Latest / The Retail Podcast / Retail Media in 2026: What Shoppers Actually Want | Michael Schuh, dunnhumby

Transcript

Retail Media in 2026: What Shoppers Actually Want | Michael Schuh, dunnhumby · The Retail Podcast

• 0:00
  You know, 90% of engagement and transaction still happens in
• 0:04
  store, at least in in grocery and then some of the core sort
• 0:07
  of retail vertical. But retail media spends is less
• 0:11
  than 1% in the US, less than 1% of it is in store.
• 0:14
  I mean, that's completely backward.
• 0:26
  Hello and welcome back to the Retail Podcast.
• 0:29
  Now I'm smiling whenever I'm smiling, you know that I've got
• 0:31
  something special. And I have a very special
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  episode today in partnership with Dun Humby and you make a
• 0:38
  Who's Dun Humby? But we'll get to that in a
• 0:40
  minute when we meet Michael Shu from Dun Humby.
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  But the reason why for me it is special is this is a
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  conversation that I've had globally.
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  I've had it at different conferences in New York, at NRF
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  and at Shop Talk in Las Vegas, and it all ends up around the
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  same. What does the data say?
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  What are the customers actually want?
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  So when I had the opportunity to partner with Dunham B and have a
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  grown up conversation based on data, I jumped on it.
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  So Michael, without any further ado, if you don't mind, just
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  sort of telling us a little bit about who you are, what you do,
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  and then we'll dive into what the date is telling.
• 1:18
  Sure, Alex. Thanks for having me click.
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  Great to be here. I'm Michael Shue.
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  I'm the Global Head of Media at Dunham B, where I lead our
• 1:25
  retail media teams across our consulting and our propositions
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  business for our retail and our brand clients across the globe.
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  For those who don't know, Dunhambey is the world's leading
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  retail data science organisation.
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  We've helped our retail and brand clients for over 30 years
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  drive better customer experiences and commercial
• 1:45
  outcomes for their business across really 3 or 4 different
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  pillars, loyalty and personalization, a category
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  management, pricing, promotion, assortment decisions, insights,
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  monetization as well as well as retail media, which is my core
• 1:59
  focus and I'm sure will be, you know, a big part of our
• 2:01
  conversation today. Yeah.
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  Thank you for that. As I said, I'm going to jump
• 2:06
  straight in because I know the listeners are going to be
• 2:08
  wanting to know what is this data?
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  What is this report? The research actually will be
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  launched today on the dunhumby.com website.
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  So anything that you hear, Michael and I talking about,
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  you'll see some graphical material as we talk about some
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  stats. We won't cover all the stats,
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  but please feel free to go off the humby.
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  It'll be in the show notes so you can find out where it goes,
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  but without, you know, without talking too much.
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  Let me get straight into it. So when I had the the privilege
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  of having a pre read of the research, Michael, one of the
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  things that struck me was that 91% of shoppers are comfortable
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  sharing data, which is not new, but only when they get something
• 2:47
  genuinely valuable back. So the days of here's an e-mail
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  sign up giving me something, you know, I think are gone.
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  There has to be that reciprocity in relationship and retail is
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  sort of having to earn the trust for shoppers who are still
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  making. So making it conditional deals
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  that can just disappear very quickly leads to a disappointing
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  experience. But I'm really curious in terms
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  of the 91 percent of shoppers that are comfortable sharing
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  data, can you sort of expand on that point for us?
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  Yeah, happy to so the the report itself, we thought to take a new
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  angle on retail media. Of course, retail media isn't
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  new by any means, been growing for years and almost everything
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  you read in in the trades, in the media or by having
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  conversations at conferences or events is all about the
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  retailers and the brands, what advertisers need, what
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  advertisers want, the technology underpinning all of that.
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  What we did with this report is we wanted to ask shoppers, what
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  is your experience with retail media?
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  Do you recognise it? Do you see it?
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  Do you like it? How can retail media better
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  serve you? And so Alex, you mentioned that
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  the 9 out of 10 was a surprising sad for us a little bit that it
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  was that high that 9 out of 10 customers were willing to share
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  their data with retailers, but only if they got meaningful
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  value in return. But that really told us as we,
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  as we, we looked into it was that personalization is now a
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  baseline expectation. And we could call it like the
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  Netflix ization or the Spotify ization of everything, right?
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  You discovery is, is no longer something that you're willing,
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  the customers are willing to sort of scroll through pages and
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  pages of content to get to what they need.
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  The expectation that the data they're providing and the
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  algorithms and the models that media companies, ad tech, you
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  know, retailers are able to deploy actually surfacing the
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  most relevant items to the shopper to make it easier on
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  them as they shop, as they experience the overall sort of
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  digital experience online. And there's some other sort of
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  even stats that were complimentary to that too, with,
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  you know, 7 out of 10 shoppers more likely to trust
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  personalised ads versus generic messaging because they know they
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  had, they had input into it right there.
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  Their relationship with that retailer and that brand is part
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  of what makes that experience great and continue to improve
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  over time. Yeah, no, it's, it's, it's an
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  interesting moment because I find lots of specifically around
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  this next point, lots of people, I've been saying this for a
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  while and as a lot of people, we've not had the data around
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  this. Could you sort of expand on the
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  interesting findings around shoppers who respond strongly to
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  personalization when it's part, when it's based on past
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  behaviour? I think, I think that's like one
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  that I've been saying, you know, if I'm willing to give you my
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  data, why aren't we doing more to together?
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  But obviously your data, your research is now saying that
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  that's the point. Could you just sort of expand on
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  that for? US yeah, it goes, it goes back a
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  little bit to the promise of of retail media, right?
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  Retail data is the is the gold, right in this, in this sort of
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  experience, right. And it helps because it tells
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  you not just things that have been used in media and
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  advertising to, you know, create audiences for years, like
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  demographics or where somebody lives or, you know, maybe their
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  age. It actually shows what people
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  buy and how often they buy it, whether they switch between
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  different brands or what happens when they enter a new category,
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  all those different points. And so we heard loud and clear
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  from shoppers in the study that the most important thing that
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  they hear from or they see in terms of retail media from
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  retailers is based on their past purchase behaviour.
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  And so making it easy to check those items off the list that
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  maybe you buy every week at the grocery store or, or even if
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  it's not grocery, it's home improvement and you've got your,
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  you know, I already have a particular brand of tools that I
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  like, right? How do you personalise what
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  you're looking for in that moment based on the things that
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  you always buy that you're frequently looking for to help
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  narrow down the set of, you know, hundreds of choices that
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  are out there? To drive a better experience
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  through that. And to get beyond some of the
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  sort of, you know, generic or aspirational messaging that
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  might be out there to really help the customer, you know, do
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  what they're looking to do. Yeah.
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  I, I, I, it's really interesting because one of the other
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  elements of that ties into that is the fact that familiarity
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  around savings and advertising. Because again, this is another
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  topic I've heard people talk about where they say, are you
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  giving the right person the right discount?
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  And I noticed that you also mentioned that in your research.
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  Could you just sort of expand on that for us in terms of
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  delivering the and and what, what good, what good looks like
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  in that aspect when you tie the two of savings and advertising
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  together? Yeah, Ioffer personalised offers
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  and savings or even generic offers and savings rated really
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  highly in the report as well in terms of what most influence
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  purchase decisions. And, and there was the synergy
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  actually that we saw between, you know, messaging that was
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  offer or savings related and somebody actually seen
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  advertising, right? The, the 2 who sort of worked in
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  unison with each other to drive more relevancy and more impact
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  from the shopper itself. And it's, it's really the not
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  just a combination of those things, but the familiarity that
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  that creates and the, the call to action that that creates for
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  the shopper as well. Now certainly this is going to
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  be different at different retailers who might be everyday
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  low price or you know, ones that are highly promotional driven.
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  But it creates some of that, like I said, call to action for
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  a shopper that combines both relevancy and an appropriate and
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  urgent message that showcases, you know, what that retailer may
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  be offering or a brand may be offering that may be different
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  from what they might see elsewhere.
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  Do what? Just out of curiosity, were
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  there any other elements that were similar to that that you
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  found surprising just from your experience?
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  You know, in terms of familiarity with advertising, I
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  don't know what was there like a list like I don't know top five
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  or three of things that you saw in that area in terms of what
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  consumers were were rating high. Offer and savings were certainly
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  high in there as well. Seeing consistent messaging
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  across channels is something that we often see, you know, you
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  can see a message one place, but we know people's attention spans
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  are short and you've got to see things you know multiple times
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  sometimes for it to stick. So that connection between what
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  might be in store media and you know, online, something you
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  might have seen when you were doing research before you
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  entered the store. There's, there's some elements
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  there. I think the creative is more
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  important than we give it credit for in retail media.
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  A lot of times we talk so much about the data, about the
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  measurement, the brand's message actually coming through and
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  being inspirational in terms of the creative and the imagery
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  that is actually used. And doing that again,
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  consistently across channels, I think is, is incredibly
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  important to helping bring that customer along on that journey,
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  especially as, as they might be considering, you know, certainly
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  if you go outside a grocery where you've got, you know, a
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  more frequent and, and routine purpose where you're making a, a
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  larger purchase that maybe has a longer purchase cycle, something
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  you might only buy once or twice a year, or maybe even, you know,
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  every few years that that consistency is really important
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  as well. I, I, I love that because that
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  sort of lends itself into innovation and technology and,
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  and data where where you were talking about, you know, you
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  often hear again, these sort of comments about customers not
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  wanting intrusive technology, but they want to be known.
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  And so, you know, where technology sort of takes away
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  from the shopping experience or from the consumer experience
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  versus automated retail. I'm just curious as an expert in
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  the field, what you're thinking is between sort of smart retail
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  and over automated retail or if there was anything in the
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  research about that? Yeah, we had some really
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  interesting findings in the research.
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  Our team actually put together a whole list of just suggestions
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  on to ask shoppers, hey, hey, what would you think about this
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  if your local retailer offered personalised pricing, offered
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  tailored health suggestions, offered agentic commerce, like
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  this whole list of things. And so we sort of pulled
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  people's attitudes on all of these things just to get a sense
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  of, of what they thought. And maybe not surprisingly, you
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  know, any technologies got sort of a life cycle, right?
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  You got your early adopters, you've you've kind of then you
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  move down, you start to raise disillusion by a little.
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  And then there's just general adoption down down the line,
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  right. The things that had been around
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  longer that were more familiar for people, certainly those were
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  ones that pop to the top of the list as as things that people
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  were excited about, things like personalised pricing, things
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  like in store screens with product suggestions, things like
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  tailored health suggestions. You know, certainly the the
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  health and and the ingredients in our food, especially as it
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  relates to grocery have become much more part of the
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  conversation in recent years. But then, you know, newer
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  technologies, whether it was a into commerce, whether it was
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  kind of wearables in store, other things like that, you
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  know, where people were less excited about this or at least a
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  smaller percentage of people were excited about.
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  And maybe that's a little bit to be expected.
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  But, you know, it shows a little bit of where shoppers heads are
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  at right now, where they're out on the curb and how retailers
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  can actually meet customers where they are, what the
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  expectation is on what they deliver from a technology
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  standpoint. But also what are the what are
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  the newer technologies that retailers need to be thinking
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  about now, talking to their shoppers about and getting out
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  ahead of to be seen as innovators and seen as leaders?
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  You know, a year or two years or three years down the line when
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  maybe those technologies are a little bit more commonplace and
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  customers are a little bit more, you know, excited and ready to
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  embrace them. OK.
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  There's a point that you made there that I want to come back.
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  Retailers often sort of talk about first party data as a
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  competitive advantage. But if I'm not mistaken, I think
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  your your findings suggest that shoppers only see that value
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  when the data improves the experience in a visible way.
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  Do you think are too many retail media strategies still too close
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  to retailer centric rather than shoppers centric?
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  I don't, I don't know if you if you have any thoughts on that.
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  I don't know if I'd say too close to retail centric, but but
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  it's interesting, you know, we've worked with, you know,
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  dozens of retailers and their media businesses across the
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  globe. And in some ways they're all the
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  same and in some ways they're each unique, right?
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  And so, you know, the, the, the, the power of the data asset that
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  they have and the connection with their loyal customers.
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  Those are, those are incredibly important.
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  And where the media business sits and how it's connected to
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  the core retail business might look a little bit different for
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  each individual retailer. That could be based on, you
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  know, team structures, that could be based on market, that
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  could be based on size and scale, that could be based on
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  competition in different areas. But for each, for each
• 14:08
  individual retailer, it's about figuring, figuring out what's
• 14:10
  right for them, what's their core value proposition with
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  their retail business and how does that then extend into their
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  media business and how they leverage the, the customer data
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  asset that they have to make those customer experiences that
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  much, that much better. And so I think it can be done a
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  number of different ways. It can be done successfully a
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  number of different ways. But part of it is diagnosing for
• 14:33
  that particular retailer for their value proposition, for
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  their place in the market, for their competitive set, for their
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  customer customer set, what is right for them.
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  And how does media be a core driver of not just the
• 14:47
  profitability of the business, but of the retail business as
• 14:50
  well? Right.
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  We've we've learned through this study that using that data to be
• 14:54
  more effective with the touch points with each of your
• 14:57
  customers drives higher purchase.
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  So that gets one more item in the basket that gets somebody
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  into a new category that drives core retail business growth.
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  So that's, that's some of what I don't think we talked about, but
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  enough what retail media is. Yes, we, you know, retailers can
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  make profit by monetizing the data and monetizing the
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  experience a little bit. They can also grow their core
• 15:18
  retail business. Yeah, I'd say, again, playing it
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  back, if I'm a retail executive listening to this, what's the
• 15:24
  biggest missed opportunity then? Is it is it around data
• 15:28
  execution or is it around measurement then?
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  And I say yes to both of us, yeah.
• 15:35
  You're allowed to say yes. Yeah, some of it, you know, it's
• 15:39
  a again, it's going to be, I don't want to, you know, cop out
• 15:42
  and say it's going to be unique to everybody.
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  But the reality is, I think a big part of it is data getting
• 15:47
  the, getting the data structures, the data
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  interoperability, the data connection points, right, is one
• 15:52
  of the one of the biggest challenges we work with our
• 15:54
  retail clients on because you've got, you know, legacy data
• 15:57
  assets that have been in play for decades, right?
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  You've got your e-commerce data over here, you've got your media
• 16:02
  data over there, you've now got exposure piles coming in over
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  here, you got your customer loyalty data here.
• 16:08
  Those all can't be separate, right?
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  They have to talk to each other. They have to, they have to
• 16:12
  support insights and audience building upfront.
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  They have to support measurement on the back end.
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  And if you're pulling from all those different sources, you're
• 16:20
  messing around with a whole bunch of Excel sheets and
• 16:22
  copying out of PDF files and everything else, nothing that is
• 16:26
  going to deliver sustainable measurement over time.
• 16:28
  And so the two are really connected back to your question.
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  And you know, a big part of, you know, as, as retailers have
• 16:36
  stood up these media businesses over time, many of them have
• 16:40
  done so with a, a panel and an inventory and a partner focus
• 16:45
  1st. And now we see so many of our
• 16:47
  retailers saying, oh great, we've scaled our business to X
• 16:51
  $1,000,000. But now it's becoming really
• 16:54
  difficult to actually scale further because the operational
• 16:57
  and the executional aspect of it, we can't continue to hire
• 17:01
  more people to execute campaigns.
• 17:03
  How do we actually improve the interoperability, the efficiency
• 17:08
  of what we can do so that we can scale further?
• 17:10
  Obviously you have this conversation quite a lot and on
• 17:14
  a daily basis and I'm putting this, but I don't know if the
• 17:17
  research sort of lends itself to this answer.
• 17:20
  But I'm curious in in your opinion, in terms of what what
• 17:23
  do you think or does the research show you what the
• 17:26
  market is still getting wrong when they're thinking about
• 17:29
  retail media or not wrong that can be improved because that's a
• 17:32
  bit too negative. I don't, you know, in terms of
• 17:35
  no one wants to be told that they're doing it wrong.
• 17:37
  But wait, where no research lend itself into, you know, so yeah,
• 17:43
  what, what, what, what where do where do you think they they
• 17:46
  could do better? I think it goes back to some of
• 17:48
  the personalization point that we we talked about early on and
• 17:51
  just how the, the baseline expectation for what
• 17:54
  personalization is and how a retailer and a brand engages
• 17:58
  with a shopper as the bar has been raised a little bit, right.
• 18:01
  If there's, if there's no personalization, if there's no,
• 18:05
  if there's no relevancy, the, the message is really just going
• 18:09
  to get lost in the sea of the thousands of other messages we
• 18:13
  see every day, right? That's just, that's just modern,
• 18:16
  modern life. And, and so, you know, we, we, I
• 18:19
  think we heard in the research from shoppers that those
• 18:21
  retailers who aren't delivering on that baseline expectation of
• 18:25
  relevancy and personalization and great customer experiences,
• 18:28
  they're willing to go shop elsewhere.
• 18:30
  They're willing to drive down the street and, and, and you
• 18:32
  know, get, get their goods from, you know, somebody who is
• 18:36
  meeting that need for them. And so that, that's a bit of
• 18:39
  what I think it has come out of it and, and where this
• 18:41
  conversation and it's going to gravitate back towards a little
• 18:44
  bit. Like I said, it's, it's going to
• 18:45
  be less about adding channels, adding inventory, adding all the
• 18:48
  things. And it's going to be more about
• 18:50
  how do you raise the bar in terms of how you're driving
• 18:53
  relevancy and connection using insights to actually meet the
• 18:57
  customer where they are based on what their data and what their
• 19:01
  that what their purchase behaviour is telling you.
• 19:04
  OK. I'm just sort of thinking
• 19:06
  through what you've said if you were going to describe the ideal
• 19:10
  retail media scenario. So based on and I think I've
• 19:13
  got, I've got that image in my mind, but I love to hear it from
• 19:16
  your perspective. So based on the research that
• 19:19
  you that we've gone through and that you you have released
• 19:22
  today, if you were going to build that perfect, you know,
• 19:27
  2-3 years down from down the line, I'm going to act on the
• 19:30
  research. What would that experience or
• 19:33
  what, what would it look like from a business perspective, if
• 19:36
  you like and A and a customer perspective, Yeah.
• 19:39
  I'll start from the customer perspective because I think
• 19:41
  that's where that's where the research started and I think
• 19:44
  that's where I would encourage any retailer to start too.
• 19:48
  And brand, we've got to think about, you know, one of the
• 19:50
  things you know, I'm here in the US, which is, you know, a little
• 19:54
  bit different than other markets, but you know, 90% of
• 19:57
  engagement and transaction still happens in store, at least in in
• 20:01
  grocery and in some of the core sort of retail verticals.
• 20:03
  And but retail media spends is less than 1% in the US, less
• 20:09
  than 1% of it is in store. I mean that's completely
• 20:11
  backwards. And so you're talking about
• 20:13
  creating that that. That sort of makes sense to me.
• 20:17
  Right. So, you know, it makes sense
• 20:19
  that the size and scale of the stores and the CapEx required to
• 20:21
  deploy, you know, digital screens and other things too.
• 20:24
  But you're, you've again back to the research, taking the
• 20:28
  customer focused view, you've got to meet the customer where
• 20:30
  they are. If you're not personalising that
• 20:32
  in store experience, if you're not creating a great modern
• 20:35
  experience, you're just potentially cluttering the
• 20:37
  digital experience and not serving that customer as
• 20:40
  holistically as you need to. And so I think 2-3 years down
• 20:43
  the line, I think the in store media environment, not just in
• 20:47
  the US, but globally, it's going to continue to evolve and look
• 20:50
  much different than it does today.
• 20:52
  I think people, customers, especially younger shoppers, we
• 20:55
  heard in the, in the, and the research are, are craving a much
• 21:00
  more experiential relationship with, with retailers.
• 21:04
  There's been a lot written about the sort of disappearance of
• 21:06
  third places, right? And different things.
• 21:08
  And people, people want that experience, right?
• 21:11
  People want to be social and engage in, in different ways.
• 21:14
  And I, I think anybody who can, any retailers and brands who can
• 21:19
  take that view first on how do we, you know, 2 years from now,
• 21:22
  how do we create something that customers really fall in love
• 21:25
  with is going to be really important?
• 21:28
  And then, you know, to then backtrack into, all right, what
• 21:31
  does a retailer and what does a retail media business actually
• 21:34
  need to do to serve that? I think it does go back to a few
• 21:37
  of the things we talked about already with the
• 21:39
  interoperability of data with the connection points across
• 21:42
  different partners. You know, certainly ad tech
• 21:45
  partners play a major role in all of this.
• 21:47
  But if you've got six different ad tech partners as part of your
• 21:50
  retail media business and none of them talk to each other and
• 21:53
  there's no orchestration layer between them, how difficult are
• 21:56
  you making it on an advertiser to actually buy from you and to
• 22:00
  create, again, a consistent customer experience for your
• 22:04
  shoppers? Really, really, really
• 22:06
  difficult. And so that's where, you know,
• 22:08
  whether it's orchestration, whether it's an intelligence
• 22:10
  layer across all of those. And it's part of how we talked
• 22:13
  about it at Dunhambee, that that's something that's going to
• 22:15
  have to evolve and evolve rapidly.
• 22:18
  And I think the technology and the processing power exists now
• 22:21
  to be able to do that. But those those retail media
• 22:24
  businesses that are taking that view and that Longview on what
• 22:27
  they need to do strategically to scale their business and create
• 22:31
  the right customer experiences, those are the ones that are
• 22:34
  ultimately going to win out. I love it.
• 22:36
  Final question. So what one of the points that I
• 22:40
  I'm thinking about, where does Dunn Humby fit in this?
• 22:44
  Where do you come into the process?
• 22:46
  Like when should I be thinking to reach out to?
• 22:48
  You. Yeah.
• 22:48
  So as I mentioned, you know, we're the leaders in customer
• 22:51
  data science and that applies through many aspects of our
• 22:55
  retailer and brand business. But in media specifically, our,
• 22:59
  our bread and butter is, is insights and measurement.
• 23:02
  That's what we we hang our head on 1st is how do we help our
• 23:06
  retail and brand clients better understand how and where to
• 23:10
  deploy their media? What's going on with the
• 23:13
  customers? Where are you losing customers?
• 23:15
  What works in terms of the, the media channels based on past
• 23:19
  campaign execution? What's going on with the core
• 23:21
  retail business? And how do you reach the right
• 23:23
  customers with the right message at the right time that, that
• 23:25
  old, you know, that old adage, right?
• 23:27
  And then how do you close the loop back through measurement
• 23:30
  and how do you do it not just for one channel or for one
• 23:33
  partner, but across all aspects of the business?
• 23:36
  And so many brands are thinking about holistic investment and
• 23:40
  you know, it's not just about, you know, attributed spend, it's
• 23:43
  about what did this actually do for me above and beyond what
• 23:46
  would have already happened. Whether you own incrementality
• 23:49
  or call it something else. A core part of our, our analytic
• 23:52
  offering is, is insights and measurement.
• 23:55
  And then, you know, we help, we helped out of retail and brand
• 23:57
  clients with consulting advisory services as well.
• 24:01
  We've, we've helps retailers design their entire retail media
• 24:04
  business, for example. We've helped them sell and help
• 24:07
  them do lots of different things.
• 24:09
  And we've also help them at different stages in their
• 24:11
  journey to hey, I want to do this one thing I want to bolt
• 24:14
  this piece on or I'm stuck. Like, you know, we talked about
• 24:16
  earlier in terms of the operational aspect of running a
• 24:19
  media business, yeah, which we've come in and, and helps
• 24:22
  retailers kind of upscale their upscale their, their operations
• 24:25
  practise to scale differently and meet the market in different
• 24:29
  ways. So there's a host of things we
• 24:31
  do and, and, and it's one of the, it's what I, what I live
• 24:34
  and breathe every day. And it's, it's fun to see
• 24:37
  different aspects in different markets or different retailers,
• 24:40
  bring some of those learnings in to help 1 retailer and reach
• 24:44
  their own aspirations, which, you know, might or might not be
• 24:49
  exactly what they, they think they want.
• 24:52
  It's fun to have those conversations and bring that
• 24:54
  perspective in and help them. OK, Final question.
• 24:57
  If I obviously I, you know, I'm a general technologist, not a
• 25:00
  retail media expert, so I have to acknowledge that.
• 25:03
  What's the one question I should have asked you that I didn't?
• 25:09
  Oh gosh. I may have asked all the all the
• 25:12
  right ones, so if that's that's great.
• 25:15
  But I'm just curious, is there one question you were expecting?
• 25:18
  From you did ask all the right ones.
• 25:21
  The, the, the piece I'm surprised you didn't ask about
• 25:24
  is just the, the vast amount of retail media networks and retail
• 25:28
  media companies and businesses out there and whether or not
• 25:32
  there's going to be consolidation amongst them,
• 25:34
  whether or not there's going to be more of a network aggregated
• 25:38
  play across them in certain markets.
• 25:41
  Generally, that's part of the conversation.
• 25:42
  It has been for years. But you know, I have a lot of
• 25:45
  empathy for the reality that friends and agencies have more
• 25:49
  choice than ever and more to learn than ever having to invest
• 25:54
  across sometimes dozens of different retail media
• 25:57
  businesses. Learn the intricacies of it.
• 26:00
  I love it. Well, if people want to get hold
• 26:03
  of the report, which is out today, it's LinkedIn.
• 26:06
  The show notes. You can find it on dunhamby.com.
• 26:09
  And with that, Michael, thank you so much for coming to have
• 26:12
  this conversation with me. It genuinely is an in really
• 26:15
  interesting piece of interest and I look forward to possibly
• 26:19
  meeting you at one of these many conferences that I attend.
• 26:22
  Sounds great. Thanks, Alex.