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Would You Pay More Than the Person Next to You? | Fast Five Shorts · Omni Talk Retail

• 0:00
  New
• 0:00
  York
• 0:00
  legislators
• 0:01
  have
• 0:01
  passed
• 0:02
  the
• 0:02
  One
• 0:03
  Fair
• 0:03
  Price
• 0:04
  act,
• 0:04
  making
• 0:04
  New
• 0:04
  York
• 0:05
  the
• 0:05
  third
• 0:05
  state
• 0:05
  in
• 0:05
  the
• 0:06
  nation,
• 0:06
  after
• 0:06
  Maine
• 0:07
  and
• 0:07
  Connecticut
• 0:08
  to
• 0:08
  pass
• 0:08
  legislation
• 0:09
  limiting
• 0:10
  companies
• 0:10
  from
• 0:10
  using
• 0:11
  consumer
• 0:11
  data
• 0:11
  to
• 0:12
  set
• 0:12
  personalized
• 0:13
  prices,
• 0:14
  according
• 0:14
  to
• 0:14
  Chain
• 0:14
  Storage.
• 0:15
  The
• 0:15
  bill
• 0:15
  passed
• 0:15
  on
• 0:16
  June
• 0:16
  4th
• 0:16
  and
• 0:16
  now
• 0:16
  heads
• 0:17
  to
• 0:17
  New
• 0:17
  York's
• 0:17
  governor
• 0:18
  for
• 0:18
  consideration.
• 0:19
  The
• 0:19
  legislation
• 0:20
  targets
• 0:21
  what
• 0:21
  advocates
• 0:21
  call
• 0:22
  surveillance
• 0:23
  pricing,
• 0:23
  which
• 0:24
  is
• 0:24
  the
• 0:24
  practice
• 0:24
  of
• 0:24
  using
• 0:25
  AI
• 0:25
  and
• 0:25
  algorithms
• 0:26
  to
• 0:26
  analyze
• 0:26
  a
• 0:26
  consumer's
• 0:27
  browsing
• 0:27
  history,
• 0:28
  real
• 0:28
  time
• 0:28
  location,
• 0:29
  inferred
• 0:30
  family
• 0:30
  size
• 0:30
  or
• 0:30
  income,
• 0:31
  to
• 0:32
  set
• 0:32
  individualized
• 0:33
  prices
• 0:33
  or
• 0:33
  discounts.
• 0:34
  The
• 0:35
  bill
• 0:35
  does,
• 0:36
  however,
• 0:36
  carve
• 0:36
  out
• 0:36
  an
• 0:37
  exception
• 0:37
  for
• 0:37
  what
• 0:37
  it
• 0:38
  calls
• 0:38
  bonafide
• 0:39
  discounts.
• 0:40
  That
• 0:41
  is,
• 0:41
  sales
• 0:41
  coupons
• 0:42
  and
• 0:42
  loyalty
• 0:43
  programs
• 0:43
  are
• 0:43
  preserved,
• 0:44
  which
• 0:44
  was
• 0:45
  a
• 0:45
  key
• 0:45
  concern
• 0:46
  raised
• 0:46
  by
• 0:46
  critics
• 0:46
  who
• 0:47
  argue
• 0:47
  the
• 0:47
  legislation
• 0:48
  could
• 0:48
  eliminate
• 0:49
  consumer
• 0:50
  friendly
• 0:50
  targeted
• 0:50
  offers.
• 0:52
  Notably,
• 0:52
  Colorado
• 0:53
  recently
• 0:53
  vetoed
• 0:54
  a
• 0:54
  similar
• 0:55
  surveillance
• 0:55
  pricing
• 0:56
  bill,
• 0:56
  and
• 0:56
  California
• 0:57
  and
• 0:57
  New
• 0:57
  Jersey
• 0:58
  are
• 0:58
  both
• 0:58
  currently
• 0:59
  considering
• 0:59
  comparable
• 1:00
  legislation,
• 1:01
  making
• 1:01
  this
• 1:01
  a
• 1:02
  fast
• 1:02
  moving
• 1:02
  patchwork
• 1:03
  of
• 1:03
  state
• 1:04
  level
• 1:04
  action.
• 1:05
  Chap.
• 1:06
  This
• 1:06
  is.
• 1:06
  You're
• 1:06
  the
• 1:07
  lucky,
• 1:07
  the
• 1:07
  lucky
• 1:08
  winner
• 1:08
  this
• 1:08
  week.
• 1:08
  You
• 1:09
  get
• 1:09
  the,
• 1:09
  you
• 1:09
  get
• 1:10
  the
• 1:10
  A
• 1:10
  M
• 1:10
  consumer
• 1:11
  and
• 1:11
  retail
• 1:11
  groups
• 1:11
  put
• 1:11
  you
• 1:12
  on
• 1:12
  the
• 1:12
  spot
• 1:13
  question.
• 1:14
  All
• 1:14
  right,
• 1:14
  here
• 1:14
  it
• 1:15
  is.
• 1:15
  This
• 1:15
  one,
• 1:15
  this
• 1:16
  one's
• 1:16
  a.
• 1:16
  They
• 1:17
  went,
• 1:17
  they
• 1:17
  went
• 1:17
  in
• 1:17
  a
• 1:18
  different
• 1:18
  angle
• 1:18
  this
• 1:18
  week
• 1:19
  too.
• 1:19
  Chap.
• 1:19
  So
• 1:20
  better
• 1:20
  you
• 1:20
  than
• 1:20
  me
• 1:20
  on
• 1:21
  this
• 1:21
  one.
• 1:21
  So
• 1:21
  here
• 1:21
  it
• 1:22
  is.
• 1:24
  They
• 1:24
  said,
• 1:24
  quote,
• 1:25
  you
• 1:25
  can't
• 1:26
  stop
• 1:26
  him.
• 1:26
  You
• 1:26
  can
• 1:27
  only
• 1:27
  hope
• 1:27
  to
• 1:27
  contain
• 1:28
  him.
• 1:28
  Was
• 1:29
  a
• 1:29
  popular
• 1:29
  Dan
• 1:30
  Patrick
• 1:30
  catchphrase
• 1:31
  on
• 1:31
  SportsCenter
• 1:32
  in
• 1:32
  the
• 1:32
  1990s.
• 1:33
  God,
• 1:33
  I
• 1:33
  just
• 1:34
  read
• 1:34
  this.
• 1:34
  I
• 1:34
  have
• 1:34
  no
• 1:34
  idea
• 1:35
  where
• 1:35
  this
• 1:35
  is
• 1:35
  going
• 1:35
  to
• 1:35
  go.
• 1:36
  And
• 1:36
  that
• 1:36
  was
• 1:36
  to
• 1:37
  describe
• 1:37
  the
• 1:37
  dominant
• 1:38
  athletic
• 1:39
  forces
• 1:39
  who
• 1:39
  were
• 1:39
  simply
• 1:40
  too
• 1:40
  big
• 1:40
  or
• 1:41
  too
• 1:41
  strong
• 1:41
  to
• 1:42
  neutralize.
• 1:43
  So
• 1:43
  their
• 1:43
  question
• 1:43
  is,
• 1:44
  in
• 1:44
  10
• 1:44
  years,
• 1:45
  who
• 1:45
  will
• 1:45
  we
• 1:46
  say
• 1:46
  was
• 1:46
  more
• 1:47
  difficult
• 1:47
  to
• 1:48
  contain
• 1:48
  comparatively?
• 1:49
  Michael
• 1:50
  Jordan
• 1:50
  or
• 1:51
  AI?
• 1:54
  Okay,
• 1:54
  that.
• 1:54
  That's
• 1:55
  from
• 1:55
  left
• 1:55
  field.
• 1:55
  Chris.
• 1:57
  I.
• 1:58
  So
• 1:58
  I
• 1:58
  lived
• 1:59
  in
• 1:59
  Chicago
• 1:59
  in
• 1:59
  the
• 2:00
  late
• 2:00
  90s,
• 2:00
  so
• 2:00
  I
• 2:01
  had
• 2:01
  the
• 2:01
  privilege
• 2:01
  of
• 2:02
  seeing
• 2:02
  Jordan
• 2:02
  live.
• 2:03
  Wow.
• 2:03
  Incredible.
• 2:05
  So
• 2:06
  the
• 2:06
  easy
• 2:06
  answer
• 2:06
  to
• 2:06
  this
• 2:07
  question
• 2:07
  is
• 2:08
  AI.
• 2:09
  However,
• 2:09
  the
• 2:10
  key
• 2:10
  point
• 2:10
  in
• 2:11
  the
• 2:11
  question
• 2:11
  was
• 2:12
  in
• 2:12
  10
• 2:12
  years,
• 2:13
  which
• 2:14
  makes
• 2:14
  me
• 2:14
  more
• 2:14
  skeptical,
• 2:15
  actually.
• 2:15
  Really?
• 2:16
  So
• 2:16
  from
• 2:17
  my
• 2:17
  vantage
• 2:17
  point
• 2:18
  at
• 2:18
  Gartner,
• 2:19
  yes,
• 2:20
  AI
• 2:21
  is
• 2:21
  everywhere
• 2:21
  in
• 2:22
  our
• 2:22
  discussions,
• 2:22
  but
• 2:23
  the
• 2:23
  reality
• 2:23
  is,
• 2:24
  in
• 2:24
  my
• 2:24
  domain
• 2:25
  and
• 2:25
  supply
• 2:25
  chain,
• 2:26
  only
• 2:26
  17%
• 2:27
  of
• 2:28
  AI
• 2:28
  pilots
• 2:29
  are
• 2:29
  scaling
• 2:29
  successfully
• 2:30
  in
• 2:30
  the
• 2:30
  supply
• 2:31
  chain
• 2:31
  Right
• 2:31
  now,
• 2:32
  only
• 2:32
  23%
• 2:34
  of
• 2:34
  supply
• 2:34
  chains
• 2:35
  have
• 2:35
  a
• 2:35
  formal
• 2:36
  AI
• 2:36
  strategy.
• 2:37
  Only
• 2:38
  23%.
• 2:39
  Right,
• 2:39
  right,
• 2:40
  right.
• 2:40
  So,
• 2:41
  and
• 2:41
  the
• 2:42
  gap
• 2:42
  between
• 2:42
  what
• 2:43
  the
• 2:43
  vendors
• 2:43
  say
• 2:43
  you
• 2:44
  can
• 2:44
  do
• 2:44
  with
• 2:44
  AI
• 2:45
  and
• 2:45
  what
• 2:45
  folks
• 2:45
  are
• 2:46
  actually
• 2:46
  doing
• 2:46
  with
• 2:47
  AI
• 2:47
  has
• 2:48
  never
• 2:48
  been
• 2:48
  larger.
• 2:50
  And
• 2:50
  if
• 2:50
  we're
• 2:51
  going
• 2:51
  to
• 2:51
  get
• 2:51
  AI
• 2:52
  in
• 2:52
  this
• 2:52
  dominant
• 2:53
  position
• 2:53
  where
• 2:54
  it
• 2:54
  really
• 2:55
  changes
• 2:55
  your
• 2:56
  operating
• 2:56
  model,
• 2:57
  you
• 2:57
  have
• 2:58
  to
• 2:58
  give
• 2:58
  AI
• 2:58
  some
• 2:59
  big,
• 2:59
  big
• 2:59
  Decision
• 3:00
  rights.
• 3:01
  That's
• 3:01
  going
• 3:02
  to
• 3:02
  take
• 3:02
  time,
• 3:03
  a
• 3:03
  long
• 3:04
  time
• 3:05
  to
• 3:05
  get
• 3:05
  right.
• 3:06
  So
• 3:07
  maybe
• 3:07
  I'm
• 3:07
  giving
• 3:08
  the
• 3:08
  edge
• 3:08
  to
• 3:08
  MJ
• 3:09
  here.
• 3:10
  Okay.
• 3:10
  Wow.
• 3:11
  Okay,
• 3:11
  wait.
• 3:11
  Okay,
• 3:11
  so
• 3:12
  first
• 3:12
  of
• 3:12
  all,
• 3:12
  I
• 3:12
  want
• 3:12
  to
• 3:12
  say,
• 3:13
  so
• 3:13
  the
• 3:13
  goat,
• 3:14
  Michael
• 3:14
  Jordan
• 3:14
  still
• 3:15
  beats
• 3:15
  AI.
• 3:15
  Wow.
• 3:16
  That
• 3:16
  tells
• 3:16
  you
• 3:16
  how.
• 3:16
  That
• 3:17
  tells
• 3:17
  you
• 3:17
  how
• 3:17
  awesome.
• 3:18
  That
• 3:18
  tells
• 3:18
  you
• 3:18
  how
• 3:18
  awesome
• 3:19
  Michael
• 3:19
  Jordan
• 3:19
  was
• 3:19
  as
• 3:20
  a
• 3:20
  basketball
• 3:20
  player.
• 3:21
  What
• 3:21
  it,
• 3:21
  what
• 3:21
  it
• 3:21
  also
• 3:22
  tells
• 3:22
  me
• 3:22
  is
• 3:22
  that,
• 3:23
  you
• 3:23
  know,
• 3:23
  and
• 3:23
  the
• 3:23
  reason
• 3:23
  for
• 3:24
  the
• 3:24
  A
• 3:24
  and
• 3:24
  M
• 3:25
  consumer
• 3:25
  and
• 3:25
  retail
• 3:25
  group's
• 3:26
  question
• 3:26
  is
• 3:26
  like,
• 3:26
  you
• 3:27
  know,
• 3:27
  I
• 3:27
  think
• 3:27
  they're
• 3:27
  kind
• 3:27
  of,
• 3:28
  you
• 3:28
  know,
• 3:28
  you
• 3:28
  know,
• 3:28
  asking
• 3:29
  like,
• 3:29
  you
• 3:30
  know,
• 3:30
  what's
• 3:30
  the
• 3:30
  point
• 3:31
  if
• 3:31
  AI
• 3:31
  is
• 3:32
  going
• 3:32
  to
• 3:32
  always
• 3:32
  be,
• 3:33
  you
• 3:33
  know,
• 3:34
  out
• 3:34
  there
• 3:35
  and
• 3:35
  such
• 3:35
  an
• 3:35
  important
• 3:36
  thing
• 3:36
  in
• 3:37
  terms
• 3:37
  of
• 3:37
  how
• 3:37
  retailers
• 3:38
  do
• 3:38
  business,
• 3:38
  how
• 3:39
  consumers
• 3:39
  interact
• 3:39
  with
• 3:40
  things,
• 3:40
  is
• 3:40
  it
• 3:40
  even
• 3:40
  possible
• 3:41
  to
• 3:41
  keep
• 3:41
  up?
• 3:42
  And
• 3:42
  your
• 3:43
  point,
• 3:43
  your
• 3:43
  point
• 3:43
  that
• 3:43
  I'm
• 3:44
  hearing
• 3:44
  you
• 3:44
  say
• 3:44
  is,
• 3:45
  yeah,
• 3:46
  there
• 3:46
  actually
• 3:46
  may
• 3:46
  be
• 3:46
  a
• 3:47
  point
• 3:47
  to
• 3:47
  trying
• 3:47
  to
• 3:47
  keep
• 3:47
  up
• 3:48
  with
• 3:48
  it
• 3:48
  because
• 3:48
  it
• 3:48
  may
• 3:48
  not
• 3:49
  happen
• 3:49
  as
• 3:49
  quickly
• 3:50
  as.
• 3:51
  As
• 3:51
  we
• 3:51
  think
• 3:51
  it's
• 3:51
  going
• 3:52
  to.
• 3:52
  And
• 3:52
  so
• 3:52
  then
• 3:52
  my
• 3:53
  question
• 3:53
  to
• 3:53
  you
• 3:53
  comes
• 3:54
  down
• 3:54
  to
• 3:54
  if
• 3:54
  you
• 3:54
  look
• 3:54
  back
• 3:55
  at
• 3:55
  the
• 3:55
  legislation
• 3:56
  like
• 3:56
  I
• 3:56
  just
• 3:56
  described
• 3:56
  in
• 3:57
  the
• 3:57
  headline,
• 3:58
  what
• 3:58
  do
• 3:58
  you
• 3:58
  think
• 3:58
  it
• 3:58
  gets
• 3:59
  right
• 3:59
  and
• 3:59
  what
• 3:59
  do
• 3:59
  you
• 3:59
  think
• 3:59
  it
• 4:00
  gets
• 4:00
  wrong
• 4:00
  when
• 4:00
  it
• 4:01
  comes
• 4:01
  to
• 4:01
  regulating
• 4:02
  pricing
• 4:03
  as
• 4:03
  it's
• 4:03
  trying
• 4:03
  to
• 4:04
  do
• 4:04
  across
• 4:04
  retail?
• 4:06
  Yeah,
• 4:07
  you
• 4:07
  know,
• 4:07
  Chris,
• 4:08
  I
• 4:08
  think
• 4:08
  it's
• 4:09
  sad
• 4:09
  that
• 4:09
  we
• 4:10
  need
• 4:10
  legislation
• 4:11
  to
• 4:11
  deal
• 4:11
  with
• 4:11
  these
• 4:12
  kinds
• 4:12
  of
• 4:12
  issues,
• 4:13
  you
• 4:13
  know,
• 4:13
  while
• 4:13
  dynamic
• 4:14
  pricing
• 4:15
  is
• 4:15
  happening
• 4:15
  all
• 4:16
  around
• 4:16
  us.
• 4:16
  Right.
• 4:16
  Concert
• 4:17
  tickets,
• 4:17
  hotels,
• 4:17
  Uber
• 4:18
  rides.
• 4:19
  Like,
• 4:19
  the
• 4:19
  consumer
• 4:20
  remains
• 4:20
  very
• 4:21
  sensitive
• 4:21
  to
• 4:22
  this
• 4:22
  issue
• 4:22
  on
• 4:22
  product
• 4:23
  pricing.
• 4:24
  And
• 4:24
  smart
• 4:25
  retailers
• 4:25
  would
• 4:25
  tread
• 4:26
  very
• 4:26
  carefully
• 4:27
  here
• 4:27
  without
• 4:28
  the
• 4:28
  need
• 4:28
  for
• 4:29
  some
• 4:29
  law
• 4:30
  to
• 4:30
  prevent
• 4:30
  them
• 4:31
  from
• 4:31
  doing
• 4:31
  so.
• 4:32
  You
• 4:32
  know,
• 4:32
  my
• 4:33
  advice
• 4:33
  to
• 4:33
  a
• 4:33
  retailer
• 4:34
  would
• 4:34
  be
• 4:34
  to
• 4:35
  lean
• 4:35
  into
• 4:35
  personalization
• 4:37
  in
• 4:37
  other
• 4:38
  ways
• 4:38
  that
• 4:38
  can
• 4:38
  still
• 4:39
  drive
• 4:39
  margin
• 4:39
  optimization.
• 4:40
  And
• 4:41
  we
• 4:41
  know
• 4:41
  that
• 4:42
  personalization
• 4:42
  overall
• 4:43
  as
• 4:43
  a
• 4:43
  strategy
• 4:43
  works.
• 4:44
  Like
• 4:44
  Gartner
• 4:45
  research
• 4:45
  says,
• 4:45
  consumers
• 4:46
  are
• 4:46
  1.3
• 4:47
  times
• 4:47
  more
• 4:47
  likely
• 4:48
  to
• 4:48
  make
• 4:48
  a
• 4:48
  purchase
• 4:49
  when
• 4:49
  it
• 4:50
  is
• 4:50
  personalized.
• 4:51
  Right.
• 4:51
  And
• 4:52
  for
• 4:52
  me,
• 4:53
  like,
• 4:53
  so
• 4:53
  I'll
• 4:53
  just
• 4:53
  give
• 4:54
  you
• 4:54
  an
• 4:54
  example,
• 4:54
  as
• 4:54
  a
• 4:54
  supply
• 4:55
  chain
• 4:55
  guy,
• 4:56
  personalization
• 4:57
  could
• 4:57
  be
• 4:58
  about
• 4:58
  how
• 4:58
  do
• 4:59
  we
• 4:59
  use
• 4:59
  supply
• 4:59
  chain
• 5:00
  data
• 5:00
  to
• 5:01
  personalize
• 5:01
  and
• 5:02
  optimize
• 5:02
  the
• 5:03
  fulfillment
• 5:03
  offer
• 5:04
  itself.
• 5:04
  Right.
• 5:05
  We
• 5:05
  know
• 5:05
  the
• 5:05
  consumer
• 5:06
  wants
• 5:07
  personalized
• 5:07
  delivery
• 5:08
  experiences.
• 5:09
  So
• 5:09
  I
• 5:10
  actually
• 5:10
  did
• 5:10
  some
• 5:10
  consumer
• 5:11
  research
• 5:11
  on
• 5:11
  this
• 5:11
  last
• 5:12
  year
• 5:12
  where
• 5:12
  we
• 5:12
  asked
• 5:13
  consumers
• 5:13
  about
• 5:13
  speed
• 5:14
  over
• 5:14
  reliability
• 5:16
  and
• 5:16
  accuracy.
• 5:17
  Reliability
• 5:18
  was
• 5:18
  actually
• 5:18
  more
• 5:19
  appealing
• 5:19
  than
• 5:20
  raw
• 5:20
  speed.
• 5:21
  And
• 5:22
  that
• 5:23
  accuracy,
• 5:24
  that's
• 5:24
  personalization.
• 5:25
  Right.
• 5:25
  That's
• 5:25
  the
• 5:25
  promise
• 5:26
  for
• 5:26
  you
• 5:26
  based
• 5:27
  on
• 5:27
  where
• 5:27
  you
• 5:27
  are.
• 5:28
  And
• 5:28
  we
• 5:28
  know
• 5:29
  conversion
• 5:29
  rates
• 5:29
  go
• 5:30
  up
• 5:30
  3
• 5:30
  to
• 5:30
  7%
• 5:31
  when
• 5:31
  we
• 5:31
  personalize
• 5:32
  the
• 5:32
  delivery
• 5:33
  estimate
• 5:33
  on
• 5:33
  the
• 5:33
  product
• 5:34
  detail
• 5:34
  page.
• 5:35
  And
• 5:36
  when
• 5:36
  I
• 5:36
  talk
• 5:36
  to
• 5:37
  retailers
• 5:37
  who
• 5:37
  are
• 5:38
  always
• 5:39
  complaining
• 5:39
  about
• 5:40
  the
• 5:40
  speed
• 5:41
  expectations
• 5:42
  that
• 5:42
  Amazon
• 5:42
  sets.
• 5:43
  You
• 5:44
  know,
• 5:44
  my,
• 5:44
  my,
• 5:44
  my
• 5:45
  comeback
• 5:45
  to
• 5:45
  them
• 5:45
  is,
• 5:46
  well,
• 5:46
  Amazon
• 5:47
  set
• 5:47
  another
• 5:47
  experience,
• 5:48
  another
• 5:48
  expectation
• 5:49
  for
• 5:49
  the
• 5:49
  consumer,
• 5:50
  and
• 5:50
  that's
• 5:50
  the
• 5:51
  personalization
• 5:51
  of
• 5:52
  the
• 5:52
  delivery
• 5:52
  offer.
• 5:53
  Right.
• 5:53
  We
• 5:53
  all
• 5:54
  get
• 5:54
  a
• 5:54
  different
• 5:54
  delivery
• 5:55
  experience
• 5:55
  based
• 5:56
  on
• 5:56
  where
• 5:56
  we're
• 5:57
  browsing
• 5:57
  from
• 5:57
  and
• 5:58
  our
• 5:58
  browsing
• 5:58
  history,
• 5:58
  our
• 5:59
  order
• 5:59
  history,
• 5:59
  et
• 6:00
  cetera.
• 6:00
  So
• 6:01
  that
• 6:01
  expectation
• 6:02
  has
• 6:02
  been
• 6:02
  set
• 6:02
  for
• 6:03
  the
• 6:03
  consumer
• 6:03
  as
• 6:03
  well,
• 6:03
  which
• 6:04
  is
• 6:04
  an
• 6:04
  area
• 6:05
  I
• 6:05
  think
• 6:05
  retailers
• 6:06
  can
• 6:06
  lean
• 6:07
  into.
• 6:07
  Right.
• 6:08
  And
• 6:08
  when
• 6:08
  we
• 6:09
  shift
• 6:09
  our
• 6:09
  thinking
• 6:09
  this
• 6:10
  way
• 6:10
  to
• 6:11
  using
• 6:11
  supply
• 6:11
  chain
• 6:12
  data
• 6:12
  to
• 6:12
  help
• 6:12
  personalize
• 6:13
  the
• 6:13
  offer,
• 6:17
  that's
• 6:17
  a
• 6:17
  margin
• 6:17
  driver.
• 6:18
  So
• 6:19
  when
• 6:19
  I
• 6:19
  search
• 6:20
  for
• 6:21
  men's
• 6:21
  khaki
• 6:22
  pants
• 6:22
  on
• 6:22
  your
• 6:22
  website
• 6:24
  today,
• 6:24
  that's
• 6:25
  a
• 6:25
  merchant's
• 6:25
  job
• 6:25
  to
• 6:26
  figure
• 6:26
  out
• 6:26
  which
• 6:26
  five
• 6:27
  pairs
• 6:27
  of
• 6:27
  pants
• 6:27
  appear
• 6:28
  above
• 6:28
  the
• 6:28
  fold.
• 6:29
  But
• 6:29
  what
• 6:30
  about
• 6:30
  using
• 6:30
  supply
• 6:31
  chain
• 6:31
  data
• 6:31
  too?
• 6:32
  Which
• 6:33
  of
• 6:33
  these
• 6:33
  pants
• 6:33
  are
• 6:33
  in
• 6:34
  stock
• 6:34
  near
• 6:34
  you
• 6:34
  that
• 6:34
  I
• 6:35
  can
• 6:35
  deliver
• 6:35
  at
• 6:35
  a
• 6:35
  more
• 6:36
  profitable
• 6:36
  cost?
• 6:37
  So
• 6:38
  this
• 6:38
  is
• 6:38
  just
• 6:38
  like
• 6:38
  one
• 6:39
  example
• 6:39
  of
• 6:40
  personalization
• 6:41
  that
• 6:41
  I
• 6:41
  think
• 6:41
  retailers
• 6:42
  can
• 6:42
  be
• 6:43
  leaning
• 6:43
  into
• 6:44
  that
• 6:45
  stays
• 6:45
  away
• 6:46
  from
• 6:46
  this
• 6:46
  red
• 6:47
  line
• 6:47
  of
• 6:48
  dynamic
• 6:49
  product
• 6:49
  pricing
• 6:50
  that
• 6:50
  I
• 6:51
  think
• 6:51
  retailers,
• 6:52
  smart
• 6:52
  retailers
• 6:53
  will
• 6:53
  avoid.
• 6:54
  And
• 6:55
  now,
• 6:55
  you
• 6:55
  know,
• 6:56
  unfortunately,
• 6:56
  it
• 6:56
  seems
• 6:56
  like
• 6:57
  some
• 6:57
  states
• 6:57
  are
• 6:57
  jumping
• 6:58
  ahead
• 6:58
  to
• 6:58
  ensure
• 6:59
  that
• 6:59
  the
• 6:59
  not
• 6:59
  smart
• 7:00
  retailers
• 7:00
  will
• 7:01
  not
• 7:01
  cross
• 7:01
  this
• 7:01
  line
• 7:02
  even
• 7:02
  if
• 7:02
  they
• 7:02
  try.
• 7:03
  So,
• 7:03
  yeah,
• 7:03
  that's
• 7:04
  my
• 7:04
  take
• 7:04
  on
• 7:04
  it.
• 7:05
  Right,
• 7:05
  right,
• 7:05
  yeah.
• 7:06
  And
• 7:06
  yeah,
• 7:07
  no,
• 7:07
  you're
• 7:07
  bringing
• 7:07
  up
• 7:07
  good
• 7:07
  points
• 7:07
  too.
• 7:08
  And
• 7:08
  then
• 7:08
  like,
• 7:08
  where
• 7:08
  does,
• 7:08
  where
• 7:09
  does
• 7:09
  like
• 7:09
  the
• 7:09
  shipping
• 7:10
  costs
• 7:10
  fall
• 7:10
  into
• 7:11
  this
• 7:11
  legislation
• 7:11
  too?
• 7:12
  Like,
• 7:12
  is
• 7:12
  that
• 7:12
  a
• 7:12
  product
• 7:13
  price
• 7:13
  or
• 7:13
  is
• 7:13
  that
• 7:13
  something
• 7:14
  that's
• 7:14
  happening,
• 7:14
  ancillary
• 7:15
  from
• 7:15
  all
• 7:15
  this?
• 7:16
  So,
• 7:16
  like,
• 7:16
  it
• 7:16
  gets
• 7:17
  really
• 7:17
  complicated
• 7:18
  really
• 7:18
  fast.
• 7:18
  And
• 7:18
  so,
• 7:19
  like,
• 7:19
  you
• 7:19
  know,
• 7:19
  I
• 7:19
  think
• 7:20
  overall
• 7:20
  it's,
• 7:21
  it's
• 7:21
  grounded
• 7:21
  in
• 7:21
  the
• 7:21
  right
• 7:22
  direction
• 7:22
  as
• 7:23
  an
• 7:23
  idea.
• 7:23
  And
• 7:24
  I
• 7:24
  think
• 7:24
  what
• 7:24
  they're
• 7:24
  trying
• 7:24
  to
• 7:25
  prevent
• 7:25
  is
• 7:25
  like
• 7:25
  the
• 7:25
  instacart
• 7:26
  example
• 7:26
  that
• 7:26
  we
• 7:26
  had
• 7:26
  on
• 7:27
  the
• 7:27
  show
• 7:27
  a
• 7:27
  couple
• 7:27
  months
• 7:27
  ago
• 7:28
  where
• 7:28
  there
• 7:28
  was
• 7:28
  just
• 7:28
  blatantly
• 7:29
  different
• 7:29
  prices
• 7:30
  for
• 7:30
  different
• 7:31
  people.
• 7:32
  And
• 7:32
  so
• 7:33
  I'm
• 7:33
  all
• 7:33
  for
• 7:33
  protecting
• 7:34
  that.
• 7:34
  But
• 7:35
  the
• 7:35
  couple
• 7:35
  things
• 7:35
  I
• 7:35
  would
• 7:36
  say,
• 7:36
  just
• 7:37
  for
• 7:37
  anyone
• 7:37
  listening,
• 7:38
  particularly
• 7:38
  if
• 7:38
  you're
• 7:38
  in
• 7:38
  government
• 7:39
  and
• 7:39
  you're
• 7:39
  thinking
• 7:39
  about
• 7:39
  doing
• 7:40
  this,
• 7:41
  the
• 7:41
  one
• 7:41
  thing
• 7:41
  that
• 7:41
  is
• 7:42
  driving
• 7:42
  me
• 7:42
  absolutely
• 7:43
  crazy
• 7:43
  now
• 7:43
  is
• 7:44
  all
• 7:44
  the
• 7:44
  negative
• 7:44
  blowback
• 7:45
  on
• 7:45
  ESLs,
• 7:46
  particularly
• 7:47
  around
• 7:47
  dynamic
• 7:47
  pricing.
• 7:48
  Because
• 7:48
  if
• 7:48
  you
• 7:48
  think
• 7:49
  that
• 7:49
  that's
• 7:49
  going
• 7:49
  to
• 7:49
  happen,
• 7:50
  you're
• 7:51
  just
• 7:51
  totally,
• 7:52
  you're
• 7:53
  not
• 7:53
  getting
• 7:53
  it
• 7:53
  because
• 7:54
  that's
• 7:54
  not
• 7:54
  how
• 7:54
  retail
• 7:55
  works.
• 7:55
  No
• 7:55
  retailer
• 7:56
  is
• 7:56
  going
• 7:56
  to
• 7:56
  put
• 7:56
  dynamic
• 7:57
  pricing
• 7:57
  down
• 7:57
  their
• 7:58
  aisles,
• 7:58
  you
• 7:58
  know,
• 7:59
  as
• 7:59
  different
• 7:59
  individuals
• 8:00
  are
• 8:00
  coming
• 8:00
  down
• 8:01
  them.
• 8:01
  So
• 8:01
  it's
• 8:01
  just
• 8:02
  not
• 8:02
  going
• 8:02
  to
• 8:02
  happen.
• 8:02
  So
• 8:03
  just
• 8:03
  stop,
• 8:04
  you
• 8:04
  know,
• 8:04
  stumping
• 8:05
  that.
• 8:05
  But,
• 8:06
  you
• 8:06
  know,
• 8:06
  I
• 8:06
  think
• 8:06
  with
• 8:06
  this,
• 8:07
  I
• 8:07
  think
• 8:07
  there
• 8:07
  is
• 8:08
  some,
• 8:08
  there
• 8:08
  is
• 8:08
  some
• 8:08
  things
• 8:08
  here
• 8:09
  and
• 8:09
  I
• 8:09
  think
• 8:09
  you've
• 8:09
  got
• 8:09
  to
• 8:09
  keep.
• 8:11
  So
• 8:12
  I'm
• 8:12
  all
• 8:12
  for
• 8:12
  using.
• 8:13
  I'm.
• 8:14
  I
• 8:14
  had
• 8:14
  this
• 8:14
  conversation
• 8:15
  with
• 8:15
  Scott
• 8:15
  Price
• 8:15
  of
• 8:16
  the.
• 8:16
  He's.
• 8:16
  He's
• 8:17
  a
• 8:17
  CEO
• 8:17
  over
• 8:18
  in
• 8:18
  Asia
• 8:19
  of
• 8:19
  a
• 8:19
  DFI
• 8:20
  group.
• 8:20
  And
• 8:20
  he
• 8:21
  said
• 8:21
  like,
• 8:21
  yes,
• 8:22
  we
• 8:22
  have
• 8:22
  to
• 8:22
  be
• 8:22
  very
• 8:22
  smart
• 8:23
  about
• 8:23
  how
• 8:23
  we
• 8:23
  monitor
• 8:24
  our
• 8:24
  reg
• 8:24
  pricing
• 8:25
  and
• 8:25
  the
• 8:25
  personal
• 8:25
  data
• 8:26
  we're
• 8:26
  using
• 8:27
  to
• 8:27
  decide
• 8:28
  what
• 8:28
  those
• 8:28
  reg
• 8:28
  prices
• 8:29
  are.
• 8:29
  But
• 8:30
  we
• 8:30
  have
• 8:30
  to
• 8:31
  have
• 8:31
  the
• 8:31
  ability
• 8:31
  to,
• 8:32
  you
• 8:32
  know,
• 8:32
  make
• 8:33
  the
• 8:33
  promotional
• 8:33
  decisions
• 8:34
  that
• 8:34
  we
• 8:34
  want
• 8:34
  to
• 8:35
  make
• 8:35
  because
• 8:35
  that's
• 8:35
  where
• 8:36
  the
• 8:36
  merchant
• 8:36
  really
• 8:36
  comes
• 8:37
  into
• 8:37
  play.
• 8:38
  And
• 8:38
  it
• 8:38
  sounds
• 8:38
  like
• 8:39
  the
• 8:39
  legislation
• 8:39
  for
• 8:39
  the
• 8:40
  most
• 8:40
  part,
• 8:40
  you
• 8:40
  know,
• 8:41
  has
• 8:41
  got
• 8:41
  that,
• 8:42
  you
• 8:42
  know,
• 8:43
  and
• 8:43
  the
• 8:43
  legislation
• 8:44
  that
• 8:44
  we
• 8:44
  just
• 8:44
  described
• 8:45
  is
• 8:45
  thinking
• 8:45
  about
• 8:46
  that,
• 8:46
  you
• 8:46
  know,
• 8:46
  that
• 8:47
  they're
• 8:47
  still
• 8:47
  allowing
• 8:47
  that
• 8:48
  to
• 8:48
  happen.
• 8:48
  So
• 8:48
  that.
• 8:49
  So
• 8:49
  that's
• 8:49
  good.
• 8:49
  The
• 8:50
  pro.
• 8:50
  The
• 8:50
  part
• 8:50
  that
• 8:50
  sticks
• 8:51
  with
• 8:51
  me,
• 8:51
  though,
• 8:51
  is
• 8:51
  the
• 8:51
  whole
• 8:51
  geography
• 8:52
  thing.
• 8:52
  I
• 8:52
  think,
• 8:53
  you
• 8:53
  know,
• 8:53
  the
• 8:53
  geography
• 8:54
  thing
• 8:54
  is
• 8:54
  just
• 8:54
  really
• 8:54
  tricky,
• 8:55
  you
• 8:55
  know,
• 8:55
  I
• 8:55
  mean,
• 8:55
  you
• 8:56
  know,
• 8:56
  because
• 8:57
  like,
• 8:57
  if
• 8:57
  you're
• 8:57
  a
• 8:57
  store,
• 8:58
  you
• 8:58
  know,
• 8:58
  if
• 8:59
  you're
• 8:59
  a
• 8:59
  store,
• 8:59
  and
• 9:00
  I'll
• 9:00
  just
• 9:00
  make
• 9:00
  states
• 9:01
  up,
• 9:01
  Seattle
• 9:01
  versus
• 9:02
  Arizona,
• 9:02
  those
• 9:02
  stores
• 9:02
  are
• 9:03
  going
• 9:03
  to
• 9:03
  have
• 9:03
  different
• 9:03
  prices.
• 9:04
  And
• 9:04
  so,
• 9:04
  like
• 9:05
  online,
• 9:05
  you're
• 9:05
  going
• 9:05
  to
• 9:06
  have
• 9:06
  different
• 9:06
  prices
• 9:07
  based
• 9:07
  on
• 9:07
  that
• 9:07
  geography
• 9:08
  too.
• 9:08
  And
• 9:09
  so
• 9:09
  I
• 9:10
  think
• 9:10
  that
• 9:10
  is
• 9:10
  a
• 9:11
  very
• 9:11
  complicating
• 9:12
  factor
• 9:12
  for
• 9:12
  retailers
• 9:13
  to
• 9:13
  get
• 9:13
  around
• 9:13
  and
• 9:13
  is
• 9:14
  going
• 9:14
  to
• 9:14
  be
• 9:14
  very
• 9:14
  hamstringing
• 9:16
  for
• 9:16
  them
• 9:16
  as
• 9:17
  well.
• 9:17
  And
• 9:17
  so
• 9:17
  the
• 9:17
  legislation,
• 9:18
  you
• 9:18
  know,
• 9:18
  in
• 9:18
  that
• 9:18
  regard
• 9:19
  doesn't
• 9:19
  appear
• 9:19
  to
• 9:19
  answer
• 9:19
  that
• 9:19
  for
• 9:20
  me.
• 9:20
  Me
• 9:20
  chat.
• 9:21
  Yeah,
• 9:22
  no,
• 9:22
  I
• 9:22
  agree.
• 9:23
  And
• 9:23
  yeah,
• 9:23
  where
• 9:23
  do
• 9:24
  we,
• 9:24
  like
• 9:25
  you
• 9:25
  mentioned
• 9:25
  shipping
• 9:25
  cost?
• 9:26
  Like,
• 9:26
  we've
• 9:26
  been
• 9:26
  charging
• 9:27
  more
• 9:27
  for
• 9:27
  Alaska,
• 9:28
  Hawaii
• 9:28
  shipments
• 9:28
  for
• 9:29
  like
• 9:29
  two
• 9:29
  decades.
• 9:30
  Right.
• 9:30
  Because
• 9:30
  we're
• 9:31
  penalizing
• 9:31
  people
• 9:31
  that
• 9:32
  live
• 9:32
  there.
• 9:32
  Right.
• 9:33
  So.
• 9:33
  Right.
• 9:34
  Yeah.
• 9:34
  It's
• 9:34
  already
• 9:34
  happening.
• 9:35
  It's.
• 9:35
  It's
• 9:36
  happening
• 9:36
  already.
• 9:37
  So
• 9:37
  that's
• 9:38
  a
• 9:38
  really
• 9:38
  good
• 9:38
  point.
• 9:38
  Yeah.
• 9:39
  Wow.
• 9:39
  Yeah.