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Your Exclusive Shoptalk Europe 2026 Key Takeaways Podcast · Omni Talk Retail

• 0:00
  Okay.
• 0:00
  Hello,
• 0:01
  everyone,
• 0:01
  and
• 0:02
  welcome
• 0:02
  to
• 0:02
  your
• 0:03
  shop
• 0:03
  talks
• 0:04
  Europe
• 0:05
  2026
• 0:06
  key
• 0:06
  takeaway
• 0:07
  session.
• 0:07
  I'm
• 0:07
  Chris
• 0:08
  Walton.
• 0:08
  I'm
• 0:08
  the
• 0:08
  CEO
• 0:08
  and
• 0:09
  President
• 0:09
  of
• 0:09
  the
• 0:09
  Omnitalk
• 0:10
  Retail
• 0:10
  Podcast
• 0:11
  Network.
• 0:12
  And
• 0:12
  you
• 0:13
  all
• 0:13
  in
• 0:13
  the
• 0:13
  audience,
• 0:14
  in
• 0:15
  addition
• 0:15
  to
• 0:15
  the
• 0:15
  three
• 0:16
  panelists
• 0:16
  next
• 0:16
  to
• 0:16
  me,
• 0:17
  are
• 0:17
  about
• 0:18
  to
• 0:18
  be
• 0:18
  part
• 0:19
  of
• 0:19
  a
• 0:19
  live
• 0:20
  podcast,
• 0:20
  which
• 0:21
  means
• 0:21
  that
• 0:21
  everything
• 0:21
  you
• 0:21
  see
• 0:22
  and
• 0:22
  hear
• 0:22
  on
• 0:22
  stage
• 0:23
  over
• 0:24
  the
• 0:24
  next
• 0:24
  40
• 0:25
  minutes
• 0:25
  will
• 0:25
  be
• 0:25
  available
• 0:26
  via
• 0:26
  the
• 0:27
  Omnitalk
• 0:27
  retail
• 0:28
  Podcast
• 0:28
  network,
• 0:29
  which
• 0:29
  you
• 0:29
  can
• 0:29
  access
• 0:30
  at
• 0:30
  any
• 0:31
  time
• 0:31
  at
• 0:32
  your
• 0:32
  leisure
• 0:33
  following
• 0:33
  the
• 0:33
  conference,
• 0:34
  wherever
• 0:34
  you
• 0:35
  get
• 0:35
  your
• 0:35
  podcast.
• 0:36
  So
• 0:36
  joining
• 0:36
  me
• 0:36
  now
• 0:38
  on
• 0:38
  the
• 0:38
  far
• 0:38
  end
• 0:38
  is
• 0:39
  Rebecca
• 0:39
  Bemhyna.
• 0:40
  She
• 0:40
  is
• 0:40
  the
• 0:41
  Shoptalk
• 0:41
  VP
• 0:41
  of
• 0:42
  Content
• 0:42
  for
• 0:42
  Lux.
• 0:43
  Welcome,
• 0:43
  Rebecca.
• 0:44
  Thank
• 0:44
  you
• 0:44
  for
• 0:44
  the
• 0:45
  welcome.
• 0:45
  Thanks
• 0:45
  for
• 0:45
  having
• 0:46
  me.
• 0:46
  Lovely
• 0:46
  to
• 0:46
  be
• 0:46
  here.
• 0:47
  Yeah.
• 0:47
  All
• 0:47
  right,
• 0:48
  and
• 0:48
  then
• 0:48
  we
• 0:48
  have
• 0:48
  Adam
• 0:49
  Plarm.
• 0:49
  He's
• 0:49
  the
• 0:49
  Shop
• 0:50
  Talk
• 0:50
  VP
• 0:50
  of
• 0:50
  Content
• 0:51
  Europe.
• 0:52
  Hello.
• 0:53
  Good
• 0:53
  to
• 0:53
  see
• 0:53
  you.
• 0:54
  And
• 0:54
  then
• 0:54
  we
• 0:54
  have
• 0:55
  Ben
• 0:55
  Miller,
• 0:55
  of
• 0:56
  course,
• 0:56
  to
• 0:56
  my
• 0:56
  right,
• 0:56
  shoptalk's
• 0:57
  VP
• 0:57
  of
• 0:58
  Original
• 0:58
  content.
• 0:59
  Good
• 0:59
  evening.
• 1:00
  All
• 1:00
  right,
• 1:01
  let's
• 1:01
  get
• 1:01
  to
• 1:01
  it.
• 1:02
  All
• 1:02
  right,
• 1:02
  so
• 1:02
  here's
• 1:02
  how
• 1:03
  the
• 1:03
  next
• 1:03
  30
• 1:03
  minutes
• 1:03
  are
• 1:04
  going
• 1:04
  to
• 1:04
  work.
• 1:05
  I've
• 1:05
  selected
• 1:05
  seven
• 1:06
  topics.
• 1:07
  I'm
• 1:07
  going
• 1:07
  to
• 1:08
  allot
• 1:08
  no
• 1:08
  more
• 1:08
  than
• 1:09
  four
• 1:09
  minutes,
• 1:09
  give
• 1:09
  or
• 1:10
  take,
• 1:10
  to
• 1:10
  each
• 1:10
  topic,
• 1:12
  and
• 1:12
  that's
• 1:13
  gonna
• 1:13
  keep
• 1:13
  the
• 1:13
  conversation
• 1:13
  moving,
• 1:14
  or
• 1:14
  at
• 1:14
  least
• 1:14
  that's
• 1:14
  our
• 1:14
  goal
• 1:15
  here.
• 1:15
  So
• 1:15
  let's
• 1:15
  get
• 1:16
  started
• 1:16
  with
• 1:16
  topic
• 1:17
  number
• 1:17
  one.
• 1:18
  Ben,
• 1:18
  I'm
• 1:19
  going
• 1:19
  to
• 1:19
  you
• 1:19
  first.
• 1:21
  AI.
• 1:22
  Where
• 1:22
  are
• 1:22
  we
• 1:22
  at
• 1:23
  with
• 1:23
  it?
• 1:23
  Coming
• 1:23
  out
• 1:23
  of
• 1:24
  the
• 1:24
  conference,
• 1:24
  what's
• 1:24
  your
• 1:24
  thoughts?
• 1:25
  Okay,
• 1:25
  I
• 1:26
  mean,
• 1:26
  I
• 1:26
  think
• 1:26
  it's
• 1:27
  where
• 1:27
  we
• 1:27
  had
• 1:27
  to
• 1:27
  start.
• 1:28
  We're
• 1:29
  on
• 1:29
  sunset
• 1:29
  stage.
• 1:29
  This
• 1:30
  has
• 1:30
  been
• 1:30
  our
• 1:30
  AI
• 1:30
  stage
• 1:31
  for
• 1:31
  the
• 1:31
  show,
• 1:32
  and
• 1:32
  it's
• 1:33
  been
• 1:33
  packed.
• 1:33
  I'm
• 1:34
  sure
• 1:34
  many
• 1:34
  of
• 1:34
  you
• 1:34
  have
• 1:34
  been
• 1:34
  here.
• 1:35
  It's
• 1:35
  been
• 1:35
  standing
• 1:35
  room
• 1:36
  only.
• 1:36
  At
• 1:36
  times.
• 1:38
  The
• 1:38
  energy
• 1:38
  has
• 1:39
  been
• 1:39
  about
• 1:39
  understanding
• 1:41
  where
• 1:41
  we
• 1:41
  are.
• 1:41
  So
• 1:42
  I
• 1:42
  think
• 1:42
  what
• 1:43
  I
• 1:43
  want
• 1:43
  to
• 1:43
  talk
• 1:43
  about,
• 1:43
  because
• 1:44
  I
• 1:44
  think
• 1:44
  there's
• 1:44
  a
• 1:44
  lot
• 1:44
  we
• 1:44
  could
• 1:45
  cover,
• 1:45
  is
• 1:45
  agented
• 1:45
  commerce.
• 1:46
  So
• 1:46
  where
• 1:46
  are
• 1:46
  we
• 1:47
  right
• 1:47
  now
• 1:47
  in
• 1:47
  this
• 1:48
  moment?
• 1:48
  In
• 1:48
  Europe
• 1:48
  in
• 1:49
  agentic
• 1:49
  commerce?
• 1:51
  I
• 1:51
  think
• 1:51
  it's
• 1:51
  really
• 1:51
  clear
• 1:51
  there's
• 1:51
  two
• 1:52
  things
• 1:52
  going
• 1:52
  on.
• 1:53
  One
• 1:53
  is
• 1:55
  agented
• 1:56
  commerce,
• 1:56
  as
• 1:56
  you
• 1:56
  might
• 1:57
  define
• 1:57
  it,
• 1:57
  as
• 1:58
  pure
• 1:59
  agent
• 1:59
  to
• 2:00
  agent
• 2:00
  automated.
• 2:03
  We're
• 2:03
  not
• 2:03
  at
• 2:03
  day
• 2:04
  one
• 2:04
  yet.
• 2:05
  Nothing.
• 2:05
  Zero
• 2:06
  hasn't
• 2:06
  started.
• 2:07
  It's
• 2:07
  still
• 2:08
  hypothetical.
• 2:09
  So
• 2:09
  therefore,
• 2:09
  all
• 2:09
  the
• 2:10
  conversation
• 2:10
  has
• 2:10
  been
• 2:10
  about
• 2:11
  agented
• 2:11
  commerce,
• 2:12
  as
• 2:12
  in,
• 2:12
  how
• 2:13
  do
• 2:13
  you
• 2:13
  use
• 2:14
  answer
• 2:15
  engines,
• 2:17
  Gemini,
• 2:17
  ChatGPT,
• 2:18
  whatever
• 2:19
  you
• 2:19
  call
• 2:19
  it,
• 2:19
  how
• 2:19
  do
• 2:19
  you
• 2:19
  use
• 2:20
  them
• 2:20
  for
• 2:20
  commerce?
• 2:21
  What
• 2:21
  is
• 2:21
  the
• 2:21
  commerce
• 2:22
  opportunity,
• 2:22
  and
• 2:23
  how
• 2:23
  do
• 2:23
  you
• 2:23
  get
• 2:23
  your
• 2:23
  products
• 2:24
  found?
• 2:25
  What's
• 2:26
  super
• 2:26
  clear
• 2:27
  is
• 2:29
  in
• 2:29
  the
• 2:30
  US
• 2:30
  because
• 2:31
  of
• 2:31
  protocol
• 2:32
  rollouts,
• 2:33
  whether
• 2:33
  that
• 2:34
  what
• 2:34
  Google's
• 2:34
  doing
• 2:35
  with
• 2:35
  Universal
• 2:35
  cart,
• 2:36
  what
• 2:37
  Amazon's
• 2:37
  doing.
• 2:37
  So
• 2:38
  you
• 2:38
  look
• 2:38
  at
• 2:38
  the
• 2:38
  new
• 2:38
  Amazon
• 2:38
  Shopping
• 2:39
  Rufus
• 2:39
  product
• 2:40
  as
• 2:40
  was,
• 2:41
  the
• 2:41
  rollout
• 2:42
  is
• 2:42
  six
• 2:43
  to
• 2:43
  12
• 2:43
  months
• 2:44
  ahead
• 2:44
  of
• 2:44
  what
• 2:44
  we've
• 2:44
  got
• 2:44
  in
• 2:44
  Europe.
• 2:45
  So
• 2:46
  tangibly
• 2:47
  right
• 2:47
  now
• 2:48
  in
• 2:48
  Europe,
• 2:49
  some
• 2:49
  of
• 2:49
  these
• 2:49
  agented
• 2:50
  commerce
• 2:50
  tools
• 2:51
  aren't
• 2:51
  available.
• 2:52
  So
• 2:52
  I
• 2:53
  think
• 2:53
  a
• 2:53
  conversation
• 2:53
  has
• 2:54
  been
• 2:54
  for
• 2:54
  people
• 2:55
  in
• 2:55
  global
• 2:55
  roles.
• 2:55
  It's
• 2:56
  okay,
• 2:56
  what
• 2:56
  are
• 2:56
  we
• 2:56
  doing?
• 2:56
  How
• 2:56
  are
• 2:57
  we
• 2:57
  getting
• 2:57
  ourselves
• 2:57
  up?
• 2:58
  For
• 2:58
  people
• 2:58
  with
• 2:58
  European
• 2:59
  businesses,
• 2:59
  the
• 2:59
  energy
• 3:00
  of
• 3:00
  the
• 3:00
  conversation
• 3:00
  has
• 3:01
  been
• 3:01
  around
• 3:01
  how
• 3:01
  do
• 3:01
  we
• 3:01
  find,
• 3:02
  how
• 3:02
  do
• 3:02
  we
• 3:03
  get
• 3:03
  our
• 3:03
  products
• 3:03
  discovered?
• 3:04
  So
• 3:04
  all
• 3:04
  things
• 3:05
  around
• 3:05
  Geo
• 3:05
  SEO,
• 3:06
  that's
• 3:06
  been
• 3:07
  kind
• 3:07
  of
• 3:07
  the
• 3:07
  hottest
• 3:08
  topic,
• 3:08
  but
• 3:09
  in
• 3:09
  the
• 3:09
  knowledge
• 3:09
  that
• 3:10
  this
• 3:10
  next
• 3:10
  level.
• 3:11
  So
• 3:11
  use
• 3:12
  the
• 3:12
  agents
• 3:12
  to
• 3:12
  buy.
• 3:13
  It's
• 3:13
  coming
• 3:14
  because
• 3:14
  we
• 3:15
  can
• 3:15
  see
• 3:15
  what's
• 3:15
  happening
• 3:15
  in
• 3:15
  the
• 3:16
  US
• 3:16
  where
• 3:16
  some
• 3:16
  of
• 3:16
  these
• 3:16
  rollouts
• 3:17
  are
• 3:17
  already
• 3:17
  happening.
• 3:17
  But
• 3:18
  in
• 3:18
  Europe
• 3:19
  right
• 3:19
  now,
• 3:19
  it's
• 3:20
  all
• 3:20
  about
• 3:21
  discovery.
• 3:21
  And
• 3:22
  the
• 3:22
  numbers
• 3:22
  show
• 3:23
  that
• 3:23
  shoppers
• 3:23
  are
• 3:23
  using
• 3:24
  it.
• 3:24
  Some
• 3:24
  of
• 3:24
  the
• 3:24
  numbers
• 3:24
  that
• 3:24
  have
• 3:25
  been
• 3:25
  shared
• 3:25
  have
• 3:26
  been
• 3:26
  huge,
• 3:26
  but
• 3:26
  we'll
• 3:27
  come
• 3:27
  on
• 3:27
  to
• 3:27
  that.
• 3:27
  So
• 3:28
  really
• 3:28
  the
• 3:28
  focus
• 3:28
  being
• 3:29
  step
• 3:29
  one.
• 3:30
  Let's
• 3:30
  focus
• 3:30
  on
• 3:30
  step
• 3:31
  one,
• 3:31
  particularly
• 3:31
  over
• 3:31
  here
• 3:32
  in
• 3:32
  Europe
• 3:32
  in
• 3:32
  terms
• 3:32
  of
• 3:33
  getting
• 3:33
  ready
• 3:33
  for
• 3:33
  discovery.
• 3:34
  Yeah,
• 3:35
  I
• 3:35
  think
• 3:35
  we're
• 3:35
  probably
• 3:35
  at
• 3:36
  step
• 3:36
  two.
• 3:37
  Step
• 3:37
  one
• 3:37
  is
• 3:37
  recognize
• 3:38
  the
• 3:38
  theory.
• 3:38
  Step
• 3:39
  two
• 3:39
  is
• 3:39
  start
• 3:39
  doing
• 3:39
  things,
• 3:40
  start
• 3:40
  doing
• 3:41
  stuff
• 3:41
  on
• 3:41
  discovery.
• 3:42
  Step
• 3:42
  step
• 3:43
  three
• 3:43
  will
• 3:43
  be
• 3:43
  buy,
• 3:43
  and
• 3:43
  then
• 3:44
  step
• 3:44
  four
• 3:44
  is
• 3:44
  automation.
• 3:45
  And
• 3:45
  I
• 3:45
  think
• 3:45
  in
• 3:45
  the
• 3:45
  US
• 3:46
  we're
• 3:46
  starting
• 3:46
  to
• 3:46
  look
• 3:46
  at
• 3:46
  three,
• 3:47
  and
• 3:47
  I
• 3:47
  think
• 3:47
  we're
• 3:47
  firmly
• 3:48
  in
• 3:48
  two.
• 3:48
  Okay,
• 3:49
  well
• 3:49
  articulated.
• 3:50
  Adam,
• 3:50
  what
• 3:51
  do
• 3:51
  you
• 3:51
  think?
• 3:51
  What
• 3:51
  do
• 3:51
  you
• 3:51
  add?
• 3:52
  I
• 3:52
  think
• 3:52
  just
• 3:52
  to
• 3:52
  take
• 3:53
  maybe
• 3:53
  a
• 3:53
  gentic
• 3:54
  out
• 3:54
  of
• 3:54
  it,
• 3:54
  I
• 3:54
  think
• 3:54
  for
• 3:55
  me,
• 3:56
  more
• 3:56
  than
• 3:56
  any
• 3:56
  show
• 3:57
  we've
• 3:57
  had
• 3:57
  in
• 3:57
  the
• 3:57
  last
• 3:57
  couple
• 3:57
  of
• 3:57
  years,
• 3:58
  the
• 3:58
  focus
• 3:58
  is
• 3:58
  just
• 3:58
  purely
• 3:59
  on
• 3:59
  execution.
• 3:59
  There's
• 4:00
  so
• 4:00
  much
• 4:00
  talk
• 4:00
  around,
• 4:01
  okay,
• 4:02
  where
• 4:02
  are
• 4:02
  we
• 4:02
  getting
• 4:02
  ROI
• 4:03
  from
• 4:03
  our
• 4:03
  AI
• 4:04
  projects
• 4:05
  internally?
• 4:06
  And
• 4:07
  the
• 4:07
  consensus
• 4:08
  seems
• 4:09
  to
• 4:09
  be
• 4:09
  it's
• 4:09
  operational
• 4:10
  still.
• 4:11
  That's
• 4:11
  where
• 4:11
  people
• 4:12
  are
• 4:12
  getting
• 4:12
  the
• 4:12
  most
• 4:12
  value.
• 4:13
  I
• 4:13
  think
• 4:13
  we
• 4:14
  heard
• 4:14
  from
• 4:14
  Jose
• 4:15
  from
• 4:15
  etam.
• 4:15
  He
• 4:15
  said
• 4:15
  something
• 4:16
  like,
• 4:16
  reality
• 4:16
  is
• 4:16
  efficiency
• 4:17
  for
• 4:17
  AI
• 4:18
  right
• 4:18
  now
• 4:18
  and
• 4:18
  autonomy
• 4:19
  is
• 4:19
  hype.
• 4:20
  And
• 4:20
  I
• 4:20
  think
• 4:21
  so
• 4:21
  much
• 4:21
  of
• 4:21
  the
• 4:21
  value
• 4:22
  that's
• 4:22
  coming
• 4:22
  through
• 4:23
  is
• 4:23
  in
• 4:23
  operations,
• 4:23
  in
• 4:24
  supply
• 4:24
  chain,
• 4:26
  not
• 4:26
  so
• 4:26
  much
• 4:27
  customer
• 4:27
  interface
• 4:28
  still.
• 4:28
  Yeah.
• 4:29
  So,
• 4:29
  Ben,
• 4:29
  let
• 4:30
  me
• 4:30
  press
• 4:30
  you
• 4:30
  too.
• 4:30
  I
• 4:30
  want
• 4:30
  to
• 4:31
  go
• 4:31
  back
• 4:31
  because
• 4:31
  Adam
• 4:31
  brought
• 4:31
  it
• 4:31
  up.
• 4:31
  The
• 4:32
  operational
• 4:32
  side
• 4:32
  of
• 4:32
  it.
• 4:33
  Yeah.
• 4:33
  Does
• 4:33
  that
• 4:33
  framework
• 4:34
  still
• 4:34
  hold
• 4:34
  on
• 4:34
  the
• 4:34
  operational
• 4:35
  side?
• 4:35
  Because
• 4:35
  it
• 4:35
  felt
• 4:36
  like
• 4:36
  that
• 4:36
  was
• 4:36
  more
• 4:36
  of
• 4:36
  the
• 4:36
  consumer
• 4:37
  focus
• 4:37
  that
• 4:37
  you
• 4:38
  were
• 4:38
  talking
• 4:38
  about.
• 4:38
  You're
• 4:39
  absolutely
• 4:39
  right.
• 4:39
  I
• 4:39
  mean,
• 4:39
  that
• 4:40
  for
• 4:40
  me
• 4:41
  was
• 4:41
  where
• 4:42
  we
• 4:42
  are
• 4:42
  with
• 4:42
  agent
• 4:43
  E
• 4:43
  Commerce,
• 4:44
  customer
• 4:44
  facing.
• 4:45
  Yeah.
• 4:45
  I
• 4:45
  mean,
• 4:45
  there's
• 4:46
  been
• 4:46
  so
• 4:46
  many
• 4:46
  use
• 4:47
  cases.
• 4:47
  We're
• 4:47
  talking
• 4:47
  AI
• 4:47
  broadly.
• 4:48
  So
• 4:48
  Many
• 4:48
  use
• 4:49
  cases
• 4:49
  around
• 4:49
  operations,
• 4:50
  around
• 4:51
  efficiency.
• 4:51
  So
• 4:52
  just
• 4:52
  to
• 4:52
  give
• 4:52
  you
• 4:52
  one
• 4:52
  example,
• 4:53
  a
• 4:53
  conversation,
• 4:54
  a
• 4:54
  panel
• 4:54
  that
• 4:55
  I
• 4:55
  had
• 4:55
  with
• 4:56
  Amir
• 4:57
  rashkar
• 4:57
  who
• 4:58
  runs
• 4:58
  negative360,
• 4:59
  that's
• 4:59
  Sainsbury's
• 5:00
  retail
• 5:00
  Media
• 5:01
  network.
• 5:01
  They
• 5:02
  have
• 5:02
  rolled
• 5:02
  out
• 5:02
  a
• 5:03
  tool
• 5:03
  which
• 5:06
  allows
• 5:06
  a
• 5:06
  level
• 5:06
  of
• 5:07
  self
• 5:07
  management
• 5:08
  of,
• 5:08
  of
• 5:08
  your
• 5:09
  ads
• 5:09
  within
• 5:09
  the
• 5:09
  network
• 5:11
  using
• 5:11
  generative
• 5:12
  AI.
• 5:13
  Once
• 5:13
  you
• 5:13
  are
• 5:13
  happy
• 5:14
  and
• 5:14
  a
• 5:14
  creative
• 5:15
  has
• 5:15
  been
• 5:15
  accepted,
• 5:16
  they
• 5:16
  use
• 5:16
  generative
• 5:17
  AI
• 5:17
  to
• 5:18
  tailor
• 5:18
  the
• 5:19
  image
• 5:19
  to
• 5:19
  all
• 5:19
  the
• 5:19
  different
• 5:20
  places
• 5:20
  where
• 5:20
  you
• 5:21
  would
• 5:21
  shape
• 5:21
  sizes,
• 5:22
  formats
• 5:23
  to
• 5:23
  run
• 5:23
  the
• 5:23
  ads
• 5:24
  across
• 5:24
  their
• 5:24
  whole
• 5:24
  network.
• 5:25
  They've
• 5:25
  taken
• 5:26
  a
• 5:26
  process
• 5:26
  that
• 5:26
  would
• 5:27
  take
• 5:27
  three
• 5:27
  to
• 5:28
  four
• 5:28
  weeks,
• 5:28
  is
• 5:29
  now
• 5:29
  done
• 5:29
  in
• 5:29
  90
• 5:29
  seconds.
• 5:31
  So
• 5:31
  those
• 5:32
  case
• 5:32
  studies
• 5:32
  are
• 5:32
  live
• 5:32
  and
• 5:33
  happening
• 5:33
  now.
• 5:33
  Yeah,
• 5:34
  that's
• 5:34
  why
• 5:34
  my
• 5:34
  prediction
• 5:35
  is
• 5:35
  actually
• 5:35
  that
• 5:35
  next
• 5:35
  year,
• 5:36
  this
• 5:36
  time
• 5:36
  at
• 5:36
  this
• 5:37
  conference,
• 5:37
  we
• 5:38
  are
• 5:38
  going
• 5:38
  to
• 5:38
  have
• 5:38
  a
• 5:38
  definitive
• 5:39
  session
• 5:39
  on
• 5:39
  how
• 5:40
  do
• 5:40
  I
• 5:40
  actually
• 5:40
  manage
• 5:41
  an
• 5:41
  agentic
• 5:41
  employee.
• 5:42
  I
• 5:42
  think
• 5:42
  that's
• 5:42
  my
• 5:43
  prediction
• 5:43
  for
• 5:43
  what
• 5:43
  Adam,
• 5:44
  you're
• 5:44
  going
• 5:44
  to
• 5:44
  program
• 5:44
  next
• 5:45
  year.
• 5:45
  Okay.
• 5:45
  All
• 5:45
  right,
• 5:46
  well,
• 5:46
  let's
• 5:46
  keep
• 5:46
  moving.
• 5:48
  Adam.
• 5:50
  The
• 5:50
  idea
• 5:51
  of
• 5:51
  this
• 5:51
  was
• 5:51
  the
• 5:52
  retail
• 5:52
  festival
• 5:53
  where
• 5:53
  AI
• 5:53
  and
• 5:54
  human
• 5:54
  ingenuity
• 5:55
  take
• 5:56
  center
• 5:56
  stage.
• 5:57
  So
• 5:58
  my
• 5:58
  next
• 5:58
  question
• 5:59
  is
• 5:59
  human
• 5:59
  ingenuity,
• 6:00
  where
• 6:01
  are
• 6:01
  we
• 6:01
  on
• 6:01
  that?
• 6:01
  How's
• 6:02
  that
• 6:02
  coming
• 6:02
  out?
• 6:02
  Yeah,
• 6:03
  it's
• 6:03
  really
• 6:03
  interesting.
• 6:05
  Referenced
• 6:05
  this
• 6:05
  in
• 6:05
  the
• 6:05
  opening
• 6:05
  remarks.
• 6:06
  I
• 6:06
  think
• 6:06
  on,
• 6:06
  on
• 6:06
  the
• 6:06
  first
• 6:07
  day,
• 6:07
  it
• 6:08
  was
• 6:08
  something
• 6:08
  that
• 6:09
  our
• 6:09
  audience,
• 6:09
  our
• 6:10
  community
• 6:10
  was
• 6:10
  so
• 6:10
  passionate
• 6:11
  about.
• 6:11
  It
• 6:11
  was
• 6:12
  yes,
• 6:12
  we
• 6:12
  want
• 6:13
  to
• 6:13
  hear
• 6:13
  about
• 6:13
  AI,
• 6:13
  of
• 6:13
  course,
• 6:14
  but
• 6:14
  we
• 6:14
  need
• 6:15
  to
• 6:15
  be
• 6:15
  balancing
• 6:15
  that.
• 6:15
  And
• 6:15
  I
• 6:16
  think
• 6:16
  there
• 6:16
  was
• 6:16
  two,
• 6:16
  two
• 6:17
  strains
• 6:17
  to
• 6:17
  that.
• 6:17
  One,
• 6:18
  it
• 6:18
  was,
• 6:18
  we
• 6:19
  want
• 6:19
  to
• 6:19
  hear
• 6:19
  about
• 6:19
  how
• 6:19
  AI
• 6:20
  is
• 6:20
  empowering
• 6:20
  humans,
• 6:21
  whether
• 6:21
  that's
• 6:21
  colleagues
• 6:22
  or
• 6:22
  consumers.
• 6:23
  But
• 6:23
  more
• 6:23
  than
• 6:23
  that,
• 6:24
  it
• 6:24
  was,
• 6:24
  yes,
• 6:25
  do
• 6:25
  your
• 6:25
  AI
• 6:26
  stage
• 6:26
  where
• 6:26
  we
• 6:26
  are
• 6:27
  now.
• 6:27
  But,
• 6:27
  but
• 6:28
  amplify
• 6:29
  the
• 6:29
  content
• 6:30
  on
• 6:30
  the
• 6:30
  role
• 6:30
  of
• 6:31
  stores
• 6:31
  in
• 6:31
  the
• 6:32
  age
• 6:32
  of
• 6:32
  AI,
• 6:32
  if
• 6:32
  you
• 6:32
  like.
• 6:33
  What
• 6:33
  role
• 6:33
  are
• 6:34
  stores
• 6:34
  playing
• 6:34
  now
• 6:34
  for
• 6:35
  loyalty,
• 6:35
  for
• 6:35
  community,
• 6:36
  for
• 6:36
  connecting
• 6:36
  to
• 6:36
  cultural
• 6:37
  moments,
• 6:37
  temporary
• 6:38
  retail
• 6:39
  spaces
• 6:39
  versus
• 6:40
  flagships.
• 6:40
  What's
• 6:41
  the
• 6:41
  conversation
• 6:41
  there?
• 6:43
  Brand
• 6:43
  storytelling,
• 6:44
  sort
• 6:44
  of
• 6:44
  emotional
• 6:45
  brand
• 6:45
  marketing
• 6:46
  side
• 6:46
  of
• 6:46
  things.
• 6:46
  This
• 6:46
  is
• 6:47
  all
• 6:47
  the
• 6:47
  stuff
• 6:47
  that
• 6:48
  our
• 6:48
  audience,
• 6:49
  I
• 6:49
  think,
• 6:49
  and
• 6:50
  our
• 6:50
  community
• 6:50
  are
• 6:50
  very
• 6:51
  keen,
• 6:51
  was
• 6:51
  not
• 6:52
  lost
• 6:52
  as
• 6:53
  a
• 6:53
  result
• 6:53
  of
• 6:53
  the
• 6:53
  deluge
• 6:54
  of
• 6:54
  AI
• 6:55
  content.
• 6:55
  And
• 6:55
  so
• 6:56
  that
• 6:56
  came
• 6:56
  through,
• 6:57
  at
• 6:57
  least
• 6:57
  for
• 6:57
  me.
• 6:57
  And
• 6:57
  my
• 6:57
  conversations
• 6:58
  in
• 6:58
  the
• 6:58
  sessions
• 6:59
  I
• 6:59
  saw
• 6:59
  was
• 7:00
  a
• 7:00
  really,
• 7:01
  really
• 7:01
  strong,
• 7:02
  A
• 7:02
  really
• 7:02
  strong
• 7:03
  theme
• 7:03
  and
• 7:03
  a
• 7:04
  really
• 7:04
  strong
• 7:04
  counterweight,
• 7:05
  I
• 7:05
  would
• 7:05
  say,
• 7:05
  to
• 7:05
  the
• 7:05
  AI
• 7:06
  conversations.
• 7:08
  So.
• 7:08
  So
• 7:09
  yeah,
• 7:09
  we
• 7:09
  heard
• 7:09
  a
• 7:09
  lot
• 7:10
  of
• 7:10
  time,
• 7:10
  we
• 7:10
  heard
• 7:11
  a
• 7:11
  number
• 7:11
  of
• 7:11
  people
• 7:11
  say
• 7:12
  that
• 7:13
  AI
• 7:13
  is
• 7:13
  going
• 7:13
  to
• 7:13
  make
• 7:14
  us
• 7:14
  more
• 7:14
  human.
• 7:15
  Like
• 7:15
  makes,
• 7:15
  makes
• 7:16
  our
• 7:16
  interactions
• 7:16
  more
• 7:17
  human.
• 7:17
  Rebecca,
• 7:18
  what
• 7:18
  do
• 7:18
  you
• 7:18
  think
• 7:18
  of
• 7:18
  that
• 7:19
  statement?
• 7:19
  Yeah,
• 7:19
  it's
• 7:20
  an
• 7:20
  interesting
• 7:20
  one.
• 7:20
  So
• 7:20
  I
• 7:21
  heard
• 7:21
  from
• 7:21
  Amish,
• 7:22
  from
• 7:22
  Boots,
• 7:22
  who
• 7:22
  was
• 7:23
  Speaking
• 7:23
  on
• 7:23
  a
• 7:23
  session
• 7:24
  in
• 7:24
  here
• 7:24
  actually
• 7:24
  around
• 7:25
  visibility
• 7:25
  in
• 7:25
  the
• 7:26
  age
• 7:26
  of
• 7:26
  AI.
• 7:26
  And
• 7:26
  what
• 7:26
  he
• 7:27
  was
• 7:27
  talking
• 7:27
  about
• 7:27
  actually
• 7:28
  was
• 7:28
  the
• 7:28
  most
• 7:28
  high
• 7:29
  value
• 7:29
  use
• 7:29
  case
• 7:29
  that
• 7:30
  they're
• 7:30
  seeing
• 7:30
  in
• 7:30
  Boots
• 7:31
  in
• 7:31
  terms
• 7:31
  of
• 7:32
  the
• 7:32
  use
• 7:32
  of
• 7:32
  AI
• 7:33
  within
• 7:33
  their
• 7:33
  workforce
• 7:34
  is
• 7:34
  equipping
• 7:34
  their
• 7:35
  sales
• 7:35
  associates
• 7:36
  and
• 7:36
  their
• 7:36
  store
• 7:36
  associates
• 7:37
  with
• 7:37
  AI
• 7:38
  to
• 7:38
  basically
• 7:38
  free
• 7:38
  them
• 7:39
  up
• 7:39
  to
• 7:39
  be
• 7:39
  able
• 7:40
  to
• 7:40
  have
• 7:40
  that
• 7:40
  more
• 7:40
  human
• 7:41
  interaction
• 7:42
  with
• 7:42
  their
• 7:42
  customers.
• 7:43
  And
• 7:43
  we
• 7:43
  hear
• 7:43
  about
• 7:43
  this
• 7:43
  a
• 7:44
  lot
• 7:44
  in
• 7:44
  luxury,
• 7:45
  particularly
• 7:45
  if
• 7:46
  you
• 7:46
  think
• 7:46
  about
• 7:46
  clientele.
• 7:46
  And
• 7:47
  it
• 7:47
  was
• 7:47
  really
• 7:47
  interesting
• 7:47
  though
• 7:47
  to
• 7:48
  hear
• 7:48
  from
• 7:48
  a
• 7:48
  kind
• 7:48
  of
• 7:48
  non
• 7:48
  luxury
• 7:49
  retailer
• 7:49
  how
• 7:49
  they're
• 7:50
  thinking
• 7:50
  about
• 7:50
  it.
• 7:51
  And
• 7:51
  it
• 7:51
  sounds
• 7:52
  quite
• 7:52
  similar
• 7:52
  actually.
• 7:52
  So
• 7:52
  really
• 7:53
  focusing
• 7:53
  on
• 7:54
  kind
• 7:54
  of
• 7:54
  driving
• 7:55
  efficiencies,
• 7:55
  using
• 7:55
  AI
• 7:56
  to
• 7:56
  kind
• 7:56
  of
• 7:57
  automate
• 7:57
  some
• 7:58
  kind
• 7:58
  of
• 7:58
  boring,
• 7:59
  I
• 7:59
  guess,
• 7:59
  manual
• 8:00
  tasks
• 8:00
  that
• 8:00
  now
• 8:00
  can
• 8:01
  be
• 8:01
  done
• 8:01
  with
• 8:02
  AI
• 8:02
  and
• 8:03
  really
• 8:03
  allowing
• 8:03
  for
• 8:04
  that,
• 8:04
  that
• 8:04
  human
• 8:05
  interaction
• 8:05
  and
• 8:06
  human
• 8:07
  kind
• 8:07
  of
• 8:07
  white
• 8:07
  glove
• 8:08
  service,
• 8:08
  if
• 8:08
  you
• 8:08
  will,
• 8:08
  which
• 8:09
  they
• 8:09
  talk
• 8:09
  about
• 8:09
  in
• 8:09
  luxury.
• 8:10
  So
• 8:11
  I
• 8:11
  thought
• 8:11
  that
• 8:11
  was
• 8:11
  really
• 8:11
  interesting.
• 8:12
  Yeah.
• 8:12
  So
• 8:12
  you
• 8:13
  buy
• 8:13
  that
• 8:13
  sound
• 8:13
  bite
• 8:14
  then
• 8:14
  that
• 8:14
  AI
• 8:14
  is
• 8:15
  going
• 8:15
  to
• 8:15
  make
• 8:15
  us
• 8:15
  more
• 8:15
  human
• 8:16
  in
• 8:16
  our
• 8:16
  interactions.
• 8:16
  You
• 8:17
  think
• 8:17
  that's
• 8:17
  a,
• 8:17
  a
• 8:18
  true
• 8:18
  statement
• 8:18
  versus
• 8:19
  like
• 8:19
  a
• 8:19
  marketing
• 8:20
  pitch
• 8:20
  to
• 8:20
  make
• 8:20
  it
• 8:20
  sound
• 8:21
  like
• 8:21
  AI
• 8:21
  is
• 8:21
  something
• 8:21
  we
• 8:22
  should
• 8:22
  deploy
• 8:22
  in
• 8:22
  our
• 8:22
  organizations.
• 8:23
  I
• 8:23
  think
• 8:24
  there's
• 8:24
  definitely
• 8:24
  some,
• 8:25
  some
• 8:26
  use
• 8:26
  cases
• 8:26
  where
• 8:26
  it
• 8:26
  will.
• 8:27
  Yeah.
• 8:27
  Where
• 8:27
  we
• 8:27
  sales
• 8:28
  associates,
• 8:28
  store
• 8:29
  associates
• 8:29
  will
• 8:29
  have
• 8:30
  more
• 8:30
  time
• 8:30
  ultimately
• 8:31
  to
• 8:31
  be
• 8:31
  able
• 8:31
  to
• 8:31
  spend
• 8:31
  with
• 8:31
  the
• 8:32
  consumer.
• 8:32
  And
• 8:32
  it's.
• 8:32
  And
• 8:32
  that's
• 8:33
  thanks
• 8:33
  to
• 8:33
  AI
• 8:33
  driving
• 8:34
  efficiency.
• 8:34
  So
• 8:34
  I
• 8:35
  think
• 8:35
  that.
• 8:35
  Yeah,
• 8:35
  I
• 8:35
  think
• 8:36
  we
• 8:36
  can
• 8:36
  say
• 8:36
  that.
• 8:36
  Well,
• 8:37
  I'm
• 8:37
  going
• 8:37
  to
• 8:37
  defend
• 8:38
  Rebecca's
• 8:38
  stance
• 8:39
  on
• 8:39
  this
• 8:39
  one
• 8:39
  as
• 8:39
  well.
• 8:39
  There
• 8:40
  was
• 8:40
  a
• 8:40
  quote
• 8:40
  from
• 8:40
  one
• 8:41
  of
• 8:41
  our
• 8:41
  stores
• 8:41
  sessions
• 8:41
  earlier
• 8:42
  in
• 8:42
  the
• 8:42
  week
• 8:42
  that
• 8:42
  was
• 8:43
  huge.
• 8:43
  Human
• 8:44
  first
• 8:44
  and
• 8:44
  digitally
• 8:45
  connected
• 8:45
  or
• 8:46
  digitally
• 8:46
  enabled,
• 8:46
  something
• 8:47
  to
• 8:47
  that
• 8:47
  tune.
• 8:48
  And
• 8:48
  again,
• 8:49
  it's
• 8:49
  the
• 8:49
  same
• 8:49
  thing.
• 8:49
  It's
• 8:49
  freeing
• 8:50
  up
• 8:50
  mental
• 8:51
  capacity
• 8:52
  and
• 8:53
  actual
• 8:53
  time
• 8:53
  for
• 8:54
  associates
• 8:54
  to
• 8:55
  be
• 8:55
  better
• 8:55
  at
• 8:56
  the
• 8:56
  bit
• 8:56
  that
• 8:56
  can't
• 8:56
  be
• 8:57
  done
• 8:57
  by
• 8:57
  AI
• 8:58
  and
• 8:58
  tech.
• 8:58
  Yeah.
• 8:59
  As
• 8:59
  much
• 8:59
  as
• 8:59
  I'm
• 8:59
  pushing
• 9:00
  you
• 9:00
  both,
• 9:00
  I
• 9:00
  actually
• 9:00
  agree
• 9:01
  too.
• 9:01
  I
• 9:02
  do
• 9:02
  too.
• 9:02
  I
• 9:02
  mean,
• 9:02
  I
• 9:02
  think
• 9:03
  history
• 9:03
  is
• 9:03
  our
• 9:03
  guide.
• 9:03
  Right.
• 9:04
  Like
• 9:04
  psychologically,
• 9:04
  like
• 9:05
  even
• 9:05
  if
• 9:05
  you
• 9:05
  look
• 9:05
  at
• 9:05
  the
• 9:05
  advent
• 9:06
  of
• 9:06
  social
• 9:06
  media
• 9:07
  and
• 9:07
  how
• 9:07
  that
• 9:07
  came
• 9:07
  about,
• 9:08
  you
• 9:08
  know,
• 9:08
  all
• 9:08
  the
• 9:09
  algorithms
• 9:10
  that
• 9:10
  went
• 9:10
  into
• 9:10
  putting
• 9:11
  content
• 9:11
  in
• 9:11
  front
• 9:11
  of
• 9:11
  us,
• 9:12
  we
• 9:12
  want
• 9:12
  that
• 9:12
  personalized
• 9:13
  because
• 9:13
  we
• 9:13
  want
• 9:13
  the
• 9:13
  better
• 9:14
  deals,
• 9:14
  we
• 9:14
  want
• 9:14
  the
• 9:14
  better
• 9:15
  products.
• 9:15
  And
• 9:15
  so
• 9:16
  this
• 9:16
  just
• 9:16
  amplifies
• 9:17
  that
• 9:17
  too,
• 9:17
  in
• 9:17
  my
• 9:17
  opinion.
• 9:18
  All
• 9:18
  right,
• 9:18
  number
• 9:19
  three,
• 9:21
  most
• 9:22
  impactful
• 9:22
  topic
• 9:23
  or
• 9:23
  trend
• 9:23
  that
• 9:24
  actually
• 9:24
  isn't
• 9:25
  AI.
• 9:26
  Adam,
• 9:26
  let's
• 9:26
  go
• 9:26
  back
• 9:26
  to
• 9:27
  you.
• 9:28
  Yeah,
• 9:29
  I
• 9:29
  dominated.
• 9:30
  One
• 9:30
  thing
• 9:30
  I
• 9:30
  found
• 9:31
  really
• 9:31
  interesting
• 9:31
  actually
• 9:32
  was
• 9:33
  it's
• 9:34
  a
• 9:34
  bit
• 9:34
  of
• 9:34
  a
• 9:34
  cliche
• 9:35
  quote
• 9:35
  at
• 9:35
  this
• 9:35
  point,
• 9:35
  but
• 9:35
  everyone
• 9:36
  talks
• 9:36
  about
• 9:36
  the
• 9:36
  consumer
• 9:37
  doesn't
• 9:37
  think
• 9:37
  about
• 9:37
  channels.
• 9:38
  And
• 9:38
  that's
• 9:38
  kind
• 9:39
  of
• 9:39
  a
• 9:39
  statement
• 9:39
  that
• 9:39
  people
• 9:40
  say.
• 9:40
  But
• 9:40
  actually
• 9:40
  I
• 9:41
  felt
• 9:41
  it
• 9:41
  was
• 9:41
  coming
• 9:41
  through
• 9:42
  quite
• 9:43
  practically
• 9:43
  in
• 9:44
  a
• 9:44
  lot
• 9:44
  of
• 9:44
  conversations
• 9:44
  throughout
• 9:45
  the
• 9:45
  show
• 9:45
  around
• 9:46
  brands
• 9:47
  and
• 9:47
  retailers
• 9:48
  showing
• 9:48
  up
• 9:48
  in
• 9:48
  places
• 9:49
  where
• 9:49
  maybe
• 9:49
  they
• 9:49
  wouldn't
• 9:50
  have
• 9:50
  done
• 9:50
  historically
• 9:51
  because
• 9:51
  of
• 9:52
  perception
• 9:53
  or
• 9:53
  even
• 9:55
  their
• 9:56
  own
• 9:56
  view
• 9:56
  of
• 9:56
  that's
• 9:57
  not
• 9:57
  right
• 9:57
  for
• 9:57
  us.
• 9:57
  We
• 9:57
  shouldn't
• 9:58
  be
• 9:58
  doing
• 9:58
  that.
• 9:58
  And
• 9:58
  a
• 9:59
  good
• 9:59
  example
• 9:59
  was
• 9:59
  Nadine
• 10:00
  Graf,
• 10:00
  who's
• 10:01
  a
• 10:01
  regional
• 10:01
  president
• 10:01
  at
• 10:02
  Estee
• 10:02
  Lauder.
• 10:03
  She
• 10:03
  said,
• 10:03
  you
• 10:04
  know,
• 10:04
  we're
• 10:04
  on
• 10:04
  Amazon
• 10:05
  because
• 10:05
  our
• 10:05
  clients
• 10:06
  are
• 10:06
  there,
• 10:06
  our
• 10:06
  customers
• 10:07
  are
• 10:07
  there.
• 10:07
  The
• 10:08
  only
• 10:08
  thing
• 10:08
  that
• 10:08
  held
• 10:08
  us
• 10:08
  back
• 10:09
  was
• 10:09
  a
• 10:10
  perception
• 10:10
  of
• 10:10
  premium
• 10:11
  beauty
• 10:12
  that
• 10:12
  we
• 10:12
  had,
• 10:12
  but
• 10:12
  the
• 10:13
  customer
• 10:13
  doesn't
• 10:13
  have
• 10:13
  that.
• 10:14
  So
• 10:14
  if
• 10:14
  your
• 10:14
  customers
• 10:14
  are
• 10:15
  on
• 10:15
  Amazon
• 10:16
  and
• 10:16
  you
• 10:16
  want
• 10:17
  them
• 10:17
  to
• 10:17
  buy
• 10:17
  from
• 10:17
  you,
• 10:17
  you
• 10:17
  need
• 10:18
  to
• 10:18
  be
• 10:18
  on
• 10:18
  Amazon,
• 10:19
  which
• 10:19
  I
• 10:19
  found
• 10:19
  interesting.
• 10:20
  And
• 10:20
  we
• 10:21
  kind
• 10:21
  of
• 10:21
  joked
• 10:21
  about
• 10:21
  it
• 10:21
  being
• 10:22
  like
• 10:22
  channel
• 10:22
  pragmatism.
• 10:23
  But
• 10:23
  there
• 10:23
  was
• 10:23
  a
• 10:23
  few
• 10:24
  others
• 10:24
  as
• 10:24
  well.
• 10:24
  You
• 10:24
  know,
• 10:24
  John
• 10:25
  Lewis,
• 10:25
  five
• 10:26
  years
• 10:26
  ago,
• 10:26
  I
• 10:26
  don't
• 10:26
  think
• 10:26
  you'd
• 10:27
  have
• 10:27
  associated
• 10:27
  them
• 10:27
  with
• 10:28
  being
• 10:28
  on
• 10:28
  TikTok
• 10:28
  shop.
• 10:29
  You
• 10:30
  wouldn't
• 10:30
  have
• 10:30
  associated
• 10:31
  them
• 10:32
  with.
• 10:32
  With
• 10:32
  being
• 10:32
  on
• 10:32
  things
• 10:33
  like
• 10:33
  Just
• 10:33
  Eat
• 10:33
  and,
• 10:33
  you
• 10:34
  know,
• 10:34
  that
• 10:34
  kind
• 10:34
  of
• 10:34
  thing.
• 10:34
  And
• 10:35
  even
• 10:36
  Zios,
• 10:37
  sorry,
• 10:38
  Zalanto
• 10:38
  and
• 10:38
  Vestia
• 10:39
  last
• 10:39
  week,
• 10:40
  a
• 10:41
  few
• 10:41
  years
• 10:41
  ago,
• 10:41
  would
• 10:41
  that
• 10:42
  have
• 10:42
  sounded
• 10:42
  right?
• 10:43
  And
• 10:43
  now
• 10:43
  it's
• 10:43
  like,
• 10:43
  yeah,
• 10:43
  okay,
• 10:44
  I
• 10:44
  get
• 10:44
  that.
• 10:44
  That
• 10:44
  makes
• 10:44
  sense.
• 10:46
  So
• 10:46
  that
• 10:46
  was
• 10:46
  really
• 10:46
  interesting.
• 10:47
  And
• 10:47
  that
• 10:47
  was
• 10:47
  coming
• 10:47
  from
• 10:48
  very
• 10:48
  senior
• 10:49
  level
• 10:49
  conversations
• 10:50
  as
• 10:50
  well.
• 10:50
  Yeah,
• 10:51
  yeah,
• 10:51
  my
• 10:51
  mouth
• 10:51
  dropped
• 10:52
  when
• 10:52
  she
• 10:52
  said
• 10:52
  that.
• 10:52
  Like,
• 10:53
  I
• 10:53
  was
• 10:53
  just
• 10:53
  shocked
• 10:54
  at
• 10:54
  how
• 10:54
  unashamed
• 10:55
  she
• 10:55
  was
• 10:55
  about
• 10:55
  talking
• 10:56
  about
• 10:56
  how
• 10:57
  successful
• 10:57
  they're
• 10:57
  being
• 10:58
  on
• 10:58
  Amazon
• 10:58
  at
• 10:58
  Estee
• 10:59
  Lauder.
• 10:59
  I
• 10:59
  think.
• 11:00
  Can
• 11:00
  I
• 11:00
  jump
• 11:00
  in
• 11:01
  as
• 11:01
  well
• 11:01
  on
• 11:01
  this
• 11:01
  same
• 11:01
  element
• 11:02
  of
• 11:02
  channel
• 11:02
  pragmatism?
• 11:03
  I
• 11:04
  did
• 11:04
  a
• 11:04
  conversation
• 11:04
  yesterday
• 11:05
  with
• 11:06
  Carlos,
• 11:06
  who
• 11:07
  is
• 11:07
  the
• 11:08
  CEO
• 11:09
  at
• 11:09
  El
• 11:09
  Campo,
• 11:10
  and
• 11:11
  we
• 11:11
  talked
• 11:11
  about
• 11:11
  the
• 11:11
  changing
• 11:12
  Spanish
• 11:12
  grocery
• 11:12
  consumer.
• 11:14
  So
• 11:14
  El
• 11:14
  Campo
• 11:15
  Oceans
• 11:15
  business
• 11:16
  here
• 11:16
  in
• 11:16
  Spain,
• 11:17
  it's
• 11:17
  a
• 11:17
  hypermarket
• 11:18
  retailer
• 11:18
  at
• 11:19
  heart.
• 11:19
  And
• 11:20
  we
• 11:20
  talked
• 11:20
  about
• 11:20
  all
• 11:21
  the
• 11:21
  demographic
• 11:22
  changes,
• 11:23
  smaller
• 11:23
  households,
• 11:24
  longevity,
• 11:26
  declining
• 11:27
  birth
• 11:27
  rates,
• 11:28
  people
• 11:28
  shopping
• 11:28
  more
• 11:29
  often,
• 11:29
  buying
• 11:30
  smaller
• 11:30
  portions.
• 11:30
  All
• 11:31
  of
• 11:31
  which
• 11:31
  is
• 11:32
  headwind
• 11:33
  stuff
• 11:34
  for
• 11:34
  a
• 11:34
  hypermarket
• 11:35
  operator.
• 11:35
  So
• 11:35
  in
• 11:36
  response,
• 11:36
  they
• 11:37
  bought
• 11:37
  a
• 11:37
  convenience
• 11:37
  store
• 11:38
  business,
• 11:38
  rebranded
• 11:39
  it,
• 11:39
  integrated
• 11:39
  it
• 11:40
  the
• 11:41
  partnership
• 11:41
  of
• 11:41
  Ocado
• 11:42
  to
• 11:42
  up
• 11:42
  their
• 11:42
  game
• 11:42
  in
• 11:43
  E
• 11:43
  Comm.
• 11:44
  My
• 11:44
  challenge
• 11:45
  to
• 11:45
  him
• 11:45
  was,
• 11:45
  great,
• 11:45
  you
• 11:46
  do
• 11:46
  all
• 11:46
  this
• 11:46
  to
• 11:46
  follow
• 11:46
  the
• 11:47
  shopper,
• 11:47
  but
• 11:47
  really
• 11:47
  all
• 11:48
  you're
• 11:48
  doing
• 11:48
  is
• 11:48
  adding
• 11:48
  complexity
• 11:49
  into
• 11:50
  your
• 11:50
  business.
• 11:50
  And
• 11:51
  the
• 11:52
  number
• 11:52
  one
• 11:52
  enemy
• 11:52
  of
• 11:53
  a
• 11:53
  grocer
• 11:53
  is
• 11:53
  complexity.
• 11:54
  Yeah,
• 11:55
  when
• 11:55
  you've
• 11:55
  got
• 11:55
  2%
• 11:56
  margins
• 11:56
  to
• 11:56
  play
• 11:56
  with.
• 11:57
  And
• 11:57
  that's
• 11:57
  a
• 11:57
  general,
• 11:57
  not
• 11:58
  an
• 11:58
  El
• 11:58
  Campo
• 11:59
  number.
• 12:00
  And
• 12:00
  his
• 12:01
  pushback
• 12:01
  was
• 12:01
  really
• 12:01
  interesting.
• 12:02
  It's
• 12:02
  not
• 12:03
  complexity
• 12:03
  at
• 12:03
  all.
• 12:05
  Grocery
• 12:06
  is
• 12:06
  a
• 12:06
  really
• 12:07
  simple
• 12:07
  business.
• 12:08
  You've
• 12:08
  just
• 12:08
  got
• 12:09
  to
• 12:09
  buy
• 12:09
  good
• 12:09
  stuff
• 12:10
  and
• 12:10
  you've
• 12:10
  just
• 12:10
  got
• 12:10
  to
• 12:10
  get
• 12:10
  it
• 12:10
  to
• 12:11
  your
• 12:11
  consumer.
• 12:12
  And
• 12:12
  that's
• 12:13
  really
• 12:13
  interesting
• 12:13
  because
• 12:13
  we've
• 12:14
  been
• 12:14
  talking
• 12:14
  so
• 12:14
  long
• 12:14
  about
• 12:15
  individual
• 12:15
  channels,
• 12:16
  their
• 12:17
  profitability,
• 12:18
  how
• 12:18
  you
• 12:18
  think
• 12:18
  about
• 12:18
  it.
• 12:19
  So
• 12:19
  again,
• 12:19
  this
• 12:20
  channel
• 12:20
  pragmatism
• 12:22
  was
• 12:22
  not
• 12:22
  something
• 12:22
  I
• 12:23
  was
• 12:23
  expecting
• 12:23
  to
• 12:23
  hear
• 12:23
  much
• 12:23
  about
• 12:24
  at
• 12:24
  this
• 12:24
  show
• 12:24
  and
• 12:24
  it
• 12:25
  keeps
• 12:25
  coming
• 12:25
  out
• 12:25
  in
• 12:25
  different
• 12:25
  ways
• 12:26
  in
• 12:26
  different
• 12:26
  places.
• 12:27
  Yeah,
• 12:27
  that's
• 12:27
  interesting
• 12:28
  too
• 12:28
  when
• 12:28
  I
• 12:28
  start
• 12:28
  thinking
• 12:29
  about
• 12:29
  how
• 12:29
  grocery
• 12:30
  appears
• 12:30
  to
• 12:30
  be
• 12:30
  leading
• 12:31
  that
• 12:31
  discussion
• 12:32
  even
• 12:32
  globally
• 12:33
  now
• 12:33
  in
• 12:34
  terms
• 12:34
  of
• 12:34
  how
• 12:34
  retail
• 12:35
  is
• 12:35
  going
• 12:35
  to
• 12:35
  play
• 12:35
  out.
• 12:35
  As
• 12:36
  retailers
• 12:36
  grapple
• 12:37
  with
• 12:37
  this
• 12:37
  question
• 12:37
  of
• 12:38
  where
• 12:38
  do
• 12:38
  I
• 12:38
  show
• 12:38
  up,
• 12:39
  how
• 12:39
  do
• 12:39
  I
• 12:39
  show
• 12:39
  up,
• 12:40
  how
• 12:40
  do
• 12:40
  I
• 12:40
  work
• 12:40
  within
• 12:40
  the
• 12:41
  context
• 12:41
  of
• 12:41
  AI.
• 12:42
  Rebecca.
• 12:43
  What?
• 12:43
  Anything
• 12:43
  you'd
• 12:44
  add
• 12:44
  here?
• 12:44
  Yeah,
• 12:44
  definitely.
• 12:45
  I'd
• 12:45
  like
• 12:45
  to
• 12:46
  shift
• 12:46
  gear
• 12:46
  a
• 12:47
  little
• 12:47
  bit
• 12:47
  and
• 12:47
  talk
• 12:47
  about
• 12:47
  something
• 12:47
  quite
• 12:48
  different.
• 12:48
  This
• 12:48
  is
• 12:48
  a
• 12:48
  bit
• 12:49
  more
• 12:49
  strategic,
• 12:49
  I
• 12:49
  guess
• 12:50
  than
• 12:50
  what
• 12:50
  you've
• 12:50
  both
• 12:51
  been
• 12:51
  speaking
• 12:51
  about.
• 12:54
  Well,
• 12:54
  no,
• 12:54
  as
• 12:55
  in
• 12:55
  this
• 12:55
  is
• 12:55
  quite
• 12:55
  tactical.
• 12:56
  This
• 12:56
  is
• 12:56
  a
• 12:56
  bit
• 12:56
  more
• 12:57
  kind
• 12:57
  of
• 12:57
  strategic,
• 12:58
  higher
• 12:58
  level,
• 12:59
  I
• 12:59
  would
• 12:59
  say.
• 13:00
  Love
• 13:00
  it.
• 13:02
  So
• 13:02
  there
• 13:02
  was
• 13:03
  a
• 13:03
  globalization
• 13:03
  session
• 13:04
  that
• 13:04
  was
• 13:04
  on
• 13:04
  the
• 13:04
  agenda
• 13:05
  earlier
• 13:05
  today,
• 13:07
  which
• 13:07
  I'll
• 13:07
  talk
• 13:07
  about
• 13:07
  in
• 13:08
  a
• 13:08
  moment.
• 13:08
  But
• 13:08
  then
• 13:08
  it
• 13:08
  was
• 13:09
  interesting
• 13:09
  that
• 13:10
  the
• 13:10
  theme
• 13:10
  of
• 13:10
  globalization
• 13:11
  came
• 13:11
  out
• 13:11
  in
• 13:12
  some
• 13:12
  of
• 13:12
  our
• 13:13
  keynotes
• 13:13
  a
• 13:13
  bit
• 13:13
  more
• 13:14
  organically,
• 13:15
  which
• 13:15
  I
• 13:15
  thought
• 13:15
  was
• 13:16
  interesting
• 13:16
  as
• 13:16
  well.
• 13:16
  So
• 13:16
  it's
• 13:16
  obviously
• 13:17
  a
• 13:17
  big
• 13:17
  theme
• 13:17
  high
• 13:17
  on
• 13:18
  leaders
• 13:18
  minds.
• 13:18
  And
• 13:19
  in
• 13:19
  the
• 13:19
  globalization
• 13:20
  session
• 13:20
  they
• 13:21
  said
• 13:21
  that
• 13:22
  three
• 13:22
  quarters
• 13:22
  of
• 13:23
  international
• 13:23
  brand
• 13:23
  expansions
• 13:24
  are
• 13:24
  now
• 13:24
  failing.
• 13:25
  The
• 13:26
  western
• 13:26
  brand
• 13:26
  halo
• 13:27
  effect
• 13:27
  has
• 13:28
  diminished.
• 13:28
  Local
• 13:29
  challenger
• 13:29
  brands
• 13:30
  are
• 13:30
  now
• 13:30
  competing
• 13:30
  due
• 13:31
  to
• 13:31
  really
• 13:31
  deep
• 13:31
  cultural
• 13:32
  understanding.
• 13:32
  And
• 13:32
  we're
• 13:33
  seeing
• 13:33
  in
• 13:33
  China,
• 13:34
  we're
• 13:34
  seeing
• 13:34
  brands
• 13:35
  like
• 13:35
  Songmon
• 13:37
  Icicle
• 13:37
  as
• 13:37
  well,
• 13:38
  which
• 13:38
  Kering
• 13:38
  has
• 13:38
  just
• 13:38
  bought
• 13:39
  a
• 13:39
  minority
• 13:39
  stake
• 13:40
  in
• 13:40
  doing
• 13:41
  really
• 13:41
  well
• 13:41
  and
• 13:41
  you
• 13:41
  know,
• 13:42
  locally
• 13:42
  made
• 13:42
  brands
• 13:43
  produced
• 13:44
  and
• 13:44
  really
• 13:44
  speaking
• 13:45
  and
• 13:45
  tapping
• 13:45
  into
• 13:45
  that
• 13:46
  local
• 13:46
  culture.
• 13:47
  And
• 13:48
  so
• 13:48
  I
• 13:48
  think
• 13:48
  the
• 13:48
  kind
• 13:49
  of
• 13:49
  takeaway
• 13:49
  here
• 13:50
  is
• 13:50
  just
• 13:51
  underscoring
• 13:51
  the
• 13:51
  importance
• 13:52
  of
• 13:53
  thinking
• 13:53
  about
• 13:53
  local
• 13:54
  teams,
• 13:54
  local
• 13:54
  insights
• 13:55
  and
• 13:55
  local
• 13:55
  execution
• 13:56
  and
• 13:56
  really
• 13:56
  crafting
• 13:58
  the
• 13:58
  assortment,
• 13:59
  the
• 13:59
  stores
• 14:00
  as
• 14:00
  well.
• 14:00
  Nadine
• 14:01
  was
• 14:01
  talking
• 14:01
  about
• 14:02
  the
• 14:02
  assortment.
• 14:03
  We
• 14:03
  had
• 14:04
  Alexi
• 14:04
  Muro
• 14:05
  from
• 14:05
  Christine
• 14:05
  Louboutin
• 14:06
  who
• 14:06
  was
• 14:06
  talking
• 14:06
  about
• 14:07
  how
• 14:07
  all
• 14:07
  of
• 14:07
  their
• 14:07
  stores
• 14:08
  are
• 14:08
  completely
• 14:08
  different
• 14:09
  in
• 14:09
  each
• 14:09
  market.
• 14:10
  And
• 14:10
  that's
• 14:11
  obviously
• 14:11
  very
• 14:11
  intentional.
• 14:11
  Their
• 14:11
  merchandising
• 14:12
  is
• 14:12
  very
• 14:12
  different
• 14:13
  and
• 14:13
  assortment
• 14:13
  is
• 14:13
  very
• 14:14
  different
• 14:14
  as
• 14:14
  well
• 14:15
  to
• 14:15
  try
• 14:15
  and
• 14:15
  drive
• 14:15
  their
• 14:15
  customers
• 14:16
  to
• 14:16
  visit
• 14:16
  different
• 14:17
  stores.
• 14:17
  And
• 14:18
  another
• 14:18
  just
• 14:18
  lastly
• 14:19
  on
• 14:19
  that
• 14:19
  globalization
• 14:20
  point,
• 14:20
  what
• 14:20
  Nadine
• 14:21
  said
• 14:21
  I
• 14:21
  thought
• 14:21
  was
• 14:21
  really
• 14:22
  interesting
• 14:22
  because
• 14:22
  you
• 14:22
  often
• 14:22
  think
• 14:23
  about
• 14:24
  western
• 14:24
  brands
• 14:24
  going
• 14:25
  into
• 14:25
  new
• 14:25
  markets,
• 14:25
  localizing,
• 14:26
  adapting
• 14:26
  their
• 14:26
  offerings
• 14:27
  for
• 14:27
  that
• 14:27
  market.
• 14:28
  But
• 14:28
  what
• 14:28
  she
• 14:28
  was
• 14:29
  saying
• 14:29
  is
• 14:29
  they
• 14:29
  found
• 14:30
  in
• 14:30
  India.
• 14:30
  So
• 14:30
  she's
• 14:31
  responsible
• 14:31
  for.
• 14:31
  I
• 14:32
  think
• 14:32
  it
• 14:32
  was
• 14:32
  90
• 14:32
  markets.
• 14:33
  Is
• 14:33
  that
• 14:33
  right?
• 14:35
  And
• 14:35
  in
• 14:35
  India
• 14:35
  Kohl.
• 14:36
  So
• 14:37
  the
• 14:37
  type
• 14:37
  of
• 14:37
  eyeliner
• 14:38
  is
• 14:38
  really
• 14:38
  popular
• 14:38
  and
• 14:38
  they
• 14:39
  are
• 14:39
  starting
• 14:39
  now
• 14:39
  to
• 14:40
  kind
• 14:40
  of
• 14:40
  bring
• 14:40
  that
• 14:41
  to
• 14:41
  markets
• 14:42
  outside
• 14:42
  of
• 14:42
  India.
• 14:42
  So
• 14:43
  it's
• 14:43
  almost
• 14:43
  like
• 14:43
  the
• 14:44
  kind
• 14:44
  of
• 14:45
  full
• 14:45
  circle,
• 14:46
  if
• 14:46
  you
• 14:46
  will,
• 14:46
  of
• 14:47
  kind
• 14:47
  of
• 14:47
  insights,
• 14:48
  execution
• 14:49
  and
• 14:49
  kind
• 14:49
  of
• 14:49
  really
• 14:49
  thinking
• 14:50
  about.
• 14:51
  Yeah.
• 14:51
  What.
• 14:51
  What
• 14:52
  different
• 14:52
  markets
• 14:52
  can
• 14:52
  bring
• 14:53
  to
• 14:53
  other
• 14:53
  markets
• 14:53
  in
• 14:53
  the
• 14:53
  world
• 14:54
  as
• 14:54
  well.
• 14:54
  So
• 14:54
  I
• 14:54
  thought
• 14:54
  that
• 14:54
  was
• 14:54
  super
• 14:55
  interesting.
• 14:55
  Yeah.
• 14:55
  Localization
• 14:56
  always
• 14:56
  a
• 14:56
  top
• 14:57
  priority
• 14:57
  for.
• 14:58
  For,
• 14:58
  for
• 14:58
  retailers.
• 14:59
  All
• 15:00
  right,
• 15:00
  next
• 15:00
  one.
• 15:00
  This
• 15:00
  is
• 15:00
  a
• 15:01
  fun
• 15:01
  one.
• 15:01
  Stat
• 15:02
  or
• 15:02
  slide
• 15:03
  of
• 15:03
  the
• 15:03
  show.
• 15:03
  Rebecca,
• 15:04
  let's
• 15:04
  go
• 15:04
  to
• 15:04
  you
• 15:04
  first.
• 15:05
  For
• 15:05
  me,
• 15:06
  it
• 15:06
  has
• 15:06
  to
• 15:06
  be
• 15:07
  90%
• 15:08
  of
• 15:08
  Zalando's
• 15:09
  online
• 15:09
  content
• 15:10
  is
• 15:10
  AI
• 15:10
  generated.
• 15:11
  When
• 15:11
  David
• 15:11
  Schroeder,
• 15:12
  who
• 15:12
  spoiled
• 15:12
  talk
• 15:12
  on
• 15:12
  our
• 15:12
  main
• 15:12
  stage
• 15:13
  on
• 15:13
  day
• 15:13
  one,
• 15:13
  that
• 15:14
  blew.
• 15:14
  That
• 15:15
  stat
• 15:15
  blew
• 15:15
  my
• 15:15
  mind.
• 15:16
  And
• 15:16
  it
• 15:16
  got
• 15:16
  me
• 15:16
  thinking
• 15:17
  of
• 15:17
  a
• 15:17
  lot
• 15:18
  of
• 15:18
  questions
• 15:18
  that
• 15:18
  I
• 15:19
  would
• 15:19
  love
• 15:19
  to
• 15:19
  have
• 15:19
  the
• 15:19
  opportunity
• 15:20
  to
• 15:20
  ask
• 15:20
  him.
• 15:21
  First
• 15:21
  of
• 15:21
  all,
• 15:21
  why
• 15:22
  90%?
• 15:22
  Why
• 15:22
  not
• 15:22
  100?
• 15:23
  Is
• 15:24
  that
• 15:24
  intentional?
• 15:24
  Is
• 15:25
  there
• 15:25
  10%
• 15:25
  that
• 15:25
  they
• 15:26
  are
• 15:26
  intentionally
• 15:27
  not
• 15:27
  making
• 15:27
  AI
• 15:27
  generated
• 15:28
  and
• 15:28
  why?
• 15:29
  And
• 15:29
  I
• 15:29
  think
• 15:29
  the
• 15:30
  other
• 15:30
  question
• 15:30
  that
• 15:30
  that
• 15:30
  raised
• 15:31
  for
• 15:31
  me
• 15:31
  is
• 15:31
  if
• 15:32
  companies
• 15:32
  are
• 15:32
  able
• 15:33
  to
• 15:33
  scale
• 15:33
  up
• 15:34
  your
• 15:35
  content
• 15:35
  production
• 15:35
  to
• 15:36
  that
• 15:36
  level
• 15:37
  that
• 15:37
  quickly
• 15:37
  as
• 15:37
  well
• 15:39
  and
• 15:39
  another
• 15:40
  can
• 15:41
  follow
• 15:41
  sweeps
• 15:43
  kind
• 15:43
  of
• 15:43
  what
• 15:44
  then
• 15:44
  becomes
• 15:44
  your
• 15:44
  differentiator?
• 15:45
  So
• 15:46
  is
• 15:46
  the
• 15:46
  human.
• 15:46
  And
• 15:47
  back
• 15:47
  to
• 15:47
  the
• 15:47
  human
• 15:47
  ingenuity
• 15:48
  is
• 15:49
  kind
• 15:49
  of
• 15:51
  human
• 15:52
  kind
• 15:52
  of
• 15:52
  guts.
• 15:54
  You
• 15:54
  know,
• 15:54
  if
• 15:54
  you're
• 15:54
  thinking
• 15:55
  about
• 15:56
  the
• 15:56
  taste
• 15:57
  and
• 15:57
  judgment,
• 15:57
  I
• 15:58
  suppose
• 15:58
  it
• 15:58
  comes
• 15:58
  down
• 15:58
  to
• 15:59
  that.
• 15:59
  So
• 16:00
  I
• 16:00
  think
• 16:00
  that
• 16:01
  has
• 16:01
  like
• 16:01
  that
• 16:01
  really
• 16:01
  left
• 16:02
  me
• 16:02
  with
• 16:02
  a
• 16:02
  lot
• 16:02
  of
• 16:02
  questions.
• 16:03
  That's
• 16:03
  that
• 16:03
  and
• 16:03
  I
• 16:03
  think
• 16:03
  it's
• 16:04
  super
• 16:04
  interesting.
• 16:04
  Yeah,
• 16:05
  it
• 16:05
  was
• 16:05
  a
• 16:05
  great
• 16:05
  stat.
• 16:06
  Like,
• 16:06
  and
• 16:06
  then
• 16:06
  the
• 16:06
  starting
• 16:07
  point
• 16:07
  too
• 16:07
  was
• 16:07
  zero.
• 16:07
  Right.
• 16:08
  Didn't
• 16:08
  you
• 16:08
  say
• 16:08
  it
• 16:08
  was
• 16:08
  zero
• 16:09
  to
• 16:09
  90%
• 16:09
  in
• 16:10
  a
• 16:10
  really
• 16:10
  short
• 16:10
  period
• 16:10
  of
• 16:11
  time
• 16:11
  too?
• 16:11
  I
• 16:11
  don't
• 16:11
  remember
• 16:11
  the
• 16:11
  exact
• 16:12
  time,
• 16:12
  but.
• 16:12
  It
• 16:13
  was
• 16:13
  a
• 16:13
  year.
• 16:13
  Right.
• 16:14
  That's
• 16:14
  just,
• 16:14
  it's
• 16:14
  wild.
• 16:15
  And
• 16:15
  it
• 16:15
  also
• 16:15
  starts
• 16:16
  asking
• 16:16
  the
• 16:16
  question
• 16:16
  too
• 16:16
  of
• 16:17
  like,
• 16:17
  what
• 16:18
  are
• 16:18
  we
• 16:18
  okay
• 16:18
  with
• 16:18
  that's
• 16:19
  AI
• 16:19
  generated
• 16:20
  as
• 16:20
  consumers?
• 16:20
  Because
• 16:21
  it
• 16:21
  seems
• 16:21
  like
• 16:21
  he's
• 16:22
  not
• 16:22
  concerned
• 16:22
  about
• 16:22
  it.
• 16:23
  Right.
• 16:23
  You
• 16:23
  know,
• 16:24
  Ben.
• 16:26
  Okay,
• 16:26
  I'm
• 16:26
  going
• 16:27
  to
• 16:27
  change
• 16:28
  of
• 16:28
  tact.
• 16:28
  I'm
• 16:29
  going
• 16:29
  to
• 16:29
  share
• 16:29
  a
• 16:30
  stat
• 16:30
  from
• 16:30
  one
• 16:30
  of
• 16:31
  our
• 16:31
  research
• 16:31
  presentations.
• 16:32
  On
• 16:32
  the
• 16:32
  opening
• 16:32
  day,
• 16:33
  we
• 16:33
  often
• 16:33
  do
• 16:33
  a
• 16:34
  series
• 16:34
  of
• 16:34
  scene
• 16:34
  setting
• 16:35
  presentations.
• 16:36
  I
• 16:36
  think
• 16:36
  the
• 16:36
  person
• 16:37
  who
• 16:37
  gave
• 16:37
  the
• 16:37
  presentation
• 16:37
  is
• 16:38
  in
• 16:38
  the
• 16:38
  room.
• 16:38
  So
• 16:38
  shout
• 16:39
  out
• 16:39
  to
• 16:39
  Rhian
• 16:39
  from
• 16:40
  IGD.
• 16:41
  They
• 16:41
  shared
• 16:42
  the
• 16:42
  forecast.
• 16:42
  We
• 16:42
  talk
• 16:43
  about
• 16:43
  GLP1s.
• 16:45
  Some
• 16:45
  of
• 16:45
  you
• 16:45
  might
• 16:45
  have
• 16:45
  heard
• 16:45
  Adam
• 16:46
  and
• 16:46
  I
• 16:46
  do
• 16:46
  as
• 16:46
  zeitgeist
• 16:47
  earlier.
• 16:47
  We
• 16:48
  have
• 16:48
  this
• 16:48
  belief
• 16:49
  that
• 16:49
  the
• 16:49
  impact
• 16:49
  that
• 16:50
  GLP1
• 16:50
  medication
• 16:51
  will
• 16:51
  have
• 16:51
  on
• 16:51
  retail
• 16:52
  is
• 16:52
  going
• 16:53
  to
• 16:53
  be
• 16:53
  bigger
• 16:53
  than
• 16:53
  people
• 16:54
  believe
• 16:54
  right
• 16:54
  now.
• 16:55
  It's
• 16:55
  going
• 16:55
  to
• 16:55
  be
• 16:55
  huge.
• 16:57
  During
• 16:57
  the
• 16:57
  zeitgeist,
• 16:58
  we
• 16:58
  shared
• 16:58
  a
• 16:58
  stat
• 16:59
  that
• 16:59
  we've
• 16:59
  used
• 16:59
  before,
• 17:00
  which
• 17:00
  is
• 17:00
  some
• 17:00
  Morgan
• 17:00
  Stanley
• 17:01
  data,
• 17:02
  which
• 17:02
  is
• 17:02
  they
• 17:02
  currently
• 17:03
  believe
• 17:03
  that
• 17:03
  1%
• 17:04
  of
• 17:04
  the
• 17:04
  world's
• 17:04
  population
• 17:05
  is
• 17:05
  on
• 17:05
  GLP1s
• 17:06
  and
• 17:06
  that's
• 17:06
  going
• 17:07
  to
• 17:07
  grow
• 17:07
  to
• 17:07
  10%
• 17:10
  in
• 17:10
  a
• 17:10
  decade.
• 17:11
  Rhianne's
• 17:12
  number
• 17:12
  was
• 17:13
  talking
• 17:13
  about
• 17:13
  the
• 17:13
  UK
• 17:13
  market,
• 17:13
  where
• 17:14
  they've
• 17:14
  done
• 17:14
  a
• 17:14
  really
• 17:14
  deep
• 17:15
  dive.
• 17:15
  And
• 17:16
  their
• 17:17
  forecast
• 17:17
  is
• 17:17
  that
• 17:17
  by
• 17:18
  2030,
• 17:19
  which
• 17:20
  really
• 17:20
  isn't
• 17:21
  far
• 17:21
  away
• 17:21
  now.
• 17:21
  No.
• 17:22
  Which
• 17:22
  is
• 17:22
  slightly
• 17:23
  frightening,
• 17:25
  15%
• 17:26
  of
• 17:26
  the
• 17:26
  UK
• 17:26
  population
• 17:27
  could
• 17:27
  be
• 17:27
  on
• 17:27
  GLP1.
• 17:28
  Wow.
• 17:30
  15%.
• 17:31
  Remember,
• 17:32
  if
• 17:32
  you're
• 17:32
  on
• 17:32
  GLP1,
• 17:33
  you
• 17:33
  question
• 17:34
  everything
• 17:35
  about
• 17:35
  your
• 17:36
  food
• 17:36
  consumption.
• 17:36
  It's
• 17:37
  like
• 17:37
  a
• 17:37
  switch
• 17:37
  that
• 17:37
  happens.
• 17:39
  Nearly
• 17:39
  half
• 17:39
  of
• 17:39
  people
• 17:39
  that
• 17:40
  go
• 17:40
  into
• 17:40
  GLP1
• 17:40
  will
• 17:41
  change
• 17:41
  their
• 17:41
  main
• 17:41
  grocery
• 17:42
  shop.
• 17:42
  And
• 17:43
  those
• 17:43
  people
• 17:43
  in
• 17:43
  the
• 17:43
  grocery.
• 17:43
  You
• 17:44
  know
• 17:44
  how
• 17:44
  hard
• 17:44
  it
• 17:44
  is
• 17:45
  to
• 17:45
  get
• 17:45
  someone
• 17:46
  to
• 17:46
  change
• 17:46
  their
• 17:46
  main
• 17:46
  shop.
• 17:47
  So
• 17:47
  I
• 17:48
  still
• 17:48
  think
• 17:48
  we've
• 17:48
  underestimated
• 17:49
  it.
• 17:49
  And
• 17:49
  if
• 17:49
  we've
• 17:50
  got
• 17:50
  15%
• 17:50
  in
• 17:51
  the
• 17:51
  UK,
• 17:51
  you
• 17:52
  know,
• 17:52
  we're
• 17:52
  going
• 17:52
  to
• 17:52
  expect
• 17:52
  to
• 17:52
  see
• 17:52
  big
• 17:53
  numbers
• 17:53
  right
• 17:53
  across
• 17:53
  Europe.
• 17:54
  And
• 17:54
  that.
• 17:54
  That
• 17:54
  was
• 17:54
  a
• 17:54
  stat
• 17:55
  that
• 17:55
  really
• 17:55
  stopped
• 17:56
  me
• 17:56
  in
• 17:56
  my
• 17:56
  tracks.
• 17:56
  That's
• 17:57
  interesting
• 17:57
  because
• 17:57
  usually
• 17:57
  in
• 17:58
  this
• 17:58
  session
• 17:58
  I
• 17:58
  always
• 17:58
  ask,
• 17:58
  like,
• 17:59
  is
• 17:59
  AI
• 17:59
  underhyped?
• 18:00
  Overhyped,
• 18:01
  Properly
• 18:01
  hyped?
• 18:02
  Yeah.
• 18:02
  So
• 18:02
  if
• 18:02
  I
• 18:02
  was
• 18:02
  to
• 18:02
  ask
• 18:02
  you
• 18:03
  about
• 18:03
  GLP1,
• 18:03
  you'd
• 18:03
  say
• 18:04
  it's
• 18:04
  still
• 18:04
  kind
• 18:04
  of
• 18:04
  under
• 18:05
  hyped?
• 18:05
  Yeah,
• 18:06
  absolutely.
• 18:06
  Okay,
• 18:07
  Adam.
• 18:08
  I'll
• 18:08
  stay
• 18:09
  on
• 18:09
  2030
• 18:09
  vision.
• 18:11
  This
• 18:11
  was
• 18:11
  shared
• 18:11
  by
• 18:11
  Holden
• 18:12
  Bale
• 18:12
  from
• 18:12
  Merkel
• 18:13
  on
• 18:13
  day
• 18:13
  one.
• 18:14
  It's
• 18:15
  my
• 18:15
  favorite
• 18:15
  stat
• 18:15
  of
• 18:16
  the
• 18:16
  show,
• 18:16
  but
• 18:16
  I
• 18:16
  also
• 18:16
  don't
• 18:17
  necessarily
• 18:17
  agree.
• 18:18
  Oh,
• 18:18
  I
• 18:19
  can't
• 18:19
  see
• 18:19
  it.
• 18:19
  But.
• 18:20
  But
• 18:20
  that,
• 18:20
  you
• 18:21
  know,
• 18:21
  who
• 18:21
  am
• 18:21
  I
• 18:21
  to
• 18:21
  do
• 18:21
  it?
• 18:22
  He
• 18:22
  said
• 18:22
  between
• 18:23
  10
• 18:23
  to
• 18:23
  25%
• 18:24
  of
• 18:24
  global
• 18:25
  E
• 18:25
  commerce,
• 18:25
  we
• 18:25
  fully
• 18:26
  automated
• 18:27
  by
• 18:27
  2030.
• 18:28
  I
• 18:28
  think
• 18:28
  there's
• 18:28
  a
• 18:29
  big
• 18:29
  gulf
• 18:30
  in
• 18:30
  10
• 18:30
  and
• 18:30
  25%
• 18:31
  to
• 18:31
  start
• 18:31
  with,
• 18:31
  but
• 18:32
  also
• 18:32
  that
• 18:32
  it
• 18:33
  does
• 18:33
  sound
• 18:33
  a
• 18:34
  little.
• 18:34
  Bit
• 18:34
  of
• 18:34
  a
• 18:34
  hedge.
• 18:36
  Fair
• 18:36
  enough.
• 18:36
  And
• 18:37
  it
• 18:37
  sounds
• 18:37
  high,
• 18:38
  but
• 18:38
  the
• 18:39
  pace
• 18:39
  of
• 18:39
  change
• 18:39
  and
• 18:40
  the
• 18:40
  way
• 18:40
  things
• 18:40
  are
• 18:40
  heading.
• 18:41
  Maybe,
• 18:41
  but
• 18:41
  it
• 18:42
  stuck
• 18:42
  with
• 18:42
  me
• 18:42
  because
• 18:42
  I
• 18:43
  didn't
• 18:43
  agree.
• 18:44
  Sorry,
• 18:44
  hold
• 18:44
  on.
• 18:44
  Yeah,
• 18:45
  yeah,
• 18:45
  you
• 18:45
  guys
• 18:46
  all
• 18:46
  gave
• 18:46
  stats.
• 18:46
  I'm
• 18:46
  going
• 18:47
  to
• 18:47
  give
• 18:47
  a
• 18:47
  slide.
• 18:47
  Okay.
• 18:47
  Okay.
• 18:48
  I'm
• 18:48
  going
• 18:48
  to
• 18:48
  give
• 18:48
  a
• 18:48
  slide.
• 18:49
  My
• 18:49
  favorite
• 18:49
  slide
• 18:49
  was
• 18:50
  from
• 18:50
  Tom
• 18:51
  Cooper,
• 18:51
  who's
• 18:51
  the
• 18:51
  CEO
• 18:52
  of
• 18:52
  Duvo,
• 18:52
  and
• 18:53
  if
• 18:53
  you
• 18:53
  don't
• 18:53
  know
• 18:53
  him,
• 18:53
  he
• 18:53
  was
• 18:54
  the
• 18:54
  former
• 18:54
  founder
• 18:54
  of
• 18:55
  the
• 18:55
  Roll
• 18:55
  It
• 18:55
  Group,
• 18:56
  which
• 18:56
  is
• 18:56
  a
• 18:57
  very
• 18:57
  successful
• 18:57
  E
• 18:58
  grocer.
• 18:58
  And
• 18:59
  now
• 18:59
  he's
• 19:00
  got
• 19:00
  the
• 19:00
  AI
• 19:00
  bug
• 19:00
  and
• 19:01
  he's
• 19:01
  created
• 19:01
  an
• 19:01
  AI
• 19:01
  startup
• 19:02
  all
• 19:02
  around
• 19:02
  agentic
• 19:03
  AI
• 19:03
  and
• 19:03
  bringing
• 19:03
  that
• 19:04
  inside
• 19:04
  of
• 19:04
  organization.
• 19:05
  So
• 19:05
  going
• 19:05
  back
• 19:05
  to
• 19:05
  what
• 19:05
  we
• 19:05
  talked
• 19:06
  about
• 19:06
  in
• 19:06
  the
• 19:06
  beginning
• 19:07
  and
• 19:07
  he
• 19:07
  had
• 19:07
  this
• 19:07
  great
• 19:08
  slide
• 19:08
  where
• 19:09
  if
• 19:09
  you
• 19:09
  can
• 19:09
  get
• 19:09
  your
• 19:09
  hands
• 19:09
  on
• 19:09
  it,
• 19:10
  I
• 19:10
  highly
• 19:10
  encourage
• 19:10
  it.
• 19:10
  He
• 19:11
  said,
• 19:11
  basically,
• 19:11
  Here
• 19:12
  are
• 19:12
  the
• 19:12
  10
• 19:12
  areas
• 19:13
  where
• 19:13
  you
• 19:13
  could
• 19:14
  deploy
• 19:14
  Agentic
• 19:15
  AI
• 19:15
  today
• 19:15
  in
• 19:15
  your
• 19:16
  organizations
• 19:16
  and
• 19:16
  immediately
• 19:17
  find
• 19:17
  money.
• 19:17
  And
• 19:18
  it's
• 19:18
  things,
• 19:18
  things
• 19:18
  that
• 19:18
  aren't
• 19:19
  sexy.
• 19:19
  It's
• 19:20
  like
• 19:20
  following
• 19:20
  up
• 19:20
  on
• 19:21
  vendor
• 19:21
  compliance
• 19:21
  issues
• 19:22
  and
• 19:22
  things
• 19:22
  like
• 19:22
  that.
• 19:22
  That
• 19:23
  was
• 19:23
  one
• 19:23
  of
• 19:23
  the
• 19:23
  ones
• 19:23
  that
• 19:23
  stands
• 19:24
  out
• 19:24
  in
• 19:24
  my
• 19:24
  mind.
• 19:24
  So
• 19:25
  it
• 19:25
  was
• 19:25
  just
• 19:25
  a
• 19:25
  great
• 19:25
  slide
• 19:26
  that
• 19:26
  encapsulated
• 19:27
  everything
• 19:27
  you
• 19:27
  can
• 19:27
  do
• 19:28
  very
• 19:28
  quickly
• 19:29
  by
• 19:29
  thinking
• 19:29
  about
• 19:29
  how
• 19:30
  do
• 19:30
  you
• 19:30
  deploy
• 19:30
  agents
• 19:30
  to
• 19:31
  your
• 19:31
  organization.
• 19:31
  I'd
• 19:32
  say
• 19:32
  vendor
• 19:32
  compliance
• 19:33
  is
• 19:33
  quite
• 19:33
  sexy,
• 19:33
  surely.
• 19:34
  Yeah.
• 19:34
  Oh
• 19:34
  yeah.
• 19:35
  I
• 19:35
  mean,
• 19:35
  yeah.
• 19:35
  No
• 19:35
  offense
• 19:36
  to
• 19:36
  the
• 19:36
  vendor
• 19:36
  compliance
• 19:37
  auditors
• 19:37
  out
• 19:37
  there,
• 19:38
  Adam,
• 19:38
  but.
• 19:39
  Right.
• 19:40
  Well
• 19:40
  said,
• 19:40
  well
• 19:40
  said.
• 19:41
  All
• 19:41
  right,
• 19:42
  quote
• 19:42
  of
• 19:42
  the
• 19:42
  show.
• 19:43
  Ben,
• 19:43
  let's
• 19:43
  go
• 19:43
  back
• 19:44
  to
• 19:44
  you.
• 19:45
  Yeah.
• 19:45
  So
• 19:46
  I
• 19:46
  spent
• 19:46
  a
• 19:46
  while
• 19:46
  in
• 19:46
  the
• 19:47
  various
• 19:47
  retail
• 19:48
  media
• 19:48
  sessions,
• 19:50
  a
• 19:50
  subject
• 19:50
  that
• 19:50
  continues
• 19:51
  to
• 19:51
  evolve
• 19:52
  and
• 19:52
  it's
• 19:52
  huge
• 19:53
  for
• 19:53
  many
• 19:54
  of
• 19:54
  our
• 19:54
  community.
• 19:55
  And
• 19:55
  there
• 19:55
  was
• 19:55
  a
• 19:55
  great
• 19:56
  quote
• 19:57
  from
• 19:59
  Thibaut,
• 20:00
  who's
• 20:01
  chief
• 20:01
  operations
• 20:02
  officer
• 20:02
  at
• 20:03
  Unlimitel.
• 20:04
  So
• 20:04
  Unlimitel
• 20:05
  is
• 20:05
  Cathor
• 20:06
  and
• 20:06
  publicist
• 20:07
  jv
• 20:08
  and
• 20:09
  we
• 20:09
  would
• 20:09
  talk
• 20:09
  about
• 20:09
  the
• 20:09
  relationship
• 20:11
  between
• 20:12
  a
• 20:12
  retail
• 20:12
  media
• 20:13
  network
• 20:14
  and
• 20:15
  the
• 20:15
  retailer
• 20:17
  that
• 20:18
  they're
• 20:18
  serving.
• 20:20
  And
• 20:20
  it
• 20:20
  said
• 20:21
  the
• 20:22
  relationship
• 20:22
  is
• 20:22
  best
• 20:23
  when
• 20:23
  it
• 20:23
  is
• 20:23
  autonomous
• 20:25
  but
• 20:25
  not
• 20:25
  independent.
• 20:28
  What
• 20:28
  I
• 20:28
  mean
• 20:28
  by
• 20:29
  that
• 20:29
  is
• 20:29
  you
• 20:29
  need
• 20:30
  the
• 20:30
  autonomy
• 20:30
  to
• 20:31
  create
• 20:31
  the
• 20:32
  culture
• 20:32
  of
• 20:32
  an
• 20:33
  agency
• 20:34
  with
• 20:34
  a
• 20:34
  separate
• 20:35
  P
• 20:35
  and
• 20:35
  L
• 20:35
  and
• 20:36
  the
• 20:36
  ability
• 20:36
  to
• 20:37
  invest
• 20:38
  and
• 20:38
  the
• 20:38
  ability
• 20:38
  to
• 20:39
  make
• 20:39
  decisions
• 20:39
  that
• 20:40
  are
• 20:40
  not
• 20:40
  just
• 20:40
  bound
• 20:41
  into
• 20:41
  a
• 20:41
  JBP
• 20:42
  somewhere
• 20:42
  else,
• 20:43
  but
• 20:44
  they're
• 20:44
  not
• 20:44
  independent.
• 20:45
  The
• 20:46
  success
• 20:47
  of
• 20:47
  the
• 20:47
  media
• 20:48
  network
• 20:48
  depends
• 20:49
  on
• 20:49
  the
• 20:49
  success
• 20:49
  of
• 20:49
  the
• 20:50
  retailer
• 20:50
  that
• 20:50
  they're
• 20:50
  part
• 20:51
  of.
• 20:51
  And
• 20:51
  the
• 20:51
  best
• 20:52
  results
• 20:52
  come
• 20:52
  when
• 20:53
  you
• 20:53
  can
• 20:53
  get
• 20:53
  three
• 20:53
  parties
• 20:54
  round
• 20:54
  the
• 20:55
  trade
• 20:55
  partner,
• 20:56
  so
• 20:56
  the
• 20:56
  advertiser,
• 20:57
  the
• 20:57
  retailer
• 20:58
  themselves,
• 20:58
  to
• 20:59
  make
• 20:59
  sure
• 20:59
  you've
• 20:59
  got
• 20:59
  the
• 20:59
  right
• 20:59
  assets
• 21:00
  available
• 21:00
  and
• 21:00
  the
• 21:01
  network
• 21:01
  together.
• 21:02
  So
• 21:02
  autonomous
• 21:03
  but
• 21:03
  not
• 21:03
  independent.
• 21:04
  I
• 21:04
  really
• 21:04
  like
• 21:04
  that.
• 21:05
  Wow.
• 21:05
  There's
• 21:05
  a
• 21:05
  lot
• 21:05
  to
• 21:06
  unpack
• 21:06
  there.
• 21:06
  I
• 21:06
  might
• 21:06
  have
• 21:07
  to
• 21:07
  do
• 21:07
  a
• 21:07
  separate
• 21:07
  podcast
• 21:08
  just
• 21:08
  on
• 21:08
  what
• 21:09
  that
• 21:09
  concept
• 21:09
  means.
• 21:09
  Ben.
• 21:10
  Love
• 21:10
  that.
• 21:11
  Wow.
• 21:11
  Rebecca.
• 21:13
  Yeah,
• 21:14
  I
• 21:14
  would
• 21:15
  say
• 21:16
  this
• 21:16
  isn't
• 21:16
  a
• 21:16
  quote
• 21:17
  verbatim,
• 21:18
  but
• 21:18
  I
• 21:18
  really
• 21:18
  liked
• 21:18
  what
• 21:18
  Alexei
• 21:19
  shared
• 21:19
  during
• 21:20
  our
• 21:20
  main
• 21:20
  stage
• 21:20
  keynote.
• 21:21
  He
• 21:21
  I
• 21:21
  thought
• 21:21
  it
• 21:22
  was
• 21:22
  really
• 21:22
  transferable
• 21:23
  to
• 21:23
  any
• 21:24
  brand
• 21:24
  in
• 21:24
  any
• 21:24
  other
• 21:25
  category
• 21:25
  as
• 21:25
  well.
• 21:26
  It's
• 21:26
  not
• 21:26
  just
• 21:26
  luxury
• 21:27
  specific
• 21:27
  insight
• 21:28
  and
• 21:28
  particularly
• 21:29
  for
• 21:29
  brands
• 21:30
  that
• 21:30
  are
• 21:30
  founder
• 21:31
  led
• 21:31
  and
• 21:32
  they're
• 21:32
  trying
• 21:32
  to
• 21:33
  make
• 21:33
  sure
• 21:33
  that
• 21:33
  the
• 21:33
  brand
• 21:34
  outlives
• 21:34
  the
• 21:34
  founder
• 21:34
  as
• 21:35
  well
• 21:35
  because
• 21:35
  Lots
• 21:35
  of
• 21:35
  decisions
• 21:36
  for
• 21:36
  founder
• 21:36
  led
• 21:36
  brands
• 21:37
  are
• 21:37
  typically
• 21:38
  gut
• 21:38
  based
• 21:39
  and
• 21:39
  what
• 21:39
  they
• 21:39
  have
• 21:40
  devised
• 21:41
  is
• 21:41
  this
• 21:42
  kind
• 21:42
  of
• 21:42
  brand
• 21:43
  pillar
• 21:43
  framework,
• 21:44
  I
• 21:44
  suppose.
• 21:45
  And
• 21:45
  it
• 21:45
  doesn't
• 21:45
  just
• 21:45
  sit
• 21:46
  in
• 21:46
  a
• 21:46
  kind
• 21:46
  of
• 21:47
  internal
• 21:47
  presentation
• 21:48
  somewhere
• 21:49
  on
• 21:50
  their
• 21:50
  system.
• 21:51
  They
• 21:51
  actually
• 21:51
  use
• 21:52
  their
• 21:52
  brand
• 21:52
  pillars
• 21:53
  as
• 21:53
  a
• 21:53
  filter
• 21:54
  to
• 21:54
  decide
• 21:55
  whether
• 21:55
  a
• 21:55
  new
• 21:56
  idea
• 21:57
  innovation,
• 21:57
  whether
• 21:58
  it's
• 21:58
  a
• 21:58
  client
• 21:58
  collaboration,
• 21:58
  a
• 21:58
  new
• 21:59
  campaign
• 21:59
  idea
• 22:01
  goes
• 22:02
  through
• 22:02
  to
• 22:02
  production.
• 22:03
  And
• 22:03
  so
• 22:03
  basically
• 22:05
  they
• 22:05
  have
• 22:05
  their
• 22:05
  five
• 22:05
  brand
• 22:06
  pillars
• 22:06
  and
• 22:06
  if
• 22:06
  an
• 22:07
  idea
• 22:07
  doesn't
• 22:07
  hit
• 22:08
  at
• 22:08
  least
• 22:08
  three
• 22:08
  of
• 22:09
  them,
• 22:09
  doesn't
• 22:09
  fulfill
• 22:09
  at
• 22:10
  least
• 22:10
  three
• 22:10
  of
• 22:10
  them,
• 22:10
  it's
• 22:11
  a
• 22:11
  no.
• 22:11
  And
• 22:12
  I
• 22:12
  think
• 22:12
  that's
• 22:12
  a
• 22:12
  really
• 22:12
  smart,
• 22:13
  really
• 22:13
  structured
• 22:14
  way
• 22:14
  of
• 22:15
  kind
• 22:15
  of
• 22:15
  building
• 22:15
  a
• 22:16
  kind
• 22:16
  of
• 22:16
  decision
• 22:16
  making
• 22:17
  framework
• 22:18
  to
• 22:18
  enable
• 22:19
  decisions
• 22:19
  and
• 22:19
  to
• 22:19
  enable
• 22:19
  decisions,
• 22:20
  I
• 22:20
  guess,
• 22:20
  faster
• 22:21
  as
• 22:21
  well.
• 22:21
  Because
• 22:21
  gut,
• 22:21
  I
• 22:22
  think,
• 22:22
  well,
• 22:22
  you
• 22:22
  run
• 22:23
  the
• 22:23
  risk
• 22:23
  obviously
• 22:23
  of,
• 22:24
  you
• 22:24
  know,
• 22:24
  if
• 22:24
  the
• 22:24
  founder
• 22:25
  or,
• 22:25
  you
• 22:25
  know,
• 22:26
  leaves
• 22:27
  the
• 22:27
  business
• 22:27
  or
• 22:27
  you
• 22:27
  know,
• 22:28
  you
• 22:28
  want,
• 22:28
  you
• 22:28
  want
• 22:28
  to
• 22:28
  create
• 22:28
  a
• 22:29
  brand
• 22:29
  that
• 22:29
  outlives
• 22:29
  the
• 22:29
  founder.
• 22:31
  And
• 22:32
  yeah,
• 22:32
  I
• 22:32
  just
• 22:32
  think
• 22:32
  it
• 22:32
  makes
• 22:33
  decisions
• 22:34
  faster
• 22:34
  as
• 22:35
  well
• 22:35
  to
• 22:35
  enable
• 22:36
  them
• 22:36
  to
• 22:36
  be
• 22:36
  faster
• 22:36
  if
• 22:37
  you
• 22:37
  have
• 22:37
  this
• 22:37
  really
• 22:37
  clear
• 22:38
  framework.
• 22:38
  So
• 22:38
  I
• 22:39
  love
• 22:39
  that.
• 22:39
  So
• 22:39
  you
• 22:39
  like
• 22:40
  the
• 22:40
  framework
• 22:40
  that
• 22:40
  they
• 22:40
  were
• 22:41
  espousing?
• 22:41
  Yeah,
• 22:42
  yeah,
• 22:42
  I
• 22:42
  did
• 22:42
  and
• 22:43
  I.
• 22:43
  Well,
• 22:43
  what
• 22:43
  their
• 22:44
  framework
• 22:44
  is
• 22:44
  very
• 22:45
  on
• 22:45
  brand
• 22:45
  and
• 22:45
  I
• 22:45
  mean,
• 22:45
  I
• 22:46
  think
• 22:46
  you
• 22:46
  understand
• 22:46
  the
• 22:46
  brand
• 22:47
  more
• 22:47
  when
• 22:47
  you
• 22:48
  understand
• 22:48
  what
• 22:48
  their
• 22:48
  brand
• 22:49
  pillars
• 22:49
  are.
• 22:49
  I
• 22:49
  think
• 22:50
  you
• 22:50
  understand
• 22:51
  the
• 22:52
  decisions
• 22:52
  that
• 22:52
  they
• 22:53
  make,
• 22:53
  the
• 22:53
  campaigns
• 22:53
  that
• 22:53
  they
• 22:54
  run
• 22:54
  because
• 22:54
  you
• 22:54
  see
• 22:55
  it
• 22:55
  come
• 22:55
  alive,
• 22:56
  you
• 22:56
  see
• 22:56
  those
• 22:56
  brand
• 22:57
  pillars
• 22:57
  come
• 22:57
  alive.
• 22:57
  So
• 22:58
  yeah,
• 22:58
  it
• 22:58
  made
• 22:58
  me
• 22:58
  understand
• 22:59
  the
• 22:59
  brand
• 22:59
  a
• 22:59
  bit
• 22:59
  more,
• 22:59
  I
• 22:59
  think
• 23:00
  when.
• 23:00
  I
• 23:00
  said,
• 23:00
  yeah,
• 23:00
  it's
• 23:00
  a
• 23:01
  great
• 23:01
  point
• 23:01
  because
• 23:01
  it
• 23:01
  is
• 23:01
  important
• 23:02
  to
• 23:02
  have
• 23:02
  decision
• 23:03
  rules
• 23:03
  around
• 23:04
  what
• 23:04
  we're
• 23:04
  not
• 23:04
  going
• 23:05
  to
• 23:05
  do
• 23:05
  as
• 23:05
  much
• 23:05
  as
• 23:05
  it
• 23:06
  is
• 23:06
  important
• 23:06
  to
• 23:06
  have
• 23:06
  them
• 23:06
  for
• 23:07
  what
• 23:07
  we
• 23:07
  are
• 23:07
  going
• 23:07
  to
• 23:08
  do.
• 23:08
  Right.
• 23:08
  Adam,
• 23:10
  the
• 23:10
  one
• 23:11
  that
• 23:11
  I
• 23:11
  really
• 23:11
  like,
• 23:12
  I
• 23:12
  don't
• 23:12
  think
• 23:12
  it's
• 23:12
  a
• 23:12
  direct
• 23:13
  quote
• 23:13
  actually.
• 23:14
  It
• 23:14
  was
• 23:14
  a
• 23:14
  key
• 23:14
  takeaway
• 23:15
  from
• 23:15
  the
• 23:16
  end
• 23:16
  of
• 23:16
  a
• 23:16
  session
• 23:16
  today
• 23:17
  where
• 23:17
  we
• 23:17
  had
• 23:18
  Pinterest,
• 23:19
  TikTok
• 23:20
  shop
• 23:20
  and
• 23:20
  Reddit
• 23:21
  talking
• 23:21
  about
• 23:21
  kind
• 23:21
  of
• 23:22
  new
• 23:22
  routes
• 23:22
  to
• 23:22
  discovery
• 23:23
  and
• 23:24
  the
• 23:24
  collision
• 23:24
  of
• 23:24
  Entertainment
• 23:25
  and
• 23:25
  Commerce,
• 23:26
  etc.
• 23:26
  And
• 23:27
  the
• 23:27
  line
• 23:27
  was
• 23:27
  that
• 23:28
  confidence
• 23:28
  is
• 23:29
  the
• 23:29
  new
• 23:29
  currency.
• 23:31
  And
• 23:31
  I
• 23:31
  really
• 23:31
  like
• 23:31
  that
• 23:31
  because
• 23:32
  it
• 23:32
  was,
• 23:32
  I
• 23:32
  think
• 23:33
  we
• 23:33
  talk
• 23:33
  a
• 23:33
  lot
• 23:33
  about
• 23:33
  trust
• 23:34
  and
• 23:34
  authenticity
• 23:34
  and
• 23:35
  all
• 23:35
  that
• 23:35
  kind
• 23:35
  of
• 23:35
  stuff
• 23:35
  and
• 23:35
  actually
• 23:36
  confidence
• 23:36
  feels
• 23:36
  like
• 23:36
  the
• 23:37
  next
• 23:37
  layer
• 23:37
  upon
• 23:37
  that.
• 23:37
  And
• 23:38
  it's
• 23:38
  like
• 23:38
  if
• 23:39
  as
• 23:39
  a
• 23:39
  consumer
• 23:39
  you
• 23:40
  go
• 23:40
  onto
• 23:40
  these
• 23:40
  platforms
• 23:40
  and
• 23:41
  you
• 23:41
  see
• 23:42
  a
• 23:42
  new
• 23:42
  brand,
• 23:43
  you
• 23:43
  see
• 23:43
  a
• 23:44
  product
• 23:44
  from
• 23:44
  a
• 23:44
  brand,
• 23:44
  you
• 23:44
  know,
• 23:45
  or
• 23:45
  maybe
• 23:45
  not.
• 23:45
  And
• 23:46
  if
• 23:46
  you
• 23:46
  feel
• 23:46
  really
• 23:46
  confident
• 23:47
  that
• 23:47
  it's,
• 23:47
  it's
• 23:47
  right
• 23:48
  for
• 23:48
  you
• 23:48
  because
• 23:48
  of
• 23:49
  the
• 23:49
  type
• 23:49
  of
• 23:49
  content
• 23:49
  you're
• 23:50
  seeing,
• 23:50
  because
• 23:50
  of
• 23:50
  the,
• 23:51
  you
• 23:51
  know,
• 23:51
  some
• 23:51
  of
• 23:52
  the
• 23:52
  UGC
• 23:52
  or
• 23:52
  whatever
• 23:52
  it
• 23:53
  might
• 23:53
  be,
• 23:53
  live
• 23:54
  shopping
• 23:54
  any
• 23:54
  of
• 23:54
  these
• 23:55
  channels.
• 23:55
  I
• 23:55
  don't
• 23:55
  think
• 23:55
  it
• 23:56
  matters
• 23:56
  what
• 23:56
  the
• 23:56
  platform
• 23:56
  is.
• 23:57
  Then
• 23:58
  you're
• 23:58
  far
• 23:59
  more
• 23:59
  likely
• 23:59
  to
• 23:59
  buy,
• 23:59
  obviously.
• 24:00
  But
• 24:00
  obviously
• 24:01
  the
• 24:01
  loyalty
• 24:02
  is
• 24:02
  there
• 24:02
  as
• 24:02
  well.
• 24:03
  I
• 24:04
  don't
• 24:04
  know.
• 24:04
  I
• 24:04
  just
• 24:04
  really
• 24:04
  like
• 24:04
  that
• 24:05
  confidence
• 24:05
  is
• 24:05
  a.
• 24:06
  As
• 24:06
  a
• 24:06
  currency.
• 24:06
  I
• 24:06
  could
• 24:07
  tell
• 24:07
  you
• 24:07
  liked
• 24:07
  it
• 24:07
  because
• 24:07
  you
• 24:07
  kind
• 24:08
  of
• 24:08
  leaned
• 24:08
  back
• 24:08
  in
• 24:08
  your
• 24:08
  chair
• 24:09
  as
• 24:09
  you
• 24:09
  said
• 24:09
  it.
• 24:10
  As
• 24:10
  I
• 24:10
  almost
• 24:10
  fell
• 24:11
  out
• 24:11
  of
• 24:11
  mind.
• 24:11
  Trying
• 24:11
  to
• 24:12
  mimic
• 24:12
  you,
• 24:12
  I
• 24:12
  made
• 24:13
  me
• 24:13
  feel
• 24:13
  confidence.
• 24:14
  Yeah.
• 24:14
  Yeah.
• 24:14
  Confidence
• 24:14
  is
• 24:15
  a
• 24:15
  new
• 24:15
  currency.
• 24:15
  Yeah,
• 24:16
  I
• 24:16
  like
• 24:16
  that.
• 24:16
  I
• 24:16
  like
• 24:16
  that.
• 24:16
  Mine
• 24:17
  was.
• 24:18
  I
• 24:18
  had
• 24:18
  the
• 24:18
  chance
• 24:19
  to
• 24:19
  interview
• 24:19
  All
• 24:19
  Saints
• 24:20
  CEO
• 24:20
  on
• 24:20
  stage
• 24:21
  on
• 24:21
  Tuesday,
• 24:22
  almost
• 24:22
  forgetting
• 24:22
  the
• 24:22
  day
• 24:23
  now,
• 24:23
  Tuesday.
• 24:24
  And
• 24:24
  he
• 24:24
  said
• 24:24
  something
• 24:25
  to
• 24:25
  me
• 24:25
  that
• 24:25
  I've
• 24:25
  never
• 24:26
  heard
• 24:26
  before
• 24:26
  that
• 24:26
  has
• 24:27
  stuck
• 24:27
  with
• 24:27
  me
• 24:27
  and
• 24:27
  I
• 24:28
  actually
• 24:28
  find
• 24:28
  it
• 24:28
  really
• 24:28
  inspiring.
• 24:29
  He
• 24:29
  said,
• 24:30
  the
• 24:30
  CFO's
• 24:31
  job
• 24:31
  is
• 24:31
  to
• 24:32
  ask
• 24:32
  what
• 24:32
  can
• 24:32
  go
• 24:32
  wrong,
• 24:33
  but
• 24:34
  the
• 24:34
  CEO's
• 24:35
  job
• 24:35
  is
• 24:35
  to
• 24:35
  ask
• 24:36
  what
• 24:36
  can
• 24:36
  go
• 24:36
  right.
• 24:37
  And
• 24:37
  that's
• 24:38
  where
• 24:38
  he,
• 24:38
  as
• 24:38
  a
• 24:38
  CEO
• 24:39
  is
• 24:39
  focused
• 24:39
  on
• 24:40
  in
• 24:40
  terms
• 24:40
  of
• 24:40
  how
• 24:41
  he
• 24:41
  communicates
• 24:41
  with
• 24:41
  his
• 24:41
  board,
• 24:42
  how
• 24:42
  he
• 24:42
  talks
• 24:42
  to
• 24:42
  his
• 24:43
  team.
• 24:43
  And
• 24:43
  I
• 24:43
  think
• 24:44
  if
• 24:44
  you
• 24:44
  take
• 24:44
  that
• 24:44
  approach
• 24:44
  in
• 24:45
  your
• 24:45
  day
• 24:45
  to
• 24:45
  day
• 24:45
  work
• 24:46
  and
• 24:46
  interactions,
• 24:47
  it's
• 24:47
  going
• 24:47
  to
• 24:48
  lead
• 24:48
  to
• 24:48
  a
• 24:48
  more
• 24:49
  inspiring
• 24:49
  environment.
• 24:49
  And
• 24:50
  so
• 24:50
  I
• 24:50
  was
• 24:50
  pretty
• 24:51
  impressed
• 24:51
  by
• 24:51
  that.
• 24:51
  Yeah.
• 24:52
  All
• 24:52
  right,
• 24:53
  next
• 24:53
  one,
• 24:54
  best
• 24:55
  offstage
• 24:56
  insight.
• 24:58
  Let's
• 24:59
  go
• 24:59
  to
• 25:00
  Rebecca.
• 25:01
  Yeah,
• 25:02
  I
• 25:02
  had
• 25:02
  a
• 25:02
  really
• 25:02
  interesting
• 25:03
  conversation
• 25:03
  where
• 25:04
  agents
• 25:04
  were
• 25:05
  referred
• 25:05
  to
• 25:06
  as
• 25:06
  boring
• 25:06
  shoppers.
• 25:08
  So
• 25:08
  agents
• 25:08
  are
• 25:09
  not
• 25:09
  browsing
• 25:09
  for
• 25:10
  inspiration.
• 25:11
  They
• 25:11
  are
• 25:11
  looking
• 25:12
  for
• 25:12
  the
• 25:12
  fastest
• 25:12
  path
• 25:13
  to
• 25:14
  the
• 25:14
  product
• 25:14
  that
• 25:15
  kind
• 25:15
  of
• 25:15
  best
• 25:15
  matches
• 25:16
  a
• 25:16
  set
• 25:16
  of
• 25:17
  really
• 25:17
  specific
• 25:17
  product
• 25:18
  metadata.
• 25:20
  And
• 25:21
  so
• 25:21
  therefore
• 25:21
  kind
• 25:22
  of
• 25:22
  having
• 25:22
  high
• 25:22
  quality
• 25:23
  product
• 25:23
  metadata
• 25:24
  may
• 25:24
  be
• 25:24
  a
• 25:24
  determinant
• 25:25
  or
• 25:25
  one
• 25:26
  of
• 25:26
  the
• 25:26
  biggest
• 25:26
  ones
• 25:26
  actually,
• 25:27
  of
• 25:27
  whether
• 25:27
  your
• 25:27
  product
• 25:28
  gets
• 25:28
  recommended
• 25:29
  at
• 25:29
  all.
• 25:29
  I
• 25:30
  thought
• 25:30
  just
• 25:30
  kind
• 25:31
  of
• 25:31
  referring
• 25:31
  to
• 25:31
  them
• 25:31
  as
• 25:31
  boring,
• 25:32
  boring
• 25:32
  shoppers,
• 25:32
  I
• 25:32
  thought
• 25:32
  was
• 25:33
  quite.
• 25:34
  Yeah,
• 25:34
  it
• 25:34
  was
• 25:34
  quite
• 25:35
  a
• 25:35
  funny
• 25:35
  image.
• 25:36
  That's
• 25:36
  definitely
• 25:36
  stayed
• 25:37
  with
• 25:37
  me.
• 25:37
  And
• 25:37
  I
• 25:38
  think
• 25:38
  just
• 25:38
  that
• 25:39
  that
• 25:39
  kind
• 25:40
  of
• 25:40
  outcome,
• 25:40
  or
• 25:40
  rather
• 25:41
  takeaway
• 25:41
  from
• 25:41
  that,
• 25:41
  is
• 25:42
  therefore
• 25:42
  brands
• 25:42
  need
• 25:43
  to
• 25:43
  be
• 25:43
  really
• 25:43
  focused
• 25:44
  on
• 25:44
  product
• 25:44
  data.
• 25:45
  I
• 25:45
  think
• 25:46
  that
• 25:46
  was
• 25:46
  one
• 25:46
  of
• 25:47
  our
• 25:47
  takeaways
• 25:47
  from
• 25:47
  the
• 25:48
  European
• 25:48
  Retail
• 25:49
  Tech
• 25:49
  Investor
• 25:50
  session
• 25:50
  that
• 25:50
  I
• 25:50
  moderated
• 25:51
  on
• 25:51
  Monday.
• 25:52
  We
• 25:53
  had
• 25:53
  a
• 25:53
  partner
• 25:53
  from
• 25:53
  Carl
• 25:54
  Square,
• 25:54
  which
• 25:54
  is
• 25:55
  an
• 25:55
  investment
• 25:55
  bank,
• 25:57
  and
• 25:57
  he.
• 25:58
  He
• 25:58
  fundamentally
• 25:59
  believes
• 25:59
  that
• 25:59
  brands
• 26:00
  really
• 26:00
  need
• 26:00
  to
• 26:01
  be
• 26:01
  thinking
• 26:01
  very
• 26:02
  deeply
• 26:02
  about
• 26:02
  their
• 26:02
  metadata
• 26:03
  and
• 26:03
  making
• 26:03
  sure
• 26:03
  that
• 26:04
  that's
• 26:04
  all
• 26:04
  in
• 26:04
  order,
• 26:05
  in
• 26:05
  order
• 26:06
  to
• 26:06
  be
• 26:06
  able
• 26:06
  to
• 26:07
  be
• 26:07
  visible
• 26:08
  and
• 26:09
  be
• 26:09
  able
• 26:09
  to
• 26:09
  participate
• 26:10
  properly
• 26:10
  and
• 26:10
  drive
• 26:11
  commercial
• 26:11
  meaningfulness
• 26:12
  from
• 26:13
  agenda
• 26:13
  commerce.
• 26:14
  Yeah,
• 26:14
  the
• 26:14
  boring
• 26:15
  thing
• 26:15
  gets
• 26:15
  me
• 26:15
  thinking
• 26:15
  about
• 26:16
  Maya
• 26:16
  too,
• 26:16
  because
• 26:17
  I
• 26:17
  had
• 26:17
  this
• 26:18
  great
• 26:18
  conversation
• 26:18
  with
• 26:18
  the
• 26:18
  founder
• 26:19
  of
• 26:19
  Zenline
• 26:20
  AI,
• 26:20
  where
• 26:20
  they're
• 26:21
  looking
• 26:21
  at
• 26:21
  how
• 26:21
  do
• 26:22
  you
• 26:22
  deploy
• 26:22
  Agentic
• 26:23
  agents
• 26:23
  into.
• 26:24
  Into
• 26:24
  your.
• 26:24
  Basically
• 26:25
  your
• 26:25
  merchandise
• 26:26
  planning
• 26:26
  organization
• 26:27
  and
• 26:27
  your
• 26:27
  merchandise
• 26:28
  assortment
• 26:28
  decisions.
• 26:29
  And
• 26:30
  he
• 26:30
  said
• 26:30
  something
• 26:31
  similar
• 26:31
  to
• 26:31
  me.
• 26:32
  It
• 26:32
  made
• 26:32
  me
• 26:32
  think
• 26:32
  of
• 26:33
  what
• 26:33
  you
• 26:33
  said.
• 26:33
  He
• 26:33
  said
• 26:35
  an
• 26:36
  agent
• 26:36
  inside
• 26:37
  your
• 26:37
  organization
• 26:37
  is
• 26:37
  like
• 26:38
  your
• 26:38
  employee
• 26:38
  on
• 26:39
  day
• 26:39
  one.
• 26:40
  People
• 26:40
  have
• 26:40
  the
• 26:41
  idea
• 26:41
  that
• 26:41
  we
• 26:42
  can
• 26:42
  just
• 26:42
  take
• 26:42
  the
• 26:43
  LLMs
• 26:43
  and
• 26:43
  all
• 26:44
  the
• 26:44
  information
• 26:44
  and
• 26:44
  data
• 26:45
  they
• 26:45
  can
• 26:45
  provide
• 26:45
  to
• 26:45
  us
• 26:46
  and
• 26:46
  just
• 26:46
  start
• 26:46
  using
• 26:47
  them.
• 26:47
  That's
• 26:48
  not
• 26:48
  true.
• 26:48
  The
• 26:48
  way
• 26:48
  you
• 26:48
  have
• 26:49
  to
• 26:49
  think
• 26:49
  about
• 26:49
  it
• 26:49
  is
• 26:49
  if
• 26:50
  you
• 26:50
  had
• 26:50
  an
• 26:50
  employee
• 26:50
  on
• 26:50
  day
• 26:51
  one,
• 26:51
  would
• 26:51
  they
• 26:51
  know
• 26:51
  your
• 26:52
  company?
• 26:52
  Would
• 26:53
  they
• 26:53
  know
• 26:53
  its
• 26:53
  language?
• 26:53
  Would
• 26:54
  they
• 26:54
  know
• 26:54
  its
• 26:54
  processes?
• 26:55
  Would
• 26:55
  they
• 26:55
  know
• 26:55
  its
• 26:55
  data?
• 26:56
  Absolutely
• 26:57
  not.
• 26:58
  And
• 26:58
  so
• 26:58
  that's
• 26:58
  how
• 26:58
  you
• 26:59
  have
• 26:59
  to
• 26:59
  think
• 26:59
  about
• 26:59
  your
• 26:59
  agents
• 27:00
  as
• 27:00
  you're
• 27:00
  starting
• 27:00
  to
• 27:01
  deploy
• 27:01
  them
• 27:01
  and
• 27:01
  set
• 27:01
  them
• 27:02
  up
• 27:02
  for
• 27:02
  success.
• 27:02
  Because
• 27:02
  then
• 27:03
  once
• 27:03
  you
• 27:03
  get
• 27:03
  them
• 27:03
  in
• 27:03
  place,
• 27:04
  not
• 27:04
  to
• 27:04
  say
• 27:04
  they're
• 27:05
  boring,
• 27:05
  like
• 27:06
  actually,
• 27:07
  the
• 27:07
  newest
• 27:07
  employees
• 27:08
  often
• 27:08
  are
• 27:08
  not
• 27:08
  the
• 27:08
  most
• 27:09
  boring.
• 27:09
  But
• 27:10
  that's
• 27:10
  a
• 27:10
  good
• 27:11
  way
• 27:11
  to
• 27:11
  think
• 27:11
  about
• 27:11
  it
• 27:11
  mentally
• 27:12
  in
• 27:12
  terms
• 27:12
  of
• 27:13
  how
• 27:13
  we
• 27:13
  need
• 27:14
  to
• 27:14
  start
• 27:14
  managing
• 27:14
  agents
• 27:15
  going
• 27:15
  forward.
• 27:16
  Ben,
• 27:16
  Adam,
• 27:16
  anything
• 27:17
  you
• 27:17
  want
• 27:17
  to
• 27:17
  add?
• 27:17
  Ben?
• 27:17
  Yeah,
• 27:18
  a
• 27:18
  quick
• 27:18
  build
• 27:18
  on
• 27:18
  that
• 27:19
  one.
• 27:19
  And
• 27:19
  it's
• 27:19
  probably
• 27:20
  sometimes
• 27:21
  when
• 27:21
  we
• 27:21
  do
• 27:21
  these
• 27:21
  sessions,
• 27:21
  we
• 27:22
  talk
• 27:22
  about
• 27:22
  what
• 27:22
  haven't
• 27:22
  you
• 27:23
  heard
• 27:23
  as
• 27:23
  much
• 27:23
  of
• 27:23
  as
• 27:24
  you
• 27:24
  expect?
• 27:24
  And
• 27:25
  that
• 27:25
  whole
• 27:25
  area
• 27:25
  of
• 27:25
  the
• 27:25
  context
• 27:26
  layer.
• 27:27
  Maybe
• 27:27
  I've
• 27:27
  been
• 27:27
  in
• 27:28
  the
• 27:28
  wrong
• 27:28
  conversations,
• 27:28
  but
• 27:29
  I've
• 27:29
  not
• 27:29
  heard
• 27:29
  that
• 27:29
  much
• 27:30
  of
• 27:30
  the
• 27:30
  show.
• 27:31
  And
• 27:31
  I
• 27:31
  think
• 27:32
  we're
• 27:32
  increasingly
• 27:32
  realizing
• 27:33
  that
• 27:33
  you
• 27:33
  need
• 27:33
  that
• 27:34
  context
• 27:34
  layer
• 27:34
  to
• 27:35
  be
• 27:35
  able
• 27:35
  to
• 27:35
  apply
• 27:35
  a
• 27:35
  lot
• 27:35
  of
• 27:36
  the
• 27:36
  tools.
• 27:36
  So
• 27:36
  I
• 27:37
  think
• 27:37
  that's
• 27:37
  super
• 27:38
  interesting.
• 27:39
  My
• 27:39
  favorite
• 27:39
  one
• 27:39
  was
• 27:40
  something
• 27:40
  that
• 27:41
  somebody
• 27:41
  said
• 27:41
  to
• 27:41
  me
• 27:43
  Tuesday
• 27:43
  evening.
• 27:44
  We
• 27:44
  were
• 27:44
  talking
• 27:44
  about
• 27:45
  E
• 27:45
  commerce,
• 27:46
  and
• 27:47
  this
• 27:47
  is
• 27:47
  somebody
• 27:47
  who
• 27:48
  manages
• 27:48
  a
• 27:48
  very
• 27:49
  large
• 27:49
  E
• 27:50
  commerce
• 27:50
  business.
• 27:51
  And
• 27:51
  he
• 27:51
  said,
• 27:51
  you're
• 27:52
  thinking
• 27:52
  about
• 27:52
  it
• 27:52
  the
• 27:52
  wrong
• 27:53
  way.
• 27:53
  E
• 27:53
  commerce
• 27:54
  is
• 27:54
  about
• 27:54
  mastering
• 27:55
  algorithms.
• 27:57
  So
• 27:57
  if
• 27:57
  you
• 27:57
  master
• 27:57
  an
• 27:58
  algorithm,
• 27:58
  the
• 27:59
  rest
• 27:59
  will
• 27:59
  follow.
• 28:00
  P
• 28:00
  and
• 28:00
  L
• 28:01
  people
• 28:01
  structure
• 28:02
  the
• 28:02
  first
• 28:02
  thing.
• 28:02
  The
• 28:02
  most
• 28:03
  important
• 28:03
  thing
• 28:03
  you
• 28:03
  should
• 28:03
  be
• 28:03
  doing
• 28:04
  is
• 28:04
  mastering
• 28:04
  algorithms.
• 28:05
  And
• 28:05
  what
• 28:05
  we're
• 28:05
  seeing
• 28:06
  right
• 28:06
  now
• 28:06
  is
• 28:07
  a
• 28:07
  lot
• 28:07
  of
• 28:07
  new
• 28:08
  algorithms
• 28:08
  that
• 28:08
  we
• 28:09
  don't
• 28:09
  quite
• 28:09
  understand.
• 28:10
  So
• 28:10
  that's
• 28:10
  creating
• 28:11
  definite
• 28:11
  headwinds.
• 28:12
  But
• 28:12
  I
• 28:12
  think
• 28:13
  it
• 28:13
  changed
• 28:14
  the
• 28:14
  way
• 28:14
  I
• 28:14
  thought
• 28:15
  about
• 28:15
  it.
• 28:16
  Yeah,
• 28:16
  it
• 28:17
  changed
• 28:17
  the
• 28:17
  way
• 28:17
  I'm
• 28:17
  thinking
• 28:17
  about
• 28:18
  it
• 28:18
  too.
• 28:18
  Wow,
• 28:18
  that's
• 28:19
  a
• 28:19
  very
• 28:19
  heady
• 28:20
  one.
• 28:20
  Again,
• 28:20
  Ben,
• 28:20
  thank
• 28:21
  you.
• 28:21
  You
• 28:21
  got
• 28:21
  my
• 28:21
  head
• 28:22
  spinning
• 28:22
  on
• 28:22
  that
• 28:22
  one
• 28:22
  too.
• 28:22
  All
• 28:23
  right,
• 28:23
  Adam,
• 28:23
  what
• 28:23
  do
• 28:23
  you
• 28:23
  think?
• 28:24
  I'll
• 28:24
  keep
• 28:24
  it
• 28:24
  light.
• 28:25
  I
• 28:26
  had
• 28:26
  a
• 28:26
  great
• 28:26
  conversation
• 28:26
  on
• 28:27
  Tuesday
• 28:28
  night
• 28:28
  with
• 28:29
  a
• 28:29
  head
• 28:30
  of
• 28:30
  innovation
• 28:30
  who
• 28:30
  remained
• 28:31
  nameless.
• 28:31
  But
• 28:31
  if
• 28:31
  you
• 28:31
  were
• 28:31
  in
• 28:32
  the
• 28:32
  session
• 28:32
  before,
• 28:32
  you'll
• 28:32
  probably
• 28:33
  know
• 28:33
  immediately
• 28:33
  who
• 28:33
  I'm
• 28:33
  talking
• 28:34
  about.
• 28:34
  He
• 28:35
  had
• 28:35
  some
• 28:35
  very,
• 28:35
  very
• 28:35
  choice
• 28:36
  words
• 28:36
  for
• 28:37
  innovation
• 28:37
  labs,
• 28:38
  innovation
• 28:38
  factories,
• 28:39
  and
• 28:40
  his
• 28:40
  summation
• 28:40
  was
• 28:40
  that
• 28:41
  if
• 28:41
  you
• 28:41
  operate
• 28:42
  in
• 28:42
  that
• 28:42
  model
• 28:42
  in
• 28:42
  this
• 28:42
  day
• 28:43
  and
• 28:43
  age,
• 28:43
  you're
• 28:43
  just
• 28:43
  performing
• 28:44
  innovation
• 28:44
  theater,
• 28:46
  which
• 28:46
  I
• 28:46
  really
• 28:47
  liked
• 28:47
  because
• 28:47
  I
• 28:48
  always
• 28:48
  thought
• 28:49
  the
• 28:49
  concept
• 28:49
  of
• 28:49
  a
• 28:49
  factory
• 28:50
  in
• 28:50
  a
• 28:50
  lab
• 28:50
  sounded
• 28:51
  quite
• 28:51
  good.
• 28:52
  So
• 28:52
  it
• 28:52
  kind
• 28:52
  of
• 28:52
  challenged
• 28:53
  my
• 28:53
  perspective.
• 28:53
  And
• 28:54
  you're
• 28:54
  nodding,
• 28:54
  I
• 28:55
  guess.
• 28:55
  That's
• 28:55
  your.
• 28:57
  Yeah.
• 28:58
  And
• 28:58
  Ben,
• 28:58
  roadkill
• 28:59
  on
• 29:00
  the
• 29:00
  side
• 29:00
  of
• 29:00
  the
• 29:00
  road.
• 29:01
  Yeah.
• 29:01
  No,
• 29:01
  I
• 29:01
  think
• 29:01
  I
• 29:02
  probably
• 29:02
  agree
• 29:02
  with
• 29:02
  him.
• 29:02
  Yeah,
• 29:03
  for
• 29:03
  sure.
• 29:04
  But
• 29:04
  then
• 29:04
  going
• 29:04
  back
• 29:05
  to
• 29:05
  Ben,
• 29:06
  Ben's
• 29:06
  your
• 29:06
  point,
• 29:06
  too.
• 29:07
  The
• 29:07
  interesting
• 29:07
  thing
• 29:07
  about
• 29:08
  what
• 29:08
  he's
• 29:08
  saying
• 29:09
  and
• 29:09
  what
• 29:09
  you're
• 29:09
  saying
• 29:09
  is
• 29:10
  generative
• 29:10
  AI
• 29:11
  is
• 29:11
  not
• 29:11
  algorithmic.
• 29:12
  That's
• 29:13
  kind
• 29:13
  of
• 29:13
  the
• 29:13
  beauty
• 29:13
  of
• 29:13
  it,
• 29:13
  too.
• 29:14
  So
• 29:14
  where
• 29:15
  does
• 29:15
  the
• 29:15
  rubber
• 29:15
  meet
• 29:15
  the
• 29:16
  road
• 29:16
  on
• 29:16
  that
• 29:16
  in
• 29:16
  the
• 29:16
  long
• 29:16
  run?
• 29:17
  Yeah,
• 29:17
  and
• 29:18
  that's
• 29:18
  exactly
• 29:19
  what
• 29:19
  I'm
• 29:19
  going
• 29:19
  to
• 29:19
  talk
• 29:19
  about
• 29:20
  in
• 29:20
  the
• 29:20
  next
• 29:20
  question.
• 29:20
  Oh,
• 29:21
  really?
• 29:21
  Exactly.
• 29:22
  Wow.
• 29:22
  It's
• 29:22
  almost
• 29:22
  like
• 29:22
  I
• 29:23
  knew
• 29:23
  that,
• 29:23
  but
• 29:23
  I
• 29:23
  actually
• 29:23
  didn't.
• 29:24
  I
• 29:24
  had
• 29:24
  no
• 29:25
  idea.
• 29:25
  All
• 29:25
  right,
• 29:26
  what
• 29:26
  is
• 29:26
  the
• 29:26
  biggest
• 29:27
  epiphany
• 29:27
  then?
• 29:28
  Well,
• 29:28
  then
• 29:28
  I'm
• 29:28
  going
• 29:28
  to
• 29:29
  hold
• 29:29
  that
• 29:29
  for.
• 29:29
  Then
• 29:29
  I'm
• 29:30
  going
• 29:30
  to
• 29:30
  come
• 29:30
  back
• 29:30
  to
• 29:30
  you.
• 29:30
  What
• 29:31
  is
• 29:31
  the
• 29:31
  biggest
• 29:31
  epiphany
• 29:32
  you
• 29:32
  had
• 29:32
  at
• 29:32
  the
• 29:32
  show?
• 29:33
  What
• 29:33
  do
• 29:33
  you
• 29:33
  know
• 29:34
  now,
• 29:34
  leaving
• 29:34
  the
• 29:35
  show
• 29:35
  that
• 29:35
  you
• 29:35
  didn't
• 29:36
  know
• 29:36
  before
• 29:36
  going
• 29:36
  in.
• 29:37
  Adam,
• 29:37
  why
• 29:37
  don't
• 29:37
  you
• 29:37
  go
• 29:38
  first?
• 29:39
  This
• 29:39
  one's
• 29:40
  actually
• 29:40
  quite
• 29:40
  narrow,
• 29:41
  but
• 29:41
  it
• 29:41
  really
• 29:42
  stuck
• 29:42
  with
• 29:42
  me.
• 29:42
  And
• 29:43
  I
• 29:43
  sort
• 29:43
  of
• 29:44
  did
• 29:44
  one
• 29:44
  of
• 29:44
  stats
• 29:45
  from
• 29:45
  Holden's
• 29:45
  presentation,
• 29:46
  Holden
• 29:46
  Bell's
• 29:47
  presentation.
• 29:47
  I
• 29:47
  didn't
• 29:47
  agree
• 29:47
  with
• 29:48
  this.
• 29:48
  I
• 29:48
  did
• 29:49
  find
• 29:49
  very
• 29:49
  thought
• 29:50
  provoking.
• 29:50
  He
• 29:50
  shared
• 29:51
  a
• 29:51
  slide
• 29:51
  that
• 29:51
  suggested
• 29:52
  there's
• 29:52
  a
• 29:53
  correlation
• 29:53
  between
• 29:55
  angst
• 29:56
  in
• 29:56
  the
• 29:57
  workplace
• 29:57
  over
• 29:58
  AI
• 29:58
  tools
• 30:00
  and
• 30:01
  workplace
• 30:02
  rights
• 30:03
  within
• 30:03
  that
• 30:03
  country.
• 30:04
  So
• 30:04
  the
• 30:04
  stronger
• 30:05
  the
• 30:05
  worker
• 30:05
  rights
• 30:06
  in
• 30:06
  that
• 30:06
  country,
• 30:06
  the
• 30:06
  lower
• 30:07
  the
• 30:07
  angst
• 30:07
  about
• 30:07
  AI
• 30:08
  in
• 30:08
  the
• 30:08
  workforce.
• 30:08
  And
• 30:09
  obviously
• 30:09
  then
• 30:09
  the
• 30:09
  reverse.
• 30:10
  And
• 30:11
  when
• 30:11
  you
• 30:11
  say
• 30:11
  it
• 30:11
  out
• 30:12
  loud,
• 30:12
  it
• 30:12
  seems
• 30:12
  really
• 30:12
  obvious
• 30:13
  and
• 30:13
  kind
• 30:13
  of
• 30:13
  makes
• 30:13
  sense,
• 30:14
  but
• 30:14
  I'd
• 30:14
  never,
• 30:14
  ever
• 30:14
  thought
• 30:14
  that
• 30:15
  there
• 30:15
  would
• 30:15
  be
• 30:15
  such
• 30:16
  a
• 30:16
  level
• 30:16
  of
• 30:18
  nuance
• 30:19
  at
• 30:19
  a
• 30:20
  national
• 30:20
  level
• 30:20
  around
• 30:21
  that.
• 30:21
  And
• 30:21
  it
• 30:22
  really
• 30:22
  stuck
• 30:22
  with
• 30:22
  me.
• 30:22
  I
• 30:22
  think
• 30:23
  especially
• 30:23
  with
• 30:23
  a
• 30:23
  pan
• 30:23
  European
• 30:24
  show
• 30:24
  like
• 30:24
  Shop
• 30:25
  Talk,
• 30:26
  Maybe
• 30:26
  we
• 30:26
  can't
• 30:27
  talk
• 30:27
  about
• 30:27
  it
• 30:27
  in
• 30:27
  exactly
• 30:28
  the
• 30:28
  same
• 30:28
  way
• 30:29
  because
• 30:29
  there
• 30:29
  is
• 30:29
  such
• 30:29
  a
• 30:29
  discrepancy
• 30:30
  between
• 30:31
  one
• 30:31
  country
• 30:31
  over
• 30:31
  another.
• 30:33
  That's
• 30:33
  a
• 30:34
  really
• 30:34
  good
• 30:34
  point.
• 30:34
  Yeah.
• 30:35
  Rebecca,
• 30:35
  I'm
• 30:36
  still
• 30:36
  digesting
• 30:37
  and
• 30:37
  reflecting,
• 30:37
  so
• 30:38
  I'm
• 30:38
  gonna
• 30:38
  come
• 30:38
  back
• 30:38
  to
• 30:38
  you
• 30:38
  on
• 30:39
  that
• 30:39
  one.
• 30:41
  Maybe
• 30:41
  just
• 30:41
  a
• 30:41
  separate
• 30:42
  one.
• 30:42
  A
• 30:42
  separate.
• 30:43
  Yeah.
• 30:43
  Okay,
• 30:43
  we'll
• 30:43
  come
• 30:43
  back
• 30:44
  to
• 30:44
  you.
• 30:44
  All
• 30:44
  right,
• 30:44
  Ben.
• 30:45
  Okay.
• 30:46
  My
• 30:47
  biggest
• 30:47
  epiphany.
• 30:48
  I
• 30:48
  never
• 30:48
  knew
• 30:49
  how
• 30:49
  many
• 30:49
  New
• 30:50
  York
• 30:50
  Knicks
• 30:50
  fans
• 30:50
  there
• 30:51
  were
• 30:51
  in
• 30:51
  Talk
• 30:52
  Talk
• 30:52
  Europe
• 30:52
  until
• 30:53
  this
• 30:53
  morning.
• 30:54
  Like,
• 30:54
  it's
• 30:55
  like
• 30:55
  the
• 30:55
  way
• 30:55
  that
• 30:55
  Arsenal
• 30:55
  fans
• 30:56
  have
• 30:56
  just
• 30:56
  appeared
• 30:56
  all
• 30:56
  over
• 30:57
  London.
• 30:57
  Every
• 30:57
  third
• 30:58
  person
• 30:58
  is
• 30:58
  something
• 30:59
  Arsenal
• 30:59
  fan.
• 31:00
  No.
• 31:00
  So
• 31:01
  what's
• 31:01
  my
• 31:01
  biggest
• 31:01
  epiphany?
• 31:05
  I
• 31:05
  mean
• 31:06
  when
• 31:06
  we've
• 31:06
  spoken
• 31:07
  a
• 31:07
  lot
• 31:07
  of
• 31:07
  the
• 31:07
  theory
• 31:08
  around
• 31:09
  LLMs,
• 31:09
  LM
• 31:10
  discovery
• 31:10
  and
• 31:10
  agentic,
• 31:11
  there's
• 31:12
  been
• 31:12
  almost
• 31:12
  this
• 31:13
  belief
• 31:13
  that
• 31:14
  this
• 31:14
  is
• 31:14
  going
• 31:14
  to
• 31:14
  be
• 31:14
  something
• 31:15
  pure.
• 31:17
  It's
• 31:17
  going
• 31:17
  to
• 31:17
  be,
• 31:17
  it's
• 31:18
  a
• 31:18
  democratizing
• 31:20
  thing.
• 31:20
  Anybody
• 31:20
  can
• 31:20
  be
• 31:21
  discovered
• 31:21
  if
• 31:21
  their
• 31:21
  products
• 31:22
  good
• 31:22
  enough.
• 31:23
  And
• 31:23
  then
• 31:24
  the
• 31:24
  influencing
• 31:25
  is
• 31:25
  all
• 31:25
  about
• 31:26
  people
• 31:26
  talking
• 31:26
  about
• 31:27
  you,
• 31:27
  influencers,
• 31:29
  media,
• 31:31
  this
• 31:31
  whole
• 31:31
  new
• 31:31
  way
• 31:31
  to
• 31:32
  be
• 31:32
  discovered
• 31:32
  that
• 31:32
  there's
• 31:33
  going
• 31:33
  to
• 31:33
  be
• 31:33
  incredibly
• 31:34
  democratic.
• 31:36
  We're
• 31:36
  already
• 31:36
  starting
• 31:37
  to
• 31:37
  see
• 31:37
  how
• 31:37
  the
• 31:38
  advertising
• 31:38
  gets
• 31:39
  plugged
• 31:39
  in.
• 31:39
  So
• 31:40
  there
• 31:40
  is.
• 31:41
  I
• 31:41
  keep
• 31:42
  getting
• 31:42
  picked
• 31:42
  up
• 31:42
  on
• 31:43
  this
• 31:44
  concern
• 31:44
  and
• 31:44
  this
• 31:44
  way
• 31:45
  it
• 31:45
  comes
• 31:45
  back
• 31:45
  to
• 31:45
  the
• 31:45
  previous
• 31:45
  point
• 31:46
  about
• 31:46
  understanding
• 31:46
  the
• 31:46
  algorithms,
• 31:47
  how
• 31:48
  do
• 31:48
  we
• 31:48
  get
• 31:48
  discovered
• 31:49
  and
• 31:49
  how
• 31:50
  does
• 31:50
  it
• 31:50
  change?
• 31:50
  So
• 31:51
  one
• 31:51
  thing,
• 31:51
  one
• 31:51
  I
• 31:52
  spoke
• 31:52
  to
• 31:52
  a
• 31:53
  grocery
• 31:54
  CPG
• 31:54
  who's
• 31:55
  looked
• 31:55
  at
• 31:55
  how
• 31:56
  they
• 31:56
  get
• 31:56
  their
• 31:57
  brand
• 31:57
  discovered
• 31:58
  in
• 31:58
  the
• 31:58
  UK
• 31:59
  and
• 32:00
  it's
• 32:00
  pulling
• 32:00
  from
• 32:01
  some
• 32:01
  of
• 32:01
  the
• 32:01
  things
• 32:01
  you
• 32:01
  might
• 32:01
  have
• 32:02
  read
• 32:02
  about
• 32:02
  from
• 32:03
  Reddit,
• 32:03
  it's
• 32:04
  pulling
• 32:04
  from
• 32:04
  press
• 32:04
  releases.
• 32:06
  They
• 32:06
  did
• 32:07
  exactly
• 32:07
  the
• 32:07
  same
• 32:08
  test
• 32:08
  with
• 32:09
  a
• 32:09
  vendor
• 32:10
  on
• 32:10
  the
• 32:11
  same
• 32:11
  same
• 32:11
  platforms
• 32:12
  in
• 32:12
  the
• 32:13
  Netherlands
• 32:13
  in
• 32:13
  Dutch
• 32:14
  and
• 32:14
  it
• 32:14
  all
• 32:14
  pulled
• 32:15
  from
• 32:15
  the
• 32:15
  out
• 32:15
  behind
• 32:15
  website.
• 32:17
  So
• 32:18
  even
• 32:18
  a
• 32:19
  different
• 32:19
  market
• 32:19
  and
• 32:20
  a
• 32:20
  different
• 32:20
  language,
• 32:21
  your
• 32:21
  LLM
• 32:21
  sourcing
• 32:22
  is
• 32:22
  completely
• 32:22
  different.
• 32:23
  So
• 32:23
  the
• 32:23
  complexity
• 32:24
  now
• 32:24
  of
• 32:24
  that
• 32:25
  strategy
• 32:25
  so
• 32:26
  that
• 32:27
  there
• 32:27
  is
• 32:27
  then
• 32:27
  the
• 32:27
  next
• 32:27
  level.
• 32:28
  Okay,
• 32:28
  well
• 32:28
  how's
• 32:28
  advertising
• 32:29
  going
• 32:29
  to
• 32:29
  that?
• 32:30
  Because
• 32:30
  I
• 32:30
  know
• 32:30
  how
• 32:30
  to
• 32:30
  get
• 32:30
  found
• 32:31
  on
• 32:31
  Google,
• 32:31
  I
• 32:31
  don't
• 32:31
  know
• 32:31
  how
• 32:31
  to
• 32:32
  get
• 32:32
  found
• 32:32
  on
• 32:32
  Amazon,
• 32:32
  I've
• 32:32
  just
• 32:33
  got
• 32:33
  to
• 32:33
  pay
• 32:33
  for
• 32:33
  it.
• 32:34
  So
• 32:34
  how
• 32:34
  do
• 32:34
  we
• 32:34
  get
• 32:34
  found
• 32:35
  and
• 32:35
  what's
• 32:35
  his
• 32:35
  advertising
• 32:36
  going
• 32:36
  to
• 32:36
  be?
• 32:38
  And
• 32:38
  then
• 32:38
  there
• 32:38
  was
• 32:39
  this
• 32:39
  extra
• 32:39
  build
• 32:39
  and
• 32:40
  this
• 32:40
  was
• 32:40
  the
• 32:40
  epiphany
• 32:41
  we've
• 32:42
  spoken
• 32:42
  about
• 32:42
  for
• 32:43
  a
• 32:43
  retailer.
• 32:44
  What's
• 32:44
  the
• 32:44
  best
• 32:44
  way
• 32:45
  forward?
• 32:45
  Do
• 32:45
  you
• 32:46
  want
• 32:46
  to
• 32:47
  create
• 32:47
  these
• 32:47
  apps
• 32:48
  within
• 32:48
  chat
• 32:48
  ggp?
• 32:49
  Do
• 32:49
  you
• 32:49
  want
• 32:49
  to
• 32:49
  use
• 32:49
  Chat
• 32:50
  GPT
• 32:50
  or
• 32:50
  Google
• 32:51
  to
• 32:51
  be
• 32:51
  or
• 32:51
  do
• 32:51
  you
• 32:51
  want
• 32:52
  to
• 32:52
  build
• 32:52
  in
• 32:52
  your
• 32:52
  own
• 32:54
  website,
• 32:55
  your
• 32:55
  own
• 32:55
  apps
• 32:56
  and
• 32:56
  build
• 32:56
  your
• 32:56
  conversational
• 32:57
  commerce
• 32:58
  capabilities?
• 32:58
  I
• 32:59
  had
• 32:59
  two
• 32:59
  brand
• 32:59
  owners
• 33:00
  say
• 33:00
  to
• 33:00
  me
• 33:00
  yeah,
• 33:01
  but
• 33:01
  will
• 33:01
  we
• 33:01
  trust
• 33:02
  the
• 33:02
  retailers
• 33:02
  if,
• 33:02
  if
• 33:02
  they
• 33:03
  do
• 33:03
  that?
• 33:05
  And
• 33:05
  I
• 33:05
  hadn't
• 33:05
  thought
• 33:06
  about
• 33:06
  that
• 33:06
  at
• 33:06
  all.
• 33:06
  So
• 33:07
  is
• 33:07
  that
• 33:07
  going
• 33:07
  to
• 33:07
  be
• 33:07
  another
• 33:08
  way
• 33:09
  and
• 33:09
  a
• 33:09
  whole
• 33:09
  new
• 33:09
  algorithm
• 33:10
  to
• 33:10
  learn
• 33:11
  and
• 33:11
  another
• 33:11
  sourcing
• 33:12
  model
• 33:12
  And
• 33:13
  I
• 33:13
  think,
• 33:14
  who
• 33:14
  knows
• 33:14
  that's
• 33:15
  all
• 33:15
  new
• 33:15
  and
• 33:16
  there's
• 33:16
  a
• 33:16
  lot
• 33:16
  to
• 33:16
  think
• 33:17
  about
• 33:17
  when
• 33:17
  it
• 33:17
  comes
• 33:18
  back
• 33:18
  to
• 33:18
  mastering
• 33:18
  the
• 33:18
  algorithms.
• 33:19
  In
• 33:19
  that
• 33:20
  will
• 33:20
  they
• 33:20
  trust
• 33:20
  the
• 33:21
  retailers?
• 33:21
  If
• 33:21
  the
• 33:21
  retailers
• 33:22
  do
• 33:22
  that,
• 33:22
  would
• 33:22
  it.
• 33:22
  Still
• 33:22
  be
• 33:23
  as
• 33:23
  pure
• 33:23
  and
• 33:23
  democratic
• 33:24
  as
• 33:25
  the
• 33:25
  early
• 33:25
  view
• 33:25
  of
• 33:26
  AgentIQ?
• 33:28
  Why
• 33:28
  do
• 33:28
  you
• 33:28
  think
• 33:28
  they
• 33:29
  feel
• 33:29
  that.
• 33:29
  Way,
• 33:30
  I
• 33:30
  think
• 33:30
  because
• 33:30
  they
• 33:30
  used
• 33:31
  to
• 33:31
  trade
• 33:31
  spend.
• 33:31
  Yeah,
• 33:32
  so
• 33:32
  we
• 33:32
  used
• 33:32
  to
• 33:32
  trade
• 33:33
  spend.
• 33:33
  We
• 33:33
  know
• 33:33
  how
• 33:33
  that
• 33:33
  works.
• 33:34
  Dynamics
• 33:34
  of
• 33:35
  the
• 33:35
  relationship.
• 33:35
  It's
• 33:35
  the
• 33:35
  dynamics
• 33:36
  of
• 33:36
  the
• 33:36
  relationship.
• 33:37
  Wow.
• 33:38
  Rebecca,
• 33:38
  anything
• 33:39
  you
• 33:39
  want
• 33:39
  to
• 33:39
  add?
• 33:39
  Yeah,
• 33:40
  so
• 33:40
  I've
• 33:41
  been
• 33:41
  spending
• 33:41
  quite
• 33:42
  a
• 33:42
  bit
• 33:42
  of
• 33:42
  time
• 33:43
  thinking
• 33:43
  about,
• 33:43
  well,
• 33:44
  thinking
• 33:44
  about
• 33:44
  tech,
• 33:45
  retail,
• 33:45
  tech
• 33:45
  innovation
• 33:46
  through
• 33:46
  the
• 33:46
  lens
• 33:46
  of
• 33:47
  VCs.
• 33:47
  So
• 33:48
  you
• 33:48
  know,
• 33:48
  where's
• 33:48
  the
• 33:48
  funding
• 33:49
  going?
• 33:49
  What
• 33:49
  are
• 33:49
  they
• 33:50
  seeing
• 33:50
  as
• 33:50
  defensible
• 33:51
  and
• 33:51
  investable
• 33:53
  solutions,
• 33:53
  technology
• 33:54
  companies.
• 33:55
  And
• 33:55
  I
• 33:55
  think
• 33:55
  the
• 33:55
  biggest
• 33:56
  thing
• 33:56
  for
• 33:56
  me
• 33:57
  is,
• 33:57
  I
• 33:57
  mean
• 33:57
  you've
• 33:58
  heard
• 33:58
  in
• 33:58
  the
• 33:58
  media,
• 33:59
  scaremongering,
• 33:59
  SAS
• 34:00
  apocalypse,
• 34:00
  etc,
• 34:01
  so
• 34:01
  whether
• 34:01
  you
• 34:01
  agree
• 34:02
  with
• 34:02
  that
• 34:02
  or
• 34:02
  not
• 34:02
  is
• 34:03
  another
• 34:03
  conversation
• 34:04
  I
• 34:04
  think.
• 34:04
  But
• 34:04
  hearing
• 34:05
  from
• 34:05
  the
• 34:05
  investors
• 34:05
  that
• 34:06
  we
• 34:06
  had
• 34:06
  on
• 34:06
  our
• 34:06
  panel,
• 34:07
  they
• 34:08
  are
• 34:08
  shifting
• 34:09
  kind
• 34:10
  of
• 34:10
  investment
• 34:10
  towards
• 34:11
  like
• 34:11
  hardware,
• 34:12
  still
• 34:12
  AI
• 34:13
  powered
• 34:13
  solutions
• 34:14
  but
• 34:14
  really
• 34:14
  focused
• 34:15
  on
• 34:15
  hardware,
• 34:16
  robotics
• 34:18
  to
• 34:18
  be
• 34:18
  using
• 34:18
  high
• 34:18
  fulfillment
• 34:19
  supply
• 34:20
  chain.
• 34:21
  And
• 34:22
  their
• 34:22
  theory
• 34:23
  thesis
• 34:23
  basically
• 34:24
  is
• 34:24
  they
• 34:25
  have
• 34:25
  a
• 34:25
  bigger,
• 34:25
  larger
• 34:26
  moat
• 34:26
  around
• 34:26
  them.
• 34:26
  They're
• 34:26
  more
• 34:27
  defensible,
• 34:27
  less
• 34:28
  likely
• 34:28
  I
• 34:28
  suppose
• 34:29
  to
• 34:29
  be
• 34:30
  copied
• 34:31
  by,
• 34:31
  well,
• 34:32
  less.
• 34:33
  What's
• 34:33
  the
• 34:33
  word?
• 34:33
  More
• 34:34
  defensible
• 34:34
  and
• 34:34
  less
• 34:36
  trying
• 34:36
  to
• 34:36
  think
• 34:37
  of
• 34:37
  the
• 34:37
  word
• 34:38
  more
• 34:38
  defensible.
• 34:39
  Let's
• 34:39
  leave
• 34:39
  it
• 34:39
  there.
• 34:40
  Or
• 34:40
  disrupted.
• 34:42
  And
• 34:43
  I
• 34:43
  think
• 34:43
  that's
• 34:43
  interesting.
• 34:44
  And
• 34:44
  also
• 34:44
  kind
• 34:45
  of
• 34:45
  we
• 34:45
  had
• 34:45
  two
• 34:45
  of
• 34:45
  the
• 34:45
  VC
• 34:46
  investors
• 34:46
  on
• 34:47
  the
• 34:47
  panel
• 34:47
  whose
• 34:47
  portfolios
• 34:48
  invest
• 34:48
  in
• 34:48
  both
• 34:49
  retail
• 34:49
  tech
• 34:49
  and
• 34:49
  consumer
• 34:50
  brands.
• 34:51
  So
• 34:51
  when
• 34:52
  they
• 34:52
  were
• 34:52
  talking
• 34:52
  about
• 34:52
  the
• 34:52
  retail
• 34:53
  tech,
• 34:53
  they
• 34:53
  were
• 34:53
  really
• 34:53
  talking
• 34:54
  about
• 34:54
  hardware
• 34:54
  being
• 34:55
  really
• 34:55
  attractive
• 34:55
  to
• 34:55
  them
• 34:56
  and
• 34:57
  they
• 34:57
  were
• 34:57
  also
• 34:57
  talking
• 34:57
  about
• 34:59
  shifting
• 34:59
  investment
• 34:59
  towards
• 35:00
  more
• 35:00
  consumer
• 35:00
  brands
• 35:01
  as
• 35:01
  well.
• 35:01
  Given
• 35:02
  the
• 35:02
  defensibility
• 35:03
  piece
• 35:03
  that
• 35:03
  we're
• 35:03
  talking
• 35:04
  about
• 35:04
  as
• 35:04
  well,
• 35:04
  I
• 35:04
  think
• 35:05
  that's
• 35:05
  quite
• 35:05
  a
• 35:05
  big
• 35:05
  epiphany.
• 35:05
  It's
• 35:06
  really
• 35:06
  making
• 35:06
  me
• 35:06
  think
• 35:06
  about
• 35:07
  what
• 35:07
  the
• 35:07
  future
• 35:07
  of
• 35:07
  retail
• 35:08
  tech
• 35:08
  is
• 35:08
  going
• 35:08
  to
• 35:08
  look
• 35:09
  like
• 35:09
  and
• 35:09
  where
• 35:09
  the
• 35:10
  innovation
• 35:10
  kind
• 35:10
  of
• 35:11
  spots
• 35:11
  are
• 35:11
  going
• 35:11
  to
• 35:11
  be
• 35:12
  coming
• 35:12
  from,
• 35:12
  what
• 35:12
  retailers
• 35:13
  and
• 35:13
  brands,
• 35:14
  kind
• 35:14
  of
• 35:14
  the
• 35:14
  opportunities
• 35:15
  for
• 35:15
  them
• 35:15
  for
• 35:16
  partnering
• 35:16
  with
• 35:17
  tech
• 35:17
  companies,
• 35:17
  kind
• 35:18
  of
• 35:18
  what's
• 35:18
  going
• 35:18
  to
• 35:18
  come
• 35:18
  out
• 35:18
  of
• 35:19
  this
• 35:19
  new
• 35:19
  wave
• 35:19
  of
• 35:20
  investment
• 35:20
  or
• 35:20
  rather
• 35:21
  shift
• 35:21
  from
• 35:22
  software
• 35:23
  companies
• 35:23
  to
• 35:25
  robotic
• 35:25
  kind
• 35:25
  of
• 35:25
  hardware
• 35:26
  companies.
• 35:26
  I
• 35:26
  think
• 35:26
  it's
• 35:27
  interesting,
• 35:27
  it's
• 35:27
  a
• 35:27
  massive
• 35:28
  change,
• 35:28
  just
• 35:29
  absolutely
• 35:29
  massive.
• 35:31
  You
• 35:31
  know,
• 35:31
  mine
• 35:31
  is,
• 35:32
  mine
• 35:32
  is.
• 35:32
  We
• 35:32
  kind
• 35:32
  of
• 35:33
  peppered
• 35:33
  the
• 35:33
  edges
• 35:33
  on
• 35:33
  it.
• 35:34
  But
• 35:34
  Ben,
• 35:35
  it
• 35:35
  goes
• 35:35
  a
• 35:35
  little
• 35:35
  bit
• 35:36
  to
• 35:36
  what
• 35:36
  you
• 35:36
  said,
• 35:36
  democratizing.
• 35:37
  I
• 35:37
  feel,
• 35:39
  I
• 35:39
  feel
• 35:39
  like
• 35:39
  that
• 35:39
  is
• 35:40
  potentially
• 35:40
  what
• 35:40
  AI
• 35:41
  will
• 35:41
  do.
• 35:42
  Particularly
• 35:43
  the
• 35:43
  word
• 35:43
  I'd
• 35:44
  use
• 35:44
  is
• 35:44
  around
• 35:44
  cachet.
• 35:45
  I
• 35:46
  think
• 35:46
  the
• 35:46
  definition
• 35:47
  of
• 35:47
  how
• 35:47
  we
• 35:48
  associate
• 35:48
  cache
• 35:49
  with
• 35:49
  different
• 35:49
  brands
• 35:50
  is
• 35:50
  going
• 35:50
  to
• 35:50
  change.
• 35:51
  That's
• 35:51
  what
• 35:51
  I
• 35:51
  never
• 35:51
  thought
• 35:52
  about.
• 35:52
  And
• 35:52
  Nadine
• 35:53
  Graff
• 35:53
  is
• 35:53
  the
• 35:53
  one
• 35:53
  that
• 35:53
  kind
• 35:54
  of
• 35:54
  tipped
• 35:54
  me
• 35:54
  off
• 35:54
  to
• 35:54
  this,
• 35:55
  which
• 35:55
  is
• 35:56
  before
• 35:56
  as
• 35:56
  retailers
• 35:57
  we
• 35:57
  would
• 35:57
  think
• 35:57
  about
• 35:58
  where
• 35:58
  do
• 35:58
  I
• 35:59
  allow
• 35:59
  my
• 35:59
  products
• 35:59
  to
• 36:00
  be
• 36:00
  placed.
• 36:02
  I'm
• 36:02
  going
• 36:02
  to
• 36:02
  place
• 36:03
  them
• 36:03
  here
• 36:03
  in
• 36:03
  X,
• 36:04
  but
• 36:04
  not.
• 36:04
  Yes.
• 36:05
  And
• 36:05
  now
• 36:05
  when
• 36:05
  you
• 36:06
  hear,
• 36:06
  like,
• 36:06
  brands
• 36:06
  like
• 36:06
  Estee
• 36:07
  Lauder
• 36:07
  saying,
• 36:07
  you
• 36:07
  know
• 36:07
  what,
• 36:08
  we've
• 36:08
  just
• 36:08
  got
• 36:08
  to
• 36:09
  be
• 36:09
  on
• 36:09
  Amazon.
• 36:10
  If
• 36:10
  we
• 36:10
  get
• 36:10
  to
• 36:10
  a
• 36:10
  world
• 36:11
  where
• 36:11
  all
• 36:12
  of
• 36:12
  the
• 36:12
  transactions
• 36:13
  are
• 36:13
  happening,
• 36:14
  you
• 36:14
  know,
• 36:14
  we
• 36:14
  saw
• 36:14
  different
• 36:15
  stats,
• 36:15
  30%
• 36:16
  happening
• 36:16
  in
• 36:16
  the
• 36:17
  LLMs,
• 36:17
  whether
• 36:17
  agentic
• 36:18
  or
• 36:18
  not,
• 36:18
  a
• 36:19
  large
• 36:19
  portion
• 36:19
  will
• 36:20
  happen
• 36:20
  there.
• 36:21
  How
• 36:21
  much
• 36:21
  does
• 36:21
  it
• 36:21
  just
• 36:22
  become
• 36:22
  then?
• 36:22
  How
• 36:23
  quickly
• 36:23
  do
• 36:23
  we
• 36:23
  get
• 36:23
  them
• 36:24
  the
• 36:24
  products
• 36:24
  they
• 36:24
  want?
• 36:25
  Which
• 36:25
  means
• 36:25
  the
• 36:26
  marketplaces,
• 36:26
  which
• 36:27
  are
• 36:27
  essentially
• 36:27
  E
• 36:28
  commerce,
• 36:28
  when
• 36:28
  you
• 36:28
  look
• 36:29
  at
• 36:29
  the
• 36:29
  volume
• 36:29
  of
• 36:29
  E
• 36:30
  commerce,
• 36:30
  it's
• 36:30
  all
• 36:30
  coming
• 36:30
  through
• 36:31
  my
• 36:31
  marketplaces.
• 36:32
  Do
• 36:32
  more
• 36:33
  and
• 36:33
  more
• 36:34
  of
• 36:34
  the
• 36:34
  brands
• 36:34
  start
• 36:35
  to
• 36:35
  say,
• 36:35
  you
• 36:35
  know
• 36:35
  what,
• 36:36
  it
• 36:36
  just
• 36:36
  matters
• 36:36
  that
• 36:37
  we're
• 36:37
  available.
• 36:37
  It
• 36:37
  doesn't
• 36:38
  matter.
• 36:38
  The
• 36:38
  cache
• 36:39
  of
• 36:39
  where
• 36:39
  we're
• 36:39
  available
• 36:40
  becomes
• 36:40
  less
• 36:40
  and
• 36:40
  less
• 36:41
  important.
• 36:41
  That's
• 36:41
  what
• 36:41
  I've
• 36:42
  been
• 36:42
  thinking
• 36:42
  a
• 36:42
  lot
• 36:42
  about.
• 36:43
  Interesting.
• 36:44
  All
• 36:44
  right,
• 36:44
  well,
• 36:44
  that
• 36:45
  wraps
• 36:45
  us
• 36:45
  up.
• 36:46
  Ben,
• 36:46
  any
• 36:46
  final
• 36:47
  closing
• 36:47
  words
• 36:47
  here?
• 36:49
  So,
• 36:49
  traditionally,
• 36:50
  I
• 36:50
  always
• 36:50
  thank
• 36:51
  everybody
• 36:51
  for
• 36:51
  attending,
• 36:52
  so
• 36:52
  I'm
• 36:52
  going
• 36:52
  to
• 36:52
  do
• 36:52
  exactly
• 36:53
  that.
• 36:53
  Thank
• 36:54
  you
• 36:54
  for
• 36:54
  taking
• 36:54
  the
• 36:54
  time
• 36:54
  to
• 36:54
  be
• 36:55
  with
• 36:55
  us
• 36:55
  for
• 36:55
  the
• 36:55
  last
• 36:55
  three
• 36:56
  days.
• 36:57
  We'll
• 36:57
  be
• 36:57
  back
• 36:58
  first
• 36:58
  to
• 36:59
  the
• 36:59
  third
• 36:59
  of
• 36:59
  June
• 37:00
  next
• 37:01
  year,
• 37:02
  but
• 37:02
  thank
• 37:02
  you
• 37:02
  all
• 37:03
  for
• 37:03
  coming
• 37:03
  and
• 37:03
  have
• 37:03
  really
• 37:04
  safe
• 37:04
  journeys
• 37:04
  home.
• 37:05
  Thank
• 37:05
  you,
• 37:06
  everyone.
• 37:06
  Yes,
• 37:07
  and
• 37:08
  as
• 37:08
  I
• 37:08
  say
• 37:08
  at
• 37:08
  the
• 37:08
  conclusion
• 37:09
  of
• 37:09
  every
• 37:09
  one
• 37:09
  of
• 37:09
  our
• 37:10
  podcasts,
• 37:10
  be
• 37:10
  careful
• 37:11
  out
• 37:11
  there.