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How Smart Retailers Are Tackling The $1 Trillion Returns Problem | Ask An Expert · Omni Talk Retail

• 0:00
  Foreign.
• 0:08
  Hello,
• 0:09
  welcome
• 0:09
  to
• 0:10
  another
• 0:10
  exciting
• 0:11
  and
• 0:11
  elucidating
• 0:11
  episode
• 0:12
  of
• 0:12
  the
• 0:13
  Omnitalk
• 0:13
  Ask
• 0:13
  an
• 0:14
  Expert
• 0:14
  series.
• 0:14
  I'm
• 0:15
  one
• 0:15
  of
• 0:15
  your
• 0:15
  hosts
• 0:15
  and
• 0:16
  mazinga.
• 0:17
  And
• 0:18
  I'm
• 0:18
  Chris
• 0:18
  Walton
• 0:19
  and
• 0:19
  we
• 0:19
  are.
• 0:20
  The
• 0:20
  founders
• 0:20
  of
• 0:20
  Omnitalk,
• 0:21
  the
• 0:21
  fast
• 0:21
  growing
• 0:22
  retail
• 0:22
  media
• 0:22
  outlet
• 0:23
  that
• 0:23
  is
• 0:23
  all
• 0:23
  about
• 0:23
  the
• 0:23
  companies,
• 0:24
  the
• 0:24
  people
• 0:24
  and
• 0:25
  the
• 0:25
  technologies
• 0:26
  that
• 0:26
  are
• 0:26
  coming
• 0:26
  together
• 0:27
  to
• 0:27
  to
• 0:27
  shape
• 0:27
  the
• 0:28
  future
• 0:28
  of
• 0:28
  retail.
• 0:29
  Amitak
• 0:30
  fans,
• 0:31
  we
• 0:31
  have
• 0:32
  heard
• 0:32
  you
• 0:32
  returns
• 0:33
  are
• 0:33
  a
• 0:34
  major
• 0:34
  issue
• 0:35
  facing
• 0:35
  all
• 0:36
  of
• 0:36
  you
• 0:36
  retailers
• 0:36
  and
• 0:37
  brands
• 0:37
  out
• 0:37
  there
• 0:37
  right
• 0:37
  now.
• 0:38
  In
• 0:38
  fact,
• 0:38
  it
• 0:39
  is
• 0:39
  a
• 0:39
  $1
• 0:40
  trillion
• 0:41
  problem.
• 0:41
  Chris,
• 0:42
  I
• 0:42
  had
• 0:42
  to
• 0:43
  look
• 0:43
  up
• 0:43
  for
• 0:43
  this
• 0:44
  just
• 0:44
  to
• 0:45
  confirm
• 0:45
  the
• 0:45
  correct.
• 0:46
  How
• 0:46
  many
• 0:46
  zeros?
• 0:47
  Right?
• 0:47
  One
• 0:48
  trillion?
• 0:48
  Yes.
• 0:49
  Because
• 0:49
  a
• 0:49
  lot
• 0:49
  of
• 0:49
  zeros.
• 0:50
  Yes.
• 0:50
  You
• 0:51
  don't
• 0:51
  come
• 0:51
  across
• 0:51
  this
• 0:52
  every
• 0:52
  day,
• 0:53
  but
• 0:53
  it
• 0:53
  is
• 0:53
  a
• 0:53
  $1
• 0:54
  trillion
• 0:55
  problem
• 0:55
  for
• 0:55
  retailers.
• 0:56
  So,
• 0:56
  Chris,
• 0:57
  we
• 0:57
  had
• 0:57
  to
• 0:57
  bring
• 0:57
  in
• 0:57
  the
• 0:58
  very
• 0:58
  best
• 0:58
  person
• 0:58
  that
• 0:59
  we
• 0:59
  know
• 0:59
  on
• 0:59
  the
• 0:59
  show
• 1:00
  today
• 1:00
  to
• 1:00
  share
• 1:00
  some
• 1:00
  data
• 1:01
  and
• 1:01
  most
• 1:01
  importantly,
• 1:02
  some
• 1:03
  solutions
• 1:03
  that
• 1:03
  can
• 1:04
  help
• 1:04
  you
• 1:04
  get
• 1:04
  a
• 1:05
  handle
• 1:05
  on
• 1:05
  your
• 1:06
  reverse
• 1:06
  logistics.
• 1:07
  So
• 1:07
  it
• 1:07
  is
• 1:07
  with
• 1:07
  great
• 1:08
  pleasure
• 1:08
  that
• 1:09
  we
• 1:09
  introduce
• 1:09
  Narvar's
• 1:10
  VP
• 1:10
  of
• 1:11
  customer
• 1:11
  strategy,
• 1:12
  David
• 1:13
  Marin.
• 1:14
  David,
• 1:15
  welcome.
• 1:16
  Thanks,
• 1:17
  Anna,
• 1:17
  Chris,
• 1:18
  for
• 1:18
  having
• 1:18
  me.
• 1:18
  Super
• 1:18
  excited
• 1:19
  to
• 1:19
  be
• 1:19
  here.
• 1:20
  I
• 1:20
  was,
• 1:21
  you
• 1:21
  know,
• 1:21
  thinking
• 1:22
  about
• 1:22
  today
• 1:22
  and
• 1:23
  I
• 1:23
  really
• 1:23
  wanted
• 1:23
  to
• 1:24
  say
• 1:24
  longtime
• 1:25
  listener,
• 1:25
  first
• 1:25
  time
• 1:26
  caller,
• 1:26
  but
• 1:26
  then
• 1:26
  I
• 1:27
  remember
• 1:27
  that
• 1:27
  I
• 1:27
  actually
• 1:28
  chatted
• 1:28
  before
• 1:28
  course.
• 1:28
  So,
• 1:29
  yes,
• 1:30
  I
• 1:30
  think
• 1:30
  the
• 1:31
  last
• 1:31
  time
• 1:31
  I
• 1:31
  was
• 1:32
  a
• 1:32
  little
• 1:32
  less
• 1:32
  adept
• 1:33
  at
• 1:33
  all
• 1:33
  things
• 1:33
  Omnitalk.
• 1:34
  Since
• 1:34
  then,
• 1:35
  I
• 1:35
  am
• 1:35
  regular
• 1:36
  listener
• 1:36
  to
• 1:37
  all
• 1:37
  your
• 1:37
  content
• 1:37
  and
• 1:38
  it
• 1:38
  is
• 1:38
  very
• 1:38
  humbling
• 1:39
  and
• 1:39
  exciting
• 1:39
  to
• 1:39
  be
• 1:40
  here.
• 1:40
  Yeah,
• 1:41
  that's
• 1:41
  right.
• 1:41
  We
• 1:41
  had,
• 1:41
  we,
• 1:42
  we
• 1:42
  had
• 1:42
  you
• 1:42
  at
• 1:42
  shop
• 1:42
  Talk
• 1:43
  fall.
• 1:43
  Right.
• 1:43
  We
• 1:43
  did
• 1:43
  a
• 1:44
  live
• 1:44
  interview
• 1:44
  with
• 1:44
  you
• 1:45
  right
• 1:45
  from
• 1:45
  the
• 1:46
  terrace
• 1:46
  overlooking
• 1:46
  the
• 1:47
  whole
• 1:47
  expo
• 1:47
  hall.
• 1:48
  It
• 1:48
  was
• 1:48
  great.
• 1:48
  It
• 1:48
  was
• 1:48
  fun.
• 1:48
  And
• 1:49
  since
• 1:49
  then,
• 1:49
  fast
• 1:50
  five
• 1:50
  is
• 1:50
  my
• 1:50
  bible.
• 1:51
  Yes,
• 1:52
  nice.
• 1:52
  Love
• 1:52
  to
• 1:53
  hear
• 1:53
  it.
• 1:53
  Love
• 1:53
  to
• 1:53
  hear
• 1:53
  it.
• 1:54
  And
• 1:54
  flattery
• 1:54
  will
• 1:54
  get
• 1:54
  you
• 1:54
  everywhere,
• 1:55
  my
• 1:55
  friend.
• 1:55
  All
• 1:56
  right,
• 1:56
  well,
• 1:56
  just
• 1:56
  a
• 1:56
  quick
• 1:56
  reminder
• 1:57
  before
• 1:57
  we
• 1:58
  get
• 1:58
  started
• 1:58
  here
• 1:58
  with
• 1:58
  David
• 1:59
  and
• 1:59
  for
• 1:59
  those
• 2:00
  watching
• 2:00
  live
• 2:00
  with
• 2:01
  us
• 2:01
  on
• 2:01
  LinkedIn
• 2:02
  right
• 2:02
  now,
• 2:02
  feel
• 2:02
  free
• 2:03
  to
• 2:03
  ask
• 2:03
  your
• 2:03
  questions
• 2:04
  at
• 2:04
  any
• 2:04
  time
• 2:04
  via
• 2:05
  the
• 2:05
  chat
• 2:05
  session
• 2:05
  window
• 2:06
  on
• 2:06
  LinkedIn
• 2:07
  on
• 2:07
  the
• 2:07
  right
• 2:08
  hand
• 2:08
  side
• 2:08
  of
• 2:09
  your
• 2:09
  screen
• 2:09
  if
• 2:09
  you're
• 2:10
  on
• 2:10
  your
• 2:10
  desktop.
• 2:10
  All
• 2:11
  right,
• 2:11
  David,
• 2:11
  well,
• 2:11
  let's
• 2:11
  start.
• 2:12
  Let's
• 2:12
  start
• 2:12
  with
• 2:12
  the
• 2:12
  basics
• 2:13
  like
• 2:13
  we
• 2:13
  always
• 2:13
  do.
• 2:14
  Tell
• 2:14
  the
• 2:14
  audience
• 2:14
  a
• 2:14
  little
• 2:14
  bit
• 2:15
  about
• 2:15
  yourself
• 2:16
  and
• 2:16
  also
• 2:16
  about
• 2:17
  Narvar
• 2:17
  in
• 2:17
  case
• 2:17
  they
• 2:18
  aren't
• 2:18
  as
• 2:18
  familiar
• 2:18
  with
• 2:19
  our
• 2:19
  coverage
• 2:19
  as,
• 2:19
  say,
• 2:19
  someone
• 2:20
  like
• 2:20
  yourself
• 2:20
  might
• 2:20
  be.
• 2:21
  Sure.
• 2:21
  Well,
• 2:21
  let's
• 2:22
  start
• 2:22
  with
• 2:22
  Narvar.
• 2:22
  For
• 2:22
  those
• 2:23
  of
• 2:23
  the
• 2:23
  people
• 2:23
  that
• 2:23
  are
• 2:23
  listening
• 2:24
  and
• 2:24
  watching,
• 2:24
  an
• 2:24
  unfamiliar
• 2:26
  Narvar
• 2:26
  is
• 2:26
  a
• 2:27
  customer
• 2:27
  experience
• 2:27
  post
• 2:28
  purchase
• 2:28
  platform.
• 2:29
  We
• 2:29
  work
• 2:30
  with
• 2:30
  over
• 2:30
  1500
• 2:31
  retailers
• 2:31
  and
• 2:31
  brands
• 2:32
  across
• 2:32
  the
• 2:32
  globe,
• 2:33
  really
• 2:34
  accelerating
• 2:34
  all
• 2:35
  things
• 2:35
  that
• 2:35
  happen
• 2:36
  right
• 2:36
  around
• 2:36
  the
• 2:36
  time
• 2:37
  that
• 2:37
  you
• 2:37
  check
• 2:37
  out
• 2:37
  with
• 2:38
  the
• 2:38
  brand
• 2:38
  and
• 2:39
  everything
• 2:39
  that
• 2:39
  happens
• 2:40
  after.
• 2:40
  In
• 2:40
  the
• 2:40
  space
• 2:40
  that
• 2:41
  we
• 2:41
  call
• 2:41
  post
• 2:41
  purchase,
• 2:43
  many
• 2:43
  of
• 2:43
  you
• 2:43
  maybe
• 2:44
  might
• 2:44
  not
• 2:44
  know
• 2:44
  Narvar
• 2:45
  by
• 2:45
  name,
• 2:46
  but
• 2:46
  you've
• 2:46
  likely
• 2:47
  interacted
• 2:47
  with
• 2:47
  Narvar
• 2:48
  in
• 2:48
  some
• 2:49
  form
• 2:49
  over
• 2:49
  the
• 2:50
  last
• 2:50
  10
• 2:50
  to
• 2:50
  15
• 2:50
  years.
• 2:52
  A
• 2:52
  fun
• 2:52
  game
• 2:52
  I
• 2:52
  like
• 2:52
  to
• 2:53
  play
• 2:53
  with
• 2:53
  people
• 2:53
  when
• 2:53
  we
• 2:53
  talk
• 2:53
  about
• 2:54
  Narvar
• 2:54
  is
• 2:54
  if
• 2:54
  you
• 2:55
  go
• 2:55
  into
• 2:55
  your
• 2:55
  personal
• 2:55
  inbox
• 2:56
  and
• 2:56
  type
• 2:56
  in
• 2:56
  Naravar,
• 2:57
  you
• 2:58
  will
• 2:58
  likely
• 2:58
  see
• 2:59
  a
• 2:59
  number
• 2:59
  of
• 2:59
  emails
• 3:00
  that
• 3:00
  we
• 3:00
  have
• 3:00
  sent
• 3:01
  you
• 3:01
  on
• 3:01
  behalf
• 3:01
  of
• 3:01
  our
• 3:02
  great
• 3:02
  brands
• 3:03
  from
• 3:03
  some
• 3:03
  of
• 3:03
  the
• 3:03
  most
• 3:04
  notable
• 3:04
  names
• 3:04
  in
• 3:04
  retail
• 3:05
  and
• 3:06
  beyond.
• 3:06
  I
• 3:07
  think
• 3:07
  what's
• 3:07
  really
• 3:07
  exciting
• 3:08
  about
• 3:08
  Narva
• 3:08
  right
• 3:08
  now
• 3:09
  is
• 3:09
  continuing
• 3:09
  to
• 3:10
  think
• 3:10
  about
• 3:10
  what
• 3:10
  the
• 3:10
  future
• 3:11
  of
• 3:11
  post
• 3:11
  purchase
• 3:11
  and
• 3:12
  post
• 3:12
  delivery
• 3:13
  is.
• 3:13
  Today
• 3:13
  we're
• 3:14
  really
• 3:14
  focused
• 3:14
  not
• 3:14
  only
• 3:15
  on
• 3:15
  customer
• 3:16
  experience,
• 3:16
  but
• 3:17
  I
• 3:17
  like
• 3:17
  to
• 3:17
  say
• 3:17
  we're
• 3:18
  also
• 3:18
  focused
• 3:18
  now
• 3:18
  on
• 3:19
  retailer
• 3:19
  experience
• 3:20
  as
• 3:20
  well.
• 3:21
  So
• 3:21
  not
• 3:22
  only
• 3:22
  how
• 3:22
  do
• 3:22
  we
• 3:22
  accelerate
• 3:23
  the
• 3:23
  consumer
• 3:24
  experience
• 3:24
  and
• 3:24
  all
• 3:24
  things
• 3:25
  post
• 3:25
  purchase,
• 3:25
  but
• 3:25
  how
• 3:26
  do
• 3:26
  we
• 3:26
  also
• 3:26
  give
• 3:26
  retailers
• 3:27
  tools
• 3:27
  and
• 3:28
  visibility
• 3:28
  to
• 3:29
  accelerate
• 3:29
  their
• 3:30
  own
• 3:30
  internal
• 3:30
  operational
• 3:31
  management?
• 3:32
  In
• 3:32
  my
• 3:33
  role,
• 3:33
  I've
• 3:33
  been
• 3:33
  at
• 3:33
  Narva
• 3:34
  for
• 3:34
  seven
• 3:35
  and
• 3:35
  a
• 3:35
  half
• 3:35
  years,
• 3:36
  which
• 3:36
  is
• 3:36
  a
• 3:36
  lifetime
• 3:37
  in
• 3:37
  all
• 3:37
  things
• 3:38
  SaaS
• 3:38
  and
• 3:38
  startup.
• 3:39
  I've
• 3:40
  done
• 3:40
  a
• 3:40
  lot
• 3:40
  of
• 3:40
  different
• 3:40
  things,
• 3:40
  but
• 3:41
  always
• 3:41
  with
• 3:41
  the
• 3:42
  customer
• 3:42
  front
• 3:42
  and
• 3:42
  center.
• 3:43
  So
• 3:43
  I've
• 3:43
  been
• 3:43
  lucky
• 3:44
  enough
• 3:44
  to
• 3:44
  work
• 3:44
  alongside
• 3:45
  some
• 3:45
  of
• 3:45
  the
• 3:46
  world's
• 3:46
  largest
• 3:46
  brands
• 3:47
  and
• 3:47
  retailers,
• 3:48
  strategizing
• 3:48
  and
• 3:49
  optimizing
• 3:49
  all
• 3:49
  things
• 3:50
  post
• 3:50
  purchase.
• 3:51
  Today.
• 3:51
  I
• 3:52
  like
• 3:52
  to
• 3:52
  think
• 3:52
  of
• 3:52
  myself
• 3:53
  as
• 3:53
  a
• 3:53
  Narvar
• 3:54
  consultant
• 3:55
  that
• 3:55
  works
• 3:55
  with
• 3:55
  Narvar.
• 3:56
  Really
• 3:56
  thinking
• 3:57
  about
• 3:57
  how
• 3:57
  do
• 3:57
  we
• 3:58
  bring
• 3:58
  together
• 3:59
  the
• 3:59
  voice
• 3:59
  of
• 3:59
  our
• 3:59
  retailers,
• 4:00
  the
• 4:00
  voice
• 4:01
  of
• 4:01
  the
• 4:01
  industry
• 4:01
  and
• 4:02
  the
• 4:02
  voice
• 4:02
  of
• 4:02
  Narvar
• 4:03
  and
• 4:03
  really
• 4:03
  think
• 4:04
  through
• 4:04
  how
• 4:05
  do
• 4:05
  we
• 4:05
  all
• 4:05
  partner
• 4:05
  together
• 4:06
  to
• 4:06
  really
• 4:06
  elevate
• 4:07
  consumer
• 4:07
  experience
• 4:08
  and
• 4:08
  retail
• 4:08
  experience.
• 4:10
  So,
• 4:10
  David,
• 4:10
  I
• 4:10
  want
• 4:10
  to
• 4:10
  go
• 4:10
  a
• 4:11
  little
• 4:11
  bit
• 4:11
  deeper
• 4:11
  on
• 4:11
  that
• 4:11
  too,
• 4:11
  to
• 4:12
  start
• 4:12
  out
• 4:12
  here,
• 4:12
  more
• 4:12
  so
• 4:12
  than
• 4:12
  we
• 4:13
  normally
• 4:13
  do
• 4:13
  as
• 4:13
  well.
• 4:14
  But
• 4:14
  you
• 4:14
  know,
• 4:14
  for
• 4:15
  those,
• 4:15
  we've
• 4:15
  got
• 4:15
  a
• 4:15
  lot
• 4:15
  of
• 4:16
  executives,
• 4:16
  a
• 4:16
  lot
• 4:16
  of
• 4:16
  executives
• 4:17
  from
• 4:17
  big
• 4:17
  enterprise
• 4:18
  retailers
• 4:18
  listening.
• 4:18
  Some
• 4:18
  of
• 4:19
  them
• 4:19
  may
• 4:19
  or
• 4:19
  may
• 4:19
  not
• 4:19
  be
• 4:19
  as
• 4:20
  familiar
• 4:20
  with
• 4:20
  E
• 4:20
  commerce.
• 4:21
  So
• 4:21
  what
• 4:21
  is
• 4:21
  like,
• 4:22
  what
• 4:22
  does
• 4:22
  a
• 4:22
  typical
• 4:23
  Narvar
• 4:24
  relationship
• 4:25
  look
• 4:25
  like?
• 4:25
  What
• 4:25
  are
• 4:25
  you
• 4:26
  typically
• 4:26
  doing
• 4:27
  for
• 4:27
  those
• 4:27
  retailers,
• 4:28
  aside
• 4:28
  from
• 4:28
  the
• 4:28
  example
• 4:29
  you
• 4:29
  gave
• 4:29
  of,
• 4:29
  you
• 4:29
  know,
• 4:29
  being
• 4:29
  the
• 4:30
  ones
• 4:30
  responsible
• 4:30
  for
• 4:31
  the
• 4:31
  emails
• 4:31
  in
• 4:31
  everyone's
• 4:31
  inbox?
• 4:32
  Sure,
• 4:32
  yeah,
• 4:33
  I
• 4:33
  think.
• 4:33
  Great
• 4:33
  question.
• 4:34
  And
• 4:34
  it's
• 4:34
  something
• 4:34
  I'm
• 4:35
  so
• 4:35
  passionate
• 4:35
  about
• 4:35
  because
• 4:36
  it's
• 4:36
  been
• 4:36
  a
• 4:36
  core
• 4:36
  part
• 4:36
  of
• 4:36
  my
• 4:37
  experience
• 4:37
  in
• 4:37
  Narvar.
• 4:38
  Obviously,
• 4:38
  first
• 4:39
  and
• 4:39
  foremost,
• 4:39
  what
• 4:39
  we're
• 4:40
  working
• 4:40
  on
• 4:40
  is
• 4:40
  building
• 4:41
  out
• 4:41
  that
• 4:41
  customer
• 4:42
  experience
• 4:42
  for
• 4:42
  the
• 4:42
  retailers
• 4:43
  and
• 4:43
  brands.
• 4:44
  So
• 4:44
  after
• 4:45
  A
• 4:45
  customer
• 4:45
  buys
• 4:45
  with
• 4:46
  you
• 4:46
  what
• 4:46
  is
• 4:46
  the
• 4:46
  actual
• 4:47
  digital
• 4:47
  experience
• 4:48
  they
• 4:48
  go
• 4:48
  through.
• 4:49
  In
• 4:49
  most
• 4:49
  cases
• 4:50
  at
• 4:50
  default,
• 4:51
  Narvar
• 4:51
  is
• 4:52
  providing
• 4:52
  that
• 4:52
  and
• 4:53
  hosting
• 4:53
  that
• 4:53
  experience,
• 4:54
  whether
• 4:54
  it's
• 4:54
  a
• 4:55
  branded
• 4:55
  tracking
• 4:56
  page
• 4:56
  or
• 4:56
  the
• 4:57
  emails
• 4:57
  I
• 4:57
  talked
• 4:57
  about
• 4:58
  or
• 4:58
  the
• 4:59
  platform
• 4:59
  to
• 4:59
  actually
• 4:59
  facilitate
• 5:00
  returns.
• 5:02
  But
• 5:02
  something
• 5:03
  that
• 5:03
  I've
• 5:03
  always
• 5:03
  felt
• 5:04
  is
• 5:04
  Naravar's
• 5:05
  competitive
• 5:05
  difference
• 5:05
  in
• 5:06
  the
• 5:06
  market
• 5:06
  and
• 5:06
  it's
• 5:07
  something
• 5:07
  really
• 5:07
  unique
• 5:07
  is
• 5:08
  really
• 5:08
  again
• 5:08
  thinking
• 5:09
  about
• 5:09
  those
• 5:09
  things.
• 5:09
  1500
• 5:10
  retailers
• 5:10
  and
• 5:10
  brands
• 5:11
  we
• 5:11
  work
• 5:11
  with,
• 5:12
  there
• 5:12
  is
• 5:12
  no
• 5:12
  one
• 5:12
  else
• 5:13
  in
• 5:13
  the
• 5:13
  world
• 5:13
  that
• 5:13
  has
• 5:14
  the
• 5:14
  same
• 5:14
  level
• 5:14
  of
• 5:15
  both
• 5:15
  quantitative
• 5:16
  data,
• 5:16
  but
• 5:16
  also
• 5:17
  qualitative
• 5:18
  experience
• 5:18
  in
• 5:18
  post
• 5:19
  purchase.
• 5:19
  So
• 5:20
  a
• 5:20
  real
• 5:20
  core
• 5:20
  part
• 5:21
  about
• 5:21
  how
• 5:21
  Narvar
• 5:22
  works
• 5:22
  with
• 5:22
  our
• 5:22
  brands
• 5:23
  is
• 5:23
  not
• 5:23
  only
• 5:23
  providing
• 5:24
  that
• 5:24
  digital
• 5:25
  experience
• 5:25
  for
• 5:25
  consumers,
• 5:26
  but
• 5:26
  providing
• 5:27
  consultative
• 5:27
  guidance
• 5:28
  to
• 5:28
  our
• 5:28
  partners
• 5:29
  on
• 5:29
  how
• 5:29
  to
• 5:30
  continue
• 5:30
  to
• 5:30
  optimize
• 5:31
  those
• 5:31
  experiences
• 5:32
  to
• 5:32
  drive
• 5:32
  revenue
• 5:33
  or
• 5:33
  to
• 5:34
  save
• 5:34
  costs.
• 5:35
  Share
• 5:35
  best
• 5:35
  practices
• 5:36
  that
• 5:37
  happened
• 5:38
  at
• 5:38
  Sephora
• 5:39
  and
• 5:39
  sharing
• 5:39
  it
• 5:40
  with
• 5:40
  Everlane
• 5:40
  and
• 5:41
  kind
• 5:41
  of
• 5:41
  everything
• 5:41
  in
• 5:42
  between.
• 5:42
  So
• 5:42
  really,
• 5:42
  you
• 5:43
  know,
• 5:43
  I
• 5:43
  think
• 5:43
  you
• 5:43
  and
• 5:43
  you
• 5:43
  both
• 5:44
  know
• 5:44
  as
• 5:44
  retailers,
• 5:45
  retailers
• 5:46
  love
• 5:46
  to
• 5:46
  know
• 5:46
  what
• 5:46
  other
• 5:46
  retailers
• 5:47
  are
• 5:47
  doing.
• 5:47
  Yeah,
• 5:48
  both
• 5:49
  their
• 5:49
  competitors,
• 5:49
  but
• 5:50
  also
• 5:50
  the
• 5:51
  stall
• 5:51
  horse
• 5:52
  of
• 5:52
  the
• 5:52
  industry
• 5:52
  and
• 5:53
  the
• 5:53
  fast
• 5:54
  moving
• 5:54
  startups.
• 5:55
  And
• 5:55
  I
• 5:55
  think
• 5:55
  Narvar
• 5:56
  has
• 5:56
  a
• 5:56
  really
• 5:56
  unique
• 5:56
  position
• 5:57
  to
• 5:57
  share
• 5:58
  that
• 5:58
  again
• 5:58
  from
• 5:58
  a
• 5:59
  data
• 5:59
  perspective,
• 5:59
  but
• 5:59
  also
• 6:00
  from
• 6:00
  like
• 6:00
  a
• 6:01
  best
• 6:01
  practices
• 6:01
  and
• 6:02
  examples
• 6:02
  perspective
• 6:03
  of
• 6:03
  how
• 6:03
  are
• 6:04
  other
• 6:04
  retailers
• 6:04
  improving
• 6:05
  their
• 6:05
  experience.
• 6:06
  Yeah,
• 6:06
  the
• 6:06
  thing
• 6:06
  I
• 6:07
  would
• 6:07
  add
• 6:07
  there
• 6:07
  too,
• 6:07
  David
• 6:07
  though,
• 6:08
  is
• 6:08
  a
• 6:08
  lot
• 6:08
  of
• 6:08
  times,
• 6:08
  and
• 6:08
  this
• 6:09
  is
• 6:09
  I
• 6:09
  think
• 6:09
  what
• 6:09
  you're
• 6:09
  getting
• 6:09
  at
• 6:09
  too,
• 6:10
  the
• 6:10
  retailers
• 6:10
  also
• 6:11
  think
• 6:11
  that
• 6:11
  their
• 6:11
  own
• 6:11
  processes
• 6:12
  set
• 6:12
  them
• 6:12
  apart
• 6:13
  when
• 6:13
  in
• 6:13
  reality
• 6:14
  they're
• 6:14
  probably
• 6:14
  just
• 6:15
  doing
• 6:15
  it
• 6:15
  the
• 6:15
  same
• 6:15
  way
• 6:16
  everybody
• 6:16
  else
• 6:16
  is.
• 6:16
  And
• 6:16
  you
• 6:17
  guys
• 6:17
  bring
• 6:17
  that
• 6:17
  data
• 6:17
  to
• 6:18
  the
• 6:18
  table
• 6:18
  ahead
• 6:18
  of
• 6:19
  time
• 6:19
  because
• 6:19
  you're
• 6:19
  seeing
• 6:20
  everything
• 6:20
  across
• 6:20
  the
• 6:20
  industry
• 6:21
  that
• 6:21
  could
• 6:22
  potentially
• 6:22
  make
• 6:22
  them
• 6:22
  faster
• 6:23
  as
• 6:23
  well
• 6:23
  to,
• 6:24
  to
• 6:24
  improve
• 6:24
  the
• 6:25
  experience
• 6:25
  for
• 6:25
  their
• 6:25
  customers
• 6:26
  day
• 6:26
  in
• 6:26
  and
• 6:26
  day
• 6:26
  out.
• 6:27
  The
• 6:27
  number
• 6:27
  one
• 6:28
  thing
• 6:28
  I
• 6:28
  hear
• 6:28
  all
• 6:28
  the
• 6:28
  time
• 6:29
  is,
• 6:29
  well,
• 6:29
  our
• 6:29
  brand
• 6:30
  is
• 6:30
  special.
• 6:31
  What
• 6:31
  I
• 6:31
  like
• 6:31
  to
• 6:32
  say
• 6:32
  is
• 6:32
  your
• 6:32
  brand
• 6:33
  is
• 6:33
  special.
• 6:33
  But
• 6:34
  consumers
• 6:34
  are
• 6:34
  going
• 6:34
  to
• 6:35
  consum
• 6:35
  and
• 6:35
  consumers
• 6:36
  generally
• 6:36
  consume
• 6:37
  in
• 6:37
  the
• 6:37
  same
• 6:37
  way.
• 6:37
  So
• 6:38
  there's
• 6:38
  a
• 6:38
  lot
• 6:38
  of
• 6:38
  shared
• 6:38
  learnings
• 6:39
  we
• 6:39
  can
• 6:39
  take
• 6:39
  that
• 6:40
  are
• 6:40
  unique
• 6:40
  to
• 6:40
  your
• 6:40
  business,
• 6:41
  but
• 6:41
  also
• 6:42
  really
• 6:42
  acknowledge
• 6:43
  the
• 6:43
  trends
• 6:43
  and
• 6:43
  behavior
• 6:44
  that
• 6:44
  we
• 6:44
  see
• 6:44
  that
• 6:44
  kind
• 6:45
  of
• 6:45
  are
• 6:45
  very
• 6:46
  similar
• 6:46
  across
• 6:47
  categories
• 6:47
  and
• 6:47
  across
• 6:48
  different
• 6:48
  price
• 6:48
  points.
• 6:50
  Well,
• 6:50
  David,
• 6:50
  let's
• 6:51
  start
• 6:51
  to
• 6:51
  dive
• 6:51
  into
• 6:52
  the
• 6:52
  topic
• 6:53
  at
• 6:53
  hand
• 6:53
  here.
• 6:54
  We
• 6:54
  had
• 6:54
  your
• 6:55
  colleague
• 6:55
  Katherine
• 6:56
  Doumet
• 6:57
  on
• 6:57
  the
• 6:58
  show
• 6:58
  a
• 6:59
  little
• 6:59
  while
• 7:00
  back
• 7:00
  and
• 7:00
  she
• 7:01
  was
• 7:01
  talking
• 7:01
  to
• 7:01
  us
• 7:01
  about
• 7:02
  one
• 7:02
  way
• 7:02
  that
• 7:02
  brands
• 7:03
  can
• 7:03
  start
• 7:03
  thinking
• 7:04
  about
• 7:04
  how
• 7:04
  to
• 7:05
  capture
• 7:06
  back
• 7:06
  some
• 7:06
  of
• 7:07
  that
• 7:07
  revenue
• 7:07
  that
• 7:08
  they're
• 7:08
  losing
• 7:08
  from
• 7:08
  returns.
• 7:09
  The
• 7:09
  $1
• 7:09
  trillion
• 7:10
  that
• 7:10
  we
• 7:11
  talked
• 7:11
  about
• 7:12
  by
• 7:12
  starting
• 7:13
  to
• 7:13
  charge
• 7:13
  Customers
• 7:14
  for
• 7:14
  returns.
• 7:15
  We've
• 7:15
  seen
• 7:15
  this
• 7:15
  from
• 7:15
  H
• 7:15
  and
• 7:16
  M,
• 7:16
  from
• 7:16
  Zara
• 7:17
  and
• 7:17
  others.
• 7:19
  However,
• 7:19
  I
• 7:19
  think
• 7:20
  this,
• 7:20
  there's
• 7:20
  this
• 7:21
  perception
• 7:21
  out
• 7:21
  there
• 7:21
  that
• 7:22
  customers
• 7:22
  won't
• 7:23
  shop
• 7:23
  you
• 7:24
  or
• 7:24
  hesitant
• 7:24
  to
• 7:25
  shop
• 7:25
  some
• 7:25
  of
• 7:25
  those
• 7:25
  retailers
• 7:26
  when
• 7:26
  they
• 7:26
  start
• 7:27
  charging
• 7:27
  for
• 7:27
  those
• 7:27
  returns.
• 7:28
  Can
• 7:29
  you,
• 7:29
  like,
• 7:30
  make
• 7:30
  some.
• 7:31
  Some
• 7:31
  clarity
• 7:32
  here
• 7:32
  for
• 7:32
  us
• 7:32
  or,
• 7:33
  like,
• 7:33
  help
• 7:33
  us
• 7:33
  understand,
• 7:34
  like,
• 7:34
  what's
• 7:34
  really
• 7:35
  happening
• 7:35
  here
• 7:36
  and
• 7:36
  what
• 7:36
  the
• 7:36
  right
• 7:37
  move
• 7:37
  is
• 7:37
  for
• 7:37
  retailers?
• 7:38
  Sure.
• 7:39
  This
• 7:40
  is
• 7:40
  probably
• 7:40
  one
• 7:40
  of
• 7:40
  the
• 7:40
  most
• 7:40
  frequent
• 7:41
  conversations
• 7:41
  I've
• 7:42
  been
• 7:42
  having
• 7:42
  in
• 7:42
  the
• 7:42
  last
• 7:42
  two
• 7:43
  years
• 7:43
  for
• 7:44
  this
• 7:44
  exact
• 7:44
  reason,
• 7:45
  which
• 7:45
  is,
• 7:45
  you
• 7:46
  know,
• 7:46
  costs
• 7:46
  are
• 7:46
  skyrocketing.
• 7:47
  People
• 7:48
  are
• 7:48
  looking
• 7:48
  at
• 7:48
  different
• 7:48
  levers.
• 7:50
  We,
• 7:51
  you
• 7:52
  know,
• 7:52
  are
• 7:52
  probably
• 7:52
  exiting,
• 7:53
  I
• 7:53
  would
• 7:54
  say,
• 7:54
  an
• 7:54
  era
• 7:54
  of
• 7:54
  free
• 7:55
  returns
• 7:55
  for
• 7:55
  everyone.
• 7:55
  I
• 7:56
  think,
• 7:56
  you
• 7:56
  know,
• 7:56
  if
• 7:56
  we
• 7:56
  look
• 7:56
  at
• 7:56
  the
• 7:57
  vast
• 7:57
  last
• 7:57
  five
• 7:58
  to
• 7:58
  seven
• 7:58
  years,
• 7:59
  that's
• 7:59
  kind
• 7:59
  of
• 7:59
  been
• 8:00
  the
• 8:00
  dominant.
• 8:00
  And
• 8:00
  we
• 8:01
  know
• 8:01
  consumers
• 8:01
  like
• 8:01
  it.
• 8:01
  Right.
• 8:02
  Narva
• 8:02
  does
• 8:02
  a
• 8:02
  lot
• 8:03
  of
• 8:03
  our
• 8:03
  own
• 8:03
  consumer
• 8:03
  studies.
• 8:04
  We
• 8:04
  hear
• 8:04
  the
• 8:04
  same
• 8:04
  thing
• 8:04
  again
• 8:05
  and
• 8:05
  again.
• 8:06
  In
• 8:06
  2024,
• 8:07
  in
• 8:07
  Narvar
• 8:07
  State
• 8:08
  of
• 8:08
  consumer
• 8:08
  return
• 8:08
  study,
• 8:09
  we
• 8:09
  did
• 8:09
  hear
• 8:10
  that
• 8:10
  47%
• 8:11
  of
• 8:11
  the
• 8:11
  consumers
• 8:12
  we
• 8:12
  surveyed
• 8:12
  said
• 8:13
  that
• 8:13
  cost
• 8:13
  was
• 8:14
  their
• 8:14
  number
• 8:14
  one
• 8:14
  factor
• 8:15
  in
• 8:15
  choosing
• 8:16
  a
• 8:16
  return
• 8:16
  method.
• 8:18
  That
• 8:18
  same
• 8:18
  Survey
• 8:19
  said
• 8:19
  that
• 8:19
  36%
• 8:20
  of
• 8:20
  consumers
• 8:21
  consider
• 8:21
  it
• 8:21
  a
• 8:22
  headache
• 8:22
  to
• 8:22
  have
• 8:22
  to
• 8:22
  pay
• 8:23
  some
• 8:23
  sort
• 8:23
  of
• 8:23
  restocking
• 8:24
  fee
• 8:24
  or
• 8:24
  shipping
• 8:25
  fee.
• 8:26
  And
• 8:26
  broadly,
• 8:26
  if
• 8:26
  you
• 8:27
  ask
• 8:27
  consumers,
• 8:27
  of
• 8:27
  course,
• 8:28
  they
• 8:28
  say
• 8:28
  they
• 8:29
  like
• 8:29
  free
• 8:29
  shipping.
• 8:30
  If
• 8:30
  you
• 8:30
  ask
• 8:30
  me,
• 8:30
  I
• 8:31
  would
• 8:31
  also
• 8:31
  say
• 8:31
  I
• 8:32
  like.
• 8:34
  It's
• 8:34
  a
• 8:34
  nice
• 8:35
  thing.
• 8:35
  Yeah,
• 8:35
  it's
• 8:35
  a
• 8:36
  nice
• 8:36
  thing.
• 8:36
  I
• 8:36
  agree.
• 8:36
  But
• 8:37
  does
• 8:37
  that
• 8:37
  actually
• 8:38
  determine
• 8:39
  true
• 8:39
  behavior?
• 8:40
  And
• 8:40
  I
• 8:40
  think
• 8:40
  what's
• 8:41
  interesting
• 8:41
  is
• 8:41
  we're
• 8:42
  finding
• 8:42
  that
• 8:43
  and
• 8:43
  this
• 8:43
  is
• 8:44
  not
• 8:44
  just
• 8:44
  in
• 8:44
  return
• 8:44
  shipping,
• 8:45
  but
• 8:45
  consumers
• 8:45
  say
• 8:45
  one
• 8:46
  thing,
• 8:46
  but
• 8:46
  the
• 8:46
  way
• 8:46
  they
• 8:47
  behave
• 8:47
  is
• 8:47
  often
• 8:48
  not
• 8:48
  exactly
• 8:48
  what
• 8:49
  they
• 8:49
  say.
• 8:49
  Yeah.
• 8:50
  So
• 8:50
  I
• 8:50
  think
• 8:50
  we've
• 8:51
  seen
• 8:51
  a
• 8:51
  lot
• 8:51
  of
• 8:52
  changes
• 8:52
  here.
• 8:53
  First,
• 8:54
  we've
• 8:54
  absolutely
• 8:55
  seen
• 8:55
  many,
• 8:56
  many
• 8:56
  more
• 8:56
  retailers
• 8:57
  start
• 8:57
  charging
• 8:58
  for
• 8:58
  return
• 8:58
  shipping
• 8:59
  at
• 9:00
  some
• 9:00
  point
• 9:00
  in
• 9:00
  time.
• 9:01
  Okay.
• 9:02
  So
• 9:02
  we
• 9:02
  just
• 9:02
  did
• 9:03
  an
• 9:03
  analysis
• 9:03
  on
• 9:03
  our
• 9:04
  platform
• 9:05
  in
• 9:05
  June
• 9:05
  2025.
• 9:06
  We
• 9:06
  found
• 9:07
  that
• 9:07
  over
• 9:07
  55%
• 9:08
  of
• 9:08
  the
• 9:08
  retailers
• 9:09
  on
• 9:09
  our
• 9:09
  platform
• 9:10
  are
• 9:10
  charging
• 9:10
  for
• 9:10
  return
• 9:11
  shipping
• 9:11
  at
• 9:11
  some
• 9:12
  point
• 9:12
  in
• 9:12
  time.
• 9:13
  And
• 9:13
  that's
• 9:13
  up
• 9:13
  from
• 9:14
  about
• 9:14
  46%
• 9:15
  in
• 9:15
  2023.
• 9:16
  So
• 9:16
  huge,
• 9:17
  huge
• 9:18
  step
• 9:18
  change
• 9:18
  in
• 9:19
  that.
• 9:19
  But
• 9:19
  I
• 9:20
  really.
• 9:20
  David,
• 9:20
  real
• 9:21
  quick,
• 9:21
  what
• 9:21
  do
• 9:21
  you
• 9:21
  mean
• 9:21
  by
• 9:22
  some
• 9:22
  point
• 9:22
  in
• 9:22
  time?
• 9:23
  Like,
• 9:23
  that
• 9:23
  is
• 9:24
  exactly
• 9:24
  where
• 9:24
  I
• 9:24
  was
• 9:24
  going
• 9:25
  and.
• 9:25
  Okay,
• 9:25
  sorry.
• 9:26
  Sorry.
• 9:26
  Thank
• 9:26
  you.
• 9:27
  Thank
• 9:27
  you.
• 9:28
  And
• 9:29
  I
• 9:29
  think
• 9:29
  that's
• 9:29
  the,
• 9:29
  that's
• 9:30
  the,
• 9:30
  I
• 9:30
  think
• 9:30
  that's
• 9:31
  the
• 9:31
  interesting
• 9:31
  piece
• 9:32
  is
• 9:32
  that
• 9:32
  we're
• 9:33
  really
• 9:33
  starting
• 9:33
  to
• 9:33
  see
• 9:34
  free
• 9:34
  shipping
• 9:34
  potentially
• 9:35
  being
• 9:35
  used
• 9:36
  as
• 9:36
  a
• 9:36
  lever
• 9:37
  of
• 9:37
  personalization.
• 9:39
  You
• 9:39
  know,
• 9:40
  it
• 9:40
  could
• 9:40
  mean
• 9:40
  that
• 9:42
  loyalty
• 9:42
  members
• 9:43
  get
• 9:43
  free
• 9:43
  shipping,
• 9:43
  but
• 9:44
  non
• 9:44
  Loyalty
• 9:44
  members
• 9:45
  don't.
• 9:46
  We've
• 9:46
  seen
• 9:46
  some
• 9:46
  real
• 9:47
  retailers
• 9:47
  experiment
• 9:48
  with
• 9:48
  time
• 9:49
  based
• 9:49
  policies.
• 9:50
  So
• 9:50
  if
• 9:50
  you
• 9:50
  return
• 9:50
  in
• 9:51
  the
• 9:51
  first
• 9:51
  10
• 9:51
  days
• 9:52
  it's
• 9:52
  free,
• 9:52
  but
• 9:53
  if
• 9:53
  you
• 9:53
  wait
• 9:53
  more
• 9:53
  than
• 9:53
  10
• 9:54
  days,
• 9:54
  it's
• 9:54
  $10.
• 9:55
  Those
• 9:55
  retailers
• 9:56
  are
• 9:56
  trying
• 9:56
  to
• 9:56
  incentivize
• 9:57
  getting
• 9:57
  inventory
• 9:58
  back
• 9:58
  faster.
• 9:59
  We've
• 9:59
  seen
• 10:00
  some
• 10:00
  retailers
• 10:01
  say
• 10:01
  if
• 10:01
  you're
• 10:02
  going
• 10:02
  to
• 10:02
  do
• 10:02
  an
• 10:02
  exchange
• 10:02
  with
• 10:03
  us,
• 10:03
  of
• 10:03
  course
• 10:03
  we'll
• 10:04
  process
• 10:04
  it
• 10:04
  for
• 10:04
  free.
• 10:05
  But
• 10:05
  if
• 10:05
  it's
• 10:05
  a
• 10:05
  return,
• 10:05
  you
• 10:06
  might
• 10:06
  have
• 10:06
  a
• 10:06
  small
• 10:06
  fee,
• 10:08
  maybe
• 10:08
  you
• 10:08
  take
• 10:08
  a
• 10:08
  store
• 10:09
  credit.
• 10:10
  So
• 10:10
  we're
• 10:10
  really
• 10:10
  seeing
• 10:11
  knowing
• 10:11
  that
• 10:11
  consumers
• 10:12
  like
• 10:12
  that
• 10:14
  return.
• 10:14
  Free
• 10:14
  return
• 10:14
  shipping
• 10:15
  experience.
• 10:15
  Are
• 10:16
  there
• 10:16
  ways
• 10:16
  in
• 10:16
  which
• 10:16
  you
• 10:17
  can
• 10:17
  drive
• 10:17
  consumers
• 10:18
  to
• 10:19
  experiences
• 10:20
  that
• 10:20
  also
• 10:20
  benefit
• 10:21
  the
• 10:21
  retailer
• 10:22
  in
• 10:22
  exchange
• 10:22
  for
• 10:23
  that
• 10:23
  free
• 10:24
  shipping
• 10:24
  lever?
• 10:25
  And
• 10:26
  I
• 10:26
  think
• 10:26
  that's
• 10:26
  one
• 10:26
  of
• 10:26
  the
• 10:27
  ones
• 10:27
  that's
• 10:27
  probably
• 10:27
  the
• 10:28
  biggest
• 10:28
  trend.
• 10:29
  As
• 10:29
  a
• 10:29
  sub
• 10:29
  note
• 10:30
  of
• 10:30
  that,
• 10:30
  and
• 10:30
  I
• 10:30
  think
• 10:30
  we're
• 10:30
  all
• 10:30
  aware,
• 10:31
  I've
• 10:31
  heard
• 10:31
  you
• 10:31
  guys
• 10:31
  talk
• 10:31
  about
• 10:32
  it
• 10:32
  to
• 10:32
  some
• 10:32
  degree
• 10:32
  over
• 10:33
  the
• 10:33
  last
• 10:33
  year
• 10:34
  on
• 10:34
  your
• 10:35
  podcast
• 10:35
  as
• 10:35
  well,
• 10:36
  is
• 10:36
  that
• 10:36
  the
• 10:36
  cost
• 10:37
  of
• 10:37
  first
• 10:37
  party
• 10:37
  data
• 10:38
  is
• 10:38
  really
• 10:39
  increasing.
• 10:40
  And
• 10:40
  so
• 10:40
  that
• 10:40
  ability
• 10:41
  to
• 10:41
  offer
• 10:42
  free
• 10:42
  shipping,
• 10:42
  if
• 10:43
  you're
• 10:43
  a
• 10:43
  known
• 10:43
  customer,
• 10:44
  if
• 10:44
  you're
• 10:44
  a
• 10:44
  logged
• 10:45
  in
• 10:45
  customer,
• 10:45
  actually
• 10:46
  can
• 10:46
  pay
• 10:46
  dividends
• 10:47
  for
• 10:47
  the
• 10:47
  retailer
• 10:47
  over
• 10:48
  time
• 10:48
  to
• 10:48
  reduce
• 10:49
  their
• 10:49
  cost
• 10:49
  of
• 10:49
  acquisition.
• 10:50
  So
• 10:51
  I
• 10:51
  would
• 10:51
  say
• 10:51
  of
• 10:51
  all
• 10:51
  the
• 10:52
  examples
• 10:53
  that
• 10:53
  I
• 10:53
  shared,
• 10:53
  that's
• 10:54
  probably
• 10:54
  the
• 10:55
  one
• 10:55
  that's
• 10:55
  the
• 10:56
  most
• 10:56
  common,
• 10:57
  at
• 10:57
  least
• 10:57
  in
• 10:57
  the
• 10:57
  last
• 10:57
  12
• 10:57
  months.
• 10:58
  I
• 10:58
  love
• 10:59
  that
• 10:59
  example,
• 10:59
  David.
• 11:00
  I
• 11:00
  think
• 11:00
  it's
• 11:00
  important
• 11:00
  to
• 11:00
  call
• 11:01
  out
• 11:01
  there
• 11:01
  like
• 11:02
  it's,
• 11:02
  you
• 11:02
  have
• 11:03
  to
• 11:03
  be,
• 11:03
  well
• 11:03
  one,
• 11:04
  your
• 11:04
  teams
• 11:04
  have
• 11:04
  to
• 11:04
  be
• 11:05
  very
• 11:05
  closely
• 11:06
  aligned
• 11:06
  within
• 11:06
  the
• 11:07
  retail
• 11:07
  organization
• 11:08
  so
• 11:08
  that
• 11:08
  you,
• 11:08
  you
• 11:09
  can
• 11:09
  understand
• 11:09
  the
• 11:10
  value
• 11:10
  there,
• 11:10
  that
• 11:11
  maybe
• 11:11
  you're
• 11:11
  reducing
• 11:12
  your
• 11:12
  customer
• 11:12
  acquisition
• 11:13
  costs
• 11:13
  a
• 11:14
  little
• 11:14
  bit.
• 11:14
  So
• 11:14
  the
• 11:14
  marketing
• 11:15
  team
• 11:15
  is
• 11:15
  saving
• 11:16
  some
• 11:16
  money.
• 11:16
  Yes,
• 11:17
  you
• 11:17
  have
• 11:17
  to
• 11:17
  ship
• 11:17
  back
• 11:18
  the
• 11:18
  product,
• 11:18
  but
• 11:18
  I
• 11:19
  think
• 11:19
  that's
• 11:19
  a
• 11:19
  really.
• 11:21
  I
• 11:21
  had
• 11:21
  not
• 11:21
  thought
• 11:21
  about
• 11:22
  that
• 11:22
  as,
• 11:22
  as
• 11:23
  a
• 11:23
  way
• 11:23
  to
• 11:23
  kind
• 11:23
  of
• 11:24
  make
• 11:24
  up
• 11:24
  some
• 11:24
  ground
• 11:25
  for
• 11:25
  some
• 11:25
  of
• 11:25
  these
• 11:26
  returns.
• 11:26
  So
• 11:27
  that's
• 11:28
  a
• 11:28
  fascinating
• 11:29
  thing.
• 11:29
  I
• 11:29
  just
• 11:29
  want
• 11:29
  to
• 11:29
  make
• 11:30
  sure
• 11:30
  that
• 11:30
  the
• 11:30
  audience
• 11:30
  is
• 11:31
  listening
• 11:31
  to
• 11:31
  and
• 11:31
  paying
• 11:32
  attention
• 11:32
  to
• 11:32
  and
• 11:32
  thinking
• 11:33
  about
• 11:33
  within
• 11:33
  their
• 11:33
  organizations.
• 11:34
  Can
• 11:34
  you
• 11:34
  do
• 11:35
  that?
• 11:35
  The
• 11:35
  question
• 11:36
  is
• 11:36
  always
• 11:36
  like,
• 11:37
  does
• 11:38
  this
• 11:38
  change
• 11:38
  behavior?
• 11:40
  Totally.
• 11:40
  I've
• 11:41
  had
• 11:41
  a
• 11:41
  lot
• 11:41
  of
• 11:41
  conversations
• 11:42
  with
• 11:42
  senior
• 11:43
  E
• 11:43
  Comm
• 11:43
  leaders
• 11:44
  who
• 11:44
  have
• 11:44
  implemented
• 11:45
  some
• 11:45
  form
• 11:46
  of
• 11:46
  shipping
• 11:46
  fees.
• 11:47
  And
• 11:47
  anecdotally
• 11:48
  what
• 11:48
  we've
• 11:48
  resoundedly
• 11:49
  heard
• 11:49
  is
• 11:50
  that
• 11:50
  as
• 11:50
  long
• 11:50
  as
• 11:50
  the
• 11:51
  value
• 11:51
  exchange
• 11:51
  is
• 11:52
  there,
• 11:52
  adding
• 11:53
  in
• 11:54
  nominal
• 11:54
  return
• 11:55
  shipping
• 11:55
  fees
• 11:55
  has
• 11:56
  not
• 11:56
  really
• 11:56
  had
• 11:56
  a
• 11:56
  material
• 11:57
  impact
• 11:57
  on
• 11:58
  conversion
• 11:58
  either.
• 11:59
  And
• 12:00
  I
• 12:00
  think
• 12:00
  that's
• 12:00
  also
• 12:00
  why
• 12:01
  we're
• 12:01
  continuing
• 12:01
  to
• 12:01
  see
• 12:02
  that
• 12:02
  growth
• 12:03
  of
• 12:03
  people
• 12:03
  shipping
• 12:04
  because
• 12:04
  people
• 12:04
  are
• 12:05
  starting
• 12:05
  to
• 12:05
  see
• 12:05
  that
• 12:06
  as
• 12:06
  long
• 12:06
  as
• 12:06
  you're
• 12:06
  providing
• 12:07
  a
• 12:07
  good
• 12:07
  experience
• 12:07
  to
• 12:08
  consumers
• 12:08
  that
• 12:08
  the
• 12:09
  merchandising
• 12:09
  is
• 12:09
  good,
• 12:10
  the
• 12:10
  quality
• 12:10
  is
• 12:10
  good,
• 12:10
  there's
• 12:11
  a
• 12:11
  unique
• 12:11
  value
• 12:11
  offering.
• 12:13
  It
• 12:13
  isn't
• 12:13
  a
• 12:14
  bit
• 12:14
  as
• 12:14
  big
• 12:14
  of
• 12:14
  a
• 12:14
  purchase
• 12:15
  to
• 12:15
  suede
• 12:15
  or
• 12:16
  as
• 12:17
  some
• 12:17
  people
• 12:18
  are
• 12:18
  scared
• 12:18
  about.
• 12:19
  Yeah.
• 12:20
  And
• 12:20
  it's
• 12:20
  probably
• 12:20
  because
• 12:20
  of
• 12:20
  the
• 12:21
  data.
• 12:21
  Which
• 12:21
  leads
• 12:21
  me
• 12:22
  to
• 12:22
  the
• 12:22
  question
• 12:22
  I
• 12:22
  want
• 12:22
  to
• 12:22
  ask
• 12:23
  you.
• 12:23
  I
• 12:23
  comment
• 12:24
  on
• 12:24
  that
• 12:24
  question
• 12:24
  I
• 12:24
  want
• 12:24
  to
• 12:24
  ask
• 12:24
  you.
• 12:25
  One
• 12:25
  is
• 12:25
  like,
• 12:25
  I
• 12:25
  had
• 12:25
  no
• 12:25
  idea
• 12:26
  that
• 12:26
  retailers
• 12:27
  were
• 12:27
  getting
• 12:27
  that
• 12:27
  scientific
• 12:28
  in
• 12:28
  terms
• 12:28
  of
• 12:29
  delineating
• 12:29
  between
• 12:29
  a
• 12:30
  known
• 12:30
  shopper
• 12:30
  versus
• 12:31
  an
• 12:31
  unknown
• 12:31
  shopper
• 12:32
  in
• 12:32
  terms
• 12:32
  of
• 12:32
  what
• 12:32
  their
• 12:32
  return
• 12:33
  policies
• 12:33
  are.
• 12:33
  So
• 12:34
  that
• 12:34
  that's
• 12:34
  kind
• 12:34
  of
• 12:34
  a
• 12:34
  big
• 12:35
  aha
• 12:35
  for,
• 12:36
  for
• 12:36
  Ann
• 12:36
  and
• 12:36
  I
• 12:37
  right
• 12:37
  out
• 12:37
  of
• 12:37
  the
• 12:37
  get
• 12:37
  go
• 12:37
  of
• 12:38
  this
• 12:38
  podcast
• 12:38
  and
• 12:38
  I
• 12:38
  hope
• 12:38
  for
• 12:39
  other
• 12:39
  retailers
• 12:39
  listening
• 12:40
  too,
• 12:40
  to
• 12:40
  be
• 12:40
  like,
• 12:40
  there
• 12:40
  are
• 12:40
  ways
• 12:41
  to
• 12:41
  think
• 12:41
  about
• 12:41
  this
• 12:41
  that
• 12:42
  you
• 12:42
  may
• 12:42
  or
• 12:42
  may
• 12:42
  not
• 12:43
  be
• 12:43
  thinking
• 12:43
  in
• 12:43
  your
• 12:43
  organizations.
• 12:44
  But
• 12:44
  the
• 12:45
  second
• 12:45
  part
• 12:45
  goes
• 12:45
  back
• 12:45
  to
• 12:46
  what
• 12:46
  you
• 12:46
  said.
• 12:46
  My
• 12:46
  question
• 12:47
  now
• 12:47
  goes
• 12:47
  back
• 12:47
  to
• 12:47
  what
• 12:47
  you
• 12:47
  said
• 12:48
  at
• 12:48
  the
• 12:48
  top
• 12:48
  or
• 12:49
  at
• 12:49
  the
• 12:49
  top
• 12:49
  of
• 12:49
  this
• 12:50
  last
• 12:50
  question
• 12:50
  in
• 12:50
  response
• 12:51
  to
• 12:51
  Ann,
• 12:51
  which
• 12:51
  is,
• 12:52
  you
• 12:52
  know,
• 12:53
  customers
• 12:53
  only
• 12:53
  tell
• 12:53
  you
• 12:54
  what
• 12:55
  you
• 12:55
  know.
• 12:55
  They
• 12:55
  tell
• 12:56
  you
• 12:56
  some
• 12:56
  strange
• 12:56
  things
• 12:57
  sometimes.
• 12:57
  And
• 12:57
  my,
• 12:58
  my
• 12:58
  favorite,
• 12:59
  my,
• 12:59
  one
• 12:59
  of
• 12:59
  the
• 12:59
  things
• 12:59
  that
• 13:00
  pisses
• 13:00
  me
• 13:00
  off
• 13:00
  on
• 13:00
  LinkedIn
• 13:01
  more
• 13:01
  than
• 13:01
  anything,
• 13:01
  David,
• 13:02
  is
• 13:02
  when
• 13:02
  somebody
• 13:02
  will
• 13:02
  put
• 13:03
  a
• 13:03
  pithy
• 13:03
  comment
• 13:03
  on
• 13:04
  something
• 13:04
  and
• 13:04
  then
• 13:04
  I
• 13:04
  post
• 13:05
  and
• 13:05
  be
• 13:05
  like,
• 13:05
  why
• 13:05
  don't
• 13:05
  you
• 13:06
  just
• 13:06
  ask
• 13:06
  the
• 13:06
  customer?
• 13:07
  So
• 13:07
  how
• 13:07
  do
• 13:08
  you,
• 13:08
  how
• 13:08
  do
• 13:08
  you
• 13:08
  reckon?
• 13:09
  And
• 13:09
  we
• 13:09
  get
• 13:09
  that
• 13:10
  all
• 13:10
  the
• 13:10
  time,
• 13:10
  don't
• 13:11
  we?
• 13:11
  And
• 13:11
  so
• 13:11
  like,
• 13:11
  yeah,
• 13:11
  how
• 13:12
  do
• 13:12
  you
• 13:12
  reconcile
• 13:13
  that
• 13:13
  belief
• 13:14
  that's
• 13:14
  out
• 13:14
  there
• 13:15
  with
• 13:15
  trying
• 13:16
  to
• 13:16
  figure
• 13:16
  this
• 13:16
  out?
• 13:17
  Because
• 13:17
  if
• 13:17
  you
• 13:17
  ask
• 13:17
  the
• 13:17
  customer,
• 13:18
  do
• 13:18
  you
• 13:18
  want
• 13:18
  to
• 13:18
  be
• 13:18
  charged
• 13:18
  for
• 13:19
  shipping
• 13:19
  for
• 13:19
  this,
• 13:20
  you
• 13:20
  know,
• 13:20
  dynamic
• 13:21
  or
• 13:21
  this
• 13:21
  instance,
• 13:22
  they're
• 13:22
  always
• 13:22
  going
• 13:22
  to
• 13:23
  say
• 13:23
  no.
• 13:23
  But
• 13:24
  you're
• 13:24
  saying
• 13:24
  that
• 13:24
  that's
• 13:25
  actually
• 13:25
  not
• 13:25
  the
• 13:25
  case
• 13:26
  potentially,
• 13:26
  if
• 13:26
  you
• 13:27
  think
• 13:27
  about
• 13:27
  it
• 13:27
  a
• 13:27
  different
• 13:27
  way.
• 13:28
  So
• 13:28
  how
• 13:28
  do
• 13:28
  you
• 13:28
  actually
• 13:29
  unravel
• 13:29
  that
• 13:29
  with
• 13:30
  the
• 13:30
  retailers
• 13:30
  you
• 13:30
  work
• 13:31
  with?
• 13:31
  Yeah,
• 13:32
  I
• 13:32
  think
• 13:33
  one,
• 13:33
  I
• 13:33
  think
• 13:33
  that's
• 13:34
  the
• 13:34
  challenge
• 13:34
  is,
• 13:34
  you
• 13:35
  know,
• 13:35
  consumers
• 13:35
  are
• 13:36
  very
• 13:38
  sensitive
• 13:39
  people
• 13:39
  and
• 13:40
  sometimes
• 13:40
  they
• 13:40
  think
• 13:41
  they
• 13:41
  mean
• 13:41
  and
• 13:41
  sometimes
• 13:41
  they
• 13:42
  don't.
• 13:42
  And
• 13:43
  so
• 13:43
  it's
• 13:43
  hard
• 13:43
  to
• 13:43
  really
• 13:44
  distill,
• 13:44
  you
• 13:44
  know,
• 13:44
  which
• 13:45
  are
• 13:45
  the
• 13:45
  ones
• 13:45
  that
• 13:45
  mean
• 13:45
  the
• 13:46
  most.
• 13:46
  I
• 13:47
  think
• 13:48
  specific
• 13:48
  to
• 13:48
  this
• 13:48
  conversation
• 13:49
  and
• 13:49
  our
• 13:50
  work
• 13:50
  and
• 13:50
  my
• 13:50
  work,
• 13:50
  I
• 13:51
  think
• 13:51
  we
• 13:51
  are
• 13:51
  lucky
• 13:52
  that
• 13:52
  we've
• 13:52
  gone
• 13:52
  through
• 13:52
  this
• 13:53
  process
• 13:53
  with
• 13:53
  so
• 13:54
  many
• 13:54
  retailers.
• 13:55
  So
• 13:56
  where
• 13:56
  we
• 13:56
  are
• 13:56
  as
• 13:56
  a
• 13:56
  company
• 13:57
  now
• 13:57
  is
• 13:57
  that
• 13:57
  we
• 13:58
  have
• 13:58
  a
• 13:58
  lot
• 13:58
  of
• 13:58
  experience
• 13:59
  and
• 13:59
  data
• 13:59
  of
• 13:59
  actually
• 14:00
  working
• 14:00
  with
• 14:01
  retailers
• 14:01
  through
• 14:01
  this
• 14:02
  change
• 14:02
  management
• 14:03
  process,
• 14:04
  through
• 14:04
  the
• 14:04
  step
• 14:04
  change
• 14:05
  process.
• 14:05
  And
• 14:06
  helping
• 14:06
  retailers
• 14:07
  with
• 14:07
  change
• 14:07
  management
• 14:08
  across
• 14:09
  all
• 14:09
  E
• 14:09
  commerce
• 14:09
  and
• 14:10
  post
• 14:10
  purchases
• 14:10
  is
• 14:10
  not
• 14:10
  new
• 14:11
  to
• 14:11
  Us,
• 14:11
  and
• 14:11
  especially
• 14:11
  not
• 14:12
  in
• 14:12
  returns.
• 14:13
  Five,
• 14:13
  six,
• 14:14
  seven
• 14:14
  years
• 14:14
  ago,
• 14:15
  you
• 14:15
  know,
• 14:15
  we
• 14:15
  became
• 14:15
  really
• 14:16
  adept
• 14:16
  at
• 14:16
  helping
• 14:17
  retailers
• 14:18
  take
• 14:18
  the
• 14:18
  label
• 14:19
  out
• 14:19
  of
• 14:19
  the
• 14:19
  box.
• 14:19
  And
• 14:20
  seven
• 14:20
  years
• 14:20
  ago,
• 14:20
  if
• 14:21
  you
• 14:21
  would
• 14:21
  have
• 14:21
  asked
• 14:21
  how,
• 14:22
  how
• 14:22
  do
• 14:22
  consumers
• 14:22
  want
• 14:22
  to
• 14:23
  return?
• 14:23
  Every
• 14:23
  consumer
• 14:24
  would
• 14:24
  say,
• 14:24
  I
• 14:24
  love
• 14:24
  a
• 14:25
  label
• 14:25
  in
• 14:25
  the
• 14:25
  box.
• 14:26
  Sure.
• 14:27
  You
• 14:27
  know,
• 14:27
  and
• 14:27
  so
• 14:27
  we,
• 14:28
  we're
• 14:28
  really
• 14:28
  adept
• 14:29
  and
• 14:29
  we've
• 14:29
  become
• 14:29
  really
• 14:30
  adept
• 14:30
  at
• 14:30
  helping
• 14:31
  retailers
• 14:32
  through
• 14:32
  that
• 14:32
  kind
• 14:32
  of
• 14:33
  consultative
• 14:33
  guidance
• 14:33
  that
• 14:34
  I
• 14:34
  shared
• 14:34
  at
• 14:34
  the
• 14:34
  top
• 14:34
  that
• 14:35
  I'm
• 14:35
  really
• 14:35
  proud
• 14:35
  of,
• 14:36
  of,
• 14:36
  you
• 14:37
  know,
• 14:37
  making
• 14:37
  them
• 14:37
  feel
• 14:38
  like
• 14:38
  it's
• 14:38
  okay,
• 14:39
  that
• 14:39
  consumers
• 14:40
  are,
• 14:41
  you
• 14:41
  know,
• 14:41
  both
• 14:41
  fickle
• 14:42
  but
• 14:42
  resilient
• 14:43
  and
• 14:43
  that
• 14:43
  as
• 14:43
  long
• 14:43
  as
• 14:44
  you're
• 14:44
  providing
• 14:44
  the
• 14:45
  right
• 14:45
  level
• 14:45
  of
• 14:45
  help
• 14:46
  and
• 14:46
  information
• 14:47
  and
• 14:47
  guidance,
• 14:48
  they're
• 14:48
  going
• 14:49
  to
• 14:49
  adapt
• 14:49
  to
• 14:49
  things,
• 14:50
  you
• 14:50
  know,
• 14:50
  that,
• 14:51
  that
• 14:51
  are
• 14:51
  reasonable.
• 14:53
  I
• 14:53
  think
• 14:53
  for
• 14:53
  those
• 14:53
  retailers
• 14:54
  who
• 14:54
  are
• 14:54
  maybe
• 14:54
  thinking
• 14:55
  about
• 14:55
  charging
• 14:56
  and
• 14:56
  aren't
• 14:57
  yet,
• 14:57
  I
• 14:57
  think
• 14:57
  the
• 14:57
  good
• 14:58
  news
• 14:58
  is
• 14:59
  over
• 14:59
  half
• 14:59
  of
• 14:59
  our
• 14:59
  retailers
• 15:00
  are
• 15:00
  already
• 15:00
  doing
• 15:00
  it.
• 15:01
  And
• 15:01
  the
• 15:01
  chances
• 15:01
  are
• 15:02
  that
• 15:02
  one
• 15:02
  of
• 15:02
  your
• 15:02
  consumers
• 15:03
  shops
• 15:04
  with
• 15:04
  one
• 15:04
  of
• 15:04
  our
• 15:04
  other
• 15:05
  half
• 15:05
  of
• 15:05
  the
• 15:05
  consumers
• 15:06
  doing
• 15:06
  it.
• 15:06
  It's
• 15:07
  pretty
• 15:07
  likely.
• 15:08
  And
• 15:08
  so
• 15:09
  I
• 15:09
  think
• 15:09
  a
• 15:09
  lot
• 15:09
  of
• 15:10
  people
• 15:10
  who
• 15:10
  might
• 15:10
  be
• 15:10
  seen
• 15:11
  now
• 15:11
  as
• 15:11
  like
• 15:11
  kind
• 15:11
  of
• 15:11
  late
• 15:12
  decision
• 15:12
  makers
• 15:12
  are
• 15:13
  going
• 15:13
  to
• 15:13
  have
• 15:13
  the
• 15:13
  benefit
• 15:14
  of
• 15:14
  a
• 15:14
  lot
• 15:14
  of
• 15:14
  the
• 15:14
  early
• 15:14
  movers
• 15:15
  because
• 15:16
  consumers
• 15:16
  now
• 15:16
  are
• 15:16
  becoming
• 15:17
  more
• 15:17
  adapted
• 15:18
  and
• 15:18
  socialized
• 15:19
  to
• 15:19
  some
• 15:19
  of
• 15:19
  the
• 15:20
  changes
• 15:20
  and
• 15:20
  return
• 15:21
  policies
• 15:21
  and
• 15:21
  returns
• 15:22
  practices
• 15:22
  that
• 15:23
  have
• 15:23
  been
• 15:23
  happening
• 15:23
  over
• 15:23
  the
• 15:24
  last
• 15:24
  two
• 15:24
  to
• 15:24
  five
• 15:24
  years.
• 15:25
  Yeah,
• 15:25
  David,
• 15:26
  I
• 15:26
  checked
• 15:26
  my
• 15:26
  Gmail
• 15:27
  while
• 15:27
  you
• 15:27
  said
• 15:28
  that
• 15:28
  and
• 15:29
  I'm
• 15:29
  not
• 15:29
  even
• 15:29
  going
• 15:29
  to
• 15:30
  tell
• 15:30
  you
• 15:30
  how
• 15:30
  many
• 15:30
  Narvar
• 15:31
  emails
• 15:31
  I
• 15:31
  have
• 15:32
  in
• 15:32
  there.
• 15:32
  And
• 15:32
  that's
• 15:32
  just
• 15:33
  from
• 15:33
  like
• 15:33
  the
• 15:33
  last
• 15:34
  six
• 15:34
  months.
• 15:35
  So
• 15:35
  I
• 15:36
  can
• 15:36
  attest
• 15:36
  you
• 15:37
  are.
• 15:37
  What
• 15:37
  you
• 15:37
  are
• 15:37
  talking
• 15:38
  about
• 15:38
  is
• 15:38
  true.
• 15:39
  I.
• 15:39
  You're
• 15:40
  definitely
• 15:40
  interacting,
• 15:40
  your
• 15:41
  customers
• 15:41
  are
• 15:41
  definitely
• 15:42
  interacting
• 15:42
  with
• 15:43
  more
• 15:43
  than
• 15:44
  just
• 15:44
  you
• 15:45
  and
• 15:45
  experiencing
• 15:46
  this,
• 15:46
  this
• 15:46
  type
• 15:46
  of
• 15:46
  thing
• 15:47
  across
• 15:47
  the
• 15:48
  board.
• 15:48
  Because
• 15:48
  you
• 15:48
  guys
• 15:48
  have
• 15:49
  90%
• 15:49
  of
• 15:50
  like
• 15:50
  90%
• 15:51
  of
• 15:51
  the,
• 15:52
  the
• 15:52
  country
• 15:52
  is
• 15:53
  interacting
• 15:53
  with
• 15:54
  Narvar
• 15:54
  at
• 15:54
  some
• 15:54
  point
• 15:55
  in
• 15:55
  time.
• 15:55
  I
• 15:55
  remember
• 15:55
  Catherine,
• 15:56
  maybe
• 15:56
  at
• 15:56
  the
• 15:57
  end.
• 15:57
  Of
• 15:57
  this
• 15:57
  webinar
• 15:57
  we'll
• 15:57
  take
• 15:58
  a
• 15:58
  bet.
• 15:58
  We'll
• 15:58
  take
• 15:59
  guesses
• 15:59
  between
• 15:59
  David
• 16:00
  and
• 16:00
  I
• 16:00
  and
• 16:00
  how
• 16:00
  many,
• 16:00
  how
• 16:00
  many
• 16:01
  there
• 16:01
  are
• 16:01
  actually
• 16:01
  in
• 16:01
  your
• 16:02
  inbox
• 16:02
  ad.
• 16:03
  But
• 16:03
  David,
• 16:03
  that
• 16:03
  means
• 16:04
  the
• 16:04
  first
• 16:04
  question
• 16:04
  to
• 16:05
  ask
• 16:05
  is,
• 16:05
  do
• 16:05
  you
• 16:05
  delete
• 16:06
  your
• 16:06
  emails?
• 16:06
  Because
• 16:06
  I
• 16:07
  don't
• 16:07
  delete
• 16:07
  my
• 16:07
  emails.
• 16:08
  So
• 16:08
  it's
• 16:08
  a
• 16:08
  crazy
• 16:09
  number.
• 16:09
  No,
• 16:10
  just
• 16:10
  archive,
• 16:11
  just
• 16:11
  archive
• 16:12
  it
• 16:12
  now.
• 16:12
  I'm
• 16:12
  Michigan.
• 16:13
  I
• 16:13
  deleted
• 16:13
  them.
• 16:14
  Yeah,
• 16:14
  right,
• 16:15
  right.
• 16:15
  The
• 16:16
  other
• 16:16
  point
• 16:16
  too
• 16:16
  that
• 16:16
  I
• 16:16
  want
• 16:16
  to
• 16:16
  call
• 16:17
  out
• 16:17
  to
• 16:17
  what
• 16:17
  you
• 16:17
  said,
• 16:17
  David,
• 16:17
  is
• 16:18
  like
• 16:18
  sometimes
• 16:18
  you
• 16:19
  just
• 16:19
  got
• 16:19
  to
• 16:19
  try
• 16:19
  stuff,
• 16:20
  you
• 16:20
  know,
• 16:20
  and
• 16:21
  that's
• 16:21
  right.
• 16:21
  I
• 16:21
  mean
• 16:21
  that's
• 16:22
  the
• 16:22
  other
• 16:22
  thing.
• 16:22
  Like
• 16:22
  you've
• 16:23
  just
• 16:23
  got
• 16:23
  to
• 16:23
  try
• 16:24
  some
• 16:24
  things.
• 16:24
  And
• 16:24
  the
• 16:24
  digital
• 16:25
  space
• 16:25
  particularly
• 16:26
  enables
• 16:26
  you
• 16:26
  to
• 16:26
  do
• 16:26
  that.
• 16:26
  And
• 16:27
  retail
• 16:27
  does
• 16:27
  too,
• 16:27
  which
• 16:27
  is
• 16:28
  actually
• 16:28
  why
• 16:28
  I
• 16:29
  personally
• 16:29
  got
• 16:29
  into
• 16:29
  retail
• 16:30
  back
• 16:30
  in
• 16:30
  the
• 16:30
  late
• 16:31
  90s,
• 16:31
  because
• 16:31
  that's
• 16:31
  the
• 16:31
  thing
• 16:31
  that
• 16:32
  attracted
• 16:32
  me
• 16:32
  to
• 16:32
  it,
• 16:32
  is
• 16:32
  you
• 16:33
  can
• 16:33
  just
• 16:33
  try
• 16:33
  new
• 16:33
  things
• 16:34
  very
• 16:34
  easily.
• 16:34
  So.
• 16:35
  All
• 16:35
  right,
• 16:35
  well,
• 16:35
  what
• 16:35
  else
• 16:35
  seems
• 16:36
  to
• 16:36
  be
• 16:36
  top
• 16:36
  of
• 16:36
  mind?
• 16:36
  We
• 16:36
  talked
• 16:37
  a
• 16:37
  lot
• 16:37
  about
• 16:37
  potentially
• 16:38
  charging
• 16:38
  for
• 16:38
  returns
• 16:39
  and
• 16:39
  it
• 16:39
  sounds
• 16:39
  like
• 16:39
  there's
• 16:40
  some
• 16:40
  momentum
• 16:40
  heading
• 16:40
  in
• 16:40
  that
• 16:41
  direction.
• 16:41
  What,
• 16:42
  what,
• 16:42
  what
• 16:42
  else
• 16:43
  is
• 16:43
  top
• 16:43
  of
• 16:43
  mind
• 16:43
  for
• 16:43
  retailers
• 16:44
  in
• 16:44
  terms
• 16:44
  of
• 16:44
  trying
• 16:45
  to
• 16:45
  stop
• 16:45
  this
• 16:45
  $1
• 16:46
  trillion
• 16:46
  bleed,
• 16:47
  so
• 16:47
  to
• 16:47
  speak?
• 16:48
  Yeah,
• 16:48
  I
• 16:48
  think
• 16:49
  the,
• 16:49
  I
• 16:49
  think
• 16:50
  that
• 16:50
  piece
• 16:50
  alone
• 16:51
  is
• 16:51
  the
• 16:51
  top
• 16:51
  of
• 16:52
  my
• 16:52
  number.
• 16:52
  Right.
• 16:52
  Is
• 16:53
  that
• 16:53
  $1
• 16:53
  trillion?
• 16:54
  I
• 16:54
  don't
• 16:54
  know
• 16:54
  how
• 16:54
  many
• 16:54
  zeros
• 16:55
  that
• 16:55
  is.
• 16:55
  We
• 16:55
  just
• 16:55
  write
• 16:55
  a
• 16:56
  T.
• 16:56
  It
• 16:56
  is
• 16:56
  so
• 16:57
  big,
• 16:58
  you
• 16:58
  know,
• 16:58
  and
• 16:58
  I
• 16:58
  think
• 16:58
  what
• 16:59
  a
• 16:59
  lot
• 16:59
  of
• 16:59
  maybe
• 16:59
  people
• 17:00
  who
• 17:00
  aren't
• 17:01
  as
• 17:01
  embedded
• 17:01
  in
• 17:02
  the
• 17:02
  business
• 17:02
  as
• 17:02
  we
• 17:02
  are
• 17:02
  don't
• 17:03
  really
• 17:03
  understand
• 17:03
  how
• 17:03
  costly
• 17:04
  returns
• 17:05
  really
• 17:05
  are.
• 17:05
  And
• 17:05
  what
• 17:06
  is
• 17:06
  accounting
• 17:06
  for
• 17:06
  that
• 17:07
  trillion
• 17:07
  dollar
• 17:07
  problem?
• 17:08
  You
• 17:08
  know,
• 17:08
  we
• 17:09
  like
• 17:09
  to
• 17:09
  estimate
• 17:10
  that
• 17:10
  any
• 17:10
  time
• 17:11
  a
• 17:11
  consumer
• 17:11
  makes
• 17:12
  return,
• 17:12
  it
• 17:13
  costs
• 17:13
  $30
• 17:14
  on
• 17:14
  average.
• 17:15
  But
• 17:15
  I've
• 17:16
  been
• 17:16
  doing
• 17:16
  a
• 17:16
  lot
• 17:16
  of
• 17:16
  speaking
• 17:17
  or
• 17:17
  discussing
• 17:18
  with
• 17:18
  a
• 17:18
  lot
• 17:18
  of
• 17:18
  our
• 17:18
  customers
• 17:18
  and
• 17:19
  some
• 17:19
  of
• 17:19
  our
• 17:19
  customers
• 17:20
  have
• 17:20
  told
• 17:20
  us
• 17:20
  that
• 17:20
  they
• 17:20
  actually
• 17:21
  estimate
• 17:21
  that
• 17:22
  to
• 17:22
  be
• 17:22
  closer
• 17:22
  to
• 17:22
  $75
• 17:23
  to
• 17:23
  $100.
• 17:25
  Oh
• 17:25
  my
• 17:25
  gosh.
• 17:26
  About
• 17:26
  the
• 17:26
  all
• 17:27
  in
• 17:27
  process,
• 17:28
  right?
• 17:28
  Shipping
• 17:29
  plus
• 17:30
  labor
• 17:30
  at
• 17:30
  the
• 17:30
  DC
• 17:31
  plus
• 17:31
  potential
• 17:32
  like
• 17:32
  loss
• 17:33
  of
• 17:33
  dollars
• 17:34
  because
• 17:34
  the
• 17:34
  turnaround
• 17:35
  or
• 17:35
  they
• 17:35
  can't
• 17:35
  resell
• 17:36
  it,
• 17:36
  the
• 17:36
  accounting
• 17:37
  for
• 17:37
  the
• 17:37
  shrinkage,
• 17:38
  the
• 17:39
  repackaging,
• 17:39
  like
• 17:40
  if
• 17:40
  you
• 17:40
  really
• 17:41
  think
• 17:41
  about
• 17:41
  all
• 17:42
  of
• 17:42
  the
• 17:42
  steps
• 17:42
  that
• 17:42
  it
• 17:43
  would
• 17:43
  take
• 17:43
  to
• 17:43
  actually
• 17:43
  get
• 17:44
  back
• 17:44
  a
• 17:44
  return,
• 17:45
  get
• 17:45
  it
• 17:45
  into
• 17:46
  either
• 17:46
  a
• 17:46
  sellable
• 17:46
  form
• 17:47
  or
• 17:47
  a
• 17:47
  liquidatable
• 17:48
  form,
• 17:49
  like
• 17:49
  how
• 17:49
  much
• 17:50
  is
• 17:50
  that,
• 17:51
  you
• 17:51
  guys?
• 17:52
  I
• 17:52
  think
• 17:52
  both
• 17:52
  have
• 17:52
  a
• 17:52
  merchant
• 17:52
  background,
• 17:53
  so
• 17:53
  I
• 17:53
  don't
• 17:53
  have
• 17:53
  to
• 17:53
  tell
• 17:54
  you
• 17:54
  this,
• 17:54
  but
• 17:54
  the
• 17:55
  margins
• 17:55
  that
• 17:55
  most
• 17:55
  retailers
• 17:56
  are
• 17:56
  working
• 17:56
  with
• 17:57
  are
• 17:57
  pretty,
• 17:58
  pretty
• 17:58
  thin.
• 17:59
  And
• 17:59
  if
• 17:59
  you
• 17:59
  really
• 17:59
  think
• 18:00
  about
• 18:00
  like
• 18:00
  a
• 18:00
  $75
• 18:01
  cost
• 18:01
  for
• 18:02
  an
• 18:02
  item,
• 18:02
  like
• 18:02
  it's
• 18:03
  really
• 18:03
  easy
• 18:04
  that
• 18:04
  a
• 18:04
  single
• 18:04
  return
• 18:05
  for
• 18:05
  an
• 18:05
  item
• 18:06
  turns
• 18:06
  into
• 18:06
  a
• 18:06
  loss
• 18:07
  pretty
• 18:07
  quickly
• 18:08
  on
• 18:08
  the
• 18:08
  balance
• 18:08
  sheet.
• 18:09
  So
• 18:10
  on
• 18:10
  that
• 18:10
  end,
• 18:11
  I
• 18:11
  think
• 18:11
  retailers
• 18:12
  are
• 18:12
  really
• 18:12
  being
• 18:12
  forced
• 18:13
  to
• 18:13
  take
• 18:13
  this
• 18:13
  like
• 18:14
  laser
• 18:14
  focused
• 18:15
  approach
• 18:15
  to
• 18:15
  all
• 18:16
  steps
• 18:16
  of
• 18:16
  the
• 18:16
  return
• 18:17
  process
• 18:18
  and
• 18:18
  really
• 18:18
  think
• 18:19
  through
• 18:19
  where
• 18:19
  might
• 18:20
  they
• 18:20
  be
• 18:20
  able
• 18:20
  to
• 18:20
  find
• 18:21
  savings,
• 18:22
  you
• 18:22
  know,
• 18:22
  and
• 18:23
  I
• 18:23
  think
• 18:23
  that's
• 18:23
  especially
• 18:24
  relevant
• 18:24
  when
• 18:24
  we
• 18:24
  estimate
• 18:25
  that
• 18:26
  57%
• 18:27
  of
• 18:27
  returns
• 18:28
  stem
• 18:28
  from
• 18:29
  operational
• 18:29
  issues
• 18:30
  and
• 18:30
  not
• 18:30
  true
• 18:30
  consumer
• 18:31
  intent.
• 18:32
  Maybe
• 18:33
  damage
• 18:33
  or
• 18:33
  late
• 18:34
  or
• 18:35
  bad
• 18:35
  descriptions
• 18:36
  on
• 18:36
  a
• 18:36
  website.
• 18:37
  Are
• 18:37
  there
• 18:38
  actually
• 18:38
  avoidable
• 18:39
  things
• 18:39
  that
• 18:39
  could
• 18:39
  have
• 18:39
  helped,
• 18:40
  not
• 18:41
  helped
• 18:41
  avoid
• 18:41
  the
• 18:41
  return
• 18:42
  for
• 18:42
  happening
• 18:43
  in
• 18:43
  the
• 18:43
  first
• 18:43
  place?
• 18:44
  But
• 18:45
  then
• 18:45
  I
• 18:45
  Think
• 18:46
  what's
• 18:47
  the
• 18:47
  trade
• 18:47
  off
• 18:48
  there?
• 18:48
  And
• 18:48
  that's
• 18:48
  kind
• 18:48
  of
• 18:48
  where
• 18:48
  we've
• 18:49
  been
• 18:49
  is
• 18:49
  at
• 18:49
  the
• 18:49
  same
• 18:50
  time,
• 18:50
  we
• 18:50
  also
• 18:50
  know
• 18:50
  that
• 18:52
  retailers
• 18:52
  need
• 18:53
  to
• 18:53
  balance
• 18:53
  consumer
• 18:54
  experience.
• 18:55
  So
• 18:55
  it's
• 18:55
  not
• 18:55
  as
• 18:55
  easy
• 18:56
  as
• 18:56
  just
• 18:56
  adding
• 18:56
  a
• 18:56
  cost
• 18:57
  for
• 18:57
  everyone
• 18:57
  or
• 18:57
  being
• 18:58
  really
• 18:58
  stringent
• 18:58
  and
• 18:59
  just
• 18:59
  cutting
• 18:59
  returns
• 18:59
  out
• 19:00
  of
• 19:00
  the,
• 19:00
  out
• 19:00
  of
• 19:00
  the.
• 19:00
  Like
• 19:01
  not
• 19:01
  allowing
• 19:01
  returns
• 19:02
  at
• 19:02
  all
• 19:02
  or
• 19:03
  forcing
• 19:04
  people
• 19:04
  to
• 19:04
  go
• 19:04
  to
• 19:04
  your
• 19:04
  one
• 19:05
  store
• 19:05
  in
• 19:05
  an
• 19:05
  inconvenient
• 19:06
  area
• 19:06
  if
• 19:06
  they
• 19:07
  want
• 19:07
  to
• 19:07
  make
• 19:07
  a
• 19:07
  return.
• 19:09
  In
• 19:09
  the
• 19:09
  same
• 19:09
  consumer
• 19:10
  surveys
• 19:10
  that
• 19:10
  I
• 19:11
  referenced
• 19:11
  before,
• 19:11
  I
• 19:11
  think
• 19:12
  the
• 19:12
  stat
• 19:12
  that
• 19:12
  really
• 19:13
  I
• 19:14
  like
• 19:14
  to
• 19:14
  lean
• 19:14
  on
• 19:15
  because
• 19:15
  it
• 19:15
  really
• 19:15
  speaks
• 19:15
  to
• 19:16
  the
• 19:16
  importance
• 19:16
  of
• 19:17
  using
• 19:17
  returns
• 19:18
  as
• 19:18
  a
• 19:18
  loyalty
• 19:19
  and
• 19:19
  acquisition
• 19:19
  moment,
• 19:20
  is
• 19:20
  that
• 19:21
  84%
• 19:21
  of
• 19:22
  consumers
• 19:22
  say
• 19:22
  that
• 19:23
  a
• 19:23
  poor
• 19:23
  returns
• 19:24
  experience
• 19:24
  will
• 19:24
  make
• 19:24
  them
• 19:25
  walk
• 19:25
  away
• 19:25
  from
• 19:25
  that
• 19:25
  brand
• 19:26
  and.
• 19:26
  Never
• 19:27
  shop
• 19:27
  with
• 19:27
  them
• 19:27
  again
• 19:28
  ever
• 19:29
  again.
• 19:30
  Ever.
• 19:30
  Well,
• 19:31
  unless
• 19:31
  the
• 19:31
  next
• 19:32
  new
• 19:32
  item
• 19:32
  comes.
• 19:32
  Right.
• 19:32
  But
• 19:33
  I
• 19:33
  think
• 19:33
  it's
• 19:34
  criteria.
• 19:34
  Well,
• 19:35
  no,
• 19:35
  but
• 19:35
  I
• 19:35
  mean,
• 19:35
  you
• 19:35
  gotta
• 19:36
  rehook
• 19:36
  them,
• 19:36
  though.
• 19:36
  You
• 19:36
  gotta
• 19:37
  acquire.
• 19:38
  Right.
• 19:38
  Right.
• 19:39
  Wow.
• 19:40
  One
• 19:40
  of
• 19:40
  the
• 19:40
  stories
• 19:41
  I
• 19:41
  share
• 19:41
  a
• 19:41
  lot
• 19:41
  and
• 19:42
  I've
• 19:42
  been
• 19:43
  using
• 19:43
  this
• 19:43
  story
• 19:43
  a
• 19:43
  lot.
• 19:43
  So
• 19:44
  for
• 19:44
  your
• 19:44
  listeners
• 19:44
  who
• 19:44
  might
• 19:45
  have
• 19:45
  heard
• 19:45
  it
• 19:45
  again,
• 19:45
  I
• 19:45
  apologize.
• 19:47
  But
• 19:47
  I
• 19:47
  love
• 19:47
  it
• 19:47
  because
• 19:47
  I
• 19:48
  promise
• 19:48
  you
• 19:48
  this
• 19:48
  is
• 19:49
  a
• 19:49
  true,
• 19:49
  true
• 19:49
  story.
• 19:51
  I
• 19:51
  was
• 19:51
  at
• 19:51
  ETEL
• 19:52
  this
• 19:52
  year
• 19:53
  in
• 19:53
  Palm
• 19:53
  Springs
• 19:54
  where
• 19:54
  I
• 19:54
  saw
• 19:54
  you
• 19:54
  in,
• 19:55
  and
• 19:56
  I
• 19:56
  was
• 19:56
  at
• 19:56
  one
• 19:57
  of
• 19:57
  the
• 19:57
  opening
• 19:57
  cocktail
• 19:58
  parties
• 19:58
  and
• 19:58
  we
• 19:58
  were
• 19:59
  chatting
• 19:59
  with
• 19:59
  this
• 19:59
  woman
• 19:59
  and
• 20:00
  she
• 20:00
  was
• 20:00
  like,
• 20:00
  oh,
• 20:01
  what's
• 20:01
  Darbar
• 20:02
  explained
• 20:02
  it
• 20:02
  to
• 20:02
  her
• 20:03
  and
• 20:03
  she
• 20:03
  started
• 20:03
  to
• 20:03
  think
• 20:04
  and
• 20:04
  she
• 20:04
  was
• 20:05
  like,
• 20:05
  returns.
• 20:06
  And
• 20:06
  she's
• 20:07
  like,
• 20:07
  you
• 20:07
  know
• 20:07
  what?
• 20:08
  I
• 20:08
  recently
• 20:09
  bought
• 20:09
  a
• 20:09
  chandelier.
• 20:10
  And
• 20:10
  I
• 20:10
  got
• 20:10
  it.
• 20:11
  I
• 20:11
  was
• 20:11
  super
• 20:11
  excited.
• 20:11
  I
• 20:12
  opened
• 20:12
  it
• 20:12
  up
• 20:12
  and
• 20:13
  I
• 20:13
  hated
• 20:13
  it.
• 20:13
  And
• 20:14
  she
• 20:14
  said
• 20:14
  the
• 20:14
  first
• 20:15
  thing
• 20:15
  that
• 20:15
  went
• 20:15
  through
• 20:16
  my
• 20:16
  body
• 20:16
  was
• 20:16
  dreadful.
• 20:17
  How
• 20:18
  am
• 20:18
  I
• 20:18
  possibly
• 20:19
  going
• 20:19
  to
• 20:19
  return
• 20:19
  this
• 20:20
  giant
• 20:20
  chandelier?
• 20:22
  So
• 20:22
  she,
• 20:22
  you
• 20:22
  know,
• 20:23
  told
• 20:23
  this
• 20:23
  whole
• 20:23
  story
• 20:23
  and
• 20:23
  you
• 20:24
  could
• 20:24
  see
• 20:24
  that
• 20:24
  she
• 20:24
  was
• 20:24
  getting
• 20:24
  emotional
• 20:25
  in
• 20:25
  her
• 20:25
  face.
• 20:25
  And
• 20:25
  she's
• 20:26
  like.
• 20:26
  So
• 20:26
  I
• 20:26
  like,
• 20:26
  went
• 20:26
  online
• 20:27
  and
• 20:27
  I
• 20:27
  was
• 20:27
  just
• 20:28
  thinking,
• 20:28
  like,
• 20:28
  I'm
• 20:29
  going
• 20:29
  to
• 20:29
  have
• 20:29
  to
• 20:29
  like,
• 20:29
  drive
• 20:30
  to
• 20:30
  some
• 20:30
  warehouse
• 20:31
  and
• 20:31
  like,
• 20:32
  pay
• 20:32
  all
• 20:32
  this
• 20:32
  money
• 20:33
  and
• 20:33
  who
• 20:33
  knows?
• 20:35
  And
• 20:35
  she
• 20:35
  said
• 20:35
  to
• 20:36
  her
• 20:36
  surprise
• 20:36
  and
• 20:36
  delight,
• 20:37
  this
• 20:37
  particular
• 20:37
  retailer
• 20:38
  had
• 20:38
  a
• 20:38
  great
• 20:38
  returns
• 20:39
  program.
• 20:39
  They
• 20:40
  offered
• 20:40
  a
• 20:40
  free
• 20:40
  home
• 20:41
  pickup
• 20:41
  to
• 20:41
  come
• 20:41
  the
• 20:42
  next
• 20:42
  day
• 20:43
  to
• 20:43
  pick
• 20:43
  up
• 20:43
  and
• 20:43
  box
• 20:43
  up
• 20:44
  the
• 20:44
  chandelier
• 20:44
  and
• 20:44
  take
• 20:45
  it
• 20:45
  away.
• 20:46
  So
• 20:46
  she
• 20:46
  did
• 20:46
  all
• 20:46
  that.
• 20:47
  And
• 20:47
  then
• 20:47
  she
• 20:47
  realized,
• 20:48
  she
• 20:48
  said,
• 20:48
  and
• 20:48
  you
• 20:48
  know
• 20:48
  what?
• 20:49
  The
• 20:49
  next
• 20:49
  thing
• 20:49
  I
• 20:49
  did
• 20:49
  was
• 20:50
  I
• 20:50
  sat
• 20:50
  on
• 20:50
  my
• 20:50
  couch
• 20:51
  and
• 20:51
  said,
• 20:51
  you
• 20:51
  know
• 20:51
  what?
• 20:52
  I
• 20:52
  still
• 20:52
  need
• 20:52
  a
• 20:52
  chandelier.
• 20:54
  And
• 20:54
  she
• 20:54
  immediately
• 20:54
  went
• 20:55
  back
• 20:55
  to
• 20:55
  that
• 20:55
  retailer
• 20:55
  site
• 20:56
  because
• 20:56
  of
• 20:56
  how
• 20:56
  great
• 20:57
  of
• 20:57
  an
• 20:57
  experience
• 20:57
  they
• 20:57
  gave
• 20:58
  her
• 20:58
  and
• 20:58
  started
• 20:58
  shopping
• 20:59
  for
• 20:59
  a
• 20:59
  new
• 20:59
  chandelier
• 21:00
  again.
• 21:00
  And
• 21:00
  I
• 21:01
  think
• 21:01
  that
• 21:02
  story,
• 21:02
  I
• 21:03
  think
• 21:03
  really
• 21:03
  encapsulates
• 21:04
  why
• 21:04
  it's
• 21:05
  really
• 21:05
  important
• 21:05
  for
• 21:06
  retailers
• 21:06
  to
• 21:06
  look
• 21:06
  at
• 21:07
  the
• 21:08
  entire
• 21:08
  returns
• 21:09
  experience
• 21:09
  holistically.
• 21:10
  Yes,
• 21:11
  we
• 21:11
  absolutely
• 21:11
  agree.
• 21:12
  There
• 21:12
  is
• 21:13
  things
• 21:13
  happening
• 21:14
  within
• 21:14
  a
• 21:14
  retailer's
• 21:15
  return
• 21:15
  network
• 21:15
  that
• 21:16
  really
• 21:16
  could
• 21:17
  be
• 21:17
  better
• 21:17
  optimized
• 21:18
  to
• 21:18
  help
• 21:18
  them
• 21:18
  save
• 21:19
  costs,
• 21:19
  potentially
• 21:20
  reduce
• 21:20
  return
• 21:21
  rates.
• 21:21
  But
• 21:22
  introducing
• 21:23
  too
• 21:23
  much
• 21:23
  friction
• 21:24
  into
• 21:24
  the
• 21:24
  returns
• 21:24
  process
• 21:25
  for
• 21:25
  consumers
• 21:25
  can
• 21:26
  actually
• 21:26
  have
• 21:26
  a
• 21:26
  really
• 21:26
  negative
• 21:27
  impact.
• 21:28
  And
• 21:28
  especially
• 21:28
  if
• 21:29
  you
• 21:29
  believe
• 21:29
  like
• 21:29
  I
• 21:30
  do,
• 21:30
  and
• 21:30
  I
• 21:30
  think
• 21:30
  you
• 21:31
  both
• 21:31
  do,
• 21:31
  that
• 21:32
  most
• 21:32
  consumers
• 21:33
  are
• 21:33
  well
• 21:33
  intended
• 21:33
  and
• 21:34
  really
• 21:34
  do
• 21:34
  want
• 21:35
  not
• 21:36
  to
• 21:36
  have
• 21:36
  to
• 21:36
  return.
• 21:37
  Like
• 21:37
  how
• 21:37
  do
• 21:37
  you
• 21:37
  really
• 21:38
  make
• 21:38
  sure
• 21:38
  that
• 21:38
  you're
• 21:38
  using
• 21:38
  your
• 21:39
  returns
• 21:39
  as
• 21:39
  a
• 21:39
  loyalty
• 21:40
  driving
• 21:40
  moment?
• 21:42
  That
• 21:43
  makes
• 21:43
  a
• 21:43
  lot
• 21:43
  of
• 21:43
  sense
• 21:43
  and
• 21:44
  I,
• 21:44
  I
• 21:44
  love
• 21:44
  that
• 21:45
  story.
• 21:45
  I
• 21:45
  think
• 21:45
  that's
• 21:46
  so
• 21:46
  true.
• 21:46
  I
• 21:47
  mean,
• 21:47
  I
• 21:47
  feel
• 21:48
  that
• 21:48
  way
• 21:48
  about
• 21:48
  Walmart
• 21:49
  now
• 21:49
  that
• 21:49
  they
• 21:49
  come
• 21:49
  and
• 21:50
  pick
• 21:50
  up
• 21:50
  the
• 21:50
  returns
• 21:51
  for
• 21:51
  my
• 21:51
  house.
• 21:51
  Like
• 21:52
  that
• 21:52
  that
• 21:52
  alone
• 21:53
  was
• 21:53
  enough
• 21:53
  to,
• 21:54
  to
• 21:54
  get
• 21:54
  me,
• 21:55
  you
• 21:55
  know,
• 21:55
  on
• 21:55
  the
• 21:56
  right
• 21:56
  track
• 21:56
  to
• 21:56
  be
• 21:57
  like,
• 21:57
  okay,
• 21:57
  well
• 21:58
  if
• 21:58
  I
• 21:58
  don't
• 21:58
  like
• 21:58
  this,
• 21:59
  I
• 21:59
  can
• 21:59
  just
• 21:59
  have,
• 21:59
  you
• 22:00
  know,
• 22:00
  somebody
• 22:00
  will
• 22:00
  come
• 22:00
  to
• 22:01
  my
• 22:01
  house
• 22:01
  and
• 22:01
  pick
• 22:01
  it
• 22:01
  up.
• 22:02
  Like
• 22:02
  that
• 22:02
  does
• 22:02
  make
• 22:02
  a
• 22:02
  big
• 22:03
  difference.
• 22:04
  And
• 22:04
  I
• 22:04
  hadn't
• 22:05
  thought
• 22:05
  about
• 22:05
  it
• 22:05
  until
• 22:05
  that
• 22:06
  chandelier
• 22:06
  story.
• 22:07
  So
• 22:07
  I'm
• 22:07
  glad
• 22:08
  that
• 22:08
  you
• 22:08
  told
• 22:08
  it.
• 22:08
  David.
• 22:10
  I,
• 22:10
  I
• 22:10
  want
• 22:10
  to
• 22:10
  move
• 22:10
  in
• 22:11
  though
• 22:11
  to
• 22:12
  something
• 22:12
  that
• 22:12
  you
• 22:12
  were
• 22:12
  just
• 22:13
  talking
• 22:13
  about
• 22:14
  on
• 22:14
  the
• 22:14
  operations
• 22:15
  side.
• 22:15
  You
• 22:16
  know,
• 22:16
  we
• 22:16
  talked
• 22:16
  about,
• 22:17
  you
• 22:17
  know,
• 22:17
  it,
• 22:18
  the
• 22:18
  cost
• 22:18
  of
• 22:19
  an
• 22:19
  item
• 22:20
  being
• 22:20
  returned
• 22:20
  is
• 22:20
  in
• 22:21
  the
• 22:21
  high
• 22:21
  $70
• 22:22
  range
• 22:22
  now
• 22:23
  because
• 22:23
  of
• 22:23
  things
• 22:24
  like
• 22:24
  the
• 22:24
  number
• 22:25
  of
• 22:25
  hands
• 22:25
  that
• 22:26
  have
• 22:26
  to
• 22:26
  touch
• 22:26
  it
• 22:26
  to
• 22:26
  process
• 22:27
  it
• 22:27
  to
• 22:27
  get
• 22:27
  it
• 22:27
  back
• 22:27
  in
• 22:27
  the
• 22:28
  rotation.
• 22:29
  What
• 22:30
  have
• 22:30
  you
• 22:30
  seen
• 22:31
  with
• 22:31
  your
• 22:31
  visibility
• 22:32
  to
• 22:32
  all
• 22:32
  these
• 22:32
  retailers?
• 22:33
  What
• 22:33
  have
• 22:33
  you
• 22:33
  seen
• 22:33
  retailers
• 22:34
  do
• 22:35
  that
• 22:35
  helps
• 22:36
  them
• 22:36
  manage
• 22:36
  operations
• 22:37
  more
• 22:37
  efficiently
• 22:38
  and
• 22:38
  successfully
• 22:39
  and
• 22:39
  then
• 22:39
  kind
• 22:40
  of
• 22:40
  try
• 22:40
  to
• 22:40
  drive
• 22:41
  down
• 22:41
  that
• 22:41
  cost
• 22:41
  of
• 22:42
  returns
• 22:42
  without
• 22:43
  this,
• 22:43
  this
• 22:43
  alienation
• 22:44
  of
• 22:44
  customers
• 22:45
  or
• 22:45
  creating
• 22:46
  a
• 22:46
  ban
• 22:46
  or
• 22:47
  something
• 22:47
  like
• 22:47
  that?
• 22:48
  Yeah.
• 22:48
  First,
• 22:49
  you
• 22:49
  are
• 22:49
  the
• 22:50
  nation's
• 22:50
  greatest
• 22:51
  micro
• 22:51
  influencer
• 22:51
  of
• 22:51
  Walmart
• 22:52
  Plus.
• 22:52
  I
• 22:52
  am
• 22:53
  not
• 22:53
  a
• 22:53
  subscriber,
• 22:54
  but
• 22:54
  I
• 22:54
  might
• 22:54
  be
• 22:55
  after,
• 22:55
  after
• 22:55
  your
• 22:56
  latest
• 22:56
  pitch.
• 22:57
  Oh
• 22:57
  my
• 22:57
  God.
• 22:58
  I
• 22:59
  got
• 22:59
  accused
• 22:59
  of
• 22:59
  that
• 23:00
  over
• 23:00
  the
• 23:00
  holiday
• 23:01
  weekend
• 23:01
  a
• 23:01
  couple
• 23:02
  of
• 23:02
  weeks
• 23:02
  ago.
• 23:02
  My,
• 23:03
  my
• 23:03
  brother
• 23:03
  was
• 23:04
  like,
• 23:04
  why
• 23:04
  don't
• 23:05
  you
• 23:05
  just
• 23:05
  go
• 23:05
  work
• 23:05
  for
• 23:05
  Walmart
• 23:06
  Plus?
• 23:06
  And
• 23:06
  I
• 23:06
  was
• 23:07
  like,
• 23:07
  well,
• 23:07
  you
• 23:07
  never
• 23:08
  know.
• 23:08
  Yeah.
• 23:09
  But
• 23:09
  yes,
• 23:09
  continue,
• 23:11
  I
• 23:11
  might
• 23:11
  be
• 23:12
  sold.
• 23:12
  Finally.
• 23:13
  I'm
• 23:14
  a
• 23:14
  creature
• 23:14
  of
• 23:14
  habit
• 23:14
  though,
• 23:15
  so
• 23:16
  I
• 23:16
  got
• 23:16
  to
• 23:16
  make
• 23:16
  that
• 23:16
  my
• 23:17
  habit.
• 23:17
  I
• 23:17
  think.
• 23:17
  Is
• 23:17
  this
• 23:18
  right?
• 23:18
  Yeah.
• 23:19
  I
• 23:19
  think
• 23:19
  when
• 23:20
  we
• 23:20
  think
• 23:20
  about
• 23:20
  managing
• 23:20
  costs,
• 23:21
  what
• 23:21
  I
• 23:22
  say
• 23:22
  a
• 23:22
  lot
• 23:22
  is
• 23:23
  not
• 23:24
  all
• 23:24
  returns
• 23:24
  are
• 23:24
  created
• 23:25
  equal
• 23:25
  and
• 23:25
  not
• 23:26
  all
• 23:26
  consumers
• 23:26
  have
• 23:27
  equal
• 23:27
  long
• 23:27
  term
• 23:28
  value
• 23:28
  to
• 23:28
  a
• 23:28
  retailer's
• 23:29
  top
• 23:29
  line
• 23:29
  growth.
• 23:30
  The
• 23:30
  other
• 23:30
  thing
• 23:30
  that
• 23:31
  we
• 23:31
  Say
• 23:31
  a
• 23:31
  lot
• 23:32
  is
• 23:33
  having
• 23:33
  a
• 23:34
  one
• 23:34
  size
• 23:34
  fits
• 23:34
  all
• 23:35
  return
• 23:35
  policy
• 23:36
  is
• 23:36
  likely
• 23:36
  not
• 23:37
  sustainable.
• 23:38
  I
• 23:38
  used
• 23:38
  to
• 23:38
  say
• 23:39
  outside
• 23:40
  of
• 23:40
  Amazon,
• 23:40
  but
• 23:41
  if
• 23:41
  you
• 23:41
  actually
• 23:41
  look
• 23:41
  at
• 23:41
  what
• 23:42
  Amazon
• 23:42
  is
• 23:42
  very
• 23:42
  publicly
• 23:43
  saying
• 23:43
  they
• 23:43
  do,
• 23:44
  it
• 23:44
  is
• 23:44
  also
• 23:44
  not
• 23:45
  having
• 23:45
  a
• 23:45
  one
• 23:45
  size
• 23:46
  fits
• 23:46
  all
• 23:46
  returns
• 23:47
  program
• 23:47
  anymore.
• 23:47
  And
• 23:48
  they
• 23:48
  as
• 23:48
  well
• 23:48
  are
• 23:49
  looking
• 23:49
  at
• 23:49
  how
• 23:49
  do
• 23:49
  they
• 23:49
  use
• 23:50
  their
• 23:50
  own
• 23:50
  data
• 23:51
  and
• 23:53
  assets,
• 23:54
  digital
• 23:54
  assets,
• 23:55
  but
• 23:55
  also
• 23:55
  physical
• 23:56
  assets
• 23:56
  in
• 23:56
  terms
• 23:56
  of
• 23:56
  store
• 23:57
  footprints
• 23:57
  and
• 23:57
  logistics
• 23:58
  networks
• 23:58
  to
• 23:58
  actually
• 23:59
  personalize
• 24:00
  the
• 24:00
  experiences
• 24:01
  their
• 24:01
  consumers
• 24:02
  have
• 24:02
  at
• 24:02
  returns
• 24:02
  as
• 24:03
  well.
• 24:03
  And
• 24:03
  so
• 24:03
  I
• 24:03
  think
• 24:03
  that
• 24:04
  is
• 24:04
  gone.
• 24:05
  And
• 24:05
  I
• 24:05
  think
• 24:05
  the
• 24:05
  answer
• 24:05
  just
• 24:06
  is
• 24:06
  not
• 24:06
  all
• 24:07
  the
• 24:07
  days
• 24:07
  of
• 24:08
  a
• 24:08
  one
• 24:08
  size
• 24:08
  fits
• 24:08
  all
• 24:08
  return
• 24:09
  policy
• 24:09
  just
• 24:09
  really
• 24:10
  aren't
• 24:10
  sustainable
• 24:10
  almost
• 24:11
  for
• 24:11
  anyone.
• 24:12
  So
• 24:12
  like
• 24:12
  I
• 24:12
  said,
• 24:13
  we
• 24:13
  look
• 24:13
  at
• 24:13
  both
• 24:13
  sides
• 24:14
  of
• 24:14
  the
• 24:14
  equation.
• 24:14
  It's
• 24:15
  how
• 24:15
  do
• 24:15
  you
• 24:15
  use
• 24:15
  that
• 24:15
  returns
• 24:16
  as
• 24:16
  a
• 24:16
  loyalty
• 24:16
  lever,
• 24:17
  but
• 24:17
  then
• 24:17
  also
• 24:17
  how
• 24:18
  do
• 24:18
  you
• 24:18
  better
• 24:18
  manage
• 24:19
  your
• 24:19
  returns
• 24:20
  operationally?
• 24:20
  And
• 24:21
  we
• 24:21
  can
• 24:21
  see,
• 24:21
  we
• 24:21
  see
• 24:21
  that
• 24:21
  being
• 24:22
  done
• 24:22
  today
• 24:22
  in
• 24:22
  a
• 24:22
  number
• 24:23
  of
• 24:23
  different
• 24:23
  ways.
• 24:24
  A
• 24:24
  couple
• 24:25
  of
• 24:25
  examples,
• 24:26
  you
• 24:27
  can
• 24:27
  really
• 24:28
  use
• 24:28
  returns
• 24:29
  networks
• 24:29
  to
• 24:30
  better
• 24:30
  balance
• 24:30
  costs.
• 24:31
  Narva
• 24:32
  has
• 24:32
  a
• 24:32
  program
• 24:32
  that
• 24:33
  we
• 24:33
  call
• 24:33
  Narvar
• 24:33
  Concierge,
• 24:34
  which
• 24:34
  is
• 24:35
  our
• 24:35
  reverse
• 24:35
  logistics
• 24:37
  consolidation
• 24:37
  network
• 24:38
  that
• 24:38
  can
• 24:38
  really
• 24:38
  help
• 24:38
  retailers
• 24:39
  save
• 24:40
  over
• 24:40
  50%
• 24:41
  and
• 24:41
  per
• 24:42
  label
• 24:43
  savings
• 24:43
  costs,
• 24:43
  per
• 24:44
  label
• 24:44
  shipping
• 24:45
  costs.
• 24:45
  Sorry.
• 24:47
  I
• 24:47
  think
• 24:49
  the
• 24:49
  world
• 24:49
  of
• 24:49
  consolidation
• 24:50
  isn't
• 24:50
  really
• 24:51
  new,
• 24:51
  but
• 24:51
  what
• 24:52
  we've
• 24:52
  seen
• 24:52
  in
• 24:53
  the
• 24:53
  last,
• 24:53
  at
• 24:53
  least
• 24:53
  in
• 24:53
  our
• 24:54
  business,
• 24:54
  is
• 24:54
  a
• 24:54
  lot
• 24:54
  of
• 24:55
  our
• 24:55
  enterprise
• 24:55
  retailer
• 24:56
  partners
• 24:56
  haven't
• 24:57
  really
• 24:57
  engaged
• 24:57
  fully
• 24:58
  in
• 24:59
  consolidation.
• 24:59
  That
• 25:00
  works
• 25:00
  because
• 25:00
  there's
• 25:00
  a
• 25:00
  trade
• 25:01
  off
• 25:01
  of
• 25:01
  experience
• 25:01
  and
• 25:02
  time.
• 25:02
  Like
• 25:02
  the
• 25:02
  way
• 25:03
  that
• 25:03
  you
• 25:03
  can
• 25:03
  get
• 25:03
  savings
• 25:04
  and
• 25:04
  transportation
• 25:05
  is
• 25:06
  by
• 25:06
  slowing
• 25:06
  down.
• 25:07
  For
• 25:07
  some
• 25:07
  retailers
• 25:08
  that
• 25:08
  might
• 25:08
  work,
• 25:08
  but
• 25:09
  you
• 25:09
  know,
• 25:09
  there's
• 25:10
  some
• 25:10
  challenges.
• 25:10
  You
• 25:11
  might
• 25:11
  run
• 25:11
  into
• 25:11
  longer
• 25:12
  transit
• 25:12
  time,
• 25:13
  might
• 25:13
  be
• 25:13
  longer
• 25:13
  refunding
• 25:14
  time.
• 25:14
  For
• 25:15
  some
• 25:15
  of
• 25:15
  our
• 25:15
  retailers
• 25:16
  who
• 25:16
  have
• 25:16
  limited
• 25:16
  inventory,
• 25:17
  getting
• 25:18
  inventory
• 25:18
  back
• 25:18
  faster
• 25:19
  is
• 25:19
  actually
• 25:19
  a
• 25:20
  premium
• 25:20
  to
• 25:20
  get
• 25:21
  it
• 25:21
  back
• 25:21
  into
• 25:22
  a
• 25:22
  resellable
• 25:23
  form.
• 25:23
  But
• 25:24
  the
• 25:25
  operational
• 25:26
  savings
• 25:26
  is
• 25:27
  really,
• 25:27
  really
• 25:27
  there.
• 25:30
  Where
• 25:30
  I
• 25:30
  think,
• 25:30
  you
• 25:30
  know,
• 25:31
  some
• 25:31
  of
• 25:31
  this
• 25:31
  beauty
• 25:31
  is,
• 25:32
  is
• 25:32
  that
• 25:32
  Narva
• 25:32
  can
• 25:32
  really
• 25:33
  start
• 25:33
  to
• 25:33
  lean
• 25:33
  in
• 25:33
  with
• 25:33
  a
• 25:34
  lot
• 25:34
  of
• 25:34
  our
• 25:34
  offerings
• 25:35
  to
• 25:35
  allow
• 25:35
  retailers
• 25:36
  to
• 25:36
  build
• 25:36
  out
• 25:37
  personalized
• 25:38
  or
• 25:38
  dynamic
• 25:38
  return
• 25:39
  programs
• 25:39
  that
• 25:40
  suit
• 25:40
  their
• 25:40
  customer
• 25:41
  and
• 25:41
  suit
• 25:41
  the
• 25:42
  business.
• 25:42
  So
• 25:43
  we
• 25:43
  think
• 25:43
  about
• 25:43
  consolidation.
• 25:44
  Right.
• 25:44
  One
• 25:44
  of
• 25:44
  the
• 25:44
  things
• 25:44
  I
• 25:45
  said
• 25:45
  is
• 25:45
  longer
• 25:46
  transit
• 25:46
  times,
• 25:47
  you
• 25:47
  know,
• 25:48
  maybe
• 25:48
  refunding.
• 25:49
  What
• 25:49
  Narva
• 25:50
  can
• 25:50
  do
• 25:50
  is
• 25:50
  a
• 25:50
  couple
• 25:50
  of
• 25:51
  things
• 25:51
  there.
• 25:52
  With
• 25:52
  our
• 25:52
  intelligent
• 25:53
  returns
• 25:53
  dispositioning,
• 25:54
  we
• 25:54
  can
• 25:54
  help
• 25:55
  retailers
• 25:55
  only
• 25:55
  allow
• 25:56
  certain
• 25:56
  goods
• 25:57
  to
• 25:57
  go
• 25:57
  back
• 25:57
  to
• 25:58
  the
• 25:58
  consolidation
• 25:58
  network.
• 25:59
  So
• 26:00
  if
• 26:00
  we're
• 26:00
  working
• 26:00
  with
• 26:00
  a
• 26:00
  brand,
• 26:01
  sure,
• 26:01
  this
• 26:02
  season's
• 26:02
  items,
• 26:02
  which
• 26:03
  you
• 26:03
  only
• 26:03
  have
• 26:03
  10
• 26:04
  of
• 26:04
  each
• 26:05
  size
• 26:05
  in,
• 26:05
  maybe
• 26:06
  we
• 26:06
  never
• 26:06
  show
• 26:06
  you
• 26:07
  a
• 26:07
  drop
• 26:07
  off
• 26:07
  network
• 26:08
  that
• 26:08
  takes
• 26:08
  a
• 26:08
  lot
• 26:08
  of
• 26:08
  time.
• 26:09
  But
• 26:09
  your
• 26:10
  flagship
• 26:10
  Evergreen
• 26:11
  T
• 26:11
  Shirt
• 26:12
  or
• 26:12
  leggings
• 26:13
  all
• 26:13
  day
• 26:13
  long,
• 26:14
  you
• 26:14
  don't
• 26:14
  need
• 26:14
  those
• 26:14
  back
• 26:15
  quickly.
• 26:16
  And
• 26:16
  then
• 26:16
  what
• 26:16
  we
• 26:16
  can
• 26:17
  also
• 26:17
  do
• 26:17
  through
• 26:17
  Narvar
• 26:18
  Iris,
• 26:18
  which
• 26:19
  is
• 26:19
  our
• 26:20
  intelligent
• 26:20
  retail
• 26:21
  insight
• 26:21
  service,
• 26:22
  is
• 26:22
  really
• 26:22
  started
• 26:23
  to
• 26:23
  harness
• 26:23
  the
• 26:23
  power
• 26:24
  of
• 26:24
  data
• 26:24
  to
• 26:24
  provide
• 26:25
  retailers
• 26:25
  safe
• 26:26
  signals
• 26:26
  on
• 26:27
  who
• 26:27
  might
• 26:27
  be
• 26:27
  a
• 26:27
  good
• 26:27
  trusted
• 26:28
  customer.
• 26:28
  That
• 26:29
  could
• 26:29
  be
• 26:30
  low
• 26:30
  risk
• 26:31
  if
• 26:31
  they
• 26:31
  were
• 26:32
  refunded
• 26:32
  immediately
• 26:33
  at
• 26:33
  the
• 26:33
  drop
• 26:33
  off.
• 26:34
  So
• 26:34
  then
• 26:34
  you're
• 26:35
  getting
• 26:35
  the
• 26:35
  trade
• 26:35
  off
• 26:35
  of
• 26:36
  customer
• 26:36
  experience,
• 26:36
  refunding
• 26:37
  your
• 26:37
  customer
• 26:38
  immediately
• 26:38
  so
• 26:38
  that
• 26:38
  there's
• 26:39
  no
• 26:39
  impact,
• 26:40
  slowing
• 26:40
  down
• 26:40
  transit
• 26:41
  so
• 26:41
  that
• 26:41
  you
• 26:42
  can
• 26:42
  get
• 26:42
  the
• 26:42
  savings,
• 26:43
  especially
• 26:43
  for
• 26:43
  goods
• 26:44
  that
• 26:44
  you
• 26:44
  might
• 26:44
  not
• 26:44
  need
• 26:45
  back
• 26:45
  quickly.
• 26:47
  Similarly,
• 26:47
  but
• 26:48
  then
• 26:48
  maybe
• 26:48
  from
• 26:48
  a
• 26:48
  different
• 26:48
  side
• 26:49
  of
• 26:49
  the
• 26:49
  coin,
• 26:49
  we
• 26:50
  could
• 26:50
  also
• 26:50
  use
• 26:51
  the
• 26:51
  same
• 26:51
  intelligence
• 26:52
  to
• 26:52
  force
• 26:53
  a
• 26:53
  customer
• 26:53
  to
• 26:53
  go
• 26:54
  to
• 26:54
  a
• 26:54
  drop
• 26:54
  off
• 26:54
  network.
• 26:55
  What
• 26:56
  we
• 26:56
  know
• 26:56
  today
• 26:56
  is
• 26:56
  that
• 26:57
  consumers
• 26:57
  are
• 26:58
  significantly
• 26:59
  less
• 26:59
  likely
• 26:59
  to
• 27:00
  intentionally
• 27:00
  try
• 27:00
  to
• 27:01
  defraud
• 27:01
  you
• 27:01
  or
• 27:02
  abuse
• 27:02
  you
• 27:02
  through
• 27:03
  boxless
• 27:04
  networks.
• 27:04
  So
• 27:05
  Narva
• 27:05
  Concierge
• 27:06
  is
• 27:06
  a
• 27:06
  100%
• 27:07
  label.
• 27:07
  Free
• 27:07
  box,
• 27:08
  free
• 27:08
  drop
• 27:08
  off.
• 27:09
  And
• 27:09
  I
• 27:10
  think
• 27:10
  it's,
• 27:10
  you
• 27:10
  know,
• 27:10
  I'd
• 27:11
  say
• 27:11
  it's
• 27:11
  really
• 27:11
  hard
• 27:11
  to
• 27:12
  take
• 27:12
  a
• 27:12
  handful
• 27:13
  of
• 27:13
  air
• 27:13
  to
• 27:13
  like
• 27:14
  a
• 27:14
  Kohl's
• 27:14
  location
• 27:15
  and
• 27:15
  be
• 27:15
  like
• 27:15
  take
• 27:15
  my
• 27:15
  return
• 27:16
  or
• 27:16
  a
• 27:16
  handful
• 27:17
  of
• 27:17
  rock
• 27:17
  like
• 27:18
  this
• 27:18
  is
• 27:18
  my
• 27:18
  T
• 27:18
  shirt.
• 27:19
  And
• 27:19
  so
• 27:20
  Narva's
• 27:20
  intelligence
• 27:21
  might
• 27:22
  determine
• 27:22
  someone
• 27:23
  to
• 27:23
  be
• 27:24
  a
• 27:24
  risk
• 27:24
  of
• 27:24
  fraud.
• 27:25
  Potentially
• 27:26
  pushing
• 27:26
  them
• 27:26
  to
• 27:27
  a
• 27:27
  store
• 27:27
  or
• 27:27
  pushing
• 27:28
  them
• 27:28
  to
• 27:28
  a
• 27:28
  drop
• 27:28
  off
• 27:28
  location
• 27:29
  can
• 27:29
  actually
• 27:30
  start
• 27:30
  to
• 27:30
  dissuade
• 27:30
  some
• 27:30
  of
• 27:30
  that
• 27:31
  behavior
• 27:31
  as
• 27:31
  well.
• 27:32
  That's
• 27:33
  so
• 27:33
  cool.
• 27:35
  Yeah,
• 27:36
  so,
• 27:36
  so,
• 27:36
  so
• 27:37
  there
• 27:37
  you're
• 27:37
  talking
• 27:37
  about
• 27:37
  abuse,
• 27:38
  right?
• 27:38
  Like
• 27:39
  that,
• 27:39
  I
• 27:39
  mean
• 27:39
  that's,
• 27:39
  that's
• 27:40
  what
• 27:40
  you're
• 27:40
  trying
• 27:40
  to
• 27:40
  protect
• 27:41
  from.
• 27:41
  So,
• 27:41
  so
• 27:42
  I
• 27:42
  mean
• 27:42
  that's
• 27:42
  kind
• 27:42
  of
• 27:43
  a
• 27:43
  new
• 27:43
  part
• 27:43
  of
• 27:43
  this
• 27:43
  conversation,
• 27:44
  a
• 27:44
  new
• 27:44
  wrinkle.
• 27:44
  So,
• 27:45
  so
• 27:45
  how
• 27:45
  do
• 27:45
  you,
• 27:46
  how,
• 27:46
  how
• 27:46
  should
• 27:47
  the
• 27:47
  retailers
• 27:47
  watching
• 27:47
  be
• 27:48
  and
• 27:48
  listening
• 27:48
  be
• 27:48
  thinking
• 27:49
  about
• 27:50
  abuse
• 27:50
  and
• 27:50
  trying
• 27:50
  to
• 27:50
  maintain
• 27:51
  the
• 27:51
  trust
• 27:51
  with
• 27:51
  their
• 27:51
  customers
• 27:52
  when
• 27:52
  that
• 27:52
  type
• 27:52
  of
• 27:52
  thing
• 27:53
  is
• 27:53
  happening?
• 27:54
  Yeah,
• 27:54
  it
• 27:54
  is
• 27:55
  actually
• 27:55
  scary
• 27:55
  how
• 27:55
  much
• 27:56
  is
• 27:56
  happening.
• 27:57
  And
• 27:57
  I
• 27:57
  feel
• 27:57
  like
• 27:58
  every
• 27:58
  day
• 27:58
  in
• 27:58
  the
• 27:59
  last
• 27:59
  year
• 27:59
  that
• 27:59
  I,
• 27:59
  that
• 28:00
  I
• 28:00
  talk
• 28:00
  to
• 28:00
  retailers
• 28:00
  at
• 28:00
  work
• 28:01
  here
• 28:01
  a
• 28:01
  new
• 28:02
  scary
• 28:02
  story
• 28:02
  happens
• 28:03
  about
• 28:03
  how
• 28:04
  a
• 28:04
  small
• 28:04
  but
• 28:04
  mighty
• 28:05
  set
• 28:05
  of
• 28:05
  consumers
• 28:06
  are
• 28:06
  actually
• 28:06
  abusing
• 28:07
  policies.
• 28:08
  You
• 28:08
  know,
• 28:08
  we,
• 28:09
  NRF
• 28:09
  estimates
• 28:10
  that
• 28:10
  in
• 28:10
  2024
• 28:11
  post
• 28:12
  delivery
• 28:12
  and
• 28:12
  returns
• 28:13
  fraud
• 28:13
  accounted
• 28:14
  for
• 28:14
  over
• 28:14
  $100
• 28:14
  billion
• 28:15
  in
• 28:15
  losses
• 28:16
  in
• 28:16
  the
• 28:16
  industry.
• 28:17
  And
• 28:17
  we
• 28:17
  see
• 28:18
  it
• 28:18
  happening
• 28:18
  across
• 28:19
  all
• 28:19
  retailers
• 28:20
  and
• 28:20
  all
• 28:20
  categories.
• 28:21
  I
• 28:21
  think
• 28:22
  the
• 28:22
  first
• 28:22
  thing
• 28:22
  maybe
• 28:22
  to
• 28:23
  kind
• 28:23
  of
• 28:23
  just
• 28:23
  level
• 28:24
  set
• 28:24
  is
• 28:25
  we
• 28:25
  see
• 28:25
  lots
• 28:26
  of
• 28:26
  different
• 28:26
  forms
• 28:26
  of
• 28:27
  abuse.
• 28:27
  Some
• 28:28
  of
• 28:28
  that
• 28:28
  might
• 28:28
  be
• 28:28
  what
• 28:28
  we
• 28:29
  more
• 28:29
  refer
• 28:30
  to
• 28:30
  internally
• 28:30
  as
• 28:30
  friendly
• 28:31
  frauds.
• 28:31
  That
• 28:32
  would
• 28:32
  be
• 28:32
  things
• 28:32
  like,
• 28:33
  you
• 28:33
  know,
• 28:34
  a
• 28:34
  consumer
• 28:34
  intentionally
• 28:35
  buying
• 28:35
  a
• 28:36
  dress,
• 28:36
  keeping
• 28:36
  the
• 28:37
  tag
• 28:37
  on
• 28:37
  that
• 28:37
  they
• 28:37
  were
• 28:38
  planning
• 28:38
  to
• 28:38
  wear
• 28:38
  once
• 28:39
  for
• 28:39
  that
• 28:39
  event.
• 28:39
  And
• 28:40
  return
• 28:41
  could
• 28:42
  be
• 28:42
  something
• 28:42
  like,
• 28:43
  you
• 28:43
  know,
• 28:43
  making
• 28:43
  up
• 28:43
  a
• 28:44
  little
• 28:44
  white
• 28:44
  lie
• 28:44
  because
• 28:45
  you
• 28:45
  missed
• 28:45
  the
• 28:45
  return
• 28:46
  window.
• 28:46
  And
• 28:46
  that
• 28:47
  when
• 28:47
  you
• 28:47
  call
• 28:47
  the
• 28:47
  call
• 28:48
  center,
• 28:48
  you,
• 28:49
  you
• 28:49
  know,
• 28:49
  feigned
• 28:50
  a
• 28:50
  family
• 28:50
  emergency,
• 28:51
  which
• 28:51
  is
• 28:51
  why
• 28:51
  you
• 28:52
  couldn't
• 28:52
  return
• 28:52
  it
• 28:52
  on
• 28:52
  day
• 28:53
  30
• 28:53
  and
• 28:53
  you're
• 28:53
  calling
• 28:53
  on
• 28:54
  day
• 28:54
  35.
• 28:56
  Two
• 28:56
  things
• 28:56
  that
• 28:57
  happen
• 28:57
  with
• 28:57
  maybe
• 28:57
  a
• 28:57
  little
• 28:58
  bit
• 28:58
  more
• 28:59
  fraudulent
• 28:59
  intent.
• 29:00
  You
• 29:01
  know,
• 29:01
  one
• 29:01
  of
• 29:01
  the
• 29:01
  trends
• 29:02
  we
• 29:02
  saw
• 29:02
  coming
• 29:02
  out
• 29:02
  of
• 29:02
  COVID
• 29:03
  is
• 29:03
  a
• 29:03
  lot
• 29:03
  of
• 29:03
  retailers
• 29:05
  advance
• 29:05
  refunding
• 29:06
  kind
• 29:06
  of
• 29:06
  blanket
• 29:06
  wide.
• 29:07
  And
• 29:07
  some
• 29:07
  consumers
• 29:08
  got
• 29:08
  savvy
• 29:08
  to
• 29:09
  it.
• 29:09
  They'd
• 29:09
  start
• 29:09
  to
• 29:10
  ship
• 29:10
  back
• 29:10
  boxes
• 29:11
  that
• 29:11
  had
• 29:11
  their
• 29:11
  keys
• 29:12
  and
• 29:12
  their
• 29:12
  cell
• 29:12
  phone
• 29:13
  in
• 29:13
  it
• 29:13
  and
• 29:13
  be
• 29:13
  like,
• 29:13
  oops,
• 29:14
  that
• 29:14
  wasn't
• 29:14
  my
• 29:15
  sorry.
• 29:16
  And
• 29:16
  then
• 29:16
  we
• 29:16
  actually
• 29:17
  are
• 29:17
  seeing.
• 29:17
  Which
• 29:18
  is
• 29:18
  maybe
• 29:18
  the
• 29:18
  more
• 29:18
  scary
• 29:18
  part
• 29:19
  is
• 29:19
  true
• 29:20
  criminal
• 29:21
  intent.
• 29:22
  So
• 29:22
  people
• 29:22
  tampering
• 29:23
  with
• 29:23
  labels,
• 29:25
  reselling
• 29:26
  fraud
• 29:26
  services
• 29:27
  on
• 29:27
  the
• 29:27
  dark
• 29:27
  web,
• 29:28
  you
• 29:29
  know,
• 29:29
  really,
• 29:29
  really
• 29:30
  criminal
• 29:30
  intent
• 29:31
  people.
• 29:32
  I
• 29:32
  think
• 29:32
  the
• 29:32
  other
• 29:32
  thing
• 29:33
  that
• 29:33
  I
• 29:33
  think
• 29:33
  is
• 29:35
  interesting
• 29:35
  and
• 29:35
  scary
• 29:36
  at
• 29:36
  the
• 29:36
  same
• 29:36
  time
• 29:36
  is
• 29:37
  how
• 29:37
  normalized
• 29:37
  this
• 29:38
  is
• 29:38
  becoming.
• 29:39
  I
• 29:39
  think
• 29:39
  most
• 29:39
  people
• 29:39
  who
• 29:40
  are
• 29:40
  listening
• 29:40
  and
• 29:40
  watching
• 29:41
  have
• 29:41
  probably
• 29:41
  seen
• 29:42
  some
• 29:42
  version
• 29:42
  of
• 29:42
  a
• 29:42
  TikTok
• 29:44
  video
• 29:45
  or
• 29:45
  an
• 29:45
  Instagram
• 29:45
  reel
• 29:46
  or
• 29:46
  a
• 29:46
  Reddit
• 29:46
  thread
• 29:46
  that's
• 29:47
  like,
• 29:47
  do
• 29:47
  you
• 29:47
  want
• 29:48
  a
• 29:48
  free
• 29:48
  lipstick?
• 29:49
  Here's
• 29:49
  what
• 29:49
  you
• 29:50
  do.
• 29:50
  Call
• 29:51
  up
• 29:51
  and
• 29:51
  say
• 29:51
  that
• 29:51
  you
• 29:52
  didn't
• 29:52
  get
• 29:52
  an
• 29:52
  item.
• 29:53
  Repeat
• 29:53
  these
• 29:54
  things
• 29:54
  like
• 29:54
  you'll
• 29:55
  get
• 29:55
  a
• 29:55
  free
• 29:55
  thing.
• 29:56
  How
• 29:56
  did
• 29:56
  you
• 29:56
  know
• 29:56
  that?
• 29:57
  Watch
• 29:57
  my
• 29:57
  channel.
• 29:58
  So
• 29:58
  these.
• 30:01
  So
• 30:01
  not
• 30:01
  surprised.
• 30:02
  But
• 30:02
  yeah,
• 30:03
  that's
• 30:03
  crazy.
• 30:04
  Consumers
• 30:05
  who
• 30:05
  would
• 30:05
  like
• 30:06
  never
• 30:06
  otherwise
• 30:07
  walk
• 30:07
  into
• 30:07
  your
• 30:07
  store
• 30:08
  and
• 30:08
  take
• 30:08
  things
• 30:09
  off
• 30:09
  of
• 30:09
  the
• 30:09
  shelf
• 30:10
  and
• 30:10
  leave
• 30:11
  shoplifting
• 30:12
  are
• 30:13
  starting
• 30:13
  to
• 30:13
  become
• 30:13
  more
• 30:14
  socially
• 30:15
  normalized
• 30:15
  that
• 30:16
  that
• 30:16
  type
• 30:16
  of
• 30:16
  behavior
• 30:17
  on
• 30:17
  digital
• 30:17
  is
• 30:18
  actually
• 30:18
  acceptable.
• 30:20
  And
• 30:20
  so
• 30:20
  retailers
• 30:21
  are
• 30:21
  really
• 30:21
  like
• 30:21
  facing
• 30:22
  the
• 30:22
  challenge.
• 30:22
  And
• 30:22
  we
• 30:22
  see
• 30:23
  it
• 30:23
  in
• 30:24
  consumers
• 30:25
  responses
• 30:25
  as
• 30:26
  well.
• 30:26
  I
• 30:26
  think.
• 30:26
  I
• 30:26
  know
• 30:26
  I've
• 30:27
  referenced
• 30:27
  it
• 30:27
  a
• 30:27
  lot,
• 30:27
  but
• 30:28
  it's
• 30:28
  such
• 30:28
  a
• 30:28
  really
• 30:28
  powerful
• 30:29
  piece
• 30:29
  of
• 30:29
  thought
• 30:29
  leadership
• 30:30
  content
• 30:30
  we
• 30:30
  put
• 30:30
  out
• 30:30
  last
• 30:31
  year
• 30:31
  in
• 30:31
  that
• 30:31
  same
• 30:32
  survey.
• 30:32
  Survey,
• 30:33
  which
• 30:33
  is
• 30:34
  the
• 30:34
  first
• 30:34
  time
• 30:34
  we've
• 30:35
  seen
• 30:35
  such
• 30:35
  a
• 30:36
  high
• 30:36
  data
• 30:36
  here,
• 30:37
  is
• 30:37
  that
• 30:37
  52%
• 30:39
  of
• 30:39
  consumers
• 30:40
  admitted
• 30:40
  to
• 30:40
  committing
• 30:41
  a
• 30:42
  version
• 30:42
  of
• 30:42
  return
• 30:42
  fraud
• 30:43
  at
• 30:43
  least
• 30:43
  once.
• 30:44
  So
• 30:45
  not
• 30:45
  only
• 30:45
  is
• 30:45
  it
• 30:45
  happening,
• 30:46
  but
• 30:46
  when
• 30:46
  they're
• 30:47
  surveyed,
• 30:47
  they
• 30:47
  are
• 30:47
  admitting
• 30:48
  that
• 30:48
  it's
• 30:49
  happening.
• 30:49
  And
• 30:49
  again,
• 30:50
  I'm
• 30:50
  not
• 30:50
  saying
• 30:50
  that
• 30:51
  those
• 30:51
  consumers
• 30:51
  are
• 30:51
  saying
• 30:51
  that
• 30:51
  they're
• 30:52
  like
• 30:52
  tampering
• 30:52
  with
• 30:52
  labels
• 30:53
  and
• 30:53
  reselling
• 30:53
  things,
• 30:53
  but
• 30:54
  they
• 30:54
  are
• 30:54
  saying
• 30:54
  I
• 30:54
  might
• 30:55
  have
• 30:55
  worn
• 30:55
  in
• 30:55
  return
• 30:55
  something
• 30:56
  and
• 30:56
  said
• 30:57
  I
• 30:57
  didn't
• 30:57
  or
• 30:59
  made
• 30:59
  up
• 30:59
  a
• 30:59
  story
• 31:00
  to
• 31:00
  get
• 31:00
  an
• 31:00
  exception
• 31:01
  on
• 31:01
  a
• 31:01
  refund
• 31:01
  or
• 31:02
  something
• 31:02
  of
• 31:02
  that
• 31:02
  nature.
• 31:04
  That's
• 31:04
  wild.
• 31:05
  I'm
• 31:05
  still
• 31:06
  baffled
• 31:06
  by
• 31:06
  the,
• 31:07
  the
• 31:07
  Process
• 31:08
  of
• 31:08
  how
• 31:08
  you,
• 31:08
  I
• 31:09
  mean,
• 31:09
  I
• 31:09
  think
• 31:09
  this
• 31:10
  has
• 31:10
  been
• 31:10
  so
• 31:10
  interesting,
• 31:11
  but
• 31:11
  the
• 31:11
  process
• 31:11
  of
• 31:11
  how
• 31:12
  you
• 31:12
  can
• 31:12
  single
• 31:13
  out
• 31:13
  each
• 31:13
  individual
• 31:14
  item
• 31:16
  and
• 31:16
  be
• 31:16
  able
• 31:17
  to,
• 31:17
  you
• 31:17
  know,
• 31:17
  do
• 31:18
  a
• 31:18
  returns
• 31:19
  processing
• 31:19
  plan
• 31:20
  that's
• 31:20
  different
• 31:21
  for
• 31:21
  each
• 31:21
  thing
• 31:22
  in
• 31:22
  your,
• 31:22
  in
• 31:22
  your,
• 31:23
  your
• 31:24
  SKU
• 31:24
  set.
• 31:25
  David
• 31:25
  I'd
• 31:25
  love
• 31:26
  to
• 31:26
  close
• 31:26
  out
• 31:26
  there.
• 31:27
  Like
• 31:27
  how,
• 31:28
  how
• 31:28
  should
• 31:29
  the
• 31:29
  retailers
• 31:30
  and
• 31:30
  brands
• 31:31
  listening,
• 31:32
  how
• 31:33
  should
• 31:33
  they
• 31:33
  think
• 31:33
  about
• 31:34
  approaching
• 31:34
  this
• 31:35
  work?
• 31:35
  Whether
• 31:36
  they
• 31:36
  are
• 31:36
  interested
• 31:37
  in
• 31:37
  working
• 31:37
  with
• 31:37
  Narvar
• 31:38
  and
• 31:38
  doing
• 31:38
  something
• 31:38
  as
• 31:39
  specific
• 31:39
  as,
• 31:39
  you
• 31:40
  know,
• 31:40
  that
• 31:40
  that
• 31:40
  individual
• 31:41
  skew
• 31:41
  return
• 31:42
  policy
• 31:43
  handling
• 31:44
  fraud
• 31:45
  like
• 31:45
  you
• 31:45
  just
• 31:45
  talked
• 31:45
  about
• 31:46
  in
• 31:46
  your,
• 31:46
  you
• 31:46
  know,
• 31:47
  true
• 31:47
  crime
• 31:47
  Narvar
• 31:48
  edition.
• 31:50
  What
• 31:50
  advice
• 31:51
  would
• 31:51
  you
• 31:51
  leave
• 31:51
  these
• 31:52
  retailers
• 31:52
  and
• 31:52
  brands
• 31:53
  with
• 31:53
  here?
• 31:54
  Sure,
• 31:54
  I'm
• 31:55
  working
• 31:55
  it
• 31:55
  backwards
• 31:55
  one
• 31:56
  time
• 31:56
  because
• 31:56
  I
• 31:56
  always
• 31:56
  forget
• 31:56
  that
• 31:56
  there's
• 31:57
  something
• 31:57
  I
• 31:57
  like
• 31:57
  to,
• 31:57
  I
• 31:58
  like,
• 31:58
  I
• 31:58
  like
• 31:58
  to
• 31:58
  share
• 31:59
  another
• 31:59
  example
• 32:00
  of
• 32:00
  David,
• 32:00
  True
• 32:00
  crime.
• 32:01
  One
• 32:02
  of
• 32:02
  our
• 32:02
  retailers
• 32:02
  told
• 32:03
  me
• 32:03
  two
• 32:03
  years
• 32:03
  ago
• 32:04
  again
• 32:04
  in
• 32:04
  Covid,
• 32:05
  they
• 32:05
  started
• 32:05
  refunding
• 32:06
  everyone
• 32:06
  immediately
• 32:07
  when
• 32:07
  it
• 32:07
  got
• 32:07
  into
• 32:07
  the
• 32:07
  carrier
• 32:08
  network
• 32:09
  and
• 32:09
  consumers
• 32:09
  became
• 32:10
  savvy.
• 32:10
  So
• 32:10
  they
• 32:11
  started
• 32:11
  to
• 32:11
  see
• 32:11
  at
• 32:12
  their
• 32:12
  distribution
• 32:12
  center
• 32:13
  a
• 32:13
  high
• 32:13
  influx
• 32:14
  of
• 32:15
  three
• 32:15
  empty
• 32:16
  CD
• 32:16
  cases.
• 32:17
  And
• 32:17
  it's
• 32:17
  because
• 32:18
  someone
• 32:18
  figured
• 32:19
  out
• 32:19
  that
• 32:19
  the
• 32:19
  weight
• 32:20
  of
• 32:20
  their
• 32:20
  core
• 32:20
  item,
• 32:21
  which
• 32:21
  was
• 32:21
  like
• 32:22
  a
• 32:22
  legging
• 32:23
  of
• 32:23
  sorts,
• 32:24
  weighed
• 32:24
  the
• 32:24
  same
• 32:25
  as
• 32:25
  three
• 32:26
  empty
• 32:26
  CD
• 32:27
  cases.
• 32:28
  And
• 32:28
  so
• 32:28
  they,
• 32:29
  the
• 32:29
  hypothesis
• 32:29
  of
• 32:30
  consumers
• 32:30
  was
• 32:30
  that
• 32:31
  they're
• 32:31
  going
• 32:31
  to
• 32:32
  compare
• 32:32
  the
• 32:32
  weight
• 32:32
  of
• 32:32
  a
• 32:32
  package
• 32:33
  before
• 32:33
  they
• 32:33
  refund.
• 32:34
  If
• 32:34
  they
• 32:34
  can
• 32:34
  just
• 32:35
  mimic
• 32:35
  the
• 32:35
  weight,
• 32:36
  they'll
• 32:36
  get
• 32:36
  a
• 32:36
  refund.
• 32:37
  And
• 32:37
  so
• 32:38
  this
• 32:38
  person
• 32:38
  who
• 32:38
  I
• 32:38
  was
• 32:38
  talking
• 32:39
  to,
• 32:39
  who
• 32:39
  which
• 32:39
  was
• 32:39
  the
• 32:40
  head
• 32:40
  of
• 32:40
  distribution
• 32:41
  center
• 32:41
  logistics
• 32:41
  was
• 32:41
  like,
• 32:42
  then
• 32:42
  all
• 32:42
  of
• 32:42
  a
• 32:42
  sudden
• 32:42
  we
• 32:42
  just
• 32:43
  ended
• 32:43
  up
• 32:43
  with
• 32:43
  a
• 32:44
  bunch
• 32:44
  of
• 32:44
  empty
• 32:45
  CD
• 32:45
  cases,
• 32:46
  which
• 32:47
  I
• 32:47
  think
• 32:47
  is
• 32:47
  both
• 32:47
  scary
• 32:48
  and
• 32:48
  a
• 32:48
  fun
• 32:48
  story.
• 32:49
  That's
• 32:49
  where
• 32:50
  my
• 32:50
  Alanis
• 32:50
  Morissette
• 32:51
  CD
• 32:51
  went,
• 32:52
  right?
• 32:54
  Free
• 32:54
  pants,
• 32:55
  no
• 32:55
  more
• 32:56
  jagged
• 32:56
  little
• 32:56
  pill.
• 32:59
  So,
• 32:59
  yeah.
• 33:00
  So
• 33:00
  what
• 33:00
  can
• 33:00
  I
• 33:00
  leave
• 33:00
  you
• 33:01
  with?
• 33:01
  I
• 33:01
  think
• 33:01
  first
• 33:02
  I
• 33:02
  like
• 33:02
  to
• 33:02
  reiterate,
• 33:03
  I
• 33:03
  really
• 33:03
  do
• 33:04
  believe,
• 33:04
  and
• 33:04
  we
• 33:04
  believe
• 33:05
  in
• 33:05
  the
• 33:05
  power
• 33:05
  of
• 33:05
  the
• 33:06
  consumer.
• 33:06
  Most
• 33:06
  consumers
• 33:07
  have
• 33:07
  good
• 33:07
  intent.
• 33:08
  And
• 33:09
  in
• 33:09
  fact,
• 33:09
  I
• 33:09
  actually
• 33:09
  believe
• 33:10
  that
• 33:10
  most
• 33:10
  consumers
• 33:11
  are
• 33:11
  not
• 33:11
  trying
• 33:11
  to
• 33:12
  make
• 33:12
  a
• 33:12
  return.
• 33:13
  Most
• 33:13
  people,
• 33:13
  I
• 33:14
  think
• 33:14
  doing
• 33:14
  a
• 33:14
  return
• 33:15
  is
• 33:15
  not
• 33:16
  the
• 33:16
  best
• 33:16
  experience.
• 33:17
  But
• 33:17
  returns
• 33:18
  are
• 33:18
  about
• 33:18
  peace
• 33:18
  of
• 33:18
  mind.
• 33:19
  You
• 33:20
  know,
• 33:20
  the
• 33:20
  living
• 33:20
  room
• 33:20
  really
• 33:21
  is
• 33:21
  the
• 33:21
  new
• 33:21
  fitting
• 33:22
  room.
• 33:23
  And
• 33:23
  most
• 33:23
  consumers
• 33:24
  are
• 33:24
  not
• 33:24
  trying
• 33:24
  to
• 33:24
  abuse
• 33:25
  policy,
• 33:25
  but
• 33:25
  they
• 33:25
  also
• 33:26
  need
• 33:26
  to
• 33:26
  have
• 33:26
  the
• 33:26
  ability
• 33:27
  to
• 33:27
  try,
• 33:28
  especially
• 33:28
  if
• 33:28
  we're
• 33:28
  talking
• 33:29
  about
• 33:29
  apparel
• 33:30
  that
• 33:30
  has
• 33:30
  sizing
• 33:31
  and
• 33:31
  footwear
• 33:31
  and
• 33:32
  things.
• 33:33
  We
• 33:33
  also
• 33:33
  know
• 33:33
  that
• 33:34
  only,
• 33:34
  you
• 33:34
  know,
• 33:35
  80%
• 33:35
  of
• 33:35
  all
• 33:36
  returns
• 33:36
  fraud
• 33:36
  is
• 33:37
  from
• 33:37
  less
• 33:37
  than
• 33:37
  5%
• 33:38
  of
• 33:38
  consumers
• 33:38
  and
• 33:38
  probably
• 33:39
  closer
• 33:39
  to
• 33:39
  less
• 33:39
  than
• 33:40
  2%
• 33:40
  of
• 33:40
  consumers.
• 33:41
  And
• 33:42
  so
• 33:42
  this
• 33:42
  is
• 33:42
  not
• 33:42
  about
• 33:44
  setting
• 33:44
  out
• 33:44
  with
• 33:44
  fear
• 33:45
  because
• 33:45
  I
• 33:45
  think
• 33:45
  at
• 33:46
  the
• 33:46
  top
• 33:46
  line,
• 33:47
  people
• 33:47
  really
• 33:47
  are
• 33:48
  trusting
• 33:49
  and
• 33:49
  good
• 33:50
  customers.
• 33:50
  But
• 33:51
  we
• 33:51
  also
• 33:51
  recognize
• 33:52
  that
• 33:53
  small
• 33:53
  amount
• 33:54
  of
• 33:54
  consumers
• 33:54
  are
• 33:54
  having
• 33:54
  an
• 33:55
  outweigh
• 33:55
  size
• 33:55
  of
• 33:56
  impact
• 33:56
  and
• 33:56
  those
• 33:56
  are
• 33:56
  the
• 33:57
  really
• 33:57
  important
• 33:57
  things
• 33:57
  to
• 33:58
  try
• 33:58
  to
• 33:58
  cut
• 33:58
  out.
• 33:59
  I
• 33:59
  think
• 33:59
  the
• 33:59
  good
• 33:59
  news
• 34:00
  is
• 34:00
  that
• 34:00
  we
• 34:01
  as
• 34:01
  an
• 34:01
  industry
• 34:02
  really
• 34:02
  have
• 34:03
  so
• 34:03
  many
• 34:03
  more
• 34:04
  tools
• 34:04
  available
• 34:04
  to
• 34:05
  us
• 34:05
  than
• 34:05
  ever
• 34:05
  before.
• 34:06
  The
• 34:06
  acceleration
• 34:07
  of
• 34:07
  AI
• 34:08
  and
• 34:09
  large
• 34:09
  language
• 34:09
  learning
• 34:09
  models
• 34:10
  over
• 34:10
  the
• 34:10
  past
• 34:10
  two
• 34:11
  years
• 34:12
  has
• 34:12
  really
• 34:12
  led
• 34:13
  to
• 34:13
  everyone
• 34:13
  having
• 34:14
  the
• 34:14
  ability
• 34:14
  to
• 34:14
  analyze
• 34:15
  data
• 34:15
  a
• 34:15
  lot
• 34:16
  more
• 34:16
  quickly
• 34:16
  and
• 34:17
  having
• 34:17
  more
• 34:17
  data
• 34:17
  inputs
• 34:18
  to
• 34:19
  be
• 34:19
  able
• 34:19
  to
• 34:19
  synthesize
• 34:20
  and
• 34:20
  start
• 34:21
  to
• 34:21
  use.
• 34:22
  And
• 34:22
  as
• 34:22
  you
• 34:22
  referenced
• 34:23
  earlier,
• 34:24
  Narva
• 34:25
  has
• 34:25
  a
• 34:25
  bunch
• 34:26
  of
• 34:26
  data
• 34:26
  from
• 34:26
  the
• 34:26
  interactions
• 34:27
  that
• 34:27
  we
• 34:27
  have
• 34:28
  viewed
• 34:28
  over
• 34:28
  the
• 34:28
  last
• 34:28
  10
• 34:29
  years
• 34:29
  of
• 34:29
  our
• 34:29
  business.
• 34:30
  We
• 34:30
  sit
• 34:31
  with
• 34:31
  on
• 34:31
  over
• 34:32
  42
• 34:32
  billion
• 34:33
  annual
• 34:33
  touch
• 34:34
  points
• 34:34
  of
• 34:34
  data,
• 34:35
  which
• 34:35
  is
• 34:35
  order
• 34:36
  data,
• 34:36
  shipment
• 34:37
  data,
• 34:37
  carrier
• 34:38
  data,
• 34:38
  logistics
• 34:39
  data,
• 34:40
  grading
• 34:40
  information,
• 34:41
  warehouse
• 34:42
  data.
• 34:43
  Now
• 34:43
  through
• 34:44
  the
• 34:44
  acceleration
• 34:44
  of
• 34:45
  AI
• 34:45
  tools,
• 34:46
  we've
• 34:47
  been
• 34:47
  able
• 34:47
  to
• 34:47
  really
• 34:47
  launch
• 34:48
  our
• 34:48
  tool
• 34:48
  set,
• 34:49
  which
• 34:49
  is
• 34:49
  iris,
• 34:50
  as
• 34:50
  I
• 34:50
  mentioned
• 34:50
  before,
• 34:51
  where
• 34:51
  we
• 34:51
  can
• 34:51
  really
• 34:51
  start
• 34:52
  to
• 34:52
  look
• 34:52
  at
• 34:53
  aggregated
• 34:53
  behavior
• 34:54
  and
• 34:54
  intent
• 34:55
  and
• 34:55
  intent
• 34:55
  signals
• 34:56
  and
• 34:57
  use
• 34:57
  that
• 34:57
  data
• 34:58
  back
• 34:58
  with
• 34:58
  our
• 34:59
  retail
• 34:59
  partners
• 34:59
  to
• 35:00
  build
• 35:00
  better
• 35:00
  experiences.
• 35:01
  Yes,
• 35:02
  of
• 35:02
  course,
• 35:02
  the
• 35:03
  first
• 35:03
  thing
• 35:03
  that
• 35:03
  we
• 35:03
  talk
• 35:03
  about
• 35:04
  today
• 35:04
  is
• 35:04
  how
• 35:05
  do
• 35:05
  you
• 35:05
  help
• 35:05
  use
• 35:06
  that
• 35:06
  data
• 35:06
  to
• 35:07
  cut
• 35:07
  out
• 35:07
  crime?
• 35:09
  Generally
• 35:09
  what
• 35:09
  we
• 35:09
  see,
• 35:09
  like
• 35:09
  I
• 35:10
  said,
• 35:10
  is
• 35:10
  a
• 35:10
  large
• 35:10
  amount
• 35:10
  of
• 35:11
  crime
• 35:11
  is
• 35:11
  a
• 35:11
  lot
• 35:11
  small
• 35:12
  people.
• 35:12
  So
• 35:12
  the
• 35:12
  behavior
• 35:13
  is
• 35:13
  there
• 35:13
  and
• 35:13
  the
• 35:14
  signals
• 35:14
  are
• 35:14
  there
• 35:15
  and
• 35:16
  they
• 35:16
  look
• 35:16
  the
• 35:16
  same.
• 35:17
  And
• 35:17
  can
• 35:17
  we
• 35:18
  really
• 35:18
  ISO
• 35:19
  that
• 35:19
  out?
• 35:19
  And
• 35:19
  then
• 35:20
  the
• 35:20
  power
• 35:20
  of
• 35:20
  that
• 35:20
  is
• 35:20
  once
• 35:21
  you
• 35:21
  ice
• 35:21
  out
• 35:21
  the
• 35:22
  bad
• 35:22
  criminals,
• 35:22
  you
• 35:22
  can
• 35:23
  start
• 35:23
  to
• 35:23
  use
• 35:23
  data
• 35:23
  for
• 35:24
  a
• 35:24
  really
• 35:24
  good
• 35:24
  purpose.
• 35:25
  So
• 35:25
  how
• 35:25
  do
• 35:25
  you
• 35:26
  reward
• 35:26
  your
• 35:26
  best
• 35:26
  customers?
• 35:27
  How
• 35:28
  do
• 35:28
  you
• 35:28
  reward
• 35:28
  customers
• 35:29
  that
• 35:29
  you
• 35:29
  don't
• 35:29
  know
• 35:29
  are
• 35:30
  going
• 35:30
  to
• 35:30
  be
• 35:30
  your
• 35:30
  best
• 35:30
  customer?
• 35:31
  But
• 35:31
  we
• 35:32
  might
• 35:32
  because
• 35:32
  of
• 35:32
  their
• 35:32
  behavior
• 35:33
  across
• 35:33
  the
• 35:33
  industry.
• 35:35
  You
• 35:35
  know,
• 35:36
  we're
• 35:36
  in
• 35:36
  the
• 35:36
  area
• 35:36
  of
• 35:37
  hyper
• 35:37
  era
• 35:37
  of
• 35:38
  hyper
• 35:38
  personalization.
• 35:39
  And
• 35:39
  IRIS
• 35:40
  is
• 35:40
  going
• 35:40
  to
• 35:40
  become
• 35:41
  a
• 35:41
  really
• 35:41
  powerful
• 35:42
  tool
• 35:42
  for
• 35:42
  the
• 35:42
  industry
• 35:43
  and
• 35:43
  for
• 35:43
  our
• 35:43
  retailers,
• 35:44
  not
• 35:45
  only
• 35:45
  in
• 35:45
  post
• 35:45
  purchase,
• 35:46
  but
• 35:46
  in
• 35:47
  pre
• 35:47
  purchase
• 35:47
  as
• 35:47
  well
• 35:48
  to
• 35:48
  use
• 35:48
  the
• 35:49
  data
• 35:49
  and
• 35:49
  signals
• 35:49
  to
• 35:50
  really
• 35:50
  accelerate
• 35:51
  revenue
• 35:51
  growth,
• 35:52
  revenue
• 35:52
  retention,
• 35:53
  and
• 35:53
  then
• 35:54
  of
• 35:54
  course
• 35:54
  the
• 35:54
  revenue
• 35:54
  protection
• 35:55
  I
• 35:55
  mentioned
• 35:55
  as
• 35:55
  well.
• 35:57
  Yeah,
• 35:57
  David,
• 35:58
  I
• 35:58
  love
• 35:58
  this.
• 35:58
  Thank
• 35:59
  you
• 35:59
  for,
• 35:59
  thank
• 35:59
  you
• 35:59
  for
• 35:59
  joining
• 36:00
  us.
• 36:00
  I
• 36:00
  mean
• 36:00
  that
• 36:00
  last
• 36:00
  point
• 36:00
  too,
• 36:01
  pre
• 36:01
  purchase
• 36:02
  and
• 36:02
  post
• 36:02
  purchases,
• 36:02
  that
• 36:03
  that's
• 36:03
  kind
• 36:03
  of
• 36:03
  my.
• 36:04
  I've
• 36:04
  got
• 36:04
  a
• 36:04
  number
• 36:04
  of
• 36:04
  takeaways
• 36:05
  from
• 36:05
  this,
• 36:05
  but
• 36:05
  that
• 36:05
  was
• 36:06
  kind
• 36:06
  of
• 36:06
  my
• 36:06
  big
• 36:06
  takeaway
• 36:06
  too.
• 36:07
  Especially
• 36:07
  when
• 36:07
  we
• 36:07
  started
• 36:07
  off
• 36:08
  about,
• 36:08
  you
• 36:08
  know,
• 36:08
  there
• 36:08
  are
• 36:09
  retailers
• 36:09
  are
• 36:09
  starting
• 36:09
  to
• 36:09
  charge
• 36:10
  for
• 36:10
  returns
• 36:10
  because
• 36:10
  that's
• 36:11
  more
• 36:11
  of
• 36:11
  a
• 36:11
  pre
• 36:11
  purchase
• 36:12
  decision.
• 36:12
  And
• 36:12
  then
• 36:13
  the
• 36:13
  other
• 36:13
  thing
• 36:13
  I
• 36:13
  took
• 36:13
  away
• 36:14
  from
• 36:14
  you
• 36:14
  was
• 36:14
  like,
• 36:14
  yes,
• 36:14
  you
• 36:15
  can
• 36:15
  do
• 36:15
  that,
• 36:15
  but
• 36:15
  you
• 36:15
  have
• 36:15
  to
• 36:15
  also
• 36:15
  Start
• 36:16
  thinking
• 36:16
  about
• 36:16
  how
• 36:16
  do
• 36:16
  you
• 36:16
  make
• 36:17
  the
• 36:17
  most
• 36:17
  frictionless
• 36:18
  post
• 36:18
  purchase,
• 36:19
  you
• 36:19
  know,
• 36:19
  experience
• 36:20
  available
• 36:20
  to
• 36:21
  your
• 36:21
  customer
• 36:21
  as
• 36:21
  well.
• 36:22
  And
• 36:22
  in
• 36:22
  addition
• 36:23
  to
• 36:23
  that,
• 36:23
  you
• 36:23
  can,
• 36:24
  you
• 36:24
  know,
• 36:24
  you
• 36:24
  can
• 36:25
  segment
• 36:25
  things
• 36:25
  by
• 36:25
  the
• 36:26
  item
• 36:26
  type.
• 36:26
  You
• 36:26
  can
• 36:26
  say
• 36:27
  segment
• 36:27
  things
• 36:27
  down
• 36:28
  to
• 36:28
  the
• 36:28
  customer
• 36:28
  level
• 36:29
  too.
• 36:29
  There's
• 36:29
  lots
• 36:29
  of
• 36:29
  different
• 36:30
  ways
• 36:30
  to
• 36:30
  slice
• 36:30
  and
• 36:31
  dice
• 36:31
  this
• 36:31
  to.
• 36:31
  To
• 36:31
  try
• 36:32
  to
• 36:32
  find
• 36:33
  ways
• 36:33
  to
• 36:34
  combat
• 36:34
  this
• 36:34
  quote
• 36:34
  unquote,
• 36:35
  $1
• 36:35
  trillion
• 36:36
  problem.
• 36:36
  And
• 36:36
  it
• 36:37
  all
• 36:37
  starts
• 36:37
  with
• 36:37
  having
• 36:38
  the
• 36:38
  courage
• 36:38
  to
• 36:38
  test
• 36:39
  and
• 36:39
  try
• 36:39
  new
• 36:40
  things
• 36:40
  like
• 36:40
  we
• 36:40
  talked
• 36:40
  about
• 36:40
  as
• 36:41
  well.
• 36:41
  So
• 36:41
  again,
• 36:41
  thank
• 36:42
  you
• 36:42
  so
• 36:42
  much.
• 36:43
  If
• 36:43
  people
• 36:43
  want
• 36:43
  to
• 36:43
  pick
• 36:44
  your
• 36:44
  brain,
• 36:44
  get
• 36:45
  in
• 36:45
  touch
• 36:45
  with
• 36:45
  you,
• 36:45
  get
• 36:45
  in
• 36:46
  touch
• 36:46
  with
• 36:46
  Narvar.
• 36:46
  What's
• 36:46
  the
• 36:47
  best
• 36:47
  way
• 36:47
  for
• 36:47
  them
• 36:47
  to
• 36:47
  do
• 36:47
  that?
• 36:48
  Sure.
• 36:49
  Since
• 36:49
  we're
• 36:49
  on
• 36:50
  LinkedIn
• 36:50
  today,
• 36:50
  you're
• 36:50
  free.
• 36:51
  Feel
• 36:51
  free
• 36:51
  to
• 36:51
  LinkedIn
• 36:52
  me.
• 36:52
  I'm
• 36:53
  gonna
• 36:53
  like,
• 36:53
  say
• 36:53
  like
• 36:53
  click
• 36:54
  here.
• 36:54
  Is
• 36:54
  it
• 36:54
  above
• 36:55
  us.
• 36:59
  Where
• 36:59
  that
• 37:00
  is?
• 37:00
  Yeah.
• 37:00
  Right.
• 37:00
  Have
• 37:00
  you
• 37:00
  seen
• 37:01
  that
• 37:01
  video
• 37:01
  of
• 37:01
  Usher
• 37:02
  from
• 37:02
  COVID
• 37:02
  where
• 37:02
  there
• 37:03
  was
• 37:03
  like
• 37:03
  a
• 37:03
  bunch
• 37:03
  of
• 37:03
  like,
• 37:04
  like
• 37:04
  they
• 37:04
  were
• 37:04
  in
• 37:05
  like
• 37:05
  the
• 37:05
  family,
• 37:05
  the
• 37:06
  Hollywood
• 37:06
  Squares
• 37:07
  view.
• 37:07
  And
• 37:07
  he
• 37:07
  thinks
• 37:08
  he's
• 37:08
  in
• 37:08
  the
• 37:08
  middle,
• 37:08
  so
• 37:09
  he's
• 37:09
  like
• 37:09
  making
• 37:09
  all
• 37:09
  these
• 37:10
  actions,
• 37:10
  but
• 37:10
  he's
• 37:10
  really
• 37:11
  in
• 37:11
  the
• 37:11
  corner.
• 37:11
  So
• 37:13
  that's
• 37:14
  great.
• 37:14
  Click
• 37:14
  here
• 37:14
  to.
• 37:15
  To
• 37:15
  contact
• 37:15
  me.
• 37:16
  Right,
• 37:16
  right,
• 37:16
  right.
• 37:17
  That's
• 37:17
  great.
• 37:17
  All
• 37:17
  right,
• 37:18
  well,
• 37:18
  that
• 37:18
  wraps
• 37:18
  us
• 37:18
  up.
• 37:18
  But
• 37:18
  before
• 37:19
  we
• 37:19
  let
• 37:19
  you
• 37:19
  go,
• 37:19
  David,
• 37:20
  and
• 37:21
  how
• 37:21
  many.
• 37:21
  How
• 37:22
  many
• 37:22
  Narvar
• 37:23
  related
• 37:23
  messages
• 37:23
  do
• 37:23
  you
• 37:23
  have
• 37:24
  in
• 37:24
  your
• 37:24
  inbox?
• 37:24
  I'm
• 37:24
  gonna
• 37:24
  guess
• 37:24
  over
• 37:25
  500.
• 37:25
  David,
• 37:26
  do
• 37:26
  you
• 37:26
  want
• 37:26
  to
• 37:26
  venture
• 37:26
  a
• 37:26
  guess?
• 37:27
  Okay,
• 37:28
  six.
• 37:28
  Are
• 37:28
  we
• 37:28
  gonna
• 37:29
  say
• 37:29
  six
• 37:29
  months?
• 37:30
  Yes,
• 37:30
  six
• 37:31
  months.
• 37:31
  Okay,
• 37:32
  well,
• 37:33
  as
• 37:33
  we
• 37:33
  were
• 37:33
  prepping,
• 37:34
  we
• 37:34
  were
• 37:34
  talking
• 37:34
  about
• 37:34
  how
• 37:34
  much
• 37:35
  shopping
• 37:35
  Anne
• 37:35
  and
• 37:35
  I
• 37:36
  do.
• 37:36
  So
• 37:36
  I'm
• 37:36
  gonna
• 37:37
  go
• 37:37
  787.
• 37:39
  Wow,
• 37:40
  that's
• 37:41
  a
• 37:41
  lot,
• 37:41
  you
• 37:41
  guys.
• 37:42
  I'm
• 37:42
  not
• 37:43
  quite
• 37:43
  that
• 37:44
  bad.
• 37:45
  492
• 37:46
  was
• 37:47
  the.
• 37:51
  Wow.
• 37:52
  So
• 37:52
  that's
• 37:53
  a
• 37:53
  lot
• 37:53
  of
• 37:54
  emails,
• 37:55
  though.
• 37:55
  I
• 37:55
  mean,
• 37:55
  and
• 37:56
  yes,
• 37:57
  yes,
• 37:57
  that
• 37:57
  is.
• 37:58
  I.
• 37:58
  90%
• 37:59
  of
• 37:59
  those
• 37:59
  are
• 37:59
  from
• 37:59
  Walmart
• 38:00
  Plus.
• 38:00
  But
• 38:00
  anyway.
• 38:01
  All
• 38:01
  right.
• 38:04
  No,
• 38:04
  I
• 38:04
  have
• 38:04
  no
• 38:04
  idea,
• 38:05
  really
• 38:05
  on
• 38:05
  that
• 38:05
  side.
• 38:05
  I'm
• 38:06
  just
• 38:06
  joking
• 38:06
  you.
• 38:06
  But
• 38:06
  anyway,
• 38:07
  thanks
• 38:07
  to.
• 38:07
  Thanks
• 38:07
  to
• 38:08
  David
• 38:08
  for
• 38:08
  sitting
• 38:08
  down
• 38:08
  with
• 38:09
  us.
• 38:09
  And
• 38:09
  as
• 38:09
  always,
• 38:10
  on
• 38:10
  behalf
• 38:10
  of
• 38:10
  all
• 38:10
  of
• 38:11
  us,
• 38:11
  Omni
• 38:11
  Talk,
• 38:11
  whether
• 38:12
  you're
• 38:12
  watching
• 38:12
  live
• 38:13
  or
• 38:13
  listening
• 38:13
  in
• 38:14
  later,
• 38:14
  be
• 38:14
  careful
• 38:15
  out
• 38:15
  there.