Latest / Let's talk Marketplace / 11 Giants, 83% Share: A Data-Driven Map of Marketplace Concentration #LTM149

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11 Giants, 83% Share: A Data-Driven Map of Marketplace Concentration #LTM149 · Let's talk Marketplace

• 0:00
  First
• 0:00
  of
• 0:00
  all,
• 0:00
  whenever
• 0:01
  you
• 0:01
  move
• 0:01
  into
• 0:02
  international
• 0:02
  markets,
• 0:03
  a
• 0:04
  delusion
• 0:04
  effect
• 0:04
  will
• 0:05
  happen.
• 0:05
  Why?
• 0:06
  Well,
• 0:06
  of
• 0:07
  course
• 0:07
  you're
• 0:07
  not
• 0:08
  as
• 0:08
  strong
• 0:08
  in
• 0:09
  the
• 0:09
  new
• 0:09
  market
• 0:09
  than
• 0:10
  in
• 0:10
  the
• 0:10
  old
• 0:10
  market.
• 0:11
  So
• 0:11
  the
• 0:11
  average
• 0:12
  aov,
• 0:12
  the
• 0:13
  average
• 0:13
  frequency,
• 0:14
  everything
• 0:14
  will
• 0:14
  drop.
• 0:19
  Let's
• 0:19
  Talk
• 0:20
  Marketplace.
• 0:20
  The
• 0:21
  Marketplace
• 0:21
  podcast
• 0:22
  with
• 0:22
  Ingrid
• 0:23
  Lommer
• 0:23
  and
• 0:23
  Vanavidisti.
• 0:28
  Hello
• 0:28
  and
• 0:28
  welcome
• 0:28
  back
• 0:29
  to
• 0:29
  let's
• 0:29
  Talk
• 0:29
  Marketplace.
• 0:30
  I'm
• 0:30
  Ingrid
• 0:31
  and
• 0:31
  I'm
• 0:31
  really
• 0:31
  glad
• 0:31
  you
• 0:32
  tuned
• 0:32
  in
• 0:32
  again,
• 0:33
  especially
• 0:33
  today
• 0:34
  for
• 0:34
  episode
• 0:34
  149,
• 0:37
  because
• 0:37
  now
• 0:37
  we
• 0:38
  have
• 0:38
  an
• 0:38
  episode
• 0:38
  for
• 0:39
  all
• 0:39
  my
• 0:40
  fellow
• 0:40
  figure
• 0:40
  nerds
• 0:41
  out
• 0:41
  there.
• 0:41
  I
• 0:41
  think
• 0:43
  it's
• 0:43
  going
• 0:43
  to
• 0:43
  be
• 0:43
  full
• 0:44
  of
• 0:44
  fresh
• 0:44
  e
• 0:44
  commerce
• 0:45
  figures,
• 0:45
  hard
• 0:45
  facts,
• 0:46
  data
• 0:46
  based
• 0:46
  insights
• 0:47
  on
• 0:47
  the
• 0:47
  Marketplace
• 0:48
  World
• 0:48
  in
• 0:48
  2026
• 0:49
  specifically.
• 0:50
  And
• 0:50
  we'll
• 0:51
  dive
• 0:51
  into
• 0:51
  which
• 0:51
  marketplaces
• 0:52
  are
• 0:52
  growing,
• 0:53
  which
• 0:53
  platforms
• 0:54
  are
• 0:54
  relevant
• 0:54
  and
• 0:54
  what
• 0:54
  kind
• 0:55
  of
• 0:55
  regions
• 0:55
  and
• 0:55
  categories
• 0:56
  and
• 0:56
  how
• 0:57
  the
• 0:57
  3Pmodel
• 0:58
  as
• 0:58
  a
• 0:58
  who
• 0:58
  is
• 0:58
  faring
• 0:59
  this
• 0:59
  year.
• 1:00
  And
• 1:00
  I've
• 1:00
  just
• 1:00
  got
• 1:01
  the
• 1:01
  right
• 1:01
  guest
• 1:01
  to
• 1:02
  help
• 1:02
  me
• 1:02
  with
• 1:02
  these
• 1:02
  figures
• 1:03
  and
• 1:03
  the
• 1:04
  heavy
• 1:04
  deep
• 1:04
  dive
• 1:04
  that
• 1:04
  I
• 1:05
  plan
• 1:05
  for
• 1:05
  this
• 1:05
  episode,
• 1:06
  and
• 1:06
  that
• 1:06
  is
• 1:06
  Friedrich,
• 1:07
  Friedrich
• 1:07
  Wans,
• 1:07
  co
• 1:08
  founder
• 1:08
  of
• 1:08
  etdb,
• 1:09
  the
• 1:10
  E
• 1:10
  commerce
• 1:10
  database,
• 1:11
  I
• 1:12
  would
• 1:12
  say
• 1:12
  a
• 1:12
  purveyor
• 1:13
  of
• 1:13
  incredibly
• 1:14
  detailed
• 1:15
  worldwide
• 1:15
  e
• 1:16
  commerce
• 1:16
  data.
• 1:17
  So
• 1:17
  welcome
• 1:18
  Friedrich.
• 1:18
  It's
• 1:18
  really
• 1:18
  good
• 1:19
  to
• 1:19
  have
• 1:19
  you
• 1:19
  back
• 1:19
  on
• 1:19
  let's
• 1:19
  Talk
• 1:20
  Marketplace.
• 1:20
  Hello.
• 1:22
  Great.
• 1:22
  You
• 1:22
  were
• 1:23
  our
• 1:23
  guest,
• 1:23
  I
• 1:23
  think
• 1:23
  nearly
• 1:24
  two
• 1:24
  years
• 1:24
  ago,
• 1:25
  something
• 1:25
  like
• 1:26
  that,
• 1:26
  way
• 1:26
  back
• 1:26
  in
• 1:27
  episode
• 1:27
  74.
• 1:28
  And
• 1:29
  there
• 1:29
  we
• 1:29
  also
• 1:29
  juggle
• 1:30
  world
• 1:30
  e
• 1:30
  commerce
• 1:31
  numbers
• 1:31
  to
• 1:31
  our
• 1:31
  heart's
• 1:32
  content.
• 1:33
  And
• 1:33
  since
• 1:33
  then
• 1:34
  there
• 1:34
  has
• 1:34
  been
• 1:35
  massive
• 1:35
  evolvement
• 1:36
  in
• 1:36
  ECDB
• 1:37
  because
• 1:37
  I'm
• 1:38
  a
• 1:38
  regular
• 1:38
  user,
• 1:38
  as
• 1:39
  you
• 1:39
  know.
• 1:39
  I
• 1:39
  love
• 1:39
  to
• 1:40
  look
• 1:40
  into
• 1:40
  it,
• 1:41
  look
• 1:41
  at
• 1:41
  the
• 1:41
  numbers
• 1:42
  that
• 1:42
  you
• 1:42
  are
• 1:42
  offering
• 1:43
  and
• 1:43
  it
• 1:43
  seems
• 1:44
  you're
• 1:44
  pushing
• 1:44
  out
• 1:44
  new
• 1:45
  data
• 1:45
  sets
• 1:45
  nearly
• 1:46
  every
• 1:46
  week.
• 1:48
  So
• 1:48
  yeah,
• 1:48
  lots
• 1:48
  has
• 1:49
  happened
• 1:49
  in
• 1:49
  the
• 1:49
  last
• 1:49
  year
• 1:50
  as
• 1:50
  little
• 1:50
  two
• 1:50
  years.
• 1:51
  And
• 1:52
  now
• 1:52
  you're
• 1:52
  back
• 1:52
  freshly
• 1:53
  home
• 1:53
  from
• 1:53
  Shop
• 1:53
  Talk
• 1:54
  in
• 1:54
  Las
• 1:54
  Vegas,
• 1:54
  if
• 1:55
  I'm
• 1:55
  correct,
• 1:56
  where
• 1:56
  you
• 1:56
  presented
• 1:56
  your
• 1:57
  four
• 1:57
  key
• 1:57
  hypothesis
• 1:58
  on
• 1:58
  marketplaces.
• 2:00
  So
• 2:00
  yeah,
• 2:00
  that's
• 2:00
  what
• 2:00
  we're
• 2:01
  going
• 2:01
  to
• 2:01
  talk
• 2:01
  about
• 2:01
  today.
• 2:02
  But
• 2:02
  first,
• 2:02
  how
• 2:03
  was
• 2:03
  Vegas?
• 2:05
  Sorry?
• 2:06
  First
• 2:06
  of
• 2:06
  all,
• 2:06
  it
• 2:06
  was
• 2:07
  the
• 2:07
  first
• 2:07
  time
• 2:07
  for
• 2:08
  me
• 2:08
  to
• 2:08
  be
• 2:08
  there
• 2:09
  in
• 2:09
  general
• 2:11
  and
• 2:13
  it
• 2:13
  was
• 2:13
  in
• 2:13
  a
• 2:14
  positive
• 2:14
  way
• 2:14
  fascinating
• 2:15
  because
• 2:16
  I
• 2:16
  always
• 2:16
  expected
• 2:17
  everything
• 2:17
  bigger
• 2:18
  and
• 2:19
  farther,
• 2:20
  et
• 2:20
  cetera.
• 2:21
  But
• 2:21
  in
• 2:21
  general,
• 2:22
  I've
• 2:22
  been
• 2:22
  to
• 2:22
  the
• 2:22
  Shop
• 2:23
  Talk
• 2:23
  in
• 2:23
  Europe
• 2:24
  and
• 2:24
  you
• 2:24
  have
• 2:24
  roughly
• 2:25
  5,000
• 2:25
  people
• 2:25
  there.
• 2:26
  We
• 2:26
  had
• 2:26
  11,
• 2:27
  12,000
• 2:27
  people.
• 2:28
  So
• 2:28
  you
• 2:28
  could
• 2:28
  say
• 2:29
  for
• 2:29
  all
• 2:29
  speeches,
• 2:30
  for
• 2:30
  everything,
• 2:30
  it
• 2:31
  was
• 2:31
  twice
• 2:31
  as
• 2:32
  many
• 2:32
  people.
• 2:34
  And
• 2:34
  then
• 2:34
  the
• 2:34
  second
• 2:35
  part,
• 2:35
  which
• 2:35
  I
• 2:36
  enjoyed
• 2:37
  and
• 2:37
  I
• 2:37
  know
• 2:37
  it's
• 2:37
  a
• 2:37
  total
• 2:38
  prejudice,
• 2:38
  but
• 2:39
  we
• 2:39
  always
• 2:40
  hear
• 2:40
  that
• 2:40
  Americans
• 2:41
  are
• 2:41
  slightly
• 2:41
  more
• 2:42
  optimistic
• 2:42
  wherever
• 2:42
  you
• 2:43
  slightly
• 2:44
  more
• 2:44
  bold,
• 2:44
  slightly
• 2:45
  more
• 2:45
  ambitious
• 2:46
  and
• 2:46
  that
• 2:46
  is
• 2:46
  at
• 2:47
  least
• 2:47
  true
• 2:47
  for
• 2:47
  the
• 2:48
  retailers
• 2:48
  in
• 2:49
  the
• 2:49
  us.
• 2:50
  I
• 2:51
  mean
• 2:51
  they
• 2:51
  do
• 2:51
  have
• 2:51
  challenges.
• 2:53
  For
• 2:53
  instance,
• 2:53
  they're
• 2:53
  in
• 2:53
  the
• 2:54
  U.S.
• 2:54
  amazon,
• 2:55
  Walmart,
• 2:55
  Costco
• 2:56
  almost
• 2:57
  dominates
• 2:57
  everything.
• 2:58
  I
• 2:58
  mean
• 2:58
  it
• 2:58
  is
• 2:59
  even
• 2:59
  stronger
• 3:00
  the
• 3:00
  concentration
• 3:01
  than
• 3:01
  we
• 3:01
  see
• 3:01
  it
• 3:01
  here
• 3:02
  in
• 3:02
  Europe.
• 3:02
  But
• 3:03
  despite
• 3:03
  that,
• 3:04
  everybody
• 3:04
  was
• 3:04
  looking
• 3:05
  for
• 3:05
  oh,
• 3:05
  what
• 3:05
  can
• 3:05
  we
• 3:06
  do
• 3:06
  New
• 3:07
  of
• 3:07
  course
• 3:07
  everybody
• 3:08
  was
• 3:08
  talking
• 3:08
  about
• 3:08
  AI.
• 3:09
  No
• 3:10
  one
• 3:10
  really
• 3:10
  knows.
• 3:10
  But
• 3:11
  it's
• 3:11
  really
• 3:11
  lovely
• 3:11
  to
• 3:12
  see
• 3:12
  so
• 3:13
  many
• 3:13
  people
• 3:13
  a
• 3:13
  bit
• 3:13
  like
• 3:14
  insecure
• 3:14
  but
• 3:15
  talking
• 3:15
  so
• 3:15
  much
• 3:16
  about
• 3:16
  it.
• 3:19
  Yeah,
• 3:20
  that
• 3:20
  sounds
• 3:20
  like
• 3:20
  it's
• 3:21
  a
• 3:21
  bit
• 3:21
  crazy
• 3:22
  and
• 3:22
  a
• 3:22
  bit
• 3:22
  fun
• 3:23
  and
• 3:23
  yeah,
• 3:25
  I
• 3:25
  think
• 3:26
  you're
• 3:26
  right
• 3:26
  that
• 3:26
  this
• 3:27
  might
• 3:27
  be
• 3:27
  something
• 3:27
  of
• 3:28
  a
• 3:28
  culture
• 3:28
  shock
• 3:28
  for
• 3:29
  Europeans
• 3:29
  when
• 3:29
  we
• 3:29
  come
• 3:30
  to
• 3:30
  an
• 3:30
  American
• 3:30
  conference
• 3:31
  and
• 3:31
  everyone
• 3:31
  is
• 3:31
  like
• 3:31
  so
• 3:32
  positive
• 3:32
  and
• 3:33
  optimistic
• 3:33
  and
• 3:34
  everything's
• 3:34
  fine.
• 3:35
  I'm
• 3:35
  not
• 3:35
  sure
• 3:35
  shock
• 3:36
  right
• 3:36
  word.
• 3:37
  I
• 3:37
  mean
• 3:37
  we
• 3:37
  live
• 3:38
  for
• 3:38
  the
• 3:38
  moment
• 3:38
  in
• 3:39
  a
• 3:39
  time
• 3:39
  where
• 3:40
  thanks
• 3:40
  to
• 3:40
  wars
• 3:41
  and
• 3:41
  yeah
• 3:42
  this
• 3:42
  very
• 3:43
  functional
• 3:43
  government
• 3:44
  where
• 3:44
  we
• 3:44
  actually
• 3:45
  need
• 3:45
  from
• 3:45
  time
• 3:46
  to
• 3:46
  time
• 3:46
  actually
• 3:47
  something
• 3:47
  like
• 3:47
  a
• 3:48
  bath
• 3:48
  in
• 3:48
  happiness
• 3:49
  and
• 3:49
  positivity.
• 3:50
  So
• 3:50
  maybe
• 3:51
  less
• 3:51
  shock,
• 3:52
  more.
• 3:52
  Hey,
• 3:52
  that's
• 3:53
  good
• 3:53
  to
• 3:53
  have
• 3:53
  it
• 3:53
  from
• 3:54
  time
• 3:54
  to
• 3:54
  time.
• 3:56
  I
• 3:56
  can
• 3:56
  relate
• 3:56
  to
• 3:57
  that.
• 3:57
  Yeah,
• 3:58
  right,
• 3:58
  great.
• 3:59
  Before
• 4:00
  we
• 4:00
  dive
• 4:00
  into
• 4:01
  the
• 4:01
  figures
• 4:01
  you
• 4:02
  brought
• 4:02
  to
• 4:02
  Vegas
• 4:03
  and
• 4:03
  have
• 4:03
  now
• 4:03
  with
• 4:03
  you
• 4:04
  today,
• 4:05
  maybe
• 4:05
  for
• 4:06
  those
• 4:06
  living
• 4:06
  under
• 4:06
  a
• 4:07
  rock
• 4:07
  for
• 4:07
  the
• 4:07
  last
• 4:07
  two
• 4:07
  years
• 4:08
  and
• 4:08
  who
• 4:08
  haven't
• 4:08
  heard
• 4:09
  about
• 4:09
  ECDB
• 4:10
  so
• 4:10
  far,
• 4:11
  just
• 4:11
  explain
• 4:12
  a
• 4:12
  bit.
• 4:12
  What
• 4:12
  is
• 4:13
  your
• 4:13
  baby
• 4:13
  doing?
• 4:14
  How
• 4:14
  do
• 4:14
  you
• 4:14
  get
• 4:14
  your
• 4:15
  numbers?
• 4:15
  What
• 4:16
  is
• 4:16
  ACDB
• 4:16
  and
• 4:16
  who
• 4:17
  is
• 4:17
  it
• 4:17
  for
• 4:17
  sure?
• 4:18
  So
• 4:19
  number,
• 4:19
  what
• 4:20
  are
• 4:20
  we
• 4:21
  to
• 4:21
  simplify
• 4:22
  a
• 4:22
  market
• 4:22
  intelligence
• 4:23
  platform
• 4:24
  for
• 4:24
  e
• 4:24
  commerce
• 4:25
  in
• 4:25
  a
• 4:25
  wide
• 4:25
  sense?
• 4:26
  What
• 4:26
  do
• 4:26
  we
• 4:27
  do?
• 4:27
  We
• 4:28
  do
• 4:28
  calculate
• 4:30
  revenues
• 4:31
  and
• 4:31
  drivers
• 4:32
  of
• 4:32
  revenues
• 4:33
  for
• 4:33
  all
• 4:33
  retailers
• 4:34
  and
• 4:34
  stores
• 4:35
  for
• 4:35
  all
• 4:36
  product
• 4:36
  categories.
• 4:38
  Very
• 4:38
  much
• 4:38
  in
• 4:39
  detail
• 4:40
  now
• 4:41
  for
• 4:41
  all
• 4:42
  Amazon
• 4:42
  marketplaces
• 4:44
  and
• 4:45
  soon
• 4:45
  as
• 4:45
  well
• 4:45
  for
• 4:46
  all
• 4:46
  e
• 4:47
  commerce
• 4:47
  brands.
• 4:48
  Brands
• 4:48
  as
• 4:49
  in
• 4:50
  it
• 4:50
  could
• 4:50
  be
• 4:51
  Witter
• 4:51
  Sport,
• 4:52
  Chocolate,
• 4:53
  it
• 4:53
  could
• 4:53
  be
• 4:53
  whatever
• 4:54
  and
• 4:54
  we
• 4:55
  will
• 4:55
  basically
• 4:55
  see
• 4:56
  how
• 4:56
  they,
• 4:57
  how
• 4:57
  successful
• 4:58
  are
• 4:58
  they
• 4:58
  in
• 4:58
  the
• 4:58
  e
• 4:58
  commerce
• 4:59
  space.
• 4:59
  So
• 5:00
  really
• 5:00
  our
• 5:01
  long
• 5:01
  term
• 5:02
  vision
• 5:02
  is
• 5:02
  everything
• 5:03
  to
• 5:03
  need
• 5:04
  to
• 5:04
  know
• 5:04
  on
• 5:04
  a
• 5:04
  slightly
• 5:05
  more
• 5:05
  strategic
• 5:06
  level
• 5:06
  from
• 5:06
  all
• 5:07
  aspects
• 5:07
  from
• 5:07
  retailers,
• 5:08
  brands,
• 5:08
  products,
• 5:09
  markets.
• 5:10
  You
• 5:10
  will
• 5:11
  find
• 5:11
  with
• 5:11
  us.
• 5:12
  Yeah,
• 5:12
  it's
• 5:13
  a
• 5:13
  well
• 5:13
  of
• 5:13
  information
• 5:14
  which
• 5:14
  I
• 5:15
  always
• 5:15
  like
• 5:15
  to
• 5:15
  bath
• 5:15
  in.
• 5:17
  How
• 5:17
  do
• 5:17
  you
• 5:17
  get
• 5:17
  your
• 5:18
  numbers?
• 5:19
  First
• 5:20
  of
• 5:20
  all,
• 5:22
  in
• 5:23
  the
• 5:23
  most
• 5:23
  cases
• 5:24
  we
• 5:24
  don't
• 5:25
  get
• 5:25
  them
• 5:25
  directly
• 5:25
  from
• 5:26
  the
• 5:26
  retailers.
• 5:26
  It's
• 5:26
  not
• 5:27
  that
• 5:27
  all
• 5:27
  the
• 5:27
  retailer
• 5:28
  says,
• 5:28
  listen,
• 5:28
  we
• 5:29
  want
• 5:29
  to
• 5:29
  send
• 5:29
  them
• 5:29
  all
• 5:30
  our
• 5:30
  data
• 5:30
  and
• 5:30
  be
• 5:31
  super
• 5:31
  transparent.
• 5:32
  Surprising
• 5:33
  a
• 5:33
  certain
• 5:33
  way
• 5:34
  they
• 5:34
  do
• 5:34
  exactly
• 5:35
  the
• 5:35
  opposite.
• 5:35
  It's
• 5:35
  quite
• 5:36
  interesting
• 5:36
  to
• 5:36
  see
• 5:37
  even
• 5:37
  stock
• 5:37
  listed
• 5:38
  companies
• 5:38
  such
• 5:38
  as
• 5:38
  Amazon
• 5:39
  try
• 5:39
  to
• 5:40
  hide
• 5:40
  as
• 5:40
  much
• 5:41
  as
• 5:41
  possible.
• 5:41
  I
• 5:42
  mean
• 5:42
  they're
• 5:42
  so
• 5:43
  dominant
• 5:43
  and
• 5:43
  if
• 5:43
  you
• 5:44
  see,
• 5:44
  oh,
• 5:44
  this
• 5:45
  is
• 5:45
  revenue
• 5:45
  for
• 5:45
  marketplaces
• 5:46
  International,
• 5:47
  that's
• 5:48
  it.
• 5:48
  You
• 5:48
  don't
• 5:48
  get
• 5:48
  anything
• 5:49
  do
• 5:49
  it.
• 5:49
  Of
• 5:50
  course,
• 5:50
  as
• 5:50
  we
• 5:50
  don't
• 5:51
  get
• 5:51
  them,
• 5:51
  we
• 5:51
  estimate
• 5:52
  them.
• 5:52
  And
• 5:53
  there
• 5:53
  the
• 5:53
  actually
• 5:54
  the
• 5:54
  interesting
• 5:55
  part
• 5:55
  is
• 5:56
  where
• 5:56
  we
• 5:56
  get
• 5:57
  our
• 5:57
  input
• 5:58
  data
• 5:58
  and
• 5:58
  how
• 5:58
  do
• 5:58
  we
• 5:59
  estimate
• 5:59
  them.
• 5:59
  So
• 6:00
  we
• 6:00
  have
• 6:01
  four
• 6:01
  major
• 6:02
  sources.
• 6:02
  I
• 6:02
  would
• 6:03
  say
• 6:03
  number
• 6:03
  one,
• 6:04
  we
• 6:04
  do
• 6:04
  buy
• 6:05
  transaction
• 6:05
  data.
• 6:06
  Transaction
• 6:06
  data
• 6:06
  is
• 6:07
  like
• 6:07
  credit
• 6:07
  card
• 6:07
  statement,
• 6:08
  et
• 6:08
  cetera,
• 6:08
  et
• 6:08
  cetera.
• 6:09
  It's
• 6:09
  interesting,
• 6:09
  it's
• 6:10
  not
• 6:10
  well
• 6:10
  known,
• 6:11
  but
• 6:11
  there
• 6:11
  is
• 6:12
  actually
• 6:12
  a
• 6:12
  market
• 6:12
  where
• 6:13
  you
• 6:13
  can
• 6:13
  go
• 6:13
  to
• 6:13
  credit
• 6:14
  card
• 6:14
  companies,
• 6:15
  large
• 6:15
  banks,
• 6:16
  banks,
• 6:16
  et
• 6:16
  cetera,
• 6:17
  and
• 6:17
  buy
• 6:17
  huge
• 6:18
  amounts.
• 6:18
  You
• 6:19
  don't
• 6:19
  know
• 6:19
  the
• 6:19
  name,
• 6:20
  so
• 6:20
  I
• 6:20
  don't
• 6:20
  know
• 6:20
  Engvid
• 6:21
  Loma
• 6:21
  spent
• 6:22
  so
• 6:22
  much,
• 6:22
  which
• 6:22
  is
• 6:22
  a
• 6:22
  thing.
• 6:23
  But
• 6:23
  what
• 6:23
  I
• 6:24
  do
• 6:24
  know
• 6:24
  is
• 6:26
  someone
• 6:27
  in
• 6:27
  this
• 6:27
  region
• 6:28
  with
• 6:28
  this
• 6:28
  income
• 6:29
  and
• 6:29
  then
• 6:30
  I
• 6:30
  see
• 6:30
  really
• 6:30
  every
• 6:31
  single
• 6:32
  part
• 6:33
  of
• 6:33
  the,
• 6:35
  of
• 6:35
  the
• 6:35
  credit
• 6:36
  card,
• 6:36
  et
• 6:36
  cetera.
• 6:36
  So
• 6:36
  it
• 6:37
  really
• 6:37
  helps
• 6:37
  me.
• 6:38
  And
• 6:38
  if
• 6:38
  you
• 6:38
  returned
• 6:39
  it
• 6:39
  or
• 6:39
  not.
• 6:39
  So
• 6:40
  that
• 6:40
  is
• 6:40
  one
• 6:40
  large
• 6:41
  part.
• 6:41
  And
• 6:41
  we
• 6:41
  have
• 6:41
  the
• 6:42
  data
• 6:42
  especially
• 6:43
  for
• 6:43
  Europe
• 6:43
  and
• 6:44
  North
• 6:44
  America.
• 6:45
  For
• 6:45
  the
• 6:45
  other
• 6:45
  countries
• 6:45
  that's
• 6:46
  a
• 6:46
  little
• 6:46
  bit
• 6:46
  more
• 6:47
  complicated.
• 6:47
  Second
• 6:48
  part
• 6:48
  is
• 6:48
  we
• 6:49
  basically
• 6:50
  scrape
• 6:51
  every
• 6:51
  single
• 6:51
  website
• 6:52
  you
• 6:52
  can
• 6:52
  think
• 6:52
  of
• 6:53
  and
• 6:53
  basically
• 6:54
  try
• 6:54
  to
• 6:54
  catalyze
• 6:55
  them.
• 6:56
  And
• 6:56
  that
• 6:56
  helps
• 6:57
  us
• 6:57
  a
• 6:57
  lot.
• 6:57
  Third,
• 6:58
  we
• 6:58
  use
• 6:58
  quite
• 6:59
  a
• 6:59
  lot
• 6:59
  of
• 6:59
  traffic
• 6:59
  data
• 7:00
  and
• 7:01
  including
• 7:01
  what
• 7:01
  is
• 7:02
  called
• 7:02
  clickstream
• 7:03
  data.
• 7:03
  What's
• 7:03
  the
• 7:03
  difference
• 7:04
  between
• 7:04
  is
• 7:05
  traffic
• 7:05
  data
• 7:05
  is
• 7:05
  what
• 7:06
  you
• 7:06
  know
• 7:06
  from
• 7:06
  Semrush
• 7:07
  and
• 7:07
  similarweb.
• 7:07
  Clickstream
• 7:08
  data
• 7:08
  is
• 7:09
  basically
• 7:09
  the
• 7:09
  level
• 7:10
  before
• 7:10
  where
• 7:11
  basically
• 7:11
  you
• 7:12
  know
• 7:13
  how
• 7:13
  users
• 7:14
  surfs
• 7:15
  around
• 7:15
  a
• 7:16
  certain
• 7:16
  website.
• 7:17
  And
• 7:17
  last,
• 7:17
  we
• 7:17
  use
• 7:18
  all
• 7:18
  publicly
• 7:18
  available
• 7:19
  data.
• 7:20
  Okay,
• 7:21
  so
• 7:21
  that's
• 7:21
  it.
• 7:22
  And
• 7:22
  then
• 7:22
  of
• 7:23
  course
• 7:24
  the
• 7:24
  art
• 7:24
  lies
• 7:25
  in
• 7:25
  the
• 7:25
  algorithm.
• 7:27
  Meaning
• 7:27
  how
• 7:28
  do
• 7:28
  you
• 7:28
  bring
• 7:28
  it
• 7:29
  together
• 7:29
  and
• 7:29
  how
• 7:30
  do
• 7:30
  you
• 7:30
  constantly.
• 7:31
  How
• 7:31
  do
• 7:31
  you
• 7:31
  constantly
• 7:32
  improve
• 7:32
  it?
• 7:32
  Because
• 7:33
  whenever
• 7:33
  you
• 7:33
  start
• 7:34
  something,
• 7:35
  it
• 7:36
  is
• 7:36
  a
• 7:36
  little
• 7:36
  bit
• 7:36
  like
• 7:36
  you
• 7:37
  start
• 7:37
  a
• 7:37
  new
• 7:37
  vineyard
• 7:39
  at
• 7:39
  the
• 7:39
  beginning.
• 7:39
  The
• 7:39
  first
• 7:40
  year
• 7:40
  will
• 7:40
  be
• 7:40
  not
• 7:41
  really
• 7:41
  the
• 7:41
  best
• 7:41
  wine
• 7:42
  you
• 7:42
  ever
• 7:42
  produced.
• 7:42
  And
• 7:43
  then
• 7:43
  it
• 7:43
  honestly
• 7:43
  takes
• 7:44
  time,
• 7:44
  over
• 7:44
  time
• 7:44
  to
• 7:45
  improve.
• 7:46
  And
• 7:46
  for
• 7:46
  us
• 7:47
  there
• 7:47
  was
• 7:49
  really
• 7:50
  something
• 7:50
  which
• 7:50
  changed
• 7:51
  our
• 7:51
  world
• 7:52
  because
• 7:52
  we
• 7:53
  have
• 7:53
  a
• 7:53
  new
• 7:53
  friend.
• 7:54
  And
• 7:54
  this
• 7:54
  friend
• 7:54
  is
• 7:55
  French
• 7:56
  and
• 7:56
  it's
• 7:57
  called
• 7:57
  Claude
• 8:00
  is
• 8:01
  the
• 8:01
  best
• 8:02
  thing
• 8:02
  what
• 8:02
  happened
• 8:02
  to
• 8:03
  us.
• 8:04
  And
• 8:05
  so
• 8:05
  just
• 8:05
  so
• 8:05
  you
• 8:05
  know,
• 8:06
  it
• 8:06
  is
• 8:06
  basically
• 8:06
  a
• 8:06
  tool
• 8:07
  for
• 8:07
  an
• 8:07
  anthropic
• 8:08
  and.
• 8:10
  And
• 8:10
  basically
• 8:11
  they
• 8:11
  had
• 8:12
  it
• 8:12
  before,
• 8:12
  but
• 8:12
  they
• 8:12
  launched
• 8:13
  a
• 8:13
  new
• 8:13
  version
• 8:14
  in
• 8:14
  October
• 8:15
  which
• 8:15
  was
• 8:16
  so
• 8:16
  much
• 8:16
  better
• 8:17
  than
• 8:17
  everything
• 8:17
  before.
• 8:18
  And
• 8:19
  where
• 8:20
  before
• 8:20
  when
• 8:21
  we
• 8:21
  did
• 8:21
  certain
• 8:21
  analysis,
• 8:22
  cross
• 8:23
  check,
• 8:23
  et
• 8:23
  cetera,
• 8:24
  there
• 8:24
  was
• 8:24
  still
• 8:24
  a
• 8:25
  little
• 8:25
  bit
• 8:25
  of
• 8:25
  manual
• 8:26
  work,
• 8:26
  believe
• 8:26
  it
• 8:26
  or
• 8:26
  not
• 8:27
  involved.
• 8:27
  And
• 8:28
  since
• 8:28
  now
• 8:29
  basically
• 8:30
  we
• 8:30
  use
• 8:30
  for,
• 8:31
  I
• 8:31
  mean
• 8:31
  there's
• 8:31
  still
• 8:32
  analysts,
• 8:32
  but
• 8:32
  for
• 8:33
  almost
• 8:33
  everything
• 8:34
  we
• 8:34
  use
• 8:34
  cloud
• 8:35
  agents
• 8:36
  in
• 8:36
  order
• 8:36
  to
• 8:36
  improve
• 8:37
  things.
• 8:37
  And
• 8:37
  that
• 8:38
  that
• 8:38
  has.
• 8:38
  Hence
• 8:39
  we
• 8:39
  launch
• 8:40
  More
• 8:40
  hence
• 8:41
  we
• 8:41
  have
• 8:41
  all
• 8:41
  these
• 8:41
  new
• 8:42
  data
• 8:42
  point
• 8:42
  and
• 8:43
  hopefully
• 8:43
  hence
• 8:44
  you
• 8:44
  see
• 8:44
  really
• 8:45
  a
• 8:45
  quality
• 8:45
  jump
• 8:46
  since
• 8:46
  October,.
• 8:48
  You
• 8:49
  can
• 8:49
  see
• 8:49
  that.
• 8:50
  Yeah.
• 8:50
  As
• 8:50
  an
• 8:50
  avid
• 8:50
  user,
• 8:52
  I
• 8:52
  mean,
• 8:52
  I've
• 8:52
  been
• 8:53
  always
• 8:53
  a
• 8:53
  fan
• 8:53
  of
• 8:53
  your
• 8:54
  figures
• 8:55
  because
• 8:55
  I
• 8:55
  like
• 8:56
  that.
• 8:56
  I
• 8:57
  mean
• 8:57
  there
• 8:57
  are,
• 8:57
  we
• 8:57
  have
• 8:58
  often
• 8:58
  discussed
• 8:58
  this.
• 8:58
  Really,
• 8:59
  there
• 8:59
  are
• 8:59
  sometimes
• 9:00
  areas
• 9:00
  where
• 9:01
  I
• 9:01
  think,
• 9:01
  yeah,
• 9:01
  this
• 9:01
  is
• 9:02
  a
• 9:02
  bit
• 9:02
  wrong
• 9:02
  or
• 9:02
  this
• 9:02
  might
• 9:03
  be
• 9:03
  slightly
• 9:04
  off
• 9:04
  kilter,
• 9:05
  but
• 9:06
  overall
• 9:07
  it
• 9:07
  is
• 9:07
  a
• 9:07
  very
• 9:08
  good
• 9:08
  overview.
• 9:08
  And
• 9:09
  you,
• 9:09
  you
• 9:10
  are
• 9:10
  using
• 9:10
  the
• 9:11
  same
• 9:11
  method
• 9:11
  to
• 9:12
  get
• 9:12
  all
• 9:12
  the
• 9:13
  figures
• 9:13
  for
• 9:14
  all
• 9:14
  the
• 9:14
  companies,
• 9:15
  all
• 9:15
  the
• 9:15
  marketplaces
• 9:16
  in
• 9:16
  all
• 9:16
  countries
• 9:16
  in
• 9:17
  all
• 9:17
  categories.
• 9:17
  And
• 9:18
  that
• 9:18
  alone
• 9:18
  makes
• 9:18
  it
• 9:20
  gives
• 9:20
  it
• 9:21
  a
• 9:21
  quality
• 9:21
  that
• 9:22
  is
• 9:22
  unmatched
• 9:23
  because
• 9:23
  you
• 9:23
  can
• 9:23
  really
• 9:25
  compare
• 9:26
  different
• 9:26
  data
• 9:26
  sets
• 9:27
  because
• 9:27
  they
• 9:28
  are
• 9:28
  based
• 9:28
  on
• 9:28
  the
• 9:29
  same
• 9:29
  method.
• 9:30
  So
• 9:30
  that
• 9:30
  alone
• 9:31
  is
• 9:31
  great.
• 9:31
  But
• 9:31
  yeah,
• 9:32
  since
• 9:32
  October
• 9:33
  things
• 9:34
  are
• 9:34
  really
• 9:34
  getting
• 9:34
  crazy.
• 9:35
  Whatever
• 9:35
  you're
• 9:35
  doing
• 9:36
  there,
• 9:36
  keep
• 9:36
  doing
• 9:36
  it.
• 9:37
  Yeah,
• 9:37
  it's
• 9:37
  really
• 9:38
  cool.
• 9:38
  Yeah.
• 9:39
  Anyway,
• 9:39
  I
• 9:39
  mean,
• 9:40
  before
• 9:40
  I
• 9:40
  get
• 9:40
  too
• 9:40
  much
• 9:41
  into,
• 9:41
  you
• 9:41
  know,
• 9:42
  data
• 9:43
  nerding
• 9:44
  and.
• 9:44
  If
• 9:45
  I
• 9:45
  may,
• 9:45
  it
• 9:45
  is
• 9:45
  honestly
• 9:46
  fun.
• 9:47
  Sorry
• 9:48
  if,
• 9:48
  if
• 9:48
  you're
• 9:48
  in
• 9:49
  product
• 9:49
  development
• 9:50
  with.
• 9:50
  I'm
• 9:51
  sorry,
• 9:51
  everybody
• 9:52
  has
• 9:52
  this
• 9:52
  passion.
• 9:53
  Some
• 9:53
  people
• 9:53
  like
• 9:54
  sales,
• 9:54
  etc.
• 9:54
  And
• 9:54
  we
• 9:55
  do
• 9:55
  this,
• 9:55
  of
• 9:55
  course,
• 9:56
  all.
• 9:56
  But
• 9:56
  what
• 9:56
  drives.
• 9:57
  And
• 9:57
  when
• 9:57
  the
• 9:58
  two
• 9:58
  founders
• 9:58
  think
• 9:58
  very
• 9:59
  much
• 9:59
  in
• 9:59
  product,
• 10:01
  the.
• 10:03
  So
• 10:03
  we
• 10:04
  basically
• 10:05
  launch
• 10:05
  two
• 10:06
  new
• 10:06
  products
• 10:06
  right
• 10:07
  now,
• 10:08
  which
• 10:08
  I
• 10:09
  can
• 10:09
  later
• 10:09
  explain,
• 10:10
  but
• 10:10
  it
• 10:11
  is
• 10:11
  really
• 10:12
  saying
• 10:12
  because
• 10:13
  now
• 10:13
  you
• 10:13
  can
• 10:13
  so
• 10:14
  much
• 10:14
  easier
• 10:14
  analyze
• 10:15
  data.
• 10:15
  So
• 10:16
  now
• 10:16
  you
• 10:16
  can
• 10:16
  go
• 10:16
  and
• 10:17
  really
• 10:17
  say,
• 10:17
  okay,
• 10:18
  go
• 10:18
  through
• 10:18
  all
• 10:18
  the
• 10:19
  top
• 10:19
  10
• 10:19
  different
• 10:19
  Amazon
• 10:20
  marketplaces.
• 10:21
  How
• 10:21
  is
• 10:21
  my
• 10:21
  product
• 10:21
  performing?
• 10:22
  How's
• 10:22
  my
• 10:23
  brand
• 10:23
  performing?
• 10:24
  How
• 10:24
  is
• 10:24
  the
• 10:25
  market
• 10:25
  performing
• 10:26
  in
• 10:26
  each
• 10:26
  category?
• 10:27
  How
• 10:27
  much
• 10:27
  sellers
• 10:28
  you
• 10:28
  have?
• 10:28
  How
• 10:29
  much
• 10:29
  is
• 10:29
  Amazon
• 10:30
  basically
• 10:30
  dominating
• 10:31
  certain
• 10:31
  things?
• 10:32
  And
• 10:32
  why
• 10:32
  is
• 10:32
  it
• 10:33
  important?
• 10:33
  Because
• 10:33
  that's
• 10:34
  for
• 10:34
  us
• 10:34
  a
• 10:35
  helpful
• 10:35
  tool
• 10:36
  plus
• 10:37
  a
• 10:37
  huge
• 10:37
  input
• 10:38
  for
• 10:38
  all
• 10:38
  the
• 10:38
  calculations.
• 10:40
  Yeah,
• 10:40
  absolutely.
• 10:41
  Yeah,
• 10:42
  we'll
• 10:42
  dive
• 10:42
  into
• 10:43
  that
• 10:43
  a
• 10:43
  bit
• 10:43
  deeper
• 10:44
  later.
• 10:45
  But
• 10:45
  maybe
• 10:46
  let's
• 10:46
  just
• 10:46
  look
• 10:47
  at
• 10:47
  the
• 10:48
  most
• 10:48
  outstanding
• 10:49
  figures
• 10:49
  in
• 10:50
  your
• 10:50
  presentation
• 10:50
  from
• 10:51
  Vegas
• 10:51
  to
• 10:52
  just
• 10:53
  dive
• 10:53
  a
• 10:53
  bit
• 10:54
  deeper
• 10:54
  into
• 10:54
  what
• 10:54
  marketplaces
• 10:55
  are
• 10:55
  now
• 10:55
  doing
• 10:56
  based
• 10:56
  on
• 10:56
  all
• 10:56
  the
• 10:56
  data
• 10:57
  that
• 10:57
  you
• 10:57
  are
• 10:57
  gathering.
• 10:58
  And
• 10:59
  maybe
• 10:59
  I'll
• 10:59
  start
• 10:59
  out
• 11:00
  with
• 11:00
  the
• 11:00
  number
• 11:00
  that
• 11:01
  caused
• 11:03
  the
• 11:03
  most
• 11:03
  raised
• 11:03
  eyebrows
• 11:04
  when
• 11:04
  I
• 11:04
  used
• 11:04
  it
• 11:05
  in
• 11:05
  presentation
• 11:06
  in
• 11:06
  Berlin.
• 11:06
  That
• 11:07
  is
• 11:08
  84%
• 11:08
  of
• 11:09
  worldwide
• 11:09
  e
• 11:09
  commerce
• 11:09
  turnover
• 11:10
  in
• 11:10
  2026
• 11:11
  will
• 11:11
  be
• 11:12
  on
• 11:12
  online
• 11:12
  marketplaces.
• 11:13
  That
• 11:13
  is
• 11:13
  a
• 11:14
  figure
• 11:14
  from
• 11:14
  UCDB
• 11:15
  from
• 11:15
  your
• 11:15
  own
• 11:15
  prognosis.
• 11:16
  And
• 11:17
  yeah,
• 11:18
  it
• 11:19
  always
• 11:19
  raises
• 11:19
  eyebrows.
• 11:20
  And
• 11:20
  when
• 11:20
  I
• 11:20
  use
• 11:21
  it,
• 11:21
  which
• 11:21
  I
• 11:22
  find
• 11:22
  interesting,
• 11:23
  does
• 11:23
  that
• 11:24
  happen
• 11:24
  to
• 11:24
  you
• 11:24
  as
• 11:24
  well,
• 11:24
  that
• 11:25
  people
• 11:25
  look
• 11:25
  at
• 11:25
  these
• 11:25
  numbers,
• 11:26
  especially
• 11:26
  marketplace
• 11:27
  numbers,
• 11:27
  because
• 11:28
  they
• 11:28
  sometimes
• 11:29
  look
• 11:29
  a
• 11:29
  bit
• 11:29
  out
• 11:29
  of
• 11:29
  this
• 11:29
  world
• 11:30
  when
• 11:30
  you
• 11:30
  look
• 11:30
  at
• 11:30
  these
• 11:31
  huge
• 11:31
  numbers.
• 11:32
  Do
• 11:32
  people
• 11:32
  believe
• 11:32
  you
• 11:33
  when
• 11:33
  you
• 11:33
  show
• 11:33
  them?
• 11:34
  That's
• 11:34
  a
• 11:34
  Very
• 11:34
  good
• 11:35
  one.
• 11:35
  First
• 11:35
  of
• 11:35
  all,
• 11:36
  let's
• 11:36
  see
• 11:37
  do
• 11:37
  we
• 11:37
  still
• 11:37
  have
• 11:38
  when
• 11:38
  we
• 11:38
  show
• 11:39
  how
• 11:39
  dominant
• 11:40
  our
• 11:40
  marketplaces
• 11:41
  overall
• 11:42
  and
• 11:42
  then
• 11:42
  if
• 11:43
  the
• 11:43
  marketplace
• 11:44
  model
• 11:44
  is
• 11:44
  dominant,
• 11:45
  how
• 11:45
  dominant
• 11:46
  are
• 11:46
  the
• 11:46
  top
• 11:46
  10
• 11:46
  or
• 11:47
  11
• 11:47
  marketplaces?
• 11:48
  Whenever
• 11:49
  we
• 11:49
  show
• 11:49
  this,
• 11:49
  and
• 11:49
  we
• 11:49
  will
• 11:49
  go
• 11:50
  into
• 11:50
  it
• 11:50
  in
• 11:50
  a
• 11:50
  second,
• 11:51
  people
• 11:51
  are
• 11:52
  shocked,
• 11:53
  honestly
• 11:53
  shocked,
• 11:54
  especially
• 11:54
  if
• 11:54
  you're
• 11:55
  a
• 11:55
  small
• 11:55
  store.
• 11:56
  And
• 11:56
  second,
• 11:57
  there
• 11:57
  is
• 11:58
  at
• 11:58
  the
• 11:58
  beginning
• 11:59
  a
• 11:59
  little
• 11:59
  bit
• 11:59
  of.
• 12:01
  Can
• 12:01
  I
• 12:01
  really
• 12:01
  believe
• 12:02
  it?
• 12:02
  Yeah.
• 12:04
  And
• 12:04
  I
• 12:05
  wonder
• 12:05
  why
• 12:05
  this
• 12:05
  is.
• 12:06
  And
• 12:06
  I
• 12:06
  think
• 12:06
  the
• 12:07
  main
• 12:07
  explanation
• 12:07
  is
• 12:08
  if
• 12:09
  you
• 12:09
  live
• 12:09
  mainly
• 12:11
  in
• 12:11
  the
• 12:11
  German
• 12:11
  e
• 12:12
  commerce
• 12:12
  world
• 12:13
  and
• 12:13
  you
• 12:13
  are
• 12:13
  basically
• 12:14
  dating
• 12:14
  back
• 12:15
  10
• 12:15
  to
• 12:15
  20
• 12:16
  years,
• 12:16
  then
• 12:16
  it's
• 12:17
  absolutely
• 12:18
  understandable
• 12:18
  that
• 12:19
  you
• 12:19
  say,
• 12:19
  I
• 12:19
  don't
• 12:20
  understand
• 12:20
  it.
• 12:20
  I
• 12:20
  mean,
• 12:21
  I
• 12:21
  have
• 12:21
  my
• 12:21
  store.
• 12:22
  What's
• 12:22
  wrong?
• 12:23
  Whereas
• 12:23
  obviously,
• 12:24
  because
• 12:26
  US
• 12:27
  and
• 12:27
  China
• 12:28
  are
• 12:28
  dominating
• 12:29
  so
• 12:29
  much
• 12:29
  these
• 12:30
  markets
• 12:30
  and
• 12:30
  we
• 12:31
  are
• 12:31
  talking
• 12:31
  about
• 12:31
  global
• 12:32
  figures
• 12:34
  and
• 12:35
  if
• 12:35
  you
• 12:35
  see
• 12:36
  how
• 12:37
  marketplaces
• 12:38
  and
• 12:38
  the
• 12:38
  3p
• 12:39
  share
• 12:39
  is
• 12:39
  growing
• 12:39
  so
• 12:40
  much
• 12:40
  more,
• 12:40
  then
• 12:41
  you
• 12:41
  realize,
• 12:41
  wow,
• 12:42
  yes,
• 12:43
  it
• 12:43
  is
• 12:43
  true
• 12:44
  that
• 12:44
  overall
• 12:45
  if
• 12:45
  you
• 12:45
  look
• 12:45
  at
• 12:45
  the
• 12:45
  market,
• 12:46
  that's
• 12:46
  a
• 12:46
  trend.
• 12:46
  And
• 12:47
  yes,
• 12:47
  certain
• 12:48
  niches
• 12:48
  where
• 12:49
  certain
• 12:50
  stores,
• 12:50
  they're
• 12:50
  doing
• 12:51
  great
• 12:51
  and
• 12:51
  they
• 12:52
  defend
• 12:52
  their
• 12:52
  position,
• 12:53
  but
• 12:54
  it
• 12:54
  is
• 12:54
  rarely
• 12:55
  the
• 12:55
  source
• 12:55
  of
• 12:56
  hypergrowth.
• 12:57
  Yeah,
• 12:58
  absolutely
• 12:58
  true.
• 13:00
  Let's
• 13:00
  maybe
• 13:00
  look
• 13:01
  a
• 13:01
  bit
• 13:01
  deeper
• 13:01
  into
• 13:01
  those
• 13:02
  top
• 13:02
  10
• 13:02
  marketplaces
• 13:03
  you
• 13:03
  were
• 13:03
  just
• 13:04
  mentioning
• 13:04
  because
• 13:06
  the
• 13:06
  growth
• 13:06
  is
• 13:07
  very
• 13:07
  much
• 13:08
  concentrated
• 13:09
  on
• 13:09
  the
• 13:09
  top
• 13:09
  region
• 13:10
  and
• 13:11
  this
• 13:11
  concentration
• 13:11
  has
• 13:12
  just
• 13:12
  grown
• 13:13
  worse
• 13:13
  I
• 13:13
  think
• 13:13
  over
• 13:13
  the
• 13:14
  last
• 13:14
  years.
• 13:15
  But
• 13:16
  now
• 13:16
  what
• 13:16
  I
• 13:16
  read
• 13:17
  from
• 13:17
  the
• 13:17
  figures
• 13:17
  is
• 13:18
  that
• 13:19
  this
• 13:19
  top
• 13:19
  share
• 13:20
  of
• 13:21
  top
• 13:21
  10
• 13:22
  marketplaces,
• 13:22
  which
• 13:23
  is
• 13:23
  huge,
• 13:24
  is
• 13:24
  still
• 13:24
  growing,
• 13:25
  but
• 13:25
  not
• 13:26
  as
• 13:26
  fast,
• 13:26
  of
• 13:27
  course,
• 13:27
  because
• 13:28
  there's
• 13:28
  not
• 13:28
  much
• 13:28
  room
• 13:29
  to
• 13:29
  grow
• 13:29
  if
• 13:29
  you're
• 13:29
  already
• 13:30
  owning
• 13:31
  over
• 13:31
  80%
• 13:32
  of
• 13:32
  the
• 13:32
  market
• 13:33
  anyway.
• 13:35
  But
• 13:35
  inside
• 13:36
  this
• 13:36
  top
• 13:36
  10
• 13:37
  group,
• 13:37
  there
• 13:37
  are
• 13:37
  a
• 13:37
  few
• 13:38
  players
• 13:38
  that
• 13:38
  are
• 13:39
  growing
• 13:39
  exponentially,
• 13:40
  like
• 13:41
  for
• 13:41
  example,
• 13:41
  Temu
• 13:42
  or
• 13:42
  Shane
• 13:42
  or
• 13:43
  TikTok
• 13:43
  Shop
• 13:43
  as
• 13:44
  well.
• 13:44
  So
• 13:45
  am
• 13:45
  I
• 13:46
  right
• 13:46
  in
• 13:46
  interpreting
• 13:47
  these
• 13:47
  numbers
• 13:48
  that
• 13:48
  these
• 13:49
  new
• 13:50
  players
• 13:50
  are
• 13:51
  taking
• 13:51
  the
• 13:52
  butter
• 13:52
  of
• 13:52
  the
• 13:52
  cake
• 13:53
  of
• 13:53
  Amazon?
• 13:54
  There's
• 13:54
  an
• 13:55
  easy
• 13:55
  answer
• 13:55
  and,
• 13:56
  but
• 13:56
  let
• 13:56
  me
• 13:56
  give
• 13:57
  it
• 13:57
  a
• 13:57
  little
• 13:57
  bit
• 13:57
  of
• 13:57
  framework.
• 13:58
  Yes,
• 13:58
  first
• 13:59
  of
• 13:59
  all,
• 14:00
  you
• 14:00
  heard
• 14:00
  that,
• 14:00
  okay,
• 14:01
  basically
• 14:02
  the
• 14:02
  marketplace
• 14:03
  dominate
• 14:03
  everything.
• 14:04
  If
• 14:04
  you
• 14:04
  look
• 14:04
  at
• 14:04
  the
• 14:05
  top
• 14:05
  11,
• 14:05
  which
• 14:06
  is
• 14:06
  Amazon
• 14:06
  and
• 14:07
  his
• 14:07
  10
• 14:07
  friends,
• 14:08
  you
• 14:08
  look
• 14:08
  at
• 14:08
  the
• 14:08
  top
• 14:09
  11,
• 14:09
  they
• 14:10
  for
• 14:10
  the
• 14:10
  moment
• 14:11
  have
• 14:11
  a
• 14:12
  market
• 14:12
  share
• 14:13
  of
• 14:14
  83%.
• 14:16
  So
• 14:17
  just
• 14:17
  again,
• 14:18
  11
• 14:18
  companies
• 14:19
  have
• 14:20
  83%
• 14:21
  of
• 14:21
  the
• 14:22
  entire
• 14:22
  marketplaces
• 14:24
  and
• 14:24
  the
• 14:24
  marketplace
• 14:25
  basically
• 14:25
  dominates
• 14:26
  the
• 14:26
  e
• 14:26
  commerce
• 14:26
  there.
• 14:27
  So
• 14:27
  that
• 14:27
  is
• 14:27
  huge
• 14:28
  concentration.
• 14:29
  I
• 14:29
  mean,
• 14:29
  to
• 14:29
  have
• 14:30
  it
• 14:30
  even
• 14:30
  more
• 14:30
  concentrated
• 14:31
  would
• 14:31
  be
• 14:31
  just
• 14:31
  madness
• 14:32
  almost
• 14:33
  now
• 14:33
  to
• 14:33
  your
• 14:33
  point.
• 14:34
  And
• 14:35
  second,
• 14:35
  actually,
• 14:36
  interestingly,
• 14:36
  whereas
• 14:37
  Amazon
• 14:37
  was
• 14:38
  a
• 14:38
  couple
• 14:38
  of
• 14:38
  years
• 14:38
  ago
• 14:39
  still
• 14:39
  number
• 14:39
  two
• 14:40
  because
• 14:40
  of
• 14:40
  these
• 14:40
  huge
• 14:41
  Chinese
• 14:41
  companies,
• 14:42
  now
• 14:42
  Amazon
• 14:43
  is
• 14:43
  number
• 14:43
  one.
• 14:43
  I
• 14:44
  Mean
• 14:44
  that
• 14:44
  is
• 14:44
  something
• 14:46
  but
• 14:46
  indeed
• 14:46
  it's
• 14:47
  a
• 14:47
  bit
• 14:47
  like
• 14:47
  Volkswagen.
• 14:48
  Volkswagen
• 14:49
  used
• 14:49
  to
• 14:49
  be
• 14:49
  one
• 14:50
  number
• 14:50
  one.
• 14:50
  But
• 14:51
  it's
• 14:51
  definitely
• 14:52
  challenged
• 14:53
  by
• 14:53
  a
• 14:53
  couple
• 14:53
  of
• 14:54
  companies.
• 14:54
  So
• 14:54
  if
• 14:54
  you
• 14:54
  go
• 14:55
  through
• 14:55
  all
• 14:55
  the
• 14:55
  others,
• 14:56
  the
• 14:56
  TEMU
• 14:56
  chain,
• 14:57
  the
• 14:57
  all
• 14:57
  that
• 14:57
  we
• 14:57
  know,
• 14:58
  the
• 14:58
  TikTok
• 14:58
  shops,
• 14:59
  et
• 14:59
  cetera.
• 14:59
  Indeed
• 15:01
  they're
• 15:01
  all
• 15:01
  of
• 15:02
  them
• 15:02
  growing
• 15:02
  faster.
• 15:03
  And
• 15:03
  if
• 15:03
  you
• 15:04
  go
• 15:04
  hey,
• 15:04
  growth,
• 15:04
  what
• 15:05
  does
• 15:05
  it
• 15:05
  mean
• 15:06
  if
• 15:06
  you
• 15:06
  go
• 15:06
  at
• 15:06
  the
• 15:07
  number
• 15:07
  of
• 15:07
  buyers,
• 15:09
  buying
• 15:09
  frequency
• 15:10
  and
• 15:10
  the
• 15:11
  GMV
• 15:11
  per
• 15:11
  buyers,
• 15:12
  all
• 15:12
  these
• 15:13
  three
• 15:14
  levers
• 15:14
  or
• 15:15
  sources
• 15:15
  of
• 15:15
  growth,
• 15:16
  they're
• 15:16
  all
• 15:16
  outperforming
• 15:17
  Amazon
• 15:18
  in
• 15:18
  it.
• 15:18
  And
• 15:18
  that
• 15:18
  is.
• 15:20
  Well,
• 15:20
  it
• 15:20
  is
• 15:20
  as
• 15:21
  it
• 15:21
  is.
• 15:21
  That's
• 15:22
  good.
• 15:23
  There's
• 15:23
  some
• 15:23
  movement
• 15:24
  but
• 15:25
  it's
• 15:25
  a
• 15:25
  bit
• 15:27
  scary
• 15:27
  for
• 15:28
  Amazon
• 15:29
  in
• 15:30
  one
• 15:30
  that
• 15:30
  is
• 15:30
  fine
• 15:31
  that
• 15:31
  they
• 15:31
  have
• 15:31
  to
• 15:32
  catch
• 15:32
  up
• 15:32
  all
• 15:32
  three.
• 15:34
  That
• 15:34
  is
• 15:35
  really
• 15:35
  difficult.
• 15:37
  Yeah,
• 15:37
  that's
• 15:38
  absolutely.
• 15:38
  The
• 15:38
  string
• 15:40
  now
• 15:41
  discussion
• 15:42
  is
• 15:42
  a
• 15:42
  lot
• 15:43
  concentrated
• 15:43
  on
• 15:43
  these
• 15:44
  top
• 15:44
  10
• 15:44
  players
• 15:46
  that
• 15:46
  you
• 15:46
  have
• 15:47
  also
• 15:47
  named
• 15:48
  like
• 15:48
  Amazon
• 15:48
  and
• 15:48
  all
• 15:48
  these
• 15:49
  Chinese
• 15:49
  shops
• 15:50
  and
• 15:50
  Walmart,
• 15:51
  AliExpress
• 15:52
  Shopee,
• 15:52
  you
• 15:52
  name
• 15:52
  them.
• 15:53
  Yeah.
• 15:54
  But
• 15:54
  apart
• 15:55
  from
• 15:55
  these
• 15:56
  huge
• 15:56
  generalists
• 15:58
  at
• 15:58
  Marketplace
• 15:59
  Universe,
• 15:59
  we
• 16:00
  often
• 16:00
  talk
• 16:00
  about
• 16:01
  regional
• 16:01
  players
• 16:02
  that
• 16:02
  are
• 16:03
  really
• 16:03
  strong
• 16:03
  in
• 16:04
  their
• 16:04
  own
• 16:04
  core
• 16:05
  region,
• 16:05
  for
• 16:05
  example,
• 16:06
  or
• 16:07
  specialists
• 16:07
  that
• 16:08
  are
• 16:08
  really
• 16:08
  strong
• 16:08
  in
• 16:08
  their
• 16:09
  own
• 16:09
  category.
• 16:12
  What
• 16:12
  do
• 16:12
  you
• 16:12
  think
• 16:13
  about
• 16:13
  these
• 16:14
  singular
• 16:15
  islands
• 16:15
  of
• 16:16
  growth
• 16:16
  in
• 16:17
  certain
• 16:17
  areas?
• 16:18
  Are
• 16:18
  they,
• 16:19
  you
• 16:19
  know,
• 16:20
  are
• 16:20
  we
• 16:21
  looking
• 16:21
  at
• 16:21
  them
• 16:21
  a
• 16:21
  bit
• 16:22
  too
• 16:22
  favorably?
• 16:23
  Maybe
• 16:23
  because
• 16:23
  we
• 16:24
  are,
• 16:24
  I
• 16:24
  don't
• 16:24
  know,
• 16:25
  want
• 16:25
  to
• 16:25
  write
• 16:25
  about
• 16:26
  different
• 16:26
  things
• 16:26
  such
• 16:26
  as
• 16:26
  Amazon
• 16:27
  all
• 16:27
  the
• 16:27
  time
• 16:27
  or
• 16:28
  is
• 16:28
  that
• 16:28
  all
• 16:28
  right
• 16:29
  that
• 16:29
  we
• 16:29
  are
• 16:29
  pointing
• 16:30
  out.
• 16:30
  Okay,
• 16:31
  look
• 16:31
  at
• 16:31
  also
• 16:31
  that
• 16:31
  category
• 16:32
  leader.
• 16:32
  Or
• 16:32
  this
• 16:33
  region
• 16:33
  leader,
• 16:33
  the
• 16:35
  A
• 16:35
  number
• 16:35
  one.
• 16:36
  I
• 16:36
  think
• 16:36
  you're
• 16:36
  correct.
• 16:36
  I
• 16:37
  mean
• 16:37
  it's
• 16:37
  boring
• 16:37
  to
• 16:38
  write
• 16:38
  just
• 16:38
  about
• 16:38
  Amazon.
• 16:39
  There
• 16:39
  are
• 16:39
  other.
• 16:39
  There
• 16:40
  are.
• 16:40
  Sorry,
• 16:41
  there
• 16:41
  are
• 16:41
  other
• 16:41
  business
• 16:42
  models
• 16:42
  and
• 16:43
  please,
• 16:43
  what
• 16:43
  kind
• 16:43
  of
• 16:43
  arrogant.
• 16:44
  These
• 16:44
  are
• 16:44
  companies
• 16:45
  which
• 16:45
  grow
• 16:45
  by
• 16:46
  10
• 16:47
  12%
• 16:47
  et
• 16:48
  cetera
• 16:49
  and
• 16:49
  huge
• 16:50
  companies.
• 16:50
  So
• 16:51
  of
• 16:51
  course
• 16:51
  it's
• 16:52
  worth
• 16:52
  mentioning
• 16:52
  it
• 16:53
  and
• 16:53
  let
• 16:53
  me
• 16:53
  just
• 16:53
  say
• 16:54
  I'm
• 16:54
  honestly
• 16:55
  extremely
• 16:55
  positive
• 16:56
  at
• 16:56
  present
• 16:56
  how
• 16:56
  Zalando
• 16:57
  turned
• 16:57
  itself
• 16:58
  around
• 16:58
  over
• 16:59
  the
• 16:59
  last
• 16:59
  three
• 16:59
  years
• 17:00
  and
• 17:00
  what
• 17:00
  they
• 17:00
  did
• 17:00
  so
• 17:01
  100%.
• 17:01
  Yes,
• 17:02
  that
• 17:02
  is
• 17:02
  right.
• 17:03
  Look
• 17:03
  at
• 17:03
  it.
• 17:03
  Of
• 17:04
  course
• 17:04
  you
• 17:04
  can
• 17:04
  always
• 17:06
  cut
• 17:06
  it
• 17:06
  in
• 17:06
  different
• 17:07
  parts.
• 17:07
  We
• 17:07
  look
• 17:08
  as
• 17:08
  category
• 17:09
  specialist,
• 17:09
  how
• 17:10
  they're
• 17:10
  doing.
• 17:10
  We
• 17:11
  look
• 17:11
  indeed
• 17:12
  as
• 17:12
  you
• 17:12
  said,
• 17:12
  the
• 17:12
  homegrown
• 17:13
  specialist.
• 17:14
  I
• 17:14
  mean
• 17:14
  for
• 17:14
  instance
• 17:15
  Walmart
• 17:16
  is
• 17:16
  so
• 17:16
  interesting.
• 17:17
  Walmart
• 17:18
  was
• 17:19
  able
• 17:19
  to
• 17:20
  really
• 17:20
  invent
• 17:20
  themselves
• 17:21
  and
• 17:22
  are
• 17:22
  now
• 17:23
  so
• 17:23
  successful
• 17:24
  in
• 17:24
  the
• 17:24
  US
• 17:25
  as
• 17:25
  an
• 17:25
  E
• 17:25
  commerce
• 17:26
  prime
• 17:26
  for
• 17:27
  a
• 17:27
  long
• 17:27
  time.
• 17:27
  But
• 17:27
  it's
• 17:28
  still.
• 17:28
  And
• 17:28
  then
• 17:28
  you
• 17:29
  have
• 17:29
  the
• 17:29
  cross
• 17:29
  market
• 17:30
  specialists
• 17:30
  which
• 17:31
  are
• 17:31
  the
• 17:31
  Amazons,
• 17:32
  the
• 17:32
  Alibaba,
• 17:32
  et
• 17:33
  cetera.
• 17:33
  So
• 17:34
  long
• 17:34
  story
• 17:34
  short,
• 17:35
  yes,
• 17:35
  it's
• 17:35
  worse
• 17:36
  and
• 17:36
  I
• 17:36
  think
• 17:36
  these
• 17:36
  are
• 17:37
  the
• 17:37
  Three
• 17:37
  groups.
• 17:38
  And
• 17:38
  I
• 17:38
  would
• 17:38
  look
• 17:39
  at
• 17:39
  them
• 17:39
  differently
• 17:40
  mentally
• 17:41
  I
• 17:41
  have
• 17:41
  to
• 17:41
  say
• 17:42
  from
• 17:42
  them
• 17:44
  certain
• 17:45
  regional
• 17:47
  market
• 17:47
  leader.
• 17:47
  Interesting.
• 17:48
  And
• 17:48
  then
• 17:48
  I
• 17:49
  do
• 17:49
  love
• 17:49
  the
• 17:49
  category
• 17:50
  specialists.
• 17:50
  Somehow
• 17:51
  there
• 17:51
  is
• 17:52
  the
• 17:52
  most
• 17:52
  magic
• 17:53
  in
• 17:53
  it
• 17:53
  because
• 17:54
  everyone
• 17:55
  has
• 17:55
  a
• 17:55
  little
• 17:55
  bit
• 17:56
  its
• 17:56
  own
• 17:56
  way
• 17:56
  of
• 17:56
  doing
• 17:57
  things.
• 17:58
  Yeah,
• 17:58
  maybe
• 17:59
  let's
• 17:59
  dive
• 17:59
  a
• 17:59
  bit
• 17:59
  into
• 18:00
  these
• 18:00
  category
• 18:01
  specialists.
• 18:02
  How
• 18:02
  do
• 18:02
  you
• 18:03
  with
• 18:03
  your
• 18:03
  figures
• 18:04
  identify
• 18:06
  like
• 18:07
  a
• 18:07
  winner
• 18:07
  in
• 18:07
  these
• 18:07
  areas?
• 18:08
  What
• 18:08
  are
• 18:09
  you
• 18:09
  looking
• 18:09
  for?
• 18:09
  What
• 18:10
  numbers
• 18:10
  are
• 18:10
  you
• 18:10
  looking
• 18:10
  for?
• 18:11
  And
• 18:11
  how
• 18:11
  can
• 18:11
  you
• 18:11
  say,
• 18:11
  okay,
• 18:12
  even
• 18:12
  if
• 18:13
  that
• 18:14
  particular
• 18:14
  player
• 18:14
  might
• 18:15
  not,
• 18:15
  you
• 18:15
  know,
• 18:15
  rank
• 18:16
  in
• 18:16
  the
• 18:16
  top
• 18:16
  20
• 18:17
  just
• 18:17
  because
• 18:17
  they
• 18:17
  have
• 18:17
  a
• 18:18
  smaller
• 18:18
  GMV,
• 18:19
  they
• 18:19
  are
• 18:19
  still
• 18:19
  really
• 18:20
  relevant
• 18:20
  for
• 18:20
  that
• 18:21
  category.
• 18:22
  Number
• 18:23
  one,
• 18:23
  just
• 18:24
  to
• 18:24
  understand
• 18:25
  the
• 18:26
  how
• 18:26
  do
• 18:26
  we
• 18:27
  define
• 18:27
  them?
• 18:27
  And
• 18:28
  then
• 18:28
  I
• 18:28
  know
• 18:28
  till
• 18:29
  but
• 18:30
  for
• 18:30
  market
• 18:30
  data
• 18:31
  it's
• 18:31
  always
• 18:31
  important
• 18:32
  the
• 18:32
  definition.
• 18:32
  So
• 18:33
  for
• 18:33
  us
• 18:33
  it
• 18:33
  is
• 18:34
  people
• 18:34
  which
• 18:34
  basically
• 18:36
  have
• 18:36
  a
• 18:36
  main
• 18:37
  share
• 18:37
  in
• 18:38
  one
• 18:38
  or
• 18:38
  two
• 18:39
  categories
• 18:39
  and
• 18:39
  then
• 18:40
  they
• 18:40
  become
• 18:40
  specialists.
• 18:41
  And
• 18:41
  the
• 18:41
  more
• 18:42
  you
• 18:42
  see
• 18:42
  it
• 18:42
  is
• 18:42
  broader
• 18:43
  split
• 18:44
  regarding
• 18:44
  categories.
• 18:45
  And
• 18:45
  for
• 18:45
  once
• 18:46
  they're
• 18:46
  journalists.
• 18:47
  I
• 18:47
  know
• 18:47
  it's
• 18:47
  just
• 18:47
  to
• 18:48
  say,
• 18:48
  to
• 18:49
  make
• 18:49
  this
• 18:49
  clear
• 18:51
  for
• 18:51
  us,
• 18:52
  one
• 18:53
  major
• 18:53
  part
• 18:54
  of
• 18:54
  analysis
• 18:54
  was
• 18:55
  really
• 18:55
  to
• 18:55
  look
• 18:57
  at
• 18:57
  these
• 18:57
  specialists
• 18:59
  have
• 18:59
  over
• 19:00
  the
• 19:00
  past
• 19:01
  years
• 19:02
  started
• 19:03
  to
• 19:03
  add
• 19:04
  categories
• 19:04
  which
• 19:04
  are
• 19:05
  close
• 19:05
  to
• 19:06
  their
• 19:06
  core
• 19:06
  categories.
• 19:08
  Number
• 19:08
  one,
• 19:08
  to
• 19:09
  state
• 19:09
  the
• 19:09
  opposite.
• 19:10
  Why
• 19:10
  do
• 19:10
  they
• 19:10
  do
• 19:11
  that?
• 19:11
  Well,
• 19:11
  obviously
• 19:12
  they
• 19:12
  want
• 19:12
  to
• 19:13
  increase
• 19:13
  their
• 19:13
  aov,
• 19:14
  meaning
• 19:15
  they
• 19:15
  don't
• 19:15
  want
• 19:15
  constantly
• 19:16
  to
• 19:16
  push
• 19:16
  for
• 19:16
  new
• 19:18
  buyers
• 19:18
  and
• 19:19
  acquire
• 19:19
  new
• 19:19
  buyers,
• 19:20
  new
• 19:20
  buyer,
• 19:20
  new
• 19:20
  buyers.
• 19:21
  And
• 19:21
  therefore
• 19:22
  you
• 19:22
  increase
• 19:22
  the
• 19:23
  lifetime
• 19:23
  value
• 19:23
  of
• 19:24
  your
• 19:24
  customers.
• 19:25
  Now
• 19:26
  that's
• 19:26
  obvious.
• 19:27
  But
• 19:27
  the
• 19:27
  question
• 19:27
  is,
• 19:28
  was
• 19:28
  this
• 19:29
  actually
• 19:29
  a
• 19:29
  successful
• 19:30
  strategy
• 19:31
  or
• 19:31
  not?
• 19:32
  And
• 19:32
  we
• 19:33
  basically
• 19:33
  then
• 19:34
  took
• 19:34
  all
• 19:34
  the
• 19:34
  category
• 19:35
  specialists,
• 19:35
  I
• 19:36
  think
• 19:36
  127
• 19:37
  if
• 19:37
  I
• 19:37
  remember
• 19:37
  correctly,
• 19:38
  and
• 19:38
  divided
• 19:38
  them
• 19:39
  in
• 19:39
  pure
• 19:40
  players
• 19:40
  and
• 19:40
  players
• 19:40
  which
• 19:41
  added
• 19:41
  certain
• 19:41
  categories
• 19:42
  and
• 19:42
  compared
• 19:42
  the
• 19:43
  growth
• 19:43
  rate.
• 19:45
  And
• 19:46
  long
• 19:46
  story
• 19:46
  short,
• 19:47
  in
• 19:48
  2023
• 19:48
  and
• 19:49
  2024
• 19:49
  you
• 19:50
  couldn't
• 19:50
  really
• 19:50
  see
• 19:51
  so
• 19:51
  much
• 19:51
  difference
• 19:51
  in
• 19:51
  growth.
• 19:53
  And
• 19:53
  then
• 19:53
  in
• 19:54
  2025
• 19:55
  there's
• 19:55
  a
• 19:55
  huge
• 19:56
  difference.
• 19:56
  Let
• 19:57
  me
• 19:57
  see
• 19:57
  before
• 19:57
  I
• 19:58
  invent
• 19:58
  any
• 19:58
  kind
• 19:59
  of
• 19:59
  numbers
• 20:00
  which
• 20:01
  we
• 20:01
  chose.
• 20:01
  Never
• 20:02
  ever
• 20:02
  do.
• 20:03
  There
• 20:04
  is
• 20:06
  a
• 20:07
  five
• 20:07
  point
• 20:07
  growth
• 20:08
  difference.
• 20:09
  That
• 20:09
  sounds
• 20:09
  a
• 20:09
  little
• 20:09
  for
• 20:10
  people,
• 20:10
  but
• 20:10
  if
• 20:11
  you
• 20:11
  have
• 20:11
  an
• 20:11
  average
• 20:11
  of
• 20:11
  127
• 20:12
  companies,
• 20:13
  that's
• 20:13
  actually
• 20:13
  huge
• 20:14
  and
• 20:14
  long
• 20:14
  story
• 20:15
  short,
• 20:15
  so
• 20:16
  yes,
• 20:16
  it
• 20:16
  pays
• 20:17
  to
• 20:17
  move
• 20:17
  into
• 20:18
  adjacent
• 20:19
  categories
• 20:19
  and
• 20:20
  develop
• 20:20
  them.
• 20:21
  I
• 20:21
  find
• 20:21
  that
• 20:22
  interesting
• 20:22
  because
• 20:22
  that
• 20:22
  is
• 20:23
  something
• 20:23
  that
• 20:23
  we
• 20:23
  have
• 20:23
  also
• 20:24
  seen.
• 20:24
  Players
• 20:25
  like
• 20:25
  mediamarkt
• 20:25
  is
• 20:26
  one
• 20:26
  of
• 20:26
  the
• 20:26
  main
• 20:27
  players
• 20:27
  here
• 20:27
  that
• 20:28
  has
• 20:28
  been
• 20:28
  opening
• 20:29
  their
• 20:29
  marketplace
• 20:30
  a
• 20:30
  lot
• 20:30
  to
• 20:31
  adjoining
• 20:32
  kind
• 20:32
  of
• 20:32
  category.
• 20:32
  Someone
• 20:33
  there
• 20:33
  told
• 20:33
  me
• 20:33
  like
• 20:34
  everything
• 20:34
  that
• 20:34
  has
• 20:34
  a
• 20:34
  plug
• 20:35
  basically
• 20:35
  is
• 20:35
  interesting
• 20:36
  for
• 20:36
  us,
• 20:36
  even
• 20:36
  if
• 20:37
  it's
• 20:37
  not
• 20:37
  strictly
• 20:37
  electronic.
• 20:38
  So
• 20:38
  that
• 20:39
  is
• 20:39
  something
• 20:39
  that
• 20:40
  was
• 20:40
  interesting.
• 20:40
  And
• 20:40
  also
• 20:41
  declatlan
• 20:42
  is
• 20:42
  also
• 20:42
  doing
• 20:42
  that
• 20:42
  with
• 20:43
  opening
• 20:43
  their
• 20:44
  assortment,
• 20:45
  especially
• 20:45
  through
• 20:45
  the
• 20:46
  marketplace,
• 20:47
  to
• 20:47
  other
• 20:47
  categories.
• 20:48
  And
• 20:48
  I
• 20:48
  find
• 20:48
  it
• 20:49
  interesting
• 20:49
  that
• 20:49
  you
• 20:49
  say,
• 20:49
  like,
• 20:50
  okay,
• 20:50
  after
• 20:51
  an
• 20:51
  initial,
• 20:52
  initial
• 20:52
  period,
• 20:53
  where
• 20:53
  it
• 20:53
  just
• 20:53
  takes
• 20:54
  a
• 20:54
  bit
• 20:54
  of
• 20:54
  time
• 20:55
  for
• 20:55
  these
• 20:55
  categories,
• 20:56
  new
• 20:56
  categories
• 20:56
  to
• 20:56
  evolve,
• 20:57
  you
• 20:57
  can
• 20:57
  actually
• 20:58
  see
• 20:58
  it
• 20:58
  in
• 20:58
  the
• 20:58
  data
• 20:59
  and
• 21:00
  interesting.
• 21:01
  You
• 21:01
  can
• 21:01
  see
• 21:01
  it
• 21:01
  in
• 21:02
  data.
• 21:02
  But
• 21:02
  I
• 21:03
  do
• 21:03
  talk
• 21:03
  to
• 21:04
  some
• 21:04
  marketplaces,
• 21:05
  YouTube
• 21:05
  much
• 21:05
  more.
• 21:06
  But
• 21:06
  I
• 21:06
  have
• 21:07
  the
• 21:07
  feeling,
• 21:07
  you
• 21:08
  can
• 21:08
  feel
• 21:08
  you
• 21:08
  have
• 21:08
  some
• 21:09
  marketplaces
• 21:09
  which
• 21:10
  say,
• 21:10
  hey,
• 21:11
  let's
• 21:11
  try
• 21:11
  it
• 21:12
  out
• 21:12
  and
• 21:12
  see
• 21:12
  what
• 21:12
  happens.
• 21:13
  And
• 21:13
  quite
• 21:14
  often
• 21:14
  I
• 21:14
  would
• 21:14
  say,
• 21:15
  yeah,
• 21:15
  something
• 21:16
  happened,
• 21:16
  that's
• 21:16
  nice.
• 21:17
  And
• 21:17
  then
• 21:17
  you
• 21:17
  have
• 21:18
  marketplaces
• 21:18
  where
• 21:19
  you
• 21:19
  see
• 21:19
  it
• 21:19
  is
• 21:20
  a
• 21:20
  little
• 21:20
  bit
• 21:20
  more
• 21:20
  strategic
• 21:21
  approach
• 21:22
  where
• 21:22
  it's,
• 21:22
  let's
• 21:23
  try
• 21:23
  it
• 21:23
  out,
• 21:23
  but
• 21:23
  really
• 21:24
  push
• 21:24
  it,
• 21:24
  really
• 21:25
  develop
• 21:25
  it,
• 21:25
  really
• 21:26
  integrate
• 21:26
  it.
• 21:26
  It's
• 21:27
  not
• 21:27
  like,
• 21:27
  oh,
• 21:27
  let's
• 21:28
  add
• 21:28
  a
• 21:29
  little
• 21:29
  bit
• 21:29
  of
• 21:29
  boss
• 21:31
  tools,
• 21:31
  but
• 21:32
  really
• 21:32
  see
• 21:33
  how
• 21:33
  does
• 21:33
  it
• 21:33
  fit,
• 21:34
  how
• 21:34
  do
• 21:34
  we
• 21:35
  change
• 21:35
  our
• 21:35
  advertising
• 21:36
  strategy,
• 21:37
  et
• 21:37
  cetera.
• 21:37
  And
• 21:38
  in
• 21:38
  most
• 21:38
  cases,
• 21:39
  I
• 21:39
  think
• 21:39
  that
• 21:39
  is
• 21:40
  the
• 21:40
  right
• 21:40
  approach.
• 21:41
  The
• 21:41
  other
• 21:41
  one
• 21:42
  is
• 21:43
  it's
• 21:43
  a
• 21:43
  little
• 21:43
  bit
• 21:43
  amorphous.
• 21:44
  But
• 21:45
  I
• 21:45
  think
• 21:45
  if
• 21:46
  you
• 21:46
  want
• 21:46
  to
• 21:46
  really
• 21:47
  move
• 21:47
  a
• 21:47
  brand
• 21:48
  into
• 21:48
  a
• 21:48
  new
• 21:48
  category,
• 21:49
  you
• 21:49
  have
• 21:50
  to
• 21:50
  do
• 21:50
  as
• 21:50
  well
• 21:50
  a
• 21:51
  lot
• 21:51
  on
• 21:51
  the
• 21:51
  marketing
• 21:52
  side.
• 21:53
  Yeah,
• 21:53
  that's
• 21:53
  absolutely
• 21:54
  true.
• 21:56
  The
• 21:56
  other
• 21:57
  strategy
• 21:57
  I
• 21:58
  often
• 21:58
  see
• 21:58
  with
• 21:58
  marketplaces,
• 22:00
  especially
• 22:00
  when
• 22:00
  it
• 22:01
  comes
• 22:01
  to
• 22:01
  generalists,
• 22:02
  is
• 22:03
  international
• 22:03
  growth.
• 22:04
  So
• 22:04
  there's
• 22:04
  for
• 22:05
  example
• 22:05
  from
• 22:05
  Germany,
• 22:05
  the
• 22:06
  example
• 22:06
  of
• 22:07
  Kaufland,
• 22:07
  who
• 22:08
  is
• 22:08
  expanding
• 22:09
  from
• 22:09
  the
• 22:10
  German
• 22:10
  market
• 22:10
  to
• 22:12
  Slovakia
• 22:13
  and
• 22:13
  Poland
• 22:13
  and
• 22:14
  Czechia
• 22:15
  and
• 22:15
  Austria,
• 22:16
  now
• 22:16
  France
• 22:16
  and
• 22:16
  Italy.
• 22:17
  And
• 22:18
  there
• 22:18
  are
• 22:18
  other
• 22:19
  marketplaces
• 22:20
  that
• 22:20
  do
• 22:20
  the
• 22:20
  same,
• 22:21
  like
• 22:21
  on
• 22:21
  Buy
• 22:21
  is
• 22:22
  exploring
• 22:24
  opportunities
• 22:24
  inside
• 22:25
  in
• 22:25
  Europe.
• 22:25
  BNQ
• 22:26
  is
• 22:26
  the
• 22:26
  same.
• 22:27
  So
• 22:27
  can
• 22:27
  you
• 22:28
  see
• 22:28
  that
• 22:28
  in
• 22:28
  the
• 22:28
  data
• 22:29
  as
• 22:29
  well?
• 22:29
  Is
• 22:30
  that
• 22:30
  doing
• 22:30
  them
• 22:31
  good?
• 22:32
  The,
• 22:34
  the.
• 22:35
  Sorry,
• 22:36
  why
• 22:36
  do
• 22:36
  I,
• 22:38
  why
• 22:38
  do
• 22:38
  I
• 22:39
  hesitate?
• 22:39
  First
• 22:40
  of
• 22:40
  all,
• 22:40
  whenever
• 22:41
  you
• 22:41
  move
• 22:41
  into
• 22:42
  international
• 22:42
  markets,
• 22:43
  a
• 22:44
  delusion
• 22:44
  effect
• 22:44
  will
• 22:45
  happen.
• 22:45
  Why?
• 22:46
  Well,
• 22:46
  of
• 22:47
  course
• 22:47
  you're
• 22:47
  not
• 22:48
  as
• 22:48
  strong
• 22:48
  in
• 22:49
  the
• 22:49
  new
• 22:49
  market
• 22:49
  than
• 22:50
  in
• 22:50
  the
• 22:50
  old
• 22:50
  market.
• 22:51
  So
• 22:51
  the
• 22:51
  average
• 22:52
  aov,
• 22:52
  the
• 22:53
  average
• 22:53
  frequency,
• 22:54
  everything
• 22:54
  will
• 22:54
  drop.
• 22:55
  Do
• 22:55
  we
• 22:55
  see
• 22:56
  that
• 22:56
  nevertheless,
• 22:57
  then
• 22:57
  over
• 22:58
  time
• 22:59
  that
• 22:59
  once
• 23:00
  you
• 23:00
  moved
• 23:01
  into
• 23:01
  the
• 23:01
  other
• 23:01
  market,
• 23:01
  the
• 23:02
  growth
• 23:02
  rate
• 23:02
  takes
• 23:03
  up?
• 23:03
  Yes,
• 23:03
  we
• 23:03
  see
• 23:03
  the
• 23:04
  same.
• 23:05
  Is
• 23:05
  it
• 23:06
  true
• 23:06
  for
• 23:06
  everyone?
• 23:07
  No,
• 23:07
  it
• 23:07
  is
• 23:08
  not.
• 23:08
  And
• 23:08
  I
• 23:09
  know,
• 23:09
  I
• 23:09
  mean,
• 23:09
  I
• 23:09
  know
• 23:10
  you
• 23:10
  know
• 23:10
  and
• 23:10
  I
• 23:10
  know
• 23:11
  all
• 23:11
  your
• 23:11
  listeners
• 23:12
  know.
• 23:12
  Just
• 23:13
  because
• 23:13
  you
• 23:13
  moved
• 23:13
  to
• 23:13
  Czechoslovakia
• 23:14
  doesn't
• 23:15
  mean
• 23:15
  we
• 23:15
  are
• 23:15
  successful.
• 23:16
  And
• 23:16
  we
• 23:16
  have
• 23:16
  so
• 23:17
  many
• 23:17
  examples
• 23:17
  where
• 23:17
  people
• 23:18
  moved
• 23:18
  into
• 23:18
  certain
• 23:19
  countries
• 23:19
  and
• 23:19
  withdraw
• 23:20
  because
• 23:20
  they
• 23:21
  hadn't
• 23:21
  had
• 23:22
  enough
• 23:22
  support.
• 23:23
  They
• 23:23
  weren't
• 23:24
  not
• 23:24
  a
• 23:24
  unique
• 23:25
  offering
• 23:25
  in
• 23:25
  the
• 23:26
  country.
• 23:27
  But
• 23:28
  I
• 23:28
  do
• 23:29
  believe
• 23:30
  there
• 23:30
  will
• 23:30
  be
• 23:30
  more
• 23:30
  and
• 23:31
  more
• 23:31
  concentration
• 23:32
  as
• 23:32
  well
• 23:32
  in
• 23:32
  Europe.
• 23:33
  And
• 23:33
  I
• 23:33
  do
• 23:33
  believe,
• 23:34
  especially
• 23:35
  if
• 23:35
  you
• 23:35
  want
• 23:36
  to
• 23:36
  be
• 23:36
  a
• 23:36
  general
• 23:37
  marketplace,
• 23:38
  you
• 23:38
  have
• 23:38
  to
• 23:38
  grow
• 23:40
  into
• 23:41
  other
• 23:41
  countries,
• 23:44
  otherwise
• 23:44
  you
• 23:44
  will
• 23:44
  disappear.
• 23:45
  So
• 23:46
  I
• 23:46
  think
• 23:46
  especially
• 23:46
  for
• 23:47
  Calfont
• 23:47
  Media
• 23:47
  market,
• 23:48
  et
• 23:48
  cetera,
• 23:48
  of
• 23:48
  course
• 23:49
  it's
• 23:49
  the
• 23:49
  right
• 23:49
  approach.
• 23:50
  It's
• 23:50
  not
• 23:50
  a
• 23:50
  guarantee
• 23:51
  for
• 23:51
  success,
• 23:51
  but
• 23:52
  absolutely,
• 23:52
  I
• 23:52
  would
• 23:52
  do
• 23:53
  the
• 23:53
  same.
• 23:54
  Yeah,
• 23:54
  interesting.
• 23:56
  Let's
• 23:56
  maybe
• 23:56
  now
• 23:57
  dive
• 23:57
  a
• 23:57
  bit
• 23:57
  deeper
• 23:58
  into
• 23:58
  the
• 23:59
  marketplaces,
• 24:00
  or
• 24:00
  I
• 24:00
  should
• 24:01
  say
• 24:01
  the
• 24:01
  retailers
• 24:02
  that
• 24:02
  have
• 24:02
  opened
• 24:03
  themselves
• 24:03
  to
• 24:03
  marketplaces,
• 24:04
  which
• 24:04
  we
• 24:05
  now
• 24:05
  can
• 24:05
  do.
• 24:06
  Because
• 24:06
  in
• 24:06
  the
• 24:06
  earlier
• 24:07
  days
• 24:07
  of
• 24:07
  ECGB
• 24:08
  you
• 24:08
  were
• 24:08
  just
• 24:08
  giving
• 24:09
  out
• 24:09
  retail
• 24:10
  data.
• 24:11
  So
• 24:11
  for
• 24:11
  one
• 24:12
  retailer
• 24:12
  you
• 24:12
  had
• 24:13
  like
• 24:13
  overall
• 24:13
  gmv.
• 24:14
  But
• 24:15
  since
• 24:16
  from
• 24:16
  last
• 24:16
  year,
• 24:16
  you
• 24:16
  are
• 24:17
  now
• 24:17
  offering
• 24:17
  to
• 24:18
  have
• 24:18
  a
• 24:18
  closer
• 24:18
  look
• 24:18
  into
• 24:19
  1P
• 24:20
  and
• 24:20
  3P
• 24:21
  GMVs
• 24:22
  of
• 24:22
  retailers,
• 24:22
  which
• 24:23
  gives
• 24:23
  us
• 24:24
  marketplace
• 24:25
  specialists
• 24:25
  the
• 24:25
  opportunity
• 24:26
  to
• 24:26
  really
• 24:26
  find
• 24:27
  out,
• 24:27
  okay,
• 24:28
  how
• 24:28
  strong
• 24:28
  is
• 24:29
  the
• 24:29
  marketplace
• 24:30
  inside
• 24:30
  this
• 24:31
  retailer's
• 24:32
  business
• 24:32
  model?
• 24:33
  Which
• 24:34
  when
• 24:34
  I
• 24:34
  first
• 24:35
  saw
• 24:35
  that
• 24:35
  in
• 24:36
  the
• 24:36
  back
• 24:36
  end
• 24:36
  of
• 24:37
  ecdb,
• 24:37
  I
• 24:37
  was
• 24:37
  like,
• 24:38
  wow,
• 24:39
  that's
• 24:39
  interesting.
• 24:40
  And
• 24:41
  the
• 24:41
  second
• 24:41
  question
• 24:41
  I
• 24:41
  had,
• 24:42
  okay,
• 24:42
  how
• 24:42
  do
• 24:42
  you
• 24:42
  do
• 24:43
  that?
• 24:43
  Are
• 24:43
  you
• 24:43
  kidding
• 24:43
  me?
• 24:44
  Come
• 24:44
  on.
• 24:44
  What
• 24:45
  is
• 24:45
  the
• 24:45
  method
• 24:45
  behind
• 24:46
  that?
• 24:46
  Can
• 24:46
  you
• 24:46
  first
• 24:47
  explain
• 24:47
  that?
• 24:47
  And
• 24:47
  then
• 24:47
  we
• 24:48
  can
• 24:48
  dive
• 24:48
  a
• 24:48
  bit
• 24:48
  deeper
• 24:48
  into
• 24:50
  the
• 24:51
  effects
• 24:51
  that
• 24:51
  this
• 24:52
  new
• 24:52
  data
• 24:52
  has?
• 24:53
  100%.
• 24:54
  So
• 24:54
  there
• 24:54
  was
• 24:56
  last
• 24:56
  year
• 24:56
  we
• 24:57
  had
• 24:57
  an
• 24:57
  overall
• 24:58
  discussion,
• 24:58
  what
• 24:58
  is
• 24:59
  our
• 24:59
  main
• 25:00
  core
• 25:00
  KPI?
• 25:01
  Is
• 25:01
  it
• 25:01
  net
• 25:02
  sales
• 25:02
  or
• 25:02
  gmv?
• 25:03
  And
• 25:04
  we
• 25:04
  were,
• 25:04
  we
• 25:04
  start,
• 25:05
  I
• 25:05
  mean
• 25:05
  we
• 25:06
  basically
• 25:06
  started
• 25:06
  as
• 25:07
  traditional
• 25:07
  retailers.
• 25:08
  We
• 25:08
  focused
• 25:09
  on
• 25:09
  1p,
• 25:09
  hence
• 25:10
  net
• 25:10
  sales.
• 25:11
  And
• 25:13
  then
• 25:14
  they
• 25:14
  said,
• 25:14
  listen,
• 25:14
  that
• 25:15
  doesn't
• 25:15
  make
• 25:15
  any
• 25:15
  more
• 25:16
  sense.
• 25:16
  For
• 25:16
  instance,
• 25:17
  you
• 25:17
  couldn't
• 25:18
  compare
• 25:20
  a
• 25:20
  company
• 25:20
  which
• 25:20
  has
• 25:22
  no
• 25:22
  marketplaces,
• 25:23
  H&M
• 25:24
  versus
• 25:25
  a
• 25:26
  company
• 25:26
  which
• 25:26
  has
• 25:27
  marketplaces
• 25:29
  like
• 25:30
  Zalando.
• 25:31
  Of
• 25:31
  course
• 25:31
  you
• 25:32
  need
• 25:32
  to
• 25:32
  compare
• 25:32
  them
• 25:33
  because
• 25:33
  they
• 25:33
  compete
• 25:34
  against
• 25:34
  each
• 25:34
  other.
• 25:34
  So
• 25:35
  long
• 25:35
  story
• 25:35
  short,
• 25:35
  we
• 25:36
  said
• 25:36
  forget
• 25:36
  everything,
• 25:37
  change
• 25:37
  it
• 25:38
  to
• 25:38
  GMV
• 25:39
  and
• 25:39
  really
• 25:39
  gives
• 25:40
  the
• 25:40
  opportunity
• 25:40
  then
• 25:41
  to
• 25:41
  have
• 25:41
  1p
• 25:41
  and
• 25:42
  3p.
• 25:43
  Now
• 25:43
  how
• 25:43
  do
• 25:44
  we
• 25:44
  do
• 25:44
  that?
• 25:46
  First
• 25:47
  of
• 25:47
  all,
• 25:48
  every
• 25:48
  public
• 25:48
  information,
• 25:49
  obviously
• 25:50
  we
• 25:50
  take,
• 25:50
  I
• 25:51
  mean,
• 25:51
  that's
• 25:51
  for
• 25:52
  not
• 25:52
  only
• 25:52
  what
• 25:52
  they
• 25:54
  say,
• 25:54
  but
• 25:54
  we
• 25:54
  go,
• 25:55
  basically
• 25:55
  we
• 25:56
  have
• 25:56
  a
• 25:56
  scroll
• 25:57
  and
• 25:57
  we
• 25:57
  go
• 25:57
  to
• 25:57
  all
• 25:58
  conferences
• 25:58
  and
• 25:59
  try
• 25:59
  to
• 25:59
  get
• 25:59
  every
• 26:00
  kind
• 26:00
  of
• 26:00
  information,
• 26:01
  anything
• 26:02
  about
• 26:02
  the
• 26:02
  marketplace
• 26:03
  share.
• 26:03
  Correct.
• 26:04
  Why
• 26:04
  do
• 26:04
  we
• 26:05
  do
• 26:05
  that?
• 26:06
  Because
• 26:07
  obviously
• 26:07
  we
• 26:07
  estimate
• 26:08
  it.
• 26:08
  We
• 26:09
  don't
• 26:09
  know
• 26:09
  the
• 26:09
  truth.
• 26:10
  We
• 26:10
  try
• 26:11
  really
• 26:11
  to
• 26:11
  get
• 26:11
  every
• 26:12
  year
• 26:12
  closer
• 26:12
  and
• 26:13
  closer
• 26:13
  to
• 26:13
  the
• 26:13
  truth.
• 26:15
  Then
• 26:15
  how
• 26:15
  does
• 26:16
  a
• 26:16
  model
• 26:16
  work?
• 26:17
  We
• 26:17
  have,
• 26:17
  as
• 26:18
  I
• 26:18
  said,
• 26:18
  these
• 26:19
  four
• 26:19
  major
• 26:19
  sources
• 26:20
  and
• 26:21
  for
• 26:21
  us
• 26:22
  there
• 26:22
  is
• 26:22
  actually
• 26:23
  information
• 26:23
  in
• 26:23
  the
• 26:24
  transaction
• 26:24
  data,
• 26:25
  whether
• 26:25
  you
• 26:25
  bought
• 26:26
  it,
• 26:27
  just
• 26:27
  if
• 26:28
  there
• 26:28
  is
• 26:28
  a
• 26:29
  second
• 26:29
  company
• 26:30
  involved
• 26:30
  or
• 26:30
  is
• 26:31
  it
• 26:31
  just
• 26:31
  Amazon
• 26:32
  directly.
• 26:33
  Then
• 26:34
  you
• 26:34
  get
• 26:34
  actually
• 26:34
  quite
• 26:35
  a
• 26:35
  lot
• 26:35
  of
• 26:35
  information
• 26:35
  from
• 26:36
  the
• 26:36
  scraping,
• 26:36
  scraping,
• 26:37
  you
• 26:37
  see
• 26:37
  how
• 26:38
  dominant
• 26:38
  are
• 26:38
  certain
• 26:39
  companies
• 26:39
  in
• 26:39
  certain
• 26:40
  areas,
• 26:40
  how
• 26:41
  much
• 26:41
  is
• 26:41
  basically
• 26:42
  their
• 26:42
  own
• 26:43
  company
• 26:43
  or
• 26:44
  other
• 26:44
  companies.
• 26:45
  And
• 26:45
  then,
• 26:46
  and
• 26:46
  I
• 26:46
  take
• 26:47
  the
• 26:47
  best
• 26:47
  Example
• 26:48
  for
• 26:48
  Amazon,
• 26:49
  obviously
• 26:50
  we
• 26:50
  have
• 26:50
  the
• 26:51
  seller,
• 26:52
  the
• 26:53
  selling
• 26:54
  share,
• 26:54
  the
• 26:55
  how
• 26:55
  many
• 26:55
  people
• 26:55
  bought
• 26:56
  a
• 26:56
  certain
• 26:56
  product,
• 26:56
  et
• 26:57
  cetera,
• 26:57
  et
• 26:57
  cetera.
• 26:58
  And
• 26:58
  out
• 26:58
  of
• 26:59
  these
• 27:00
  points,
• 27:01
  we
• 27:01
  try
• 27:01
  to
• 27:02
  estimate.
• 27:02
  Try
• 27:03
  to
• 27:03
  estimate?
• 27:03
  You
• 27:03
  mean
• 27:04
  you
• 27:04
  feel
• 27:04
  that
• 27:05
  there
• 27:05
  is.
• 27:05
  I'm
• 27:05
  a
• 27:05
  bit
• 27:06
  cautious.
• 27:06
  It
• 27:07
  is
• 27:07
  really
• 27:07
  complicated.
• 27:09
  So
• 27:09
  I
• 27:09
  would
• 27:09
  say
• 27:12
  it
• 27:12
  is
• 27:13
  better
• 27:14
  than
• 27:15
  you
• 27:15
  guys
• 27:16
  going
• 27:16
  directly
• 27:17
  to
• 27:17
  the
• 27:17
  company
• 27:18
  and
• 27:18
  say,
• 27:19
  let's
• 27:19
  try
• 27:19
  to
• 27:20
  estimate
• 27:20
  it.
• 27:20
  I
• 27:21
  think
• 27:21
  we
• 27:21
  have
• 27:21
  a
• 27:21
  more
• 27:22
  systematic
• 27:22
  approach.
• 27:23
  Could
• 27:23
  it
• 27:23
  be
• 27:23
  that
• 27:24
  we
• 27:24
  are
• 27:24
  wrong
• 27:24
  by
• 27:24
  5
• 27:25
  or
• 27:25
  10%
• 27:25
  in
• 27:25
  one
• 27:26
  way,
• 27:26
  or
• 27:26
  rather
• 27:27
  100%?
• 27:27
  I
• 27:28
  mean,
• 27:28
  it's
• 27:28
  really
• 27:28
  a
• 27:29
  learning
• 27:29
  process
• 27:29
  over
• 27:30
  time.
• 27:30
  Does
• 27:30
  it
• 27:31
  answer
• 27:31
  a
• 27:31
  little
• 27:31
  bit?
• 27:33
  Yeah,
• 27:33
  absolutely.
• 27:34
  And
• 27:34
  it
• 27:34
  sort
• 27:35
  of
• 27:35
  confirms
• 27:36
  what
• 27:36
  I
• 27:37
  thought
• 27:37
  when
• 27:37
  I
• 27:38
  first
• 27:38
  saw
• 27:38
  it,
• 27:38
  because
• 27:38
  I
• 27:39
  was
• 27:39
  like,
• 27:39
  okay,
• 27:40
  unless
• 27:40
  there
• 27:40
  is
• 27:41
  some
• 27:41
  data
• 27:41
  falling
• 27:42
  from
• 27:42
  the
• 27:42
  sky
• 27:42
  that
• 27:42
  I've
• 27:42
  never
• 27:43
  heard
• 27:43
  of,
• 27:43
  this
• 27:43
  is
• 27:44
  going
• 27:44
  to
• 27:44
  be
• 27:44
  really
• 27:44
  tough
• 27:45
  if
• 27:45
  they
• 27:45
  really
• 27:46
  want
• 27:46
  to
• 27:46
  do
• 27:46
  that.
• 27:47
  And
• 27:48
  I
• 27:48
  did
• 27:48
  also
• 27:49
  myself
• 27:50
  find
• 27:50
  a
• 27:50
  few
• 27:50
  things
• 27:51
  that
• 27:51
  were
• 27:52
  just
• 27:52
  not,
• 27:54
  according
• 27:54
  to
• 27:54
  my
• 27:55
  information,
• 27:55
  not
• 27:56
  correct.
• 27:56
  Like
• 27:56
  marketplaces
• 27:57
  that
• 27:57
  had
• 27:59
  a
• 27:59
  3p
• 27:59
  share
• 28:00
  that
• 28:00
  were,
• 28:00
  for
• 28:01
  example,
• 28:01
  listed
• 28:01
  as
• 28:01
  not
• 28:02
  having
• 28:02
  3p
• 28:03
  on
• 28:03
  the
• 28:03
  other
• 28:03
  way
• 28:03
  around.
• 28:04
  But
• 28:04
  still,
• 28:05
  it
• 28:05
  is
• 28:05
  an
• 28:05
  interesting
• 28:06
  guide
• 28:07
  to
• 28:07
  just
• 28:08
  look
• 28:08
  at
• 28:08
  these
• 28:09
  numbers
• 28:09
  and
• 28:10
  get
• 28:10
  a
• 28:10
  feeling
• 28:11
  for
• 28:12
  how
• 28:12
  important
• 28:13
  is
• 28:13
  a
• 28:13
  marketplace
• 28:14
  for
• 28:14
  that
• 28:15
  retailer.
• 28:16
  I'd
• 28:16
  like
• 28:16
  to
• 28:16
  come
• 28:17
  back
• 28:17
  to
• 28:17
  that
• 28:18
  image
• 28:18
  that
• 28:19
  you
• 28:20
  painted
• 28:20
  earlier
• 28:20
  of
• 28:21
  the
• 28:21
  winery
• 28:22
  where
• 28:22
  you
• 28:23
  say,
• 28:23
  okay,
• 28:23
  in
• 28:23
  the
• 28:23
  first
• 28:24
  year
• 28:24
  you
• 28:24
  put
• 28:24
  out
• 28:25
  new
• 28:25
  wine,
• 28:25
  might
• 28:26
  not
• 28:26
  be
• 28:26
  the
• 28:26
  best
• 28:26
  that
• 28:27
  you're
• 28:27
  producing.
• 28:28
  So
• 28:28
  when
• 28:28
  you
• 28:29
  look
• 28:29
  at
• 28:29
  this
• 28:29
  new
• 28:30
  feature
• 28:31
  that
• 28:31
  you
• 28:31
  now
• 28:31
  have,
• 28:31
  active
• 28:32
  since
• 28:32
  last
• 28:32
  year,
• 28:34
  how
• 28:34
  long
• 28:34
  do
• 28:34
  you
• 28:34
  think
• 28:35
  it
• 28:35
  will
• 28:35
  take
• 28:35
  for
• 28:36
  the
• 28:36
  wine
• 28:36
  to,
• 28:37
  you
• 28:37
  know,
• 28:37
  get
• 28:37
  a
• 28:37
  medal?
• 28:38
  First
• 28:38
  of
• 28:39
  all,
• 28:39
  just
• 28:39
  to
• 28:42
  show
• 28:42
  you
• 28:42
  a
• 28:42
  little
• 28:42
  bit
• 28:42
  even
• 28:43
  more
• 28:43
  complication,
• 28:44
  something
• 28:45
  like
• 28:45
  drop
• 28:45
  shipping.
• 28:47
  Yes.
• 28:48
  With.
• 28:48
  I
• 28:49
  think
• 28:49
  it's
• 28:49
  Vita
• 28:49
  XL
• 28:50
  or
• 28:51
  many
• 28:51
  other
• 28:51
  companies.
• 28:52
  Now,
• 28:52
  is
• 28:53
  it
• 28:53
  3P,
• 28:54
  is
• 28:54
  it
• 28:54
  1P
• 28:55
  or
• 28:55
  what
• 28:55
  is
• 28:55
  it?
• 28:56
  There's
• 28:57
  a
• 28:57
  matter
• 28:57
  of
• 28:57
  definition.
• 28:59
  In
• 28:59
  the
• 29:00
  detail
• 29:00
  and
• 29:00
  in
• 29:00
  the
• 29:01
  definition,
• 29:01
  there
• 29:01
  lies
• 29:02
  something.
• 29:02
  How
• 29:02
  do
• 29:03
  you
• 29:03
  find
• 29:03
  certain
• 29:04
  things?
• 29:04
  Still,
• 29:05
  I
• 29:05
  do
• 29:05
  believe
• 29:05
  it.
• 29:06
  It's
• 29:06
  a
• 29:06
  very
• 29:06
  good
• 29:06
  exercise
• 29:07
  for
• 29:07
  us,
• 29:09
  Eli.
• 29:09
  I
• 29:10
  believe.
• 29:10
  And
• 29:11
  also,
• 29:11
  and
• 29:11
  the
• 29:11
  second
• 29:12
  part,
• 29:12
  that's
• 29:12
  actually
• 29:12
  a
• 29:13
  good
• 29:13
  one.
• 29:13
  In
• 29:14
  a
• 29:14
  world
• 29:14
  where
• 29:14
  it's
• 29:14
  totally
• 29:15
  intransparent,
• 29:16
  is
• 29:16
  there
• 29:17
  value
• 29:17
  to
• 29:18
  have
• 29:19
  a
• 29:19
  80%
• 29:20
  estimate
• 29:22
  and
• 29:22
  people
• 29:22
  can
• 29:22
  see
• 29:23
  it
• 29:23
  differently?
• 29:23
  We
• 29:24
  do
• 29:24
  have,
• 29:24
  of
• 29:25
  course,
• 29:25
  people
• 29:25
  phoning
• 29:26
  us.
• 29:26
  And
• 29:26
  when
• 29:27
  we
• 29:27
  speak
• 29:27
  to
• 29:27
  retailers,
• 29:28
  then
• 29:28
  they.
• 29:29
  When
• 29:29
  we
• 29:29
  present
• 29:30
  them
• 29:30
  everything
• 29:30
  and
• 29:30
  then
• 29:30
  they
• 29:31
  say,
• 29:31
  you
• 29:31
  know
• 29:31
  what?
• 29:32
  It's
• 29:32
  impossible.
• 29:33
  Our
• 29:33
  monthly
• 29:34
  revenue
• 29:34
  for
• 29:34
  July,
• 29:35
  5%
• 29:36
  under
• 29:36
  what
• 29:37
  we
• 29:37
  have,
• 29:37
  we
• 29:38
  think,
• 29:38
  sorry,
• 29:39
  5%.
• 29:40
  That
• 29:40
  is.
• 29:41
  I
• 29:41
  do
• 29:41
  understand
• 29:42
  you.
• 29:42
  That
• 29:42
  is
• 29:43
  fantastic.
• 29:44
  Yes,
• 29:44
  that's
• 29:45
  actually
• 29:45
  really
• 29:45
  good.
• 29:46
  It's.
• 29:46
  I'm
• 29:46
  Able
• 29:47
  with
• 29:47
  my
• 29:47
  data
• 29:48
  not
• 29:48
  only
• 29:48
  to
• 29:49
  estimate
• 29:49
  your
• 29:49
  annual,
• 29:50
  but
• 29:50
  even
• 29:50
  your.
• 29:51
  Your
• 29:52
  monthly
• 29:52
  revenue
• 29:53
  with
• 29:53
  basically
• 29:54
  an
• 29:54
  error
• 29:54
  margin
• 29:55
  of
• 29:55
  5%.
• 29:56
  You
• 29:56
  should
• 29:57
  kiss
• 29:57
  me.
• 29:58
  Yeah.
• 29:58
  With
• 29:58
  no
• 29:59
  input
• 29:59
  from
• 29:59
  the
• 30:00
  said
• 30:00
  company
• 30:00
  whatsoever.
• 30:01
  Basically.
• 30:02
  Yeah,
• 30:03
  I
• 30:03
  do
• 30:03
  understand
• 30:03
  them,
• 30:04
  of
• 30:04
  course,
• 30:04
  because
• 30:04
  listen,
• 30:05
  I
• 30:05
  thought
• 30:05
  that
• 30:05
  it's
• 30:05
  the
• 30:06
  truth.
• 30:06
  So
• 30:06
  long
• 30:07
  story
• 30:07
  short,
• 30:07
  it's
• 30:08
  really.
• 30:08
  I
• 30:08
  do
• 30:08
  believe
• 30:09
  in
• 30:09
  many,
• 30:09
  many
• 30:10
  ways
• 30:10
  we
• 30:10
  are
• 30:10
  by
• 30:10
  far
• 30:10
  the
• 30:11
  best
• 30:11
  estimate
• 30:11
  coming
• 30:12
  back
• 30:12
  1p
• 30:12
  and
• 30:13
  3p.
• 30:13
  I
• 30:14
  do
• 30:14
  believe
• 30:14
  for
• 30:14
  our
• 30:15
  main
• 30:15
  markets
• 30:16
  and
• 30:16
  our
• 30:16
  main
• 30:16
  players,
• 30:17
  our
• 30:17
  data
• 30:18
  are
• 30:18
  extremely
• 30:18
  reliable,
• 30:19
  especially
• 30:20
  what
• 30:20
  you
• 30:20
  said
• 30:21
  when
• 30:21
  it
• 30:21
  comes
• 30:22
  to
• 30:22
  Greece
• 30:22
  and
• 30:23
  smaller
• 30:23
  players
• 30:23
  or
• 30:24
  Serbia.
• 30:25
  And.
• 30:25
  And
• 30:26
  there,
• 30:26
  of
• 30:26
  course,
• 30:27
  we
• 30:27
  invest
• 30:28
  a
• 30:28
  little
• 30:28
  bit
• 30:28
  less
• 30:28
  time
• 30:29
  and
• 30:29
  automate
• 30:30
  a
• 30:30
  little
• 30:30
  bit.
• 30:31
  And
• 30:31
  there
• 30:33
  the
• 30:33
  degree
• 30:34
  of
• 30:34
  certainty
• 30:35
  is
• 30:35
  not
• 30:35
  as
• 30:35
  high.
• 30:36
  So
• 30:37
  every
• 30:37
  year,
• 30:38
  again,
• 30:38
  that
• 30:38
  will
• 30:39
  get
• 30:39
  better
• 30:39
  and
• 30:39
  better.
• 30:40
  Is
• 30:40
  there
• 30:40
  a
• 30:40
  moment
• 30:40
  where
• 30:41
  you
• 30:41
  say,
• 30:41
  now
• 30:41
  we
• 30:42
  know
• 30:42
  100%?
• 30:43
  Never.
• 30:45
  Absolutely.
• 30:47
  Maybe.
• 30:47
  Let's
• 30:48
  go
• 30:48
  back
• 30:48
  to
• 30:48
  the
• 30:48
  things
• 30:48
  that
• 30:49
  you
• 30:49
  already
• 30:49
  can
• 30:49
  say
• 30:50
  with
• 30:50
  good
• 30:50
  confidence
• 30:50
  about
• 30:51
  3p
• 30:52
  1p
• 30:53
  shares.
• 30:55
  Is
• 30:55
  there,
• 30:57
  you
• 30:57
  know,
• 30:58
  can
• 30:58
  you
• 30:58
  give
• 30:59
  us
• 30:59
  some
• 30:59
  overall
• 31:01
  trends
• 31:01
  that
• 31:02
  come
• 31:02
  from
• 31:02
  these
• 31:02
  numbers?
• 31:03
  Can
• 31:03
  you
• 31:03
  already
• 31:04
  say,
• 31:04
  I
• 31:04
  don't
• 31:05
  know,
• 31:05
  we
• 31:06
  can
• 31:06
  say
• 31:06
  that
• 31:07
  3p
• 31:07
  share
• 31:08
  is
• 31:08
  something
• 31:08
  that
• 31:08
  is
• 31:09
  growing
• 31:09
  stronger
• 31:09
  than
• 31:10
  1p
• 31:10
  share
• 31:10
  or
• 31:11
  anything
• 31:11
  else
• 31:11
  in
• 31:11
  that
• 31:12
  matter.
• 31:12
  Yeah,
• 31:13
  give
• 31:13
  me
• 31:13
  one
• 31:13
  second.
• 31:14
  So
• 31:14
  again
• 31:15
  that
• 31:15
  I
• 31:15
  get
• 31:16
  my
• 31:16
  data
• 31:17
  right.
• 31:23
  So
• 31:24
  on
• 31:25
  a
• 31:25
  global
• 31:25
  basis,
• 31:26
  for
• 31:26
  the
• 31:26
  moment,
• 31:27
  if
• 31:28
  you
• 31:28
  look
• 31:28
  at
• 31:28
  the
• 31:29
  GMV
• 31:29
  of
• 31:29
  all
• 31:30
  marketplaces
• 31:30
  overall,
• 31:32
  85%
• 31:33
  is
• 31:33
  3p.
• 31:36
  And
• 31:36
  so
• 31:37
  the
• 31:37
  opposite,
• 31:38
  roughly
• 31:38
  14%
• 31:40
  is
• 31:40
  1p.
• 31:41
  That
• 31:41
  is
• 31:42
  of
• 31:42
  course
• 31:42
  different
• 31:42
  in
• 31:43
  different
• 31:43
  countries.
• 31:43
  In
• 31:44
  Europe,
• 31:44
  we
• 31:44
  have
• 31:44
  still
• 31:45
  a
• 31:45
  1p
• 31:45
  share
• 31:46
  because
• 31:46
  we
• 31:46
  have.
• 31:47
  Which
• 31:47
  is
• 31:47
  great.
• 31:47
  Traditional
• 31:48
  companies
• 31:49
  which
• 31:49
  were
• 31:49
  able
• 31:49
  to
• 31:50
  reinvent
• 31:50
  themselves
• 31:51
  and
• 31:51
  more
• 31:51
  traditional
• 31:52
  companies
• 31:52
  always
• 31:53
  have
• 31:53
  a
• 31:53
  higher
• 31:53
  1p
• 31:54
  share.
• 31:54
  Best
• 31:55
  auto.
• 31:56
  I
• 31:56
  mean,
• 31:56
  they're
• 31:56
  doing
• 31:57
  a
• 31:57
  great
• 31:57
  job
• 31:58
  and
• 31:58
  so
• 31:58
  their
• 31:59
  1p
• 31:59
  is
• 31:59
  much
• 32:00
  higher.
• 32:01
  Next.
• 32:01
  So,
• 32:02
  long
• 32:02
  story
• 32:02
  short,
• 32:03
  3p
• 32:03
  dominates.
• 32:04
  It
• 32:04
  dominates,
• 32:05
  especially
• 32:05
  in
• 32:05
  Asia.
• 32:06
  In
• 32:06
  Europe
• 32:07
  it
• 32:07
  still
• 32:07
  dominates.
• 32:08
  It's
• 32:08
  higher,
• 32:09
  but
• 32:09
  not
• 32:09
  as
• 32:09
  much.
• 32:10
  The
• 32:11
  next
• 32:11
  question
• 32:11
  was
• 32:12
  which
• 32:12
  part
• 32:12
  is
• 32:13
  growing
• 32:13
  more.
• 32:14
  And
• 32:14
  there
• 32:14
  you
• 32:16
  can
• 32:16
  really
• 32:17
  see
• 32:17
  that
• 32:18
  3P
• 32:18
  is
• 32:19
  growing
• 32:19
  much
• 32:20
  faster
• 32:21
  than
• 32:21
  1P.
• 32:22
  To
• 32:22
  be
• 32:22
  specific,
• 32:23
  12%
• 32:24
  versus
• 32:25
  8%.
• 32:25
  So
• 32:26
  that's
• 32:26
  50%
• 32:27
  higher
• 32:27
  growth
• 32:27
  rate.
• 32:30
  Why
• 32:30
  is
• 32:30
  it
• 32:30
  asset
• 32:31
  like
• 32:31
  so
• 32:31
  you
• 32:31
  can
• 32:31
  push
• 32:32
  it
• 32:32
  more,
• 32:32
  et
• 32:32
  cetera.
• 32:33
  So
• 32:33
  companies
• 32:34
  which
• 32:34
  are
• 32:35
  heavy
• 32:35
  in
• 32:36
  one
• 32:36
  P
• 32:36
  obviously
• 32:37
  do
• 32:37
  not
• 32:37
  grow
• 32:38
  as
• 32:38
  quickly
• 32:39
  as
• 32:39
  companies
• 32:40
  which,
• 32:41
  especially
• 32:41
  then
• 32:41
  in
• 32:41
  asia,
• 32:42
  which
• 32:42
  focus
• 32:43
  100%
• 32:43
  on
• 32:44
  3P.
• 32:44
  Basically
• 32:45
  they
• 32:45
  started
• 32:45
  as
• 32:45
  huge
• 32:46
  marketplaces
• 32:47
  and
• 32:47
  never
• 32:48
  attempted
• 32:49
  to
• 32:49
  add
• 32:49
  their
• 32:50
  own
• 32:50
  goods
• 32:50
  in
• 32:51
  there.
• 32:53
  Interesting.
• 32:53
  I'm
• 32:53
  really
• 32:54
  going
• 32:54
  to
• 32:54
  be
• 32:54
  looking
• 32:54
  forward
• 32:55
  for
• 32:55
  everything
• 32:56
  else
• 32:56
  that
• 32:56
  is
• 32:57
  coming
• 32:57
  out
• 32:57
  of
• 32:57
  that
• 32:57
  figure
• 32:58
  because
• 32:58
  I
• 32:58
  think
• 32:58
  that
• 32:58
  is
• 32:59
  going
• 32:59
  to
• 32:59
  be
• 32:59
  highly
• 33:00
  helpful,
• 33:00
  especially
• 33:01
  for
• 33:01
  marketplace
• 33:02
  managers
• 33:03
  for
• 33:04
  deciding
• 33:04
  on
• 33:05
  which
• 33:05
  marketplace
• 33:05
  to
• 33:06
  invest
• 33:06
  next.
• 33:06
  Because
• 33:07
  it's
• 33:07
  just
• 33:07
  if
• 33:08
  you
• 33:08
  have
• 33:08
  a
• 33:08
  retailer
• 33:09
  that
• 33:09
  is
• 33:09
  growing
• 33:09
  their
• 33:10
  marketplace
• 33:10
  highly
• 33:10
  and
• 33:11
  pushing
• 33:11
  for
• 33:12
  it,
• 33:12
  then
• 33:12
  you
• 33:12
  will
• 33:12
  have
• 33:13
  just
• 33:14
  a
• 33:14
  better
• 33:14
  life
• 33:14
  as
• 33:15
  a
• 33:15
  marketplace
• 33:15
  manager
• 33:16
  if
• 33:16
  you're
• 33:16
  active
• 33:16
  on
• 33:16
  that
• 33:17
  one
• 33:18
  as
• 33:19
  compared
• 33:19
  to
• 33:19
  a
• 33:20
  retailer
• 33:20
  that
• 33:20
  has
• 33:21
  their
• 33:21
  marketplace
• 33:21
  just
• 33:22
  as
• 33:22
  an
• 33:22
  additional
• 33:23
  option,
• 33:24
  just
• 33:24
  for
• 33:25
  very
• 33:25
  small
• 33:25
  areas
• 33:26
  of
• 33:26
  the
• 33:26
  assortment
• 33:27
  that
• 33:27
  they
• 33:27
  are
• 33:27
  not
• 33:27
  covering
• 33:28
  themselves.
• 33:29
  And
• 33:30
  that
• 33:30
  gives
• 33:30
  you
• 33:31
  a
• 33:31
  glimpse
• 33:31
  into
• 33:31
  this
• 33:33
  internal
• 33:33
  reality
• 33:34
  that
• 33:35
  you
• 33:35
  hadn't
• 33:35
  had
• 33:35
  before.
• 33:36
  So
• 33:36
  yeah,
• 33:36
  really
• 33:37
  looking
• 33:37
  forward
• 33:37
  to
• 33:37
  that.
• 33:37
  From
• 33:38
  your
• 33:38
  perspective,
• 33:38
  100%.
• 33:39
  But
• 33:39
  even
• 33:40
  from
• 33:40
  the
• 33:40
  retailers,
• 33:41
  I
• 33:41
  mean
• 33:42
  retailers
• 33:42
  which
• 33:43
  said
• 33:44
  let's
• 33:44
  add
• 33:45
  a
• 33:45
  little
• 33:45
  bit
• 33:45
  of
• 33:45
  marketplace
• 33:47
  because
• 33:47
  it
• 33:48
  adds
• 33:48
  10,
• 33:49
  15%.
• 33:50
  It
• 33:50
  is
• 33:50
  just
• 33:50
  a
• 33:50
  totally
• 33:51
  misunderstanding
• 33:53
  of
• 33:53
  actually
• 33:54
  the
• 33:54
  E
• 33:54
  commerce
• 33:54
  business
• 33:55
  model.
• 33:55
  I
• 33:55
  mean,
• 33:55
  in
• 33:56
  my
• 33:56
  opinion,
• 33:57
  everybody
• 33:57
  who
• 33:58
  says
• 33:58
  I
• 33:58
  want
• 33:58
  to
• 33:59
  have
• 33:59
  a
• 33:59
  marketplace
• 34:00
  should
• 34:00
  have
• 34:00
  invest
• 34:01
  heavily
• 34:01
  into
• 34:01
  it
• 34:02
  and
• 34:02
  really
• 34:03
  grow
• 34:03
  it
• 34:03
  and
• 34:04
  see
• 34:04
  it
• 34:04
  as
• 34:04
  maybe
• 34:05
  for
• 34:05
  my
• 34:05
  core,
• 34:06
  I
• 34:06
  still
• 34:06
  need
• 34:07
  one
• 34:07
  piece,
• 34:08
  but
• 34:08
  the
• 34:08
  one
• 34:09
  which
• 34:09
  helps
• 34:10
  me
• 34:10
  to
• 34:10
  grow,
• 34:10
  which
• 34:11
  will
• 34:11
  basically
• 34:12
  guarantee
• 34:12
  my
• 34:13
  existence
• 34:13
  over
• 34:14
  the
• 34:14
  next
• 34:14
  five
• 34:14
  years,
• 34:14
  is
• 34:15
  100%
• 34:15
  sweepy.
• 34:17
  Okay.
• 34:18
  I
• 34:18
  have
• 34:18
  to
• 34:18
  look
• 34:19
  a
• 34:19
  bit
• 34:19
  at
• 34:19
  the
• 34:19
  time
• 34:19
  because
• 34:20
  we
• 34:20
  have
• 34:20
  already
• 34:20
  been
• 34:20
  nerding
• 34:21
  about
• 34:21
  figures
• 34:21
  for
• 34:22
  nearly
• 34:22
  40
• 34:22
  minutes.
• 34:23
  But
• 34:23
  I'd
• 34:23
  like
• 34:23
  to
• 34:24
  keep
• 34:25
  nerding
• 34:25
  for
• 34:25
  a
• 34:25
  bit.
• 34:25
  That
• 34:26
  is
• 34:26
  just
• 34:26
  what's
• 34:26
  happening
• 34:27
  when
• 34:27
  we
• 34:27
  talk
• 34:27
  about
• 34:27
  numbers.
• 34:28
  Really
• 34:28
  that's
• 34:28
  fine.
• 34:29
  But
• 34:30
  you
• 34:31
  mentioned
• 34:31
  before,
• 34:31
  and
• 34:32
  I
• 34:32
  wanted
• 34:32
  to
• 34:32
  come
• 34:32
  back
• 34:33
  to
• 34:33
  that,
• 34:33
  that
• 34:33
  you
• 34:33
  are
• 34:34
  or
• 34:35
  have
• 34:35
  just
• 34:35
  launched
• 34:35
  a
• 34:36
  new
• 34:36
  tool
• 34:36
  which
• 34:36
  gives
• 34:37
  you
• 34:37
  the
• 34:37
  opportunity
• 34:38
  to
• 34:38
  look
• 34:38
  at
• 34:38
  or
• 34:39
  to
• 34:39
  comp
• 34:40
  Amazon
• 34:40
  Marketplaces
• 34:41
  in
• 34:41
  more
• 34:41
  depth.
• 34:44
  Would
• 34:44
  you
• 34:44
  go
• 34:44
  a
• 34:45
  bit
• 34:45
  more
• 34:45
  into
• 34:45
  that?
• 34:47
  What
• 34:47
  will
• 34:47
  you
• 34:47
  be
• 34:47
  offering
• 34:48
  here?
• 34:48
  So
• 34:48
  we
• 34:48
  have
• 34:49
  launched
• 34:49
  two.
• 34:49
  Sorry,
• 34:50
  two
• 34:50
  new
• 34:50
  products.
• 34:51
  One
• 34:51
  was
• 34:52
  both
• 34:53
  customers
• 34:54
  request
• 34:54
  or
• 34:54
  one.
• 34:54
  One
• 34:55
  was.
• 34:55
  We
• 34:55
  had
• 34:56
  already
• 34:56
  an
• 34:56
  analysis
• 34:57
  of
• 34:57
  certain
• 34:57
  categories,
• 34:58
  but
• 34:59
  people
• 34:59
  said,
• 34:59
  listen,
• 35:00
  it's
• 35:00
  nice
• 35:00
  that
• 35:00
  I
• 35:01
  know
• 35:02
  the
• 35:02
  beauty
• 35:03
  market
• 35:03
  or
• 35:03
  the
• 35:03
  flagrance
• 35:04
  market,
• 35:05
  but
• 35:05
  what
• 35:05
  I
• 35:05
  really
• 35:06
  want
• 35:06
  to
• 35:06
  know
• 35:06
  is
• 35:07
  makeup
• 35:08
  or.
• 35:08
  And
• 35:09
  now
• 35:09
  I'm
• 35:09
  really
• 35:09
  talking
• 35:09
  about,
• 35:10
  I
• 35:10
  have
• 35:10
  absolutely
• 35:11
  no
• 35:11
  clue,
• 35:11
  eyelash
• 35:12
  curlers,
• 35:12
  etc.
• 35:13
  How
• 35:13
  large
• 35:14
  are
• 35:14
  they
• 35:14
  in
• 35:14
  a
• 35:15
  certain
• 35:15
  country?
• 35:15
  Because
• 35:15
  that's
• 35:16
  how
• 35:16
  I
• 35:16
  need
• 35:16
  to
• 35:16
  define
• 35:17
  it.
• 35:19
  We
• 35:20
  worked
• 35:20
  again
• 35:21
  with
• 35:21
  our
• 35:22
  French
• 35:22
  friend
• 35:23
  Claude
• 35:24
  on
• 35:24
  it
• 35:24
  now
• 35:25
  over
• 35:25
  six,
• 35:25
  seven
• 35:26
  months
• 35:26
  and
• 35:26
  we're
• 35:27
  able
• 35:27
  now
• 35:27
  really
• 35:28
  to
• 35:28
  go
• 35:28
  deep
• 35:29
  dive
• 35:29
  into
• 35:29
  20,000
• 35:30
  different
• 35:31
  categories.
• 35:31
  So
• 35:32
  if
• 35:32
  that
• 35:32
  is
• 35:32
  something
• 35:32
  which
• 35:33
  is
• 35:33
  interesting,
• 35:34
  I
• 35:34
  mean
• 35:35
  that
• 35:35
  would
• 35:35
  be
• 35:36
  for
• 35:36
  us
• 35:36
  was
• 35:36
  a
• 35:37
  huge
• 35:37
  step
• 35:37
  and
• 35:37
  again
• 35:38
  to
• 35:38
  broaden
• 35:38
  the
• 35:39
  offer.
• 35:39
  Absolutely.
• 35:40
  The
• 35:40
  other
• 35:40
  two
• 35:41
  is
• 35:41
  much
• 35:41
  more
• 35:41
  operational
• 35:42
  and
• 35:43
  I
• 35:43
  would
• 35:43
  say
• 35:43
  not
• 35:44
  100%
• 35:45
  new.
• 35:45
  The
• 35:45
  categories
• 35:46
  is
• 35:46
  unique.
• 35:46
  I
• 35:46
  don't
• 35:47
  know
• 35:47
  anybody
• 35:47
  who
• 35:47
  offers
• 35:47
  that.
• 35:48
  And
• 35:48
  that
• 35:48
  is
• 35:49
  what
• 35:49
  we
• 35:49
  call
• 35:49
  Amazon
• 35:50
  Explorer.
• 35:50
  It's
• 35:51
  indeed
• 35:52
  the
• 35:52
  name
• 35:53
  it's
• 35:53
  a
• 35:53
  theme.
• 35:54
  We
• 35:54
  have
• 35:54
  the
• 35:55
  top
• 35:55
  10Amazon
• 35:56
  marketplaces,
• 35:57
  Germany,
• 35:58
  of
• 35:58
  course,
• 35:58
  included.
• 35:59
  And
• 35:59
  there
• 35:59
  you
• 35:59
  can
• 36:00
  look
• 36:00
  up
• 36:00
  all
• 36:00
  products
• 36:02
  and
• 36:02
  their
• 36:02
  revenues,
• 36:03
  all
• 36:03
  the
• 36:03
  brands
• 36:03
  and
• 36:04
  their
• 36:04
  revenues,
• 36:04
  and
• 36:05
  then
• 36:05
  categories
• 36:06
  in
• 36:06
  this
• 36:06
  specific
• 36:07
  marketplace
• 36:08
  or
• 36:08
  in
• 36:08
  other
• 36:09
  marketplaces.
• 36:09
  And
• 36:10
  of
• 36:10
  course
• 36:10
  that's
• 36:10
  lovely.
• 36:11
  A,
• 36:11
  to
• 36:11
  see
• 36:11
  your
• 36:11
  own
• 36:11
  brand,
• 36:12
  but
• 36:12
  even
• 36:12
  more
• 36:12
  important,
• 36:12
  how
• 36:13
  your
• 36:13
  competitors
• 36:13
  are
• 36:14
  performing
• 36:14
  in
• 36:14
  a
• 36:14
  certain
• 36:15
  way.
• 36:16
  We
• 36:17
  do
• 36:17
  it
• 36:17
  not
• 36:17
  just
• 36:17
  totally
• 36:18
  by
• 36:19
  ourselves.
• 36:19
  There
• 36:19
  are
• 36:20
  two
• 36:20
  companies.
• 36:20
  One
• 36:20
  is
• 36:20
  called
• 36:21
  Keepa
• 36:21
  and
• 36:21
  one
• 36:21
  is
• 36:22
  called
• 36:22
  Smart
• 36:22
  Scout,
• 36:23
  which
• 36:23
  we
• 36:23
  use
• 36:23
  as
• 36:24
  help
• 36:25
  in
• 36:25
  order
• 36:25
  to
• 36:25
  define
• 36:26
  it.
• 36:26
  But
• 36:26
  for
• 36:27
  us
• 36:27
  that
• 36:28
  was
• 36:28
  A,
• 36:28
  it's
• 36:28
  an
• 36:29
  input
• 36:29
  to
• 36:29
  many
• 36:29
  others,
• 36:29
  including
• 36:30
  the
• 36:30
  category
• 36:31
  Explorer
• 36:31
  and
• 36:31
  B,
• 36:32
  it's
• 36:32
  a
• 36:32
  super
• 36:32
  tool
• 36:33
  that
• 36:34
  was
• 36:35
  launched
• 36:35
  in
• 36:36
  last
• 36:37
  Tuesday.
• 36:38
  Yeah,
• 36:39
  I
• 36:39
  saw
• 36:39
  that
• 36:39
  back
• 36:40
  end.
• 36:41
  Yeah.
• 36:42
  So
• 36:42
  I
• 36:42
  think
• 36:42
  the
• 36:42
  category
• 36:44
  manager
• 36:44
  is
• 36:45
  a
• 36:45
  really
• 36:45
  interesting
• 36:46
  addition.
• 36:47
  I
• 36:47
  was
• 36:48
  just
• 36:48
  wondering
• 36:48
  when
• 36:48
  you
• 36:48
  were
• 36:48
  talking
• 36:49
  about
• 36:49
  the
• 36:49
  method,
• 36:50
  if
• 36:50
  you
• 36:50
  are
• 36:51
  breaking
• 36:51
  it
• 36:51
  down
• 36:52
  on
• 36:52
  such
• 36:52
  a
• 36:52
  small
• 36:53
  level,
• 36:53
  like
• 36:53
  for
• 36:53
  example,
• 36:54
  ICO
• 36:56
  eyelash
• 36:57
  curlers.
• 36:57
  Sorry,
• 36:57
  I'm
• 36:58
  not
• 36:58
  using
• 36:58
  those
• 36:58
  either.
• 37:00
  Do
• 37:00
  you
• 37:01
  have
• 37:01
  enough
• 37:01
  data
• 37:01
  to
• 37:02
  really
• 37:02
  make
• 37:03
  good
• 37:03
  assumptions
• 37:03
  on
• 37:04
  that
• 37:04
  small,
• 37:04
  small
• 37:05
  category?
• 37:07
  What
• 37:07
  do
• 37:08
  we
• 37:08
  do
• 37:08
  is.
• 37:09
  So
• 37:09
  we
• 37:09
  had
• 37:09
  a
• 37:09
  breakthrough
• 37:10
  in
• 37:10
  our
• 37:11
  scraping
• 37:12
  from
• 37:12
  companies.
• 37:14
  So
• 37:14
  I
• 37:14
  said
• 37:15
  all
• 37:15
  the
• 37:15
  50
• 37:15
  top
• 37:18
  stores,
• 37:18
  we
• 37:18
  really
• 37:19
  go
• 37:19
  through
• 37:19
  all
• 37:19
  the
• 37:20
  websites,
• 37:20
  take
• 37:20
  all
• 37:21
  the
• 37:21
  data
• 37:21
  and
• 37:22
  basically
• 37:23
  catalog
• 37:23
  them.
• 37:24
  That
• 37:24
  is
• 37:24
  one
• 37:24
  thing.
• 37:25
  And
• 37:25
  interpreting
• 37:26
  and
• 37:26
  catalog
• 37:27
  them
• 37:27
  and
• 37:28
  getting
• 37:29
  sales
• 37:29
  signals,
• 37:30
  that
• 37:30
  was
• 37:30
  one
• 37:30
  thing.
• 37:30
  And
• 37:31
  we
• 37:32
  couldn't
• 37:32
  solve
• 37:32
  it.
• 37:32
  Thanks
• 37:33
  to
• 37:33
  Claude,
• 37:34
  we
• 37:34
  solved
• 37:34
  it.
• 37:34
  Now
• 37:35
  that
• 37:35
  is
• 37:35
  one
• 37:35
  major
• 37:36
  source.
• 37:36
  And
• 37:36
  the
• 37:37
  other
• 37:37
  source,
• 37:37
  of
• 37:37
  course,
• 37:38
  is
• 37:38
  the
• 37:38
  Amazon
• 37:38
  data,
• 37:40
  where
• 37:40
  you
• 37:40
  have
• 37:40
  really
• 37:41
  a
• 37:41
  lot
• 37:41
  of
• 37:41
  sales
• 37:42
  signals
• 37:42
  in
• 37:42
  them
• 37:43
  thanks
• 37:43
  to
• 37:43
  Amazon
• 37:44
  and
• 37:44
  their
• 37:45
  different
• 37:45
  ways
• 37:45
  of
• 37:46
  showing
• 37:46
  things.
• 37:46
  And
• 37:47
  that
• 37:47
  combined
• 37:48
  helps
• 37:48
  us
• 37:49
  to.
• 37:50
  To
• 37:50
  estimate
• 37:50
  the
• 37:50
  markets
• 37:52
  on
• 37:52
  this
• 37:52
  detailed
• 37:53
  level.
• 37:53
  I
• 37:54
  would
• 37:54
  say,
• 37:54
  especially
• 37:55
  for
• 37:55
  the
• 37:55
  top
• 37:56
  10
• 37:56
  countries,
• 37:57
  these
• 37:57
  are
• 37:57
  very
• 37:57
  strong
• 37:58
  data
• 37:59
  when
• 37:59
  it
• 37:59
  comes
• 37:59
  to
• 38:00
  New
• 38:00
  Zealand,
• 38:00
  because
• 38:01
  we
• 38:01
  don't
• 38:01
  have.
• 38:02
  There's
• 38:02
  no
• 38:02
  Amazon
• 38:03
  New
• 38:03
  Zealand.
• 38:03
  I
• 38:04
  would
• 38:04
  say
• 38:04
  then
• 38:05
  these
• 38:05
  are
• 38:05
  rough
• 38:05
  estimates.
• 38:07
  Interesting.
• 38:09
  Okay,
• 38:10
  well,
• 38:10
  Friedrich,
• 38:11
  I
• 38:11
  think
• 38:11
  I
• 38:11
  could
• 38:11
  go
• 38:11
  on
• 38:12
  talking
• 38:12
  with
• 38:12
  you
• 38:12
  about
• 38:12
  numbers
• 38:13
  for
• 38:13
  another
• 38:13
  hour,
• 38:13
  but
• 38:14
  let's
• 38:14
  leave
• 38:15
  it
• 38:15
  at
• 38:15
  that
• 38:15
  and
• 38:15
  maybe
• 38:16
  just
• 38:16
  meet
• 38:16
  again
• 38:16
  for
• 38:17
  another
• 38:17
  update
• 38:17
  as
• 38:18
  soon
• 38:18
  as
• 38:18
  you
• 38:18
  have
• 38:18
  fresh
• 38:19
  Marketplace
• 38:19
  data.
• 38:20
  Thank
• 38:20
  you
• 38:20
  very
• 38:20
  much
• 38:21
  for
• 38:21
  joining
• 38:21
  me
• 38:21
  today.
• 38:21
  Thank
• 38:22
  you
• 38:22
  very
• 38:22
  much.
• 38:22
  A
• 38:22
  pleasure.
• 38:24
  Yeah.
• 38:24
  And
• 38:24
  I
• 38:24
  hope
• 38:25
  all
• 38:25
  of
• 38:25
  you
• 38:25
  also
• 38:25
  had
• 38:26
  fun
• 38:26
  diving
• 38:27
  with
• 38:27
  us
• 38:27
  into
• 38:27
  the
• 38:28
  deep
• 38:28
  ends
• 38:29
  of
• 38:29
  the
• 38:29
  dataset
• 38:30
  of
• 38:30
  ECDB
• 38:31
  and
• 38:31
  learn
• 38:31
  something
• 38:31
  for
• 38:32
  your
• 38:32
  Marketplace
• 38:32
  business
• 38:32
  as
• 38:33
  well.
• 38:33
  And
• 38:34
  yeah,
• 38:34
  I'll
• 38:34
  be
• 38:35
  really
• 38:35
  happy
• 38:35
  to
• 38:35
  welcome
• 38:36
  you
• 38:36
  to
• 38:36
  our
• 38:37
  next
• 38:37
  episode
• 38:37
  very
• 38:38
  soon.
• 38:38
  Thank
• 38:38
  you
• 38:38
  for
• 38:39
  joining
• 38:39
  us
• 38:39
  today.
• 38:39
  Bye
• 38:40
  bye.
• 38:40
  Bye
• 38:40
  bye.
• 38:45
  You
• 38:45
  listened
• 38:46
  to
• 38:46
  let's
• 38:47
  Talk
• 38:47
  Marketplace,
• 38:48
  the
• 38:48
  Marketplace
• 38:49
  podcast
• 38:49
  with
• 38:49
  Ingrid
• 38:50
  Lommer
• 38:50
  and
• 38:50
  Valerie
• 38:51
  Dichtel.