Latest / Omni Talk Retail / Inside Walmart's Marketplace Platform Strategy with Walmart Execs Latriece Watkins & Michael Mosser

Transcript

Inside Walmart's Marketplace Platform Strategy with Walmart Execs Latriece Watkins & Michael Mosser · Omni Talk Retail

• 0:00
  Foreign.
• 0:04
  Please
• 0:05
  welcome
• 0:05
  to
• 0:05
  the
• 0:05
  stage
• 0:06
  CEO
• 0:06
  of
• 0:07
  Omni
• 0:07
  Talk,
• 0:07
  Chris
• 0:08
  Walton,
• 0:08
  Chief
• 0:09
  Merchandising
• 0:09
  Officer,
• 0:10
  Walmart
• 0:10
  US
• 0:10
  Latrice
• 0:11
  Watkins
• 0:12
  and
• 0:12
  Vice
• 0:12
  President,
• 0:13
  Walmart
• 0:13
  Marketplace
• 0:14
  category
• 0:14
  lead,
• 0:15
  Walmart
• 0:15
  U.S.
• 0:16
  michael
• 0:16
  Mosser.
• 0:29
  Right,
• 0:31
  thank
• 0:31
  you.
• 0:31
  It's
• 0:31
  great
• 0:32
  to
• 0:32
  be
• 0:32
  here
• 0:32
  in
• 0:32
  San
• 0:32
  Diego
• 0:33
  at
• 0:33
  the
• 0:33
  Marketplace
• 0:34
  Seller
• 0:34
  Summit
• 0:35
  and
• 0:35
  even
• 0:35
  better
• 0:36
  to
• 0:36
  be
• 0:36
  doing
• 0:36
  this
• 0:36
  episode
• 0:37
  of
• 0:37
  omnitalk
• 0:38
  in
• 0:38
  front
• 0:38
  of
• 0:38
  a
• 0:38
  live
• 0:39
  audience.
• 0:39
  So
• 0:39
  thank
• 0:40
  you
• 0:40
  to
• 0:40
  all
• 0:40
  of
• 0:40
  you,
• 0:40
  all
• 0:41
  2,000
• 0:41
  of
• 0:41
  you
• 0:41
  in
• 0:41
  the
• 0:42
  audience
• 0:42
  for
• 0:42
  being
• 0:42
  a
• 0:42
  part
• 0:42
  of
• 0:43
  it.
• 0:44
  Looks
• 0:44
  like
• 0:44
  they
• 0:44
  got
• 0:44
  the
• 0:44
  studio
• 0:45
  set
• 0:45
  up
• 0:45
  here
• 0:45
  pretty
• 0:45
  quickly.
• 0:46
  My
• 0:46
  guests
• 0:46
  are
• 0:46
  ready
• 0:47
  to
• 0:47
  go,
• 0:47
  so
• 0:48
  let's
• 0:48
  get
• 0:49
  started
• 0:49
  with
• 0:49
  the
• 0:49
  live
• 0:49
  podcast.
• 0:51
  Sounds
• 0:52
  great.
• 0:52
  Okay.
• 0:53
  Welcome
• 0:53
  to
• 0:54
  omnitalk.
• 0:54
  Today
• 0:55
  we
• 0:55
  have
• 0:55
  a
• 0:55
  unique
• 0:55
  episode
• 0:56
  and
• 0:56
  something
• 0:56
  we've
• 0:57
  never
• 0:57
  done
• 0:57
  before.
• 0:58
  We're
• 0:58
  in
• 0:58
  San
• 0:59
  Diego
• 0:59
  at
• 0:59
  Walmart's
• 1:00
  Marketplace
• 1:00
  Seller
• 1:00
  Summit
• 1:01
  in
• 1:01
  front
• 1:01
  of
• 1:01
  a
• 1:01
  live
• 1:02
  audience.
• 1:03
  Can
• 1:03
  you
• 1:03
  all
• 1:03
  cheer
• 1:03
  out
• 1:04
  there
• 1:04
  so
• 1:04
  my
• 1:04
  listeners
• 1:05
  know
• 1:05
  I'm
• 1:05
  not
• 1:05
  making
• 1:05
  this
• 1:06
  up?
• 1:11
  All
• 1:11
  right,
• 1:12
  that
• 1:12
  was
• 1:12
  better
• 1:13
  than
• 1:13
  I
• 1:13
  expected.
• 1:13
  All
• 1:14
  right,
• 1:14
  well,
• 1:15
  today
• 1:16
  we're
• 1:16
  going
• 1:16
  to
• 1:16
  tackle
• 1:17
  one
• 1:17
  of
• 1:17
  the
• 1:17
  most
• 1:17
  critical
• 1:18
  and
• 1:18
  sometimes
• 1:19
  most
• 1:19
  complex
• 1:20
  topics
• 1:21
  in
• 1:21
  retail
• 1:22
  and
• 1:22
  that
• 1:22
  is,
• 1:22
  of
• 1:22
  course,
• 1:23
  assortment.
• 1:24
  It's
• 1:24
  what
• 1:24
  defines
• 1:25
  your
• 1:25
  brand.
• 1:26
  It's
• 1:26
  what
• 1:26
  drives
• 1:27
  your
• 1:27
  conversion
• 1:27
  and
• 1:28
  determines
• 1:28
  whether
• 1:28
  you
• 1:29
  win
• 1:29
  or
• 1:29
  lose
• 1:29
  with
• 1:29
  the
• 1:29
  customer.
• 1:30
  And
• 1:30
  let's
• 1:30
  be
• 1:31
  honest,
• 1:31
  no
• 1:32
  one
• 1:32
  does
• 1:32
  assortment
• 1:33
  at
• 1:33
  scale
• 1:33
  quite
• 1:34
  like
• 1:34
  Walmart.
• 1:35
  Got
• 1:35
  a
• 1:35
  half
• 1:36
  billion
• 1:36
  items
• 1:37
  online
• 1:38
  to
• 1:38
  carefully
• 1:38
  curated
• 1:39
  shelves
• 1:40
  in
• 1:40
  over
• 1:40
  4,600
• 1:41
  stores.
• 1:42
  This
• 1:42
  team
• 1:43
  has
• 1:43
  been
• 1:43
  rewriting
• 1:44
  the
• 1:44
  playbook
• 1:44
  for
• 1:44
  how
• 1:45
  physical
• 1:45
  and
• 1:45
  digital
• 1:45
  assortments
• 1:46
  can
• 1:46
  work
• 1:46
  together.
• 1:47
  So
• 1:47
  I've
• 1:47
  got
• 1:48
  two
• 1:48
  amazing
• 1:48
  guests
• 1:49
  to
• 1:49
  help
• 1:49
  us
• 1:50
  unpack
• 1:50
  it
• 1:50
  at
• 1:50
  all.
• 1:51
  Unpack
• 1:51
  it
• 1:51
  all.
• 1:51
  Excuse
• 1:52
  me.
• 1:52
  So
• 1:52
  without
• 1:52
  further
• 1:53
  ado,
• 1:54
  first,
• 1:54
  I
• 1:54
  imagine
• 1:55
  most
• 1:55
  of
• 1:55
  you
• 1:55
  know
• 1:55
  her,
• 1:55
  but
• 1:55
  she
• 1:56
  leads
• 1:56
  merchandising
• 1:56
  for
• 1:57
  Walmart
• 1:57
  us.
• 1:58
  That
• 1:58
  means
• 1:58
  she's
• 1:59
  at
• 1:59
  the
• 1:59
  helm
• 1:59
  of
• 2:00
  everything
• 2:00
  from
• 2:00
  assortment
• 2:01
  strategy
• 2:01
  to
• 2:02
  supplier
• 2:02
  innovation,
• 2:03
  with
• 2:03
  a
• 2:03
  deep
• 2:03
  focus
• 2:04
  on
• 2:04
  delivering
• 2:04
  for
• 2:05
  the
• 2:05
  customer.
• 2:05
  So
• 2:05
  let's
• 2:06
  give
• 2:06
  it
• 2:06
  up
• 2:06
  for
• 2:06
  Walmart's
• 2:07
  chief
• 2:07
  Merchandising
• 2:08
  officer,
• 2:08
  Latrice
• 2:09
  Watkins.
• 2:10
  Good
• 2:10
  morning.
• 2:15
  All
• 2:15
  right.
• 2:16
  And
• 2:16
  joining
• 2:16
  her
• 2:17
  next
• 2:17
  to
• 2:17
  her
• 2:17
  is
• 2:18
  someone
• 2:18
  who's
• 2:18
  shaping
• 2:19
  how
• 2:19
  Walmart's
• 2:19
  marketplace
• 2:20
  is
• 2:20
  growing
• 2:20
  and
• 2:21
  evolving.
• 2:22
  He's
• 2:22
  also
• 2:22
  laser
• 2:23
  focused
• 2:23
  on
• 2:23
  how
• 2:23
  sellers
• 2:24
  can
• 2:24
  win
• 2:24
  with
• 2:24
  market
• 2:25
  with
• 2:25
  smarter
• 2:26
  assortments,
• 2:26
  better
• 2:27
  tools
• 2:27
  and
• 2:28
  data
• 2:28
  backed
• 2:29
  decisions.
• 2:29
  He's
• 2:30
  the
• 2:30
  VP
• 2:30
  of
• 2:30
  Category,
• 2:32
  VP
• 2:32
  of
• 2:32
  category
• 2:33
  for
• 2:33
  Walmart
• 2:34
  Marketplace,
• 2:35
  Michael
• 2:35
  Mosser.
• 2:36
  Michael,
• 2:36
  welcome.
• 2:37
  Thank
• 2:37
  you.
• 2:41
  All
• 2:41
  right,
• 2:41
  Latrice,
• 2:42
  let's
• 2:42
  start
• 2:42
  off
• 2:42
  with
• 2:42
  this.
• 2:42
  I
• 2:43
  heard
• 2:43
  through
• 2:43
  the
• 2:43
  grapevine
• 2:44
  that
• 2:44
  when
• 2:44
  you
• 2:44
  were
• 2:44
  a
• 2:44
  young
• 2:45
  child,
• 2:45
  you
• 2:45
  wanted
• 2:46
  to
• 2:46
  be
• 2:46
  a
• 2:46
  personal
• 2:46
  shopper.
• 2:47
  Is
• 2:47
  that
• 2:47
  true?
• 2:48
  Well,
• 2:48
  at
• 2:48
  some
• 2:49
  point
• 2:49
  I
• 2:49
  wanted
• 2:49
  to
• 2:49
  be
• 2:49
  a
• 2:49
  personal
• 2:50
  shopper
• 2:50
  first.
• 2:50
  I
• 2:50
  wanted
• 2:51
  to
• 2:51
  Be
• 2:51
  a
• 2:51
  cashier.
• 2:52
  Let's
• 2:53
  just
• 2:53
  face
• 2:53
  it.
• 2:53
  I
• 2:53
  don't
• 2:54
  know.
• 2:54
  When
• 2:54
  I
• 2:54
  went
• 2:54
  to
• 2:55
  stores
• 2:55
  as
• 2:56
  a
• 2:56
  young
• 2:56
  girl,
• 2:56
  the
• 2:57
  cashiers
• 2:57
  were
• 2:57
  fascinating,
• 2:58
  mostly
• 2:59
  because
• 2:59
  they
• 2:59
  put
• 2:59
  the
• 3:00
  numbers
• 3:00
  in
• 3:00
  the
• 3:00
  cash
• 3:00
  register
• 3:01
  so
• 3:01
  fast.
• 3:02
  So
• 3:03
  I
• 3:03
  would
• 3:04
  pretend
• 3:04
  at
• 3:05
  home
• 3:05
  that
• 3:05
  I
• 3:05
  had
• 3:05
  a
• 3:06
  cash
• 3:06
  register.
• 3:06
  It
• 3:06
  was
• 3:06
  really
• 3:07
  just
• 3:07
  a
• 3:07
  calculator.
• 3:08
  But
• 3:09
  that
• 3:09
  probably
• 3:09
  was
• 3:10
  the
• 3:10
  start
• 3:10
  of
• 3:10
  my
• 3:10
  love
• 3:11
  for
• 3:11
  retail.
• 3:11
  The
• 3:12
  cashier.
• 3:12
  And
• 3:13
  then
• 3:13
  over
• 3:13
  time,
• 3:13
  I
• 3:14
  like
• 3:14
  buying
• 3:14
  stuff,
• 3:15
  and
• 3:15
  I
• 3:15
  like,
• 3:15
  help
• 3:16
  helping
• 3:16
  other
• 3:16
  people
• 3:16
  buy
• 3:17
  stuff.
• 3:17
  So
• 3:17
  personal
• 3:18
  shopping
• 3:18
  became
• 3:19
  one
• 3:19
  of
• 3:19
  my
• 3:19
  passions,
• 3:20
  and
• 3:20
  I
• 3:21
  think
• 3:21
  maybe
• 3:21
  I
• 3:21
  found
• 3:22
  my
• 3:22
  calling.
• 3:22
  I
• 3:22
  think
• 3:23
  the
• 3:23
  US
• 3:23
  Merchandising
• 3:24
  team's
• 3:24
  America's
• 3:25
  personal
• 3:25
  shoppers.
• 3:26
  Yeah,
• 3:26
  in
• 3:26
  a
• 3:26
  way,
• 3:26
  you're
• 3:26
  the
• 3:26
  personal
• 3:27
  shopper
• 3:27
  for
• 3:27
  all
• 3:27
  of
• 3:27
  America.
• 3:28
  That's
• 3:28
  what
• 3:28
  I
• 3:28
  think
• 3:28
  about
• 3:28
  it.
• 3:29
  It's
• 3:29
  pretty
• 3:29
  crazy.
• 3:30
  Michael,
• 3:30
  did
• 3:31
  you
• 3:31
  have
• 3:31
  similar
• 3:31
  merchandising
• 3:32
  and
• 3:32
  retailing
• 3:33
  dreams
• 3:33
  as
• 3:33
  a
• 3:33
  young
• 3:33
  lad?
• 3:34
  You
• 3:34
  know,
• 3:35
  I
• 3:35
  don't
• 3:35
  know
• 3:35
  that
• 3:35
  I
• 3:35
  had
• 3:36
  that
• 3:36
  specific
• 3:36
  thought
• 3:37
  as
• 3:37
  a
• 3:37
  child,
• 3:37
  but
• 3:37
  I
• 3:37
  have
• 3:38
  always
• 3:38
  loved
• 3:39
  retail
• 3:39
  and
• 3:39
  shopping,
• 3:40
  and
• 3:40
  I
• 3:40
  spent
• 3:40
  a
• 3:41
  lot
• 3:41
  of
• 3:41
  time
• 3:41
  at
• 3:41
  the
• 3:41
  moment
• 3:42
  as
• 3:42
  a
• 3:42
  kid
• 3:42
  growing
• 3:42
  up.
• 3:43
  And
• 3:43
  over
• 3:43
  the
• 3:43
  years,
• 3:43
  I
• 3:43
  remember
• 3:44
  serving
• 3:44
  as
• 3:44
  my
• 3:45
  friend's
• 3:45
  personal
• 3:45
  shopper
• 3:46
  here
• 3:46
  and
• 3:46
  there.
• 3:46
  So
• 3:47
  maybe
• 3:47
  not
• 3:47
  a
• 3:47
  childhood
• 3:48
  dream,
• 3:48
  but
• 3:48
  I
• 3:48
  guess
• 3:48
  it
• 3:49
  shouldn't
• 3:49
  be
• 3:49
  a
• 3:49
  surprise
• 3:49
  that
• 3:50
  it
• 3:50
  all
• 3:50
  led
• 3:50
  me
• 3:51
  here.
• 3:51
  Yeah,
• 3:51
  right.
• 3:52
  Okay.
• 3:52
  All
• 3:52
  right,
• 3:53
  well,
• 3:53
  let's
• 3:53
  get
• 3:53
  to
• 3:53
  the
• 3:53
  interview
• 3:53
  now.
• 3:54
  So,
• 3:54
  Latrice,
• 3:54
  you've
• 3:54
  got
• 3:54
  a.
• 3:55
  Like
• 3:55
  we
• 3:55
  said,
• 3:55
  you.
• 3:56
  I
• 3:56
  mean,
• 3:56
  personal
• 3:56
  shopper
• 3:56
  for
• 3:57
  all
• 3:57
  of
• 3:57
  Walmart.
• 3:57
  I
• 3:57
  was
• 3:57
  saying
• 3:57
  that
• 3:58
  kind
• 3:58
  of
• 3:58
  as
• 3:58
  a
• 3:58
  joke.
• 3:58
  America,
• 3:59
  really
• 3:59
  true.
• 3:59
  All
• 4:00
  of
• 4:00
  America.
• 4:00
  Right.
• 4:02
  So
• 4:02
  take
• 4:02
  a
• 4:03
  step
• 4:03
  back
• 4:03
  and
• 4:03
  all
• 4:04
  of
• 4:04
  Walmart.
• 4:05
  Can
• 4:05
  you
• 4:06
  explain
• 4:06
  to
• 4:06
  us
• 4:07
  how
• 4:07
  you
• 4:07
  think
• 4:07
  about
• 4:07
  Omnichannel
• 4:08
  Assortment?
• 4:09
  Sure.
• 4:10
  I
• 4:10
  think
• 4:10
  maybe
• 4:11
  I'll
• 4:11
  start
• 4:12
  at
• 4:12
  the
• 4:12
  beginning.
• 4:12
  I
• 4:13
  think
• 4:13
  first,
• 4:13
  I'd
• 4:14
  say
• 4:14
  it's
• 4:14
  our
• 4:14
  legacy.
• 4:15
  And
• 4:15
  we
• 4:15
  got
• 4:15
  that
• 4:15
  from
• 4:16
  our
• 4:16
  founder,
• 4:16
  Sam
• 4:16
  Walton.
• 4:17
  He
• 4:17
  thought
• 4:17
  all
• 4:17
  of
• 4:18
  us
• 4:18
  should
• 4:18
  be
• 4:18
  item
• 4:18
  merchants,
• 4:19
  thinking
• 4:19
  about
• 4:19
  what
• 4:20
  customers
• 4:20
  want
• 4:21
  and
• 4:21
  getting
• 4:21
  it
• 4:22
  in
• 4:22
  front
• 4:22
  of
• 4:22
  them.
• 4:23
  I
• 4:23
  think
• 4:23
  second,
• 4:24
  I
• 4:24
  would
• 4:24
  say
• 4:25
  it
• 4:25
  matters
• 4:26
  that
• 4:26
  you
• 4:26
  have
• 4:26
  the
• 4:27
  assortment,
• 4:27
  but
• 4:28
  as
• 4:28
  much
• 4:28
  as
• 4:28
  it
• 4:28
  matters
• 4:29
  that
• 4:29
  you
• 4:29
  have
• 4:29
  it,
• 4:29
  it
• 4:29
  matters
• 4:30
  how
• 4:30
  fast
• 4:30
  you
• 4:30
  can
• 4:30
  get
• 4:30
  it
• 4:31
  to
• 4:31
  customers.
• 4:32
  So
• 4:32
  I
• 4:32
  think
• 4:32
  second,
• 4:32
  I'd
• 4:33
  say,
• 4:33
  is
• 4:33
  speed.
• 4:34
  It's
• 4:34
  about
• 4:34
  the
• 4:35
  fact
• 4:35
  that
• 4:35
  customers
• 4:36
  want
• 4:36
  things
• 4:37
  at
• 4:37
  the
• 4:37
  pace
• 4:37
  of
• 4:38
  their
• 4:38
  life,
• 4:39
  not
• 4:39
  ours.
• 4:40
  And
• 4:40
  so
• 4:40
  stores
• 4:41
  that
• 4:42
  we
• 4:42
  buy
• 4:42
  merchandise
• 4:43
  for
• 4:43
  as
• 4:43
  well
• 4:44
  as
• 4:44
  one
• 4:44
  P
• 4:44
  assortment
• 4:45
  are
• 4:45
  a
• 4:45
  critical
• 4:45
  part
• 4:46
  of
• 4:46
  that.
• 4:46
  And
• 4:47
  customers
• 4:47
  are
• 4:48
  close
• 4:48
  to
• 4:48
  our
• 4:48
  stores
• 4:49
  in
• 4:49
  most
• 4:49
  cases,
• 4:50
  so
• 4:50
  they
• 4:50
  can
• 4:51
  come
• 4:51
  to
• 4:51
  us
• 4:51
  and
• 4:51
  we
• 4:52
  can
• 4:52
  go
• 4:52
  to
• 4:52
  them.
• 4:53
  And
• 4:53
  increasingly,
• 4:54
  we
• 4:54
  can
• 4:54
  go
• 4:54
  to
• 4:54
  them
• 4:54
  a
• 4:54
  lot
• 4:55
  faster.
• 4:55
  So
• 4:55
  by
• 4:55
  the
• 4:55
  end
• 4:56
  of
• 4:56
  the
• 4:56
  year,
• 4:56
  we'll
• 4:56
  be
• 4:56
  able
• 4:56
  to
• 4:57
  get
• 4:57
  to
• 4:57
  95%
• 4:58
  of
• 4:58
  the
• 4:59
  US
• 4:59
  population
• 5:00
  with
• 5:00
  same
• 5:00
  day
• 5:00
  delivery
• 5:02
  and
• 5:04
  ready.
• 5:05
  Yeah.
• 5:06
  A
• 5:07
  third
• 5:07
  of
• 5:07
  the
• 5:08
  deliveries
• 5:08
  from
• 5:08
  stores
• 5:09
  in
• 5:09
  recent
• 5:09
  weeks
• 5:10
  were
• 5:10
  in
• 5:10
  three
• 5:10
  hours
• 5:11
  or
• 5:11
  less.
• 5:12
  Wow.
• 5:13
  A
• 5:13
  third.
• 5:14
  Yep.
• 5:15
  And.
• 5:17
  And
• 5:18
  20%
• 5:18
  of
• 5:19
  those
• 5:19
  deliveries
• 5:20
  arrived
• 5:20
  to
• 5:21
  customers
• 5:21
  in
• 5:22
  30
• 5:22
  minutes
• 5:22
  or
• 5:22
  less.
• 5:23
  That's
• 5:24
  incredible.
• 5:24
  I
• 5:25
  know.
• 5:25
  That's
• 5:25
  incredible.
• 5:25
  I
• 5:26
  mean,
• 5:26
  I
• 5:26
  had
• 5:26
  no
• 5:26
  idea
• 5:26
  about
• 5:27
  that.
• 5:27
  I
• 5:27
  know.
• 5:28
  You
• 5:28
  didn't
• 5:28
  know.
• 5:28
  No,
• 5:29
  I
• 5:30
  didn't
• 5:30
  know.
• 5:31
  Who
• 5:31
  knew?
• 5:32
  Who
• 5:32
  knew?
• 5:32
  We
• 5:33
  knew.
• 5:33
  I
• 5:33
  knew
• 5:34
  you
• 5:34
  knew.
• 5:35
  It's
• 5:35
  your
• 5:35
  job
• 5:36
  to
• 5:36
  know.
• 5:36
  I
• 5:36
  know.
• 5:37
  Now
• 5:37
  all
• 5:37
  of
• 5:37
  you
• 5:37
  know.
• 5:38
  And
• 5:38
  then.
• 5:39
  So
• 5:39
  maybe
• 5:39
  I'll
• 5:39
  say
• 5:39
  the
• 5:39
  third
• 5:40
  question.
• 5:41
  Yeah.
• 5:41
  Get
• 5:41
  back
• 5:41
  to.
• 5:41
  It's
• 5:42
  part
• 5:42
  of
• 5:42
  the
• 5:42
  question.
• 5:43
  So
• 5:43
  there's
• 5:44
  speed
• 5:45
  and
• 5:45
  then
• 5:45
  there's
• 5:46
  the
• 5:46
  actual
• 5:46
  assortment,
• 5:47
  having
• 5:47
  the
• 5:47
  things
• 5:48
  that
• 5:48
  customers
• 5:48
  want.
• 5:49
  And
• 5:49
  we
• 5:49
  think
• 5:49
  about
• 5:50
  it
• 5:50
  in
• 5:50
  a
• 5:50
  few
• 5:50
  different
• 5:50
  ways.
• 5:51
  There
• 5:51
  is
• 5:51
  the
• 5:51
  store
• 5:52
  assortment,
• 5:52
  which
• 5:53
  is
• 5:53
  closest
• 5:53
  to
• 5:54
  the
• 5:54
  customer,
• 5:54
  the
• 5:54
  highest
• 5:55
  volume
• 5:55
  items.
• 5:56
  And
• 5:56
  then
• 5:56
  we
• 5:56
  also
• 5:57
  have
• 5:57
  our
• 5:57
  1P
• 5:58
  assortment
• 5:58
  in
• 5:58
  FCS
• 5:59
  along
• 5:59
  with
• 6:00
  some
• 6:00
  of
• 6:00
  the
• 6:00
  extended
• 6:01
  assortment
• 6:01
  in
• 6:01
  stores.
• 6:02
  So
• 6:02
  the
• 6:03
  FC
• 6:03
  assortment
• 6:04
  comes
• 6:04
  from
• 6:05
  what
• 6:05
  we
• 6:06
  buy
• 6:06
  and
• 6:06
  from
• 6:06
  sellers
• 6:07
  who
• 6:07
  sign
• 6:07
  up
• 6:07
  for
• 6:07
  Walmart
• 6:08
  fulfillment
• 6:09
  services.
• 6:10
  The
• 6:10
  benefit
• 6:10
  of
• 6:10
  that
• 6:10
  is
• 6:11
  it
• 6:11
  works
• 6:11
  through
• 6:11
  our
• 6:12
  whole
• 6:12
  network.
• 6:12
  It
• 6:12
  gets
• 6:13
  all
• 6:13
  the
• 6:13
  advantages
• 6:13
  of
• 6:13
  the
• 6:14
  network
• 6:14
  we
• 6:14
  have.
• 6:14
  So
• 6:14
  it's
• 6:15
  why
• 6:15
  Walmart
• 6:16
  fulfillment
• 6:17
  services
• 6:17
  are
• 6:17
  so
• 6:18
  important.
• 6:19
  And
• 6:19
  then
• 6:19
  third
• 6:20
  is
• 6:21
  the
• 6:21
  marketplace.
• 6:22
  The
• 6:22
  assortment
• 6:22
  that
• 6:23
  all
• 6:23
  of
• 6:23
  you
• 6:23
  have
• 6:24
  that
• 6:24
  helps
• 6:24
  extend
• 6:25
  the
• 6:25
  assortment,
• 6:26
  helps
• 6:26
  us
• 6:26
  give
• 6:26
  customers
• 6:27
  more
• 6:27
  of
• 6:27
  what
• 6:28
  they
• 6:28
  want
• 6:29
  when
• 6:29
  they
• 6:29
  want
• 6:29
  it.
• 6:30
  Because
• 6:30
  we
• 6:30
  have
• 6:30
  the
• 6:31
  offering
• 6:31
  and
• 6:31
  we're
• 6:31
  able
• 6:32
  to
• 6:32
  put
• 6:32
  it
• 6:32
  in
• 6:32
  front
• 6:32
  of
• 6:32
  them.
• 6:33
  All
• 6:33
  three
• 6:33
  of
• 6:34
  them
• 6:34
  are
• 6:34
  critical.
• 6:35
  And
• 6:35
  it's
• 6:35
  what
• 6:35
  makes
• 6:36
  Walmart
• 6:36
  special.
• 6:36
  The
• 6:37
  ability
• 6:37
  to
• 6:37
  have
• 6:37
  a
• 6:38
  mix
• 6:38
  of
• 6:39
  products
• 6:39
  that
• 6:39
  are
• 6:40
  really
• 6:40
  close
• 6:40
  to
• 6:40
  customers,
• 6:41
  that
• 6:42
  are
• 6:42
  extended
• 6:43
  in
• 6:43
  our
• 6:43
  fulfillment
• 6:44
  centers,
• 6:44
  that
• 6:44
  have
• 6:45
  the
• 6:45
  speed
• 6:45
  of
• 6:45
  our
• 6:45
  fulfillment
• 6:46
  services
• 6:47
  and
• 6:47
  marketplace
• 6:48
  sellers,
• 6:48
  that
• 6:48
  extend
• 6:48
  the
• 6:49
  assortment
• 6:49
  and
• 6:50
  give
• 6:50
  us
• 6:50
  the
• 6:50
  ability
• 6:50
  to
• 6:51
  give
• 6:51
  customers
• 6:51
  all
• 6:51
  the
• 6:52
  things
• 6:52
  they
• 6:52
  want.
• 6:52
  So,
• 6:53
  Latrice,
• 6:53
  let
• 6:53
  me
• 6:53
  ask
• 6:54
  you.
• 6:54
  So,
• 6:54
  like,
• 6:54
  the
• 6:55
  word
• 6:55
  platform
• 6:55
  gets
• 6:56
  thrown
• 6:56
  around
• 6:56
  in
• 6:56
  our
• 6:56
  industry
• 6:57
  a
• 6:57
  lot,
• 6:57
  so
• 6:57
  sometimes
• 6:58
  too
• 6:58
  much.
• 6:58
  But
• 6:59
  the
• 6:59
  way
• 6:59
  you're
• 6:59
  describing
• 6:59
  it,
• 7:00
  I
• 7:00
  really
• 7:00
  think
• 7:00
  there's
• 7:00
  a
• 7:00
  platform
• 7:01
  play
• 7:01
  here.
• 7:02
  Why
• 7:03
  do
• 7:03
  you
• 7:03
  think
• 7:03
  that
• 7:04
  platform
• 7:04
  is
• 7:04
  so
• 7:05
  unique
• 7:05
  to
• 7:05
  Walmart
• 7:06
  and
• 7:06
  so
• 7:06
  important
• 7:06
  for
• 7:07
  sellers?
• 7:07
  I
• 7:08
  think
• 7:08
  it's
• 7:09
  unique
• 7:09
  because
• 7:10
  it
• 7:10
  gives
• 7:10
  sellers
• 7:11
  so
• 7:11
  many
• 7:12
  ways
• 7:12
  to
• 7:13
  grow.
• 7:14
  So
• 7:14
  obviously
• 7:15
  we're
• 7:15
  at
• 7:15
  the
• 7:15
  seller
• 7:15
  summit.
• 7:16
  We
• 7:16
  want
• 7:17
  to
• 7:17
  start
• 7:17
  with
• 7:17
  you
• 7:17
  selling
• 7:18
  with
• 7:18
  us.
• 7:18
  But
• 7:19
  maybe
• 7:19
  if
• 7:19
  I
• 7:19
  give
• 7:19
  you
• 7:19
  an
• 7:20
  example
• 7:20
  that
• 7:20
  would
• 7:21
  help
• 7:21
  paint
• 7:21
  the
• 7:21
  picture.
• 7:22
  There's
• 7:22
  a
• 7:22
  supplier
• 7:22
  in
• 7:22
  2021
• 7:23
  that
• 7:23
  joined
• 7:24
  us
• 7:25
  through
• 7:25
  Marketplace
• 7:26
  named
• 7:26
  Dreo.
• 7:26
  Dreo
• 7:27
  is
• 7:27
  probably
• 7:28
  here
• 7:28
  somewhere.
• 7:29
  They
• 7:29
  sell
• 7:29
  fans,
• 7:29
  heaters,
• 7:30
  and
• 7:30
  humidifiers.
• 7:32
  The
• 7:32
  most
• 7:33
  important
• 7:33
  thing
• 7:33
  they
• 7:33
  did
• 7:33
  is
• 7:34
  they
• 7:34
  agreed
• 7:34
  to
• 7:35
  sell
• 7:35
  it
• 7:35
  with
• 7:35
  us.
• 7:36
  Second,
• 7:37
  they
• 7:37
  gave
• 7:37
  us
• 7:38
  their
• 7:38
  Full
• 7:38
  assortment.
• 7:39
  When
• 7:39
  we
• 7:40
  signed
• 7:40
  them
• 7:40
  up
• 7:40
  for
• 7:40
  Marketplace
• 7:41
  and
• 7:41
  then
• 7:42
  worked
• 7:42
  with
• 7:42
  our
• 7:42
  teams
• 7:43
  to
• 7:43
  build
• 7:43
  an
• 7:43
  incredible
• 7:44
  brand
• 7:44
  presence,
• 7:45
  well,
• 7:46
  you
• 7:46
  know
• 7:46
  what
• 7:46
  customers
• 7:46
  did?
• 7:47
  They
• 7:47
  saw
• 7:47
  it,
• 7:47
  and
• 7:47
  they
• 7:48
  overwhelmingly
• 7:48
  responded
• 7:49
  to
• 7:49
  Dreo.
• 7:50
  And
• 7:51
  so
• 7:51
  much
• 7:51
  so
• 7:52
  that
• 7:52
  there
• 7:52
  are
• 7:53
  six
• 7:53
  of
• 7:53
  their
• 7:53
  items
• 7:54
  that
• 7:54
  customers
• 7:54
  wanted
• 7:55
  more
• 7:55
  frequently
• 7:55
  and
• 7:57
  had
• 7:57
  a
• 7:57
  lot
• 7:57
  of
• 7:58
  demand.
• 7:58
  And
• 7:59
  so
• 7:59
  those
• 7:59
  six
• 7:59
  items
• 8:00
  are
• 8:00
  also
• 8:01
  on
• 8:01
  shelves
• 8:01
  in
• 8:02
  stores.
• 8:03
  So
• 8:03
  we
• 8:03
  give
• 8:03
  people
• 8:03
  the
• 8:04
  opportunity,
• 8:04
  or
• 8:05
  companies
• 8:05
  or
• 8:06
  customers
• 8:06
  or
• 8:07
  sellers
• 8:07
  the
• 8:08
  opportunity
• 8:08
  to
• 8:09
  sign
• 8:09
  up
• 8:09
  with
• 8:09
  us,
• 8:10
  start
• 8:10
  in
• 8:11
  one
• 8:11
  starting
• 8:11
  place
• 8:12
  and
• 8:13
  grow
• 8:13
  on
• 8:13
  that
• 8:13
  platform
• 8:14
  alone.
• 8:14
  If
• 8:15
  you
• 8:15
  want,
• 8:15
  secondarily,
• 8:16
  you
• 8:16
  can
• 8:16
  expand
• 8:17
  that
• 8:17
  assortment
• 8:17
  into
• 8:17
  stores,
• 8:18
  and
• 8:18
  we
• 8:18
  can
• 8:18
  give
• 8:19
  sellers
• 8:19
  the
• 8:19
  opportunity
• 8:20
  to
• 8:20
  sell.
• 8:21
  However
• 8:21
  customers
• 8:21
  want
• 8:21
  to
• 8:22
  buy
• 8:22
  their
• 8:22
  products.
• 8:22
  That's
• 8:23
  the
• 8:23
  unique
• 8:23
  part.
• 8:23
  Go
• 8:24
  ahead,
• 8:24
  Michael.
• 8:24
  Dreo
• 8:25
  is
• 8:25
  a
• 8:25
  great
• 8:25
  example,
• 8:26
  and
• 8:26
  going
• 8:26
  from
• 8:26
  Marketplace
• 8:27
  to
• 8:27
  stores
• 8:28
  is
• 8:28
  certainly
• 8:28
  one
• 8:29
  path
• 8:29
  for
• 8:29
  sellers.
• 8:30
  We've
• 8:30
  also
• 8:30
  seen
• 8:31
  store
• 8:31
  suppliers
• 8:32
  realize
• 8:32
  the
• 8:32
  benefits
• 8:32
  of
• 8:33
  our
• 8:33
  marketplace
• 8:33
  and
• 8:33
  bring
• 8:34
  their
• 8:34
  full
• 8:34
  assortment
• 8:35
  online.
• 8:35
  Think
• 8:36
  of
• 8:36
  Marketplace
• 8:36
  as
• 8:37
  an
• 8:37
  endless
• 8:37
  aisle
• 8:38
  full
• 8:38
  of
• 8:38
  more
• 8:38
  colors
• 8:39
  and
• 8:39
  styles
• 8:39
  and
• 8:40
  sizes
• 8:40
  and
• 8:40
  packaging
• 8:41
  options,
• 8:42
  all
• 8:42
  compelling
• 8:43
  choices
• 8:43
  for
• 8:43
  customers
• 8:43
  that
• 8:44
  we
• 8:44
  just
• 8:44
  don't
• 8:44
  have
• 8:44
  room
• 8:44
  for
• 8:45
  in
• 8:45
  our
• 8:45
  stores.
• 8:46
  We
• 8:46
  only
• 8:46
  have
• 8:46
  so
• 8:46
  much
• 8:47
  shelf
• 8:47
  space.
• 8:47
  Right.
• 8:47
  But
• 8:48
  digitally,
• 8:48
  we
• 8:48
  have
• 8:49
  an
• 8:49
  endless
• 8:49
  aisle.
• 8:50
  Think,
• 8:51
  for
• 8:51
  example,
• 8:51
  the
• 8:52
  Levi's
• 8:52
  I'm
• 8:52
  wearing
• 8:53
  today
• 8:53
  I
• 8:53
  bought
• 8:53
  on
• 8:53
  the
• 8:54
  Marketplace.
• 8:54
  Yeah,
• 8:54
  those
• 8:54
  are
• 8:54
  nice.
• 8:55
  Yes.
• 8:56
  Oh,
• 8:56
  look
• 8:56
  at
• 8:56
  that.
• 8:57
  And
• 8:57
  the
• 8:58
  jacket.
• 8:58
  Nice
• 8:58
  jacket,
• 8:59
  too.
• 8:59
  Yeah.
• 8:59
  So,
• 9:00
  you
• 9:00
  know,
• 9:00
  and
• 9:00
  Levi's
• 9:01
  started
• 9:01
  with
• 9:01
  their
• 9:01
  assortment
• 9:02
  in
• 9:02
  our
• 9:02
  stores,
• 9:02
  and
• 9:03
  they
• 9:03
  expanded
• 9:03
  with
• 9:03
  a
• 9:04
  much
• 9:04
  broader
• 9:04
  assortment
• 9:05
  and
• 9:05
  even
• 9:05
  brand
• 9:05
  extensions
• 9:06
  on
• 9:06
  our
• 9:06
  Marketplace.
• 9:07
  And
• 9:08
  Manish
• 9:08
  mentioned
• 9:08
  dog
• 9:08
  sauce
• 9:09
  earlier.
• 9:09
  They
• 9:09
  were
• 9:09
  one
• 9:10
  of
• 9:10
  the
• 9:10
  last
• 9:10
  year's
• 9:10
  open
• 9:10
  call
• 9:11
  winners.
• 9:12
  They're
• 9:12
  now
• 9:12
  in
• 9:12
  1200
• 9:13
  stores
• 9:13
  and
• 9:13
  offer
• 9:14
  an
• 9:14
  expanded
• 9:14
  assortment
• 9:15
  online.
• 9:16
  So
• 9:16
  these
• 9:16
  are
• 9:16
  just
• 9:17
  two
• 9:17
  of
• 9:17
  many
• 9:17
  brands
• 9:18
  that
• 9:18
  have
• 9:18
  taken
• 9:18
  this
• 9:18
  omnichannel
• 9:19
  approach
• 9:19
  to
• 9:20
  selling
• 9:20
  with
• 9:20
  Walmart.
• 9:21
  Yeah.
• 9:21
  And
• 9:21
  I
• 9:21
  think
• 9:21
  it's
• 9:22
  maybe
• 9:22
  important
• 9:23
  to
• 9:23
  note
• 9:23
  that
• 9:24
  we
• 9:25
  talked
• 9:25
  about
• 9:25
  how
• 9:25
  many
• 9:26
  stores
• 9:26
  we
• 9:26
  have.
• 9:26
  We're
• 9:27
  also
• 9:27
  local,
• 9:28
  and
• 9:28
  you
• 9:28
  don't
• 9:28
  have
• 9:28
  to
• 9:28
  go
• 9:28
  to
• 9:29
  every
• 9:29
  single
• 9:29
  store
• 9:30
  if
• 9:30
  you
• 9:30
  get
• 9:30
  into
• 9:30
  stores.
• 9:31
  And
• 9:31
  so
• 9:32
  it
• 9:32
  shouldn't
• 9:32
  be
• 9:32
  a
• 9:32
  barrier
• 9:33
  to
• 9:33
  think,
• 9:33
  if
• 9:33
  I
• 9:34
  can't
• 9:34
  go
• 9:34
  to
• 9:34
  all
• 9:34
  Walmart
• 9:35
  stores,
• 9:35
  I
• 9:35
  can't
• 9:35
  go
• 9:35
  to
• 9:35
  any
• 9:36
  stores.
• 9:36
  We
• 9:37
  want
• 9:37
  to
• 9:37
  be
• 9:37
  as
• 9:37
  close
• 9:37
  to
• 9:37
  the
• 9:38
  customer
• 9:38
  that
• 9:38
  wants
• 9:38
  the
• 9:38
  product
• 9:39
  as
• 9:41
  possible.
• 9:41
  And
• 9:42
  so
• 9:42
  we
• 9:42
  have
• 9:42
  the
• 9:42
  ability,
• 9:43
  another
• 9:44
  advantage
• 9:45
  of
• 9:45
  Walmart,
• 9:45
  to
• 9:45
  be
• 9:46
  small
• 9:46
  and
• 9:47
  local
• 9:47
  as
• 9:47
  well
• 9:47
  as
• 9:48
  big
• 9:48
  and
• 9:49
  national.
• 9:50
  Yeah.
• 9:50
  And
• 9:50
  imagine
• 9:50
  you
• 9:50
  want
• 9:50
  to
• 9:50
  partner
• 9:51
  with
• 9:51
  the
• 9:51
  brands
• 9:51
  on
• 9:51
  the
• 9:51
  smart
• 9:52
  rollout
• 9:52
  of
• 9:52
  their
• 9:52
  products
• 9:53
  and
• 9:53
  stores,
• 9:53
  because
• 9:53
  you're
• 9:54
  right,
• 9:54
  it's
• 9:54
  not
• 9:54
  easy
• 9:54
  to
• 9:54
  go
• 9:54
  to
• 9:54
  400,
• 9:55
  4600
• 9:56
  stores
• 9:56
  overnight.
• 9:58
  All
• 9:58
  right,
• 9:58
  Michael,
• 9:58
  because
• 9:59
  you
• 9:59
  mentioned
• 9:59
  brands,
• 10:00
  one
• 10:00
  of
• 10:00
  the
• 10:01
  things
• 10:01
  that
• 10:01
  caught
• 10:01
  my
• 10:01
  eye
• 10:02
  as
• 10:02
  Ann,
• 10:02
  my
• 10:03
  Business
• 10:03
  partner
• 10:03
  and
• 10:03
  I
• 10:03
  were
• 10:04
  doing
• 10:04
  our
• 10:04
  weekly
• 10:05
  podcasts
• 10:05
  every
• 10:05
  week
• 10:06
  was
• 10:06
  the
• 10:07
  partnerships
• 10:07
  with
• 10:08
  companies
• 10:08
  like
• 10:08
  Rebag
• 10:09
  and
• 10:09
  Stockx.
• 10:10
  Like
• 10:11
  that's
• 10:11
  a
• 10:11
  big
• 10:11
  departure
• 10:12
  for
• 10:12
  what
• 10:13
  we
• 10:13
  traditionally
• 10:13
  think
• 10:13
  of
• 10:13
  for
• 10:14
  Walmart.
• 10:14
  So
• 10:14
  how
• 10:14
  has
• 10:15
  the
• 10:15
  customer
• 10:15
  been
• 10:16
  receiving
• 10:16
  those
• 10:17
  types
• 10:17
  of
• 10:17
  initiatives?
• 10:18
  Yeah,
• 10:18
  the
• 10:18
  response
• 10:19
  has
• 10:19
  been
• 10:19
  fantastic.
• 10:19
  Those
• 10:20
  product
• 10:20
  categories
• 10:21
  are
• 10:21
  super,
• 10:21
  super
• 10:22
  fun
• 10:22
  to
• 10:22
  shop.
• 10:22
  It's
• 10:22
  hard
• 10:23
  not
• 10:23
  to
• 10:23
  get
• 10:23
  obsessed
• 10:23
  with
• 10:24
  them.
• 10:24
  We
• 10:24
  got
• 10:24
  started
• 10:25
  with
• 10:25
  those
• 10:25
  great
• 10:25
  partners
• 10:26
  as
• 10:26
  we
• 10:26
  saw
• 10:26
  customers
• 10:27
  coming
• 10:27
  to
• 10:27
  Walmart
• 10:28
  and
• 10:28
  searching
• 10:28
  for
• 10:28
  brands
• 10:29
  that
• 10:29
  Stockx
• 10:30
  and
• 10:30
  Rebag
• 10:30
  carry
• 10:31
  like
• 10:31
  Nike
• 10:31
  and
• 10:32
  Louis
• 10:32
  Vuitton.
• 10:33
  And
• 10:33
  just
• 10:33
  last
• 10:33
  week
• 10:33
  we
• 10:34
  shared
• 10:34
  in
• 10:34
  our
• 10:34
  earnings
• 10:34
  report
• 10:34
  that
• 10:35
  our
• 10:35
  fastest
• 10:35
  growing
• 10:36
  customer
• 10:36
  segment
• 10:36
  is
• 10:37
  among
• 10:37
  high
• 10:37
  income
• 10:38
  earners.
• 10:38
  So
• 10:39
  this
• 10:39
  expanded
• 10:39
  assortment
• 10:40
  has
• 10:40
  really
• 10:40
  resonated
• 10:41
  with
• 10:41
  them.
• 10:42
  With
• 10:42
  this
• 10:42
  broader
• 10:43
  selection
• 10:43
  we're
• 10:43
  also
• 10:44
  reaching
• 10:44
  enthusiasts
• 10:45
  of
• 10:45
  all
• 10:45
  kinds
• 10:45
  searching
• 10:46
  for
• 10:46
  those
• 10:46
  coveted
• 10:47
  must
• 10:47
  have
• 10:48
  items.
• 10:49
  We're
• 10:49
  also
• 10:49
  enhancing
• 10:49
  this
• 10:50
  enthusiast
• 10:50
  customer
• 10:51
  experience
• 10:51
  by
• 10:52
  introducing
• 10:52
  new
• 10:53
  initiatives
• 10:53
  in
• 10:53
  areas
• 10:53
  like
• 10:54
  collectibles.
• 10:54
  So
• 10:54
  thinking
• 10:55
  like
• 10:55
  comic
• 10:55
  books
• 10:55
  or
• 10:56
  trading
• 10:56
  cards
• 10:56
  or
• 10:56
  coins
• 10:57
  or
• 10:57
  action
• 10:57
  figures.
• 10:58
  This
• 10:58
  fall
• 10:59
  we're
• 10:59
  hosting
• 10:59
  live
• 10:59
  streaming
• 11:00
  events
• 11:00
  and
• 11:00
  exciting
• 11:01
  live
• 11:01
  breaks
• 11:01
  of
• 11:01
  trading
• 11:02
  card
• 11:02
  packs.
• 11:03
  We're
• 11:03
  also
• 11:03
  continuing
• 11:03
  to
• 11:04
  offer
• 11:04
  pre
• 11:04
  orders
• 11:04
  as
• 11:05
  well.
• 11:05
  So
• 11:05
  this
• 11:05
  allows
• 11:06
  customers
• 11:06
  to
• 11:06
  secure
• 11:07
  new
• 11:07
  releases
• 11:07
  on
• 11:07
  trading
• 11:08
  cards
• 11:08
  up
• 11:08
  to
• 11:08
  a
• 11:09
  month
• 11:09
  in
• 11:09
  advance.
• 11:10
  So
• 11:10
  we're
• 11:10
  delivering
• 11:10
  on
• 11:11
  selection,
• 11:11
  trust
• 11:12
  and
• 11:12
  experience
• 11:12
  backed
• 11:13
  by
• 11:13
  fast
• 11:13
  fulfillment.
• 11:14
  And
• 11:14
  we're
• 11:14
  just
• 11:14
  getting
• 11:15
  started
• 11:15
  Chris.
• 11:16
  Just
• 11:16
  getting
• 11:17
  started.
• 11:17
  Yeah,
• 11:17
  I
• 11:17
  mean
• 11:18
  you
• 11:18
  showed
• 11:18
  the
• 11:18
  numbers
• 11:19
  earlier
• 11:19
  like
• 11:19
  those
• 11:19
  numbers
• 11:20
  were
• 11:20
  pretty
• 11:20
  wild.
• 11:20
  So
• 11:21
  I
• 11:21
  mean
• 11:21
  the
• 11:22
  question
• 11:22
  that
• 11:22
  comes
• 11:22
  from
• 11:22
  me
• 11:23
  or
• 11:23
  comes
• 11:23
  to
• 11:23
  my
• 11:23
  mind
• 11:24
  is
• 11:24
  what's
• 11:25
  next?
• 11:25
  Like
• 11:25
  how
• 11:25
  do
• 11:26
  you
• 11:26
  think
• 11:26
  about
• 11:26
  what's
• 11:26
  next?
• 11:27
  So
• 11:27
  you've
• 11:27
  done
• 11:27
  all
• 11:27
  that
• 11:27
  now
• 11:28
  but
• 11:28
  what's
• 11:28
  the
• 11:28
  one
• 11:28
  to
• 11:29
  three
• 11:29
  year
• 11:29
  plan
• 11:29
  look
• 11:30
  like
• 11:30
  in
• 11:30
  terms
• 11:30
  of
• 11:30
  how
• 11:30
  you're
• 11:31
  looking
• 11:31
  at
• 11:31
  marketplace
• 11:31
  and
• 11:32
  still
• 11:32
  trying
• 11:32
  to
• 11:32
  grow
• 11:32
  it?
• 11:33
  Yeah,
• 11:33
  you
• 11:33
  know
• 11:33
  the
• 11:33
  number
• 11:34
  of
• 11:34
  items
• 11:34
  on
• 11:34
  our
• 11:34
  marketplace
• 11:35
  continues
• 11:35
  to
• 11:35
  grow
• 11:36
  rapidly.
• 11:36
  We're
• 11:36
  now
• 11:37
  over
• 11:37
  a
• 11:37
  half
• 11:37
  a
• 11:37
  billion
• 11:38
  SKUs.
• 11:39
  But
• 11:39
  more
• 11:39
  important
• 11:39
  than
• 11:40
  the
• 11:40
  number,
• 11:40
  we're
• 11:41
  really
• 11:41
  focused
• 11:41
  on
• 11:42
  responsible
• 11:42
  and
• 11:43
  strategic
• 11:43
  assortment
• 11:44
  growth.
• 11:44
  We're
• 11:44
  going
• 11:45
  to
• 11:45
  continue
• 11:45
  to
• 11:45
  prioritize
• 11:46
  quality,
• 11:46
  integrity
• 11:47
  and
• 11:47
  customer
• 11:48
  relevance.
• 11:48
  And
• 11:49
  fast
• 11:49
  fulfillment
• 11:49
  of
• 11:49
  this
• 11:50
  assortment
• 11:50
  is
• 11:50
  also
• 11:50
  critical
• 11:51
  as
• 11:51
  we've
• 11:51
  been
• 11:51
  discussing
• 11:52
  as
• 11:52
  customers
• 11:52
  are
• 11:53
  far
• 11:53
  more
• 11:53
  likely
• 11:53
  to
• 11:54
  complete
• 11:54
  their
• 11:54
  purchase
• 11:55
  when
• 11:55
  they
• 11:55
  see
• 11:55
  fulfilled
• 11:56
  by
• 11:56
  Walmart
• 11:56
  or
• 11:56
  2day
• 11:57
  or
• 11:57
  better
• 11:57
  ship
• 11:57
  speeds.
• 11:58
  So
• 11:58
  continually
• 11:59
  meeting
• 11:59
  this
• 11:59
  cultural,
• 12:00
  seasonal
• 12:00
  and
• 12:01
  category
• 12:01
  specific
• 12:01
  demand
• 12:02
  with
• 12:02
  a
• 12:02
  broad
• 12:02
  assortment
• 12:03
  is
• 12:03
  especially
• 12:04
  vital
• 12:04
  during
• 12:04
  peak
• 12:05
  seasons
• 12:05
  allowing
• 12:06
  us
• 12:06
  to
• 12:06
  capture
• 12:06
  shoppers
• 12:07
  attention
• 12:07
  precisely
• 12:08
  when
• 12:08
  it
• 12:08
  matters.
• 12:09
  So
• 12:09
  looking
• 12:09
  ahead,
• 12:10
  you
• 12:10
  know,
• 12:10
  we're
• 12:11
  focused
• 12:11
  on
• 12:11
  more
• 12:11
  innovation,
• 12:12
  high
• 12:13
  quality,
• 12:13
  unique
• 12:14
  and
• 12:14
  even
• 12:14
  local
• 12:14
  favorite
• 12:15
  products.
• 12:15
  With
• 12:16
  this
• 12:16
  focus
• 12:16
  we're
• 12:17
  going
• 12:17
  to
• 12:17
  continue
• 12:17
  to
• 12:17
  strengthen
• 12:18
  the
• 12:18
  integrity
• 12:18
  of
• 12:18
  the
• 12:19
  marketplace
• 12:19
  and
• 12:19
  bring
• 12:19
  the
• 12:20
  full
• 12:20
  spectrum
• 12:20
  of
• 12:20
  assortment
• 12:21
  that
• 12:21
  our
• 12:21
  customers
• 12:21
  are
• 12:22
  shopping
• 12:22
  for.
• 12:22
  That's
• 12:23
  cool.
• 12:23
  I've
• 12:23
  always
• 12:23
  said
• 12:23
  marketplace
• 12:24
  is
• 12:24
  a
• 12:24
  great
• 12:24
  way
• 12:24
  to
• 12:24
  tailor.
• 12:25
  To
• 12:25
  tailor
• 12:26
  your
• 12:26
  assortment
• 12:26
  at
• 12:26
  the
• 12:26
  local
• 12:27
  level.
• 12:27
  So
• 12:27
  that's
• 12:27
  really
• 12:27
  cool
• 12:28
  to
• 12:28
  hear.
• 12:28
  All
• 12:28
  right,
• 12:28
  Letrice,
• 12:29
  I
• 12:29
  would
• 12:29
  lose
• 12:29
  my
• 12:29
  Punnet
• 12:30
  card
• 12:30
  if
• 12:30
  I
• 12:30
  didn't
• 12:30
  ask
• 12:31
  you
• 12:31
  this
• 12:31
  next
• 12:31
  question.
• 12:32
  What's
• 12:32
  the.
• 12:32
  What's
• 12:32
  the
• 12:33
  merchandising
• 12:33
  approach
• 12:33
  around
• 12:34
  AI?
• 12:34
  Oh,
• 12:35
  so
• 12:36
  good.
• 12:36
  Well,
• 12:37
  a
• 12:37
  few
• 12:37
  ways.
• 12:37
  The
• 12:38
  first
• 12:38
  is
• 12:39
  we're
• 12:39
  using
• 12:40
  it
• 12:40
  to
• 12:40
  add
• 12:40
  to
• 12:40
  our
• 12:40
  assortment
• 12:41
  so
• 12:41
  we
• 12:42
  can
• 12:43
  have
• 12:43
  used
• 12:44
  the
• 12:44
  data
• 12:44
  that
• 12:46
  describes
• 12:47
  all
• 12:47
  the
• 12:47
  things
• 12:47
  customers
• 12:48
  buy
• 12:48
  in
• 12:48
  the
• 12:49
  places
• 12:49
  they
• 12:49
  buy
• 12:49
  it.
• 12:50
  And
• 12:50
  we're
• 12:50
  using
• 12:50
  AI
• 12:51
  to
• 12:51
  search
• 12:52
  those
• 12:52
  items,
• 12:53
  identify
• 12:53
  them,
• 12:54
  and
• 12:54
  place
• 12:54
  orders
• 12:55
  to
• 12:55
  suppliers.
• 12:56
  It's
• 12:56
  that
• 12:56
  simple.
• 12:57
  And
• 12:57
  they're
• 12:57
  filling
• 12:57
  them.
• 12:58
  The
• 12:58
  second
• 12:59
  one
• 12:59
  is
• 12:59
  the
• 12:59
  catalog.
• 13:00
  And
• 13:00
  I
• 13:00
  think
• 13:00
  that
• 13:01
  would
• 13:01
  be
• 13:01
  important
• 13:01
  to
• 13:01
  this
• 13:02
  group
• 13:02
  here
• 13:02
  because
• 13:03
  it
• 13:03
  helps
• 13:04
  us
• 13:04
  keep
• 13:04
  our
• 13:04
  data
• 13:05
  up
• 13:05
  to
• 13:05
  date.
• 13:06
  It
• 13:06
  makes
• 13:06
  sure
• 13:06
  that
• 13:06
  we
• 13:07
  have
• 13:07
  the
• 13:07
  product
• 13:07
  descriptions,
• 13:08
  attributes,
• 13:08
  and
• 13:09
  all
• 13:09
  of
• 13:10
  the
• 13:10
  information
• 13:10
  about
• 13:10
  the
• 13:11
  product,
• 13:11
  including
• 13:12
  imagery,
• 13:13
  available.
• 13:14
  And
• 13:14
  it's
• 13:14
  time
• 13:14
  intensive
• 13:15
  and
• 13:16
  maybe
• 13:16
  not
• 13:16
  as
• 13:17
  much
• 13:17
  fun
• 13:17
  to
• 13:17
  do
• 13:17
  all
• 13:18
  of
• 13:18
  that.
• 13:18
  So
• 13:18
  we've
• 13:19
  developed
• 13:19
  a
• 13:19
  tool
• 13:20
  with
• 13:20
  AI
• 13:20
  that
• 13:20
  helps
• 13:21
  both
• 13:21
  our
• 13:21
  suppliers
• 13:22
  and
• 13:22
  sellers
• 13:23
  do
• 13:23
  that.
• 13:24
  And
• 13:24
  then
• 13:24
  the
• 13:24
  third
• 13:26
  area
• 13:26
  that
• 13:27
  we
• 13:27
  focused
• 13:27
  on
• 13:27
  for
• 13:28
  Wally
• 13:28
  is
• 13:28
  helping
• 13:28
  enable
• 13:29
  our
• 13:29
  merchants.
• 13:30
  It
• 13:30
  is
• 13:31
  a
• 13:31
  tool
• 13:31
  that
• 13:31
  helps
• 13:32
  our
• 13:32
  merchants
• 13:32
  analyze
• 13:33
  and
• 13:33
  sort
• 13:34
  data
• 13:35
  faster
• 13:35
  than
• 13:36
  they
• 13:36
  ever
• 13:36
  could
• 13:36
  before,
• 13:37
  so
• 13:37
  in
• 13:37
  seconds
• 13:37
  instead
• 13:38
  of
• 13:38
  hours
• 13:38
  and
• 13:39
  days.
• 13:39
  And
• 13:40
  it
• 13:40
  helps
• 13:40
  them
• 13:40
  also
• 13:41
  spot
• 13:41
  trends
• 13:41
  like
• 13:42
  what
• 13:42
  schools
• 13:43
  should
• 13:43
  have
• 13:43
  a
• 13:43
  certain
• 13:44
  sport.
• 13:44
  I
• 13:44
  mean,
• 13:45
  what
• 13:45
  stores
• 13:45
  should
• 13:45
  have
• 13:45
  a
• 13:45
  certain
• 13:46
  sporting
• 13:46
  merchandise.
• 13:47
  So
• 13:47
  professional
• 13:48
  teams
• 13:48
  or
• 13:48
  colleges.
• 13:49
  So
• 13:49
  it's
• 13:50
  been
• 13:50
  a
• 13:50
  game
• 13:50
  changer
• 13:51
  for
• 13:51
  our
• 13:51
  team
• 13:51
  all
• 13:51
  around,
• 13:52
  Whether
• 13:52
  it's
• 13:52
  for
• 13:52
  support
• 13:53
  of
• 13:53
  our
• 13:53
  suppliers
• 13:53
  or
• 13:53
  sellers,
• 13:54
  or
• 13:55
  supporting
• 13:55
  the
• 13:55
  merchandising
• 13:55
  team
• 13:56
  and
• 13:56
  supporting
• 13:57
  customers
• 13:57
  about
• 13:57
  helping
• 13:58
  us
• 13:58
  find
• 13:58
  more
• 13:58
  things
• 13:58
  we
• 13:59
  can
• 13:59
  order
• 13:59
  from
• 14:00
  suppliers.
• 14:00
  It
• 14:00
  makes
• 14:00
  me
• 14:01
  want
• 14:01
  to
• 14:01
  be
• 14:01
  a
• 14:01
  merchant
• 14:01
  again,
• 14:02
  you
• 14:02
  know,
• 14:02
  in
• 14:02
  a
• 14:02
  lot
• 14:03
  of
• 14:03
  ways.
• 14:03
  Another
• 14:03
  thing
• 14:04
  that
• 14:04
  makes
• 14:04
  me
• 14:04
  want
• 14:04
  to
• 14:04
  be
• 14:04
  a
• 14:04
  merchant
• 14:05
  again,
• 14:05
  too.
• 14:05
  And
• 14:05
  we'll
• 14:05
  get
• 14:05
  you
• 14:05
  out
• 14:06
  of
• 14:06
  here
• 14:06
  on
• 14:06
  this
• 14:06
  is,
• 14:07
  you
• 14:07
  know,
• 14:08
  the
• 14:08
  super
• 14:08
  bowl
• 14:08
  of
• 14:08
  retail.
• 14:08
  It's
• 14:09
  right
• 14:09
  around
• 14:09
  the
• 14:09
  corner,
• 14:10
  the
• 14:10
  holiday
• 14:10
  season.
• 14:11
  Are
• 14:11
  you
• 14:11
  guys
• 14:11
  ready
• 14:12
  for
• 14:12
  it?
• 14:13
  Listen,
• 14:13
  when
• 14:13
  you
• 14:13
  first
• 14:14
  said
• 14:14
  it,
• 14:14
  I
• 14:14
  was
• 14:14
  like,
• 14:14
  we
• 14:15
  are
• 14:15
  ready.
• 14:16
  But
• 14:17
  I'm
• 14:17
  not
• 14:17
  sure
• 14:17
  it's
• 14:17
  appropriate
• 14:18
  here.
• 14:18
  But
• 14:18
  that's
• 14:18
  how
• 14:19
  I
• 14:19
  feel.
• 14:19
  I
• 14:20
  get
• 14:20
  it's
• 14:20
  appropriate.
• 14:20
  We're
• 14:21
  ready
• 14:21
  right
• 14:21
  now.
• 14:21
  I
• 14:21
  feel
• 14:21
  we
• 14:21
  are
• 14:22
  ready.
• 14:22
  We
• 14:22
  start.
• 14:23
  We
• 14:23
  started
• 14:23
  holiday
• 14:23
  planning
• 14:24
  a
• 14:24
  year
• 14:24
  in
• 14:24
  advance.
• 14:25
  Obviously,
• 14:25
  we
• 14:26
  were
• 14:26
  just.
• 14:26
  With
• 14:26
  all
• 14:27
  of
• 14:27
  our
• 14:28
  store
• 14:28
  managers
• 14:29
  and
• 14:29
  facility
• 14:29
  managers
• 14:30
  across
• 14:30
  stores
• 14:30
  and
• 14:31
  supply
• 14:31
  chain,
• 14:32
  we're
• 14:32
  ready.
• 14:32
  We've
• 14:33
  got
• 14:33
  great
• 14:33
  items,
• 14:34
  we've
• 14:34
  got
• 14:34
  great
• 14:34
  prices.
• 14:35
  It's
• 14:35
  going
• 14:35
  to
• 14:35
  come
• 14:35
  to
• 14:36
  life
• 14:36
  in
• 14:36
  such
• 14:36
  a
• 14:36
  meaningful
• 14:37
  way.
• 14:37
  So
• 14:38
  I'm
• 14:38
  really
• 14:38
  excited
• 14:38
  about
• 14:39
  what
• 14:39
  we're
• 14:39
  doing
• 14:39
  for
• 14:40
  holiday.
• 14:40
  Yeah.
• 14:41
  So
• 14:41
  I've
• 14:42
  worked
• 14:42
  in
• 14:42
  retail
• 14:42
  for
• 14:43
  a
• 14:43
  long
• 14:43
  time,
• 14:43
  and
• 14:44
  so
• 14:44
  I
• 14:44
  have
• 14:44
  an
• 14:45
  idea.
• 14:45
  So
• 14:45
  this
• 14:46
  is
• 14:46
  kind
• 14:46
  of
• 14:46
  last
• 14:46
  question
• 14:46
  I
• 14:47
  wanna
• 14:47
  leave
• 14:47
  you
• 14:47
  guys
• 14:47
  with.
• 14:47
  So
• 14:48
  I
• 14:48
  have
• 14:48
  an
• 14:48
  idea
• 14:48
  of
• 14:48
  what
• 14:48
  are
• 14:49
  the
• 14:49
  biggest
• 14:49
  categories
• 14:50
  in
• 14:50
  retail
• 14:50
  generally
• 14:51
  during
• 14:51
  the
• 14:51
  holiday
• 14:51
  season,
• 14:51
  But
• 14:52
  I'm
• 14:52
  curious
• 14:52
  how
• 14:52
  Marketplace
• 14:53
  changes
• 14:54
  that.
• 14:54
  So
• 14:55
  what
• 14:55
  do
• 14:55
  you
• 14:55
  both
• 14:56
  see
• 14:56
  as
• 14:56
  the
• 14:56
  most
• 14:56
  important
• 14:57
  categories
• 14:57
  for
• 14:57
  the
• 14:58
  holiday
• 14:58
  season?
• 14:59
  Yeah,
• 14:59
  so
• 14:59
  we're
• 15:00
  seeing
• 15:00
  customers
• 15:00
  shopping
• 15:01
  with
• 15:01
  us
• 15:01
  on
• 15:01
  shopping
• 15:02
  missions,
• 15:02
  but
• 15:02
  we're
• 15:02
  seeing
• 15:03
  great
• 15:04
  assortment
• 15:04
  in
• 15:04
  toys,
• 15:05
  electronics,
• 15:06
  fashion,
• 15:07
  home
• 15:07
  categories.
• 15:08
  So
• 15:08
  as
• 15:09
  the
• 15:09
  customers
• 15:09
  are
• 15:09
  coming,
• 15:09
  as
• 15:09
  they're
• 15:10
  whether
• 15:10
  it's
• 15:10
  getting
• 15:10
  holiday
• 15:11
  ready
• 15:11
  or
• 15:12
  whether
• 15:12
  it's
• 15:12
  coming
• 15:12
  and
• 15:12
  finding
• 15:12
  that
• 15:13
  perfect
• 15:13
  gift,
• 15:14
  that
• 15:14
  unique
• 15:14
  gift
• 15:14
  that
• 15:15
  customers
• 15:15
  are
• 15:15
  looking
• 15:15
  for,
• 15:16
  we're
• 15:16
  bringing
• 15:16
  all
• 15:16
  of
• 15:17
  that
• 15:17
  assortment
• 15:17
  on.
• 15:17
  So
• 15:18
  have
• 15:18
  customers
• 15:18
  have
• 15:18
  that
• 15:18
  full
• 15:18
  breadth
• 15:19
  of
• 15:19
  support.
• 15:19
  Election.
• 15:19
  Got
• 15:20
  it.
• 15:20
  Maybe
• 15:20
  some
• 15:20
  tires,
• 15:21
  too,
• 15:21
  if
• 15:21
  you
• 15:21
  need
• 15:21
  them
• 15:21
  for
• 15:21
  the
• 15:21
  holiday
• 15:22
  season.
• 15:23
  Got
• 15:23
  to
• 15:23
  get
• 15:23
  those
• 15:23
  winter
• 15:24
  tires.
• 15:24
  That's
• 15:24
  right.
• 15:24
  Exactly.
• 15:25
  Tires
• 15:26
  as
• 15:26
  the
• 15:26
  season.
• 15:26
  We
• 15:26
  do
• 15:27
  seasons
• 15:27
  here.
• 15:27
  You
• 15:28
  need
• 15:28
  tires
• 15:28
  as
• 15:28
  the
• 15:29
  season
• 15:29
  change
• 15:29
  or
• 15:30
  meal
• 15:30
  planning
• 15:30
  changes.
• 15:31
  If
• 15:31
  you
• 15:31
  need
• 15:31
  tires,
• 15:32
  you
• 15:32
  got
• 15:32
  to
• 15:32
  have
• 15:32
  tires,
• 15:33
  Right?
• 15:34
  All
• 15:34
  right,
• 15:34
  on
• 15:34
  that
• 15:34
  note,
• 15:34
  thank
• 15:35
  you
• 15:35
  everyone
• 15:35
  in
• 15:35
  the
• 15:35
  audience
• 15:36
  for
• 15:36
  sticking
• 15:37
  with
• 15:37
  us.
• 15:37
  As
• 15:37
  I
• 15:37
  say
• 15:38
  at
• 15:38
  the
• 15:38
  end
• 15:38
  of
• 15:38
  all
• 15:38
  of
• 15:39
  our
• 15:39
  podcasts,
• 15:40
  as
• 15:40
  always,
• 15:40
  be
• 15:41
  careful
• 15:41
  out
• 15:41
  there.
• 15:43
  Thank
• 15:43
  you.