20:05
  when
• 20:05
  you
• 20:05
  can
• 20:05
  do
• 20:05
  it
• 20:06
  on
• 20:07
  a
• 20:07
  digital
• 20:08
  device
• 20:08
  that
• 20:09
  kind
• 20:09
  of
• 20:09
  travels
• 20:10
  with
• 20:10
  you
• 20:10
  as
• 20:10
  you're
• 20:11
  shopping
• 20:11
  throughout
• 20:11
  the
• 20:11
  store,
• 20:12
  that
• 20:13
  kind
• 20:13
  of
• 20:13
  makes
• 20:14
  it
• 20:14
  a
• 20:14
  bit
• 20:15
  more
• 20:15
  compelling.
• 20:15
  So
• 20:16
  that's
• 20:16
  the
• 20:16
  technology
• 20:17
  that.
• 20:17
  Yeah,
• 20:18
  I
• 20:18
  agree.
• 20:18
  And
• 20:18
  maybe
• 20:19
  we
• 20:19
  could
• 20:19
  do
• 20:19
  this
• 20:19
  another
• 20:20
  way
• 20:20
  and
• 20:20
  say,
• 20:20
  like,
• 20:21
  the
• 20:21
  technology
• 20:21
  that
• 20:22
  you
• 20:22
  were
• 20:22
  least
• 20:22
  excited
• 20:23
  about,
• 20:23
  too,
• 20:24
  if
• 20:24
  that.
• 20:24
  If
• 20:24
  that
• 20:25
  helps
• 20:25
  you
• 20:25
  talk
• 20:26
  about
• 20:26
  it
• 20:26
  in
• 20:26
  another
• 20:26
  way,
• 20:27
  too,
• 20:27
  because
• 20:27
  I
• 20:27
  have
• 20:27
  to.
• 20:27
  I
• 20:27
  have
• 20:28
  to
• 20:28
  say,
• 20:28
  like,
• 20:28
  the
• 20:28
  capercart,
• 20:29
  I'm
• 20:29
  with
• 20:29
  you,
• 20:29
  Rock.
• 20:30
  That
• 20:30
  one
• 20:30
  blew
• 20:30
  me
• 20:30
  away.
• 20:31
  But,
• 20:31
  Chris,
• 20:31
  I
• 20:31
  know
• 20:31
  that
• 20:32
  you
• 20:32
  have
• 20:32
  some
• 20:33
  thoughts
• 20:33
  on.
• 20:33
  That
• 20:34
  was
• 20:35
  your
• 20:35
  favorite
• 20:35
  thing.
• 20:36
  I
• 20:36
  think
• 20:36
  that
• 20:36
  was
• 20:36
  one
• 20:37
  of
• 20:37
  the
• 20:37
  things.
• 20:37
  Not
• 20:37
  that
• 20:38
  it's
• 20:38
  revolutionary
• 20:39
  what's
• 20:39
  happening,
• 20:40
  but
• 20:40
  I've
• 20:40
  been,
• 20:41
  you
• 20:41
  know,
• 20:41
  I've
• 20:41
  been
• 20:41
  a
• 20:41
  skeptic
• 20:42
  for
• 20:42
  a
• 20:42
  long
• 20:42
  time
• 20:43
  about
• 20:43
  that.
• 20:43
  And
• 20:43
  so
• 20:44
  seeing
• 20:44
  it
• 20:44
  put
• 20:45
  to
• 20:45
  use
• 20:45
  in
• 20:45
  the
• 20:45
  way
• 20:46
  that
• 20:46
  it
• 20:46
  has
• 20:46
  been
• 20:47
  and
• 20:47
  the
• 20:47
  gamification
• 20:48
  that
• 20:48
  they
• 20:48
  announced
• 20:48
  this
• 20:48
  week,
• 20:48
  I
• 20:49
  think
• 20:49
  I
• 20:49
  might
• 20:50
  be
• 20:50
  softening.
• 20:50
  But
• 20:51
  what
• 20:51
  do
• 20:51
  you
• 20:51
  think?
• 20:51
  What
• 20:52
  excited
• 20:52
  you?
• 20:52
  Well,
• 20:53
  I
• 20:53
  think
• 20:53
  on
• 20:53
  that
• 20:53
  one,
• 20:53
  I
• 20:53
  mean,
• 20:54
  just
• 20:54
  going
• 20:54
  back
• 20:54
  to
• 20:54
  that,
• 20:56
  I
• 20:56
  think
• 20:56
  the
• 20:57
  capercart
• 20:57
  is
• 20:57
  exciting,
• 20:58
  but
• 20:58
  it
• 20:58
  has
• 20:58
  to
• 20:58
  be
• 20:58
  tempered.
• 20:59
  Excitement,
• 20:59
  for
• 20:59
  sure.
• 21:00
  And
• 21:00
  the
• 21:00
  reason
• 21:01
  I
• 21:01
  say
• 21:01
  that
• 21:01
  is,
• 21:03
  let's
• 21:03
  go
• 21:03
  back
• 21:03
  to
• 21:03
  the
• 21:03
  dichotomy
• 21:04
  of
• 21:04
  Sam's
• 21:04
  club
• 21:04
  scan
• 21:05
  and
• 21:05
  go
• 21:05
  app
• 21:05
  and
• 21:05
  the
• 21:05
  capercart.
• 21:06
  Sam's
• 21:06
  club
• 21:07
  has
• 21:07
  the
• 21:07
  audacity
• 21:08
  to
• 21:08
  go
• 21:08
  build
• 21:08
  a
• 21:08
  store
• 21:08
  where
• 21:09
  you
• 21:09
  have
• 21:09
  to
• 21:09
  use
• 21:10
  the
• 21:10
  scan
• 21:10
  and
• 21:10
  go
• 21:11
  app
• 21:11
  to
• 21:11
  shop
• 21:11
  it.
• 21:12
  And
• 21:12
  then
• 21:12
  you
• 21:12
  say
• 21:12
  to
• 21:13
  yourself,
• 21:13
  well,
• 21:13
  why
• 21:13
  can't
• 21:14
  a
• 21:14
  retailer
• 21:15
  do
• 21:15
  the
• 21:15
  same
• 21:15
  thing
• 21:15
  with
• 21:15
  a
• 21:15
  capercart?
• 21:16
  And
• 21:17
  they
• 21:17
  can't.
• 21:17
  And
• 21:17
  I've
• 21:17
  been
• 21:18
  talking
• 21:18
  to
• 21:18
  people,
• 21:18
  I've
• 21:18
  been
• 21:19
  asking
• 21:19
  people
• 21:19
  this
• 21:19
  question
• 21:20
  throughout
• 21:20
  the
• 21:20
  show
• 21:21
  in
• 21:21
  the
• 21:21
  back
• 21:21
  halls,
• 21:21
  and
• 21:21
  what
• 21:22
  they're
• 21:22
  telling
• 21:22
  me
• 21:22
  is
• 21:22
  there's
• 21:23
  a
• 21:23
  lot
• 21:23
  of
• 21:23
  things
• 21:23
  that
• 21:23
  prevent
• 21:23
  it.
• 21:24
  There's
• 21:24
  the
• 21:24
  business
• 21:24
  model
• 21:25
  of
• 21:25
  the
• 21:25
  cart
• 21:25
  itself.
• 21:26
  There's
• 21:26
  the
• 21:27
  dynamics
• 21:27
  of
• 21:27
  how
• 21:28
  the
• 21:28
  cart
• 21:28
  is
• 21:28
  built.
• 21:28
  Like,
• 21:28
  where
• 21:28
  can
• 21:29
  you
• 21:29
  put
• 21:29
  the
• 21:29
  kids?
• 21:29
  There's
• 21:30
  also
• 21:30
  the,
• 21:30
  where
• 21:30
  do
• 21:30
  you
• 21:31
  put
• 21:31
  the
• 21:31
  big
• 21:31
  bottles
• 21:31
  of
• 21:31
  water?
• 21:32
  There's
• 21:32
  no
• 21:32
  under
• 21:32
  trade
• 21:33
  of
• 21:33
  the
• 21:33
  cart.
• 21:33
  And
• 21:33
  so
• 21:34
  it's
• 21:34
  a
• 21:34
  big
• 21:35
  risk
• 21:35
  for
• 21:35
  somebody
• 21:35
  to
• 21:36
  do
• 21:36
  that,
• 21:36
  to
• 21:37
  take
• 21:37
  the
• 21:37
  risk
• 21:38
  and
• 21:38
  to
• 21:39
  go
• 21:39
  that
• 21:39
  bold
• 21:40
  and
• 21:41
  try
• 21:41
  to
• 21:41
  convert
• 21:42
  their
• 21:42
  operation
• 21:43
  to
• 21:43
  this,
• 21:43
  even
• 21:43
  though
• 21:44
  from
• 21:44
  all
• 21:45
  intents
• 21:45
  and
• 21:45
  purposes,
• 21:45
  we
• 21:46
  hear
• 21:46
  that
• 21:46
  people
• 21:46
  like
• 21:47
  using
• 21:47
  the
• 21:47
  cart.
• 21:48
  And
• 21:49
  yet
• 21:49
  when
• 21:49
  you
• 21:49
  compare
• 21:49
  the
• 21:50
  adoption
• 21:50
  rates
• 21:50
  at
• 21:50
  Sam's
• 21:51
  club
• 21:51
  with
• 21:51
  scan
• 21:51
  and
• 21:51
  go,
• 21:52
  30%
• 21:52
  of
• 21:52
  shoppers
• 21:53
  use
• 21:53
  the
• 21:53
  scan
• 21:53
  and
• 21:53
  go.
• 21:54
  The
• 21:54
  best
• 21:55
  store
• 21:55
  at
• 21:55
  Instacart,
• 21:56
  according
• 21:56
  to
• 21:56
  David
• 21:56
  McIntosh,
• 21:57
  their
• 21:57
  chief
• 21:58
  connected
• 21:58
  stores
• 21:58
  offer
• 21:58
  is
• 21:59
  10%
• 21:59
  of
• 21:59
  transactions.
• 22:00
  It's
• 22:01
  a
• 22:01
  big
• 22:01
  delta.
• 22:02
  And
• 22:02
  so
• 22:02
  I
• 22:02
  don't
• 22:02
  know
• 22:03
  which
• 22:03
  wins
• 22:03
  out.
• 22:04
  But
• 22:04
  there's
• 22:04
  a
• 22:04
  lot
• 22:04
  of
• 22:05
  things
• 22:05
  that
• 22:05
  have
• 22:05
  to
• 22:05
  happen
• 22:06
  for
• 22:07
  the
• 22:07
  cart
• 22:07
  to
• 22:08
  take
• 22:08
  off
• 22:08
  to
• 22:08
  the
• 22:08
  way
• 22:08
  it
• 22:09
  probably,
• 22:09
  ideally,
• 22:10
  I
• 22:10
  think
• 22:10
  we
• 22:10
  all
• 22:10
  would
• 22:10
  like
• 22:11
  to
• 22:11
  think
• 22:11
  it
• 22:12
  would
• 22:12
  come
• 22:12
  out
• 22:12
  of
• 22:12
  this
• 22:13
  conference,
• 22:13
  but
• 22:13
  sure.
• 22:14
  Well,
• 22:14
  I
• 22:14
  mean,
• 22:14
  certainly
• 22:15
  the
• 22:15
  street
• 22:15
  likes
• 22:15
  it.
• 22:16
  The
• 22:16
  Instacart
• 22:17
  share
• 22:17
  price,
• 22:18
  obviously
• 22:18
  off
• 22:18
  the
• 22:19
  back
• 22:19
  of
• 22:19
  Fidget
• 22:20
  OC's
• 22:21
  appearance
• 22:21
  here
• 22:21
  at
• 22:21
  the
• 22:21
  show,
• 22:22
  all
• 22:22
  time
• 22:22
  high,
• 22:23
  because
• 22:23
  they're
• 22:24
  buying
• 22:24
  the
• 22:24
  story
• 22:24
  of
• 22:25
  the
• 22:25
  connected
• 22:25
  store
• 22:25
  and
• 22:25
  they're
• 22:26
  buying
• 22:26
  the
• 22:26
  retail
• 22:26
  media
• 22:26
  players.
• 22:27
  But
• 22:28
  for
• 22:28
  me,
• 22:28
  it
• 22:28
  was,
• 22:29
  it
• 22:29
  was
• 22:29
  Chris
• 22:29
  Nicholas,
• 22:30
  CEO
• 22:31
  of
• 22:31
  Sam's
• 22:31
  club.
• 22:33
  I
• 22:33
  love
• 22:33
  a
• 22:33
  good
• 22:34
  grocery
• 22:34
  store.
• 22:34
  I
• 22:35
  pick
• 22:35
  out
• 22:35
  a
• 22:35
  good
• 22:35
  grocery
• 22:36
  store.
• 22:37
  I've
• 22:37
  scarcely
• 22:38
  been
• 22:38
  as
• 22:38
  excited
• 22:39
  to
• 22:39
  think
• 22:39
  about
• 22:39
  a
• 22:39
  store
• 22:39
  as
• 22:40
  what
• 22:40
  they
• 22:40
  talked
• 22:40
  about
• 22:40
  with
• 22:40
  what
• 22:41
  they're
• 22:41
  going
• 22:41
  to
• 22:41
  do
• 22:41
  with
• 22:42
  sams
• 22:42
  in
• 22:42
  Dallas.
• 22:43
  I
• 22:43
  mean,
• 22:43
  the
• 22:43
  audacity,
• 22:45
  to
• 22:45
  take
• 22:45
  your
• 22:45
  phrase,
• 22:46
  Chris,
• 22:46
  to
• 22:47
  say
• 22:47
  100%,
• 22:49
  everybody
• 22:49
  has
• 22:50
  to
• 22:50
  use
• 22:50
  scan
• 22:51
  and
• 22:51
  go.
• 22:51
  Everybody
• 22:52
  has
• 22:52
  to
• 22:52
  check
• 22:52
  out
• 22:53
  via
• 22:53
  the
• 22:53
  computer
• 22:53
  vision.
• 22:54
  I
• 22:54
  think
• 22:54
  that's
• 22:54
  game
• 22:55
  changing.
• 22:55
  Absolutely
• 22:56
  game
• 22:56
  changing.
• 22:57
  All
• 22:57
  right,
• 22:58
  I.
• 22:58
  All
• 22:58
  right,
• 22:58
  Ann,
• 22:59
  let's
• 22:59
  change
• 22:59
  it
• 23:00
  up.
• 23:00
  Here
• 23:00
  a
• 23:00
  little
• 23:00
  bit.
• 23:00
  What
• 23:00
  was
• 23:00
  your
• 23:01
  quote
• 23:01
  of
• 23:01
  the
• 23:01
  show?
• 23:02
  Okay.
• 23:04
  Yes.
• 23:04
  My
• 23:04
  quote
• 23:05
  of
• 23:05
  the
• 23:05
  show
• 23:05
  was
• 23:06
  when
• 23:06
  we,
• 23:07
  you
• 23:07
  and
• 23:07
  I
• 23:07
  interviewed
• 23:08
  Franz
• 23:08
  Miller,
• 23:09
  the
• 23:09
  CEO
• 23:10
  of
• 23:10
  Ajul
• 23:11
  del
• 23:11
  Hez,
• 23:11
  and
• 23:13
  you
• 23:13
  actually
• 23:14
  asked
• 23:14
  him,
• 23:14
  you
• 23:14
  said,
• 23:15
  what
• 23:15
  is
• 23:15
  the
• 23:15
  most
• 23:16
  important
• 23:16
  technology
• 23:17
  or
• 23:18
  area
• 23:18
  of
• 23:18
  investment
• 23:19
  that
• 23:20
  you
• 23:20
  think
• 23:21
  retailers
• 23:21
  should
• 23:21
  prioritize
• 23:22
  right
• 23:22
  now?
• 23:22
  And
• 23:22
  his
• 23:23
  answer
• 23:23
  was
• 23:24
  data.
• 23:25
  I
• 23:25
  can't
• 23:25
  do
• 23:26
  his
• 23:26
  accent,
• 23:26
  which.
• 23:26
  This
• 23:27
  sounded
• 23:27
  better
• 23:27
  when
• 23:27
  his
• 23:27
  accent.
• 23:28
  That's
• 23:28
  probably
• 23:28
  a
• 23:28
  good
• 23:28
  thing
• 23:28
  for
• 23:29
  everyone.
• 23:29
  Data.
• 23:29
  Proper
• 23:30
  and
• 23:30
  clean
• 23:30
  data.
• 23:31
  Yeah.
• 23:32
  Yeah.
• 23:32
  So
• 23:32
  I
• 23:32
  think
• 23:33
  that
• 23:33
  that
• 23:33
  was
• 23:33
  really
• 23:33
  interesting.
• 23:34
  You
• 23:34
  and
• 23:34
  I
• 23:34
  were
• 23:34
  both
• 23:34
  kind
• 23:34
  of.
• 23:35
  Taken
• 23:35
  aback,
• 23:35
  like,
• 23:36
  well,
• 23:36
  I
• 23:37
  almost
• 23:37
  fell
• 23:37
  over
• 23:37
  standing
• 23:38
  up
• 23:38
  because,
• 23:38
  like,
• 23:38
  I've
• 23:38
  never
• 23:38
  heard
• 23:39
  a
• 23:39
  retail
• 23:39
  CEO
• 23:39
  ever
• 23:40
  say
• 23:40
  the
• 23:40
  word
• 23:40
  daily
• 23:41
  to
• 23:41
  anyone.
• 23:41
  Right.
• 23:42
  But
• 23:42
  it
• 23:42
  was
• 23:42
  really
• 23:42
  cool.
• 23:43
  Yeah.
• 23:43
  Makes
• 23:43
  the
• 23:43
  case
• 23:44
  for
• 23:44
  the
• 23:44
  kind
• 23:44
  of
• 23:44
  things
• 23:44
  that
• 23:44
  we're
• 23:45
  talking
• 23:45
  about
• 23:45
  where,
• 23:45
  you
• 23:46
  know,
• 23:46
  what
• 23:46
  does
• 23:46
  the
• 23:46
  story
• 23:47
  of
• 23:47
  the
• 23:47
  future
• 23:48
  look
• 23:48
  like?
• 23:48
  What
• 23:48
  are
• 23:48
  the
• 23:49
  key
• 23:49
  components
• 23:49
  of
• 23:49
  a
• 23:50
  successful
• 23:50
  retail
• 23:51
  media
• 23:51
  network
• 23:51
  and
• 23:52
  in
• 23:52
  store
• 23:52
  programming?
• 23:53
  Data
• 23:53
  is
• 23:53
  a
• 23:54
  big
• 23:54
  proponent
• 23:54
  of
• 23:54
  that.
• 23:55
  But
• 23:55
  anybody
• 23:55
  else,
• 23:56
  Ben,
• 23:56
  what
• 23:57
  do
• 23:57
  you
• 23:57
  have?
• 23:57
  So
• 23:58
  I'm
• 23:58
  going
• 23:58
  to
• 23:58
  share
• 23:58
  one
• 23:59
  from
• 24:00
  a
• 24:00
  gentleman,
• 24:01
  a
• 24:01
  doctor.
• 24:01
  Doctor
• 24:02
  Oliver
• 24:02
  Vogt,
• 24:04
  who
• 24:05
  is
• 24:05
  leading
• 24:06
  Tesco's
• 24:07
  efforts
• 24:08
  to
• 24:08
  drive
• 24:09
  kind
• 24:09
  of
• 24:10
  additional
• 24:10
  revenue
• 24:10
  through
• 24:11
  free
• 24:11
  consultancy,
• 24:12
  micro
• 24:12
  fulfillment.
• 24:13
  But
• 24:13
  his
• 24:13
  incredible
• 24:14
  background
• 24:14
  in
• 24:15
  data
• 24:15
  science
• 24:16
  and
• 24:16
  in
• 24:17
  Amazon
• 24:18
  and
• 24:18
  in
• 24:18
  fulfillment
• 24:18
  models,
• 24:19
  and
• 24:19
  he's
• 24:20
  someone
• 24:20
  I've
• 24:20
  got
• 24:20
  to
• 24:20
  know
• 24:21
  a
• 24:21
  little
• 24:22
  bit
• 24:22
  over
• 24:22
  the
• 24:22
  last
• 24:22
  six
• 24:22
  months,
• 24:23
  a
• 24:23
  year,
• 24:23
  and
• 24:23
  he's
• 24:24
  somebody
• 24:24
  who
• 24:24
  actually
• 24:24
  is
• 24:25
  really
• 24:25
  interesting
• 24:25
  to
• 24:25
  listen
• 24:25
  to
• 24:26
  when
• 24:26
  you
• 24:26
  get
• 24:26
  the
• 24:26
  chance.
• 24:26
  And
• 24:27
  he
• 24:27
  had
• 24:27
  this
• 24:27
  lovely
• 24:28
  quote,
• 24:28
  which
• 24:28
  was,
• 24:28
  innovation
• 24:29
  isn't
• 24:29
  isolation.
• 24:31
  And
• 24:31
  that's
• 24:32
  a
• 24:32
  massive
• 24:32
  mind
• 24:32
  shift
• 24:33
  change
• 24:33
  in
• 24:33
  our
• 24:33
  industry.
• 24:35
  Other
• 24:35
  industries
• 24:36
  talk
• 24:36
  about
• 24:36
  collaboration
• 24:37
  and
• 24:38
  cooperation
• 24:39
  and
• 24:39
  friendly
• 24:39
  relationships
• 24:40
  much
• 24:40
  more
• 24:41
  than
• 24:41
  we
• 24:41
  do.
• 24:41
  It's
• 24:41
  so
• 24:41
  competitive.
• 24:42
  Those
• 24:42
  wafer
• 24:43
  thin
• 24:43
  margins
• 24:44
  put
• 24:44
  a
• 24:44
  massive
• 24:45
  barrier
• 24:45
  in
• 24:45
  the
• 24:45
  way
• 24:46
  of
• 24:46
  collaborating
• 24:47
  in
• 24:47
  a
• 24:47
  way
• 24:47
  that
• 24:48
  Silicon
• 24:48
  Valley
• 24:49
  does,
• 24:49
  for
• 24:49
  example.
• 24:50
  So
• 24:50
  to
• 24:50
  hear
• 24:51
  it
• 24:51
  from
• 24:51
  Tesco,
• 24:53
  I
• 24:53
  thought
• 24:53
  was
• 24:53
  really
• 24:54
  interesting.
• 24:54
  And
• 24:54
  yeah,
• 24:55
  we
• 24:55
  talked
• 24:55
  about
• 24:55
  a
• 24:55
  bit
• 24:56
  with
• 24:56
  Fiji
• 24:57
  Simo
• 24:58
  when
• 24:58
  we
• 24:58
  talked
• 24:59
  about
• 24:59
  Uber
• 25:00
  coming
• 25:00
  on
• 25:00
  their
• 25:00
  platform.
• 25:01
  And
• 25:01
  she
• 25:02
  was
• 25:03
  very
• 25:03
  straightforward.
• 25:03
  Yeah,
• 25:04
  they're
• 25:04
  a
• 25:04
  competitor,
• 25:04
  but
• 25:04
  actually
• 25:05
  they
• 25:05
  do
• 25:05
  restaurants
• 25:06
  much
• 25:06
  better
• 25:07
  than
• 25:07
  us.
• 25:07
  We
• 25:07
  can
• 25:08
  solve
• 25:08
  a
• 25:09
  pain
• 25:09
  point
• 25:09
  for
• 25:09
  our
• 25:09
  customers
• 25:10
  quicker
• 25:10
  by
• 25:10
  collaborating
• 25:11
  and
• 25:11
  trying
• 25:11
  to
• 25:12
  build
• 25:12
  our
• 25:12
  own,
• 25:12
  so
• 25:13
  why
• 25:13
  not?
• 25:13
  And
• 25:14
  I
• 25:14
  think
• 25:14
  there
• 25:14
  is
• 25:15
  this
• 25:15
  mind
• 25:15
  shift
• 25:15
  is
• 25:16
  slowly
• 25:17
  changing
• 25:18
  towards
• 25:18
  more
• 25:18
  collaboration,
• 25:19
  finding
• 25:20
  more
• 25:20
  areas
• 25:20
  to
• 25:20
  work
• 25:20
  together
• 25:20
  as
• 25:21
  an
• 25:21
  industry
• 25:21
  to
• 25:22
  solve
• 25:22
  pain
• 25:22
  points
• 25:22
  for
• 25:22
  our
• 25:23
  customers.
• 25:23
  Yeah,
• 25:23
  one
• 25:24
  plus
• 25:24
  one
• 25:24
  equals
• 25:24
  three.
• 25:25
  Raquan,
• 25:26
  what
• 25:26
  was
• 25:26
  yours?
• 25:26
  Yeah,
• 25:26
  no,
• 25:27
  I
• 25:28
  think
• 25:28
  mine
• 25:28
  is
• 25:28
  kind
• 25:28
  of
• 25:29
  related
• 25:29
  to
• 25:30
  this
• 25:30
  idea
• 25:30
  of
• 25:31
  cloud
• 25:31
  collaboration,
• 25:32
  but
• 25:32
  more
• 25:33
  so
• 25:33
  internally
• 25:34
  at
• 25:34
  CPG
• 25:35
  organizations.
• 25:39
  An
• 25:39
  executive
• 25:40
  by
• 25:40
  the
• 25:40
  name
• 25:40
  of
• 25:40
  Uyon
• 25:41
  Kahneman
• 25:41
  at
• 25:42
  McCormick
• 25:43
  said
• 25:43
  that
• 25:44
  budgets
• 25:44
  are
• 25:45
  emotional.
• 25:46
  And
• 25:46
  what
• 25:47
  he
• 25:47
  was
• 25:47
  referring
• 25:48
  to
• 25:48
  was
• 25:48
  just
• 25:49
  this
• 25:49
  idea
• 25:50
  of,
• 25:51
  as
• 25:52
  things
• 25:52
  start
• 25:52
  to
• 25:53
  shift
• 25:53
  towards
• 25:53
  an
• 25:54
  advertising
• 25:54
  spend,
• 25:54
  starts
• 25:55
  to
• 25:55
  go
• 25:55
  more
• 25:55
  towards
• 25:55
  retail
• 25:56
  media,
• 25:56
  where
• 25:57
  is
• 25:57
  that
• 25:57
  going
• 25:57
  to
• 25:57
  come
• 25:58
  from?
• 25:58
  Is
• 25:58
  it
• 25:58
  going
• 25:58
  to
• 25:58
  come
• 25:58
  from
• 25:58
  trade
• 25:59
  marketing?
• 25:59
  Is
• 25:59
  it
• 25:59
  going
• 25:59
  to
• 25:59
  come
• 25:59
  from
• 26:00
  brand?
• 26:01
  And
• 26:01
  so
• 26:03
  it
• 26:03
  was
• 26:03
  about
• 26:03
  a
• 26:03
  recognition
• 26:04
  of
• 26:05
  different
• 26:06
  parts
• 26:06
  of
• 26:07
  the
• 26:07
  organization
• 26:07
  being
• 26:07
  protective
• 26:08
  of
• 26:09
  their
• 26:09
  dollars,
• 26:09
  but
• 26:10
  not
• 26:10
  maybe
• 26:11
  in
• 26:11
  the
• 26:11
  best
• 26:11
  interest
• 26:12
  of
• 26:12
  the
• 26:12
  organization.
• 26:13
  So
• 26:13
  how
• 26:13
  do
• 26:13
  you
• 26:13
  kind
• 26:14
  of
• 26:14
  solve
• 26:15
  for
• 26:15
  that
• 26:15
  and
• 26:16
  correct
• 26:16
  that?
• 26:17
  So
• 26:18
  that
• 26:18
  was
• 26:18
  mine.
• 26:18
  Yeah,
• 26:19
  mine
• 26:19
  was.
• 26:20
  Mine
• 26:20
  came
• 26:20
  from
• 26:20
  Mark
• 26:20
  Ibbotson,
• 26:21
  the
• 26:21
  former
• 26:21
  EVP
• 26:22
  of
• 26:22
  operations
• 26:23
  at
• 26:23
  Walmart,
• 26:23
  at
• 26:24
  a
• 26:24
  breakfast
• 26:24
  on
• 26:25
  yesterday
• 26:26
  morning.
• 26:27
  I'll
• 26:27
  just
• 26:27
  leave
• 26:27
  it
• 26:27
  with
• 26:28
  you.
• 26:28
  And
• 26:28
  I
• 26:28
  thought
• 26:28
  it
• 26:28
  was
• 26:29
  a
• 26:29
  good,
• 26:29
  it
• 26:29
  was
• 26:29
  a
• 26:29
  good
• 26:30
  quote
• 26:30
  that
• 26:30
  captures
• 26:30
  what
• 26:31
  I
• 26:31
  think
• 26:31
  the
• 26:31
  last
• 26:31
  session
• 26:32
  before
• 26:32
  we
• 26:32
  came
• 26:33
  to
• 26:33
  into
• 26:33
  here
• 26:34
  was
• 26:34
  summarizing
• 26:35
  at
• 26:35
  the
• 26:35
  end,
• 26:35
  which
• 26:35
  is
• 26:35
  he
• 26:36
  said,
• 26:36
  the
• 26:36
  challenges
• 26:37
  on
• 26:37
  us
• 26:37
  to
• 26:37
  create
• 26:38
  better
• 26:38
  jobs
• 26:38
  for
• 26:38
  our
• 26:39
  associates,
• 26:40
  which
• 26:40
  goes
• 26:40
  in
• 26:40
  a
• 26:40
  little
• 26:41
  bit
• 26:41
  to
• 26:41
  what
• 26:41
  you
• 26:41
  said
• 26:41
  too,
• 26:42
  Ben,
• 26:42
  about
• 26:42
  automating
• 26:42
  the
• 26:43
  hate.
• 26:43
  Right.
• 26:43
  And
• 26:44
  so
• 26:44
  I
• 26:44
  think
• 26:44
  that's
• 26:44
  an
• 26:44
  important
• 26:45
  lesson
• 26:45
  for
• 26:45
  us
• 26:45
  to
• 26:46
  take
• 26:46
  back
• 26:46
  as
• 26:46
  we
• 26:46
  go
• 26:46
  back
• 26:47
  to
• 26:47
  our
• 26:47
  organizations.
• 26:48
  Yeah.
• 26:50
  All
• 26:50
  right,
• 26:51
  next
• 26:51
  question
• 26:53
  from
• 26:53
  all
• 26:53
  the
• 26:54
  content,
• 26:55
  what
• 26:55
  surprised
• 26:56
  you
• 26:57
  the
• 26:57
  most?
• 26:58
  My
• 26:58
  surprise,
• 26:58
  and
• 26:58
  I
• 26:59
  want
• 26:59
  to
• 26:59
  tell
• 26:59
  you
• 26:59
  guys
• 26:59
  this,
• 26:59
  is
• 27:00
  that
• 27:00
  I
• 27:00
  loved
• 27:00
  the
• 27:00
  themed
• 27:01
  candy
• 27:01
  in
• 27:02
  every
• 27:02
  room.
• 27:02
  I
• 27:03
  didn't
• 27:03
  get
• 27:03
  a
• 27:03
  chance
• 27:03
  to
• 27:03
  tell
• 27:03
  you
• 27:04
  that,
• 27:04
  but
• 27:04
  it
• 27:04
  has
• 27:04
  been
• 27:05
  been
• 27:05
  such
• 27:05
  a
• 27:05
  delightful
• 27:06
  treat.
• 27:06
  But
• 27:06
  rock,
• 27:07
  we're
• 27:07
  going
• 27:07
  to
• 27:07
  start
• 27:07
  with
• 27:08
  you
• 27:08
  here.
• 27:08
  What
• 27:08
  has
• 27:09
  been
• 27:09
  your
• 27:09
  biggest
• 27:10
  content
• 27:10
  surprise?
• 27:12
  Yeah.
• 27:12
  Yeah.
• 27:12
  So
• 27:12
  I
• 27:12
  would
• 27:13
  say
• 27:13
  we
• 27:13
  kind
• 27:14
  of
• 27:14
  had
• 27:14
  a
• 27:14
  couple
• 27:14
  of
• 27:15
  sessions
• 27:15
  that
• 27:15
  we
• 27:15
  knew
• 27:15
  going
• 27:16
  into
• 27:16
  it.
• 27:16
  We're
• 27:16
  going
• 27:16
  to
• 27:17
  address
• 27:17
  it
• 27:18
  head
• 27:18
  on.
• 27:18
  But
• 27:19
  I
• 27:19
  was
• 27:19
  surprised
• 27:19
  at
• 27:19
  just
• 27:20
  how
• 27:20
  much
• 27:20
  conversation
• 27:21
  was
• 27:21
  being
• 27:21
  had
• 27:22
  around
• 27:22
  brand
• 27:23
  loyalty
• 27:24
  and
• 27:24
  customer
• 27:24
  loyalty.
• 27:25
  And
• 27:26
  so
• 27:26
  wasn't
• 27:27
  necessarily
• 27:28
  expecting
• 27:28
  the
• 27:29
  conversation
• 27:29
  to
• 27:31
  evolve
• 27:33
  on
• 27:33
  this
• 27:33
  subject.
• 27:34
  In
• 27:35
  regards
• 27:35
  to
• 27:35
  Ram
• 27:36
  Krishnan,
• 27:36
  the
• 27:36
  CEO
• 27:37
  of
• 27:37
  PepsiCo
• 27:37
  North
• 27:37
  America
• 27:38
  beverages,
• 27:39
  just
• 27:39
  discussing
• 27:40
  this,
• 27:40
  but
• 27:40
  he
• 27:41
  shared
• 27:41
  on
• 27:41
  stage
• 27:42
  how
• 27:43
  he's
• 27:43
  kind
• 27:43
  of
• 27:44
  encouraging
• 27:44
  his
• 27:44
  company
• 27:45
  to
• 27:45
  not
• 27:45
  just
• 27:45
  think
• 27:45
  about
• 27:46
  brand
• 27:46
  loyalty,
• 27:47
  but
• 27:47
  what
• 27:47
  he's
• 27:47
  calling
• 27:48
  precision
• 27:49
  loyalty,
• 27:49
  which
• 27:49
  is
• 27:50
  like
• 27:50
  this
• 27:51
  idea
• 27:51
  of
• 27:51
  moving
• 27:51
  away
• 27:52
  from
• 27:52
  mass
• 27:53
  marketing
• 27:53
  to
• 27:54
  offering
• 27:54
  more
• 27:55
  personalized
• 27:56
  messages.
• 27:57
  To
• 27:57
  hear
• 27:57
  someone
• 27:58
  that
• 27:58
  senior
• 27:59
  being
• 27:59
  leaning
• 27:59
  in
• 28:00
  on
• 28:00
  more
• 28:00
  like
• 28:01
  personalization
• 28:02
  and
• 28:02
  not
• 28:02
  just
• 28:02
  going
• 28:03
  after
• 28:03
  kind
• 28:03
  of
• 28:04
  like
• 28:04
  big
• 28:04
  super
• 28:05
  bowl
• 28:05
  ads
• 28:05
  and
• 28:06
  things
• 28:06
  of
• 28:06
  that
• 28:07
  nature
• 28:07
  was
• 28:08
  really
• 28:08
  interesting
• 28:09
  and
• 28:10
  compelling.
• 28:10
  So
• 28:11
  that's
• 28:12
  one
• 28:12
  thing
• 28:12
  on
• 28:13
  the
• 28:13
  brand
• 28:15
  side
• 28:16
  as
• 28:16
  it
• 28:16
  relates
• 28:16
  to
• 28:16
  loyalty.
• 28:17
  And
• 28:17
  then
• 28:18
  I
• 28:18
  would
• 28:18
  say
• 28:19
  on
• 28:19
  the
• 28:20
  retailer
• 28:20
  side,
• 28:22
  what
• 28:22
  I'm
• 28:22
  finding,
• 28:22
  I
• 28:22
  think
• 28:23
  it's
• 28:23
  related
• 28:23
  and
• 28:23
  to
• 28:24
  what
• 28:24
  you
• 28:24
  were
• 28:24
  talking
• 28:25
  about
• 28:25
  with
• 28:25
  these
• 28:25
  membership
• 28:26
  programs
• 28:26
  is
• 28:27
  that
• 28:27
  it's
• 28:28
  feeling
• 28:28
  like
• 28:28
  it's
• 28:28
  kind
• 28:29
  of
• 28:29
  a
• 28:29
  race
• 28:29
  to
• 28:29
  just
• 28:30
  add
• 28:30
  as
• 28:30
  many
• 28:31
  benefits
• 28:31
  as
• 28:31
  you
• 28:31
  can
• 28:32
  to
• 28:32
  these
• 28:33
  membership
• 28:33
  programs.
• 28:34
  So
• 28:34
  whether
• 28:34
  you're
• 28:34
  just
• 28:35
  adding
• 28:36
  subscription
• 28:37
  services
• 28:37
  and
• 28:38
  bundling
• 28:39
  that
• 28:39
  in,
• 28:40
  I
• 28:40
  guess
• 28:41
  that's
• 28:41
  a
• 28:41
  draw
• 28:42
  in
• 28:42
  a
• 28:42
  way
• 28:42
  for
• 28:42
  kind
• 28:43
  of
• 28:43
  customer
• 28:43
  acquisition.
• 28:44
  We've
• 28:44
  got
• 28:44
  to
• 28:45
  run
• 28:45
  out
• 28:45
  of
• 28:45
  streaming
• 28:45
  services,
• 28:46
  surely,
• 28:47
  right.
• 28:47
  We
• 28:47
  are.
• 28:48
  I
• 28:48
  mean,
• 28:48
  retailers
• 28:48
  are
• 28:49
  going
• 28:49
  to
• 28:49
  be
• 28:49
  creating
• 28:49
  new
• 28:49
  streaming
• 28:50
  services
• 28:50
  just
• 28:51
  to
• 28:51
  be
• 28:51
  able
• 28:51
  to
• 28:51
  bundle
• 28:51
  them
• 28:51
  back
• 28:52
  into
• 28:52
  their
• 28:52
  loyalty
• 28:52
  scheme.
• 28:53
  Well,
• 28:53
  they're
• 28:53
  going
• 28:53
  to
• 28:53
  have
• 28:53
  to
• 28:53
  go
• 28:53
  into
• 28:53
  other
• 28:54
  categories.
• 28:54
  I
• 28:54
  mean,
• 28:55
  they're
• 28:55
  going
• 28:55
  to
• 28:55
  have
• 28:55
  to
• 28:55
  go
• 28:55
  into
• 28:55
  hospitals.
• 28:56
  They're
• 28:56
  going
• 28:56
  to
• 28:56
  have
• 28:57
  to
• 28:57
  go
• 28:57
  into,
• 28:57
  you
• 28:58
  know,
• 28:58
  other,
• 28:58
  other
• 28:59
  areas
• 28:59
  beyond.
• 29:00
  Just
• 29:01
  here's
• 29:02
  your
• 29:02
  streaming
• 29:02
  service
• 29:03
  for
• 29:04
  free
• 29:04
  for
• 29:04
  the
• 29:04
  month
• 29:04
  with
• 29:05
  your
• 29:05
  membership.
• 29:05
  Ben,
• 29:06
  what
• 29:06
  do
• 29:06
  you
• 29:06
  have?
• 29:06
  Yeah,
• 29:07
  I
• 29:07
  mean,
• 29:07
  my
• 29:07
  surprise
• 29:08
  was
• 29:08
  actually
• 29:09
  a
• 29:09
  bit
• 29:09
  of
• 29:09
  a
• 29:09
  negative
• 29:10
  and
• 29:10
  I
• 29:10
  think
• 29:10
  we've
• 29:10
  given
• 29:11
  a
• 29:11
  lot
• 29:11
  of,
• 29:11
  a
• 29:11
  lot
• 29:11
  of
• 29:12
  credit
• 29:12
  to
• 29:12
  instacart
• 29:13
  during
• 29:13
  the
• 29:13
  conversation
• 29:14
  and
• 29:15
  a
• 29:15
  lot
• 29:15
  of
• 29:15
  credit
• 29:16
  to
• 29:16
  Fiji
• 29:16
  Simo
• 29:17
  and
• 29:17
  what
• 29:17
  she's
• 29:17
  done.
• 29:19
  But
• 29:19
  one
• 29:19
  of
• 29:19
  her
• 29:19
  answers
• 29:20
  was
• 29:20
  a
• 29:21
  real
• 29:21
  surprise
• 29:21
  to
• 29:21
  me
• 29:22
  and
• 29:22
  also
• 29:22
  a
• 29:22
  disappointment
• 29:22
  appointment.
• 29:23
  So
• 29:24
  Fiji
• 29:24
  also
• 29:24
  sits
• 29:25
  on
• 29:25
  the
• 29:25
  board
• 29:25
  of
• 29:26
  OpenAI,
• 29:27
  so
• 29:28
  she's
• 29:28
  got
• 29:28
  this
• 29:28
  unique
• 29:29
  view
• 29:29
  of
• 29:30
  where
• 29:31
  the
• 29:32
  generative
• 29:33
  AI
• 29:33
  in
• 29:33
  the
• 29:33
  long
• 29:34
  term
• 29:34
  might
• 29:34
  play
• 29:35
  in
• 29:35
  grocery.
• 29:36
  And
• 29:36
  when
• 29:36
  I
• 29:37
  asked
• 29:37
  her
• 29:37
  the
• 29:37
  question,
• 29:38
  the
• 29:39
  long
• 29:39
  term
• 29:39
  vision
• 29:39
  that
• 29:40
  she
• 29:40
  gave
• 29:40
  was
• 29:40
  that
• 29:40
  it'll
• 29:41
  enable
• 29:41
  marketing
• 29:41
  personalization
• 29:42
  at
• 29:42
  scale.
• 29:43
  It's
• 29:43
  like,
• 29:44
  I
• 29:44
  kind
• 29:44
  of
• 29:44
  thought
• 29:44
  there
• 29:45
  might
• 29:45
  be
• 29:45
  something
• 29:45
  else,
• 29:46
  something
• 29:46
  bigger
• 29:47
  that
• 29:47
  we
• 29:47
  haven't
• 29:47
  seen.
• 29:48
  Give
• 29:48
  me
• 29:48
  more.
• 29:49
  Maybe
• 29:49
  that's
• 29:50
  why
• 29:50
  we
• 29:50
  passed
• 29:50
  the
• 29:50
  hype,
• 29:50
  because
• 29:51
  actually
• 29:51
  that
• 29:51
  is.
• 29:52
  And
• 29:52
  if
• 29:52
  we
• 29:53
  can
• 29:53
  do
• 29:53
  that,
• 29:53
  that's
• 29:53
  big.
• 29:53
  But
• 29:54
  I
• 29:54
  just
• 29:54
  kind
• 29:54
  of
• 29:54
  thought
• 29:55
  there
• 29:55
  might
• 29:55
  be
• 29:55
  something
• 29:55
  else.
• 29:56
  Oh,
• 29:56
  I'm
• 29:57
  sorry.
• 29:57
  I
• 29:57
  feel
• 29:58
  bad.
• 29:58
  It's
• 29:58
  okay.
• 29:59
  Or
• 29:59
  she's
• 30:00
  innovating
• 30:00
  in
• 30:00
  isolation
• 30:01
  and
• 30:01
  not
• 30:01
  telling
• 30:01
  you
• 30:01
  what
• 30:01
  she
• 30:01
  does.
• 30:02
  Yeah,
• 30:02
  exactly.
• 30:02
  Exactly.
• 30:03
  Okay,
• 30:04
  last
• 30:04
  one.
• 30:06
  What
• 30:06
  was
• 30:06
  the
• 30:07
  most
• 30:07
  interesting
• 30:07
  thing
• 30:08
  you
• 30:08
  learned
• 30:08
  offstage,
• 30:09
  Ben,
• 30:10
  away
• 30:10
  from
• 30:11
  the
• 30:11
  content
• 30:11
  program?
• 30:14
  I
• 30:15
  was
• 30:15
  in
• 30:15
  a
• 30:15
  really
• 30:15
  interesting
• 30:16
  conversation.
• 30:16
  It
• 30:16
  was
• 30:16
  all
• 30:17
  about
• 30:17
  shrink.
• 30:18
  And
• 30:19
  I
• 30:19
  think
• 30:19
  we
• 30:19
  thought
• 30:20
  shrink
• 30:20
  would
• 30:20
  be
• 30:20
  bigger
• 30:20
  on
• 30:20
  the
• 30:21
  agenda
• 30:21
  than
• 30:21
  it
• 30:22
  turned
• 30:22
  out
• 30:22
  to
• 30:22
  be.
• 30:22
  But
• 30:23
  I
• 30:23
  think
• 30:24
  what
• 30:24
  did
• 30:24
  I
• 30:24
  learn?
• 30:24
  I
• 30:25
  learned
• 30:26
  I
• 30:26
  didn't
• 30:26
  realize
• 30:27
  how
• 30:27
  much
• 30:27
  of
• 30:27
  a
• 30:27
  bigger
• 30:28
  problem
• 30:28
  shrink
• 30:29
  is
• 30:29
  in
• 30:29
  the
• 30:29
  US
• 30:29
  versus
• 30:30
  Europe.
• 30:30
  So
• 30:31
  it
• 30:31
  was
• 30:31
  a
• 30:31
  closed
• 30:32
  forum
• 30:32
  and
• 30:32
  retailers
• 30:33
  shared
• 30:33
  some
• 30:33
  numbers
• 30:34
  and
• 30:34
  we
• 30:34
  had
• 30:34
  some
• 30:35
  global
• 30:35
  operators
• 30:36
  in
• 30:36
  the
• 30:36
  room.
• 30:36
  And
• 30:37
  the
• 30:37
  delta
• 30:38
  between
• 30:39
  the
• 30:40
  shrink
• 30:40
  and
• 30:40
  this
• 30:41
  is
• 30:41
  theft.
• 30:42
  This
• 30:42
  isn't,
• 30:42
  and
• 30:42
  this
• 30:43
  is
• 30:43
  theft
• 30:43
  from
• 30:43
  the
• 30:43
  shop
• 30:44
  rather
• 30:44
  than
• 30:44
  in
• 30:45
  the
• 30:45
  supply
• 30:45
  channel.
• 30:45
  Waste
• 30:46
  much
• 30:46
  higher
• 30:48
  at
• 30:48
  a
• 30:48
  delta
• 30:49
  that
• 30:49
  was
• 30:49
  greater
• 30:49
  than
• 30:50
  I
• 30:50
  expected
• 30:50
  it
• 30:50
  to
• 30:50
  be.
• 30:51
  But
• 30:51
  what
• 30:51
  came
• 30:52
  out
• 30:52
  of
• 30:52
  that
• 30:52
  conversation
• 30:53
  really
• 30:53
  clearly
• 30:54
  is
• 30:54
  that
• 30:54
  retailers
• 30:55
  who
• 30:56
  have
• 30:56
  some
• 30:57
  level
• 30:57
  of
• 30:57
  control
• 30:58
  over
• 30:59
  the
• 30:59
  flow
• 30:59
  of
• 30:59
  shoppers
• 31:00
  in
• 31:00
  their
• 31:00
  store,
• 31:01
  so
• 31:01
  whether
• 31:01
  it's
• 31:02
  a
• 31:03
  one
• 31:03
  way
• 31:03
  system,
• 31:03
  whether
• 31:04
  it's
• 31:04
  gated,
• 31:04
  whether
• 31:05
  it's
• 31:06
  a
• 31:06
  retail
• 31:06
  format
• 31:07
  that
• 31:07
  requires
• 31:07
  you
• 31:08
  to
• 31:08
  check
• 31:08
  in
• 31:09
  to
• 31:09
  be
• 31:09
  a
• 31:09
  member,
• 31:10
  those
• 31:11
  retailers
• 31:11
  have
• 31:11
  significantly
• 31:12
  lower
• 31:13
  shrink
• 31:14
  than
• 31:14
  supermarkets
• 31:15
  where
• 31:15
  you
• 31:15
  can
• 31:15
  walk
• 31:16
  in
• 31:16
  now.
• 31:16
  It's
• 31:16
  kind
• 31:17
  of
• 31:17
  so
• 31:17
  logical
• 31:18
  when
• 31:18
  you
• 31:18
  say
• 31:18
  it,
• 31:20
  but
• 31:20
  if
• 31:20
  this
• 31:20
  is
• 31:20
  the
• 31:21
  case,
• 31:21
  we're
• 31:21
  going
• 31:21
  to
• 31:22
  see
• 31:22
  more.
• 31:22
  I
• 31:22
  know
• 31:22
  Tesco
• 31:23
  are
• 31:23
  already
• 31:23
  starting
• 31:23
  to
• 31:23
  put
• 31:23
  one
• 31:23
  way
• 31:24
  systems
• 31:24
  in
• 31:24
  some
• 31:24
  of
• 31:24
  the
• 31:24
  superstores
• 31:25
  in
• 31:25
  the
• 31:26
  UK.
• 31:27
  If
• 31:27
  we
• 31:28
  really
• 31:28
  want
• 31:28
  to
• 31:28
  exploit
• 31:29
  or
• 31:29
  capitalize
• 31:30
  on
• 31:30
  the
• 31:30
  in
• 31:31
  store
• 31:31
  retail
• 31:31
  media
• 31:31
  opportunity,
• 31:32
  we're
• 31:32
  going
• 31:32
  to
• 31:32
  need
• 31:32
  to
• 31:33
  know
• 31:33
  who
• 31:33
  the
• 31:33
  shopper
• 31:33
  is
• 31:33
  when
• 31:33
  they
• 31:33
  come
• 31:34
  into
• 31:34
  the
• 31:34
  store
• 31:34
  rather
• 31:35
  than
• 31:35
  when
• 31:35
  they
• 31:35
  leave.
• 31:35
  So
• 31:36
  I
• 31:36
  think
• 31:36
  there's
• 31:36
  going
• 31:36
  to
• 31:36
  be
• 31:36
  a
• 31:36
  couple
• 31:37
  of
• 31:37
  factors
• 31:37
  going
• 31:37
  to
• 31:37
  come
• 31:38
  together
• 31:38
  for
• 31:38
  future
• 31:39
  store
• 31:39
  formats
• 31:40
  where
• 31:40
  there
• 31:40
  is
• 31:40
  more
• 31:40
  control
• 31:41
  over
• 31:42
  the
• 31:42
  shoppers
• 31:42
  and
• 31:43
  more
• 31:43
  knowledge
• 31:43
  of
• 31:44
  who
• 31:44
  they
• 31:44
  are.
• 31:44
  Got
• 31:45
  it.
• 31:45
  Raquan.
• 31:48
  I
• 31:48
  guess
• 31:48
  some
• 31:48
  of
• 31:49
  the
• 31:49
  things
• 31:49
  that
• 31:49
  I
• 31:49
  was
• 31:50
  learning
• 31:50
  off
• 31:50
  stage,
• 31:51
  I
• 31:51
  think
• 31:51
  is
• 31:51
  just
• 31:52
  the
• 31:52
  appetite
• 31:53
  that
• 31:53
  it
• 31:53
  feels
• 31:54
  that
• 31:54
  retailers
• 31:55
  have
• 31:55
  more
• 31:56
  and
• 31:56
  more
• 31:56
  around
• 31:57
  kind
• 31:57
  of
• 31:57
  working
• 31:57
  and
• 31:58
  partnering
• 31:59
  with
• 31:59
  one
• 31:59
  another.
• 32:00
  I
• 32:00
  think
• 32:01
  that
• 32:03
  one
• 32:03
  of
• 32:03
  the
• 32:04
  announcements
• 32:04
  that
• 32:05
  we
• 32:05
  kind
• 32:06
  of
• 32:07
  had
• 32:08
  in
• 32:08
  the
• 32:08
  lead
• 32:08
  up
• 32:08
  to
• 32:09
  the
• 32:09
  show
• 32:09
  was
• 32:10
  Tesco's
• 32:11
  announcement
• 32:12
  of
• 32:12
  their
• 32:12
  transcend
• 32:13
  technology
• 32:14
  and
• 32:15
  what
• 32:15
  that
• 32:15
  could
• 32:16
  unlock
• 32:16
  for
• 32:17
  assisting
• 32:18
  retailers
• 32:19
  around
• 32:19
  the
• 32:19
  world
• 32:20
  with
• 32:21
  their
• 32:22
  fulfillment
• 32:22
  in
• 32:23
  e
• 32:23
  commerce
• 32:25
  businesses.
• 32:25
  So
• 32:27
  I
• 32:27
  think
• 32:27
  just
• 32:28
  the
• 32:28
  retailer
• 32:29
  retailer
• 32:30
  relationship
• 32:30
  and
• 32:31
  collaboration
• 32:31
  seems
• 32:32
  to
• 32:32
  be
• 32:32
  kind
• 32:32
  of
• 32:33
  shining
• 32:33
  and
• 32:33
  being
• 32:33
  talked
• 32:34
  about
• 32:34
  a
• 32:34
  little
• 32:34
  more.
• 32:35
  Obviously,
• 32:35
  Tesco
• 32:35
  has,
• 32:36
  you
• 32:36
  know,
• 32:36
  it's
• 32:37
  a
• 32:37
  solution
• 32:37
  that
• 32:37
  they've
• 32:38
  commercialized
• 32:38
  and
• 32:39
  want
• 32:39
  to
• 32:39
  sell.
• 32:39
  But
• 32:40
  I
• 32:40
  think
• 32:40
  to
• 32:41
  Ben's
• 32:41
  point
• 32:41
  around,
• 32:42
  you
• 32:42
  know,
• 32:42
  innovation
• 32:43
  not
• 32:43
  being
• 32:43
  in
• 32:44
  isolation,
• 32:44
  I
• 32:44
  think
• 32:45
  we're
• 32:45
  starting
• 32:45
  to
• 32:46
  break
• 32:46
  through
• 32:46
  on
• 32:47
  that.
• 32:48
  Ann,
• 32:48
  what
• 32:48
  was
• 32:49
  the
• 32:49
  biggest
• 32:50
  thing
• 32:50
  you
• 32:50
  learned?
• 32:50
  I
• 32:50
  was
• 32:51
  in
• 32:51
  another
• 32:52
  session,
• 32:53
  breakfast
• 32:54
  session,
• 32:54
  and
• 32:54
  I
• 32:54
  was
• 32:55
  very
• 32:55
  surprised
• 32:56
  to
• 32:56
  learn
• 32:56
  that
• 32:57
  the
• 32:58
  number
• 32:58
  of
• 32:58
  retailers
• 32:59
  who
• 32:59
  are
• 32:59
  investing
• 32:59
  right
• 33:00
  now
• 33:00
  in
• 33:00
  Genai
• 33:01
  search
• 33:01
  on
• 33:02
  their
• 33:02
  websites.
• 33:03
  Shocked.
• 33:04
  Like,
• 33:04
  from
• 33:05
  clubs
• 33:05
  all
• 33:05
  the
• 33:06
  way
• 33:06
  to
• 33:06
  regional
• 33:07
  grocers,
• 33:08
  we
• 33:08
  hear
• 33:08
  the
• 33:08
  big
• 33:09
  news
• 33:09
  about
• 33:09
  Walmart
• 33:10
  obviously
• 33:11
  doing
• 33:11
  generative
• 33:12
  AI
• 33:12
  with
• 33:12
  their
• 33:13
  search.
• 33:14
  I
• 33:14
  think
• 33:15
  it
• 33:16
  shows
• 33:16
  me
• 33:17
  that
• 33:17
  as
• 33:17
  consumers,
• 33:18
  we're
• 33:18
  going
• 33:18
  to
• 33:18
  start
• 33:18
  shopping
• 33:19
  very
• 33:19
  differently.
• 33:20
  And
• 33:20
  I
• 33:20
  think
• 33:20
  we're
• 33:20
  already
• 33:21
  getting
• 33:21
  very
• 33:21
  acclimated
• 33:22
  to
• 33:22
  the
• 33:22
  search
• 33:23
  results
• 33:23
  that
• 33:23
  we're
• 33:23
  seeing
• 33:24
  from
• 33:24
  Gemini
• 33:24
  on
• 33:24
  Google,
• 33:25
  where
• 33:25
  it's
• 33:26
  giving
• 33:26
  us
• 33:27
  three
• 33:27
  bullet
• 33:28
  points
• 33:28
  in
• 33:28
  context
• 33:29
  for
• 33:29
  our
• 33:29
  search
• 33:29
  instead
• 33:30
  of
• 33:30
  just
• 33:30
  serving
• 33:30
  up
• 33:31
  3000
• 33:31
  images
• 33:32
  for
• 33:32
  us
• 33:32
  to
• 33:32
  look
• 33:32
  through.
• 33:33
  So
• 33:33
  I
• 33:33
  think
• 33:33
  that,
• 33:34
  to
• 33:34
  me,
• 33:34
  is
• 33:34
  a
• 33:34
  real
• 33:35
  telltale
• 33:35
  sign
• 33:35
  of
• 33:36
  kind
• 33:36
  of
• 33:36
  where
• 33:36
  the
• 33:37
  future
• 33:37
  of
• 33:38
  consumer
• 33:39
  behavior
• 33:39
  of
• 33:39
  search
• 33:40
  and
• 33:40
  what
• 33:40
  their
• 33:40
  expectations
• 33:41
  are
• 33:41
  going
• 33:41
  to
• 33:41
  be
• 33:41
  from
• 33:42
  grocers.
• 33:42
  Nice.
• 33:43
  I
• 33:43
  got
• 33:44
  20
• 33:44
  seconds.
• 33:44
  Mine
• 33:45
  was
• 33:45
  that
• 33:45
  checkout
• 33:46
  free
• 33:46
  as
• 33:46
  a
• 33:47
  concept
• 33:47
  just
• 33:47
  really
• 33:47
  isn't
• 33:47
  that
• 33:48
  important
• 33:48
  anymore.
• 33:48
  Like,
• 33:48
  it
• 33:49
  just
• 33:49
  seems
• 33:49
  like
• 33:50
  it's
• 33:50
  not
• 33:50
  something
• 33:51
  that
• 33:51
  consumers
• 33:52
  care
• 33:52
  about
• 33:52
  that
• 33:52
  much.
• 33:52
  It's
• 33:53
  not
• 33:53
  something
• 33:53
  that
• 33:53
  retailers
• 33:53
  care
• 33:54
  about
• 33:54
  that
• 33:54
  much.
• 33:56
  It's
• 33:57
  being
• 33:57
  put
• 33:57
  out
• 33:57
  in
• 33:57
  the
• 33:58
  press
• 33:58
  that
• 33:58
  that's
• 33:58
  what
• 33:58
  the
• 33:58
  new
• 33:58
  Sam's
• 33:59
  club
• 33:59
  store
• 33:59
  is
• 33:59
  about.
• 33:59
  I
• 34:00
  don't
• 34:00
  think
• 34:00
  it's
• 34:00
  about
• 34:00
  that.
• 34:00
  I
• 34:00
  think
• 34:00
  it's
• 34:01
  more
• 34:01
  about
• 34:01
  understanding
• 34:02
  the
• 34:02
  data
• 34:02
  flow
• 34:02
  in
• 34:03
  that
• 34:03
  store
• 34:03
  through
• 34:03
  the
• 34:03
  setup
• 34:04
  of
• 34:04
  the
• 34:04
  store.
• 34:05
  So
• 34:05
  that's
• 34:05
  mine.
• 34:06
  Yeah,
• 34:06
  I
• 34:06
  mean,
• 34:07
  we've
• 34:07
  been
• 34:07
  buzzed
• 34:07
  out,
• 34:08
  but
• 34:08
  I
• 34:08
  just
• 34:08
  want
• 34:09
  to
• 34:09
  take
• 34:09
  a
• 34:09
  minute
• 34:09
  to
• 34:09
  reflect
• 34:10
  on
• 34:10
  what
• 34:10
  sams
• 34:10
  are
• 34:10
  doing
• 34:11
  because
• 34:11
  I
• 34:11
  think
• 34:12
  it
• 34:12
  could
• 34:13
  be
• 34:13
  so
• 34:13
  important.
• 34:13
  They're
• 34:14
  making
• 34:14
  every
• 34:15
  single
• 34:15
  shopper
• 34:16
  have
• 34:17
  a
• 34:17
  digital
• 34:17
  device
• 34:18
  to
• 34:18
  be
• 34:18
  able
• 34:18
  to
• 34:19
  shop
• 34:19
  that
• 34:19
  store.
• 34:20
  That's
• 34:21
  huge
• 34:21
  when
• 34:21
  you.
• 34:21
  But
• 34:22
  they
• 34:22
  can,
• 34:22
  like,
• 34:23
  I
• 34:23
  think
• 34:23
  that's
• 34:23
  the
• 34:23
  point
• 34:23
  of
• 34:24
  clarification
• 34:24
  here,
• 34:25
  too,
• 34:25
  Ben.
• 34:25
  Like,
• 34:26
  like,
• 34:26
  a
• 34:27
  regional
• 34:27
  grocer
• 34:28
  can't
• 34:28
  require
• 34:29
  that
• 34:29
  right
• 34:29
  now.
• 34:30
  As
• 34:30
  a
• 34:30
  member
• 34:30
  of
• 34:30
  Sam's
• 34:31
  club,
• 34:31
  I
• 34:31
  think
• 34:31
  you're,
• 34:31
  like,
• 34:32
  buying
• 34:32
  into
• 34:32
  that
• 34:33
  a
• 34:33
  little
• 34:33
  bit
• 34:33
  more
• 34:33
  so
• 34:34
  than
• 34:34
  like,
• 34:35
  or
• 34:35
  maybe
• 34:36
  I'm
• 34:36
  wrong,
• 34:36
  but
• 34:36
  I
• 34:36
  know
• 34:37
  100%.
• 34:37
  But
• 34:37
  they've
• 34:38
  got
• 34:38
  to
• 34:38
  try.
• 34:38
  I
• 34:38
  mean
• 34:39
  it
• 34:39
  almost
• 34:39
  makes
• 34:40
  me
• 34:40
  want
• 34:40
  to
• 34:40
  get.
• 34:40
  Oh,
• 34:40
  I
• 34:40
  agree
• 34:41
  completely.
• 34:41
  I
• 34:42
  just
• 34:42
  think
• 34:42
  it's
• 34:42
  important
• 34:43
  that
• 34:43
  we
• 34:43
  make
• 34:43
  that
• 34:44
  distinction
• 34:44
  here
• 34:44
  because
• 34:45
  I
• 34:45
  think
• 34:45
  like,
• 34:46
  it's
• 34:46
  not
• 34:46
  apples
• 34:46
  to
• 34:47
  apples
• 34:47
  when
• 34:47
  you're
• 34:48
  a,
• 34:48
  a
• 34:48
  grocer
• 34:49
  sitting
• 34:49
  in
• 34:49
  the
• 34:49
  audience
• 34:50
  who
• 34:51
  wants
• 34:51
  to
• 34:51
  test
• 34:51
  these
• 34:52
  things?
• 34:52
  Well,
• 34:53
  it
• 34:53
  depends
• 34:53
  where
• 34:53
  things
• 34:53
  converge
• 34:54
  too,
• 34:54
  right?
• 34:54
  Like
• 34:54
  Ben
• 34:55
  was
• 34:55
  saying,
• 34:55
  like
• 34:55
  if
• 34:55
  shrink
• 34:56
  becomes
• 34:56
  a
• 34:56
  big
• 34:56
  issue
• 34:56
  too,
• 34:57
  and
• 34:57
  you
• 34:57
  have
• 34:57
  to
• 34:57
  go
• 34:57
  to
• 34:57
  controlled
• 34:58
  entry
• 34:58
  points
• 34:58
  and
• 34:58
  exit
• 34:58
  points,
• 34:59
  then
• 34:59
  that
• 34:59
  facilitates
• 35:00
  the
• 35:00
  greater
• 35:01
  adoption
• 35:01
  of
• 35:01
  scan
• 35:01
  and
• 35:01
  go
• 35:02
  throughout
• 35:02
  the
• 35:02
  industry
• 35:02
  too.
• 35:02
  So
• 35:03
  I
• 35:03
  don't
• 35:03
  think
• 35:03
  any
• 35:03
  of
• 35:04
  us
• 35:04
  know
• 35:04
  how
• 35:04
  the
• 35:04
  convergence
• 35:05
  is
• 35:05
  going
• 35:05
  to
• 35:05
  happen
• 35:05
  yet.
• 35:06
  But
• 35:06
  yeah,
• 35:06
  Sam's
• 35:07
  club
• 35:07
  is
• 35:08
  set
• 35:08
  up
• 35:08
  to
• 35:08
  benefit
• 35:09
  from
• 35:09
  it
• 35:09
  the
• 35:09
  most
• 35:09
  by
• 35:10
  how
• 35:10
  it
• 35:10
  operates.
• 35:11
  Exactly.
• 35:12
  And
• 35:12
  they've
• 35:12
  got
• 35:12
  the
• 35:12
  audacity
• 35:13
  to
• 35:13
  do
• 35:13
  it,
• 35:13
  right.
• 35:14
  Yeah.
• 35:14
  Audacity.
• 35:15
  Audacity.
• 35:16
  That's
• 35:16
  the
• 35:16
  word
• 35:16
  of
• 35:16
  this
• 35:17
  session.
• 35:18
  Well,
• 35:19
  on
• 35:19
  behalf
• 35:20
  of
• 35:20
  the
• 35:20
  grocery
• 35:21
  shop
• 35:21
  team,
• 35:21
  I
• 35:22
  just
• 35:22
  want
• 35:22
  to
• 35:22
  thank,
• 35:22
  well,
• 35:23
  firstly,
• 35:23
  thank
• 35:23
  you
• 35:24
  for
• 35:24
  staying
• 35:24
  to
• 35:24
  the
• 35:24
  very
• 35:24
  end.
• 35:25
  We
• 35:25
  really
• 35:25
  appreciate
• 35:26
  it.
• 35:26
  We're
• 35:27
  going
• 35:27
  to
• 35:27
  wrap
• 35:27
  up
• 35:27
  so
• 35:27
  you
• 35:27
  can
• 35:28
  get
• 35:28
  to
• 35:28
  your
• 35:28
  flight.
• 35:29
  Thank
• 35:29
  you
• 35:29
  for
• 35:29
  coming.
• 35:30
  Thank
• 35:30
  you
• 35:30
  for
• 35:30
  taking
• 35:30
  part.
• 35:31
  Thank
• 35:31
  you
• 35:31
  for
• 35:31
  the
• 35:31
  cold
• 35:31
  conversations.
• 35:32
  We
• 35:32
  really
• 35:32
  appreciate
• 35:33
  it.
• 35:33
  It's
• 35:33
  a
• 35:34
  community,
• 35:34
  not
• 35:34
  a
• 35:34
  show.
• 35:34
  So
• 35:35
  thank
• 35:35
  you.
• 35:36
  Dates
• 35:36
  for
• 35:36
  next
• 35:36
  year.
• 35:37
  Sunday
• 35:38
  it's
• 35:38
  an
• 35:39
  afternoon
• 35:39
  start.
• 35:40
  Sunday
• 35:40
  the
• 35:40
  28
• 35:41
  September
• 35:41
  through
• 35:42
  to
• 35:42
  lunchtime
• 35:43
  Wednesday
• 35:43
  October
• 35:44
  1.
• 35:44
  So
• 35:45
  an
• 35:45
  extra
• 35:45
  evening
• 35:45
  for
• 35:45
  even
• 35:46
  more
• 35:46
  parties
• 35:46
  to
• 35:47
  be
• 35:47
  even
• 35:47
  tighter
• 35:47
  afterwards.
• 35:48
  So
• 35:48
  thank
• 35:49
  you.
• 35:49
  Really
• 35:49
  appreciate
• 35:50
  it.
• 35:50
  And
• 35:50
  safe
• 35:50
  journey
• 35:51
  home
• 35:51
  everyone.
• 35:52
  Thank
• 35:52
  you.