Latest / Omni Talk Retail / Grocery Automation Is Back on Retailers’ Radar with Ocado CEO Tim Steiner | WRC 2026

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Grocery Automation Is Back on Retailers’ Radar with Ocado CEO Tim Steiner | WRC 2026 · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone.
• 0:00
  This
• 0:01
  is
• 0:01
  Omnitalk
• 0:01
  Retail.
• 0:02
  I'm
• 0:02
  Chris
• 0:02
  Walton
• 0:02
  and
• 0:02
  we
• 0:02
  are
• 0:03
  coming
• 0:03
  to
• 0:03
  you
• 0:03
  live
• 0:03
  once
• 0:04
  again
• 0:04
  from
• 0:04
  the
• 0:05
  World
• 0:05
  Retail
• 0:05
  Congress
• 0:06
  in
• 0:06
  Berlin
• 0:06
  from
• 0:07
  the
• 0:07
  Vusgen
• 0:07
  Podcast
• 0:08
  studio.
• 0:08
  And
• 0:09
  now
• 0:09
  joining
• 0:09
  me
• 0:10
  is
• 0:10
  a
• 0:10
  man
• 0:10
  that
• 0:10
  I
• 0:11
  had
• 0:11
  the
• 0:11
  opportunity
• 0:11
  to
• 0:12
  interview
• 0:12
  last
• 0:12
  year
• 0:13
  at
• 0:13
  Grocery
• 0:13
  Shop
• 0:14
  2025,
• 0:14
  and
• 0:15
  he
• 0:15
  is
• 0:15
  here
• 0:15
  with
• 0:16
  us
• 0:16
  again,
• 0:16
  and
• 0:16
  that
• 0:16
  is
• 0:17
  Tim
• 0:17
  Steiner,
• 0:18
  the
• 0:18
  CEO
• 0:18
  of
• 0:19
  Ocado.
• 0:19
  Tim,
• 0:20
  how
• 0:20
  are
• 0:20
  you?
• 0:20
  I'm
• 0:21
  good,
• 0:21
  thank
• 0:21
  you,
• 0:21
  Chris.
• 0:22
  It's
• 0:22
  nice
• 0:22
  to
• 0:22
  be
• 0:22
  back
• 0:22
  with
• 0:23
  you.
• 0:23
  It's
• 0:23
  nice
• 0:23
  to
• 0:24
  see
• 0:24
  you
• 0:24
  again,
• 0:24
  too.
• 0:25
  So
• 0:25
  you
• 0:25
  just
• 0:25
  got
• 0:25
  in
• 0:25
  last
• 0:26
  night,
• 0:26
  right?
• 0:26
  I
• 0:26
  did.
• 0:27
  And
• 0:27
  what
• 0:27
  brings
• 0:27
  you
• 0:28
  to
• 0:28
  wrc?
• 0:29
  I
• 0:29
  am
• 0:29
  speaking
• 0:30
  on
• 0:30
  a
• 0:30
  panel
• 0:30
  later.
• 0:31
  Okay.
• 0:31
  On
• 0:32
  what?
• 0:34
  Emerging
• 0:34
  trends,
• 0:35
  I
• 0:35
  think
• 0:35
  relevant.
• 0:36
  But
• 0:36
  I
• 0:36
  mean,
• 0:36
  the
• 0:36
  exact
• 0:37
  name
• 0:37
  of
• 0:37
  the
• 0:37
  panel
• 0:37
  is
• 0:38
  one
• 0:38
  that
• 0:38
  I'd
• 0:38
  have
• 0:38
  to
• 0:38
  check.
• 0:39
  Yeah,
• 0:39
  right.
• 0:39
  I
• 0:39
  know,
• 0:39
  right?
• 0:39
  That's
• 0:40
  always.
• 0:40
  That's
• 0:40
  always
• 0:40
  the
• 0:40
  tricky
• 0:41
  part.
• 0:41
  It's
• 0:41
  something
• 0:41
  long
• 0:42
  with
• 0:42
  a
• 0:42
  colon
• 0:43
  and
• 0:43
  everything.
• 0:43
  You
• 0:44
  know
• 0:44
  your
• 0:44
  subject,
• 0:44
  you
• 0:44
  know
• 0:45
  your
• 0:45
  topic,
• 0:45
  right?
• 0:46
  Yeah,
• 0:46
  I'll
• 0:47
  take
• 0:47
  part
• 0:47
  and
• 0:47
  you
• 0:47
  go
• 0:47
  with
• 0:48
  it.
• 0:48
  Yeah,
• 0:48
  you
• 0:48
  kind
• 0:48
  of
• 0:48
  are
• 0:48
  an
• 0:48
  expert
• 0:49
  on
• 0:49
  your
• 0:49
  subject
• 0:50
  for
• 0:50
  sure.
• 0:51
  Have
• 0:51
  you
• 0:51
  been
• 0:51
  here
• 0:52
  before
• 0:53
  to
• 0:53
  wrc?
• 0:54
  Yes,
• 0:54
  yes.
• 0:55
  Yeah.
• 0:55
  And
• 0:55
  how
• 0:55
  do
• 0:56
  you
• 0:56
  find
• 0:56
  the
• 0:56
  show
• 0:56
  generally?
• 0:58
  They're
• 0:58
  always
• 0:58
  fascinating
• 0:59
  because,
• 1:00
  you
• 1:00
  know,
• 1:00
  I
• 1:00
  don't
• 1:00
  always
• 1:01
  get
• 1:01
  into
• 1:01
  as
• 1:01
  many
• 1:01
  of
• 1:01
  the
• 1:02
  sessions
• 1:02
  as
• 1:02
  I'd
• 1:02
  like
• 1:02
  to,
• 1:02
  which
• 1:03
  are
• 1:03
  usually
• 1:03
  super
• 1:03
  interesting,
• 1:04
  but
• 1:04
  also
• 1:05
  just
• 1:05
  it's
• 1:05
  a
• 1:05
  great
• 1:05
  opportunity
• 1:06
  to
• 1:06
  catch
• 1:06
  up
• 1:06
  and
• 1:06
  meet
• 1:07
  new
• 1:07
  people
• 1:07
  and
• 1:08
  sometimes
• 1:08
  see,
• 1:08
  you
• 1:09
  know,
• 1:09
  new
• 1:09
  things.
• 1:09
  So
• 1:10
  always
• 1:10
  learn
• 1:11
  something,
• 1:11
  meet
• 1:11
  someone
• 1:12
  interesting,
• 1:13
  chat
• 1:13
  with
• 1:13
  interesting
• 1:14
  people
• 1:14
  like
• 1:14
  yourself.
• 1:15
  Thank
• 1:16
  you.
• 1:16
  Flat
• 1:16
  reel
• 1:16
  gets
• 1:16
  you
• 1:17
  everywhere
• 1:17
  too,
• 1:17
  you
• 1:17
  know.
• 1:18
  Yeah,
• 1:18
  yeah.
• 1:19
  No,
• 1:19
  the
• 1:19
  networking
• 1:19
  here
• 1:20
  is
• 1:20
  high
• 1:20
  class
• 1:20
  too.
• 1:21
  Very
• 1:21
  high
• 1:21
  class.
• 1:21
  All
• 1:22
  right,
• 1:22
  so
• 1:22
  I
• 1:22
  was
• 1:22
  thinking
• 1:23
  about
• 1:23
  what
• 1:23
  questions
• 1:23
  do
• 1:23
  I
• 1:23
  want
• 1:24
  to
• 1:24
  ask
• 1:24
  you
• 1:24
  today?
• 1:24
  And
• 1:24
  so
• 1:25
  I
• 1:25
  kind
• 1:26
  of
• 1:26
  bucketed
• 1:26
  into
• 1:26
  like
• 1:27
  three
• 1:27
  different
• 1:27
  things.
• 1:27
  And
• 1:28
  so
• 1:28
  the
• 1:28
  first
• 1:28
  thing
• 1:28
  I
• 1:29
  wanted
• 1:29
  to
• 1:29
  ask
• 1:29
  you
• 1:29
  about
• 1:29
  is
• 1:30
  if
• 1:30
  you
• 1:30
  think
• 1:30
  about
• 1:30
  the
• 1:31
  market
• 1:31
  globally.
• 1:33
  I
• 1:33
  last
• 1:34
  interviewed
• 1:34
  you,
• 1:34
  God,
• 1:35
  it
• 1:35
  was
• 1:35
  almost
• 1:36
  nine
• 1:36
  months
• 1:36
  ago
• 1:36
  now.
• 1:36
  It's
• 1:37
  hard
• 1:37
  to
• 1:37
  believe
• 1:37
  how
• 1:37
  time
• 1:37
  flies.
• 1:37
  Wow.
• 1:38
  But
• 1:38
  yeah,
• 1:38
  right.
• 1:39
  Crazy.
• 1:39
  How
• 1:40
  would
• 1:40
  you
• 1:40
  sum
• 1:40
  up
• 1:41
  that?
• 1:41
  The
• 1:41
  global
• 1:41
  market
• 1:42
  is
• 1:42
  looking
• 1:43
  at
• 1:43
  the
• 1:43
  fulfillment
• 1:44
  mix
• 1:45
  itself
• 1:46
  for
• 1:46
  E
• 1:46
  commerce.
• 1:47
  So
• 1:47
  I
• 1:47
  would
• 1:47
  say
• 1:47
  it's
• 1:48
  still
• 1:49
  incredibly
• 1:50
  different
• 1:50
  around
• 1:51
  the
• 1:51
  world.
• 1:52
  So
• 1:52
  you've
• 1:53
  got
• 1:54
  different
• 1:54
  consumer
• 1:55
  behaviors,
• 1:56
  you've
• 1:56
  got
• 1:56
  different
• 1:57
  labor
• 1:57
  rates,
• 1:57
  you've
• 1:57
  got
• 1:58
  different
• 1:58
  property
• 1:58
  prices,
• 1:59
  you've
• 1:59
  got
• 1:59
  different
• 1:59
  store
• 2:00
  sizes,
• 2:00
  you've
• 2:01
  got
• 2:01
  different
• 2:01
  legal,
• 2:02
  regulatory,
• 2:02
  union
• 2:03
  type
• 2:03
  quirks
• 2:04
  that
• 2:04
  all
• 2:04
  influence
• 2:06
  the
• 2:06
  way
• 2:06
  the
• 2:07
  markets
• 2:07
  have
• 2:07
  evolved
• 2:07
  and
• 2:08
  the
• 2:08
  way
• 2:08
  that
• 2:08
  you
• 2:08
  should
• 2:09
  efficiently
• 2:09
  operate
• 2:10
  in
• 2:10
  a
• 2:10
  market.
• 2:11
  What
• 2:11
  kind
• 2:11
  of
• 2:11
  thing
• 2:11
  do?
• 2:11
  I
• 2:12
  mean,
• 2:13
  my
• 2:13
  home
• 2:13
  country,
• 2:14
  the
• 2:14
  UK
• 2:15
  is
• 2:15
  still
• 2:16
  a
• 2:16
  delivery
• 2:17
  market.
• 2:17
  It's
• 2:18
  probably
• 2:19
  well
• 2:19
  over
• 2:19
  90%
• 2:20
  of
• 2:20
  all
• 2:21
  E
• 2:21
  Com
• 2:21
  grocery
• 2:21
  is
• 2:22
  delivered.
• 2:23
  And
• 2:23
  the
• 2:23
  vast,
• 2:24
  vast
• 2:24
  majority
• 2:25
  of
• 2:25
  that,
• 2:26
  you
• 2:26
  know,
• 2:26
  80
• 2:27
  plus,
• 2:27
  80
• 2:28
  to
• 2:28
  90%
• 2:28
  of
• 2:29
  that
• 2:29
  is
• 2:29
  what
• 2:30
  I
• 2:30
  call
• 2:30
  scheduled
• 2:30
  delivery.
• 2:31
  It's
• 2:32
  kind
• 2:32
  of,
• 2:32
  you
• 2:32
  know,
• 2:33
  at
• 2:33
  least
• 2:33
  three
• 2:33
  to
• 2:33
  four
• 2:34
  hours
• 2:34
  out,
• 2:34
  mostly
• 2:35
  today
• 2:35
  for
• 2:35
  tomorrow.
• 2:36
  Okay.
• 2:37
  And
• 2:37
  then
• 2:38
  there
• 2:38
  is
• 2:38
  a
• 2:39
  growing
• 2:41
  short
• 2:41
  lead
• 2:41
  time,
• 2:43
  you
• 2:43
  know,
• 2:43
  business
• 2:43
  sub
• 2:44
  one
• 2:44
  hour.
• 2:45
  And
• 2:46
  the
• 2:46
  pickup
• 2:46
  is
• 2:46
  something
• 2:47
  that
• 2:47
  the
• 2:47
  UK
• 2:47
  grocers
• 2:48
  have
• 2:48
  wanted
• 2:48
  to
• 2:48
  do
• 2:48
  for
• 2:48
  years,
• 2:48
  but
• 2:49
  just
• 2:49
  never
• 2:49
  gains
• 2:49
  any
• 2:50
  significant
• 2:50
  traction.
• 2:50
  Right.
• 2:51
  If
• 2:51
  I
• 2:52
  just
• 2:52
  go
• 2:52
  across
• 2:52
  the
• 2:52
  English
• 2:53
  Channel,
• 2:53
  which
• 2:53
  is
• 2:53
  a
• 2:54
  pretty
• 2:54
  small
• 2:54
  body
• 2:54
  of
• 2:54
  water
• 2:55
  and
• 2:55
  I
• 2:56
  get
• 2:56
  to
• 2:56
  France,
• 2:57
  you
• 2:58
  know,
• 2:58
  the
• 2:58
  food's
• 2:58
  great
• 2:58
  and
• 2:59
  there's
• 2:59
  other
• 3:00
  great
• 3:00
  attributes
• 3:00
  there.
• 3:02
  The
• 3:02
  market
• 3:02
  is
• 3:02
  completely
• 3:03
  opposite,
• 3:04
  right.
• 3:04
  And
• 3:05
  it's
• 3:05
  a
• 3:06
  90%
• 3:07
  pickup
• 3:08
  market,
• 3:08
  okay.
• 3:10
  Largely
• 3:11
  from,
• 3:11
  not
• 3:12
  from
• 3:12
  every
• 3:12
  supermarket
• 3:13
  interestingly.
• 3:13
  So
• 3:13
  the
• 3:14
  retailers
• 3:14
  have
• 3:14
  managed
• 3:14
  to
• 3:15
  concentrate
• 3:15
  the
• 3:16
  customers
• 3:16
  to
• 3:17
  go
• 3:17
  to
• 3:17
  like
• 3:17
  not
• 3:17
  every
• 3:18
  store
• 3:18
  that
• 3:18
  they
• 3:18
  offer
• 3:19
  it
• 3:19
  from.
• 3:19
  But
• 3:20
  it's
• 3:20
  a
• 3:20
  very
• 3:20
  significant
• 3:21
  market
• 3:21
  and
• 3:22
  it's
• 3:22
  all
• 3:22
  pickup.
• 3:23
  The
• 3:24
  rest
• 3:24
  of
• 3:24
  Europe
• 3:24
  looks
• 3:25
  more
• 3:25
  like
• 3:25
  the
• 3:26
  uk.
• 3:27
  Move
• 3:27
  over
• 3:28
  to
• 3:28
  the,
• 3:28
  you
• 3:28
  know,
• 3:28
  your
• 3:29
  home
• 3:29
  country
• 3:30
  and
• 3:30
  I
• 3:31
  think
• 3:31
  you're
• 3:31
  something
• 3:31
  like
• 3:32
  50%
• 3:32
  pickup,
• 3:33
  50%
• 3:33
  delivery
• 3:34
  these
• 3:34
  days.
• 3:35
  But
• 3:35
  the
• 3:35
  retailers
• 3:36
  own
• 3:36
  businesses
• 3:37
  are
• 3:38
  70%
• 3:38
  pickup
• 3:39
  and
• 3:39
  30%
• 3:40
  delivery.
• 3:41
  And
• 3:41
  then
• 3:41
  you've
• 3:41
  got
• 3:41
  the
• 3:42
  add
• 3:42
  ons
• 3:42
  of
• 3:43
  instacart
• 3:44
  and
• 3:44
  doordash
• 3:45
  and
• 3:45
  people
• 3:45
  that
• 3:45
  are
• 3:46
  100%
• 3:46
  delivery.
• 3:47
  Most
• 3:48
  of
• 3:48
  it
• 3:48
  is
• 3:50
  two
• 3:50
  hours
• 3:50
  plus
• 3:51
  and
• 3:52
  you've
• 3:52
  got
• 3:52
  a
• 3:52
  growing
• 3:52
  sector
• 3:53
  that
• 3:53
  is
• 3:54
  sub
• 3:54
  one
• 3:55
  hour.
• 3:56
  Now
• 3:56
  what
• 3:56
  does
• 3:57
  that
• 3:57
  mean
• 3:57
  for
• 3:58
  automation?
• 3:58
  Is
• 3:58
  that
• 3:59
  the
• 3:59
  right
• 3:59
  automation
• 4:01
  in
• 4:01
  most
• 4:02
  European
• 4:02
  non
• 4:03
  French
• 4:03
  market
• 4:04
  is
• 4:04
  still,
• 4:05
  you
• 4:06
  know,
• 4:06
  depending
• 4:06
  on
• 4:06
  the
• 4:06
  scale
• 4:07
  of
• 4:07
  the
• 4:07
  business
• 4:07
  though,
• 4:08
  the
• 4:08
  most
• 4:08
  efficient
• 4:09
  thing
• 4:09
  is
• 4:09
  to
• 4:09
  do
• 4:10
  large
• 4:10
  scale,
• 4:11
  automated
• 4:11
  centralized
• 4:12
  sites
• 4:13
  with
• 4:15
  routes
• 4:16
  that
• 4:16
  are
• 4:16
  doing
• 4:16
  20
• 4:17
  to
• 4:17
  25
• 4:17
  deliveries
• 4:18
  on
• 4:19
  a
• 4:19
  scheduled
• 4:19
  route
• 4:21
  or
• 4:22
  10
• 4:22
  to
• 4:22
  15
• 4:23
  on
• 4:23
  a
• 4:23
  shorter
• 4:24
  route
• 4:24
  that
• 4:24
  does
• 4:24
  a
• 4:24
  turnaround,
• 4:25
  this
• 4:25
  type
• 4:26
  of
• 4:26
  thing.
• 4:27
  But
• 4:27
  the
• 4:27
  benefits
• 4:28
  of
• 4:28
  the
• 4:28
  scale
• 4:29
  and
• 4:29
  the
• 4:29
  centralization
• 4:30
  and
• 4:30
  the
• 4:30
  robotics
• 4:31
  means
• 4:32
  that
• 4:32
  you
• 4:32
  can
• 4:33
  sell
• 4:33
  groceries
• 4:34
  at
• 4:34
  the
• 4:34
  same
• 4:34
  price
• 4:34
  as
• 4:35
  a
• 4:35
  hypermarket
• 4:36
  with
• 4:36
  a
• 4:36
  relatively
• 4:37
  token
• 4:37
  delivery
• 4:38
  fee.
• 4:38
  And
• 4:39
  if
• 4:39
  you
• 4:39
  have
• 4:39
  the
• 4:40
  volume,
• 4:40
  you
• 4:41
  will
• 4:41
  make
• 4:41
  at
• 4:41
  least
• 4:42
  the
• 4:42
  kind
• 4:42
  of
• 4:42
  margins
• 4:42
  that
• 4:43
  you
• 4:43
  make
• 4:43
  out
• 4:43
  of
• 4:43
  physical
• 4:44
  store
• 4:44
  retailing
• 4:47
  in
• 4:47
  the
• 4:48
  markets
• 4:48
  like
• 4:48
  the
• 4:48
  US
• 4:49
  where
• 4:50
  at
• 4:50
  least
• 4:51
  half
• 4:51
  that
• 4:51
  business
• 4:51
  is
• 4:52
  going
• 4:52
  to
• 4:52
  be
• 4:52
  picked
• 4:52
  up
• 4:53
  from
• 4:53
  a
• 4:53
  store
• 4:54
  and
• 4:54
  half
• 4:54
  that
• 4:55
  business
• 4:55
  is
• 4:55
  going
• 4:55
  to
• 4:55
  be
• 4:56
  delivered.
• 4:56
  The
• 4:57
  delivery
• 4:57
  is
• 4:57
  cheaper
• 4:58
  with
• 4:58
  a
• 4:59
  courier
• 4:59
  based,
• 5:00
  you
• 5:00
  know,
• 5:00
  a
• 5:00
  gig
• 5:00
  economy
• 5:01
  for
• 5:02
  a
• 5:02
  variety
• 5:02
  of
• 5:03
  reasons
• 5:05
  you
• 5:06
  can't,
• 5:06
  you
• 5:06
  know,
• 5:07
  how
• 5:07
  do
• 5:07
  you
• 5:07
  take
• 5:07
  advantage
• 5:08
  of
• 5:08
  the
• 5:08
  tipping
• 5:08
  that
• 5:09
  the
• 5:09
  U.S.
• 5:09
  is,
• 5:10
  you
• 5:10
  know,
• 5:10
  it's
• 5:10
  a
• 5:10
  cultural
• 5:11
  thing
• 5:11
  in
• 5:11
  the
• 5:11
  U.S.
• 5:12
  how
• 5:12
  do
• 5:12
  you
• 5:12
  take
• 5:12
  advantage
• 5:13
  of
• 5:13
  it
• 5:13
  if
• 5:13
  you
• 5:14
  employ
• 5:14
  the
• 5:14
  driver
• 5:14
  because
• 5:15
  you're
• 5:15
  still
• 5:15
  paying
• 5:15
  them
• 5:16
  all
• 5:17
  the
• 5:17
  wages
• 5:17
  and
• 5:17
  all
• 5:17
  the
• 5:17
  fringes
• 5:18
  and
• 5:18
  stuff
• 5:18
  like
• 5:18
  that.
• 5:19
  So
• 5:19
  you
• 5:19
  can
• 5:19
  definitely
• 5:20
  see
• 5:20
  why
• 5:20
  it
• 5:21
  has
• 5:21
  trended
• 5:22
  towards
• 5:22
  a
• 5:22
  gig
• 5:22
  based
• 5:24
  pickup.
• 5:25
  Got
• 5:25
  it.
• 5:25
  And
• 5:26
  then
• 5:26
  if
• 5:26
  you're
• 5:26
  going
• 5:26
  to
• 5:26
  do
• 5:26
  pickup
• 5:27
  and
• 5:27
  delivery,
• 5:28
  you
• 5:28
  know,
• 5:28
  the
• 5:28
  hyper
• 5:28
  local
• 5:29
  location
• 5:30
  of
• 5:30
  your
• 5:30
  store
• 5:30
  is
• 5:30
  attractive.
• 5:31
  What's
• 5:32
  so
• 5:32
  interesting
• 5:32
  is,
• 5:33
  you
• 5:34
  know,
• 5:35
  we
• 5:35
  were
• 5:35
  on
• 5:35
  a
• 5:35
  journey
• 5:36
  as
• 5:37
  a
• 5:37
  kind
• 5:37
  of
• 5:37
  partner
• 5:37
  with
• 5:38
  retailers
• 5:38
  on
• 5:38
  a
• 5:38
  very
• 5:39
  exclusive
• 5:39
  basis
• 5:39
  for
• 5:40
  about
• 5:40
  eight
• 5:40
  years.
• 5:41
  So
• 5:41
  the
• 5:41
  last
• 5:42
  eight
• 5:42
  years
• 5:42
  in
• 5:42
  many
• 5:42
  of
• 5:42
  our
• 5:43
  markets
• 5:43
  we've
• 5:43
  been
• 5:43
  exclusive
• 5:44
  to
• 5:44
  one
• 5:44
  retailer
• 5:45
  that's
• 5:45
  all
• 5:46
  fallen
• 5:46
  away
• 5:47
  and
• 5:47
  now
• 5:47
  we're
• 5:47
  kind
• 5:47
  of
• 5:47
  open.
• 5:48
  In
• 5:49
  that
• 5:49
  time
• 5:49
  the
• 5:49
  global
• 5:50
  market
• 5:50
  has
• 5:50
  doubled
• 5:51
  in
• 5:51
  E
• 5:51
  commerce,
• 5:52
  but
• 5:52
  the
• 5:52
  US
• 5:53
  has
• 5:53
  gone
• 5:53
  up
• 5:53
  nearly
• 5:53
  8x.
• 5:55
  So
• 5:55
  the
• 5:55
  US
• 5:56
  eight
• 5:56
  years
• 5:56
  ago
• 5:56
  was
• 5:57
  a
• 5:57
  kind
• 5:57
  of
• 5:57
  sleepy
• 5:59
  behind.
• 5:59
  The
• 5:59
  global
• 6:00
  trend
• 6:00
  market
• 6:01
  rapidly
• 6:02
  caught
• 6:02
  up.
• 6:02
  US
• 6:03
  consumers
• 6:03
  clearly
• 6:03
  love
• 6:04
  the
• 6:04
  convenience
• 6:05
  of
• 6:05
  either
• 6:05
  just
• 6:05
  driving
• 6:06
  past
• 6:06
  the
• 6:06
  store
• 6:06
  and
• 6:06
  having
• 6:07
  it
• 6:07
  put
• 6:07
  in
• 6:07
  their
• 6:08
  trunk
• 6:09
  or
• 6:10
  boot
• 6:11
  as
• 6:11
  we
• 6:11
  would
• 6:11
  call
• 6:11
  it
• 6:11
  in
• 6:12
  the
• 6:12
  uk
• 6:13
  or
• 6:14
  having
• 6:14
  it
• 6:15
  delivered
• 6:15
  to
• 6:15
  their
• 6:15
  homes.
• 6:18
  And
• 6:18
  so
• 6:18
  the
• 6:18
  US
• 6:19
  market
• 6:19
  has
• 6:19
  transformed
• 6:20
  in
• 6:20
  that
• 6:21
  sense.
• 6:22
  And
• 6:22
  you
• 6:23
  know,
• 6:23
  hyperlocal
• 6:23
  didn't
• 6:24
  work
• 6:24
  in
• 6:24
  any
• 6:25
  way
• 6:25
  other
• 6:25
  than
• 6:25
  manual
• 6:26
  in
• 6:26
  the
• 6:26
  US
• 6:27
  eight
• 6:27
  years
• 6:27
  ago
• 6:28
  because
• 6:29
  the
• 6:29
  individual
• 6:30
  store
• 6:30
  volumes
• 6:30
  were
• 6:31
  so
• 6:31
  light.
• 6:31
  They
• 6:31
  were
• 6:31
  like
• 6:31
  one
• 6:31
  or
• 6:32
  two
• 6:32
  million
• 6:32
  dollars
• 6:32
  a
• 6:32
  store.
• 6:33
  No
• 6:33
  point
• 6:33
  about
• 6:33
  thinking
• 6:34
  about
• 6:34
  anything
• 6:34
  like
• 6:34
  automation,
• 6:35
  just
• 6:35
  clearly
• 6:36
  not
• 6:36
  viable.
• 6:37
  Right
• 6:37
  now
• 6:38
  you're
• 6:38
  getting
• 6:38
  stores
• 6:38
  that
• 6:39
  are
• 6:39
  doing
• 6:39
  over
• 6:39
  20%
• 6:40
  of
• 6:40
  their
• 6:40
  sales
• 6:41
  volume
• 6:41
  that
• 6:41
  can
• 6:42
  be
• 6:42
  turning
• 6:42
  25,
• 6:42
  30,
• 6:43
  $35
• 6:43
  million
• 6:44
  of
• 6:44
  E
• 6:44
  comic
• 6:45
  and
• 6:45
  the
• 6:45
  average
• 6:45
  can
• 6:46
  be
• 6:46
  10
• 6:46
  to
• 6:46
  15.
• 6:47
  And
• 6:48
  you
• 6:48
  know,
• 6:49
  automation
• 6:49
  could
• 6:49
  solve
• 6:50
  two
• 6:50
  challenges
• 6:50
  if
• 6:50
  someone
• 6:51
  can
• 6:51
  get
• 6:51
  it
• 6:51
  right.
• 6:52
  And
• 6:52
  the
• 6:52
  first
• 6:52
  challenge
• 6:53
  is
• 6:53
  capacity.
• 6:54
  So
• 6:54
  a
• 6:54
  lot
• 6:54
  of
• 6:55
  US
• 6:55
  stores
• 6:56
  we're
• 6:56
  seeing
• 6:57
  are
• 6:57
  either
• 6:58
  already
• 6:58
  through
• 6:58
  or
• 6:59
  are
• 6:59
  approaching,
• 7:00
  are
• 7:00
  growing
• 7:00
  and
• 7:01
  approaching
• 7:01
  max
• 7:01
  capacity
• 7:02
  where
• 7:03
  it's
• 7:03
  very
• 7:03
  disruptive
• 7:04
  to
• 7:07
  their
• 7:08
  regular
• 7:09
  customers
• 7:10
  or
• 7:11
  just
• 7:11
  physically
• 7:11
  impossible
• 7:12
  with
• 7:12
  the
• 7:12
  kind
• 7:12
  of
• 7:12
  space
• 7:13
  at
• 7:13
  the
• 7:13
  back
• 7:13
  of
• 7:13
  the
• 7:13
  store
• 7:14
  to
• 7:14
  do
• 7:14
  the
• 7:15
  aggregating
• 7:16
  and
• 7:16
  the
• 7:16
  consolidation
• 7:17
  and
• 7:17
  dispatch
• 7:18
  and
• 7:18
  stuff.
• 7:19
  So
• 7:19
  I
• 7:19
  think
• 7:21
  that's
• 7:21
  a
• 7:21
  big
• 7:22
  challenge.
• 7:22
  And
• 7:22
  then
• 7:22
  obviously
• 7:23
  there's
• 7:23
  the
• 7:24
  whole
• 7:24
  kind
• 7:24
  of
• 7:24
  cost
• 7:25
  perspectives
• 7:26
  and
• 7:27
  the
• 7:27
  ease
• 7:27
  of
• 7:27
  use
• 7:27
  from
• 7:27
  the
• 7:28
  consumers
• 7:28
  and
• 7:28
  stuff
• 7:29
  like
• 7:29
  that.
• 7:30
  So
• 7:30
  I
• 7:30
  think
• 7:31
  automation
• 7:31
  is
• 7:32
  absolutely
• 7:33
  right
• 7:33
  now
• 7:33
  we're
• 7:33
  talking
• 7:34
  to
• 7:34
  a
• 7:34
  number
• 7:34
  of
• 7:34
  players
• 7:34
  in
• 7:35
  the
• 7:35
  market
• 7:36
  in
• 7:37
  those
• 7:37
  locations.
• 7:37
  I
• 7:38
  mean,
• 7:38
  if
• 7:38
  you're
• 7:38
  doing,
• 7:39
  you
• 7:39
  know,
• 7:39
  10,
• 7:40
  15,
• 7:40
  20,
• 7:41
  $25
• 7:41
  million,
• 7:42
  you're
• 7:42
  maxed
• 7:42
  out
• 7:43
  now
• 7:43
  and
• 7:43
  you're
• 7:43
  losing
• 7:44
  business
• 7:44
  to
• 7:44
  your
• 7:44
  competitor.
• 7:45
  You
• 7:45
  don't
• 7:45
  want
• 7:45
  to
• 7:45
  do
• 7:46
  that
• 7:46
  or
• 7:46
  you're
• 7:47
  just
• 7:47
  degrading
• 7:48
  the
• 7:48
  customer
• 7:48
  service
• 7:48
  because
• 7:49
  whilst
• 7:49
  you've
• 7:49
  got
• 7:49
  a
• 7:49
  theoretical
• 7:50
  two
• 7:51
  hour
• 7:51
  or
• 7:51
  four
• 7:52
  hour
• 7:52
  offer,
• 7:53
  it's
• 7:53
  not
• 7:53
  two
• 7:53
  hours
• 7:53
  or
• 7:54
  four
• 7:54
  hours
• 7:54
  if
• 7:54
  you're
• 7:54
  sold
• 7:55
  out
• 7:55
  for
• 7:55
  the
• 7:55
  next
• 7:55
  three
• 7:55
  days,
• 7:56
  right?
• 7:56
  Right.
• 7:57
  It's
• 7:57
  become
• 7:57
  a
• 7:57
  four
• 7:57
  day
• 7:57
  service.
• 7:58
  Right.
• 7:59
  And
• 7:59
  so
• 8:00
  I
• 8:01
  think
• 8:01
  that
• 8:01
  the
• 8:01
  market
• 8:02
  needs
• 8:02
  some
• 8:03
  automation.
• 8:03
  But
• 8:03
  let's
• 8:03
  be
• 8:04
  clear,
• 8:04
  people
• 8:04
  have
• 8:04
  been
• 8:05
  playing
• 8:05
  the
• 8:05
  automation
• 8:06
  game
• 8:06
  in
• 8:07
  stores
• 8:07
  for,
• 8:08
  you
• 8:08
  know,
• 8:08
  at
• 8:09
  least
• 8:09
  eight
• 8:09
  years.
• 8:10
  Takeoffs.
• 8:10
  I
• 8:11
  can't
• 8:11
  remember
• 8:11
  when
• 8:11
  they
• 8:11
  were
• 8:11
  prominent,
• 8:12
  but
• 8:12
  probably
• 8:13
  six
• 8:13
  or
• 8:13
  seven
• 8:13
  years
• 8:14
  ago.
• 8:14
  And
• 8:15
  they
• 8:15
  didn't
• 8:15
  work
• 8:15
  because
• 8:16
  they
• 8:16
  used
• 8:16
  too
• 8:16
  much
• 8:16
  space,
• 8:17
  they
• 8:17
  needed
• 8:17
  too
• 8:17
  much
• 8:18
  capital
• 8:18
  and
• 8:18
  they
• 8:18
  didn't
• 8:19
  generate
• 8:19
  the
• 8:19
  efficiencies.
• 8:20
  We're
• 8:20
  able
• 8:21
  to
• 8:21
  deploy
• 8:21
  the
• 8:21
  same
• 8:22
  product
• 8:22
  that
• 8:22
  we
• 8:22
  developed
• 8:23
  for
• 8:23
  the
• 8:23
  big
• 8:23
  sites
• 8:23
  that
• 8:23
  we're
• 8:24
  better
• 8:24
  known
• 8:24
  for
• 8:24
  globally
• 8:25
  in
• 8:25
  terms
• 8:26
  of
• 8:26
  the
• 8:27
  kind
• 8:27
  of
• 8:27
  ASRs
• 8:28
  type,
• 8:28
  the
• 8:28
  cubic
• 8:29
  storage
• 8:29
  machines
• 8:29
  that
• 8:30
  we
• 8:30
  have
• 8:31
  combined
• 8:31
  with
• 8:31
  the
• 8:31
  on
• 8:32
  grid
• 8:32
  robotic
• 8:33
  picks
• 8:33
  that
• 8:34
  we
• 8:34
  do,
• 8:34
  where
• 8:35
  we're
• 8:35
  now
• 8:35
  picking
• 8:36
  millions
• 8:37
  of
• 8:37
  items
• 8:38
  a
• 8:38
  week,
• 8:38
  we're
• 8:38
  picking
• 8:38
  over
• 8:39
  a
• 8:39
  million
• 8:39
  and
• 8:40
  a
• 8:40
  half
• 8:40
  items
• 8:40
  in
• 8:41
  individual
• 8:41
  sites
• 8:42
  a
• 8:42
  week,
• 8:42
  fully
• 8:42
  robotically.
• 8:43
  So
• 8:44
  we're
• 8:44
  able
• 8:44
  to
• 8:44
  kind
• 8:44
  of
• 8:44
  combine
• 8:45
  that
• 8:45
  and
• 8:45
  deploy
• 8:45
  it
• 8:45
  in
• 8:46
  small
• 8:46
  formats
• 8:46
  from
• 8:47
  5,000
• 8:48
  square
• 8:48
  feet
• 8:48
  to
• 8:49
  20,000
• 8:50
  square
• 8:50
  feet,
• 8:50
  from
• 8:51
  $10
• 8:51
  million
• 8:51
  to
• 8:52
  $100
• 8:52
  million
• 8:52
  of
• 8:53
  throughput,
• 8:53
  from
• 8:53
  8,000
• 8:54
  to
• 8:54
  35,000
• 8:55
  SKU
• 8:55
  range
• 8:56
  in
• 8:56
  them
• 8:56
  to
• 8:57
  doing
• 8:57
  things
• 8:57
  like
• 8:57
  merging
• 8:58
  stuff
• 8:59
  that's
• 8:59
  coming
• 8:59
  from
• 8:59
  other
• 9:00
  parts
• 9:00
  of
• 9:00
  the
• 9:00
  retailer,
• 9:00
  like
• 9:01
  scripts
• 9:01
  and
• 9:01
  things
• 9:01
  like
• 9:01
  that
• 9:02
  in
• 9:02
  there.
• 9:03
  So
• 9:04
  we
• 9:04
  haven't
• 9:05
  deployed
• 9:05
  anything
• 9:06
  at
• 9:06
  scale.
• 9:07
  We
• 9:07
  are
• 9:08
  super
• 9:08
  confident
• 9:09
  about
• 9:09
  this
• 9:09
  space.
• 9:09
  We
• 9:09
  think
• 9:10
  it's
• 9:10
  unbelievably
• 9:10
  interesting.
• 9:12
  And
• 9:13
  so
• 9:13
  we
• 9:13
  think
• 9:13
  that
• 9:13
  that
• 9:13
  will
• 9:14
  emerge
• 9:14
  as
• 9:15
  I
• 9:15
  think,
• 9:15
  a
• 9:15
  massive
• 9:15
  product
• 9:16
  in
• 9:16
  the
• 9:16
  US
• 9:16
  market.
• 9:17
  But
• 9:17
  we'll
• 9:18
  continue
• 9:18
  building
• 9:19
  big
• 9:20
  sheds
• 9:20
  in
• 9:20
  Europe
• 9:21
  for
• 9:21
  scheduled
• 9:21
  delivery
• 9:22
  and
• 9:22
  I
• 9:22
  think
• 9:22
  we'll
• 9:23
  add
• 9:23
  some
• 9:23
  of
• 9:23
  those
• 9:23
  on
• 9:23
  in
• 9:24
  Europe
• 9:24
  for
• 9:24
  the,
• 9:25
  you
• 9:25
  know,
• 9:26
  for
• 9:26
  the
• 9:26
  growing
• 9:26
  ultra
• 9:27
  short
• 9:27
  lead
• 9:27
  time.
• 9:28
  When
• 9:29
  you
• 9:29
  move
• 9:29
  into
• 9:29
  the
• 9:29
  ultra
• 9:30
  short
• 9:30
  lead
• 9:30
  time,
• 9:31
  what
• 9:31
  happens
• 9:31
  is
• 9:32
  you
• 9:32
  can
• 9:32
  no
• 9:32
  longer
• 9:33
  batch
• 9:33
  pick
• 9:33
  in
• 9:34
  a
• 9:34
  store.
• 9:34
  So
• 9:34
  to
• 9:35
  gain
• 9:35
  the
• 9:35
  efficiency
• 9:36
  in
• 9:36
  the
• 9:36
  store
• 9:36
  pick
• 9:36
  that
• 9:36
  everybody
• 9:37
  globally
• 9:37
  does
• 9:37
  the
• 9:37
  majority
• 9:38
  of
• 9:38
  volume
• 9:38
  in
• 9:39
  you
• 9:39
  batch,
• 9:40
  you
• 9:40
  know,
• 9:40
  6,
• 9:40
  8,
• 9:41
  10,
• 9:41
  12,
• 9:41
  16
• 9:42
  customers
• 9:42
  or
• 9:42
  whatever
• 9:43
  it
• 9:43
  is
• 9:43
  onto
• 9:44
  a
• 9:44
  single
• 9:44
  trolley.
• 9:45
  You
• 9:45
  then
• 9:45
  divide
• 9:45
  the
• 9:46
  store
• 9:46
  up
• 9:46
  into
• 9:46
  different
• 9:46
  areas
• 9:47
  and
• 9:48
  you
• 9:48
  go
• 9:48
  out
• 9:48
  and
• 9:48
  pick
• 9:48
  one
• 9:48
  to
• 9:49
  200
• 9:49
  items
• 9:50
  at
• 9:50
  a
• 9:50
  time.
• 9:51
  And
• 9:51
  the
• 9:51
  pick
• 9:51
  takes
• 9:51
  you,
• 9:52
  you
• 9:52
  know,
• 9:52
  30,
• 9:53
  40,
• 9:53
  50
• 9:54
  an
• 9:54
  hour.
• 9:54
  Yeah.
• 9:55
  Right.
• 9:55
  Before
• 9:55
  you
• 9:55
  get
• 9:55
  it
• 9:55
  back.
• 9:56
  And
• 9:56
  of
• 9:56
  course,
• 9:56
  remember,
• 9:56
  you
• 9:56
  got
• 9:56
  to
• 9:57
  take
• 9:57
  all
• 9:57
  those
• 9:57
  orders
• 9:57
  first
• 9:58
  and
• 9:58
  then
• 9:58
  systemically
• 9:59
  batch
• 9:59
  them
• 9:59
  and
• 9:59
  then
• 9:59
  send
• 10:00
  the
• 10:00
  person
• 10:00
  out.
• 10:00
  And
• 10:01
  that's
• 10:01
  why
• 10:01
  two
• 10:02
  hours
• 10:02
  of
• 10:02
  four
• 10:02
  hours
• 10:03
  is
• 10:03
  the
• 10:03
  kind
• 10:03
  of
• 10:03
  standard.
• 10:04
  That's
• 10:04
  why
• 10:04
  we're
• 10:04
  at
• 10:05
  the
• 10:05
  level
• 10:05
  that
• 10:05
  we
• 10:05
  are.
• 10:05
  Right.
• 10:06
  Yeah.
• 10:06
  But
• 10:06
  that
• 10:07
  now
• 10:07
  we
• 10:07
  have
• 10:07
  services,
• 10:08
  a
• 10:08
  lot
• 10:08
  of
• 10:08
  them
• 10:08
  that
• 10:08
  say
• 10:09
  we'll
• 10:09
  do
• 10:09
  it
• 10:09
  in
• 10:09
  under
• 10:09
  one
• 10:09
  hour.
• 10:10
  When
• 10:10
  you
• 10:10
  do
• 10:10
  that,
• 10:10
  you
• 10:10
  run
• 10:10
  out
• 10:11
  and
• 10:11
  pick
• 10:11
  an
• 10:11
  individual
• 10:11
  customer
• 10:12
  order,
• 10:12
  your
• 10:13
  pick
• 10:13
  rate
• 10:13
  drops
• 10:13
  between
• 10:14
  50
• 10:15
  and
• 10:15
  75%
• 10:16
  in
• 10:16
  efficiency.
• 10:17
  So
• 10:18
  the
• 10:18
  labor
• 10:18
  cost
• 10:18
  goes
• 10:18
  up
• 10:18
  dramatically.
• 10:19
  You
• 10:20
  charge
• 10:20
  the
• 10:22
  customer
• 10:22
  a
• 10:22
  significant
• 10:23
  premium.
• 10:24
  Using
• 10:24
  the
• 10:25
  automation,
• 10:25
  there
• 10:25
  shouldn't
• 10:26
  be
• 10:26
  a
• 10:26
  premium.
• 10:26
  Okay.
• 10:27
  And
• 10:27
  so
• 10:27
  if
• 10:27
  you
• 10:27
  think
• 10:28
  that's
• 10:28
  an
• 10:28
  emerging
• 10:29
  and
• 10:29
  growing
• 10:29
  part
• 10:29
  of
• 10:30
  your
• 10:30
  business,
• 10:30
  the
• 10:30
  automation
• 10:31
  is
• 10:31
  even
• 10:31
  more
• 10:31
  valuable
• 10:32
  because
• 10:32
  we
• 10:32
  can
• 10:32
  pick
• 10:32
  an
• 10:33
  order
• 10:33
  in
• 10:33
  minutes
• 10:35
  at
• 10:35
  no
• 10:35
  incremental
• 10:36
  cost
• 10:36
  compared
• 10:37
  to
• 10:37
  picking
• 10:37
  the,
• 10:38
  you
• 10:38
  know,
• 10:38
  the
• 10:38
  kind
• 10:39
  of,
• 10:39
  the
• 10:39
  more
• 10:39
  scheduled
• 10:40
  stuff.
• 10:40
  Right.
• 10:41
  So
• 10:41
  it
• 10:41
  should
• 10:41
  get
• 10:41
  you
• 10:41
  faster
• 10:42
  ultimately.
• 10:43
  So.
• 10:43
  All
• 10:43
  right,
• 10:43
  Tim,
• 10:43
  so
• 10:43
  let
• 10:43
  me
• 10:44
  get
• 10:44
  you
• 10:44
  out
• 10:44
  here
• 10:44
  on
• 10:44
  this.
• 10:44
  I
• 10:44
  love,
• 10:44
  I
• 10:45
  love
• 10:45
  talking
• 10:45
  to
• 10:45
  you
• 10:45
  too,
• 10:45
  because
• 10:45
  I
• 10:45
  can
• 10:46
  just
• 10:46
  listen
• 10:46
  to
• 10:46
  you
• 10:46
  forever
• 10:46
  talk
• 10:47
  about
• 10:47
  this
• 10:47
  subject
• 10:47
  because
• 10:48
  you're
• 10:48
  such
• 10:48
  an
• 10:48
  expert
• 10:49
  on
• 10:49
  it.
• 10:50
  You
• 10:51
  kind
• 10:51
  of
• 10:51
  alluded
• 10:51
  to
• 10:51
  it
• 10:51
  already,
• 10:52
  but.
• 10:52
  And
• 10:53
  you
• 10:53
  know,
• 10:53
  and
• 10:54
  I've
• 10:54
  watched
• 10:55
  it
• 10:55
  happen
• 10:55
  too,
• 10:55
  but
• 10:56
  you
• 10:56
  know,
• 10:58
  especially
• 10:58
  in
• 10:58
  the
• 10:58
  us
• 10:59
  the
• 10:59
  desire
• 11:00
  to
• 11:00
  go
• 11:01
  into
• 11:01
  micro
• 11:02
  fulfillment
• 11:02
  for
• 11:02
  automation,
• 11:03
  whether
• 11:03
  at
• 11:03
  the
• 11:03
  store
• 11:04
  level
• 11:04
  or
• 11:04
  say
• 11:04
  like
• 11:05
  a
• 11:05
  nearby
• 11:06
  site,
• 11:06
  a
• 11:06
  dark
• 11:06
  store,
• 11:06
  quote
• 11:07
  unquote,
• 11:07
  it's
• 11:08
  gone
• 11:08
  up
• 11:08
  and
• 11:08
  down
• 11:09
  like
• 11:09
  it's
• 11:09
  waxed
• 11:10
  and
• 11:10
  waned.
• 11:11
  And
• 11:11
  it
• 11:11
  felt
• 11:12
  like
• 11:12
  we
• 11:12
  were
• 11:13
  felt
• 11:14
  like
• 11:14
  coming
• 11:14
  out
• 11:14
  of
• 11:14
  the
• 11:14
  pandemic,
• 11:14
  it
• 11:15
  was
• 11:15
  like
• 11:15
  at
• 11:15
  a
• 11:15
  trough,
• 11:15
  it
• 11:16
  started
• 11:16
  to
• 11:16
  bounce
• 11:17
  back
• 11:17
  up.
• 11:17
  Now
• 11:18
  it
• 11:18
  felt
• 11:18
  to
• 11:19
  me
• 11:19
  like
• 11:19
  it
• 11:19
  was
• 11:19
  kind
• 11:19
  of
• 11:20
  going
• 11:20
  back
• 11:20
  into
• 11:20
  a
• 11:20
  trough.
• 11:21
  But
• 11:21
  you're
• 11:21
  saying
• 11:21
  the
• 11:22
  opposite.
• 11:22
  You're
• 11:22
  saying
• 11:22
  you
• 11:22
  think
• 11:22
  the
• 11:23
  demand
• 11:23
  is
• 11:23
  still
• 11:23
  there
• 11:24
  to
• 11:26
  experiment
• 11:27
  and
• 11:27
  deploy
• 11:28
  the
• 11:28
  capital
• 11:28
  to
• 11:28
  try
• 11:29
  to
• 11:29
  accomplish
• 11:29
  what
• 11:29
  you're
• 11:29
  accomplishing.
• 11:30
  Yeah,
• 11:30
  look,
• 11:30
  I
• 11:31
  would
• 11:31
  say
• 11:31
  that
• 11:33
  pre
• 11:33
  pandemic
• 11:34
  there
• 11:34
  was
• 11:34
  a
• 11:34
  lot
• 11:34
  of
• 11:34
  just
• 11:35
  a
• 11:35
  general
• 11:35
  experimentation
• 11:36
  and
• 11:37
  actually
• 11:37
  it's
• 11:37
  one
• 11:37
  of
• 11:37
  the
• 11:37
  reactions
• 11:38
  to
• 11:38
  some
• 11:38
  of
• 11:38
  our
• 11:38
  clients
• 11:39
  starting
• 11:39
  to
• 11:39
  build
• 11:39
  big
• 11:39
  sites
• 11:40
  was
• 11:40
  competitors
• 11:41
  to
• 11:41
  try
• 11:41
  and
• 11:41
  build
• 11:41
  micro
• 11:41
  sites
• 11:42
  and
• 11:42
  see
• 11:42
  if
• 11:42
  they
• 11:42
  could
• 11:43
  achieve
• 11:43
  the
• 11:43
  economic
• 11:43
  advantages
• 11:44
  of
• 11:44
  the
• 11:44
  big
• 11:44
  sites,
• 11:45
  but
• 11:45
  in
• 11:45
  a
• 11:45
  more
• 11:45
  hyper
• 11:45
  localized
• 11:46
  way.
• 11:46
  Right.
• 11:48
  Mostly
• 11:50
  fortunately
• 11:50
  or
• 11:50
  unfortunately,
• 11:51
  I'm
• 11:51
  not
• 11:51
  sure
• 11:52
  they
• 11:52
  failed
• 11:53
  because
• 11:53
  actually
• 11:53
  the
• 11:54
  automation
• 11:54
  and
• 11:54
  the
• 11:54
  software
• 11:55
  wasn't
• 11:55
  there.
• 11:56
  So
• 11:56
  actually
• 11:57
  the
• 11:57
  promised
• 11:58
  benefits
• 11:59
  that
• 11:59
  were
• 11:59
  supposed
• 11:59
  to
• 11:59
  arrive
• 12:00
  didn't
• 12:00
  arrive.
• 12:01
  What
• 12:01
  the
• 12:01
  retailers
• 12:01
  discovered
• 12:02
  was
• 12:02
  actually
• 12:02
  it
• 12:02
  was
• 12:02
  costing
• 12:03
  them
• 12:03
  more
• 12:03
  than
• 12:03
  doing
• 12:03
  it
• 12:03
  manually.
• 12:04
  It
• 12:04
  was
• 12:05
  super
• 12:05
  complicated
• 12:06
  and
• 12:06
  therefore
• 12:06
  a
• 12:06
  lot
• 12:07
  of
• 12:07
  them
• 12:07
  just
• 12:07
  got
• 12:07
  decommissioned,
• 12:08
  which
• 12:08
  makes
• 12:09
  absolute
• 12:09
  sense.
• 12:09
  As
• 12:09
  in
• 12:10
  no
• 12:10
  one
• 12:10
  needs
• 12:11
  to
• 12:11
  buy
• 12:11
  automation
• 12:11
  because
• 12:12
  it
• 12:12
  looks
• 12:12
  clever.
• 12:12
  You
• 12:13
  want
• 12:13
  to
• 12:13
  buy
• 12:13
  automation
• 12:14
  because
• 12:14
  it
• 12:15
  financially
• 12:15
  saves
• 12:16
  you
• 12:16
  money
• 12:16
  and
• 12:16
  delivers
• 12:17
  a
• 12:17
  better
• 12:17
  experience
• 12:17
  for
• 12:17
  your
• 12:18
  end
• 12:18
  shoppers.
• 12:19
  Funny
• 12:19
  how
• 12:19
  often
• 12:19
  that
• 12:19
  happens,
• 12:21
  correct?
• 12:21
  Absolutely
• 12:22
  correct.
• 12:23
  Covid,
• 12:23
  obviously
• 12:24
  huge
• 12:24
  growth,
• 12:24
  but
• 12:25
  very
• 12:25
  hard
• 12:25
  for
• 12:25
  people
• 12:25
  to
• 12:25
  deploy
• 12:26
  things
• 12:26
  because,
• 12:26
  you
• 12:26
  know,
• 12:26
  there's
• 12:27
  only
• 12:27
  certain
• 12:27
  stuff
• 12:27
  we
• 12:27
  were
• 12:27
  allowed
• 12:28
  to
• 12:28
  do
• 12:28
  and
• 12:28
  stuff
• 12:28
  like
• 12:28
  that.
• 12:29
  Right
• 12:29
  then
• 12:29
  you
• 12:29
  came
• 12:30
  out
• 12:30
  of
• 12:30
  COVID
• 12:30
  and
• 12:31
  the
• 12:31
  manual
• 12:32
  capacity
• 12:32
  that
• 12:32
  a
• 12:32
  lot
• 12:32
  of
• 12:32
  people
• 12:32
  have
• 12:33
  built
• 12:33
  now
• 12:33
  Wasn't
• 12:33
  getting
• 12:33
  used
• 12:34
  because
• 12:34
  there
• 12:35
  was
• 12:35
  a
• 12:35
  bit
• 12:35
  of
• 12:35
  a
• 12:35
  reversion
• 12:36
  back
• 12:36
  to
• 12:36
  physical
• 12:36
  retail.
• 12:37
  And
• 12:38
  so
• 12:38
  the
• 12:38
  idea
• 12:39
  of
• 12:39
  investing
• 12:39
  capital
• 12:40
  into
• 12:41
  a
• 12:41
  business
• 12:41
  that
• 12:41
  was
• 12:42
  in
• 12:42
  retreat
• 12:42
  was
• 12:43
  obviously
• 12:43
  very
• 12:44
  limited.
• 12:45
  Then
• 12:45
  we
• 12:46
  stabilized
• 12:47
  and
• 12:47
  we
• 12:47
  grew
• 12:48
  for
• 12:48
  a
• 12:48
  bit
• 12:48
  and
• 12:48
  people
• 12:49
  were
• 12:49
  a
• 12:49
  bit
• 12:49
  more
• 12:49
  confident.
• 12:50
  But
• 12:50
  actually,
• 12:51
  it's
• 12:51
  when
• 12:51
  we've
• 12:51
  grown
• 12:52
  around
• 12:52
  the
• 12:52
  globe
• 12:53
  to
• 12:55
  not
• 12:55
  just
• 12:55
  grow,
• 12:56
  but
• 12:56
  get
• 12:56
  back
• 12:57
  to
• 12:57
  doing
• 12:58
  the
• 12:58
  peak
• 12:58
  volume
• 12:58
  we
• 12:59
  did
• 12:59
  during
• 12:59
  COVID
• 12:59
  and
• 12:59
  then
• 13:00
  go
• 13:00
  beyond.
• 13:01
  So
• 13:01
  now
• 13:01
  we
• 13:01
  don't
• 13:01
  have.
• 13:02
  People
• 13:02
  don't
• 13:02
  have
• 13:03
  the
• 13:04
  capacity
• 13:04
  out
• 13:04
  there.
• 13:05
  Now,
• 13:05
  as
• 13:06
  I
• 13:06
  say,
• 13:06
  I
• 13:06
  think
• 13:06
  the
• 13:07
  driver
• 13:07
  at
• 13:07
  the
• 13:07
  moment,
• 13:08
  I
• 13:09
  think
• 13:09
  that
• 13:09
  there
• 13:09
  is
• 13:10
  a
• 13:10
  little
• 13:10
  bit
• 13:10
  of
• 13:10
  a
• 13:10
  less
• 13:10
  demand
• 13:12
  in
• 13:12
  the
• 13:12
  sense
• 13:12
  that
• 13:12
  between
• 13:13
  the
• 13:13
  gig
• 13:14
  economy,
• 13:14
  the
• 13:15
  tips
• 13:16
  and
• 13:18
  charging,
• 13:19
  that
• 13:20
  the
• 13:20
  retailers
• 13:20
  got
• 13:21
  themselves
• 13:21
  in
• 13:21
  a
• 13:21
  bit
• 13:21
  of
• 13:21
  a
• 13:21
  more
• 13:21
  comfortable
• 13:22
  position
• 13:23
  plus
• 13:23
  scale.
• 13:24
  Because
• 13:24
  if
• 13:24
  you
• 13:24
  built
• 13:25
  a
• 13:25
  dedicated
• 13:25
  pickup
• 13:26
  port
• 13:26
  and
• 13:26
  you
• 13:27
  spent
• 13:27
  $150,000
• 13:28
  doing
• 13:29
  it
• 13:29
  or
• 13:29
  $200,000
• 13:30
  doing
• 13:30
  it,
• 13:30
  but
• 13:30
  the
• 13:30
  store
• 13:31
  was
• 13:31
  only
• 13:31
  doing
• 13:31
  a
• 13:31
  million
• 13:31
  dollars,
• 13:32
  we're
• 13:33
  doing
• 13:33
  in
• 13:33
  the
• 13:33
  UK
• 13:34
  we're
• 13:34
  doing
• 13:34
  about
• 13:35
  1.3
• 13:35
  million
• 13:36
  pounds
• 13:36
  of
• 13:36
  sales
• 13:36
  per
• 13:37
  van
• 13:37
  per
• 13:37
  year.
• 13:38
  So
• 13:38
  you
• 13:38
  translate
• 13:39
  that
• 13:39
  into
• 13:39
  the
• 13:39
  US
• 13:39
  in
• 13:40
  my
• 13:40
  head
• 13:40
  right
• 13:40
  now,
• 13:40
  as
• 13:40
  I'm
• 13:40
  doing,
• 13:40
  that's
• 13:41
  about
• 13:41
  1.7
• 13:41
  or
• 13:42
  so
• 13:42
  million
• 13:42
  dollars
• 13:43
  of
• 13:43
  sales
• 13:44
  from
• 13:44
  a
• 13:44
  single
• 13:44
  van.
• 13:45
  A
• 13:45
  van
• 13:46
  cost
• 13:46
  like
• 13:46
  $80,000.
• 13:47
  People
• 13:48
  were
• 13:48
  spending
• 13:48
  two
• 13:49
  or
• 13:49
  three
• 13:49
  times
• 13:49
  that
• 13:50
  to
• 13:50
  create
• 13:50
  a
• 13:50
  pickup
• 13:51
  port,
• 13:51
  saying,
• 13:52
  oh,
• 13:52
  it's
• 13:52
  much
• 13:52
  cheaper,
• 13:52
  because
• 13:53
  my
• 13:53
  customers
• 13:53
  come
• 13:53
  to
• 13:54
  me.
• 13:54
  Meanwhile,
• 13:54
  actually,
• 13:54
  they
• 13:55
  were
• 13:55
  spending
• 13:55
  way
• 13:55
  more.
• 13:55
  They
• 13:55
  were
• 13:56
  using
• 13:56
  more
• 13:56
  labor
• 13:56
  and
• 13:56
  more
• 13:57
  asset
• 13:57
  to
• 13:57
  do
• 13:57
  it
• 13:58
  when
• 13:58
  the
• 13:58
  stores
• 13:58
  were
• 13:58
  at
• 13:58
  1
• 13:59
  to
• 13:59
  2
• 13:59
  million.
• 13:59
  Okay.
• 14:00
  So
• 14:00
  they've
• 14:00
  also
• 14:00
  had
• 14:00
  the
• 14:00
  advantage
• 14:01
  of
• 14:01
  these
• 14:01
  stores,
• 14:01
  like,
• 14:02
  going
• 14:02
  up
• 14:02
  Eightfold
• 14:02
  in
• 14:03
  volume.
• 14:04
  And
• 14:04
  they've
• 14:04
  got
• 14:04
  to
• 14:04
  a
• 14:04
  bit
• 14:04
  of
• 14:04
  an
• 14:04
  equilibrium
• 14:05
  where
• 14:05
  people
• 14:05
  feel
• 14:06
  a
• 14:06
  little
• 14:06
  bit
• 14:06
  more
• 14:06
  comfortable,
• 14:07
  I
• 14:07
  think,
• 14:07
  with
• 14:07
  where
• 14:07
  they
• 14:07
  are,
• 14:08
  where
• 14:08
  the
• 14:08
  discomfort's
• 14:09
  coming
• 14:09
  back
• 14:10
  in
• 14:10
  again,
• 14:10
  where
• 14:11
  the
• 14:11
  demand,
• 14:11
  the
• 14:11
  initial
• 14:12
  demand
• 14:12
  is
• 14:12
  they're
• 14:13
  maxing
• 14:13
  out.
• 14:14
  This
• 14:14
  thing
• 14:14
  just
• 14:14
  doesn't
• 14:14
  stop
• 14:15
  growing.
• 14:15
  So
• 14:15
  it's
• 14:15
  like
• 14:16
  if
• 14:16
  you
• 14:16
  could
• 14:16
  just
• 14:16
  put
• 14:16
  a
• 14:16
  lid
• 14:16
  on
• 14:17
  it,
• 14:17
  we'd
• 14:17
  all
• 14:17
  be
• 14:17
  quite
• 14:18
  happy.
• 14:18
  Right?
• 14:19
  But
• 14:19
  no,
• 14:19
  the
• 14:19
  consumer
• 14:20
  wants
• 14:20
  more
• 14:20
  and
• 14:20
  more
• 14:20
  and
• 14:21
  more
• 14:21
  of
• 14:21
  it.
• 14:21
  And
• 14:22
  it's
• 14:22
  like
• 14:22
  we're
• 14:22
  running
• 14:23
  out
• 14:23
  of
• 14:23
  capacity
• 14:24
  now.
• 14:25
  I
• 14:25
  think
• 14:25
  that
• 14:26
  at
• 14:26
  the
• 14:26
  moment,
• 14:26
  there's
• 14:27
  not
• 14:27
  a
• 14:27
  big
• 14:27
  drive
• 14:28
  to
• 14:28
  try
• 14:29
  and
• 14:29
  do
• 14:29
  something
• 14:29
  to
• 14:30
  try
• 14:30
  and
• 14:30
  save
• 14:30
  5
• 14:31
  or
• 14:31
  10%
• 14:31
  operating
• 14:32
  because
• 14:32
  actually
• 14:33
  people
• 14:33
  perceive
• 14:33
  the
• 14:34
  risk
• 14:34
  of
• 14:34
  failing
• 14:35
  to
• 14:35
  be
• 14:36
  worse
• 14:36
  than
• 14:37
  the,
• 14:37
  you
• 14:37
  know,
• 14:37
  the
• 14:38
  other
• 14:38
  side
• 14:38
  of
• 14:38
  succeeding.
• 14:39
  Yep,
• 14:39
  that
• 14:39
  makes
• 14:39
  sense.
• 14:40
  I
• 14:40
  think
• 14:40
  is
• 14:40
  going
• 14:40
  to
• 14:40
  happen
• 14:40
  in
• 14:41
  the
• 14:41
  market
• 14:41
  is
• 14:41
  the.
• 14:42
  The
• 14:43
  drive
• 14:43
  to
• 14:43
  create
• 14:43
  more
• 14:44
  capacity
• 14:44
  because
• 14:45
  serving
• 14:45
  your
• 14:45
  customers
• 14:46
  is
• 14:46
  paramount.
• 14:47
  That's
• 14:47
  going
• 14:47
  to
• 14:47
  drive
• 14:47
  the
• 14:48
  initial
• 14:48
  trial.
• 14:49
  If
• 14:49
  the
• 14:49
  Trial
• 14:50
  shows
• 14:50
  what
• 14:50
  I
• 14:50
  suspect
• 14:51
  it
• 14:51
  will,
• 14:51
  that
• 14:51
  you're
• 14:51
  going
• 14:52
  to
• 14:52
  see
• 14:52
  significant
• 14:53
  cost
• 14:53
  savings
• 14:53
  with,
• 14:54
  you
• 14:54
  know,
• 14:54
  very
• 14:54
  low
• 14:55
  single
• 14:55
  digit
• 14:55
  year
• 14:57
  returns
• 14:58
  on
• 14:58
  upfront
• 14:59
  investments,
• 15:00
  then
• 15:00
  the
• 15:01
  people
• 15:01
  are
• 15:01
  going
• 15:01
  to
• 15:01
  go,
• 15:01
  hold
• 15:01
  on
• 15:01
  a
• 15:01
  minute
• 15:02
  now
• 15:02
  I've
• 15:02
  deployed
• 15:03
  this
• 15:03
  and
• 15:03
  I
• 15:03
  can
• 15:03
  see
• 15:03
  that
• 15:03
  it
• 15:04
  works.
• 15:04
  I
• 15:04
  can
• 15:05
  now
• 15:05
  roll
• 15:05
  it
• 15:05
  out
• 15:05
  across
• 15:06
  my
• 15:06
  network
• 15:07
  in
• 15:07
  a
• 15:07
  sensible
• 15:07
  way
• 15:08
  from
• 15:08
  the
• 15:08
  busiest
• 15:09
  stores
• 15:09
  down
• 15:09
  to
• 15:09
  the
• 15:09
  least
• 15:09
  busy
• 15:10
  over
• 15:10
  time.
• 15:11
  So
• 15:11
  that's
• 15:11
  a
• 15:11
  trend
• 15:12
  I
• 15:12
  wouldn't
• 15:13
  be
• 15:13
  surprised
• 15:14
  to
• 15:14
  see.
• 15:14
  Right,
• 15:15
  and
• 15:15
  how
• 15:16
  do
• 15:16
  you
• 15:16
  think
• 15:16
  about
• 15:16
  that
• 15:16
  trend
• 15:17
  competitively
• 15:19
  in
• 15:19
  your
• 15:19
  mind?
• 15:19
  Is
• 15:19
  this
• 15:19
  something
• 15:20
  that
• 15:20
  particularly
• 15:21
  again
• 15:21
  from
• 15:21
  the
• 15:21
  US
• 15:21
  market,
• 15:22
  is
• 15:22
  this
• 15:22
  something
• 15:22
  that
• 15:23
  US
• 15:23
  grocers
• 15:23
  are
• 15:24
  going
• 15:24
  to
• 15:24
  eventually
• 15:25
  have
• 15:25
  to
• 15:25
  do
• 15:25
  to
• 15:26
  stay
• 15:26
  competitive
• 15:28
  or
• 15:28
  is
• 15:28
  it
• 15:29
  not
• 15:29
  quite
• 15:30
  that
• 15:30
  yet?
• 15:31
  Look,
• 15:31
  I
• 15:32
  think
• 15:32
  that
• 15:32
  if
• 15:33
  it's
• 15:33
  just
• 15:33
  giving
• 15:34
  capacity
• 15:34
  to
• 15:35
  your
• 15:35
  competitor
• 15:35
  and
• 15:36
  you
• 15:36
  still
• 15:36
  have
• 15:36
  manual
• 15:37
  capacity,
• 15:37
  then
• 15:37
  you
• 15:38
  don't
• 15:38
  have
• 15:38
  to
• 15:38
  do
• 15:38
  it
• 15:39
  at
• 15:40
  the
• 15:40
  point
• 15:40
  that
• 15:40
  your
• 15:40
  competitor
• 15:41
  is
• 15:41
  now
• 15:41
  operating
• 15:42
  their
• 15:42
  business
• 15:42
  at
• 15:43
  5
• 15:43
  or
• 15:43
  10
• 15:43
  points
• 15:44
  lower,
• 15:44
  you
• 15:44
  know,
• 15:45
  all
• 15:45
  in
• 15:45
  fully
• 15:45
  amortized,
• 15:46
  fully
• 15:46
  costed
• 15:48
  economics
• 15:48
  than
• 15:48
  you.
• 15:49
  You're
• 15:49
  going
• 15:49
  to
• 15:50
  find
• 15:50
  that
• 15:50
  you
• 15:50
  probably
• 15:50
  have
• 15:50
  to
• 15:51
  do
• 15:51
  it
• 15:51
  as
• 15:51
  well.
• 15:52
  You
• 15:52
  do.
• 15:52
  Okay,
• 15:52
  I
• 15:53
  think
• 15:53
  where
• 15:54
  for
• 15:54
  20
• 15:55
  years
• 15:56
  people
• 15:56
  underestimate
• 15:57
  the
• 15:58
  complexity
• 15:58
  and
• 15:59
  the
• 15:59
  difference
• 15:59
  between
• 15:59
  a
• 16:00
  good
• 16:00
  one
• 16:00
  and
• 16:00
  an
• 16:00
  average
• 16:01
  one
• 16:01
  and
• 16:01
  a
• 16:01
  bad
• 16:01
  one.
• 16:01
  Okay,
• 16:02
  ok.
• 16:03
  People
• 16:03
  think
• 16:03
  automation
• 16:04
  is
• 16:04
  automation.
• 16:04
  I
• 16:04
  think
• 16:04
  people
• 16:05
  naively
• 16:05
  sometimes
• 16:05
  think
• 16:06
  when
• 16:06
  I
• 16:06
  want
• 16:06
  it
• 16:06
  I'll
• 16:06
  just
• 16:07
  do
• 16:07
  it.
• 16:07
  And
• 16:07
  I
• 16:08
  can
• 16:08
  buy
• 16:08
  that
• 16:08
  from
• 16:08
  anybody
• 16:09
  that
• 16:09
  sells
• 16:09
  automation.
• 16:10
  And
• 16:11
  the
• 16:11
  industry
• 16:11
  is
• 16:12
  littered
• 16:12
  not
• 16:12
  just
• 16:13
  in
• 16:13
  E
• 16:13
  Com
• 16:13
  grocery
• 16:14
  but
• 16:14
  also
• 16:15
  in
• 16:15
  case
• 16:16
  replenishment
• 16:16
  to
• 16:16
  store
• 16:17
  with
• 16:17
  solutions
• 16:18
  that
• 16:18
  didn't
• 16:19
  actually
• 16:19
  deliver
• 16:19
  the
• 16:19
  benefits
• 16:20
  they
• 16:20
  were
• 16:20
  supposed
• 16:20
  to.
• 16:21
  And
• 16:21
  I
• 16:21
  think
• 16:22
  one
• 16:22
  of
• 16:22
  the
• 16:22
  reasons
• 16:22
  why
• 16:24
  we
• 16:24
  believe
• 16:25
  in
• 16:25
  our
• 16:25
  future
• 16:25
  success
• 16:26
  is
• 16:26
  that
• 16:27
  we
• 16:27
  really
• 16:27
  understand
• 16:28
  the
• 16:28
  grocery
• 16:28
  industry
• 16:28
  because
• 16:29
  obviously
• 16:29
  we
• 16:29
  run
• 16:29
  a
• 16:30
  grocery
• 16:30
  business.
• 16:31
  We
• 16:31
  we
• 16:32
  have
• 16:32
  a
• 16:32
  5
• 16:32
  billion
• 16:34
  a
• 16:34
  year
• 16:34
  run
• 16:35
  rate
• 16:35
  grocery
• 16:36
  E
• 16:36
  Com
• 16:37
  entirely
• 16:38
  automated
• 16:39
  business
• 16:39
  in
• 16:39
  the
• 16:39
  UK
• 16:40
  which
• 16:40
  if
• 16:41
  you
• 16:41
  think
• 16:41
  the
• 16:41
  UK
• 16:41
  is
• 16:41
  a
• 16:41
  pretty
• 16:42
  small
• 16:42
  place,
• 16:42
  it's
• 16:42
  not
• 16:42
  a
• 16:42
  small
• 16:43
  achievement.
• 16:45
  And
• 16:46
  you
• 16:46
  know,
• 16:46
  we
• 16:46
  understand
• 16:46
  the
• 16:47
  flows.
• 16:47
  We
• 16:48
  have
• 16:48
  manual
• 16:49
  picking
• 16:49
  software
• 16:50
  in
• 16:50
  over
• 16:50
  a
• 16:50
  thousand
• 16:50
  stores.
• 16:51
  So
• 16:51
  to
• 16:52
  the
• 16:52
  extent
• 16:52
  these
• 16:52
  are
• 16:52
  built,
• 16:53
  attached
• 16:53
  to
• 16:53
  stores
• 16:53
  or
• 16:54
  in
• 16:54
  stores,
• 16:54
  the
• 16:55
  integration
• 16:55
  between
• 16:56
  utilizing
• 16:57
  the
• 16:57
  capability
• 16:57
  the
• 16:57
  store
• 16:58
  and
• 16:58
  the
• 16:58
  automation
• 16:59
  is
• 16:59
  something
• 16:59
  we
• 16:59
  really
• 17:00
  understand
• 17:00
  most
• 17:00
  automation
• 17:01
  players
• 17:01
  won't
• 17:02
  the
• 17:02
  vagaries
• 17:04
  and
• 17:04
  the
• 17:04
  throughputs
• 17:05
  and
• 17:05
  the
• 17:06
  kind
• 17:06
  of
• 17:08
  peaks
• 17:09
  and
• 17:09
  troughs
• 17:09
  and
• 17:10
  challenges
• 17:11
  with
• 17:11
  inbound
• 17:12
  and
• 17:12
  storage
• 17:12
  and
• 17:12
  stuff,
• 17:13
  they're
• 17:13
  all
• 17:13
  things
• 17:13
  that
• 17:14
  we
• 17:14
  totally
• 17:14
  understand.
• 17:15
  We
• 17:15
  simulate
• 17:15
  and
• 17:16
  model
• 17:16
  all
• 17:16
  these
• 17:16
  things
• 17:16
  before
• 17:17
  we
• 17:17
  design
• 17:17
  them
• 17:17
  for
• 17:18
  clients.
• 17:19
  And
• 17:19
  so
• 17:20
  I
• 17:20
  think
• 17:20
  people
• 17:20
  just
• 17:21
  massively
• 17:21
  underestimate
• 17:22
  how
• 17:22
  complex
• 17:22
  and
• 17:23
  difficult
• 17:23
  it
• 17:23
  is
• 17:23
  to
• 17:23
  make
• 17:23
  one
• 17:24
  of
• 17:24
  these
• 17:24
  things
• 17:24
  great.
• 17:25
  But
• 17:25
  we
• 17:25
  believe
• 17:26
  that
• 17:26
  that's
• 17:26
  exactly
• 17:26
  what
• 17:26
  we
• 17:27
  can
• 17:27
  do
• 17:27
  with
• 17:27
  the
• 17:27
  product
• 17:27
  set
• 17:27
  we
• 17:28
  have
• 17:28
  now
• 17:28
  in
• 17:28
  these
• 17:28
  new
• 17:29
  formats.
• 17:29
  And
• 17:29
  that's
• 17:29
  what
• 17:29
  we're
• 17:30
  working
• 17:30
  on.
• 17:30
  Got
• 17:30
  it.
• 17:31
  Got
• 17:31
  it.
• 17:31
  Yeah,
• 17:31
  that
• 17:32
  makes
• 17:32
  sense.
• 17:32
  So,
• 17:33
  you
• 17:33
  know,
• 17:33
  it
• 17:33
  comes
• 17:33
  back
• 17:33
  to
• 17:33
  me,
• 17:34
  like,
• 17:34
  at
• 17:34
  some
• 17:35
  point
• 17:35
  we
• 17:35
  are
• 17:35
  going
• 17:35
  to
• 17:36
  see
• 17:36
  this.
• 17:36
  It's
• 17:36
  just
• 17:36
  a
• 17:36
  question
• 17:37
  of
• 17:37
  when,
• 17:37
  you
• 17:38
  know,
• 17:38
  at
• 17:38
  the
• 17:38
  end
• 17:38
  of
• 17:38
  the
• 17:38
  day.
• 17:39
  Well,
• 17:39
  Tim
• 17:39
  Steiner,
• 17:40
  thank
• 17:40
  you
• 17:40
  so
• 17:40
  much.
• 17:41
  Thank
• 17:41
  you.
• 17:41
  Absolutely.
• 17:42
  Pleasure
• 17:42
  to
• 17:42
  see
• 17:42
  you
• 17:42
  again,
• 17:43
  too.
• 17:43
  Yes.
• 17:43
  Tim
• 17:44
  Steiner,
• 17:44
  the
• 17:44
  CEO
• 17:45
  of
• 17:45
  Ocado.
• 17:45
  Thanks
• 17:45
  to
• 17:45
  Vuzion
• 17:46
  for
• 17:46
  allowing
• 17:47
  us
• 17:47
  to
• 17:47
  bring
• 17:47
  you
• 17:48
  all
• 17:48
  of
• 17:48
  this
• 17:48
  great
• 17:48
  coverage
• 17:49
  from
• 17:49
  all
• 17:49
  these
• 17:49
  fabulous
• 17:50
  retail
• 17:50
  executives
• 17:51
  at
• 17:51
  the
• 17:51
  World
• 17:51
  Retail
• 17:51
  Congress
• 17:52
  in
• 17:52
  Berlin.
• 17:52
  And,
• 17:53
  and
• 17:53
  on
• 17:53
  behalf
• 17:53
  of
• 17:54
  all
• 17:54
  of
• 17:54
  us
• 17:54
  at
• 17:54
  omnitalk,
• 17:55
  as
• 17:55
  always,
• 17:55
  be
• 17:56
  careful
• 17:56
  out
• 17:56
  there.