Latest / Let's talk Marketplace / Dead stock, Chinese speed and AI fatigue: our honest K5 debrief #LTM156

Transcript

Dead stock, Chinese speed and AI fatigue: our honest K5 debrief #LTM156 · Let's talk Marketplace

• 0:00
  You
• 0:00
  could
• 0:00
  hear
• 0:00
  a
• 0:00
  pin
• 0:00
  drop
• 0:01
  when
• 0:01
  he
• 0:01
  said
• 0:02
  that.
• 0:02
  And
• 0:02
  you
• 0:03
  felt
• 0:03
  that
• 0:03
  everyone
• 0:04
  was
• 0:04
  like,
• 0:04
  oh,
• 0:04
  shit.
• 0:05
  It's
• 0:05
  like,
• 0:06
  okay.
• 0:06
  Have
• 0:06
  you
• 0:06
  never
• 0:07
  thought
• 0:07
  about
• 0:07
  that
• 0:07
  before?
• 0:08
  Has
• 0:09
  that
• 0:09
  never
• 0:09
  occurred
• 0:10
  to
• 0:10
  you?
• 0:10
  Is
• 0:10
  that
• 0:10
  not
• 0:11
  something
• 0:11
  that
• 0:11
  people
• 0:11
  are
• 0:12
  discussing?
• 0:17
  Let's
• 0:17
  Talk
• 0:17
  Marketplace.
• 0:18
  The
• 0:18
  Marketplace
• 0:19
  podcast
• 0:19
  with
• 0:20
  Ingrid
• 0:20
  Lohmer
• 0:21
  and
• 0:21
  van
• 0:21
  Vridichte.
• 0:25
  Hello
• 0:26
  and
• 0:26
  welcome
• 0:26
  back
• 0:26
  to
• 0:27
  let's
• 0:27
  Talk
• 0:27
  Marketplace.
• 0:28
  This
• 0:28
  is
• 0:28
  Ingrid
• 0:29
  and
• 0:29
  with
• 0:29
  me
• 0:29
  again
• 0:30
  is
• 0:31
  Valerie.
• 0:34
  About
• 0:34
  time.
• 0:34
  Because
• 0:35
  I
• 0:35
  think
• 0:35
  we
• 0:35
  had
• 0:36
  several
• 0:36
  episodes
• 0:37
  now
• 0:37
  where
• 0:37
  we
• 0:37
  weren't
• 0:38
  sitting
• 0:38
  in
• 0:39
  the
• 0:39
  same
• 0:40
  episode.
• 0:40
  So
• 0:40
  that's
• 0:40
  nice.
• 0:41
  Yeah,
• 0:41
  I
• 0:42
  guess
• 0:42
  it's
• 0:42
  the
• 0:42
  second
• 0:43
  or
• 0:43
  third
• 0:44
  this
• 0:44
  year
• 0:44
  we
• 0:45
  are
• 0:45
  together.
• 0:46
  Absolutely.
• 0:47
  So
• 0:47
  it's
• 0:47
  still
• 0:48
  worth
• 0:48
  celebrating.
• 0:49
  But
• 0:49
  still,
• 0:50
  we
• 0:50
  did
• 0:50
  see
• 0:50
  a
• 0:50
  lot
• 0:50
  of
• 0:51
  each
• 0:51
  other
• 0:51
  last
• 0:52
  week,
• 0:52
  didn't
• 0:53
  we?
• 0:53
  Yes,
• 0:54
  last
• 0:54
  week
• 0:55
  and
• 0:55
  weeks.
• 0:55
  Because
• 0:56
  we
• 0:56
  realized
• 0:57
  two
• 0:57
  weeks
• 0:57
  ago
• 0:58
  when
• 0:58
  we
• 0:58
  met
• 0:59
  accidentally
• 1:00
  on
• 1:01
  the
• 1:01
  17th
• 1:01
  of
• 1:01
  June
• 1:02
  that
• 1:02
  we
• 1:02
  had
• 1:03
  our
• 1:03
  second
• 1:03
  anniversary.
• 1:04
  Yes,
• 1:05
  we
• 1:05
  did.
• 1:05
  And
• 1:05
  we
• 1:05
  were
• 1:06
  like,
• 1:06
  ah,
• 1:06
  we
• 1:06
  should
• 1:07
  have
• 1:08
  around
• 1:08
  this
• 1:08
  time.
• 1:09
  Let's
• 1:09
  check
• 1:09
  out
• 1:10
  documents.
• 1:10
  And
• 1:10
  they
• 1:10
  were
• 1:10
  like,
• 1:11
  oh,
• 1:11
  it's
• 1:11
  today.
• 1:11
  It's
• 1:12
  actually
• 1:12
  today.
• 1:13
  Yeah.
• 1:13
  So
• 1:14
  we
• 1:14
  didn't
• 1:14
  have
• 1:15
  champagne,
• 1:16
  but
• 1:16
  we
• 1:16
  did
• 1:16
  have
• 1:16
  ice
• 1:16
  cream.
• 1:17
  So
• 1:17
  that
• 1:17
  is
• 1:17
  even
• 1:17
  better
• 1:18
  at
• 1:18
  the
• 1:18
  moment
• 1:18
  because
• 1:19
  it's
• 1:19
  awfully
• 1:20
  hot
• 1:20
  in
• 1:20
  Germany,
• 1:21
  so.
• 1:21
  Yeah.
• 1:22
  And
• 1:22
  it
• 1:22
  was
• 1:22
  also
• 1:23
  awfully
• 1:23
  hot
• 1:23
  in
• 1:23
  Berlin
• 1:24
  last
• 1:24
  week.
• 1:25
  Yes,
• 1:25
  that
• 1:25
  is
• 1:25
  just
• 1:26
  traditional.
• 1:27
  It
• 1:28
  was
• 1:28
  traditional.
• 1:29
  Again,
• 1:30
  we
• 1:31
  were
• 1:31
  in
• 1:32
  Berlin
• 1:32
  in
• 1:32
  the
• 1:32
  K5
• 1:33
  conference.
• 1:34
  It's
• 1:34
  like
• 1:34
  the
• 1:36
  most
• 1:36
  important
• 1:37
  E
• 1:37
  commerce
• 1:37
  conference
• 1:38
  in
• 1:38
  Germany.
• 1:39
  Yeah,
• 1:39
  I
• 1:39
  think
• 1:39
  you
• 1:40
  can
• 1:40
  say
• 1:40
  that.
• 1:40
  And
• 1:41
  traditionally
• 1:41
  the
• 1:41
  one
• 1:41
  with
• 1:41
  the
• 1:42
  hottest
• 1:42
  weather,
• 1:42
  like
• 1:43
  everyone
• 1:43
  is
• 1:43
  always
• 1:44
  melting
• 1:45
  there.
• 1:45
  So
• 1:45
  that
• 1:45
  was
• 1:46
  just
• 1:46
  the
• 1:46
  same.
• 1:47
  The
• 1:47
  good
• 1:47
  thing
• 1:47
  was
• 1:48
  the.
• 1:50
  No,
• 1:50
  the
• 1:50
  air
• 1:51
  condition
• 1:51
  was
• 1:51
  working.
• 1:52
  Yeah.
• 1:53
  At
• 1:53
  least
• 1:53
  that's.
• 1:54
  That's
• 1:54
  something.
• 1:55
  Yeah,
• 1:55
  absolutely.
• 1:56
  Yeah.
• 1:56
  But
• 1:56
  still,
• 1:57
  I
• 1:57
  mean,
• 1:57
  that
• 1:57
  is
• 1:57
  always.
• 1:58
  That
• 1:58
  is
• 1:59
  sort
• 1:59
  of
• 1:59
  set
• 1:59
  in
• 2:00
  our
• 2:00
  calendars.
• 2:00
  You
• 2:00
  have
• 2:00
  to
• 2:01
  go
• 2:01
  to
• 2:01
  K5
• 2:01
  conference
• 2:02
  if
• 2:02
  you
• 2:02
  are
• 2:02
  part
• 2:02
  of
• 2:02
  the
• 2:03
  German
• 2:03
  E
• 2:03
  commerce.
• 2:04
  And
• 2:04
  so
• 2:04
  of
• 2:04
  course
• 2:05
  we
• 2:05
  went
• 2:05
  as
• 2:05
  well
• 2:05
  and.
• 2:06
  Yeah,
• 2:06
  and
• 2:07
  I
• 2:07
  guess
• 2:07
  now
• 2:07
  we
• 2:07
  have
• 2:08
  things
• 2:08
  to
• 2:08
  say,
• 2:09
  don't
• 2:09
  we?
• 2:09
  Yeah,
• 2:10
  I
• 2:11
  would
• 2:11
  say,
• 2:12
  yeah,
• 2:12
  it
• 2:12
  was.
• 2:13
  I
• 2:13
  would
• 2:13
  say
• 2:13
  a
• 2:14
  bit
• 2:14
  overwhelming.
• 2:15
  Yeah,
• 2:16
  Well,
• 2:17
  I
• 2:17
  took
• 2:17
  my
• 2:18
  family
• 2:18
  with
• 2:19
  me,
• 2:19
  actually
• 2:20
  spontaneously.
• 2:21
  So
• 2:21
  that
• 2:21
  was
• 2:22
  the
• 2:22
  interesting
• 2:23
  part
• 2:23
  from
• 2:23
  my
• 2:23
  side
• 2:25
  and
• 2:25
  underwhelming
• 2:26
  at
• 2:26
  the
• 2:26
  same
• 2:26
  time
• 2:27
  with
• 2:27
  all
• 2:27
  the
• 2:27
  repetition.
• 2:29
  Yes.
• 2:29
  Because
• 2:30
  I
• 2:30
  mean,
• 2:30
  AI
• 2:31
  here
• 2:31
  and
• 2:31
  AI
• 2:32
  there
• 2:32
  and
• 2:33
  AI
• 2:33
  everywhere.
• 2:35
  Honestly,
• 2:35
  I
• 2:35
  think
• 2:36
  when
• 2:36
  I
• 2:36
  came
• 2:36
  home,
• 2:36
  I
• 2:37
  wrote
• 2:37
  my
• 2:37
  recap
• 2:38
  for
• 2:39
  K5
• 2:39
  conference
• 2:39
  and
• 2:40
  I
• 2:40
  wrote
• 2:40
  it
• 2:40
  without
• 2:40
  a
• 2:41
  single
• 2:41
  piece
• 2:41
  of
• 2:41
  AI
• 2:42
  because
• 2:42
  I
• 2:42
  was
• 2:43
  so
• 2:43
  fed
• 2:44
  up
• 2:44
  with
• 2:44
  poor
• 2:45
  Claude.
• 2:45
  I
• 2:45
  nearly
• 2:45
  deinstalled
• 2:46
  him.
• 2:46
  I
• 2:46
  didn't
• 2:46
  in
• 2:47
  the
• 2:47
  end,
• 2:47
  of
• 2:47
  course,
• 2:47
  you
• 2:48
  know,
• 2:48
  reasons,
• 2:50
  but
• 2:50
  still.
• 2:51
  Yeah,
• 2:51
  you
• 2:51
  get
• 2:51
  the
• 2:51
  drift.
• 2:52
  I
• 2:52
  mean,
• 2:52
  how
• 2:52
  many
• 2:53
  Times
• 2:53
  can
• 2:53
  you
• 2:53
  say
• 2:54
  we
• 2:54
  don't
• 2:55
  know
• 2:55
  yet
• 2:55
  on
• 2:56
  stage?
• 2:56
  Yeah,
• 2:56
  I
• 2:57
  mean,
• 2:57
  come
• 2:57
  on,
• 2:57
  this
• 2:58
  is.
• 2:58
  We
• 2:58
  know
• 2:59
  that
• 2:59
  this
• 2:59
  is
• 2:59
  a
• 3:00
  revolution
• 3:00
  going
• 3:00
  on.
• 3:01
  We
• 3:01
  know
• 3:01
  that
• 3:02
  we
• 3:02
  are
• 3:03
  in
• 3:03
  the
• 3:03
  middle
• 3:03
  of
• 3:03
  it
• 3:04
  and
• 3:04
  we
• 3:04
  sort
• 3:04
  of
• 3:04
  have
• 3:05
  to
• 3:05
  deal
• 3:05
  with
• 3:06
  it.
• 3:06
  But
• 3:06
  I
• 3:06
  think
• 3:07
  it's
• 3:07
  just
• 3:07
  too
• 3:07
  early
• 3:08
  to
• 3:08
  get
• 3:08
  up
• 3:08
  on
• 3:08
  stage
• 3:09
  and
• 3:09
  talk
• 3:09
  about
• 3:10
  your
• 3:10
  revelations
• 3:11
  because
• 3:11
  it's
• 3:12
  all
• 3:12
  in
• 3:12
  the
• 3:12
  flow.
• 3:13
  So
• 3:13
  yeah,
• 3:14
  I
• 3:15
  don't
• 3:15
  know.
• 3:17
  But
• 3:17
  still,
• 3:18
  K5
• 3:18
  conference
• 3:19
  is
• 3:19
  always
• 3:19
  good
• 3:19
  for
• 3:20
  thought.
• 3:21
  Not
• 3:21
  because
• 3:22
  of
• 3:22
  all
• 3:22
  that
• 3:22
  AI
• 3:22
  stuff
• 3:23
  at
• 3:23
  the
• 3:23
  moment,
• 3:23
  but
• 3:24
  there's
• 3:25
  this
• 3:25
  very
• 3:25
  special
• 3:26
  feature
• 3:26
  that
• 3:26
  they
• 3:26
  have
• 3:27
  which
• 3:27
  is
• 3:27
  the
• 3:27
  five
• 3:28
  thesis
• 3:29
  session.
• 3:29
  And
• 3:30
  that's
• 3:30
  always
• 3:31
  very
• 3:31
  inspirational
• 3:32
  and
• 3:32
  it's
• 3:32
  causing
• 3:32
  a
• 3:33
  lot
• 3:33
  of
• 3:33
  interesting
• 3:33
  debates.
• 3:34
  And
• 3:34
  that
• 3:34
  happened
• 3:35
  this
• 3:35
  time
• 3:35
  again,
• 3:36
  I'd
• 3:36
  say.
• 3:37
  Yeah,
• 3:37
  and
• 3:37
  maybe
• 3:38
  we
• 3:38
  need
• 3:38
  to
• 3:38
  explain
• 3:39
  that
• 3:39
  because
• 3:39
  K5
• 3:40
  does
• 3:40
  something,
• 3:41
  as
• 3:41
  you
• 3:42
  said
• 3:42
  that
• 3:42
  most
• 3:42
  conferences
• 3:43
  don't.
• 3:44
  It
• 3:44
  has
• 3:44
  these
• 3:45
  sessions
• 3:46
  and
• 3:46
  actually
• 3:47
  that
• 3:47
  was
• 3:47
  also
• 3:47
  the
• 3:48
  only
• 3:48
  talks
• 3:49
  I
• 3:50
  attended.
• 3:51
  So
• 3:51
  you
• 3:51
  were
• 3:51
  today
• 3:52
  giving
• 3:54
  more
• 3:54
  feedback
• 3:55
  about
• 3:55
  how
• 3:56
  all
• 3:56
  the
• 3:56
  talks
• 3:57
  were.
• 3:57
  I'm
• 3:58
  usually
• 3:58
  the
• 3:58
  one
• 3:58
  who's
• 3:59
  like
• 3:59
  running
• 3:59
  around
• 4:02
  and
• 4:02
  talking
• 4:03
  with
• 4:04
  so
• 4:04
  many
• 4:04
  people
• 4:04
  I
• 4:05
  meet
• 4:05
  on
• 4:05
  the
• 4:05
  floor.
• 4:06
  But
• 4:06
  to
• 4:07
  be
• 4:07
  very
• 4:07
  honest,
• 4:07
  this
• 4:08
  year
• 4:08
  the
• 4:08
  floor
• 4:08
  was
• 4:09
  a
• 4:09
  bit
• 4:10
  calmer
• 4:10
  because
• 4:11
  I
• 4:11
  think
• 4:11
  there
• 4:11
  were
• 4:12
  like
• 4:12
  so
• 4:13
  many
• 4:13
  different
• 4:13
  content
• 4:14
  sessions.
• 4:15
  So
• 4:16
  the
• 4:16
  brand
• 4:16
  people
• 4:17
  were
• 4:17
  more
• 4:17
  in
• 4:18
  this
• 4:18
  content
• 4:19
  sessions
• 4:19
  and
• 4:19
  the
• 4:20
  service
• 4:21
  partner
• 4:21
  people
• 4:21
  were
• 4:21
  more
• 4:22
  on
• 4:22
  the
• 4:22
  floor.
• 4:23
  Yeah,
• 4:23
  well
• 4:23
  that's
• 4:23
  always
• 4:24
  one
• 4:24
  of
• 4:24
  those
• 4:24
  things
• 4:24
  at
• 4:25
  K5
• 4:25
  because
• 4:25
  they
• 4:25
  always
• 4:26
  have
• 4:26
  a
• 4:26
  big
• 4:26
  conference
• 4:27
  program
• 4:27
  and
• 4:27
  this
• 4:28
  time
• 4:28
  they
• 4:28
  had
• 4:28
  I
• 4:28
  think
• 4:28
  five
• 4:29
  stages
• 4:29
  that
• 4:30
  were
• 4:30
  full
• 4:30
  blown
• 4:32
  with
• 4:33
  great
• 4:33
  talks.
• 4:34
  And
• 4:35
  of
• 4:35
  course
• 4:35
  the
• 4:35
  main
• 4:35
  stage,
• 4:36
  that
• 4:36
  was
• 4:36
  where
• 4:36
  the
• 4:36
  thesis
• 4:37
  also
• 4:37
  took
• 4:38
  part.
• 4:38
  Maybe
• 4:39
  we
• 4:39
  need
• 4:39
  to
• 4:39
  explain
• 4:39
  that
• 4:40
  there's
• 4:40
  like
• 4:40
  five
• 4:40
  industry
• 4:41
  experts
• 4:41
  come
• 4:41
  on
• 4:42
  stage
• 4:43
  and
• 4:43
  they
• 4:43
  take
• 4:44
  an
• 4:44
  often
• 4:44
  controversial
• 4:45
  position
• 4:46
  of
• 4:46
  what
• 4:47
  may
• 4:48
  be
• 4:48
  happening
• 4:48
  or
• 4:48
  what
• 4:49
  may
• 4:49
  be
• 4:49
  shaping
• 4:50
  the
• 4:50
  future
• 4:50
  of
• 4:50
  E
• 4:50
  commerce
• 4:51
  in
• 4:52
  the
• 4:52
  next
• 4:53
  months
• 4:53
  to
• 4:54
  years.
• 4:55
  So
• 4:55
  that
• 4:55
  is
• 4:55
  meant
• 4:56
  to
• 4:56
  spark
• 4:56
  conversations.
• 4:57
  So
• 4:58
  it's
• 4:58
  always
• 4:58
  a
• 4:58
  bit,
• 4:59
  you
• 4:59
  know,
• 4:59
  very
• 5:00
  strong
• 5:00
  minded,
• 5:01
  very
• 5:01
  strong
• 5:01
  opinions.
• 5:02
  Sometimes
• 5:02
  maybe
• 5:03
  a
• 5:03
  bit
• 5:03
  too
• 5:03
  far.
• 5:03
  But
• 5:04
  yeah,
• 5:05
  always
• 5:05
  something
• 5:06
  that
• 5:07
  sparks
• 5:08
  conversations
• 5:08
  throughout
• 5:09
  the
• 5:09
  whole
• 5:09
  two
• 5:09
  days.
• 5:10
  That
• 5:10
  is
• 5:10
  something
• 5:10
  that
• 5:11
  is
• 5:11
  always
• 5:11
  a
• 5:11
  good
• 5:11
  conversation
• 5:12
  opener.
• 5:12
  I
• 5:12
  think
• 5:13
  if
• 5:13
  you
• 5:13
  meet
• 5:13
  people
• 5:13
  afterwards
• 5:14
  you
• 5:14
  can
• 5:14
  always.
• 5:15
  So
• 5:15
  what
• 5:15
  did
• 5:16
  you
• 5:16
  think
• 5:16
  about
• 5:16
  the
• 5:16
  thesis?
• 5:17
  And
• 5:17
  then
• 5:17
  you're
• 5:17
  directly
• 5:18
  in
• 5:18
  the
• 5:18
  middle
• 5:18
  of
• 5:18
  an
• 5:19
  interesting
• 5:19
  discussion.
• 5:19
  Yeah,
• 5:20
  the
• 5:20
  room
• 5:20
  was
• 5:20
  so
• 5:21
  full.
• 5:21
  Yeah,
• 5:22
  so
• 5:23
  full.
• 5:24
  Even
• 5:24
  like
• 5:24
  at
• 5:24
  the
• 5:24
  end
• 5:25
  the
• 5:25
  doors
• 5:25
  were
• 5:25
  open
• 5:26
  and
• 5:26
  there
• 5:26
  was
• 5:26
  still
• 5:26
  like
• 5:27
  people
• 5:27
  and
• 5:27
  people
• 5:28
  and
• 5:28
  people
• 5:28
  watching
• 5:29
  and
• 5:29
  listening.
• 5:30
  Yeah,
• 5:31
  I
• 5:31
  would
• 5:31
  say.
• 5:32
  And
• 5:33
  yeah,
• 5:34
  this
• 5:34
  year
• 5:34
  thesis
• 5:36
  were
• 5:36
  as
• 5:37
  you
• 5:37
  said,
• 5:37
  strong
• 5:39
  opinions.
• 5:39
  Again
• 5:40
  a
• 5:41
  lot
• 5:41
  about
• 5:41
  AI,
• 5:41
  but
• 5:41
  a
• 5:42
  lot
• 5:42
  of
• 5:42
  like
• 5:42
  also
• 5:43
  honest
• 5:43
  words.
• 5:43
  And
• 5:44
  I
• 5:44
  think
• 5:44
  we
• 5:45
  picked
• 5:45
  some
• 5:45
  of
• 5:46
  the
• 5:46
  te
• 5:47
  and
• 5:49
  yeah,
• 5:50
  we
• 5:50
  will
• 5:51
  Talk
• 5:51
  about
• 5:51
  that
• 5:51
  today.
• 5:52
  Yeah,
• 5:52
  I
• 5:53
  think
• 5:53
  that
• 5:53
  is
• 5:53
  something
• 5:54
  that
• 5:54
  we
• 5:54
  can
• 5:55
  do.
• 5:55
  Look
• 5:55
  at
• 5:56
  what
• 5:56
  people
• 5:56
  on
• 5:56
  stage
• 5:57
  said.
• 5:57
  So
• 5:58
  German
• 5:58
  e
• 5:58
  commerce
• 5:59
  experts,
• 5:59
  Stefan
• 6:00
  Wenzel,
• 6:00
  Christina
• 6:01
  Mattens,
• 6:02
  Alexander
• 6:02
  Graf,
• 6:03
  Karl
• 6:03
  Junker,
• 6:03
  dinouy
• 6:04
  and
• 6:04
  as
• 6:04
  the
• 6:04
  guest
• 6:05
  thesis
• 6:05
  host
• 6:05
  there
• 6:06
  was
• 6:06
  also
• 6:06
  Nele
• 6:06
  Otsuk
• 6:07
  from
• 6:07
  TikTok,
• 6:08
  Germany.
• 6:09
  And
• 6:09
  yeah,
• 6:10
  we
• 6:10
  watched
• 6:11
  all
• 6:11
  of
• 6:11
  those
• 6:11
  and
• 6:11
  we
• 6:12
  would
• 6:12
  like
• 6:12
  to
• 6:12
  give
• 6:12
  you
• 6:12
  our
• 6:13
  view
• 6:13
  on
• 6:13
  things
• 6:14
  from
• 6:14
  our
• 6:15
  marketplace
• 6:15
  perspective.
• 6:16
  What,
• 6:16
  what
• 6:16
  did
• 6:17
  we
• 6:17
  think
• 6:17
  about
• 6:17
  what
• 6:18
  those
• 6:18
  experts
• 6:18
  had
• 6:19
  to
• 6:19
  say?
• 6:20
  What
• 6:21
  do
• 6:21
  we
• 6:21
  make
• 6:21
  of
• 6:21
  it?
• 6:22
  And
• 6:22
  maybe
• 6:23
  also
• 6:23
  what
• 6:23
  was
• 6:23
  missing
• 6:24
  from
• 6:24
  stage.
• 6:25
  Yeah,
• 6:25
  so
• 6:25
  I
• 6:26
  guess
• 6:26
  that
• 6:26
  should
• 6:26
  make
• 6:26
  for
• 6:27
  a
• 6:27
  good
• 6:27
  episode.
• 6:27
  So
• 6:28
  shall
• 6:29
  we
• 6:29
  go
• 6:29
  into
• 6:29
  it?
• 6:30
  Maybe
• 6:30
  let's
• 6:30
  start
• 6:31
  after
• 6:31
  a
• 6:32
  very
• 6:32
  quick
• 6:32
  advertising
• 6:33
  break.
• 6:33
  You
• 6:33
  sell
• 6:34
  on
• 6:34
  European
• 6:35
  marketplaces
• 6:35
  and
• 6:36
  are
• 6:36
  thinking
• 6:36
  about
• 6:36
  new
• 6:37
  markets,
• 6:38
  then
• 6:38
  you
• 6:38
  know
• 6:38
  the
• 6:39
  challenge.
• 6:39
  Cross
• 6:39
  border
• 6:40
  shipping
• 6:40
  is
• 6:40
  complex
• 6:41
  and
• 6:41
  international
• 6:42
  returns
• 6:42
  are
• 6:43
  often
• 6:43
  even
• 6:43
  more
• 6:43
  so.
• 6:45
  Spring
• 6:45
  Global
• 6:45
  Delivery
• 6:46
  Solutions,
• 6:47
  part
• 6:47
  of
• 6:47
  the
• 6:47
  PostNL
• 6:48
  group,
• 6:48
  has
• 6:49
  built
• 6:49
  a
• 6:49
  solution
• 6:49
  for
• 6:50
  exactly
• 6:50
  this
• 6:50
  problem.
• 6:51
  As
• 6:51
  a
• 6:52
  specialist
• 6:52
  cross
• 6:53
  border
• 6:53
  shipping
• 6:53
  provider,
• 6:54
  Spring
• 6:54
  GDS
• 6:55
  delivers
• 6:55
  to
• 6:55
  190
• 6:56
  destinations
• 6:57
  worldwide
• 6:58
  with
• 6:58
  17
• 6:58
  operational
• 6:59
  hubs
• 6:59
  across
• 7:00
  three
• 7:00
  continents.
• 7:01
  And
• 7:01
  the
• 7:01
  distinctive
• 7:02
  element
• 7:02
  returns
• 7:03
  with
• 7:03
  Spring
• 7:04
  GDS
• 7:04
  cost
• 7:04
  exactly
• 7:05
  the
• 7:05
  same
• 7:05
  as
• 7:05
  outbound
• 7:06
  shipping.
• 7:06
  So
• 7:07
  no
• 7:07
  separate
• 7:07
  contract
• 7:08
  and
• 7:08
  no
• 7:08
  surprises
• 7:09
  for
• 7:10
  you.
• 7:10
  This
• 7:10
  means
• 7:11
  outbound
• 7:12
  end
• 7:12
  return
• 7:12
  from
• 7:13
  one
• 7:13
  provider,
• 7:14
  predictable
• 7:14
  costs
• 7:15
  and
• 7:16
  a,
• 7:16
  a
• 7:16
  returns
• 7:17
  process
• 7:17
  that
• 7:17
  works
• 7:18
  abroad
• 7:18
  just
• 7:19
  as
• 7:19
  it
• 7:19
  does,
• 7:20
  just
• 7:20
  as
• 7:20
  it
• 7:21
  does
• 7:21
  at
• 7:21
  home.
• 7:22
  Label
• 7:22
  in
• 7:22
  the
• 7:23
  box,
• 7:23
  paperless
• 7:24
  return,
• 7:24
  transparent
• 7:25
  tracking,
• 7:26
  fast
• 7:26
  refunds,
• 7:27
  all
• 7:27
  included.
• 7:28
  If
• 7:28
  you
• 7:29
  want
• 7:29
  to
• 7:29
  learn
• 7:29
  more
• 7:29
  about
• 7:29
  this,
• 7:30
  you
• 7:30
  can
• 7:30
  find
• 7:30
  a
• 7:30
  lot
• 7:30
  of
• 7:31
  details
• 7:31
  in
• 7:31
  our
• 7:31
  blog
• 7:32
  post
• 7:32
  on
• 7:32
  marketplaceuniverse.com
• 7:33
  the
• 7:34
  link
• 7:34
  is
• 7:34
  always
• 7:34
  in
• 7:35
  the
• 7:35
  show
• 7:35
  notes.
• 7:35
  Okay,
• 7:36
  so
• 7:36
  I
• 7:37
  guess
• 7:37
  let's
• 7:37
  get
• 7:38
  into
• 7:38
  it
• 7:38
  and
• 7:39
  look
• 7:39
  at
• 7:39
  the
• 7:39
  first
• 7:40
  thesis
• 7:40
  that
• 7:41
  I
• 7:41
  think
• 7:41
  really
• 7:41
  made
• 7:42
  both
• 7:42
  of
• 7:42
  us
• 7:42
  and
• 7:42
  not
• 7:43
  just
• 7:43
  us,
• 7:43
  I
• 7:43
  think
• 7:43
  the
• 7:43
  whole
• 7:44
  room.
• 7:44
  You
• 7:44
  know,
• 7:45
  take
• 7:45
  a
• 7:45
  breath
• 7:47
  because
• 7:47
  that
• 7:47
  was
• 7:47
  Stefan
• 7:48
  Wenzel.
• 7:48
  And
• 7:48
  maybe
• 7:49
  to
• 7:49
  give
• 7:49
  you
• 7:49
  some
• 7:49
  background,
• 7:50
  he's
• 7:50
  always
• 7:50
  the
• 7:50
  most
• 7:51
  outspoken
• 7:51
  of
• 7:51
  all
• 7:52
  the
• 7:52
  e
• 7:53
  commerce
• 7:53
  experts
• 7:54
  in
• 7:55
  Germany.
• 7:56
  I
• 7:56
  think
• 7:56
  he's
• 7:56
  very,
• 7:57
  very
• 7:57
  sharp
• 7:58
  tongue.
• 7:58
  He
• 7:58
  has
• 7:58
  been
• 7:58
  on
• 7:59
  our
• 7:59
  podcast
• 7:59
  too
• 8:00
  for
• 8:00
  I
• 8:01
  think
• 8:01
  twice
• 8:01
  now
• 8:02
  and
• 8:03
  it's
• 8:03
  always
• 8:03
  a
• 8:03
  pleasure
• 8:04
  to
• 8:04
  talk
• 8:04
  with
• 8:04
  him.
• 8:04
  But
• 8:05
  you
• 8:05
  have
• 8:05
  to
• 8:05
  be
• 8:05
  fast
• 8:06
  on
• 8:06
  your
• 8:06
  feet
• 8:06
  because
• 8:06
  that
• 8:07
  man
• 8:07
  really
• 8:07
  can
• 8:07
  talk.
• 8:09
  And
• 8:09
  he
• 8:09
  did
• 8:10
  that
• 8:10
  on
• 8:10
  stage
• 8:10
  as
• 8:10
  well.
• 8:11
  And
• 8:11
  his
• 8:12
  first
• 8:12
  thesis
• 8:13
  was
• 8:13
  sales
• 8:14
  led
• 8:14
  e
• 8:14
  commerce
• 8:15
  is
• 8:15
  broken.
• 8:16
  So
• 8:16
  the
• 8:17
  idea
• 8:17
  here
• 8:17
  is
• 8:18
  that
• 8:18
  we
• 8:19
  have
• 8:19
  been
• 8:19
  pushing
• 8:19
  so
• 8:20
  much
• 8:21
  for
• 8:22
  a
• 8:22
  retail
• 8:22
  and
• 8:22
  e
• 8:23
  commerce
• 8:23
  that
• 8:23
  is
• 8:23
  based
• 8:23
  on
• 8:24
  how
• 8:24
  much
• 8:25
  you
• 8:25
  sell
• 8:25
  and
• 8:26
  not
• 8:26
  how
• 8:26
  much
• 8:26
  profit
• 8:27
  you
• 8:27
  make.
• 8:27
  That
• 8:28
  by
• 8:28
  now
• 8:29
  all
• 8:29
  the
• 8:29
  numbers
• 8:30
  that
• 8:30
  you
• 8:30
  can
• 8:30
  bring
• 8:31
  to
• 8:31
  the
• 8:31
  table,
• 8:32
  ebit,
• 8:33
  DBI
• 8:33
  margins,
• 8:34
  markdowns
• 8:36
  here,
• 8:36
  dead
• 8:36
  stock,
• 8:37
  whatever,
• 8:39
  has
• 8:39
  been
• 8:39
  turning
• 8:40
  worse
• 8:40
  and
• 8:40
  worse
• 8:41
  and
• 8:41
  worse
• 8:41
  and
• 8:41
  worse
• 8:41
  over
• 8:41
  the
• 8:42
  last
• 8:42
  years
• 8:42
  and
• 8:43
  now
• 8:43
  we
• 8:43
  have
• 8:43
  an
• 8:43
  E
• 8:43
  Commerce
• 8:44
  that
• 8:44
  is
• 8:44
  basically
• 8:45
  not
• 8:45
  functioning
• 8:46
  anymore.
• 8:47
  That's
• 8:47
  what
• 8:47
  he
• 8:47
  put
• 8:47
  there.
• 8:48
  And
• 8:48
  this
• 8:49
  is
• 8:49
  why
• 8:49
  we
• 8:49
  are
• 8:49
  getting
• 8:50
  now
• 8:52
  steamrolled
• 8:53
  by
• 8:53
  the
• 8:53
  likes
• 8:54
  of
• 8:54
  Timo
• 8:55
  and
• 8:55
  Shein
• 8:56
  and
• 8:56
  TikTok.
• 8:57
  Yeah,
• 8:58
  I
• 8:58
  mean
• 8:58
  overall
• 8:59
  it
• 8:59
  was
• 8:59
  like
• 9:00
  the
• 9:00
  opinion
• 9:00
  or
• 9:01
  like
• 9:02
  his
• 9:02
  words
• 9:02
  were
• 9:02
  more
• 9:03
  like
• 9:04
  the
• 9:04
  sales
• 9:05
  led
• 9:05
  commerce
• 9:06
  was
• 9:06
  broken
• 9:06
  in
• 9:06
  terms
• 9:07
  of
• 9:07
  like
• 9:07
  we
• 9:08
  want
• 9:08
  always
• 9:08
  like
• 9:09
  more
• 9:10
  and
• 9:11
  growth
• 9:11
  and
• 9:11
  growth
• 9:12
  and
• 9:12
  growth
• 9:12
  and
• 9:12
  growth.
• 9:13
  But
• 9:13
  actually
• 9:15
  there
• 9:15
  is
• 9:16
  like
• 9:16
  so
• 9:16
  many
• 9:16
  pitfalls
• 9:17
  and
• 9:17
  so
• 9:17
  many
• 9:19
  negative
• 9:20
  sides
• 9:20
  which
• 9:20
  we
• 9:21
  are
• 9:21
  just
• 9:21
  like
• 9:22
  overseeing.
• 9:23
  He
• 9:24
  gave
• 9:24
  this
• 9:24
  example
• 9:25
  with
• 9:25
  the
• 9:25
  fashion
• 9:25
  industry
• 9:27
  where
• 9:27
  he
• 9:27
  said
• 9:27
  like,
• 9:28
  yeah,
• 9:28
  okay,
• 9:28
  the
• 9:29
  EBIT
• 9:29
  halved,
• 9:30
  right.
• 9:31
  The
• 9:31
  return
• 9:32
  rates
• 9:32
  are
• 9:32
  rising.
• 9:33
  50
• 9:33
  to
• 9:34
  60%
• 9:35
  return
• 9:35
  rate.
• 9:36
  We
• 9:37
  have
• 9:37
  70
• 9:38
  to
• 9:38
  $140
• 9:40
  billion
• 9:41
  that
• 9:41
  stock
• 9:42
  per
• 9:42
  year.
• 9:43
  And
• 9:43
  where
• 9:43
  does
• 9:43
  it
• 9:43
  land?
• 9:44
  In
• 9:44
  the
• 9:45
  Atacama
• 9:47
  desert.
• 9:48
  Yeah,
• 9:48
  yeah.
• 9:49
  And
• 9:49
  he
• 9:50
  has
• 9:50
  shown
• 9:50
  a
• 9:51
  satellite
• 9:52
  picture
• 9:52
  where
• 9:52
  you
• 9:52
  see
• 9:53
  from
• 9:53
  the
• 9:54
  satellite
• 9:54
  picture
• 9:55
  like
• 9:56
  the
• 9:56
  amount
• 9:58
  of
• 9:59
  that
• 9:59
  clothes,
• 10:00
  that
• 10:00
  stock
• 10:02
  is
• 10:03
  laying
• 10:03
  there
• 10:04
  and
• 10:04
  rotting.
• 10:05
  And
• 10:05
  I
• 10:05
  mean
• 10:07
  this
• 10:07
  is
• 10:08
  like
• 10:08
  to
• 10:08
  be
• 10:08
  very
• 10:08
  honest,
• 10:09
  like
• 10:10
  I
• 10:10
  had
• 10:11
  this
• 10:11
  feeling
• 10:11
  already
• 10:12
  a
• 10:12
  few
• 10:12
  years
• 10:13
  ago
• 10:13
  when
• 10:13
  I
• 10:13
  still
• 10:14
  work
• 10:14
  for
• 10:14
  a
• 10:14
  brand.
• 10:14
  I
• 10:15
  was
• 10:15
  like,
• 10:15
  okay,
• 10:15
  I
• 10:16
  need
• 10:16
  to
• 10:16
  push
• 10:16
  for
• 10:17
  selling
• 10:17
  more
• 10:17
  underwear
• 10:18
  every
• 10:18
  year
• 10:18
  and
• 10:19
  every
• 10:19
  year
• 10:19
  and
• 10:19
  every
• 10:20
  year
• 10:20
  more
• 10:20
  and
• 10:21
  more
• 10:21
  and
• 10:21
  more.
• 10:22
  But
• 10:23
  like
• 10:23
  if
• 10:23
  everyone
• 10:24
  wants
• 10:25
  more
• 10:25
  and
• 10:25
  more
• 10:25
  and
• 10:25
  more,
• 10:26
  where
• 10:27
  shall
• 10:27
  it
• 10:27
  end?
• 10:27
  Right.
• 10:28
  So
• 10:28
  it's
• 10:29
  like
• 10:29
  actually
• 10:30
  pretty.
• 10:30
  It
• 10:30
  was
• 10:31
  pretty
• 10:31
  predictable
• 10:32
  that
• 10:32
  our
• 10:32
  numbers
• 10:33
  are
• 10:35
  or
• 10:35
  our
• 10:35
  margins
• 10:36
  are
• 10:36
  getting
• 10:36
  lower,
• 10:37
  as
• 10:37
  I
• 10:37
  know
• 10:38
  also
• 10:38
  from
• 10:38
  different
• 10:38
  other
• 10:40
  topics.
• 10:41
  But
• 10:43
  yeah,
• 10:43
  we
• 10:43
  cannot
• 10:44
  do
• 10:44
  the
• 10:44
  sales
• 10:45
  led
• 10:45
  commerce
• 10:47
  again.
• 10:48
  It
• 10:48
  needs
• 10:48
  to
• 10:48
  change
• 10:49
  to
• 10:49
  an
• 10:50
  AI
• 10:50
  first
• 10:51
  hybrid,
• 10:51
  for
• 10:52
  example,
• 10:53
  based
• 10:53
  on
• 10:54
  the
• 10:54
  example
• 10:54
  of
• 10:54
  Zara.
• 10:55
  Zara
• 10:56
  is
• 10:56
  a
• 10:56
  fast
• 10:56
  fashion
• 10:56
  provider
• 10:58
  based
• 10:58
  in
• 10:58
  Spain.
• 11:00
  Yes.
• 11:00
  They
• 11:01
  have
• 11:01
  everything
• 11:01
  in
• 11:02
  their
• 11:02
  own
• 11:02
  hands.
• 11:02
  The
• 11:03
  production,
• 11:04
  the
• 11:04
  design.
• 11:05
  They
• 11:05
  do
• 11:06
  everything
• 11:06
  pretty
• 11:07
  fast.
• 11:07
  They
• 11:07
  don't
• 11:07
  have
• 11:08
  like
• 11:08
  this
• 11:08
  overall
• 11:10
  168
• 11:12
  days
• 11:13
  of
• 11:17
  like
• 11:17
  how
• 11:17
  long
• 11:17
  the
• 11:18
  inventory
• 11:18
  is
• 11:19
  laying
• 11:19
  there,
• 11:19
  etc
• 11:21
  was
• 11:21
  always
• 11:22
  insanely
• 11:23
  fast.
• 11:23
  In
• 11:24
  from
• 11:24
  design
• 11:25
  to
• 11:26
  the.
• 11:27
  Yeah,
• 11:27
  the
• 11:28
  final
• 11:28
  dress
• 11:28
  basically
• 11:30
  in
• 11:30
  this,
• 11:30
  in
• 11:31
  the,
• 11:31
  in
• 11:31
  the
• 11:31
  stores.
• 11:32
  And
• 11:33
  they
• 11:33
  have
• 11:33
  like
• 11:34
  a
• 11:34
  very,
• 11:35
  very,
• 11:35
  very
• 11:36
  low
• 11:37
  rate
• 11:37
  of
• 11:38
  overstocks
• 11:40
  because
• 11:41
  they
• 11:41
  create
• 11:41
  on
• 11:42
  the
• 11:42
  demand
• 11:43
  of
• 11:43
  the
• 11:44
  products.
• 11:44
  And
• 11:44
  this
• 11:45
  is
• 11:45
  also
• 11:45
  what
• 11:45
  sheen
• 11:45
  does.
• 11:46
  I
• 11:46
  know
• 11:46
  we
• 11:46
  don't
• 11:47
  like
• 11:47
  sheen
• 11:47
  as
• 11:48
  much,
• 11:48
  but
• 11:49
  it's
• 11:50
  exactly
• 11:50
  what
• 11:50
  they
• 11:50
  do.
• 11:51
  They
• 11:51
  are
• 11:52
  pushing,
• 11:52
  I
• 11:52
  don't
• 11:53
  know,
• 11:53
  let's
• 11:53
  make
• 11:53
  it
• 11:53
  an
• 11:54
  example.
• 11:54
  Five
• 11:54
  dresses
• 11:55
  out.
• 11:56
  They
• 11:56
  push
• 11:56
  it
• 11:56
  in
• 11:57
  the
• 11:57
  stores
• 11:57
  in
• 11:57
  a
• 11:58
  few
• 11:58
  days
• 11:59
  to
• 11:59
  say
• 11:59
  like,
• 12:00
  okay,
• 12:00
  let's
• 12:00
  check
• 12:01
  it
• 12:01
  out.
• 12:01
  If
• 12:01
  it's
• 12:01
  running
• 12:02
  for
• 12:02
  15
• 12:03
  days,
• 12:04
  if
• 12:04
  it's
• 12:04
  working
• 12:04
  quite
• 12:05
  well,
• 12:05
  great.
• 12:06
  Then
• 12:06
  we
• 12:06
  are
• 12:07
  producing
• 12:07
  more
• 12:07
  and
• 12:07
  more
• 12:08
  different
• 12:08
  colors.
• 12:08
  If
• 12:08
  it's
• 12:08
  not
• 12:09
  running,
• 12:09
  then
• 12:09
  okay,
• 12:10
  let's
• 12:10
  die.
• 12:10
  Let
• 12:11
  it
• 12:11
  die.
• 12:11
  Right.
• 12:12
  And
• 12:12
  then
• 12:12
  there's
• 12:13
  like
• 12:13
  not
• 12:14
  overproduced
• 12:15
  stock
• 12:15
  because
• 12:15
  we
• 12:16
  thought,
• 12:17
  oh
• 12:18
  yeah,
• 12:18
  that
• 12:18
  could
• 12:19
  be
• 12:19
  working
• 12:20
  with
• 12:20
  this
• 12:20
  dress.
• 12:21
  Yeah.
• 12:22
  So
• 12:22
  that's
• 12:23
  actually
• 12:23
  what
• 12:23
  this
• 12:25
  is
• 12:25
  about.
• 12:26
  And
• 12:26
  I
• 12:26
  think
• 12:27
  there
• 12:27
  we
• 12:27
  could
• 12:29
  also
• 12:30
  work
• 12:30
  very
• 12:31
  well
• 12:31
  with
• 12:31
  AI
• 12:32
  And
• 12:34
  I
• 12:34
  know
• 12:35
  you're
• 12:35
  fed
• 12:35
  up
• 12:36
  with
• 12:36
  this
• 12:36
  topic,
• 12:37
  but.
• 12:38
  Well,
• 12:38
  nothing's
• 12:39
  fast
• 12:40
  out.
• 12:40
  Yeah.
• 12:41
  Not
• 12:41
  if
• 12:41
  it
• 12:41
  cleans
• 12:41
  up
• 12:42
  the
• 12:42
  desert
• 12:43
  in
• 12:43
  South
• 12:43
  America.
• 12:44
  Then
• 12:44
  I'm
• 12:44
  all
• 12:44
  for
• 12:44
  it
• 12:45
  actually.
• 12:45
  But
• 12:46
  what
• 12:46
  I
• 12:46
  thought
• 12:46
  when
• 12:47
  Stefan
• 12:48
  was
• 12:48
  talking
• 12:48
  about
• 12:49
  that,
• 12:49
  I
• 12:49
  was
• 12:49
  like,
• 12:49
  yeah,
• 12:50
  I
• 12:50
  agree,
• 12:50
  of
• 12:51
  course.
• 12:51
  But
• 12:52
  that's
• 12:52
  not
• 12:52
  exactly
• 12:53
  news,
• 12:53
  is
• 12:53
  it?
• 12:53
  I
• 12:54
  mean,
• 12:54
  these
• 12:54
  numbers
• 12:55
  that
• 12:55
  he
• 12:55
  has
• 12:55
  shown
• 12:56
  us,
• 12:56
  they
• 12:56
  have
• 12:57
  been.
• 12:57
  That
• 12:57
  has
• 12:58
  been.
• 12:58
  That
• 12:59
  trend
• 12:59
  has
• 12:59
  been
• 12:59
  growing
• 13:00
  for
• 13:00
  years
• 13:00
  now.
• 13:01
  And
• 13:02
  actually
• 13:03
  you
• 13:03
  could
• 13:03
  see
• 13:04
  the
• 13:04
  fashion
• 13:04
  desert
• 13:05
  from
• 13:06
  space
• 13:06
  where
• 13:07
  five
• 13:07
  years
• 13:07
  ago.
• 13:07
  So
• 13:08
  that
• 13:08
  is
• 13:08
  not
• 13:08
  something
• 13:08
  new.
• 13:09
  No,
• 13:10
  so
• 13:10
  is
• 13:11
  that.
• 13:11
  But.
• 13:11
  But
• 13:11
  still
• 13:11
  I
• 13:12
  felt
• 13:12
  when
• 13:12
  I
• 13:13
  was
• 13:13
  in
• 13:13
  the
• 13:13
  room
• 13:13
  with
• 13:13
  all
• 13:14
  these
• 13:14
  people,
• 13:14
  you
• 13:15
  could
• 13:15
  hear
• 13:15
  a
• 13:15
  pin
• 13:15
  drop
• 13:16
  when
• 13:16
  he
• 13:16
  said
• 13:16
  that.
• 13:17
  And
• 13:17
  you,
• 13:17
  you
• 13:18
  felt
• 13:18
  that
• 13:18
  everyone
• 13:19
  was
• 13:19
  like,
• 13:19
  oh
• 13:19
  shit.
• 13:20
  It's
• 13:20
  like,
• 13:20
  okay,
• 13:21
  have
• 13:21
  you
• 13:21
  never
• 13:21
  thought
• 13:22
  about
• 13:22
  that
• 13:22
  before?
• 13:23
  Is.
• 13:23
  Has
• 13:24
  that
• 13:24
  never
• 13:24
  occurred
• 13:25
  to
• 13:25
  you?
• 13:25
  Is
• 13:25
  that
• 13:25
  not
• 13:25
  something
• 13:26
  that
• 13:26
  people
• 13:26
  are
• 13:27
  discussing?
• 13:27
  No,
• 13:28
  because
• 13:29
  it's
• 13:29
  all
• 13:32
  dangerous
• 13:33
  for
• 13:33
  our
• 13:33
  own
• 13:34
  business.
• 13:34
  Right.
• 13:35
  It's
• 13:35
  nothing
• 13:35
  you
• 13:36
  want
• 13:36
  to
• 13:36
  really
• 13:36
  see
• 13:37
  and
• 13:38
  realize.
• 13:39
  Okay.
• 13:40
  I
• 13:40
  think
• 13:40
  it's
• 13:40
  at
• 13:40
  the
• 13:41
  point
• 13:42
  it's
• 13:42
  like
• 13:42
  we're
• 13:43
  like
• 13:43
  just
• 13:43
  going
• 13:43
  on
• 13:44
  and
• 13:44
  on
• 13:44
  and
• 13:44
  on
• 13:44
  and
• 13:45
  doing
• 13:45
  budgets
• 13:45
  and
• 13:46
  increasing
• 13:47
  our
• 13:47
  growth
• 13:47
  and
• 13:48
  want
• 13:49
  to
• 13:49
  get
• 13:49
  our
• 13:50
  bonus,
• 13:50
  et
• 13:51
  cetera,
• 13:51
  et
• 13:51
  cetera,
• 13:53
  that
• 13:53
  we
• 13:53
  ignore
• 13:54
  that.
• 13:54
  And
• 13:56
  how,
• 13:56
  how
• 13:57
  he
• 13:57
  said
• 13:57
  it,
• 13:58
  nothing
• 13:58
  to
• 13:59
  see
• 13:59
  here
• 13:59
  was
• 14:00
  his
• 14:00
  main
• 14:00
  claim
• 14:01
  because.
• 14:03
  Yeah,
• 14:03
  what
• 14:03
  do
• 14:03
  we
• 14:04
  produce?
• 14:04
  Right?
• 14:05
  Like
• 14:05
  this
• 14:05
  is
• 14:05
  like
• 14:06
  you
• 14:06
  also
• 14:06
  said
• 14:07
  like
• 14:07
  banks
• 14:08
  are
• 14:08
  not
• 14:09
  interested
• 14:10
  in
• 14:10
  funding
• 14:10
  or
• 14:11
  giving
• 14:11
  us
• 14:11
  loan
• 14:13
  because
• 14:13
  our
• 14:13
  business
• 14:14
  is
• 14:14
  really
• 14:15
  getting
• 14:16
  even
• 14:16
  more
• 14:16
  unprofitable.
• 14:17
  The
• 14:18
  E
• 14:18
  tough,
• 14:18
  etc.
• 14:19
  Not
• 14:20
  a
• 14:20
  good
• 14:20
  investment
• 14:20
  story
• 14:21
  anymore.
• 14:22
  And
• 14:22
  that's
• 14:22
  what
• 14:22
  we're
• 14:23
  seeing.
• 14:23
  Yeah,
• 14:24
  absolutely.
• 14:24
  And
• 14:25
  maybe
• 14:25
  it
• 14:25
  took
• 14:26
  some
• 14:27
  new
• 14:28
  out
• 14:28
  of
• 14:29
  the
• 14:29
  box
• 14:29
  thinkers
• 14:30
  from
• 14:30
  other
• 14:30
  countries
• 14:31
  to
• 14:31
  put
• 14:31
  it
• 14:31
  very,
• 14:32
  you
• 14:32
  know,
• 14:33
  neutrally
• 14:34
  to
• 14:34
  just
• 14:35
  show
• 14:35
  us
• 14:35
  how
• 14:35
  broken
• 14:36
  the
• 14:36
  system
• 14:36
  is.
• 14:37
  Yeah,
• 14:38
  I
• 14:38
  mean,
• 14:38
  this
• 14:38
  is
• 14:39
  actually
• 14:39
  something
• 14:39
  that
• 14:39
  leads
• 14:40
  directly
• 14:40
  to
• 14:40
  the
• 14:40
  next
• 14:41
  thesis
• 14:41
  that
• 14:41
  I
• 14:41
  wanted
• 14:41
  to
• 14:42
  debate
• 14:42
  with
• 14:42
  you
• 14:43
  because
• 14:43
  that
• 14:43
  again
• 14:44
  had
• 14:44
  around
• 14:45
  about
• 14:45
  the
• 14:45
  same
• 14:45
  effect
• 14:46
  on
• 14:46
  the
• 14:46
  room
• 14:47
  as
• 14:48
  Stefans
• 14:48
  had.
• 14:49
  And
• 14:49
  that
• 14:49
  came
• 14:50
  from
• 14:50
  Alexander
• 14:50
  Graff
• 14:51
  and
• 14:51
  he
• 14:51
  said
• 14:52
  made
• 14:52
  in
• 14:53
  China
• 14:53
  now
• 14:54
  is
• 14:54
  the
• 14:54
  new
• 14:55
  and
• 14:55
  better
• 14:56
  made
• 14:56
  in
• 14:56
  Germany.
• 14:57
  And
• 14:57
  that
• 14:57
  is
• 14:58
  something
• 14:58
  we
• 14:58
  might
• 14:58
  have
• 14:59
  to
• 14:59
  explain
• 14:59
  to
• 15:00
  our
• 15:00
  listeners
• 15:01
  from
• 15:01
  other
• 15:01
  countries.
• 15:02
  Because
• 15:02
  made
• 15:03
  in
• 15:03
  Germany
• 15:03
  is
• 15:04
  something
• 15:04
  that
• 15:05
  the
• 15:06
  whole
• 15:06
  country
• 15:06
  is
• 15:07
  proud
• 15:07
  of.
• 15:07
  That
• 15:08
  label
• 15:08
  that
• 15:09
  we
• 15:09
  have
• 15:10
  built
• 15:12
  civilization
• 15:13
  basically
• 15:14
  our
• 15:14
  country
• 15:15
  up
• 15:15
  on
• 15:16
  manufacturing
• 15:17
  quality.
• 15:19
  And
• 15:19
  that
• 15:19
  made
• 15:20
  in
• 15:20
  Germany
• 15:20
  is
• 15:20
  a
• 15:20
  sign
• 15:21
  of
• 15:21
  quality
• 15:21
  and
• 15:22
  that
• 15:22
  is
• 15:22
  respected
• 15:23
  in
• 15:23
  the
• 15:23
  whole
• 15:23
  world.
• 15:23
  And
• 15:23
  that
• 15:23
  is
• 15:24
  something
• 15:24
  that
• 15:24
  most
• 15:25
  of
• 15:25
  us
• 15:25
  take
• 15:25
  a
• 15:26
  lot
• 15:26
  of
• 15:26
  pride
• 15:26
  in.
• 15:28
  But
• 15:28
  it's
• 15:28
  also,
• 15:28
  it's
• 15:29
  an
• 15:29
  old
• 15:29
  story.
• 15:29
  It
• 15:30
  comes
• 15:30
  from
• 15:30
  the
• 15:30
  60s
• 15:31
  and
• 15:31
  70s
• 15:31
  maybe,
• 15:32
  and
• 15:33
  we're
• 15:33
  still
• 15:33
  living
• 15:33
  off
• 15:34
  that.
• 15:34
  And
• 15:35
  now
• 15:35
  Alex
• 15:36
  came
• 15:36
  or
• 15:37
  thinking
• 15:37
  to
• 15:37
  live
• 15:37
  about
• 15:38
  it.
• 15:38
  Yes.
• 15:39
  Yeah.
• 15:39
  And
• 15:39
  now
• 15:39
  he
• 15:39
  came
• 15:40
  along
• 15:40
  and
• 15:40
  said,
• 15:40
  yeah,
• 15:41
  you
• 15:41
  know,
• 15:41
  that
• 15:42
  that
• 15:42
  era
• 15:42
  is
• 15:43
  over
• 15:43
  because
• 15:44
  we
• 15:44
  have
• 15:44
  made
• 15:44
  China
• 15:45
  into
• 15:45
  the
• 15:45
  factory
• 15:46
  of
• 15:46
  the
• 15:46
  world.
• 15:47
  Because
• 15:47
  we
• 15:47
  have
• 15:48
  laid
• 15:48
  out
• 15:48
  our.
• 15:49
  Pushed
• 15:49
  all
• 15:49
  our
• 15:50
  production
• 15:50
  to
• 15:50
  China
• 15:51
  because
• 15:51
  it
• 15:51
  was
• 15:51
  cheaper
• 15:51
  there.
• 15:52
  And
• 15:52
  guess
• 15:53
  what?
• 15:53
  They
• 15:53
  took
• 15:53
  all
• 15:53
  that
• 15:54
  knowledge
• 15:54
  and
• 15:54
  that
• 15:55
  know
• 15:55
  how
• 15:55
  and
• 15:55
  now
• 15:55
  made.
• 15:56
  Made
• 15:57
  it
• 15:57
  their
• 15:57
  own
• 15:57
  and
• 15:57
  made
• 15:57
  it
• 15:58
  better.
• 15:58
  And
• 15:58
  now
• 15:59
  they
• 15:59
  are
• 16:00
  the
• 16:00
  new
• 16:00
  made
• 16:01
  in
• 16:01
  Germany
• 16:01
  and
• 16:02
  that
• 16:02
  is
• 16:02
  made
• 16:02
  in
• 16:02
  China.
• 16:03
  So
• 16:04
  that
• 16:04
  was
• 16:05
  another
• 16:05
  one
• 16:05
  of
• 16:05
  those
• 16:05
  where
• 16:06
  people
• 16:06
  were
• 16:06
  sitting
• 16:06
  in
• 16:06
  the
• 16:06
  room.
• 16:07
  Like,.
• 16:10
  I
• 16:10
  mean,
• 16:10
  like
• 16:10
  10
• 16:10
  years
• 16:11
  ago
• 16:11
  I
• 16:11
  was
• 16:12
  traveling
• 16:12
  to
• 16:12
  China
• 16:13
  and
• 16:13
  I
• 16:13
  remember
• 16:15
  that
• 16:15
  at
• 16:16
  the
• 16:16
  gate
• 16:17
  there
• 16:17
  were
• 16:18
  like
• 16:18
  people
• 16:18
  from
• 16:19
  China,
• 16:20
  like
• 16:20
  those,
• 16:21
  they
• 16:21
  had
• 16:21
  those,
• 16:22
  those
• 16:22
  carts
• 16:22
  for
• 16:23
  the
• 16:23
  luggage.
• 16:24
  They
• 16:24
  was
• 16:24
  full
• 16:25
  with
• 16:26
  knives
• 16:26
  from
• 16:27
  swilling
• 16:28
  and
• 16:29
  with
• 16:29
  like
• 16:30
  luggage,
• 16:30
  etc.
• 16:31
  Like.
• 16:31
  Like
• 16:32
  they
• 16:33
  bought
• 16:33
  it
• 16:33
  there
• 16:34
  or
• 16:35
  V.
• 16:37
  Tableware.
• 16:37
  Not
• 16:37
  tableware,
• 16:38
  but
• 16:38
  kitchenware.
• 16:39
  Right.
• 16:40
  So
• 16:40
  they
• 16:40
  were
• 16:40
  like,
• 16:41
  oh,
• 16:41
  we
• 16:41
  need
• 16:41
  to
• 16:41
  like
• 16:42
  the
• 16:42
  whole
• 16:42
  on
• 16:43
  like
• 16:45
  hand
• 16:46
  baggage
• 16:47
  was
• 16:47
  things
• 16:48
  they
• 16:48
  bought
• 16:48
  at
• 16:48
  the
• 16:49
  airplane
• 16:50
  or
• 16:50
  at
• 16:51
  the
• 16:51
  airport.
• 16:52
  And
• 16:52
  to
• 16:53
  be
• 16:53
  very
• 16:53
  honest,
• 16:54
  that
• 16:54
  changed
• 16:55
  because
• 16:56
  China
• 16:58
  makes
• 16:58
  it
• 16:58
  not
• 16:59
  better
• 16:59
  themselves.
• 17:00
  And
• 17:00
  just
• 17:01
  I
• 17:01
  think
• 17:01
  the
• 17:01
  car
• 17:02
  industry,
• 17:02
  that
• 17:03
  was
• 17:03
  also
• 17:03
  a
• 17:04
  very
• 17:04
  good
• 17:04
  example
• 17:04
  Alex
• 17:05
  showed
• 17:06
  at
• 17:06
  the
• 17:06
  slides.
• 17:09
  The
• 17:09
  car
• 17:09
  industry
• 17:09
  is
• 17:10
  the
• 17:10
  perfect
• 17:10
  example
• 17:11
  for
• 17:11
  that.
• 17:12
  When
• 17:13
  we
• 17:13
  see
• 17:13
  like
• 17:14
  also
• 17:15
  the.
• 17:15
  For
• 17:15
  Chinese,
• 17:16
  there
• 17:16
  were
• 17:17
  special
• 17:17
  lines
• 17:19
  in
• 17:19
  the
• 17:20
  car
• 17:20
  industry.
• 17:20
  They
• 17:21
  were
• 17:21
  just
• 17:21
  produced
• 17:22
  for
• 17:22
  China
• 17:22
  and
• 17:22
  they're
• 17:23
  now
• 17:23
  like,
• 17:23
  okay,
• 17:24
  but
• 17:24
  why
• 17:25
  should
• 17:25
  I
• 17:25
  get
• 17:28
  BMW
• 17:31
  if
• 17:32
  I
• 17:32
  have
• 17:32
  like
• 17:32
  a
• 17:33
  much
• 17:33
  better,
• 17:35
  more
• 17:35
  powerful
• 17:36
  and
• 17:36
  cheaper
• 17:37
  and
• 17:37
  cheaper
• 17:38
  electric
• 17:39
  car,
• 17:39
  for
• 17:39
  example,
• 17:40
  from
• 17:40
  China
• 17:40
  myself?
• 17:41
  So
• 17:42
  why.
• 17:43
  And
• 17:44
  I
• 17:45
  mean,
• 17:45
  we
• 17:46
  don't
• 17:46
  need
• 17:46
  to
• 17:47
  discuss
• 17:48
  how
• 17:48
  that
• 17:48
  looks
• 17:48
  for
• 17:49
  our
• 17:49
  car
• 17:49
  industry
• 17:50
  right
• 17:50
  now.
• 17:51
  Pretty
• 17:51
  bad.
• 17:52
  Absolutely.
• 17:54
  That's
• 17:54
  not
• 17:55
  the
• 17:55
  point
• 17:55
  here.
• 17:55
  The
• 17:55
  point
• 17:56
  is
• 17:57
  that
• 17:57
  they
• 17:58
  do
• 17:58
  it
• 17:58
  in
• 17:58
  the
• 17:58
  meanwhile
• 17:59
  better
• 17:59
  than
• 17:59
  us.
• 18:00
  So
• 18:01
  fantastic.
• 18:03
  That's
• 18:03
  absolutely
• 18:04
  true.
• 18:05
  What
• 18:05
  I
• 18:05
  did
• 18:05
  not
• 18:06
  like
• 18:06
  about.
• 18:07
  Because
• 18:07
  I
• 18:07
  agree
• 18:08
  with
• 18:08
  Alex
• 18:08
  here,
• 18:08
  what
• 18:09
  I
• 18:09
  did
• 18:09
  not
• 18:09
  agree
• 18:10
  on
• 18:10
  was
• 18:10
  his.
• 18:12
  The
• 18:12
  conclusion
• 18:12
  he
• 18:12
  pulled
• 18:13
  from
• 18:13
  that
• 18:13
  because
• 18:13
  in
• 18:14
  a
• 18:14
  way
• 18:14
  he
• 18:14
  said,
• 18:15
  yeah,
• 18:15
  you
• 18:15
  know,
• 18:17
  that
• 18:17
  boat
• 18:18
  has
• 18:18
  sailed.
• 18:19
  We
• 18:19
  can't
• 18:19
  do
• 18:20
  anything
• 18:20
  about
• 18:20
  that.
• 18:21
  We
• 18:21
  have
• 18:22
  made
• 18:22
  China
• 18:23
  into
• 18:23
  the
• 18:23
  factory
• 18:24
  of
• 18:24
  the
• 18:24
  world.
• 18:24
  That's
• 18:24
  it.
• 18:25
  We
• 18:25
  have
• 18:25
  to
• 18:25
  deal
• 18:25
  with
• 18:25
  it
• 18:26
  now
• 18:26
  because
• 18:27
  we
• 18:27
  won't
• 18:27
  reverse
• 18:27
  it
• 18:28
  and
• 18:28
  we
• 18:28
  won't
• 18:28
  catch
• 18:28
  up
• 18:29
  to
• 18:29
  it.
• 18:29
  And
• 18:30
  I
• 18:30
  was
• 18:30
  like,
• 18:30
  okay.
• 18:30
  And
• 18:30
  then
• 18:31
  he
• 18:31
  basically
• 18:31
  said,
• 18:32
  yeah.
• 18:32
  And
• 18:32
  so
• 18:32
  we
• 18:33
  should
• 18:33
  better,
• 18:34
  I
• 18:34
  don't
• 18:34
  know,
• 18:35
  help
• 18:35
  Timushi
• 18:36
  and
• 18:36
  Aliexpress,
• 18:37
  Joy
• 18:37
  by
• 18:38
  whatever
• 18:39
  to
• 18:39
  pave
• 18:40
  the
• 18:40
  way
• 18:40
  to
• 18:40
  Europe
• 18:41
  because
• 18:41
  they're
• 18:41
  going
• 18:41
  to
• 18:41
  come
• 18:42
  here
• 18:42
  anyway
• 18:43
  and
• 18:43
  at
• 18:43
  least
• 18:43
  we
• 18:44
  can
• 18:44
  profit
• 18:44
  from
• 18:45
  working
• 18:45
  with
• 18:45
  them.
• 18:46
  And
• 18:47
  that
• 18:47
  is
• 18:47
  where
• 18:47
  I
• 18:48
  was
• 18:48
  like,
• 18:48
  I
• 18:48
  don't
• 18:49
  know,
• 18:50
  is
• 18:50
  that
• 18:50
  the
• 18:51
  right
• 18:51
  solution
• 18:51
  to
• 18:52
  you
• 18:52
  just
• 18:53
  lay
• 18:53
  back
• 18:53
  and
• 18:53
  say,
• 18:54
  yeah,
• 18:54
  kill
• 18:54
  me
• 18:55
  already
• 18:56
  because
• 18:56
  I
• 18:57
  don't
• 18:57
  have
• 18:57
  any
• 18:57
  chance
• 18:58
  here.
• 18:59
  Is
• 18:59
  that
• 18:59
  really
• 18:59
  a
• 19:00
  good
• 19:00
  idea
• 19:00
  to
• 19:00
  just
• 19:01
  open
• 19:01
  the
• 19:01
  doors
• 19:01
  and
• 19:02
  say,
• 19:02
  okay
• 19:02
  then
• 19:02
  I
• 19:03
  guess
• 19:03
  the
• 19:03
  new
• 19:03
  Amazon
• 19:04
  is
• 19:04
  now
• 19:04
  Timushi
• 19:05
  and
• 19:05
  whatever
• 19:06
  and
• 19:07
  we
• 19:07
  will
• 19:07
  work
• 19:07
  with
• 19:07
  those
• 19:08
  or
• 19:09
  is
• 19:09
  there
• 19:09
  still,
• 19:10
  I
• 19:10
  don't
• 19:11
  know,
• 19:11
  a
• 19:11
  European
• 19:12
  way
• 19:12
  that
• 19:12
  we
• 19:12
  could
• 19:12
  aim
• 19:13
  for?
• 19:13
  Well,
• 19:13
  I
• 19:13
  would
• 19:13
  say
• 19:14
  there's
• 19:14
  still
• 19:14
  a
• 19:14
  European
• 19:15
  way
• 19:17
  even
• 19:17
  though
• 19:17
  production
• 19:18
  is
• 19:18
  really
• 19:19
  mainly
• 19:19
  in
• 19:19
  Asia,
• 19:20
  not
• 19:20
  just
• 19:21
  in
• 19:21
  China.
• 19:21
  I
• 19:21
  mean,
• 19:22
  let's
• 19:23
  face
• 19:23
  it,
• 19:23
  right.
• 19:25
  But
• 19:27
  yeah,
• 19:27
  I
• 19:27
  think
• 19:27
  there
• 19:28
  is
• 19:28
  still
• 19:29
  a
• 19:30
  way
• 19:30
  Europeans
• 19:31
  or
• 19:32
  European
• 19:32
  products
• 19:33
  are
• 19:33
  sold
• 19:35
  and
• 19:36
  not
• 19:36
  just
• 19:36
  via
• 19:37
  Chinese
• 19:38
  partners.
• 19:39
  Might
• 19:39
  also
• 19:40
  just
• 19:40
  depend
• 19:40
  on
• 19:40
  the
• 19:40
  category.
• 19:41
  Some
• 19:42
  in
• 19:42
  some
• 19:42
  categories.
• 19:43
  Absolutely.
• 19:43
  And
• 19:44
  maybe
• 19:44
  some
• 19:44
  categories
• 19:45
  are
• 19:45
  really
• 19:45
  lost,
• 19:46
  but
• 19:46
  others
• 19:46
  are
• 19:47
  not.
• 19:48
  And
• 19:48
  yeah,
• 19:49
  just
• 19:49
  you
• 19:50
  know,
• 19:50
  open
• 19:50
  be
• 19:51
  a
• 19:51
  door
• 19:51
  holder
• 19:51
  for
• 19:52
  Joy
• 19:52
  Buy
• 19:52
  and
• 19:53
  Co.
• 19:53
  I
• 19:53
  don't
• 19:53
  know.
• 19:53
  And
• 19:54
  I
• 19:54
  think
• 19:54
  for
• 19:54
  example
• 19:55
  there,
• 19:56
  there
• 19:56
  are
• 19:56
  Chinese
• 19:57
  brands,
• 19:57
  for
• 19:57
  example
• 19:58
  who
• 19:58
  are
• 19:59
  pretty
• 19:59
  interesting
• 20:00
  enough
• 20:00
  I
• 20:00
  have
• 20:00
  like
• 20:01
  in
• 20:01
  look
• 20:01
  in
• 20:02
  my
• 20:02
  household.
• 20:02
  I
• 20:03
  see
• 20:03
  also
• 20:03
  some,
• 20:05
  I
• 20:05
  don't
• 20:05
  know,
• 20:06
  Hand.
• 20:09
  Staub,
• 20:09
  Sauger,
• 20:10
  Ingrid,
• 20:11
  Das
• 20:11
  Saga,
• 20:12
  I
• 20:12
  don't
• 20:12
  know,
• 20:14
  Hoover.
• 20:14
  I
• 20:14
  guess
• 20:16
  so
• 20:17
  for
• 20:18
  Xiaomi.
• 20:19
  Oh,
• 20:19
  it's
• 20:20
  like
• 20:20
  very
• 20:20
  cool.
• 20:21
  Xiaomi.
• 20:21
  Right.
• 20:23
  So
• 20:23
  we
• 20:23
  have
• 20:23
  two
• 20:23
  of
• 20:23
  them.
• 20:24
  Right.
• 20:25
  So
• 20:25
  I
• 20:25
  see
• 20:26
  that
• 20:26
  there
• 20:26
  are
• 20:26
  products.
• 20:27
  There
• 20:27
  are
• 20:27
  better.
• 20:28
  Our
• 20:28
  milk
• 20:29
  foam
• 20:29
  creator
• 20:30
  for
• 20:30
  our
• 20:30
  coffee.
• 20:30
  It's
• 20:31
  also
• 20:31
  from
• 20:31
  China.
• 20:32
  It's
• 20:33
  fucking
• 20:33
  good.
• 20:35
  We
• 20:35
  bought
• 20:35
  it
• 20:35
  actually
• 20:36
  at
• 20:36
  Auto
• 20:37
  Marketplace.
• 20:39
  So
• 20:40
  there
• 20:40
  are
• 20:41
  products,
• 20:41
  by
• 20:41
  the
• 20:42
  way.
• 20:42
  Yeah.
• 20:43
  Because
• 20:43
  it
• 20:43
  was
• 20:44
  cheaper
• 20:44
  on
• 20:44
  Auto
• 20:45
  Marketplace
• 20:45
  compared
• 20:46
  to
• 20:46
  Amazon
• 20:46
  Marketplace.
• 20:47
  Yeah.
• 20:48
  And
• 20:48
  I
• 20:48
  mean
• 20:48
  Otto
• 20:49
  is
• 20:49
  one
• 20:49
  of
• 20:49
  those
• 20:49
  marketplaces
• 20:50
  that
• 20:50
  are
• 20:51
  dead
• 20:51
  set
• 20:51
  on.
• 20:51
  You
• 20:52
  have
• 20:52
  to
• 20:52
  have
• 20:52
  a
• 20:52
  European
• 20:53
  or
• 20:53
  even
• 20:53
  a
• 20:53
  German.
• 20:54
  Yeah.
• 20:55
  That
• 20:55
  ID
• 20:55
  and
• 20:55
  stuff.
• 20:56
  So
• 20:56
  that's
• 20:56
  true.
• 20:56
  But
• 20:57
  it
• 20:57
  was
• 20:57
  a
• 20:58
  German
• 20:58
  retailer,
• 20:59
  I
• 20:59
  guess.
• 20:59
  I
• 20:59
  see.
• 20:59
  Okay.
• 21:01
  But
• 21:03
  yeah,
• 21:04
  it
• 21:04
  was
• 21:04
  really
• 21:07
  interesting
• 21:08
  how.
• 21:09
  Yeah.
• 21:09
  How
• 21:09
  it
• 21:09
  is
• 21:10
  and
• 21:13
  how
• 21:13
  slightly
• 21:16
  Chinese
• 21:17
  products
• 21:17
  are
• 21:17
  also
• 21:17
  entering
• 21:18
  our
• 21:18
  households.
• 21:19
  And
• 21:20
  I
• 21:20
  still,
• 21:21
  Yeah,
• 21:22
  I
• 21:22
  believe
• 21:22
  in
• 21:23
  if
• 21:23
  you
• 21:23
  have
• 21:23
  the
• 21:23
  better
• 21:24
  product
• 21:24
  and
• 21:24
  the
• 21:24
  better
• 21:25
  price,
• 21:26
  then
• 21:27
  step
• 21:27
  by
• 21:27
  step,
• 21:28
  this
• 21:28
  is
• 21:28
  the
• 21:29
  process
• 21:29
  and
• 21:29
  this
• 21:30
  is
• 21:30
  the
• 21:30
  result
• 21:30
  which
• 21:30
  was.
• 21:32
  Which
• 21:32
  will
• 21:32
  follow.
• 21:34
  Interesting.
• 21:35
  Well
• 21:35
  then
• 21:36
  I
• 21:36
  guess
• 21:36
  let's
• 21:36
  turn
• 21:36
  to
• 21:36
  the
• 21:37
  thesis
• 21:37
  that
• 21:38
  made
• 21:38
  the
• 21:38
  whole
• 21:39
  room
• 21:40
  nice
• 21:41
  and
• 21:41
  cozy
• 21:41
  again
• 21:42
  in
• 21:42
  a
• 21:43
  way
• 21:43
  because
• 21:44
  those
• 21:45
  the.
• 21:45
  The
• 21:45
  two
• 21:46
  guys
• 21:46
  were.
• 21:46
  Came
• 21:47
  in
• 21:47
  like,
• 21:47
  I
• 21:47
  don't
• 21:47
  know,
• 21:48
  wrecking
• 21:48
  ball.
• 21:49
  Just
• 21:49
  like
• 21:49
  coming
• 21:50
  dead
• 21:51
  center
• 21:51
  with
• 21:52
  a
• 21:52
  thesis
• 21:53
  and
• 21:53
  everyone's
• 21:53
  like.
• 21:54
  And
• 21:55
  then
• 21:55
  Christina
• 21:56
  Mertens
• 21:56
  came
• 21:56
  along
• 21:56
  and
• 21:58
  you
• 21:59
  might
• 21:59
  remember
• 21:59
  her,
• 21:59
  she
• 22:00
  was
• 22:00
  a
• 22:00
  guest
• 22:00
  on
• 22:00
  our
• 22:00
  show
• 22:01
  as
• 22:01
  well
• 22:01
  last
• 22:01
  year,
• 22:01
  and
• 22:02
  already
• 22:02
  last
• 22:03
  year
• 22:03
  she
• 22:03
  talked
• 22:04
  about
• 22:04
  how
• 22:05
  social
• 22:05
  commerce
• 22:05
  is
• 22:06
  bringing
• 22:06
  a
• 22:06
  new
• 22:07
  era
• 22:08
  of
• 22:09
  shopping
• 22:10
  to
• 22:11
  the
• 22:11
  world,
• 22:11
  which
• 22:12
  had
• 22:12
  been
• 22:12
  missing
• 22:13
  up
• 22:13
  to
• 22:13
  that
• 22:13
  point
• 22:13
  because
• 22:14
  it's
• 22:14
  more
• 22:14
  about
• 22:15
  inspiration
• 22:16
  and
• 22:17
  connection
• 22:18
  than
• 22:19
  our
• 22:19
  typical
• 22:20
  E
• 22:20
  commerce
• 22:20
  is
• 22:21
  about.
• 22:21
  So
• 22:21
  that
• 22:22
  was
• 22:22
  last
• 22:22
  year
• 22:22
  and
• 22:22
  this
• 22:23
  year
• 22:23
  she
• 22:23
  was
• 22:23
  again
• 22:23
  on
• 22:24
  stage
• 22:24
  and
• 22:24
  she
• 22:24
  said,
• 22:25
  authenticity
• 22:26
  is
• 22:27
  your
• 22:27
  strongest
• 22:27
  differentiator.
• 22:29
  Because
• 22:30
  coming
• 22:30
  back
• 22:30
  to
• 22:31
  Alex's
• 22:32
  thesis
• 22:32
  where
• 22:32
  he
• 22:33
  said,
• 22:33
  yeah,
• 22:33
  well,
• 22:33
  quality
• 22:34
  can't
• 22:35
  be
• 22:35
  your
• 22:35
  differentiator
• 22:36
  anymore
• 22:36
  because
• 22:37
  China
• 22:37
  is
• 22:38
  better
• 22:38
  in
• 22:38
  quality.
• 22:39
  And
• 22:39
  then
• 22:39
  she
• 22:39
  said,
• 22:39
  yeah,
• 22:40
  but
• 22:40
  we
• 22:40
  still
• 22:40
  have
• 22:41
  authenticity.
• 22:42
  That
• 22:42
  is
• 22:42
  something
• 22:43
  that
• 22:43
  AI
• 22:43
  cannot
• 22:44
  generate.
• 22:45
  It
• 22:45
  is
• 22:45
  a
• 22:45
  human
• 22:46
  resource
• 22:46
  and
• 22:47
  it
• 22:47
  will
• 22:47
  stay
• 22:47
  human
• 22:48
  and
• 22:48
  humanity
• 22:49
  will
• 22:49
  become.
• 22:50
  The
• 22:50
  more
• 22:51
  AI,
• 22:52
  AI
• 22:52
  is
• 22:53
  bleeding
• 22:53
  into
• 22:53
  the
• 22:54
  whole
• 22:54
  commerce.
• 22:55
  Humanity
• 22:55
  will
• 22:56
  become
• 22:56
  a
• 22:56
  scarce
• 22:57
  resource
• 22:57
  and
• 22:57
  as
• 22:58
  such
• 22:58
  a
• 22:58
  USP
• 22:59
  and
• 22:59
  a
• 22:59
  differentiating
• 23:00
  factor
• 23:02
  and
• 23:02
  we
• 23:02
  should
• 23:04
  value
• 23:05
  that.
• 23:06
  And
• 23:06
  that
• 23:06
  was
• 23:07
  a
• 23:07
  very
• 23:07
  good
• 23:07
  example,
• 23:07
  actually.
• 23:08
  If
• 23:09
  everyone
• 23:09
  can
• 23:10
  push
• 23:10
  out
• 23:10
  a
• 23:10
  thousand
• 23:11
  perfect
• 23:12
  AI
• 23:12
  pictures
• 23:13
  in
• 23:13
  a
• 23:13
  second,
• 23:14
  then
• 23:14
  why
• 23:15
  should
• 23:15
  people
• 23:15
  look
• 23:15
  at
• 23:15
  yours?
• 23:17
  Just
• 23:17
  because
• 23:17
  it
• 23:18
  is
• 23:18
  easier
• 23:19
  and
• 23:19
  cheaper
• 23:19
  to
• 23:20
  produce
• 23:20
  all
• 23:20
  that
• 23:20
  AI
• 23:21
  slop
• 23:22
  won't
• 23:22
  differentiate
• 23:23
  you
• 23:24
  from
• 23:24
  everyone
• 23:24
  else
• 23:24
  because
• 23:24
  everyone
• 23:25
  is
• 23:25
  doing
• 23:25
  it.
• 23:26
  And
• 23:26
  so
• 23:26
  her
• 23:27
  claim
• 23:27
  was,
• 23:28
  okay,
• 23:28
  celebrate
• 23:29
  your
• 23:29
  humanity
• 23:30
  and
• 23:30
  push
• 23:30
  that
• 23:31
  to
• 23:31
  the
• 23:31
  forefront
• 23:32
  of
• 23:32
  your
• 23:32
  marketing
• 23:33
  towards
• 23:33
  your
• 23:34
  consumer,
• 23:34
  because
• 23:35
  people
• 23:35
  will
• 23:35
  still
• 23:36
  want
• 23:36
  to
• 23:36
  connect
• 23:36
  with
• 23:37
  humans
• 23:38
  and
• 23:38
  give
• 23:39
  all
• 23:39
  your
• 23:39
  processes
• 23:40
  in
• 23:40
  the
• 23:41
  backyard
• 23:41
  to
• 23:42
  AI
• 23:42
  because
• 23:42
  it's
• 23:42
  really
• 23:43
  good
• 23:43
  at
• 23:43
  that,
• 23:43
  but
• 23:44
  keep
• 23:44
  that
• 23:44
  human
• 23:45
  connection.
• 23:46
  That
• 23:46
  was
• 23:46
  a
• 23:47
  nice
• 23:47
  one,
• 23:47
  of
• 23:48
  course,
• 23:48
  and
• 23:49
  maybe
• 23:49
  also
• 23:49
  the
• 23:50
  least
• 23:50
  provocative
• 23:51
  of
• 23:51
  all
• 23:51
  the
• 23:52
  things
• 23:52
  that
• 23:52
  were
• 23:52
  uttered
• 23:53
  on
• 23:53
  stage.
• 23:53
  And
• 23:54
  everyone
• 23:54
  in
• 23:54
  the
• 23:54
  room
• 23:55
  was
• 23:55
  like,
• 23:55
  yes,
• 23:57
  that's
• 23:58
  nice.
• 23:59
  And
• 23:59
  I,
• 23:59
  I
• 24:00
  think
• 24:00
  she
• 24:00
  has
• 24:00
  a
• 24:01
  point
• 24:01
  because
• 24:02
  it's
• 24:02
  again,
• 24:03
  depending
• 24:03
  on
• 24:04
  the
• 24:04
  category,
• 24:05
  because
• 24:06
  I
• 24:06
  liked
• 24:07
  pretty
• 24:07
  much
• 24:07
  her
• 24:07
  example.
• 24:09
  We
• 24:09
  can
• 24:10
  watch
• 24:10
  maybe
• 24:11
  on
• 24:11
  TikTok
• 24:11
  or
• 24:11
  Instagram,
• 24:12
  people
• 24:12
  who
• 24:13
  are,
• 24:13
  for
• 24:13
  example,
• 24:14
  presenting
• 24:14
  a
• 24:14
  new
• 24:15
  face
• 24:15
  cream
• 24:15
  or
• 24:15
  a
• 24:16
  makeup,
• 24:16
  right?
• 24:18
  What
• 24:18
  is
• 24:19
  my
• 24:21
  advantage
• 24:22
  if
• 24:22
  I
• 24:22
  watch
• 24:23
  AI
• 24:23
  model
• 24:25
  rubbing
• 24:25
  some
• 24:25
  face
• 24:26
  cream
• 24:26
  in
• 24:26
  her
• 24:26
  face?
• 24:26
  It's
• 24:27
  like,
• 24:27
  yeah,
• 24:27
  some
• 24:27
  digital
• 24:28
  face
• 24:28
  cream
• 24:28
  on
• 24:29
  her
• 24:29
  digital
• 24:29
  face.
• 24:32
  I'm
• 24:33
  very
• 24:33
  sure
• 24:33
  that's
• 24:33
  the
• 24:34
  best
• 24:34
  recommendation
• 24:35
  and
• 24:35
  the
• 24:35
  most
• 24:36
  authentic
• 24:36
  and
• 24:36
  honest
• 24:37
  one.
• 24:37
  Because
• 24:38
  I
• 24:38
  mean,
• 24:40
  there
• 24:41
  are
• 24:41
  kind
• 24:41
  of
• 24:41
  products
• 24:42
  where
• 24:42
  you
• 24:42
  say,
• 24:42
  like,
• 24:43
  okay,
• 24:43
  there's
• 24:44
  AI,
• 24:44
  there's,
• 24:44
  you
• 24:45
  know,
• 24:45
  like
• 24:46
  electrical
• 24:47
  stuff
• 24:47
  where
• 24:48
  you
• 24:48
  can
• 24:48
  say
• 24:48
  like,
• 24:48
  okay,
• 24:49
  like
• 24:49
  this
• 24:49
  is
• 24:49
  the
• 24:49
  quality
• 24:50
  map,
• 24:51
  right?
• 24:52
  But
• 24:52
  there
• 24:52
  are
• 24:52
  also
• 24:53
  products
• 24:53
  who
• 24:54
  are
• 24:54
  needed
• 24:55
  to
• 24:58
  see
• 24:58
  on
• 24:58
  a
• 24:59
  real
• 24:59
  life
• 25:00
  model,
• 25:01
  like
• 25:01
  where
• 25:01
  you
• 25:01
  get
• 25:02
  real
• 25:02
  recommendations
• 25:03
  and
• 25:04
  honest
• 25:04
  ones,
• 25:04
  for
• 25:04
  example.
• 25:05
  I
• 25:05
  mean,
• 25:05
  I'm
• 25:05
  a
• 25:05
  mother
• 25:06
  now,
• 25:06
  right?
• 25:07
  I
• 25:07
  would
• 25:08
  rather
• 25:08
  take
• 25:09
  an
• 25:09
  recommendation
• 25:10
  of
• 25:10
  an
• 25:11
  Instagram
• 25:11
  mom
• 25:12
  who
• 25:12
  is
• 25:12
  like,
• 25:13
  where
• 25:13
  I
• 25:13
  know
• 25:14
  the
• 25:14
  values
• 25:15
  are
• 25:15
  similar
• 25:16
  and
• 25:16
  she's,
• 25:17
  I
• 25:17
  don't
• 25:17
  know,
• 25:17
  promoting
• 25:18
  some
• 25:18
  Baby
• 25:18
  food.
• 25:19
  Just
• 25:19
  a
• 25:19
  random
• 25:20
  example,
• 25:20
  right.
• 25:21
  I
• 25:21
  would
• 25:21
  obviously
• 25:22
  believe
• 25:23
  more
• 25:23
  in
• 25:23
  her
• 25:24
  recommendation.
• 25:25
  Instead
• 25:26
  of
• 25:26
  like
• 25:26
  an
• 25:26
  AI
• 25:27
  mom
• 25:27
  who
• 25:27
  has
• 25:28
  an
• 25:28
  AI
• 25:28
  baby
• 25:29
  and
• 25:29
  says
• 25:29
  like
• 25:29
  oh
• 25:29
  this
• 25:30
  is
• 25:30
  great
• 25:30
  food
• 25:30
  for
• 25:31
  my
• 25:31
  non
• 25:31
  existing
• 25:31
  baby.
• 25:32
  You
• 25:33
  know,
• 25:33
  it's
• 25:33
  like
• 25:33
  yeah,
• 25:34
  okay,
• 25:34
  I
• 25:34
  get
• 25:34
  the
• 25:35
  point.
• 25:35
  But
• 25:35
  there
• 25:36
  I
• 25:36
  have
• 25:36
  to
• 25:36
  intercede
• 25:37
  and
• 25:37
  say
• 25:37
  but
• 25:38
  I
• 25:38
  mean
• 25:38
  that
• 25:38
  Instagram
• 25:39
  mom
• 25:40
  influencer
• 25:42
  is
• 25:42
  possibly
• 25:43
  bought
• 25:44
  by
• 25:44
  the
• 25:44
  company.
• 25:44
  Of
• 25:45
  course,
• 25:45
  I
• 25:45
  mean,
• 25:45
  you
• 25:45
  know,
• 25:45
  I
• 25:46
  mean
• 25:46
  she's.
• 25:46
  Because
• 25:46
  she
• 25:46
  gets
• 25:47
  money
• 25:47
  for
• 25:47
  that.
• 25:47
  So.
• 25:47
  So
• 25:48
  she
• 25:48
  might
• 25:48
  recommend
• 25:49
  whatever
• 25:50
  if
• 25:50
  the
• 25:50
  price
• 25:50
  is
• 25:51
  high
• 25:51
  enough.
• 25:51
  So
• 25:52
  how
• 25:52
  is
• 25:52
  that
• 25:52
  authentic?
• 25:54
  I
• 25:54
  think
• 25:54
  it's
• 25:55
  if
• 25:55
  you
• 25:55
  are.
• 25:55
  I
• 25:56
  mean
• 25:56
  that's
• 25:56
  also
• 25:57
  where
• 25:57
  authenticity
• 25:58
  and
• 25:58
  also
• 25:58
  relationship
• 25:59
  comes
• 25:59
  from.
• 26:00
  I'm
• 26:01
  not
• 26:01
  following
• 26:02
  one
• 26:02
  person
• 26:02
  because
• 26:04
  she's
• 26:04
  recommending
• 26:05
  one
• 26:05
  thing.
• 26:06
  I'm
• 26:06
  following
• 26:07
  her
• 26:07
  because
• 26:08
  I
• 26:08
  like
• 26:09
  her
• 26:10
  lifestyle.
• 26:10
  I
• 26:10
  like
• 26:11
  how
• 26:11
  she's
• 26:11
  like
• 26:12
  talking
• 26:12
  about
• 26:13
  her
• 26:13
  kids.
• 26:13
  I
• 26:13
  don't
• 26:14
  know.
• 26:16
  If
• 26:16
  you
• 26:16
  relate
• 26:16
  to
• 26:16
  that
• 26:17
  person
• 26:17
  in.
• 26:17
  Yeah,
• 26:17
  I
• 26:18
  relate
• 26:18
  to
• 26:18
  the
• 26:19
  person
• 26:19
  to
• 26:19
  maybe
• 26:20
  her
• 26:20
  values
• 26:21
  or
• 26:21
  partially
• 26:21
  about
• 26:22
  her
• 26:22
  values
• 26:22
  or
• 26:23
  like
• 26:23
  special
• 26:23
  things
• 26:24
  she's
• 26:25
  standing
• 26:25
  out
• 26:25
  for.
• 26:27
  And
• 26:28
  if
• 26:29
  she
• 26:29
  then
• 26:29
  recommends,
• 26:30
  I
• 26:30
  believe
• 26:31
  that
• 26:31
  she
• 26:31
  just
• 26:31
  recommends
• 26:32
  things
• 26:33
  which
• 26:34
  she's
• 26:34
  also
• 26:35
  believing
• 26:35
  in
• 26:36
  it.
• 26:36
  Right.
• 26:37
  I
• 26:37
  mean
• 26:38
  think
• 26:38
  about
• 26:38
  us,
• 26:39
  right?
• 26:39
  We
• 26:39
  are
• 26:40
  also
• 26:41
  speaking
• 26:41
  out.
• 26:42
  I'm
• 26:42
  speaking
• 26:42
  out
• 26:43
  sometimes
• 26:43
  some
• 26:43
  recommendations
• 26:44
  about
• 26:44
  the
• 26:44
  e
• 26:44
  commerce
• 26:45
  industry
• 26:46
  but
• 26:46
  I
• 26:47
  would
• 26:47
  also
• 26:47
  just
• 26:47
  recommend
• 26:49
  services
• 26:49
  or
• 26:50
  marketplaces
• 26:50
  or
• 26:50
  whatever
• 26:51
  when
• 26:51
  I
• 26:52
  truly
• 26:52
  believe
• 26:52
  that
• 26:53
  for
• 26:53
  the
• 26:53
  this
• 26:53
  special
• 26:54
  person
• 26:54
  it
• 26:55
  does
• 26:55
  make
• 26:55
  sense
• 26:56
  because
• 26:56
  if
• 26:56
  I
• 26:57
  recommend
• 26:58
  it
• 26:58
  get
• 26:59
  it
• 26:59
  gets
• 26:59
  back
• 26:59
  to
• 26:59
  me.
• 27:00
  Right.
• 27:00
  So
• 27:00
  and
• 27:00
  then
• 27:00
  there
• 27:01
  people
• 27:01
  say
• 27:01
  like
• 27:01
  yeah,
• 27:02
  so
• 27:03
  she
• 27:03
  promoted
• 27:03
  like
• 27:04
  this
• 27:04
  last
• 27:04
  time
• 27:04
  but
• 27:05
  this
• 27:05
  was.
• 27:06
  So
• 27:06
  I
• 27:06
  don't
• 27:06
  believe
• 27:07
  her
• 27:07
  anymore.
• 27:08
  So
• 27:08
  yeah,
• 27:08
  of
• 27:08
  course
• 27:09
  this
• 27:09
  is
• 27:09
  also
• 27:09
  about
• 27:09
  your
• 27:10
  reputation.
• 27:11
  They
• 27:12
  are
• 27:12
  also
• 27:12
  taken
• 27:12
  care
• 27:13
  about
• 27:13
  and
• 27:14
  I
• 27:14
  think
• 27:14
  that's
• 27:15
  also
• 27:15
  what
• 27:15
  we
• 27:15
  have
• 27:15
  with
• 27:15
  TikTok
• 27:16
  live
• 27:16
  commerce
• 27:17
  etc
• 27:18
  where
• 27:19
  you
• 27:20
  somehow
• 27:21
  need
• 27:21
  to
• 27:21
  be
• 27:22
  authentic
• 27:23
  and
• 27:25
  need
• 27:25
  to
• 27:25
  have
• 27:25
  like
• 27:26
  this
• 27:26
  reputation
• 27:26
  which
• 27:27
  you
• 27:27
  take
• 27:28
  care
• 27:28
  of
• 27:28
  and
• 27:29
  then
• 27:29
  people
• 27:29
  believe
• 27:30
  in
• 27:30
  you
• 27:30
  and
• 27:30
  follow
• 27:30
  you.
• 27:32
  Yeah,
• 27:33
  that
• 27:33
  is
• 27:33
  actually
• 27:34
  what
• 27:34
  Kristina
• 27:34
  sort
• 27:35
  of
• 27:35
  went
• 27:36
  for.
• 27:36
  And
• 27:36
  also
• 27:37
  Neil
• 27:37
  Otsuk,
• 27:38
  the
• 27:38
  fifth
• 27:38
  speaker
• 27:39
  on
• 27:39
  stage
• 27:39
  when
• 27:40
  they
• 27:40
  were
• 27:40
  both
• 27:40
  going
• 27:41
  for.
• 27:41
  Yeah,
• 27:42
  you
• 27:42
  need
• 27:42
  connection
• 27:43
  still.
• 27:44
  The
• 27:45
  more
• 27:45
  AI
• 27:45
  and
• 27:45
  the
• 27:46
  more
• 27:46
  automated
• 27:47
  our
• 27:47
  world
• 27:47
  is,
• 27:48
  the
• 27:48
  more
• 27:48
  connection
• 27:49
  you
• 27:49
  need
• 27:49
  to
• 27:49
  people.
• 27:51
  That
• 27:51
  is
• 27:51
  also
• 27:51
  what
• 27:52
  Alex
• 27:52
  once
• 27:53
  said
• 27:53
  when
• 27:53
  he
• 27:53
  said,
• 27:53
  well
• 27:54
  you
• 27:54
  know,
• 27:54
  agents
• 27:56
  buy
• 27:57
  so
• 27:57
  you
• 27:57
  can
• 27:57
  send
• 27:58
  out
• 27:58
  an
• 27:58
  agentic
• 27:59
  agent
• 28:00
  and
• 28:00
  tell
• 28:00
  them
• 28:00
  to
• 28:00
  buy,
• 28:01
  I
• 28:01
  don't
• 28:01
  know,
• 28:01
  batteries
• 28:02
  for
• 28:02
  you.
• 28:02
  No
• 28:02
  problem
• 28:03
  there.
• 28:03
  But
• 28:03
  humans
• 28:04
  shop
• 28:04
  so
• 28:05
  they
• 28:05
  have
• 28:05
  an
• 28:05
  experience,
• 28:06
  they
• 28:06
  have
• 28:07
  a
• 28:07
  connection
• 28:08
  to
• 28:08
  the
• 28:08
  product,
• 28:08
  to
• 28:08
  the
• 28:09
  person
• 28:09
  selling
• 28:09
  that.
• 28:10
  They
• 28:10
  have
• 28:10
  questions
• 28:11
  that
• 28:11
  they
• 28:11
  want
• 28:11
  answers
• 28:12
  to
• 28:13
  and
• 28:14
  that
• 28:14
  is
• 28:14
  a
• 28:14
  different
• 28:14
  thing.
• 28:15
  So
• 28:15
  it
• 28:16
  is
• 28:16
  not
• 28:17
  either
• 28:17
  or,
• 28:18
  it's
• 28:18
  just
• 28:19
  both
• 28:19
  in
• 28:20
  a
• 28:20
  way
• 28:20
  There
• 28:20
  are
• 28:20
  situations
• 28:21
  where
• 28:21
  we
• 28:21
  will
• 28:22
  absolutely
• 28:22
  go
• 28:23
  for
• 28:23
  efficiency
• 28:24
  and
• 28:25
  on
• 28:26
  demand
• 28:26
  generation
• 28:27
  and
• 28:28
  low
• 28:28
  prices
• 28:29
  and
• 28:29
  all
• 28:29
  these
• 28:29
  things
• 28:30
  and
• 28:30
  then
• 28:30
  there
• 28:30
  will
• 28:30
  be
• 28:31
  situations
• 28:31
  where
• 28:31
  we
• 28:32
  go
• 28:32
  for
• 28:32
  the
• 28:32
  human
• 28:32
  connection.
• 28:33
  So
• 28:34
  yeah,
• 28:34
  absolutely.
• 28:35
  And
• 28:35
  I
• 28:35
  think
• 28:35
  it
• 28:35
  was
• 28:35
  good
• 28:36
  that
• 28:36
  Christina
• 28:36
  was
• 28:36
  on
• 28:36
  stage
• 28:37
  to
• 28:37
  tell
• 28:37
  to
• 28:37
  talk
• 28:38
  about
• 28:38
  that
• 28:39
  and
• 28:39
  give
• 28:39
  a
• 28:40
  much
• 28:40
  needed
• 28:40
  counterpoint
• 28:41
  to
• 28:41
  all
• 28:42
  this.
• 28:43
  Let's
• 28:43
  go
• 28:43
  for
• 28:44
  more
• 28:44
  efficiency,
• 28:45
  let's
• 28:45
  go
• 28:45
  for
• 28:46
  better
• 28:47
  processes,
• 28:48
  whatever.
• 28:48
  So
• 28:49
  that
• 28:49
  was
• 28:50
  a
• 28:50
  good
• 28:50
  point.
• 28:51
  Yeah,
• 28:52
  looking
• 28:52
  a
• 28:52
  bit
• 28:52
  at
• 28:53
  the
• 28:53
  time,
• 28:54
  but
• 28:56
  we
• 28:56
  have.
• 28:56
  It's
• 28:56
  always
• 28:57
  the
• 28:57
  timekeeper.
• 28:58
  Yes.
• 28:59
  I
• 28:59
  wanted
• 28:59
  to
• 29:00
  add
• 29:00
  something
• 29:00
  additional
• 29:01
  in
• 29:01
  terms
• 29:02
  of
• 29:02
  like
• 29:03
  authenticity.
• 29:05
  Wow.
• 29:07
  I
• 29:07
  mean
• 29:07
  you
• 29:07
  can
• 29:08
  also
• 29:08
  relate
• 29:09
  to
• 29:09
  our
• 29:09
  business.
• 29:09
  Right.
• 29:10
  So
• 29:10
  everyone
• 29:11
  can
• 29:11
  can
• 29:11
  write
• 29:12
  a
• 29:12
  LinkedIn
• 29:13
  post
• 29:13
  for
• 29:13
  example
• 29:14
  and
• 29:14
  y.
• 29:15
  We
• 29:15
  also
• 29:15
  have
• 29:15
  support
• 29:15
  by
• 29:16
  that.
• 29:18
  But
• 29:18
  the
• 29:18
  base
• 29:18
  is
• 29:19
  coming
• 29:19
  from
• 29:19
  us.
• 29:21
  But
• 29:23
  why
• 29:23
  are
• 29:23
  our
• 29:23
  Marketplace
• 29:24
  Universe
• 29:24
  Connect
• 29:25
  events
• 29:26
  so
• 29:26
  successful?
• 29:27
  Because
• 29:27
  people
• 29:28
  want
• 29:28
  to
• 29:28
  connect
• 29:29
  with
• 29:29
  people
• 29:29
  and
• 29:30
  want
• 29:30
  to
• 29:30
  buy
• 29:30
  from
• 29:30
  people
• 29:31
  and
• 29:31
  yes,
• 29:31
  we
• 29:32
  are
• 29:32
  working
• 29:32
  the
• 29:33
  whole
• 29:33
  day
• 29:33
  with
• 29:33
  our
• 29:33
  laptops
• 29:34
  but
• 29:35
  sometimes
• 29:35
  we
• 29:35
  are
• 29:35
  also
• 29:35
  happy
• 29:36
  to
• 29:36
  connect
• 29:37
  with
• 29:37
  other
• 29:38
  people
• 29:38
  in
• 29:39
  real
• 29:39
  life
• 29:40
  and.
• 29:40
  Exactly.
• 29:40
  That's
• 29:41
  for
• 29:41
  example
• 29:42
  the
• 29:42
  reason
• 29:43
  why
• 29:43
  we
• 29:43
  do
• 29:44
  next
• 29:44
  week
• 29:44
  on
• 29:44
  the
• 29:44
  8th
• 29:45
  of
• 29:45
  July
• 29:46
  a
• 29:46
  Marketplace
• 29:47
  universe
• 29:47
  Connect
• 29:47
  with
• 29:48
  base
• 29:48
  in
• 29:48
  Munich
• 29:49
  that
• 29:49
  we
• 29:49
  have
• 29:50
  like.
• 29:53
  We
• 29:53
  have
• 29:53
  like
• 29:54
  maybe
• 29:54
  a
• 29:54
  few,
• 29:54
  few
• 29:55
  spots
• 29:56
  left
• 29:56
  because
• 29:56
  we
• 29:56
  have
• 29:57
  last
• 29:57
  minute
• 29:57
  cancellations.
• 29:58
  Yeah,
• 29:59
  but
• 29:59
  apart
• 29:59
  from
• 29:59
  that.
• 30:00
  But
• 30:00
  apart
• 30:01
  from
• 30:01
  that
• 30:01
  we
• 30:01
  were
• 30:01
  pretty
• 30:02
  fast
• 30:02
  sold
• 30:02
  out.
• 30:03
  But
• 30:03
  you
• 30:03
  have
• 30:04
  a
• 30:04
  chance.
• 30:04
  On
• 30:04
  22
• 30:07
  September,
• 30:07
  the
• 30:08
  day
• 30:08
  before
• 30:08
  the
• 30:09
  or
• 30:10
  the
• 30:10
  night
• 30:10
  before
• 30:10
  the
• 30:11
  DMX
• 30:11
  go
• 30:12
  is
• 30:12
  happening
• 30:12
  in
• 30:12
  cologne,
• 30:13
  we
• 30:13
  do
• 30:14
  one
• 30:15
  event
• 30:15
  again
• 30:16
  with
• 30:16
  Channable
• 30:17
  7
• 30:18
  learnings
• 30:18
  and
• 30:18
  Allegro
• 30:19
  for
• 30:19
  example.
• 30:20
  We
• 30:20
  will
• 30:20
  have
• 30:20
  another
• 30:20
  one
• 30:21
  on
• 30:21
  27
• 30:22
  October
• 30:23
  in
• 30:23
  Munich
• 30:23
  and
• 30:24
  we
• 30:24
  are
• 30:24
  more
• 30:24
  planning
• 30:25
  right
• 30:25
  now.
• 30:26
  So
• 30:26
  yeah,
• 30:27
  we
• 30:27
  would
• 30:27
  love
• 30:28
  to
• 30:28
  see
• 30:28
  you
• 30:28
  there.
• 30:29
  Lots
• 30:29
  of
• 30:29
  opportunities
• 30:30
  for
• 30:31
  human
• 30:31
  connection.
• 30:33
  Yes,
• 30:34
  absolutely.
• 30:35
  Yeah,
• 30:35
  I
• 30:36
  guess.
• 30:36
  Well,
• 30:36
  let's
• 30:36
  take
• 30:36
  that
• 30:37
  as
• 30:37
  a
• 30:37
  final
• 30:37
  point
• 30:38
  because
• 30:39
  our
• 30:39
  discussion
• 30:40
  has
• 30:41
  run
• 30:41
  its
• 30:41
  course
• 30:42
  for
• 30:42
  now.
• 30:42
  I
• 30:42
  think
• 30:42
  these
• 30:43
  were
• 30:43
  the
• 30:43
  three
• 30:43
  main
• 30:44
  thesis
• 30:44
  that
• 30:45
  talk
• 30:45
  to
• 30:45
  us
• 30:46
  mostly
• 30:48
  we
• 30:48
  could
• 30:48
  still
• 30:48
  go
• 30:48
  on
• 30:49
  and
• 30:49
  on.
• 30:49
  There
• 30:49
  were
• 30:49
  still
• 30:50
  many
• 30:50
  other
• 30:50
  interesting
• 30:51
  things.
• 30:51
  But
• 30:52
  maybe
• 30:53
  over
• 30:53
  to
• 30:53
  you,
• 30:53
  if
• 30:54
  you
• 30:54
  listen
• 30:54
  to
• 30:54
  us
• 30:55
  today,
• 30:57
  why
• 30:57
  don't
• 30:57
  you
• 30:57
  comment
• 30:58
  us
• 30:58
  what
• 30:59
  you
• 30:59
  liked
• 31:00
  about
• 31:00
  the
• 31:00
  thesis
• 31:00
  best?
• 31:01
  Which
• 31:01
  thesis
• 31:02
  talked
• 31:02
  to
• 31:02
  you
• 31:03
  the
• 31:03
  most?
• 31:04
  Where
• 31:04
  did
• 31:04
  you
• 31:04
  not
• 31:04
  agree
• 31:05
  at
• 31:05
  all?
• 31:05
  Or
• 31:06
  maybe
• 31:06
  even
• 31:06
  what
• 31:06
  was
• 31:07
  missing
• 31:07
  from
• 31:07
  stage?
• 31:08
  That
• 31:08
  will
• 31:08
  also
• 31:08
  be
• 31:08
  an
• 31:09
  interesting
• 31:09
  topic
• 31:10
  for
• 31:10
  maybe
• 31:10
  another
• 31:10
  one.
• 31:11
  I
• 31:11
  think
• 31:12
  also
• 31:12
  Ingrid,
• 31:12
  this
• 31:13
  is
• 31:13
  also
• 31:13
  a
• 31:13
  question
• 31:13
  I
• 31:14
  want
• 31:14
  to
• 31:14
  ask
• 31:14
  you
• 31:14
  because
• 31:15
  you
• 31:15
  were
• 31:16
  as
• 31:16
  I
• 31:16
  said,
• 31:17
  I
• 31:17
  was
• 31:17
  like
• 31:18
  from
• 31:18
  lunchtime
• 31:19
  hanging
• 31:19
  on
• 31:20
  with
• 31:20
  walking
• 31:21
  down
• 31:21
  the
• 31:22
  aisles
• 31:22
  with
• 31:23
  my
• 31:23
  baby.
• 31:24
  So
• 31:24
  I
• 31:24
  think
• 31:24
  the
• 31:24
  baby
• 31:25
  boy
• 31:25
  was
• 31:25
  with
• 31:26
  his
• 31:26
  six
• 31:26
  months
• 31:27
  the
• 31:27
  youngest
• 31:28
  attendant
• 31:29
  at
• 31:29
  a
• 31:29
  K5
• 31:30
  conference
• 31:30
  without
• 31:30
  a
• 31:31
  ticket.
• 31:31
  And
• 31:32
  that's
• 31:32
  Actually
• 31:32
  again,
• 31:33
  a
• 31:33
  good
• 31:34
  point
• 31:34
  for
• 31:34
  human
• 31:35
  connection
• 31:35
  because
• 31:37
  I
• 31:37
  mean,
• 31:37
  you
• 31:37
  always
• 31:38
  turn
• 31:38
  a
• 31:38
  lot
• 31:38
  of
• 31:38
  heads
• 31:39
  when
• 31:39
  you
• 31:39
  go
• 31:39
  through
• 31:39
  a
• 31:39
  conference
• 31:40
  room
• 31:41
  hall
• 31:41
  because
• 31:41
  people
• 31:42
  know
• 31:42
  you.
• 31:43
  But
• 31:43
  in
• 31:43
  this
• 31:43
  time
• 31:43
  it
• 31:44
  was
• 31:44
  just
• 31:44
  crazy
• 31:44
  because
• 31:45
  everyone
• 31:45
  like,
• 31:45
  oh
• 31:46
  baby,
• 31:47
  you're
• 31:48
  talking.
• 31:48
  This
• 31:48
  was
• 31:49
  really
• 31:49
  cute
• 31:49
  and
• 31:49
  I
• 31:50
  really.
• 31:50
  Got
• 31:50
  many
• 31:50
  compliments,
• 31:51
  which
• 31:51
  was
• 31:51
  nice.
• 31:51
  And
• 31:52
  I
• 31:52
  really
• 31:52
  have
• 31:52
  a
• 31:52
  good
• 31:54
  conference
• 31:54
  baby.
• 31:55
  I
• 31:55
  have
• 31:55
  a
• 31:55
  good
• 31:56
  travel
• 31:56
  baby
• 31:56
  and
• 31:56
  a
• 31:56
  good
• 31:57
  conference
• 31:57
  baby.
• 31:58
  Very
• 31:58
  professional.
• 31:59
  Yes.
• 32:01
  Even
• 32:01
  inside
• 32:02
  pictures.
• 32:03
  Yes.
• 32:04
  Sitting
• 32:05
  there,
• 32:05
  charming
• 32:05
  people.
• 32:06
  That
• 32:07
  was
• 32:07
  great.
• 32:08
  That
• 32:08
  was
• 32:08
  really
• 32:08
  great.
• 32:09
  But
• 32:10
  so
• 32:10
  therefore
• 32:10
  I
• 32:11
  was
• 32:11
  not
• 32:11
  able
• 32:11
  to
• 32:11
  attend
• 32:12
  so
• 32:12
  many
• 32:13
  talks.
• 32:14
  But
• 32:15
  I
• 32:15
  want
• 32:15
  to
• 32:15
  ask
• 32:16
  you,
• 32:16
  Ingrid,
• 32:17
  what
• 32:17
  did
• 32:17
  you
• 32:17
  miss
• 32:19
  in
• 32:19
  terms
• 32:19
  of
• 32:20
  at
• 32:21
  the
• 32:21
  stages
• 32:22
  and
• 32:23
  talks?
• 32:23
  I
• 32:24
  thought
• 32:24
  about
• 32:24
  that
• 32:25
  actually,
• 32:26
  because
• 32:26
  I
• 32:27
  got
• 32:27
  that
• 32:27
  feeling.
• 32:28
  My
• 32:28
  first
• 32:28
  feeling
• 32:29
  was
• 32:29
  like
• 32:29
  too
• 32:29
  much
• 32:30
  AI.
• 32:30
  Like
• 32:30
  80%
• 32:31
  AI
• 32:31
  is
• 32:31
  like,
• 32:31
  come
• 32:32
  on,
• 32:32
  there
• 32:32
  are
• 32:32
  other
• 32:32
  things
• 32:33
  to
• 32:33
  talk
• 32:33
  about.
• 32:33
  And
• 32:33
  as
• 32:34
  I
• 32:34
  said,
• 32:34
  we
• 32:34
  don't
• 32:34
  know
• 32:35
  yet.
• 32:35
  So
• 32:36
  duh.
• 32:37
  It's
• 32:38
  not
• 32:38
  really
• 32:38
  insightful.
• 32:39
  We
• 32:39
  make
• 32:39
  a
• 32:40
  point,
• 32:40
  right?
• 32:40
  We
• 32:41
  need
• 32:41
  to
• 32:41
  work
• 32:41
  with
• 32:41
  it,
• 32:42
  we
• 32:42
  need
• 32:42
  to
• 32:42
  learn
• 32:43
  it
• 32:43
  and
• 32:43
  we
• 32:43
  need
• 32:43
  to
• 32:44
  take
• 32:44
  into
• 32:44
  action.
• 32:45
  Which
• 32:45
  was
• 32:45
  actually
• 32:45
  actually
• 32:46
  topic
• 32:46
  of
• 32:46
  the
• 32:46
  K5
• 32:47
  conference
• 32:47
  this
• 32:47
  year.
• 32:48
  Yeah,
• 32:48
  and
• 32:48
  that's
• 32:48
  absolutely.
• 32:49
  We're
• 32:49
  not
• 32:49
  blaming
• 32:49
  that,
• 32:50
  right?
• 32:50
  That's
• 32:51
  true.
• 32:52
  Yeah,
• 32:52
  yeah.
• 32:52
  But
• 32:53
  stop
• 32:53
  talking
• 32:54
  about
• 32:54
  it.
• 32:54
  Just
• 32:54
  do
• 32:55
  it
• 32:55
  for
• 32:55
  a
• 32:55
  while
• 32:55
  and
• 32:56
  then
• 32:56
  maybe
• 32:56
  talk
• 32:56
  about
• 32:56
  it
• 32:57
  next
• 32:57
  year.
• 32:58
  But
• 32:58
  anyway,
• 32:58
  what
• 32:59
  I
• 32:59
  think
• 32:59
  was
• 33:00
  absolutely
• 33:00
  strikingly
• 33:02
  missing
• 33:02
  was
• 33:02
  the
• 33:02
  whole
• 33:03
  topic
• 33:03
  of
• 33:03
  recommerce
• 33:04
  and
• 33:04
  secondhand
• 33:05
  commerce.
• 33:06
  Because
• 33:06
  I
• 33:06
  mean,
• 33:06
  come
• 33:07
  on,
• 33:07
  if
• 33:07
  you
• 33:07
  just
• 33:07
  look
• 33:08
  at
• 33:08
  the
• 33:08
  rise
• 33:08
  of
• 33:08
  Vinted
• 33:10
  to
• 33:10
  the
• 33:10
  second
• 33:10
  biggest
• 33:11
  fashion
• 33:11
  dealer
• 33:12
  in,
• 33:13
  in
• 33:13
  all
• 33:13
  of
• 33:13
  Europe
• 33:14
  and
• 33:14
  in
• 33:14
  many
• 33:15
  countries
• 33:15
  it's
• 33:16
  actually
• 33:16
  number
• 33:17
  one
• 33:17
  fashion
• 33:18
  destination
• 33:20
  and
• 33:20
  with
• 33:20
  huge
• 33:21
  growth
• 33:21
  rates.
• 33:22
  And
• 33:22
  that's
• 33:22
  not
• 33:22
  just
• 33:22
  Vinted,
• 33:23
  there's
• 33:23
  also
• 33:23
  refurbished
• 33:24
  and
• 33:25
  back
• 33:25
  market
• 33:26
  and
• 33:26
  then
• 33:26
  there's
• 33:26
  lots
• 33:27
  and
• 33:27
  lots
• 33:27
  of
• 33:27
  marketplaces
• 33:28
  and
• 33:28
  retailers
• 33:29
  who
• 33:29
  are
• 33:29
  offering
• 33:29
  secondhand
• 33:30
  options.
• 33:31
  And
• 33:32
  that
• 33:32
  is
• 33:32
  actually
• 33:33
  a
• 33:33
  growing.
• 33:33
  And
• 33:34
  that
• 33:34
  is
• 33:34
  very
• 33:34
  European
• 33:35
  by
• 33:35
  the
• 33:35
  way.
• 33:36
  That
• 33:36
  is
• 33:36
  something
• 33:36
  that
• 33:37
  is
• 33:37
  not
• 33:37
  happening
• 33:38
  in
• 33:38
  the
• 33:38
  same
• 33:38
  scale
• 33:39
  in
• 33:39
  America
• 33:40
  and
• 33:40
  not
• 33:40
  at
• 33:40
  all
• 33:41
  in
• 33:41
  Asia.
• 33:42
  So
• 33:42
  that
• 33:42
  is
• 33:42
  something
• 33:42
  that
• 33:43
  we
• 33:43
  could
• 33:43
  actually
• 33:43
  be
• 33:44
  proud
• 33:44
  of
• 33:44
  and
• 33:45
  grow
• 33:45
  and
• 33:45
  celebrate.
• 33:47
  And
• 33:47
  that
• 33:47
  was
• 33:48
  completely
• 33:48
  missing
• 33:49
  from
• 33:49
  the
• 33:49
  most
• 33:50
  important
• 33:50
  E
• 33:51
  Commerce
• 33:51
  conference
• 33:52
  in
• 33:52
  Germany.
• 33:52
  And
• 33:53
  no
• 33:53
  one
• 33:53
  was
• 33:53
  talking
• 33:53
  about
• 33:54
  secondhand.
• 33:55
  Well,
• 33:55
  not
• 33:55
  no
• 33:56
  one.
• 33:56
  There
• 33:56
  were
• 33:56
  a
• 33:57
  few
• 33:57
  smaller
• 33:57
  talks
• 33:58
  on
• 33:58
  smaller
• 33:59
  stages.
• 34:00
  For
• 34:00
  example,
• 34:00
  there
• 34:01
  was
• 34:01
  the
• 34:01
  CEO
• 34:01
  of
• 34:02
  As
• 34:02
  Good
• 34:02
  as
• 34:02
  New,
• 34:03
  which
• 34:03
  is
• 34:03
  a
• 34:03
  platform
• 34:04
  for
• 34:05
  E
• 34:05
  commerce.
• 34:06
  But
• 34:07
  it
• 34:07
  was
• 34:07
  very,
• 34:08
  very,
• 34:08
  very
• 34:08
  small.
• 34:09
  And
• 34:10
  that
• 34:10
  is
• 34:10
  what
• 34:11
  actually
• 34:11
  really
• 34:12
  disappointed
• 34:12
  me
• 34:12
  because
• 34:13
  I
• 34:13
  think
• 34:13
  this
• 34:13
  is
• 34:13
  something
• 34:14
  that
• 34:14
  we
• 34:14
  should
• 34:15
  do
• 34:15
  a
• 34:15
  lot
• 34:16
  more
• 34:16
  on
• 34:17
  in
• 34:17
  our
• 34:17
  industry
• 34:18
  because
• 34:18
  that
• 34:18
  is
• 34:18
  genuinely
• 34:19
  European.
• 34:20
  And
• 34:20
  it
• 34:20
  was
• 34:20
  also
• 34:21
  sales
• 34:22
  say,
• 34:22
  you
• 34:23
  know,
• 34:24
  would
• 34:25
  be
• 34:25
  a
• 34:25
  solution
• 34:25
  to
• 34:25
  that
• 34:26
  whole
• 34:26
  sales
• 34:26
  lab
• 34:27
  problem
• 34:27
  and
• 34:28
  the
• 34:28
  mounts
• 34:28
  of
• 34:29
  fashion
• 34:30
  clothes
• 34:30
  sitting
• 34:31
  around
• 34:31
  in
• 34:31
  the
• 34:31
  Atacama
• 34:32
  Desert.
• 34:32
  So
• 34:33
  yeah,
• 34:34
  that's
• 34:34
  just
• 34:34
  me
• 34:35
  and
• 34:35
  my
• 34:35
  green
• 34:36
  heart.
• 34:36
  But
• 34:38
  that
• 34:38
  was
• 34:38
  really
• 34:39
  missing.
• 34:40
  Totally
• 34:41
  great.
• 34:42
  Yeah,
• 34:42
  maybe
• 34:43
  next
• 34:43
  year.
• 34:43
  But
• 34:44
  for
• 34:44
  now
• 34:45
  I
• 34:45
  guess
• 34:45
  that
• 34:45
  were
• 34:46
  our
• 34:46
  thoughts
• 34:46
  on
• 34:46
  the
• 34:47
  K5
• 34:47
  conference
• 34:47
  and
• 34:48
  let
• 34:48
  us
• 34:48
  know
• 34:48
  what
• 34:48
  you
• 34:48
  thought
• 34:49
  and
• 34:50
  if
• 34:50
  you
• 34:51
  want
• 34:51
  to
• 34:51
  tune
• 34:52
  in
• 34:52
  next
• 34:52
  time,
• 34:53
  we
• 34:53
  would
• 34:54
  be
• 34:54
  very
• 34:54
  happy
• 34:54
  to
• 34:54
  welcome
• 34:55
  you
• 34:55
  back
• 34:55
  when
• 34:55
  we
• 34:55
  will
• 34:56
  be
• 34:56
  talking
• 34:56
  about
• 34:57
  TikTok
• 34:57
  shop,
• 34:58
  which
• 34:58
  was
• 34:59
  also
• 34:59
  one
• 34:59
  of
• 34:59
  the
• 34:59
  main
• 35:00
  leading
• 35:00
  topics
• 35:01
  at
• 35:01
  K5
• 35:02
  conference.
• 35:02
  So
• 35:03
  make
• 35:03
  sure
• 35:03
  to
• 35:04
  be
• 35:04
  there.
• 35:04
  Again,
• 35:04
  thanks
• 35:05
  for
• 35:05
  listening
• 35:05
  today.
• 35:06
  Bye
• 35:06
  bye
• 35:07
  Vibe.
• 35:12
  You
• 35:12
  listen
• 35:13
  to
• 35:13
  let's
• 35:14
  Talk
• 35:14
  Marketplace,
• 35:15
  the.
• 35:15
  Marketplace
• 35:16
  podcast
• 35:16
  with
• 35:16
  Ingrid
• 35:17
  Lommer
• 35:17
  and
• 35:17
  Vanari
• 35:18
  Dichtel.