Latest / Omni Talk Retail / Why Resale Is Retail’s Next Big Growth Engine | Trove CEO Terry Boyle at Shoptalk 2025

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Why Resale Is Retail’s Next Big Growth Engine | Trove CEO Terry Boyle at Shoptalk 2025 · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone.
• 0:01
  This
• 0:01
  is
• 0:01
  Omnitalk
• 0:02
  Retail.
• 0:02
  I'm
• 0:02
  Chris
• 0:02
  Walton.
• 0:04
  And
• 0:04
  I'm
• 0:04
  Anne
• 0:04
  Mazinga.
• 0:05
  And
• 0:06
  we
• 0:06
  are
• 0:06
  coming
• 0:06
  to
• 0:06
  you
• 0:06
  live
• 0:07
  once
• 0:07
  again
• 0:07
  From
• 0:07
  Shop
• 0:08
  Talk
• 0:08
  2025
• 0:09
  from
• 0:09
  the
• 0:09
  Avalara
• 0:10
  booth
• 0:11
  on
• 0:11
  the
• 0:11
  nicest
• 0:11
  dock
• 0:12
  in
• 0:12
  the
• 0:12
  bay
• 0:13
  and
• 0:13
  booth
• 0:14
  number
• 0:14
  1554.
• 0:16
  We
• 0:16
  are
• 0:16
  here
• 0:17
  all
• 0:17
  day
• 0:17
  interviewing
• 0:17
  the
• 0:18
  best
• 0:18
  of
• 0:18
  the
• 0:18
  best
• 0:18
  retail
• 0:19
  executives
• 0:19
  we
• 0:19
  can
• 0:19
  get
• 0:19
  our
• 0:20
  hands
• 0:20
  on.
• 0:20
  And
• 0:20
  so
• 0:20
  I
• 0:21
  am
• 0:21
  proud
• 0:21
  to
• 0:21
  introduce
• 0:22
  our
• 0:22
  next
• 0:22
  guest,
• 0:23
  and
• 0:23
  that
• 0:23
  is
• 0:24
  Terry
• 0:24
  Boyle,
• 0:25
  the
• 0:25
  CEO
• 0:25
  of
• 0:26
  Trove.
• 0:26
  Terry,
• 0:27
  welcome
• 0:27
  to
• 0:27
  omnitalk.
• 0:28
  Happy
• 0:28
  first
• 0:28
  day
• 0:29
  of
• 0:29
  Shop
• 0:29
  Talk
• 0:29
  too.
• 0:30
  Yeah,
• 0:30
  thanks
• 0:30
  for
• 0:30
  having
• 0:30
  me.
• 0:31
  It's
• 0:31
  great.
• 0:32
  Terry,
• 0:32
  you
• 0:32
  have
• 0:32
  a
• 0:33
  really
• 0:33
  interesting
• 0:33
  background
• 0:34
  that
• 0:34
  I
• 0:34
  think
• 0:34
  we
• 0:35
  need
• 0:35
  to
• 0:35
  share
• 0:35
  with
• 0:35
  our
• 0:36
  audience.
• 0:36
  So
• 0:36
  let's
• 0:37
  start
• 0:37
  there
• 0:37
  and
• 0:37
  then
• 0:38
  tell
• 0:38
  our
• 0:38
  audience
• 0:38
  a
• 0:39
  little
• 0:39
  bit
• 0:39
  about
• 0:39
  what
• 0:39
  Trove
• 0:40
  is
• 0:40
  if
• 0:40
  they're
• 0:40
  not
• 0:40
  familiar
• 0:41
  yet.
• 0:41
  Yeah,
• 0:41
  for
• 0:41
  sure.
• 0:42
  So,
• 0:43
  yeah,
• 0:43
  my
• 0:43
  career
• 0:44
  started
• 0:44
  by
• 0:44
  basically
• 0:44
  helping
• 0:45
  put
• 0:45
  the
• 0:46
  infrastructure
• 0:46
  for
• 0:46
  the
• 0:46
  Internet
• 0:47
  in
• 0:47
  place,
• 0:47
  both
• 0:49
  for
• 0:49
  households
• 0:50
  and
• 0:50
  mobile.
• 0:50
  I
• 0:50
  helped
• 0:51
  start
• 0:51
  the
• 0:51
  first
• 0:51
  3G
• 0:51
  wireless
• 0:52
  company
• 0:52
  in
• 0:52
  the
• 0:52
  US
• 0:53
  that
• 0:53
  was
• 0:53
  pre
• 0:54
  iPhone
• 0:55
  and
• 0:55
  iOS.
• 0:56
  And
• 0:56
  then
• 0:56
  I
• 0:56
  got
• 0:57
  into
• 0:57
  fashion
• 0:58
  tech
• 0:58
  in
• 0:58
  2008.
• 0:59
  The
• 0:59
  first
• 0:59
  company
• 0:59
  I
• 0:59
  did
• 1:00
  was
• 1:00
  a
• 1:00
  company
• 1:00
  called
• 1:00
  Hautelook.
• 1:01
  We
• 1:01
  sold
• 1:01
  that
• 1:01
  to
• 1:02
  Nordstrom
• 1:02
  in
• 1:02
  2011.
• 1:03
  I
• 1:03
  was
• 1:03
  a
• 1:03
  Nordstrom
• 1:04
  exec
• 1:04
  for
• 1:04
  around
• 1:04
  8
• 1:05
  years.
• 1:05
  Started
• 1:06
  Nordstromrack.com,
• 1:07
  paired
• 1:07
  that
• 1:07
  with
• 1:08
  Hautelook,
• 1:08
  kind
• 1:09
  of
• 1:09
  grew
• 1:09
  that
• 1:09
  to
• 1:09
  around
• 1:09
  1.7
• 1:10
  billion.
• 1:11
  Nordstrom
• 1:11
  had
• 1:11
  also
• 1:12
  acquired
• 1:12
  Trunk
• 1:12
  Club
• 1:13
  during
• 1:13
  that
• 1:13
  time,
• 1:14
  so
• 1:14
  I
• 1:14
  ended
• 1:14
  up
• 1:14
  running
• 1:14
  that
• 1:15
  for
• 1:15
  a
• 1:15
  couple
• 1:15
  of
• 1:15
  years.
• 1:16
  Left
• 1:17
  to
• 1:17
  do
• 1:18
  an
• 1:18
  AI
• 1:18
  machine
• 1:19
  learning
• 1:19
  startup.
• 1:19
  Before
• 1:19
  it
• 1:20
  was
• 1:20
  cool,
• 1:20
  which
• 1:20
  was
• 1:21
  a
• 1:21
  problem,
• 1:22
  we
• 1:22
  were
• 1:22
  essentially
• 1:23
  trying
• 1:23
  to
• 1:23
  replace
• 1:24
  Trunk
• 1:24
  Club
• 1:24
  and
• 1:24
  Stitch
• 1:25
  fix
• 1:25
  with
• 1:26
  what
• 1:26
  now
• 1:26
  people
• 1:26
  would
• 1:26
  refer
• 1:27
  to
• 1:27
  as
• 1:27
  an
• 1:27
  AI
• 1:27
  stylist
• 1:28
  agent.
• 1:28
  Okay,
• 1:28
  okay.
• 1:29
  And
• 1:30
  then
• 1:30
  most
• 1:30
  recently
• 1:30
  before
• 1:31
  Trove,
• 1:31
  I
• 1:31
  was
• 1:31
  CEO
• 1:32
  of
• 1:32
  Zulily.
• 1:33
  Okay,
• 1:33
  wow.
• 1:34
  All
• 1:34
  right,
• 1:35
  that
• 1:35
  is
• 1:35
  a
• 1:35
  very
• 1:35
  awesome
• 1:36
  background.
• 1:36
  All
• 1:37
  right,
• 1:37
  so
• 1:37
  let's
• 1:37
  talk
• 1:37
  about
• 1:37
  Trove
• 1:38
  then.
• 1:38
  So
• 1:39
  what
• 1:39
  led
• 1:39
  you
• 1:39
  to
• 1:40
  Trove
• 1:40
  and
• 1:41
  what
• 1:41
  is
• 1:41
  Trove
• 1:41
  all
• 1:41
  about?
• 1:42
  Yeah,
• 1:42
  so
• 1:42
  look,
• 1:43
  Trove
• 1:44
  is
• 1:44
  a
• 1:44
  company
• 1:45
  that
• 1:45
  provides
• 1:45
  brands
• 1:46
  and
• 1:46
  retailers
• 1:47
  the
• 1:47
  software
• 1:47
  and
• 1:48
  solutions
• 1:48
  they
• 1:48
  need
• 1:48
  to
• 1:49
  do
• 1:49
  resale
• 1:50
  and
• 1:50
  circular
• 1:51
  solutions.
• 1:51
  So
• 1:51
  think
• 1:52
  trade
• 1:52
  in
• 1:52
  programs.
• 1:53
  Think
• 1:53
  return
• 1:54
  processing
• 1:54
  for
• 1:54
  non
• 1:54
  new
• 1:55
  returns.
• 1:56
  Think
• 1:57
  resale
• 1:58
  solutions
• 1:58
  that
• 1:58
  are
• 1:58
  integrated
• 1:59
  on
• 1:59
  their
• 1:59
  own
• 1:59
  websites.
• 2:00
  That's
• 2:00
  what
• 2:00
  we
• 2:01
  do.
• 2:02
  You
• 2:02
  know
• 2:02
  why
• 2:03
  I
• 2:03
  did
• 2:03
  it
• 2:03
  was,
• 2:03
  it
• 2:03
  was
• 2:03
  interesting.
• 2:04
  I
• 2:04
  wasn't
• 2:04
  looking
• 2:05
  to
• 2:05
  do
• 2:05
  something
• 2:05
  like
• 2:06
  this,
• 2:06
  but
• 2:07
  I've
• 2:08
  known
• 2:08
  Andy,
• 2:08
  the
• 2:08
  original
• 2:09
  founder,
• 2:09
  for
• 2:09
  a
• 2:09
  long
• 2:09
  time
• 2:10
  and
• 2:10
  I
• 2:10
  was
• 2:10
  thinking
• 2:11
  about
• 2:11
  reselling
• 2:13
  goods
• 2:14
  on
• 2:14
  Zulily.
• 2:14
  And
• 2:14
  so
• 2:15
  I
• 2:15
  had
• 2:15
  met
• 2:15
  with
• 2:15
  Andy
• 2:15
  recently
• 2:16
  and
• 2:16
  Andy
• 2:17
  had
• 2:17
  mentioned
• 2:17
  that
• 2:17
  they
• 2:17
  had
• 2:17
  kind
• 2:17
  of
• 2:18
  pivoted
• 2:18
  to
• 2:18
  be
• 2:18
  more
• 2:18
  of
• 2:18
  a
• 2:18
  software
• 2:19
  company.
• 2:19
  And
• 2:19
  I
• 2:19
  was
• 2:19
  like,
• 2:20
  that's
• 2:20
  great,
• 2:20
  Andy.
• 2:20
  That
• 2:20
  sounds
• 2:21
  really
• 2:21
  smart.
• 2:21
  And
• 2:22
  then
• 2:22
  I
• 2:22
  didn't
• 2:22
  see
• 2:22
  him
• 2:22
  for
• 2:22
  a
• 2:23
  while.
• 2:23
  When
• 2:24
  they
• 2:24
  called
• 2:24
  me,
• 2:24
  I
• 2:24
  was
• 2:25
  like,
• 2:25
  oh,
• 2:25
  I
• 2:26
  remember
• 2:26
  Andy
• 2:26
  talking
• 2:27
  about
• 2:27
  this.
• 2:28
  I
• 2:28
  got
• 2:28
  super
• 2:28
  into
• 2:29
  it
• 2:29
  because
• 2:30
  it's
• 2:30
  really.
• 2:30
  I'm
• 2:31
  a
• 2:31
  growth
• 2:31
  guy
• 2:31
  and
• 2:31
  these
• 2:32
  are
• 2:32
  growth
• 2:32
  solutions.
• 2:33
  And
• 2:34
  I
• 2:34
  think
• 2:34
  most
• 2:34
  people
• 2:34
  don't
• 2:34
  realize
• 2:35
  that
• 2:35
  I'm
• 2:35
  also
• 2:36
  a
• 2:36
  P
• 2:36
  and
• 2:36
  L
• 2:36
  guy.
• 2:36
  These
• 2:36
  are
• 2:37
  profitable
• 2:37
  solutions.
• 2:38
  Right.
• 2:38
  So
• 2:39
  this
• 2:39
  idea,
• 2:39
  as
• 2:40
  I
• 2:40
  saw
• 2:40
  it
• 2:40
  and
• 2:40
  kind
• 2:41
  of
• 2:41
  understood
• 2:41
  it,
• 2:41
  is
• 2:41
  like
• 2:42
  we
• 2:42
  can
• 2:42
  run
• 2:42
  these
• 2:43
  programs,
• 2:43
  both
• 2:43
  trade
• 2:44
  in,
• 2:44
  resale
• 2:44
  and
• 2:44
  return
• 2:45
  programs.
• 2:45
  People
• 2:46
  can
• 2:46
  make
• 2:46
  money
• 2:46
  off
• 2:47
  of
• 2:47
  them
• 2:47
  and
• 2:47
  they
• 2:47
  can
• 2:48
  create
• 2:48
  this
• 2:48
  flywheel
• 2:48
  where
• 2:49
  they
• 2:49
  bring
• 2:49
  new
• 2:49
  customers
• 2:49
  in.
• 2:50
  And
• 2:50
  so
• 2:50
  that
• 2:50
  was
• 2:50
  super
• 2:50
  exciting
• 2:51
  to
• 2:51
  me.
• 2:51
  Got
• 2:51
  it.
• 2:52
  So
• 2:52
  essentially
• 2:52
  you
• 2:52
  work
• 2:52
  with
• 2:52
  other
• 2:53
  retailers
• 2:53
  to
• 2:53
  help
• 2:53
  them
• 2:53
  get
• 2:54
  into
• 2:54
  resale,
• 2:54
  is
• 2:54
  that
• 2:55
  right?
• 2:55
  I
• 2:55
  mean,
• 2:55
  mostly
• 2:56
  brands
• 2:56
  that's
• 2:56
  simplified.
• 2:57
  Well,
• 2:57
  no,
• 2:57
  so
• 2:58
  it's
• 2:58
  mostly
• 2:59
  brands.
• 3:00
  Some
• 3:00
  of
• 3:00
  our
• 3:00
  biggest
• 3:00
  brands
• 3:01
  would
• 3:01
  be
• 3:01
  like
• 3:01
  Patagonia,
• 3:02
  Arc'teryx,
• 3:03
  Brooks
• 3:04
  on
• 3:04
  running.
• 3:05
  There's
• 3:05
  a
• 3:05
  lot.
• 3:05
  Canada
• 3:05
  Goose.
• 3:06
  There's
• 3:06
  a
• 3:06
  lot.
• 3:06
  We
• 3:06
  have
• 3:06
  about
• 3:06
  50
• 3:07
  brands.
• 3:07
  You'd
• 3:08
  know
• 3:08
  most
• 3:08
  of
• 3:08
  them.
• 3:09
  And
• 3:09
  what
• 3:09
  we
• 3:09
  provide
• 3:10
  for
• 3:10
  them
• 3:10
  is
• 3:10
  essentially
• 3:11
  a
• 3:11
  series
• 3:11
  of
• 3:11
  solutions.
• 3:12
  And
• 3:12
  they
• 3:12
  can
• 3:12
  be
• 3:12
  different.
• 3:13
  Like
• 3:13
  not
• 3:13
  all
• 3:14
  solutions
• 3:14
  are
• 3:14
  the
• 3:14
  same.
• 3:15
  And
• 3:16
  the
• 3:16
  core
• 3:16
  of
• 3:16
  it
• 3:16
  is
• 3:17
  like
• 3:17
  they
• 3:17
  may
• 3:17
  be
• 3:17
  processing
• 3:18
  returns
• 3:18
  and
• 3:18
  about
• 3:19
  8
• 3:19
  to
• 3:19
  12%
• 3:19
  of
• 3:19
  returns
• 3:20
  are
• 3:20
  non
• 3:20
  new.
• 3:21
  We
• 3:21
  can
• 3:22
  sell
• 3:22
  that
• 3:22
  directly
• 3:22
  on
• 3:23
  their
• 3:23
  own
• 3:23
  website.
• 3:24
  And
• 3:24
  what
• 3:24
  we
• 3:24
  do
• 3:24
  is
• 3:24
  we
• 3:25
  condition
• 3:25
  grade
• 3:25
  everything,
• 3:26
  give
• 3:26
  it
• 3:26
  a
• 3:26
  single
• 3:26
  skew
• 3:27
  so
• 3:27
  it
• 3:27
  can
• 3:27
  be
• 3:27
  identified.
• 3:28
  You
• 3:28
  have
• 3:28
  notes
• 3:28
  explaining
• 3:29
  the
• 3:29
  quality
• 3:29
  of
• 3:29
  the
• 3:30
  good.
• 3:30
  You
• 3:31
  can
• 3:31
  also
• 3:31
  run
• 3:31
  trade
• 3:31
  in
• 3:31
  programs
• 3:32
  which
• 3:32
  are
• 3:32
  kind
• 3:32
  of
• 3:33
  my
• 3:33
  favorite.
• 3:33
  Oh
• 3:33
  wow.
• 3:34
  Trade
• 3:34
  in
• 3:34
  programs
• 3:35
  allow
• 3:35
  a
• 3:35
  customer
• 3:35
  to
• 3:35
  come
• 3:36
  in,
• 3:36
  turn
• 3:36
  something
• 3:36
  into
• 3:36
  a
• 3:37
  brand.
• 3:37
  Usually
• 3:37
  for
• 3:37
  a
• 3:37
  gift
• 3:38
  card
• 3:39
  that
• 3:40
  sort
• 3:40
  of
• 3:40
  re
• 3:40
  engages
• 3:41
  that
• 3:41
  existing
• 3:42
  customer,
• 3:42
  turn
• 3:43
  something
• 3:43
  in,
• 3:43
  they
• 3:44
  get
• 3:44
  this
• 3:44
  gift
• 3:44
  card
• 3:44
  which
• 3:44
  they
• 3:44
  immediately
• 3:45
  spend
• 3:45
  on
• 3:45
  something
• 3:46
  new.
• 3:46
  And
• 3:46
  then
• 3:46
  the
• 3:47
  brand
• 3:47
  gets
• 3:48
  a
• 3:48
  low
• 3:48
  cost
• 3:48
  basis
• 3:49
  on
• 3:49
  a
• 3:49
  good
• 3:49
  that
• 3:50
  they
• 3:50
  can
• 3:50
  sell
• 3:50
  to
• 3:50
  a
• 3:50
  new
• 3:50
  customer.
• 3:51
  Resale
• 3:52
  customers
• 3:52
  tend
• 3:52
  to
• 3:53
  be
• 3:53
  between
• 3:53
  50
• 3:53
  and
• 3:54
  80%
• 3:54
  new
• 3:54
  customers
• 3:55
  for
• 3:55
  brands.
• 3:56
  So
• 3:56
  Terry,
• 3:57
  what
• 3:57
  are
• 3:57
  you
• 3:57
  looking
• 3:58
  at
• 3:58
  then?
• 3:58
  At
• 3:59
  Shop
• 3:59
  Talk?
• 3:59
  Like
• 3:59
  what
• 4:00
  are
• 4:00
  you
• 4:00
  here
• 4:00
  to.
• 4:01
  Who
• 4:01
  are
• 4:01
  you
• 4:01
  here
• 4:01
  to
• 4:02
  talk
• 4:02
  to?
• 4:02
  Like
• 4:03
  what
• 4:03
  technology
• 4:03
  is
• 4:04
  interesting
• 4:04
  to
• 4:04
  you
• 4:04
  as
• 4:05
  you
• 4:05
  think
• 4:05
  about
• 4:05
  kind
• 4:05
  of
• 4:06
  where
• 4:06
  Trove
• 4:07
  will
• 4:07
  evolve
• 4:08
  in
• 4:08
  the
• 4:08
  next
• 4:08
  year?
• 4:09
  Yeah,
• 4:10
  I
• 4:10
  mean,
• 4:10
  I
• 4:10
  haven't
• 4:10
  been
• 4:10
  to
• 4:11
  Shop
• 4:11
  Talk
• 4:11
  in
• 4:11
  a
• 4:11
  while,
• 4:12
  so
• 4:12
  last
• 4:12
  time
• 4:12
  I
• 4:12
  was
• 4:13
  a
• 4:13
  member
• 4:13
  of
• 4:13
  Nordstrom,
• 4:14
  so
• 4:14
  I
• 4:14
  think
• 4:14
  like
• 4:14
  it
• 4:14
  has
• 4:15
  been
• 4:15
  a
• 4:15
  bit.
• 4:15
  Oh
• 4:15
  wow.
• 4:15
  It's
• 4:15
  been
• 4:16
  a
• 4:16
  while
• 4:16
  then?
• 4:16
  It's
• 4:16
  been
• 4:16
  a
• 4:16
  while.
• 4:17
  Yeah.
• 4:17
  So
• 4:17
  it's
• 4:17
  been
• 4:17
  a
• 4:17
  couple
• 4:17
  years.
• 4:18
  I
• 4:18
  just
• 4:18
  went
• 4:18
  back
• 4:18
  to
• 4:18
  NRF
• 4:19
  too.
• 4:19
  So
• 4:19
  it's
• 4:19
  like
• 4:19
  I'm
• 4:20
  doing
• 4:20
  all
• 4:20
  the
• 4:20
  conferences.
• 4:21
  I
• 4:21
  think
• 4:21
  we
• 4:21
  have
• 4:22
  a
• 4:22
  number
• 4:22
  of
• 4:23
  brands
• 4:23
  who
• 4:23
  are
• 4:23
  interested
• 4:23
  in
• 4:24
  solutions.
• 4:24
  So
• 4:24
  we're
• 4:24
  doing
• 4:24
  a
• 4:24
  lot
• 4:24
  of
• 4:25
  direct
• 4:25
  meetings.
• 4:25
  We
• 4:26
  don't
• 4:26
  have
• 4:26
  a
• 4:26
  booth
• 4:26
  this
• 4:26
  year.
• 4:27
  We're
• 4:27
  kind
• 4:27
  of
• 4:27
  seeing
• 4:27
  if
• 4:27
  that
• 4:28
  makes
• 4:28
  sense
• 4:28
  in
• 4:29
  future
• 4:29
  years.
• 4:30
  You
• 4:31
  know,
• 4:31
  I
• 4:31
  think
• 4:31
  what's
• 4:31
  interesting
• 4:32
  is
• 4:32
  resale
• 4:32
  isn't
• 4:32
  a
• 4:33
  category
• 4:33
  right
• 4:33
  now.
• 4:34
  Like
• 4:34
  you
• 4:34
  don't,
• 4:34
  when
• 4:35
  you
• 4:35
  go
• 4:35
  down
• 4:35
  the
• 4:35
  shop
• 4:36
  talk
• 4:36
  agenda,
• 4:36
  you
• 4:36
  don't
• 4:37
  see
• 4:37
  resale
• 4:37
  as
• 4:37
  something
• 4:38
  that's
• 4:38
  called
• 4:38
  out.
• 4:39
  We
• 4:39
  think
• 4:39
  that's
• 4:39
  going
• 4:39
  to
• 4:39
  change
• 4:40
  over
• 4:40
  the
• 4:40
  next
• 4:40
  couple
• 4:41
  of
• 4:41
  years.
• 4:41
  And
• 4:42
  so,
• 4:42
  you
• 4:42
  know,
• 4:43
  we
• 4:43
  think
• 4:43
  this
• 4:43
  is
• 4:43
  going
• 4:43
  to
• 4:44
  take
• 4:44
  off
• 4:44
  in
• 4:45
  the
• 4:45
  next
• 4:45
  couple
• 4:45
  years.
• 4:45
  But
• 4:46
  again,
• 4:46
  we're
• 4:46
  up
• 4:46
  to
• 4:46
  over
• 4:47
  50
• 4:47
  brands,
• 4:47
  so
• 4:47
  it's
• 4:48
  already
• 4:48
  really
• 4:48
  got
• 4:48
  some
• 4:49
  good
• 4:49
  traction.
• 4:49
  Yeah,
• 4:50
  absolutely.
• 4:50
  I
• 4:50
  know.
• 4:50
  I'm
• 4:51
  a
• 4:51
  big
• 4:51
  fan.
• 4:52
  I've
• 4:52
  been
• 4:53
  on
• 4:53
  the
• 4:53
  resale
• 4:54
  bandwagon
• 4:55
  for
• 4:55
  quite
• 4:56
  a
• 4:56
  long
• 4:56
  time,
• 4:56
  as
• 4:56
  Chris
• 4:57
  can
• 4:57
  attest.
• 4:58
  Yeah,
• 4:58
  well,
• 4:58
  that
• 4:58
  was
• 4:58
  going
• 4:58
  to
• 4:58
  be
• 4:59
  my
• 4:59
  next
• 4:59
  question
• 4:59
  too
• 4:59
  is
• 5:00
  like,
• 5:00
  where
• 5:00
  are
• 5:01
  we
• 5:01
  on
• 5:01
  the
• 5:01
  adoption
• 5:02
  curve?
• 5:02
  With
• 5:02
  resale,
• 5:04
  especially
• 5:04
  in
• 5:04
  our
• 5:04
  circles,
• 5:05
  it
• 5:05
  gets
• 5:05
  talked
• 5:05
  about
• 5:05
  a
• 5:06
  lot.
• 5:06
  I'm
• 5:07
  personally
• 5:07
  of
• 5:07
  the
• 5:07
  opinion
• 5:08
  that
• 5:08
  we
• 5:08
  haven't
• 5:08
  quite
• 5:09
  crossed
• 5:09
  the
• 5:09
  chasm
• 5:10
  yet.
• 5:10
  Maybe
• 5:10
  you
• 5:10
  disagree
• 5:11
  with
• 5:11
  me,
• 5:11
  but
• 5:11
  I'm
• 5:11
  curious,
• 5:12
  how
• 5:12
  would
• 5:12
  you
• 5:12
  assess
• 5:13
  where
• 5:13
  it
• 5:13
  is
• 5:13
  now
• 5:14
  and
• 5:14
  at
• 5:14
  what
• 5:14
  point
• 5:15
  do
• 5:15
  you
• 5:15
  think
• 5:15
  it
• 5:15
  will
• 5:15
  cross
• 5:16
  the
• 5:16
  chasm
• 5:16
  or
• 5:16
  has
• 5:17
  it
• 5:17
  already?
• 5:18
  I
• 5:19
  think
• 5:19
  from
• 5:19
  a
• 5:19
  consumer
• 5:19
  standpoint,
• 5:20
  it's
• 5:20
  crossed
• 5:20
  the
• 5:20
  chasm.
• 5:21
  Okay.
• 5:22
  So
• 5:22
  I
• 5:22
  think
• 5:22
  particularly
• 5:23
  in
• 5:23
  Europe,
• 5:23
  it's
• 5:24
  crossed
• 5:24
  the
• 5:24
  chasm.
• 5:24
  You're
• 5:25
  seeing
• 5:25
  keggers
• 5:25
  that
• 5:26
  are
• 5:26
  much
• 5:26
  higher
• 5:26
  than
• 5:27
  normal
• 5:27
  retail.
• 5:28
  You're
• 5:28
  seeing
• 5:28
  some
• 5:28
  pretty
• 5:28
  big
• 5:29
  numbers
• 5:29
  being
• 5:29
  thrown
• 5:30
  down
• 5:30
  by
• 5:30
  some
• 5:31
  of
• 5:31
  these
• 5:31
  resale
• 5:31
  platforms.
• 5:32
  I
• 5:32
  think
• 5:33
  the
• 5:33
  part
• 5:33
  of
• 5:33
  resale
• 5:33
  we're
• 5:34
  focused
• 5:34
  on
• 5:34
  is
• 5:34
  branded
• 5:34
  resale.
• 5:35
  It's
• 5:35
  brands
• 5:35
  sort
• 5:36
  of
• 5:36
  doing
• 5:36
  it
• 5:36
  themselves.
• 5:37
  And
• 5:37
  that
• 5:38
  is
• 5:38
  a
• 5:38
  little
• 5:38
  bit
• 5:39
  behind
• 5:39
  where
• 5:40
  consumer
• 5:40
  adoption
• 5:40
  is.
• 5:41
  And
• 5:41
  that's
• 5:41
  our
• 5:41
  message
• 5:42
  to
• 5:42
  brand
• 5:42
  is
• 5:42
  consumers
• 5:43
  are
• 5:43
  already
• 5:43
  here.
• 5:43
  They're
• 5:43
  already
• 5:44
  here.
• 5:44
  Yeah,
• 5:44
  that's
• 5:44
  a
• 5:44
  great
• 5:44
  point.
• 5:45
  And
• 5:45
  so
• 5:45
  like
• 5:45
  the
• 5:46
  way
• 5:46
  I
• 5:46
  view
• 5:46
  resale
• 5:47
  is
• 5:47
  it's
• 5:47
  essentially
• 5:48
  off
• 5:48
  price
• 5:48
  with
• 5:49
  a
• 5:49
  better
• 5:49
  brand
• 5:49
  halo.
• 5:50
  You're
• 5:50
  hitting
• 5:50
  the
• 5:50
  same
• 5:51
  price
• 5:51
  points
• 5:51
  as
• 5:52
  off
• 5:52
  price.
• 5:52
  You're
• 5:52
  drawing
• 5:53
  in
• 5:53
  that
• 5:53
  new
• 5:53
  customer,
• 5:54
  but
• 5:54
  your
• 5:55
  customer
• 5:55
  is
• 5:55
  going
• 5:55
  to
• 5:55
  give
• 5:55
  you
• 5:55
  credit
• 5:56
  for
• 5:56
  it
• 5:56
  instead
• 5:56
  of
• 5:57
  having
• 5:57
  it
• 5:57
  undermine
• 5:57
  sort
• 5:58
  of
• 5:58
  your
• 5:58
  sort
• 5:58
  of
• 5:59
  mainline
• 5:59
  promise.
• 6:00
  Right.
• 6:00
  And
• 6:01
  so
• 6:01
  that's
• 6:01
  what
• 6:01
  gets
• 6:02
  me
• 6:02
  excited
• 6:02
  is
• 6:03
  when
• 6:03
  I
• 6:03
  look
• 6:03
  out
• 6:04
  and
• 6:04
  we're
• 6:04
  a
• 6:04
  very
• 6:04
  mission
• 6:05
  driven
• 6:05
  company.
• 6:06
  I
• 6:06
  can
• 6:06
  see
• 6:06
  that.
• 6:07
  If
• 6:07
  we
• 6:07
  can
• 6:07
  replace
• 6:07
  30
• 6:08
  to
• 6:08
  40%
• 6:08
  of
• 6:08
  off
• 6:09
  price
• 6:09
  with
• 6:09
  resale,
• 6:10
  both
• 6:10
  trade
• 6:10
  ins,
• 6:11
  returns
• 6:11
  and
• 6:11
  other,
• 6:12
  that's
• 6:12
  where
• 6:12
  the
• 6:13
  environmental
• 6:13
  savings
• 6:13
  are
• 6:13
  going
• 6:13
  to
• 6:14
  come
• 6:14
  from.
• 6:14
  From
• 6:14
  my
• 6:14
  standpoint
• 6:15
  and
• 6:15
  that's
• 6:15
  exciting.
• 6:16
  So.
• 6:16
  So,
• 6:16
  Terry,
• 6:17
  I'm
• 6:17
  curious,
• 6:18
  given
• 6:18
  your
• 6:19
  experience
• 6:19
  doing
• 6:19
  this,
• 6:20
  what
• 6:21
  do
• 6:21
  you
• 6:21
  think?
• 6:22
  What
• 6:22
  technologies
• 6:23
  do
• 6:23
  you
• 6:23
  think
• 6:23
  need
• 6:23
  to
• 6:23
  be
• 6:24
  improved
• 6:24
  to
• 6:24
  get
• 6:25
  people
• 6:25
  further
• 6:25
  along
• 6:26
  the
• 6:26
  lines?
• 6:26
  And
• 6:27
  by
• 6:27
  people,
• 6:27
  I
• 6:27
  should
• 6:27
  say
• 6:28
  brands
• 6:28
  and
• 6:28
  retailers
• 6:29
  more
• 6:29
  comfortable
• 6:30
  since
• 6:30
  the
• 6:30
  customer's
• 6:30
  already
• 6:31
  there.
• 6:32
  For
• 6:32
  example,
• 6:33
  something
• 6:33
  that
• 6:33
  comes
• 6:33
  to
• 6:34
  mind
• 6:34
  is
• 6:35
  visual
• 6:35
  search
• 6:36
  technology.
• 6:36
  Is
• 6:37
  that
• 6:37
  something
• 6:37
  that
• 6:37
  will
• 6:38
  help
• 6:38
  brands
• 6:39
  cut
• 6:40
  down
• 6:40
  the
• 6:40
  processing
• 6:41
  time
• 6:41
  of
• 6:42
  getting
• 6:42
  resale
• 6:42
  up
• 6:43
  and
• 6:43
  running,
• 6:43
  or
• 6:43
  is
• 6:43
  there
• 6:44
  something
• 6:44
  else
• 6:44
  like
• 6:44
  that
• 6:45
  that
• 6:45
  you
• 6:45
  think
• 6:45
  needs
• 6:45
  to
• 6:46
  happen
• 6:46
  before
• 6:46
  more
• 6:47
  brands
• 6:47
  will
• 6:47
  adapt
• 6:47
  it?
• 6:48
  So
• 6:48
  the
• 6:48
  problem
• 6:48
  you're
• 6:49
  talking
• 6:49
  about,
• 6:49
  by
• 6:49
  the
• 6:49
  way,
• 6:50
  is
• 6:50
  a
• 6:50
  problem
• 6:50
  for
• 6:51
  the
• 6:51
  large
• 6:51
  platforms
• 6:52
  is
• 6:52
  they
• 6:52
  have
• 6:52
  a
• 6:52
  lot
• 6:52
  of
• 6:52
  stuff,
• 6:53
  they
• 6:53
  don't
• 6:53
  know
• 6:53
  what
• 6:53
  it
• 6:53
  is
• 6:54
  you
• 6:54
  have
• 6:54
  to
• 6:54
  do.
• 6:54
  Visual
• 6:55
  search,
• 6:55
  we're
• 6:55
  doing
• 6:56
  branded
• 6:56
  resale.
• 6:57
  So
• 6:57
  the
• 6:57
  catalogs
• 6:58
  are
• 6:58
  much
• 6:58
  smaller.
• 6:59
  We
• 6:59
  actually
• 6:59
  identify
• 7:00
  that
• 7:00
  product
• 7:00
  with
• 7:01
  a
• 7:01
  really
• 7:01
  high
• 7:01
  rate.
• 7:02
  And
• 7:02
  we're
• 7:02
  using
• 7:02
  AI
• 7:03
  now
• 7:03
  to
• 7:03
  fill
• 7:03
  in
• 7:03
  the
• 7:03
  gaps
• 7:04
  of
• 7:04
  when
• 7:04
  something
• 7:04
  doesn't
• 7:05
  come
• 7:05
  in
• 7:05
  with
• 7:05
  the
• 7:05
  label
• 7:06
  or
• 7:06
  it's
• 7:06
  not
• 7:06
  fully
• 7:07
  identified,
• 7:07
  we
• 7:08
  can
• 7:08
  then
• 7:08
  do
• 7:08
  a
• 7:08
  visual
• 7:09
  match
• 7:09
  against
• 7:09
  their
• 7:09
  catalog,
• 7:10
  which
• 7:10
  is
• 7:10
  a
• 7:10
  much
• 7:10
  smaller
• 7:10
  closed
• 7:11
  data
• 7:11
  set.
• 7:12
  And
• 7:12
  then
• 7:12
  in
• 7:12
  the
• 7:12
  case
• 7:13
  where
• 7:13
  they
• 7:13
  don't
• 7:14
  have
• 7:14
  a
• 7:14
  catalog
• 7:15
  going
• 7:15
  back
• 7:15
  20
• 7:15
  years,
• 7:16
  then
• 7:16
  we
• 7:16
  can
• 7:16
  fill
• 7:16
  in
• 7:16
  the
• 7:17
  gaps
• 7:17
  with
• 7:17
  sort
• 7:17
  of
• 7:17
  this
• 7:18
  visual
• 7:18
  search.
• 7:18
  But
• 7:19
  that's
• 7:19
  not
• 7:19
  our
• 7:19
  core
• 7:20
  problem,
• 7:20
  to
• 7:20
  be
• 7:20
  honest.
• 7:20
  Our
• 7:21
  core
• 7:21
  problem
• 7:21
  with
• 7:21
  acceptance
• 7:22
  is
• 7:22
  just
• 7:22
  brands
• 7:23
  realizing
• 7:24
  that
• 7:24
  they
• 7:24
  can
• 7:25
  and
• 7:25
  should
• 7:25
  do
• 7:25
  this.
• 7:26
  This
• 7:26
  isn't
• 7:26
  like
• 7:26
  something
• 7:27
  that
• 7:27
  is
• 7:27
  like
• 7:28
  just
• 7:28
  for
• 7:29
  the
• 7:29
  environment,
• 7:29
  it's
• 7:29
  actually
• 7:30
  for
• 7:30
  their
• 7:30
  business.
• 7:30
  The
• 7:30
  customers
• 7:31
  are
• 7:31
  expecting
• 7:31
  it.
• 7:32
  It's
• 7:32
  going
• 7:32
  to
• 7:32
  help
• 7:32
  them
• 7:32
  grow
• 7:32
  their
• 7:33
  business,
• 7:33
  going
• 7:33
  to
• 7:33
  help
• 7:33
  them
• 7:33
  be
• 7:33
  profitable.
• 7:34
  What
• 7:34
  gets
• 7:34
  them
• 7:34
  over
• 7:35
  the
• 7:35
  hurdle,
• 7:36
  A
• 7:37
  lot
• 7:37
  of
• 7:37
  meetings.
• 7:37
  To
• 7:37
  be
• 7:38
  honest,
• 7:39
  this
• 7:39
  is
• 7:39
  not
• 7:40
  a
• 7:40
  case
• 7:40
  where
• 7:41
  we're
• 7:41
  starting
• 7:41
  to
• 7:41
  see
• 7:41
  it
• 7:42
  more,
• 7:42
  where
• 7:42
  like
• 7:43
  people
• 7:43
  come
• 7:43
  out
• 7:43
  with
• 7:44
  RFPs.
• 7:44
  They
• 7:44
  know
• 7:45
  they
• 7:45
  want
• 7:45
  to
• 7:45
  do
• 7:45
  this.
• 7:45
  Yeah,
• 7:46
  that's
• 7:46
  very
• 7:46
  exciting.
• 7:47
  But
• 7:47
  historically
• 7:47
  this
• 7:48
  business
• 7:48
  has
• 7:48
  been
• 7:48
  sort
• 7:48
  of
• 7:49
  hand
• 7:49
  to
• 7:49
  hand
• 7:49
  combat.
• 7:49
  A
• 7:50
  lot
• 7:50
  of
• 7:50
  education,
• 7:50
  a
• 7:51
  lot
• 7:51
  of
• 7:51
  consultation,
• 7:52
  a
• 7:52
  lot
• 7:52
  of
• 7:52
  solutions
• 7:53
  that
• 7:53
  are
• 7:53
  sort
• 7:53
  of
• 7:53
  the
• 7:53
  same
• 7:54
  but
• 7:54
  a
• 7:54
  little
• 7:54
  bit
• 7:54
  different.
• 7:55
  Yeah.
• 7:55
  And
• 7:55
  so,
• 7:56
  you
• 7:56
  know,
• 7:57
  we
• 7:57
  are
• 7:57
  seeing
• 7:57
  faster
• 7:58
  deal
• 7:58
  times,
• 7:58
  but
• 7:59
  you
• 7:59
  will
• 7:59
  have
• 7:59
  clients
• 7:59
  that
• 8:00
  you're
• 8:00
  talking
• 8:00
  to
• 8:00
  for
• 8:01
  over
• 8:01
  a
• 8:01
  year
• 8:01
  for
• 8:01
  sure.
• 8:02
  Wow.
• 8:02
  Jerry,
• 8:03
  one
• 8:03
  thing
• 8:03
  I
• 8:03
  want
• 8:03
  to
• 8:03
  ask
• 8:03
  you
• 8:03
  too
• 8:03
  is
• 8:04
  like,
• 8:04
  you
• 8:04
  know,
• 8:04
  as
• 8:04
  we
• 8:05
  follow
• 8:05
  the
• 8:05
  space,
• 8:05
  there's
• 8:05
  been,
• 8:06
  you
• 8:06
  know,
• 8:06
  there's
• 8:07
  a
• 8:07
  lot,
• 8:07
  like
• 8:07
  you
• 8:07
  said,
• 8:07
  there's
• 8:08
  a,
• 8:08
  you
• 8:08
  have
• 8:08
  a
• 8:08
  lot
• 8:08
  of
• 8:08
  solutions,
• 8:09
  lot
• 8:09
  of
• 8:09
  ways
• 8:09
  to
• 8:09
  approach
• 8:10
  it.
• 8:10
  You
• 8:11
  could
• 8:11
  be
• 8:11
  a
• 8:11
  brand,
• 8:11
  you
• 8:11
  could
• 8:12
  create
• 8:12
  a
• 8:12
  standalone
• 8:13
  site
• 8:13
  experience
• 8:14
  for
• 8:14
  this.
• 8:14
  You
• 8:14
  could
• 8:15
  integrate
• 8:15
  it
• 8:15
  within
• 8:16
  your
• 8:16
  own
• 8:16
  site
• 8:16
  experience.
• 8:17
  Is
• 8:17
  there
• 8:17
  a
• 8:17
  right
• 8:17
  or
• 8:18
  a
• 8:18
  wrong
• 8:18
  way
• 8:18
  to
• 8:18
  do
• 8:18
  it?
• 8:19
  Are
• 8:19
  there
• 8:19
  Multiple
• 8:20
  options
• 8:20
  for
• 8:20
  how
• 8:20
  do
• 8:20
  you
• 8:20
  do
• 8:21
  it?
• 8:21
  How
• 8:21
  do
• 8:21
  you
• 8:21
  think
• 8:21
  through
• 8:21
  all
• 8:22
  that
• 8:22
  as
• 8:22
  you're
• 8:22
  talking
• 8:22
  to
• 8:23
  these
• 8:23
  retailers
• 8:23
  and
• 8:23
  having
• 8:23
  all
• 8:24
  these
• 8:24
  meetings
• 8:24
  with
• 8:24
  them?
• 8:25
  Yeah,
• 8:25
  I
• 8:25
  think
• 8:26
  our
• 8:26
  point
• 8:26
  of
• 8:26
  view
• 8:26
  is
• 8:27
  it's
• 8:27
  okay
• 8:27
  to
• 8:27
  have
• 8:27
  an
• 8:27
  evolutionary
• 8:28
  path.
• 8:28
  And
• 8:29
  I
• 8:29
  think
• 8:29
  to
• 8:29
  me
• 8:29
  that
• 8:30
  the
• 8:30
  evolution
• 8:30
  ends
• 8:31
  with
• 8:31
  integrating
• 8:32
  it
• 8:32
  into
• 8:32
  your
• 8:32
  full
• 8:33
  price
• 8:33
  site
• 8:34
  in
• 8:34
  some
• 8:34
  way
• 8:34
  so
• 8:34
  that
• 8:35
  customers
• 8:35
  can
• 8:35
  have
• 8:35
  a
• 8:35
  shared
• 8:36
  card
• 8:36
  and
• 8:36
  shared
• 8:36
  checkout.
• 8:37
  I
• 8:37
  do.
• 8:37
  And
• 8:37
  we're
• 8:37
  seeing
• 8:38
  that
• 8:38
  in
• 8:38
  the
• 8:38
  market.
• 8:38
  That's
• 8:39
  kind
• 8:39
  of
• 8:39
  our
• 8:39
  take
• 8:39
  too.
• 8:40
  Yeah,
• 8:40
  the
• 8:40
  most
• 8:40
  aggressive
• 8:41
  brands
• 8:41
  are
• 8:41
  doing
• 8:42
  that,
• 8:42
  but
• 8:42
  that
• 8:42
  doesn't
• 8:43
  mean
• 8:43
  you
• 8:43
  have
• 8:43
  to.
• 8:44
  And
• 8:44
  those
• 8:44
  integrations,
• 8:45
  if
• 8:45
  you're
• 8:45
  on
• 8:45
  Shopify,
• 8:46
  they're
• 8:46
  easier.
• 8:46
  If
• 8:47
  you're
• 8:47
  not,
• 8:47
  they
• 8:47
  can
• 8:47
  be
• 8:47
  a
• 8:47
  little
• 8:48
  harder,
• 8:48
  but
• 8:48
  not
• 8:48
  that
• 8:49
  hard.
• 8:49
  But
• 8:49
  usually
• 8:50
  it
• 8:50
  requires
• 8:50
  integration
• 8:51
  with
• 8:51
  the
• 8:51
  WMS
• 8:51
  and
• 8:51
  the
• 8:52
  erp
• 8:52
  and
• 8:53
  so
• 8:53
  maybe
• 8:53
  you
• 8:53
  don't
• 8:53
  want
• 8:53
  to
• 8:53
  do
• 8:53
  that.
• 8:54
  We
• 8:54
  have
• 8:54
  plenty
• 8:54
  of
• 8:54
  other
• 8:55
  solutions
• 8:55
  where
• 8:55
  you
• 8:55
  really
• 8:55
  don't
• 8:55
  have
• 8:56
  to
• 8:56
  do
• 8:56
  anything.
• 8:56
  Right.
• 8:57
  But
• 8:57
  what
• 8:57
  I
• 8:57
  can
• 8:57
  tell
• 8:58
  you
• 8:58
  is
• 8:58
  when
• 8:59
  you
• 8:59
  do
• 8:59
  a
• 8:59
  full
• 8:59
  integration,
• 9:00
  you
• 9:00
  could
• 9:01
  be
• 9:01
  looking
• 9:01
  at
• 9:01
  3
• 9:01
  to
• 9:01
  5%
• 9:02
  of
• 9:02
  your
• 9:02
  business
• 9:02
  coming
• 9:03
  from
• 9:03
  resale
• 9:03
  pretty
• 9:03
  easily.
• 9:05
  Wow.
• 9:05
  Wow.
• 9:05
  That's
• 9:06
  a
• 9:06
  pretty
• 9:06
  startling
• 9:06
  number.
• 9:06
  Wow,
• 9:07
  that's.
• 9:08
  It
• 9:08
  seems
• 9:08
  like
• 9:08
  a
• 9:08
  no
• 9:08
  brainer
• 9:09
  to
• 9:09
  me
• 9:09
  then
• 9:09
  if
• 9:09
  you
• 9:09
  got
• 9:09
  that
• 9:10
  type
• 9:10
  of
• 9:10
  business
• 9:10
  coming,
• 9:10
  that's
• 9:11
  instant
• 9:12
  comp
• 9:12
  then
• 9:12
  in
• 9:12
  a
• 9:13
  lot
• 9:13
  of
• 9:13
  ways.
• 9:13
  Right?
• 9:13
  That's
• 9:14
  how
• 9:14
  I
• 9:14
  think
• 9:14
  of
• 9:14
  it.
• 9:14
  It's
• 9:14
  like
• 9:15
  basically
• 9:15
  for
• 9:16
  people
• 9:16
  that
• 9:16
  have
• 9:16
  been
• 9:16
  struggling
• 9:17
  to
• 9:18
  sort
• 9:18
  of
• 9:18
  find
• 9:18
  comp
• 9:19
  points.
• 9:19
  Right.
• 9:20
  Like
• 9:20
  this
• 9:20
  is
• 9:20
  sort
• 9:20
  of
• 9:20
  a
• 9:21
  free
• 9:21
  five
• 9:21
  or
• 9:21
  three,
• 9:22
  like
• 9:22
  if
• 9:22
  you
• 9:22
  really
• 9:22
  want
• 9:23
  to
• 9:23
  go
• 9:23
  out
• 9:23
  and
• 9:23
  certainly
• 9:24
  a
• 9:24
  free
• 9:24
  one.
• 9:24
  Right.
• 9:24
  So
• 9:25
  there's
• 9:25
  no
• 9:25
  reason
• 9:25
  not
• 9:26
  to
• 9:26
  do
• 9:26
  it.
• 9:26
  Your
• 9:26
  customers
• 9:27
  want
• 9:27
  it
• 9:28
  again,
• 9:28
  you're
• 9:28
  getting
• 9:28
  new
• 9:28
  customers
• 9:29
  because
• 9:29
  you're
• 9:29
  hitting
• 9:29
  a
• 9:30
  new
• 9:30
  price
• 9:30
  point.
• 9:32
  There's
• 9:32
  not
• 9:32
  a
• 9:32
  lot
• 9:32
  of
• 9:32
  cannibalization.
• 9:34
  I
• 9:34
  don't
• 9:34
  see
• 9:34
  a
• 9:34
  lot
• 9:35
  of
• 9:35
  reason
• 9:35
  not
• 9:35
  to
• 9:35
  do
• 9:35
  it.
• 9:35
  Are
• 9:36
  there
• 9:36
  any
• 9:36
  watch
• 9:36
  outs
• 9:37
  though?
• 9:37
  Like
• 9:37
  if
• 9:37
  we
• 9:37
  get
• 9:37
  down
• 9:37
  to
• 9:38
  brass
• 9:38
  tacks,
• 9:38
  any
• 9:38
  watch
• 9:39
  outs
• 9:39
  if
• 9:39
  we're
• 9:39
  being
• 9:39
  pragmatic
• 9:40
  for
• 9:40
  those
• 9:40
  retail
• 9:40
  executives
• 9:41
  watching,
• 9:41
  like,
• 9:41
  is
• 9:41
  there
• 9:41
  anything
• 9:42
  they
• 9:42
  do
• 9:42
  need
• 9:42
  to
• 9:42
  be
• 9:42
  thinking
• 9:43
  about
• 9:43
  though
• 9:43
  if
• 9:43
  they're
• 9:43
  gonna
• 9:43
  do
• 9:43
  it?
• 9:43
  Right?
• 9:44
  Yeah,
• 9:44
  I
• 9:45
  think
• 9:45
  you
• 9:45
  have
• 9:45
  to
• 9:45
  be
• 9:45
  plugged
• 9:45
  into
• 9:46
  your
• 9:46
  economics.
• 9:46
  Right.
• 9:46
  So
• 9:47
  for
• 9:47
  example,
• 9:47
  like
• 9:48
  gift
• 9:48
  card
• 9:49
  value
• 9:49
  management
• 9:50
  becomes
• 9:50
  a
• 9:50
  bit
• 9:50
  of
• 9:50
  a
• 9:51
  science.
• 9:51
  Right.
• 9:51
  It's
• 9:51
  like
• 9:52
  if
• 9:52
  you're
• 9:52
  doing
• 9:52
  a
• 9:52
  trade
• 9:52
  in
• 9:53
  program
• 9:53
  and
• 9:54
  you
• 9:54
  take
• 9:54
  something
• 9:54
  back
• 9:55
  and
• 9:55
  it's
• 9:55
  a
• 9:55
  C
• 9:55
  or
• 9:56
  D
• 9:56
  grade
• 9:56
  or
• 9:56
  maybe
• 9:57
  actually
• 9:57
  goes
• 9:57
  to
• 9:57
  recycle,
• 9:58
  you
• 9:58
  have
• 9:59
  to,
• 9:59
  you
• 9:59
  know,
• 9:59
  if
• 9:59
  you
• 9:59
  want
• 10:00
  to
• 10:00
  be
• 10:00
  really
• 10:00
  running
• 10:00
  the
• 10:00
  economics
• 10:01
  tight,
• 10:01
  then
• 10:01
  you
• 10:02
  have
• 10:02
  to
• 10:02
  give
• 10:02
  a
• 10:02
  different
• 10:02
  gift
• 10:02
  card
• 10:03
  amount
• 10:03
  for
• 10:03
  something
• 10:04
  that
• 10:04
  comes
• 10:04
  in
• 10:04
  that
• 10:04
  can
• 10:04
  be
• 10:04
  sold
• 10:05
  as
• 10:05
  sort
• 10:05
  of
• 10:05
  a
• 10:06
  grade.
• 10:06
  Right.
• 10:06
  Not
• 10:07
  everybody
• 10:07
  wants
• 10:07
  to
• 10:07
  do
• 10:07
  that.
• 10:08
  And
• 10:08
  so
• 10:08
  if
• 10:08
  you
• 10:08
  don't
• 10:08
  want
• 10:08
  to
• 10:09
  do
• 10:09
  that,
• 10:09
  how
• 10:09
  do
• 10:09
  you
• 10:09
  kind
• 10:09
  of
• 10:09
  manage
• 10:10
  your
• 10:10
  economics?
• 10:10
  We
• 10:10
  have
• 10:11
  all
• 10:11
  these
• 10:11
  different
• 10:11
  levers
• 10:11
  to
• 10:12
  do
• 10:12
  it,
• 10:12
  but
• 10:12
  that's
• 10:13
  like
• 10:13
  the
• 10:13
  sort
• 10:14
  of
• 10:14
  more
• 10:14
  advanced
• 10:15
  math
• 10:15
  that
• 10:15
  you
• 10:15
  end
• 10:15
  up
• 10:16
  starting
• 10:16
  doing,
• 10:16
  so.
• 10:16
  Got
• 10:16
  it.
• 10:17
  So,
• 10:17
  like
• 10:17
  most
• 10:17
  things
• 10:17
  in
• 10:17
  business,
• 10:18
  it's
• 10:18
  not
• 10:18
  a
• 10:18
  free
• 10:18
  lunch,
• 10:19
  but
• 10:19
  it's
• 10:19
  a
• 10:20
  lunch
• 10:20
  you
• 10:20
  can
• 10:20
  have
• 10:20
  if
• 10:20
  you're
• 10:20
  smart
• 10:20
  about
• 10:21
  how
• 10:21
  you
• 10:21
  deploy.
• 10:21
  Is
• 10:22
  that
• 10:22
  right?
• 10:22
  Yeah,
• 10:22
  absolutely.
• 10:23
  I
• 10:23
  mean,
• 10:23
  it's
• 10:23
  basically,
• 10:25
  you
• 10:25
  can
• 10:26
  make
• 10:26
  your
• 10:26
  own
• 10:26
  lunch
• 10:27
  and
• 10:27
  you
• 10:27
  can
• 10:27
  decide
• 10:28
  how.
• 10:29
  How
• 10:29
  much
• 10:29
  money
• 10:29
  you're
• 10:29
  going
• 10:30
  to
• 10:30
  make
• 10:30
  selling
• 10:30
  your
• 10:30
  lunch.
• 10:31
  Right.
• 10:31
  That's
• 10:31
  a
• 10:31
  bad
• 10:31
  metaphor.
• 10:32
  But,
• 10:32
  like,
• 10:32
  no,
• 10:32
  it's
• 10:33
  terrible
• 10:34
  metaphor.
• 10:36
  My
• 10:36
  bad,
• 10:36
  too.
• 10:37
  So
• 10:37
  no,
• 10:37
  like,
• 10:38
  but,
• 10:38
  but.
• 10:38
  So
• 10:38
  you're
• 10:38
  in
• 10:39
  control.
• 10:39
  And
• 10:39
  so
• 10:39
  if
• 10:40
  you
• 10:40
  want
• 10:40
  to
• 10:40
  really
• 10:41
  push
• 10:41
  the
• 10:41
  economics
• 10:42
  and
• 10:42
  have
• 10:42
  a
• 10:42
  smaller
• 10:42
  program,
• 10:43
  for
• 10:43
  example,
• 10:43
  you
• 10:43
  can
• 10:44
  do
• 10:44
  that
• 10:44
  if
• 10:44
  you
• 10:44
  want
• 10:44
  to
• 10:45
  have
• 10:45
  a
• 10:45
  really
• 10:45
  large
• 10:45
  program.
• 10:46
  Like
• 10:46
  some.
• 10:46
  Some
• 10:47
  of
• 10:47
  our
• 10:47
  brands
• 10:47
  really
• 10:48
  value
• 10:49
  explicitly
• 10:50
  the
• 10:50
  value
• 10:50
  that
• 10:50
  those
• 10:50
  gift
• 10:51
  cards
• 10:51
  generate,
• 10:52
  which
• 10:52
  is
• 10:52
  true,
• 10:52
  by
• 10:52
  the
• 10:52
  way.
• 10:53
  It
• 10:53
  generates
• 10:53
  tremendous
• 10:54
  value.
• 10:54
  Some
• 10:54
  clients
• 10:55
  don't
• 10:55
  value
• 10:56
  that
• 10:56
  as
• 10:56
  much.
• 10:56
  Right.
• 10:56
  So
• 10:56
  then
• 10:57
  they
• 10:57
  got
• 10:57
  to
• 10:57
  run
• 10:57
  the
• 10:57
  rest
• 10:57
  of
• 10:57
  the
• 10:57
  program
• 10:58
  tighter.
• 10:58
  Interesting.
• 10:59
  Well,
• 10:59
  this
• 11:00
  was
• 11:00
  fascinating.
• 11:01
  I
• 11:01
  know.
• 11:01
  Thank
• 11:01
  you
• 11:01
  so
• 11:02
  much
• 11:02
  for
• 11:02
  doing
• 11:02
  this,
• 11:02
  too.
• 11:03
  Those
• 11:03
  watching.
• 11:04
  I
• 11:04
  just.
• 11:04
  I
• 11:04
  messaged
• 11:05
  Terry
• 11:05
  a
• 11:05
  few
• 11:05
  weeks
• 11:05
  ago
• 11:06
  and
• 11:06
  I
• 11:06
  was
• 11:06
  like,
• 11:06
  hey,
• 11:06
  you
• 11:06
  want
• 11:06
  to
• 11:06
  come
• 11:07
  by,
• 11:07
  stop
• 11:07
  by,
• 11:07
  do
• 11:07
  an
• 11:07
  interview
• 11:08
  with
• 11:08
  us?
• 11:08
  He's
• 11:08
  like,
• 11:08
  yeah,
• 11:08
  sure.
• 11:09
  And
• 11:09
  so
• 11:09
  he
• 11:09
  did.
• 11:09
  He
• 11:09
  flew
• 11:10
  from
• 11:10
  LA
• 11:10
  this
• 11:10
  morning.
• 11:11
  Right?
• 11:11
  Is
• 11:11
  that
• 11:11
  right?
• 11:11
  Yep.
• 11:12
  And
• 11:12
  so
• 11:12
  he
• 11:12
  just
• 11:13
  came
• 11:13
  here
• 11:13
  and
• 11:13
  first.
• 11:14
  First
• 11:14
  stop
• 11:14
  on
• 11:15
  his
• 11:15
  trip
• 11:15
  to
• 11:15
  Shop
• 11:15
  Talk.
• 11:16
  So
• 11:16
  thanks
• 11:16
  again.
• 11:17
  Thanks
• 11:17
  again
• 11:17
  for
• 11:17
  joining
• 11:18
  us.
• 11:18
  Thanks
• 11:18
  to
• 11:18
  Avalara
• 11:19
  for
• 11:19
  supporting
• 11:19
  our
• 11:20
  content
• 11:20
  here
• 11:20
  at
• 11:20
  the
• 11:20
  show.
• 11:20
  Again,
• 11:21
  stop
• 11:21
  by
• 11:21
  booth
• 11:22
  1554.
• 11:23
  We'll
• 11:23
  be
• 11:23
  here
• 11:23
  all
• 11:24
  day.
• 11:24
  And
• 11:25
  until
• 11:25
  next
• 11:25
  time,
• 11:25
  Anne,
• 11:26
  be
• 11:26
  careful
• 11:26
  out
• 11:27
  there.