Latest / Omni Talk Retail / Instacart VP of Commercial Partnerships Ryan Hamburger on Affordability, Expansion & Agentic AI

Transcript

Instacart VP of Commercial Partnerships Ryan Hamburger on Affordability, Expansion & Agentic AI · Omni Talk Retail

• 0:00
  Bonjour,
• 0:01
  and
• 0:01
  hello,
• 0:02
  everyone.
• 0:02
  This
• 0:02
  is
• 0:03
  Amitak
• 0:03
  Retail
• 0:04
  coming
• 0:04
  to
• 0:04
  you
• 0:04
  live
• 0:05
  from
• 0:05
  the
• 0:05
  Vuzion
• 0:05
  Group
• 0:06
  booth
• 0:06
  here
• 0:07
  at
• 0:07
  NRF's
• 0:08
  big
• 0:08
  show
• 0:08
  in
• 0:09
  Europe.
• 0:09
  I'm
• 0:09
  Anne
• 0:10
  Mazinga.
• 0:10
  And
• 0:10
  I'm
• 0:10
  Chris
• 0:11
  Walton.
• 0:11
  And
• 0:11
  we
• 0:12
  are
• 0:12
  pleased
• 0:12
  to
• 0:12
  introduce
• 0:13
  the
• 0:13
  gentleman
• 0:13
  standing
• 0:14
  between
• 0:14
  us,
• 0:14
  Ryan
• 0:15
  Hamburger,
• 0:16
  Instacart's
• 0:16
  VP
• 0:17
  of
• 0:17
  Commercial
• 0:18
  Partnerships.
• 0:18
  Ryan,
• 0:19
  welcome
• 0:19
  to
• 0:19
  omnitalk.
• 0:20
  Thank
• 0:20
  you
• 0:20
  both
• 0:20
  for
• 0:20
  having
• 0:21
  me.
• 0:21
  Yeah,
• 0:21
  we're
• 0:21
  excited.
• 0:22
  Yeah,
• 0:22
  I
• 0:22
  was
• 0:22
  joking
• 0:23
  with
• 0:23
  Ryan
• 0:23
  before
• 0:23
  he
• 0:23
  wins
• 0:24
  a
• 0:24
  name
• 0:24
  game.
• 0:24
  So
• 0:24
  let's
• 0:25
  get
• 0:25
  to
• 0:25
  know
• 0:25
  you
• 0:25
  a
• 0:25
  little
• 0:25
  bit.
• 0:26
  So
• 0:26
  tell
• 0:26
  us
• 0:26
  about
• 0:26
  your
• 0:26
  background,
• 0:27
  your
• 0:27
  career,
• 0:28
  and
• 0:28
  also,
• 0:28
  also
• 0:28
  your
• 0:29
  role.
• 0:29
  What
• 0:29
  does
• 0:29
  that
• 0:29
  actually
• 0:29
  mean?
• 0:30
  What
• 0:30
  does
• 0:30
  your
• 0:30
  title
• 0:30
  mean?
• 0:31
  Well,
• 0:31
  one,
• 0:31
  thank
• 0:32
  you
• 0:32
  both
• 0:32
  for
• 0:32
  having
• 0:32
  me.
• 0:32
  And
• 0:32
  yeah,
• 0:33
  with
• 0:33
  the
• 0:33
  last
• 0:33
  name
• 0:33
  Hamburger,
• 0:34
  it's
• 0:34
  kind
• 0:34
  of
• 0:35
  maybe
• 0:36
  fitting
• 0:36
  that
• 0:36
  I'm
• 0:36
  in
• 0:36
  grocery.
• 0:37
  Yeah.
• 0:38
  But
• 0:38
  in
• 0:38
  my
• 0:38
  role
• 0:39
  as
• 0:39
  VP
• 0:39
  of
• 0:40
  Commercial
• 0:40
  Partnerships
• 0:40
  here
• 0:40
  at
• 0:41
  Instacart,
• 0:41
  think
• 0:42
  of
• 0:42
  it
• 0:42
  as
• 0:42
  overseeing
• 0:42
  all
• 0:43
  of
• 0:43
  our
• 0:43
  partnerships,
• 0:44
  both
• 0:44
  retail
• 0:44
  and
• 0:44
  non
• 0:45
  retail,
• 0:45
  within
• 0:45
  our
• 0:46
  ecosystem.
• 0:46
  So
• 0:47
  I've
• 0:47
  been
• 0:47
  with
• 0:47
  the
• 0:48
  company
• 0:48
  now
• 0:48
  just
• 0:48
  over
• 0:49
  10
• 0:49
  years,
• 0:50
  manage
• 0:50
  all
• 0:50
  of
• 0:50
  our
• 0:51
  retail
• 0:51
  partnerships
• 0:51
  in
• 0:52
  North
• 0:52
  America,
• 0:53
  but
• 0:53
  also
• 0:53
  responsible
• 0:54
  for
• 0:54
  our
• 0:54
  sales
• 0:55
  team
• 0:55
  that's
• 0:55
  out
• 0:55
  there
• 0:55
  looking
• 0:56
  to
• 0:56
  assign
• 0:56
  new
• 0:56
  retailers
• 0:57
  as
• 0:57
  well
• 0:57
  as
• 0:57
  all
• 0:57
  of
• 0:58
  the
• 0:58
  great
• 0:58
  partners
• 0:59
  that
• 0:59
  make
• 0:59
  our
• 0:59
  ecosystem
• 1:00
  work.
• 1:00
  All
• 1:00
  right,
• 1:00
  well,
• 1:01
  let's
• 1:02
  start
• 1:02
  off
• 1:02
  a
• 1:02
  little
• 1:03
  high
• 1:03
  level,
• 1:03
  Ryan.
• 1:04
  What
• 1:04
  trends
• 1:05
  are
• 1:05
  you
• 1:05
  seeing
• 1:06
  in
• 1:07
  consumer
• 1:07
  behavior
• 1:08
  that
• 1:08
  are
• 1:08
  kind
• 1:08
  of
• 1:08
  driving
• 1:09
  the
• 1:09
  direction
• 1:09
  for
• 1:10
  your
• 1:10
  retail
• 1:10
  partnerships
• 1:11
  right
• 1:11
  now?
• 1:11
  Yeah,
• 1:12
  I
• 1:12
  love
• 1:12
  the
• 1:12
  question.
• 1:12
  I
• 1:13
  mean,
• 1:13
  I
• 1:13
  think
• 1:13
  there's
• 1:13
  a
• 1:14
  couple
• 1:14
  of
• 1:14
  things
• 1:14
  that
• 1:14
  come
• 1:14
  to
• 1:15
  mind.
• 1:15
  You'll
• 1:15
  hear
• 1:15
  us
• 1:16
  use
• 1:16
  the
• 1:16
  word
• 1:16
  affordability
• 1:17
  quite
• 1:17
  a
• 1:17
  bit.
• 1:17
  Right.
• 1:18
  Pricing
• 1:18
  is
• 1:19
  top
• 1:19
  of
• 1:19
  mind
• 1:19
  for
• 1:19
  folks.
• 1:20
  And
• 1:20
  as
• 1:20
  you
• 1:20
  think
• 1:21
  about,
• 1:21
  you
• 1:21
  know,
• 1:22
  yeah,
• 1:22
  grocery
• 1:22
  delivery,
• 1:23
  it's
• 1:23
  usually
• 1:23
  viewed
• 1:23
  as
• 1:24
  a
• 1:24
  premium
• 1:24
  service.
• 1:25
  And
• 1:25
  so
• 1:25
  our
• 1:25
  view
• 1:26
  is
• 1:26
  how
• 1:26
  do
• 1:27
  we
• 1:27
  play
• 1:27
  that
• 1:27
  role
• 1:27
  in
• 1:28
  the
• 1:28
  ecosystem
• 1:28
  so
• 1:29
  we
• 1:29
  can
• 1:29
  bring
• 1:30
  what
• 1:30
  you
• 1:30
  want,
• 1:30
  how
• 1:31
  you
• 1:31
  want
• 1:31
  it,
• 1:31
  in
• 1:31
  a
• 1:31
  way
• 1:32
  that's
• 1:32
  affordable
• 1:32
  to
• 1:32
  the
• 1:33
  consumer.
• 1:34
  That
• 1:34
  kind
• 1:34
  of
• 1:35
  comes
• 1:35
  to
• 1:35
  life
• 1:36
  in
• 1:36
  a
• 1:36
  few
• 1:36
  ways.
• 1:36
  One,
• 1:37
  working
• 1:37
  closely
• 1:37
  with
• 1:38
  our
• 1:38
  retail
• 1:38
  partners
• 1:39
  to
• 1:39
  make
• 1:39
  sure
• 1:39
  we
• 1:40
  have
• 1:40
  the
• 1:40
  right
• 1:40
  level
• 1:40
  of
• 1:41
  pricing
• 1:41
  and
• 1:41
  loyalty
• 1:42
  integrations
• 1:42
  and
• 1:43
  things
• 1:43
  of
• 1:43
  that
• 1:43
  nature
• 1:44
  that
• 1:44
  allow
• 1:44
  consumers
• 1:45
  to
• 1:45
  go
• 1:45
  find
• 1:46
  the
• 1:46
  value
• 1:46
  they're
• 1:46
  looking
• 1:46
  for.
• 1:47
  But
• 1:47
  also
• 1:47
  how
• 1:48
  do
• 1:48
  we,
• 1:48
  as
• 1:48
  a
• 1:48
  platform,
• 1:48
  make
• 1:49
  it
• 1:49
  affordable
• 1:49
  for
• 1:49
  our
• 1:50
  customers?
• 1:50
  Right.
• 1:50
  And
• 1:51
  you
• 1:51
  might
• 1:51
  want
• 1:51
  something
• 1:51
  in
• 1:51
  an
• 1:52
  hour,
• 1:52
  you
• 1:52
  might
• 1:52
  want
• 1:52
  something
• 1:53
  tomorrow.
• 1:53
  And
• 1:53
  how
• 1:54
  do
• 1:54
  we
• 1:54
  use
• 1:54
  our
• 1:54
  fulfillment
• 1:55
  magic,
• 1:55
  if
• 1:55
  you
• 1:55
  will,
• 1:56
  to
• 1:56
  say
• 1:56
  if
• 1:56
  you
• 1:57
  want
• 1:57
  something
• 1:57
  later
• 1:58
  or
• 1:58
  if
• 1:58
  you
• 1:58
  want
• 1:58
  it
• 1:58
  at
• 1:58
  a
• 1:59
  different
• 1:59
  time,
• 1:59
  we
• 2:00
  can
• 2:00
  actually
• 2:00
  offer
• 2:00
  you
• 2:01
  a
• 2:01
  lower
• 2:01
  delivery
• 2:01
  price,
• 2:02
  for
• 2:02
  example,
• 2:02
  or
• 2:03
  bulk
• 2:03
  it
• 2:03
  together
• 2:04
  with
• 2:04
  other
• 2:04
  deliveries
• 2:05
  that
• 2:05
  you
• 2:05
  might
• 2:05
  want.
• 2:06
  So
• 2:06
  we're
• 2:06
  always
• 2:06
  trying
• 2:07
  to
• 2:07
  innovate
• 2:07
  in
• 2:07
  the
• 2:07
  space
• 2:08
  to
• 2:08
  understand
• 2:08
  how
• 2:09
  do
• 2:09
  we
• 2:09
  bring
• 2:09
  value
• 2:09
  to
• 2:10
  life
• 2:10
  for
• 2:10
  our
• 2:10
  customer?
• 2:11
  Because
• 2:11
  it
• 2:11
  doesn't
• 2:12
  always
• 2:12
  have
• 2:12
  to
• 2:12
  mean
• 2:12
  lowest
• 2:13
  price.
• 2:13
  Right.
• 2:14
  You
• 2:14
  seem
• 2:14
  to
• 2:14
  be
• 2:14
  getting
• 2:14
  good
• 2:14
  value
• 2:15
  for
• 2:15
  what
• 2:15
  you're
• 2:15
  paying
• 2:15
  for.
• 2:16
  Well,
• 2:16
  Ryan,
• 2:16
  maybe
• 2:17
  a
• 2:17
  little
• 2:17
  bit
• 2:17
  deeper
• 2:17
  there
• 2:18
  too.
• 2:18
  And
• 2:18
  how
• 2:18
  does
• 2:19
  that,
• 2:19
  how
• 2:19
  does
• 2:19
  that
• 2:20
  transpire
• 2:20
  then?
• 2:20
  How
• 2:21
  are
• 2:21
  you
• 2:21
  messaging
• 2:21
  that
• 2:22
  to
• 2:23
  like
• 2:23
  the
• 2:24
  retail
• 2:24
  partners
• 2:24
  that
• 2:24
  you're
• 2:25
  working
• 2:25
  with
• 2:25
  to
• 2:25
  determine
• 2:25
  kind
• 2:26
  of
• 2:26
  how
• 2:26
  you,
• 2:26
  how
• 2:26
  you
• 2:27
  set
• 2:27
  up
• 2:27
  that
• 2:27
  sliding
• 2:27
  scale?
• 2:28
  How
• 2:28
  are
• 2:28
  you
• 2:28
  messaging
• 2:29
  that
• 2:29
  to
• 2:29
  customers
• 2:30
  and
• 2:30
  to
• 2:30
  potential
• 2:31
  customers?
• 2:32
  Yeah,
• 2:32
  it's
• 2:33
  great.
• 2:33
  So
• 2:33
  I
• 2:33
  think
• 2:33
  it
• 2:34
  starts
• 2:34
  with
• 2:34
  insights.
• 2:34
  Right.
• 2:35
  So
• 2:35
  talking
• 2:35
  to
• 2:35
  our
• 2:35
  retailers
• 2:36
  and
• 2:36
  really
• 2:36
  sharing
• 2:37
  the
• 2:37
  data
• 2:37
  that
• 2:37
  we're
• 2:38
  seeing.
• 2:38
  Retailers
• 2:39
  who
• 2:39
  are
• 2:39
  priced
• 2:40
  at
• 2:40
  same
• 2:40
  as
• 2:40
  in
• 2:40
  store
• 2:41
  pricing
• 2:41
  on
• 2:41
  our
• 2:41
  platform
• 2:42
  are
• 2:42
  growing
• 2:42
  10%
• 2:43
  faster
• 2:44
  than
• 2:44
  retailers.
• 2:44
  You
• 2:45
  mark
• 2:45
  up
• 2:45
  as
• 2:45
  a,
• 2:45
  as
• 2:45
  a
• 2:46
  starting
• 2:46
  point.
• 2:46
  Right.
• 2:46
  And
• 2:47
  so
• 2:47
  really
• 2:47
  helping
• 2:48
  them
• 2:48
  understand
• 2:48
  why
• 2:49
  affordability
• 2:49
  and
• 2:49
  why
• 2:50
  value
• 2:50
  is
• 2:50
  so
• 2:50
  important,
• 2:51
  I
• 2:51
  think
• 2:52
  then
• 2:52
  it
• 2:52
  also,
• 2:52
  how
• 2:52
  do
• 2:52
  you
• 2:52
  bring
• 2:53
  that
• 2:53
  to
• 2:53
  life
• 2:53
  in
• 2:53
  the
• 2:53
  actual
• 2:54
  product
• 2:54
  experience?
• 2:54
  Right.
• 2:55
  When
• 2:55
  you
• 2:55
  land
• 2:55
  on
• 2:55
  Instacart,
• 2:56
  you
• 2:56
  need
• 2:56
  to
• 2:57
  understand
• 2:57
  not
• 2:57
  just
• 2:57
  what
• 2:57
  retailers
• 2:58
  are
• 2:58
  you
• 2:58
  looking
• 2:59
  for,
• 2:59
  but
• 2:59
  where
• 3:00
  can
• 3:00
  you
• 3:00
  find
• 3:00
  the
• 3:00
  value
• 3:00
  that
• 3:01
  you're
• 3:01
  searching
• 3:01
  for
• 3:01
  that
• 3:01
  could
• 3:02
  be
• 3:02
  circulars
• 3:03
  brought
• 3:03
  to
• 3:03
  life.
• 3:04
  It
• 3:04
  could
• 3:04
  be
• 3:05
  even
• 3:05
  just
• 3:05
  small
• 3:05
  things
• 3:06
  like
• 3:06
  badging
• 3:06
  in
• 3:06
  the
• 3:07
  experience
• 3:07
  to
• 3:07
  help
• 3:08
  the
• 3:08
  consumer
• 3:08
  understand
• 3:09
  the
• 3:09
  value
• 3:09
  they're
• 3:09
  getting
• 3:10
  so
• 3:10
  they
• 3:10
  understand
• 3:10
  what
• 3:11
  their
• 3:11
  options
• 3:11
  are.
• 3:11
  Right?
• 3:12
  Yeah.
• 3:12
  And
• 3:13
  I
• 3:13
  saw
• 3:13
  your
• 3:13
  CEO
• 3:13
  Chris
• 3:14
  Rogers
• 3:14
  talking
• 3:14
  about
• 3:14
  the
• 3:15
  price
• 3:15
  transparency
• 3:15
  and
• 3:16
  the
• 3:16
  alignment
• 3:16
  between
• 3:17
  you
• 3:17
  and
• 3:17
  the
• 3:17
  retailers
• 3:17
  this
• 3:18
  week.
• 3:19
  So
• 3:20
  I
• 3:20
  double
• 3:20
  click
• 3:20
  into
• 3:20
  what
• 3:21
  you
• 3:21
  just
• 3:21
  said
• 3:21
  then.
• 3:21
  Are
• 3:22
  there
• 3:22
  new
• 3:22
  partnership
• 3:23
  business
• 3:24
  models
• 3:24
  that
• 3:24
  you're
• 3:24
  thinking
• 3:25
  about
• 3:25
  or
• 3:26
  how
• 3:26
  are
• 3:26
  you
• 3:27
  thinking
• 3:27
  about
• 3:27
  this
• 3:27
  all
• 3:27
  evolving?
• 3:28
  Yeah.
• 3:29
  Well,
• 3:29
  the
• 3:29
  beauty
• 3:29
  is
• 3:29
  in
• 3:29
  North
• 3:30
  America,
• 3:30
  we
• 3:30
  essentially
• 3:31
  work
• 3:31
  with
• 3:31
  almost
• 3:32
  every
• 3:32
  major
• 3:32
  and
• 3:33
  mid
• 3:33
  market
• 3:33
  retailer
• 3:34
  at
• 3:34
  this
• 3:34
  point.
• 3:34
  So
• 3:35
  if
• 3:35
  you
• 3:35
  think
• 3:35
  about
• 3:35
  it
• 3:35
  through
• 3:35
  the
• 3:35
  North
• 3:36
  American
• 3:36
  lens,
• 3:36
  it's
• 3:37
  how
• 3:37
  do
• 3:37
  we
• 3:37
  continue
• 3:37
  to
• 3:37
  build
• 3:38
  out
• 3:38
  our
• 3:38
  capability
• 3:39
  set
• 3:39
  with
• 3:39
  the
• 3:39
  retailers
• 3:40
  that
• 3:40
  we
• 3:40
  work
• 3:40
  with?
• 3:41
  You'll
• 3:41
  hear
• 3:42
  us
• 3:42
  use
• 3:42
  like
• 3:42
  enterprise
• 3:43
  retailer
• 3:43
  enablement
• 3:44
  quite
• 3:44
  a
• 3:44
  bit.
• 3:45
  So
• 3:45
  think
• 3:45
  of
• 3:45
  that
• 3:45
  as
• 3:45
  like
• 3:45
  our
• 3:46
  Storefront
• 3:46
  Pro
• 3:47
  technology
• 3:47
  where
• 3:47
  we
• 3:48
  power
• 3:48
  the
• 3:48
  entire
• 3:49
  front
• 3:49
  end
• 3:49
  all
• 3:50
  the
• 3:50
  way
• 3:50
  through
• 3:50
  to
• 3:50
  fulfillment
• 3:51
  Sprouts
• 3:51
  is
• 3:52
  a
• 3:52
  great
• 3:52
  example
• 3:52
  of
• 3:52
  that.
• 3:52
  Right.
• 3:53
  They
• 3:53
  use
• 3:53
  our
• 3:53
  technology
• 3:54
  to
• 3:54
  power
• 3:54
  their
• 3:54
  entire
• 3:55
  E
• 3:55
  Commerce.
• 3:55
  Okay,
• 3:56
  but
• 3:56
  then,
• 3:56
  you
• 3:56
  know,
• 3:57
  we
• 3:57
  are
• 3:57
  in
• 3:57
  Paris,
• 3:57
  so
• 3:57
  I
• 3:58
  think
• 3:58
  it's
• 3:58
  worth
• 3:58
  noting
• 3:59
  we
• 3:59
  are
• 3:59
  here
• 3:59
  for
• 3:59
  a
• 4:00
  reason
• 4:00
  and
• 4:00
  I
• 4:00
  think
• 4:00
  we
• 4:01
  remain
• 4:01
  equally
• 4:01
  excited
• 4:02
  about
• 4:02
  our
• 4:02
  international
• 4:03
  expansion
• 4:03
  efforts.
• 4:04
  So
• 4:04
  we
• 4:04
  are
• 4:04
  actively
• 4:05
  talking
• 4:05
  with
• 4:06
  retailers
• 4:06
  of
• 4:07
  all
• 4:07
  sizes
• 4:07
  across
• 4:07
  the
• 4:08
  European
• 4:08
  landscape.
• 4:09
  We've
• 4:09
  had
• 4:09
  caper
• 4:10
  live
• 4:10
  in
• 4:10
  Europe
• 4:10
  now
• 4:11
  for
• 4:11
  just
• 4:11
  over
• 4:11
  a
• 4:11
  year
• 4:12
  with
• 4:12
  Aldi.
• 4:13
  We
• 4:13
  just
• 4:13
  announced
• 4:13
  our
• 4:13
  Morrisons
• 4:14
  pilot.
• 4:14
  So
• 4:14
  we're
• 4:14
  super
• 4:15
  excited
• 4:15
  about
• 4:15
  that,
• 4:16
  yeah.
• 4:16
  So,
• 4:17
  yeah,
• 4:17
  we
• 4:17
  think
• 4:17
  we
• 4:18
  see
• 4:18
  Europe
• 4:18
  as
• 4:18
  almost
• 4:18
  the
• 4:19
  next
• 4:19
  frontier
• 4:19
  for
• 4:19
  our
• 4:19
  expansion.
• 4:20
  So
• 4:20
  you're
• 4:20
  not
• 4:20
  here
• 4:20
  for
• 4:20
  the
• 4:21
  escargot?
• 4:22
  Well,
• 4:22
  maybe.
• 4:22
  Maybe
• 4:23
  tonight
• 4:23
  a
• 4:23
  little
• 4:23
  bit.
• 4:23
  Okay.
• 4:24
  All
• 4:24
  right.
• 4:24
  Well,
• 4:26
  Ryan,
• 4:26
  how,
• 4:27
  as
• 4:27
  you
• 4:27
  are
• 4:27
  coming
• 4:28
  into
• 4:28
  the
• 4:28
  European
• 4:29
  market
• 4:29
  and
• 4:29
  even
• 4:30
  as
• 4:30
  you're
• 4:30
  starting
• 4:30
  to
• 4:30
  talk
• 4:31
  to
• 4:31
  the
• 4:31
  few
• 4:32
  remaining
• 4:32
  retailers
• 4:33
  you're
• 4:33
  not
• 4:33
  already
• 4:33
  working
• 4:33
  with
• 4:34
  in
• 4:34
  the
• 4:34
  US
• 4:35
  how
• 4:36
  do
• 4:36
  you
• 4:36
  kind
• 4:36
  of
• 4:36
  say
• 4:37
  that
• 4:37
  Instacart
• 4:37
  differentiates
• 4:38
  itself
• 4:39
  in
• 4:39
  the
• 4:39
  market
• 4:39
  from
• 4:39
  some
• 4:39
  of
• 4:40
  the
• 4:40
  other
• 4:40
  competitors
• 4:40
  that
• 4:41
  are
• 4:41
  also
• 4:41
  being
• 4:42
  offered
• 4:42
  to
• 4:42
  those
• 4:42
  retailers?
• 4:43
  Yeah,
• 4:43
  I
• 4:43
  think
• 4:44
  it's
• 4:44
  a
• 4:44
  fewfold.
• 4:45
  I
• 4:45
  mean,
• 4:45
  one,
• 4:46
  as
• 4:46
  I
• 4:46
  mentioned,
• 4:47
  I've
• 4:47
  been
• 4:47
  here
• 4:47
  10
• 4:47
  years.
• 4:47
  We
• 4:47
  play
• 4:48
  the
• 4:48
  long
• 4:48
  game.
• 4:48
  So
• 4:49
  it's
• 4:49
  not
• 4:49
  about
• 4:49
  buying
• 4:50
  everything
• 4:50
  from
• 4:50
  us
• 4:50
  today.
• 4:51
  It's
• 4:51
  about
• 4:51
  how
• 4:51
  can
• 4:51
  we
• 4:51
  work
• 4:52
  with
• 4:52
  you
• 4:52
  and
• 4:52
  over
• 4:52
  the
• 4:53
  years
• 4:53
  continue
• 4:53
  to
• 4:54
  be
• 4:54
  your
• 4:54
  enablement
• 4:55
  partner
• 4:55
  along
• 4:55
  your
• 4:56
  E
• 4:56
  commerce
• 4:56
  journey.
• 4:57
  And
• 4:57
  I
• 4:57
  think
• 4:58
  that
• 4:59
  kind
• 4:59
  of
• 5:00
  makes
• 5:00
  it
• 5:00
  real,
• 5:01
  whether
• 5:01
  it's
• 5:01
  marketplace,
• 5:02
  whether
• 5:02
  it's
• 5:02
  storefront
• 5:02
  pro
• 5:03
  caper
• 5:03
  carts.
• 5:04
  We
• 5:04
  have
• 5:04
  pricing
• 5:05
  technology
• 5:06
  and
• 5:06
  it's
• 5:06
  not
• 5:07
  an
• 5:07
  all
• 5:07
  fits
• 5:07
  one,
• 5:08
  it's
• 5:08
  how
• 5:08
  do
• 5:08
  we
• 5:08
  modularize
• 5:09
  it?
• 5:10
  I
• 5:10
  think
• 5:10
  the
• 5:10
  other
• 5:10
  piece
• 5:10
  is
• 5:11
  we're
• 5:11
  not
• 5:11
  a
• 5:11
  retailer.
• 5:11
  We
• 5:12
  never
• 5:12
  want
• 5:12
  to
• 5:12
  be
• 5:12
  a
• 5:12
  retailer.
• 5:13
  We
• 5:13
  don't
• 5:13
  own
• 5:13
  inventory.
• 5:14
  That
• 5:14
  is
• 5:14
  what
• 5:14
  our
• 5:15
  retailers
• 5:15
  do
• 5:15
  best.
• 5:16
  We
• 5:16
  want
• 5:16
  to
• 5:17
  be
• 5:17
  the
• 5:17
  enablement
• 5:17
  for
• 5:18
  them
• 5:18
  so
• 5:18
  that
• 5:18
  when
• 5:19
  they're
• 5:19
  trying
• 5:19
  to
• 5:19
  reach
• 5:19
  their
• 5:20
  consumer,
• 5:20
  our
• 5:21
  tools
• 5:21
  enable
• 5:21
  that
• 5:21
  in
• 5:22
  a
• 5:22
  more
• 5:22
  effective
• 5:22
  way.
• 5:23
  Got
• 5:23
  it.
• 5:24
  So
• 5:24
  how
• 5:25
  do
• 5:25
  you,
• 5:25
  with
• 5:25
  all
• 5:25
  those
• 5:26
  different
• 5:26
  things
• 5:26
  that
• 5:26
  you
• 5:26
  do
• 5:27
  at
• 5:27
  Instacart,
• 5:28
  how
• 5:29
  do
• 5:29
  you
• 5:29
  measure
• 5:29
  the
• 5:29
  success
• 5:30
  of
• 5:30
  the
• 5:30
  partnership
• 5:31
  across
• 5:31
  each
• 5:31
  of
• 5:32
  the
• 5:32
  platforms?
• 5:32
  You
• 5:32
  measure
• 5:32
  the
• 5:33
  success
• 5:33
  the
• 5:34
  same
• 5:34
  way
• 5:34
  across
• 5:34
  all
• 5:34
  those
• 5:35
  things
• 5:35
  you
• 5:35
  just
• 5:35
  mentioned,
• 5:35
  or
• 5:35
  is
• 5:36
  it
• 5:36
  to
• 5:36
  get
• 5:36
  different
• 5:36
  or
• 5:37
  varied?
• 5:37
  How
• 5:37
  do
• 5:37
  you
• 5:37
  think
• 5:38
  about
• 5:38
  that?
• 5:38
  Yeah,
• 5:38
  it's.
• 5:39
  I
• 5:39
  wish
• 5:39
  there
• 5:39
  was
• 5:40
  an
• 5:40
  easy
• 5:40
  answer.
• 5:40
  I
• 5:40
  would
• 5:40
  say
• 5:40
  it's
• 5:41
  probably
• 5:41
  a
• 5:41
  bit
• 5:41
  different.
• 5:42
  And
• 5:42
  again,
• 5:43
  it
• 5:43
  comes
• 5:43
  down
• 5:43
  to
• 5:44
  first,
• 5:44
  how
• 5:45
  do
• 5:45
  we
• 5:45
  set
• 5:45
  the
• 5:45
  right
• 5:46
  strategy
• 5:46
  with
• 5:46
  our
• 5:46
  retailers?
• 5:47
  Right.
• 5:47
  What
• 5:47
  are
• 5:47
  they
• 5:47
  trying
• 5:47
  to
• 5:48
  achieve?
• 5:48
  It
• 5:48
  could
• 5:48
  be
• 5:49
  engagement,
• 5:50
  it
• 5:50
  could
• 5:50
  be
• 5:50
  just
• 5:50
  penetration
• 5:51
  of
• 5:51
  their
• 5:51
  e
• 5:51
  commerce
• 5:52
  market,
• 5:52
  it
• 5:52
  could
• 5:52
  be
• 5:53
  growing
• 5:53
  loyalty.
• 5:54
  And
• 5:55
  so
• 5:55
  I
• 5:55
  think
• 5:55
  we
• 5:55
  first
• 5:55
  have
• 5:56
  to
• 5:56
  anchor
• 5:56
  in
• 5:56
  what
• 5:56
  are
• 5:57
  the
• 5:57
  right
• 5:57
  North
• 5:57
  Star
• 5:58
  metrics
• 5:58
  for
• 5:58
  each
• 5:59
  partnership.
• 6:00
  Stating
• 6:00
  the
• 6:00
  obvious,
• 6:01
  sales
• 6:01
  is
• 6:01
  king.
• 6:01
  Right.
• 6:02
  Everyone
• 6:02
  wants
• 6:02
  to
• 6:02
  drive
• 6:03
  sales.
• 6:03
  And
• 6:03
  so
• 6:04
  that's
• 6:04
  a
• 6:04
  key
• 6:04
  piece
• 6:04
  of
• 6:04
  what
• 6:05
  we
• 6:05
  do.
• 6:05
  But
• 6:06
  it's
• 6:06
  not
• 6:06
  just
• 6:06
  about
• 6:06
  a
• 6:07
  dollar
• 6:07
  in,
• 6:07
  a
• 6:07
  dollar
• 6:07
  out.
• 6:07
  It's
• 6:08
  okay,
• 6:08
  let's
• 6:08
  look
• 6:09
  at
• 6:09
  things
• 6:09
  like
• 6:09
  net
• 6:09
  promoter
• 6:10
  score.
• 6:10
  How
• 6:10
  does
• 6:11
  our
• 6:11
  net
• 6:11
  promoter
• 6:11
  score
• 6:12
  compare
• 6:12
  with
• 6:12
  other
• 6:13
  things
• 6:13
  that
• 6:13
  they're
• 6:13
  doing?
• 6:14
  And
• 6:14
  so,
• 6:14
  you
• 6:14
  know,
• 6:15
  mid-60s
• 6:15
  for
• 6:15
  us
• 6:16
  is,
• 6:16
  is
• 6:17
  where
• 6:17
  we
• 6:17
  typically
• 6:17
  land,
• 6:18
  which
• 6:18
  is,
• 6:18
  you
• 6:18
  know,
• 6:18
  as
• 6:18
  you
• 6:19
  probably
• 6:19
  know,
• 6:19
  for
• 6:19
  retail,
• 6:19
  quite
• 6:20
  strong.
• 6:20
  Kapir
• 6:21
  is
• 6:21
  north
• 6:21
  of
• 6:21
  70
• 6:22
  from
• 6:22
  an
• 6:22
  NPS
• 6:22
  standpoint.
• 6:23
  So
• 6:23
  there's
• 6:24
  always
• 6:24
  the
• 6:24
  sales
• 6:24
  metrics,
• 6:25
  but
• 6:25
  you
• 6:25
  have
• 6:25
  to
• 6:25
  look
• 6:25
  at
• 6:26
  customer
• 6:26
  engagement.
• 6:27
  Are
• 6:27
  they
• 6:27
  enjoying
• 6:28
  the
• 6:28
  experience?
• 6:28
  Is
• 6:28
  it
• 6:28
  actually
• 6:29
  resonating
• 6:29
  with
• 6:29
  them?
• 6:30
  Because
• 6:30
  that's
• 6:30
  what's
• 6:30
  going
• 6:30
  to
• 6:30
  be
• 6:30
  sticky
• 6:31
  for
• 6:31
  them
• 6:31
  long
• 6:31
  term.
• 6:32
  Ryan,
• 6:32
  is
• 6:32
  there
• 6:32
  any.
• 6:32
  Is
• 6:32
  there
• 6:32
  any
• 6:33
  particular
• 6:33
  metric
• 6:33
  that
• 6:34
  bubbles
• 6:34
  to
• 6:34
  the
• 6:34
  top
• 6:35
  overall
• 6:35
  for
• 6:35
  the
• 6:35
  industry
• 6:36
  that
• 6:36
  you're
• 6:36
  working
• 6:36
  with?
• 6:36
  Like,
• 6:37
  you
• 6:37
  know,
• 6:37
  what
• 6:37
  I
• 6:37
  always.
• 6:38
  What
• 6:38
  and
• 6:38
  I
• 6:38
  always
• 6:38
  hear
• 6:39
  is,
• 6:39
  you
• 6:39
  know,
• 6:39
  Instacart's
• 6:40
  a
• 6:40
  great
• 6:40
  customer
• 6:40
  acquisition
• 6:41
  tool
• 6:41
  to
• 6:41
  get
• 6:41
  you
• 6:42
  new
• 6:42
  customers
• 6:42
  that
• 6:42
  you
• 6:42
  probably
• 6:43
  otherwise
• 6:43
  wouldn't
• 6:43
  have
• 6:44
  shopping
• 6:44
  at
• 6:45
  your
• 6:45
  store.
• 6:45
  Are
• 6:46
  there
• 6:46
  metrics
• 6:46
  that
• 6:46
  bubble
• 6:47
  to
• 6:47
  the
• 6:47
  top
• 6:47
  consistently?
• 6:48
  Yeah,
• 6:48
  I
• 6:48
  would
• 6:48
  say
• 6:49
  twofold.
• 6:49
  So
• 6:49
  on
• 6:49
  the,
• 6:49
  on
• 6:50
  the
• 6:50
  marketplace
• 6:50
  side,
• 6:51
  I
• 6:51
  think
• 6:51
  what
• 6:51
  you're
• 6:51
  getting
• 6:51
  at
• 6:51
  is
• 6:52
  incrementality,
• 6:53
  as
• 6:53
  we
• 6:53
  call
• 6:53
  it,
• 6:53
  and
• 6:54
  that,
• 6:54
  that
• 6:54
  has
• 6:54
  to
• 6:55
  be
• 6:55
  a
• 6:55
  key
• 6:55
  factor.
• 6:56
  We're.
• 6:56
  We're
• 6:56
  north
• 6:56
  of
• 6:57
  70,
• 6:57
  75%
• 6:58
  incremental
• 6:58
  for
• 6:58
  our
• 6:59
  retailers.
• 6:59
  When
• 6:59
  you're
• 6:59
  coming
• 7:00
  is
• 7:00
  that
• 7:00
  much?
• 7:00
  Yeah,
• 7:00
  when
• 7:01
  you're
• 7:01
  coming
• 7:01
  through
• 7:01
  the
• 7:01
  marketplace.
• 7:02
  Now,
• 7:02
  that's
• 7:02
  key
• 7:02
  because,
• 7:03
  of
• 7:03
  course,
• 7:04
  this
• 7:04
  isn't
• 7:04
  a
• 7:04
  share
• 7:05
  shift
• 7:05
  game.
• 7:05
  We
• 7:05
  have
• 7:06
  to
• 7:06
  be
• 7:06
  growing
• 7:06
  the
• 7:06
  pie
• 7:07
  with
• 7:07
  our
• 7:07
  retailers,
• 7:08
  and
• 7:08
  that's
• 7:08
  what
• 7:08
  we
• 7:08
  view
• 7:08
  the
• 7:09
  marketplace's
• 7:09
  role
• 7:10
  as.
• 7:10
  How
• 7:10
  do
• 7:10
  we
• 7:11
  grow
• 7:11
  that
• 7:11
  pie
• 7:11
  for
• 7:12
  the
• 7:12
  customer?
• 7:12
  How
• 7:12
  do
• 7:12
  we
• 7:12
  grow
• 7:13
  share
• 7:13
  of
• 7:13
  wallet?
• 7:14
  When
• 7:14
  you
• 7:14
  look
• 7:14
  at
• 7:15
  the
• 7:15
  owned
• 7:15
  and
• 7:15
  operated
• 7:16
  side
• 7:16
  of
• 7:16
  it,
• 7:16
  when
• 7:17
  storefront
• 7:17
  pro
• 7:18
  other
• 7:18
  technologies,
• 7:19
  it's
• 7:19
  a
• 7:19
  little
• 7:19
  bit
• 7:19
  more
• 7:20
  of
• 7:20
  engagement
• 7:21
  and
• 7:21
  penetration
• 7:21
  because
• 7:22
  we
• 7:22
  know
• 7:23
  omnichannel
• 7:24
  shoppers
• 7:24
  are
• 7:25
  much
• 7:25
  stickier
• 7:25
  to
• 7:26
  their
• 7:26
  retailer.
• 7:26
  Right.
• 7:26
  And
• 7:27
  so
• 7:27
  it's
• 7:27
  not
• 7:27
  about
• 7:28
  changing
• 7:29
  your
• 7:29
  behavior
• 7:29
  from
• 7:30
  in
• 7:30
  store
• 7:30
  to
• 7:30
  digital.
• 7:30
  It's
• 7:31
  how
• 7:31
  do
• 7:31
  we
• 7:31
  create
• 7:31
  the
• 7:32
  right
• 7:32
  ecosystem
• 7:33
  so
• 7:33
  that
• 7:33
  if
• 7:33
  you
• 7:33
  want
• 7:33
  to
• 7:33
  shop
• 7:33
  a
• 7:34
  retailer,
• 7:35
  you
• 7:35
  can
• 7:35
  shop
• 7:35
  them
• 7:35
  however
• 7:35
  you
• 7:36
  want.
• 7:36
  You're
• 7:36
  not
• 7:36
  making
• 7:36
  a
• 7:37
  choice
• 7:37
  of
• 7:37
  which.
• 7:38
  Exactly.
• 7:39
  Okay,
• 7:39
  well,
• 7:39
  Ryan,
• 7:40
  let's
• 7:40
  close
• 7:40
  out.
• 7:41
  I'm.
• 7:42
  I'm
• 7:42
  curious,
• 7:42
  especially
• 7:43
  with
• 7:43
  all
• 7:43
  your
• 7:44
  experience
• 7:44
  at
• 7:45
  Instacart,
• 7:45
  working
• 7:46
  with
• 7:46
  such
• 7:46
  a
• 7:47
  large
• 7:47
  plethora
• 7:48
  of
• 7:48
  retailers,
• 7:49
  where
• 7:49
  do
• 7:49
  you
• 7:50
  see
• 7:50
  the
• 7:50
  retail
• 7:51
  landscape
• 7:51
  evolving
• 7:52
  within
• 7:52
  the
• 7:52
  grocery
• 7:53
  space
• 7:53
  kind
• 7:53
  of
• 7:53
  in
• 7:53
  the
• 7:54
  next
• 7:54
  three
• 7:54
  to
• 7:54
  five
• 7:54
  years?
• 7:55
  What
• 7:55
  are,
• 7:55
  what
• 7:55
  are
• 7:55
  things
• 7:56
  that
• 7:56
  you're
• 7:56
  putting
• 7:56
  bets
• 7:57
  on?
• 7:57
  We've
• 7:57
  made
• 7:57
  it
• 7:57
  at
• 7:58
  least
• 7:58
  10
• 7:58
  minutes
• 7:58
  without
• 7:58
  mentioning
• 7:59
  AI,
• 7:59
  so
• 7:59
  I
• 8:00
  feel
• 8:00
  like
• 8:00
  we.
• 8:00
  Oh,
• 8:00
  wow.
• 8:00
  Yeah,
• 8:01
  we
• 8:01
  did,
• 8:01
  didn't
• 8:01
  we?
• 8:02
  That's
• 8:02
  crazy.
• 8:03
  You
• 8:03
  know,
• 8:03
  it's
• 8:04
  funny.
• 8:04
  It's
• 8:04
  obviously
• 8:04
  the
• 8:04
  buzzword
• 8:05
  these
• 8:05
  days.
• 8:05
  We've
• 8:05
  been
• 8:06
  leveraging
• 8:06
  AI
• 8:07
  and
• 8:07
  machine
• 8:07
  learning
• 8:08
  for
• 8:08
  years
• 8:08
  at
• 8:08
  this
• 8:08
  point.
• 8:09
  But
• 8:09
  I
• 8:09
  do
• 8:09
  think
• 8:10
  that's
• 8:10
  one
• 8:10
  of
• 8:10
  the
• 8:10
  big
• 8:10
  game
• 8:11
  changers
• 8:11
  coming.
• 8:11
  Right.
• 8:12
  You
• 8:12
  think
• 8:12
  about
• 8:12
  an
• 8:12
  agentic
• 8:13
  world
• 8:13
  where
• 8:14
  you
• 8:14
  now
• 8:14
  have
• 8:14
  voice
• 8:15
  and
• 8:15
  other
• 8:15
  things
• 8:15
  that
• 8:16
  could
• 8:16
  be
• 8:16
  doing
• 8:16
  things
• 8:16
  on
• 8:17
  your
• 8:17
  behalf.
• 8:18
  How
• 8:18
  do
• 8:18
  we,
• 8:18
  as
• 8:18
  instacart,
• 8:19
  make
• 8:19
  sure
• 8:19
  we
• 8:19
  stay
• 8:19
  ahead
• 8:20
  of
• 8:20
  that?
• 8:20
  And
• 8:20
  so
• 8:20
  we're
• 8:21
  going
• 8:21
  to
• 8:21
  really
• 8:21
  be
• 8:21
  doubling
• 8:22
  down
• 8:22
  there,
• 8:22
  both
• 8:22
  internally
• 8:23
  with
• 8:23
  the
• 8:23
  things
• 8:23
  we're
• 8:24
  building,
• 8:24
  but
• 8:24
  also
• 8:25
  looking
• 8:25
  to
• 8:25
  partners
• 8:26
  of
• 8:26
  ours
• 8:26
  to
• 8:26
  make
• 8:26
  sure
• 8:27
  it's
• 8:27
  not
• 8:27
  just
• 8:27
  a
• 8:28
  race
• 8:28
  on
• 8:28
  price,
• 8:29
  it's
• 8:29
  a
• 8:29
  race
• 8:29
  on
• 8:29
  personalization,
• 8:30
  convenience,
• 8:31
  and
• 8:31
  making
• 8:31
  sure
• 8:32
  you
• 8:32
  can
• 8:32
  still
• 8:32
  get
• 8:32
  what
• 8:33
  you
• 8:33
  want
• 8:33
  when
• 8:33
  you
• 8:33
  want
• 8:33
  it.
• 8:34
  Yeah,
• 8:34
  that's.
• 8:35
  Yeah,
• 8:35
  go
• 8:36
  ahead,
• 8:36
  Ed.
• 8:36
  I
• 8:36
  was
• 8:36
  just
• 8:36
  going
• 8:36
  to
• 8:37
  say
• 8:37
  it's
• 8:37
  consistent
• 8:38
  with
• 8:38
  what
• 8:38
  we're
• 8:38
  hearing
• 8:38
  and
• 8:38
  I
• 8:39
  think
• 8:39
  it's
• 8:39
  important
• 8:39
  for
• 8:40
  our
• 8:40
  audience.
• 8:40
  It's.
• 8:41
  While
• 8:41
  it
• 8:41
  may
• 8:41
  seem
• 8:42
  far
• 8:42
  off,
• 8:42
  like
• 8:43
  agents
• 8:43
  shopping
• 8:43
  for
• 8:44
  you,
• 8:44
  it's
• 8:44
  coming.
• 8:45
  The
• 8:46
  smartest
• 8:46
  in
• 8:47
  the
• 8:47
  retail
• 8:47
  industry
• 8:47
  are
• 8:48
  preparing
• 8:48
  for
• 8:48
  agents
• 8:49
  to
• 8:49
  be
• 8:49
  shopping
• 8:49
  for
• 8:49
  you.
• 8:50
  So
• 8:50
  something,
• 8:51
  something
• 8:51
  tells
• 8:51
  me
• 8:51
  that
• 8:52
  that's
• 8:52
  not
• 8:52
  going
• 8:52
  to
• 8:52
  be
• 8:52
  too
• 8:53
  far
• 8:53
  off
• 8:53
  in
• 8:53
  our.
• 8:54
  I
• 8:54
  do
• 8:54
  think
• 8:54
  you're
• 8:54
  spot
• 8:55
  on.
• 8:55
  And
• 8:55
  there's,
• 8:55
  it
• 8:56
  does
• 8:56
  feel
• 8:56
  a
• 8:56
  little
• 8:56
  bit
• 8:56
  of
• 8:56
  like,
• 8:57
  hurry
• 8:57
  up
• 8:57
  and
• 8:57
  wait
• 8:57
  right
• 8:57
  now.
• 8:58
  There's
• 8:58
  been
• 8:58
  a
• 8:58
  lot
• 8:59
  of
• 8:59
  talk
• 8:59
  about
• 8:59
  it
• 9:00
  the
• 9:00
  last
• 9:00
  nine
• 9:00
  months.
• 9:00
  You
• 9:00
  know,
• 9:00
  we,
• 9:01
  we
• 9:01
  were
• 9:01
  one
• 9:01
  of
• 9:01
  the
• 9:02
  first
• 9:02
  to
• 9:02
  launch
• 9:02
  the
• 9:02
  operator
• 9:03
  model
• 9:03
  with
• 9:03
  OpenAI.
• 9:04
  And
• 9:04
  so
• 9:04
  it's
• 9:04
  a
• 9:04
  space
• 9:05
  we've
• 9:05
  been
• 9:05
  leaning
• 9:05
  into.
• 9:06
  But
• 9:06
  I
• 9:06
  do
• 9:06
  think
• 9:06
  you
• 9:07
  have
• 9:07
  to
• 9:07
  be
• 9:07
  thinking
• 9:07
  about
• 9:07
  it
• 9:08
  today
• 9:08
  because
• 9:08
  it's
• 9:09
  going
• 9:09
  to
• 9:09
  come
• 9:09
  fast
• 9:10
  and
• 9:10
  if
• 9:10
  you're
• 9:10
  not
• 9:10
  ready,
• 9:10
  you
• 9:11
  can
• 9:11
  quickly
• 9:11
  get
• 9:11
  past
• 9:12
  that.
• 9:12
  Right.
• 9:12
  Interesting.
• 9:13
  That's
• 9:13
  an
• 9:13
  interesting
• 9:13
  nugget
• 9:14
  job.
• 9:14
  I
• 9:14
  had
• 9:14
  not
• 9:14
  thought
• 9:14
  about
• 9:15
  you
• 9:15
  and
• 9:15
  Agentic
• 9:16
  AI
• 9:16
  to
• 9:16
  the
• 9:16
  degree
• 9:17
  that
• 9:17
  you're
• 9:17
  making
• 9:17
  me
• 9:17
  think
• 9:18
  about
• 9:18
  it
• 9:18
  right
• 9:18
  now,
• 9:18
  which
• 9:18
  we'll
• 9:19
  probably
• 9:19
  talk
• 9:19
  about
• 9:19
  on
• 9:19
  this
• 9:19
  week's
• 9:20
  podcast
• 9:20
  or
• 9:20
  very
• 9:20
  soon
• 9:21
  thereafter.
• 9:21
  So.
• 9:22
  Well,
• 9:22
  Ryan,
• 9:22
  thanks
• 9:22
  for
• 9:22
  joining
• 9:23
  us.
• 9:23
  Thank
• 9:23
  you
• 9:23
  for
• 9:23
  having
• 9:23
  me.
• 9:23
  This
• 9:24
  is
• 9:24
  really
• 9:24
  great,
• 9:24
  really
• 9:24
  a
• 9:24
  pleasure.
• 9:25
  It
• 9:25
  was
• 9:25
  really
• 9:25
  great
• 9:25
  meeting
• 9:25
  you.
• 9:26
  Thanks
• 9:26
  to
• 9:26
  Fusion
• 9:26
  Group
• 9:26
  for
• 9:27
  supporting
• 9:27
  our
• 9:27
  content.
• 9:28
  All
• 9:28
  NRF
• 9:29
  Paris
• 9:30
  long
• 9:30
  and
• 9:30
  until
• 9:31
  next
• 9:31
  time.
• 9:31
  Anne,
• 9:32
  be
• 9:32
  careful
• 9:32
  out
• 9:32
  there.