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Ulta Beauty's Marketplace Launch - Curation vs. Scale | Fast Five Shorts · Omni Talk Retail

• 0:00
  Ulta
• 0:00
  Beauty
• 0:00
  has
• 0:01
  launched
• 0:01
  its
• 0:01
  Marketplace
• 0:02
  according
• 0:02
  to
• 0:02
  Retail
• 0:03
  Dive,
• 0:03
  dubbed
• 0:04
  the
• 0:04
  Ulta
• 0:04
  Beauty
• 0:04
  Marketplace
• 0:05
  and
• 0:05
  created
• 0:05
  with
• 0:06
  Miracle,
• 0:06
  a
• 0:06
  longtime
• 0:07
  sponsor
• 0:07
  of
• 0:07
  this
• 0:08
  podcast.
• 0:08
  I
• 0:09
  should
• 0:09
  note
• 0:09
  the
• 0:09
  platform
• 0:10
  launched
• 0:10
  a
• 0:10
  couple
• 0:11
  of
• 0:11
  weeks
• 0:11
  ago,
• 0:11
  according
• 0:11
  to
• 0:12
  an
• 0:12
  email
• 0:13
  that
• 0:13
  Ulta
• 0:13
  sent
• 0:14
  customers
• 0:14
  on
• 0:14
  September
• 0:15
  29.
• 0:15
  In
• 0:15
  a
• 0:16
  press
• 0:16
  release
• 0:16
  from
• 0:16
  the
• 0:17
  beauty
• 0:17
  retailer
• 0:17
  on
• 0:17
  Tuesday,
• 0:18
  Ulta
• 0:18
  said
• 0:18
  it
• 0:19
  plans
• 0:19
  to
• 0:19
  quickly
• 0:19
  scale
• 0:20
  its
• 0:20
  Ulta
• 0:20
  Beauty
• 0:20
  Marketplace
• 0:21
  assortment
• 0:22
  over
• 0:22
  the
• 0:22
  next
• 0:22
  12
• 0:22
  to
• 0:23
  18
• 0:23
  months.
• 0:24
  The
• 0:24
  seller
• 0:24
  listings
• 0:25
  are
• 0:25
  integrated
• 0:25
  into
• 0:25
  Ulta's
• 0:26
  other
• 0:26
  online
• 0:27
  offerings
• 0:27
  with
• 0:27
  unified
• 0:28
  search
• 0:28
  results,
• 0:29
  shopping
• 0:29
  carts,
• 0:30
  returns
• 0:30
  and
• 0:31
  checkout
• 0:31
  processes.
• 0:32
  While
• 0:32
  shoppers
• 0:33
  can
• 0:33
  earn
• 0:33
  Ulta
• 0:33
  Beauty
• 0:34
  Rewards
• 0:34
  points
• 0:34
  on
• 0:34
  Marketplace
• 0:35
  purchases,
• 0:36
  they
• 0:36
  cannot,
• 0:36
  however,
• 0:37
  redeem
• 0:37
  those
• 0:37
  points
• 0:38
  on
• 0:38
  Marketplace
• 0:38
  listed
• 0:39
  items
• 0:39
  per
• 0:40
  the
• 0:40
  same
• 0:40
  September
• 0:40
  email.
• 0:41
  Notably
• 0:42
  different
• 0:42
  than
• 0:42
  some
• 0:43
  other
• 0:43
  online
• 0:43
  retail
• 0:44
  marketplaces
• 0:44
  like
• 0:45
  on
• 0:45
  Best
• 0:45
  Buy
• 0:45
  and
• 0:46
  Walmart,
• 0:46
  the
• 0:46
  platform
• 0:47
  is
• 0:47
  also
• 0:47
  not
• 0:48
  available
• 0:48
  to
• 0:48
  just
• 0:49
  any
• 0:49
  third
• 0:49
  party
• 0:49
  seller
• 0:50
  and
• 0:50
  is
• 0:51
  only
• 0:51
  open
• 0:51
  by
• 0:52
  invitation
• 0:52
  directly
• 0:53
  to
• 0:53
  brands.
• 0:54
  Manola,
• 0:55
  what
• 0:56
  is
• 0:56
  your
• 0:56
  consultative
• 0:57
  point
• 0:57
  of
• 0:57
  view
• 0:57
  on
• 0:58
  what
• 0:58
  Ulta
• 0:58
  needs
• 0:58
  to
• 0:59
  get
• 0:59
  right
• 0:59
  in
• 0:59
  order
• 0:59
  to
• 1:00
  make
• 1:00
  its
• 1:00
  marketplace
• 1:01
  successful?
• 1:02
  I
• 1:02
  mean,
• 1:02
  listen,
• 1:03
  I
• 1:03
  think
• 1:03
  it's
• 1:03
  a,
• 1:03
  it's
• 1:04
  a
• 1:04
  balance
• 1:04
  between
• 1:05
  offering
• 1:05
  a
• 1:06
  breadth
• 1:06
  of
• 1:06
  assortment,
• 1:07
  right?
• 1:07
  But
• 1:08
  still
• 1:09
  something
• 1:09
  that
• 1:10
  feels
• 1:10
  curated,
• 1:11
  right?
• 1:11
  You
• 1:11
  don't
• 1:11
  want
• 1:11
  to
• 1:12
  feel
• 1:12
  like
• 1:12
  you're
• 1:13
  kind
• 1:13
  of
• 1:13
  out
• 1:14
  in
• 1:14
  the
• 1:14
  world
• 1:14
  without
• 1:14
  a
• 1:15
  lens
• 1:15
  on
• 1:15
  beauty
• 1:15
  and
• 1:16
  just
• 1:16
  kind
• 1:16
  of
• 1:16
  shopping
• 1:16
  random
• 1:17
  things.
• 1:17
  I
• 1:17
  think
• 1:17
  people
• 1:17
  are
• 1:17
  more
• 1:18
  open
• 1:18
  to
• 1:19
  shopping
• 1:19
  other
• 1:19
  categories
• 1:20
  in
• 1:20
  an
• 1:20
  open,
• 1:21
  more
• 1:21
  open
• 1:21
  marketplace
• 1:22
  apparel,
• 1:22
  but
• 1:23
  things
• 1:23
  that
• 1:23
  you
• 1:23
  put
• 1:23
  directly
• 1:24
  on
• 1:25
  your
• 1:25
  body
• 1:25
  that
• 1:25
  are,
• 1:25
  you
• 1:26
  know,
• 1:26
  kind
• 1:26
  of
• 1:26
  near
• 1:27
  your
• 1:27
  eyes
• 1:27
  and
• 1:27
  things
• 1:27
  like
• 1:27
  that.
• 1:28
  I
• 1:28
  think
• 1:28
  consumers
• 1:28
  are
• 1:28
  a
• 1:28
  bit
• 1:29
  more,
• 1:29
  more
• 1:29
  cautious.
• 1:30
  But
• 1:30
  it's
• 1:31
  striking
• 1:31
  that
• 1:31
  balance
• 1:32
  between
• 1:32
  the,
• 1:33
  the
• 1:33
  breath
• 1:34
  and
• 1:34
  the
• 1:34
  curation
• 1:35
  which
• 1:36
  I
• 1:36
  think
• 1:36
  they've,
• 1:36
  they've
• 1:37
  taken
• 1:37
  a
• 1:37
  good
• 1:37
  first
• 1:38
  step
• 1:38
  in
• 1:38
  having
• 1:39
  only
• 1:39
  it's
• 1:39
  by
• 1:39
  invitation,
• 1:40
  right.
• 1:40
  And
• 1:40
  they're
• 1:41
  doing
• 1:41
  some
• 1:41
  level
• 1:42
  of
• 1:42
  bedding
• 1:42
  of
• 1:43
  the
• 1:43
  quality
• 1:43
  and
• 1:44
  the,
• 1:44
  the
• 1:44
  types
• 1:44
  of,
• 1:45
  of
• 1:45
  products
• 1:45
  that
• 1:45
  are,
• 1:46
  that
• 1:46
  are
• 1:46
  being
• 1:46
  sold.
• 1:46
  So
• 1:46
  I
• 1:47
  think
• 1:47
  that's
• 1:47
  going
• 1:48
  to
• 1:48
  be
• 1:48
  different
• 1:48
  than
• 1:48
  other
• 1:49
  marketplaces.
• 1:50
  But
• 1:50
  they
• 1:50
  do
• 1:50
  have,
• 1:50
  I
• 1:51
  think,
• 1:51
  to
• 1:51
  maintain
• 1:51
  that,
• 1:52
  that
• 1:52
  standard.
• 1:54
  The
• 1:54
  other
• 1:55
  thing
• 1:55
  that
• 1:56
  comes
• 1:56
  to
• 1:56
  mind
• 1:57
  is,
• 1:57
  you
• 1:57
  know,
• 1:57
  the
• 1:57
  points
• 1:58
  integration,
• 1:59
  that
• 1:59
  feels
• 2:00
  a
• 2:00
  little
• 2:00
  bit
• 2:00
  clunky,
• 2:01
  right?
• 2:01
  Maybe
• 2:01
  they'll,
• 2:02
  that's
• 2:02
  something
• 2:02
  that
• 2:02
  down
• 2:02
  the
• 2:03
  road
• 2:03
  they'll
• 2:03
  figure
• 2:03
  out
• 2:03
  how
• 2:04
  to,
• 2:04
  how
• 2:04
  to
• 2:04
  integrate.
• 2:05
  But
• 2:05
  if
• 2:05
  I'm
• 2:05
  an
• 2:05
  alta
• 2:06
  consumer,
• 2:06
  you
• 2:07
  know,
• 2:07
  I
• 2:07
  like
• 2:07
  racking
• 2:07
  up
• 2:08
  those
• 2:08
  points
• 2:08
  and
• 2:08
  I
• 2:08
  don't
• 2:09
  want
• 2:09
  to
• 2:09
  be
• 2:09
  limited
• 2:09
  in
• 2:10
  what
• 2:10
  I'm
• 2:10
  going
• 2:11
  to
• 2:11
  use
• 2:11
  them,
• 2:12
  where
• 2:12
  I
• 2:12
  can
• 2:13
  go
• 2:13
  and
• 2:13
  then
• 2:14
  spend
• 2:14
  them,
• 2:14
  right?
• 2:15
  Especially
• 2:15
  when
• 2:15
  the
• 2:16
  website,
• 2:16
  I
• 2:16
  think
• 2:16
  there's
• 2:17
  no
• 2:17
  way
• 2:17
  to
• 2:17
  kind
• 2:17
  of
• 2:17
  filter
• 2:18
  out
• 2:18
  for
• 2:19
  the
• 2:19
  marketplace
• 2:20
  offering.
• 2:20
  So
• 2:20
  it
• 2:21
  all
• 2:21
  kind
• 2:21
  of
• 2:21
  comes
• 2:21
  together.
• 2:22
  It
• 2:22
  becomes
• 2:23
  hard
• 2:23
  to
• 2:23
  parse
• 2:23
  through,
• 2:24
  like,
• 2:24
  okay,
• 2:24
  where
• 2:24
  can
• 2:25
  I
• 2:25
  use
• 2:25
  my
• 2:25
  points?
• 2:26
  Where
• 2:26
  can
• 2:26
  I
• 2:26
  not
• 2:27
  use
• 2:27
  the
• 2:27
  points
• 2:28
  so
• 2:28
  that,
• 2:28
  you
• 2:29
  know,
• 2:29
  probably
• 2:29
  some
• 2:29
  opportunity
• 2:30
  for,
• 2:30
  for
• 2:30
  streamlining
• 2:32
  there.
• 2:33
  So,
• 2:33
  no,
• 2:33
  I'm
• 2:33
  curious,
• 2:34
  like,
• 2:34
  one
• 2:34
  question
• 2:34
  I
• 2:34
  have,
• 2:34
  like,
• 2:35
  so
• 2:35
  I,
• 2:35
  I
• 2:35
  love
• 2:35
  the
• 2:35
  move
• 2:36
  overall.
• 2:36
  You
• 2:36
  know,
• 2:36
  I'm
• 2:36
  big
• 2:37
  on
• 2:37
  marketplaces
• 2:37
  in
• 2:37
  general.
• 2:38
  I
• 2:38
  love
• 2:38
  the
• 2:39
  curation
• 2:39
  approach
• 2:40
  for
• 2:40
  now
• 2:40
  as
• 2:41
  well.
• 2:41
  But,
• 2:42
  you
• 2:42
  know,
• 2:42
  in
• 2:42
  a
• 2:42
  lot
• 2:43
  of
• 2:43
  ways,
• 2:43
  you
• 2:43
  know,
• 2:43
  as.
• 2:45
  Lisa,
• 2:45
  you'll
• 2:45
  probably
• 2:45
  joke
• 2:45
  at
• 2:46
  this
• 2:46
  one
• 2:46
  too
• 2:46
  when
• 2:46
  I
• 2:47
  go
• 2:47
  to
• 2:47
  you
• 2:47
  for
• 2:47
  the
• 2:47
  next
• 2:47
  commentary,
• 2:48
  but,
• 2:49
  you
• 2:49
  know,
• 2:49
  it's
• 2:50
  kind
• 2:50
  of
• 2:50
  a
• 2:50
  predictable
• 2:51
  approach.
• 2:51
  Like
• 2:51
  every
• 2:51
  retailer
• 2:52
  says,
• 2:52
  we
• 2:52
  want
• 2:52
  a
• 2:52
  curated
• 2:52
  marketplace.
• 2:53
  We
• 2:53
  want
• 2:53
  to
• 2:53
  be
• 2:54
  conscious
• 2:54
  of
• 2:54
  the
• 2:54
  brand,
• 2:55
  but
• 2:55
  to
• 2:56
  really
• 2:56
  be
• 2:56
  in
• 2:56
  the
• 2:56
  marketplace
• 2:57
  game,
• 2:57
  you
• 2:57
  have
• 2:58
  to,
• 2:58
  you
• 2:58
  have
• 2:58
  to
• 2:58
  at
• 2:59
  some
• 2:59
  point
• 2:59
  move
• 2:59
  quicker
• 3:00
  and
• 3:00
  open,
• 3:00
  you
• 3:01
  know,
• 3:01
  open
• 3:01
  the
• 3:01
  doors
• 3:01
  a
• 3:02
  little
• 3:02
  bit
• 3:02
  wider
• 3:02
  than
• 3:02
  you're
• 3:03
  probably
• 3:03
  comfortable
• 3:03
  with.
• 3:03
  So
• 3:04
  I'm
• 3:04
  curious,
• 3:04
  Manola,
• 3:05
  you
• 3:05
  know,
• 3:05
  based
• 3:05
  on,
• 3:06
  based
• 3:06
  on
• 3:06
  your
• 3:06
  work
• 3:06
  in
• 3:07
  transformation
• 3:07
  and
• 3:07
  organizational
• 3:09
  structuring,
• 3:11
  how
• 3:11
  would
• 3:11
  you
• 3:12
  recommend
• 3:12
  people
• 3:13
  go
• 3:14
  faster
• 3:14
  in
• 3:15
  terms
• 3:15
  of
• 3:15
  the
• 3:15
  curation
• 3:16
  of
• 3:16
  their
• 3:16
  marketplace
• 3:17
  to
• 3:17
  bring
• 3:17
  more
• 3:17
  vendors
• 3:18
  on
• 3:18
  more
• 3:18
  quickly?
• 3:19
  I
• 3:19
  mean,
• 3:19
  there's,
• 3:20
  there's
• 3:20
  ways
• 3:20
  to
• 3:20
  kind
• 3:20
  of
• 3:20
  standardize
• 3:21
  and
• 3:21
  in
• 3:22
  beauty,
• 3:22
  there's,
• 3:22
  you
• 3:22
  know,
• 3:22
  for
• 3:23
  example,
• 3:23
  if
• 3:23
  we're
• 3:23
  concerned
• 3:23
  about
• 3:24
  quality,
• 3:24
  there's
• 3:24
  external
• 3:25
  third
• 3:25
  parties
• 3:25
  that
• 3:26
  certify
• 3:26
  on,
• 3:26
  you
• 3:27
  know,
• 3:27
  different
• 3:27
  quality
• 3:28
  levels.
• 3:28
  So
• 3:28
  you're
• 3:29
  able
• 3:29
  to
• 3:29
  know
• 3:29
  where
• 3:29
  these,
• 3:29
  you
• 3:30
  know,
• 3:30
  products
• 3:30
  are
• 3:30
  manufactured
• 3:31
  and
• 3:31
  have
• 3:31
  kind
• 3:31
  of
• 3:32
  a,
• 3:32
  kind
• 3:33
  of
• 3:33
  a
• 3:33
  ring
• 3:33
  fence
• 3:33
  that's
• 3:34
  not
• 3:34
  quite
• 3:34
  as
• 3:34
  tight.
• 3:35
  Right.
• 3:35
  And
• 3:35
  you're,
• 3:36
  it's
• 3:36
  a
• 3:36
  supply
• 3:36
  chain
• 3:37
  that's
• 3:37
  fairly
• 3:37
  transparent.
• 3:37
  Right.
• 3:38
  So
• 3:38
  you're
• 3:38
  able
• 3:39
  to
• 3:39
  maybe
• 3:39
  come
• 3:40
  at
• 3:40
  it
• 3:40
  from,
• 3:41
  from
• 3:41
  that
• 3:41
  angle.
• 3:42
  I
• 3:42
  think
• 3:42
  the
• 3:43
  curation
• 3:43
  piece
• 3:44
  is,
• 3:44
  yes,
• 3:44
  you
• 3:45
  need
• 3:45
  to
• 3:45
  get
• 3:45
  scale
• 3:45
  in
• 3:45
  order
• 3:45
  to
• 3:46
  have
• 3:46
  a
• 3:46
  marketplace
• 3:46
  that
• 3:46
  works,
• 3:47
  but
• 3:47
  you
• 3:47
  also
• 3:47
  need
• 3:48
  to
• 3:48
  serve
• 3:49
  people
• 3:49
  the
• 3:49
  right
• 3:50
  product
• 3:50
  within
• 3:50
  that
• 3:50
  marketplace.
• 3:51
  Right.
• 3:51
  So
• 3:52
  it's
• 3:52
  kind
• 3:52
  of
• 3:52
  also
• 3:52
  an
• 3:53
  internal
• 3:53
  kind
• 3:54
  of
• 3:54
  personalization
• 3:54
  and
• 3:55
  processes
• 3:56
  that
• 3:56
  you
• 3:56
  need
• 3:56
  to
• 3:57
  set
• 3:57
  up
• 3:57
  so
• 3:57
  that
• 3:58
  within
• 3:58
  this
• 3:58
  enormous
• 3:59
  assortment,
• 4:00
  people
• 4:00
  can
• 4:00
  come
• 4:00
  in
• 4:00
  and
• 4:01
  see
• 4:01
  things
• 4:01
  that
• 4:01
  are
• 4:01
  relevant
• 4:02
  to
• 4:02
  them.
• 4:03
  Right.
• 4:03
  So,
• 4:03
  you
• 4:03
  know,
• 4:03
  I
• 4:04
  don't
• 4:04
  know,
• 4:04
  maybe
• 4:04
  it
• 4:04
  links
• 4:05
  back
• 4:05
  to
• 4:05
  the
• 4:05
  AI
• 4:06
  question,
• 4:06
  right,
• 4:06
  of
• 4:06
  like,
• 4:07
  how
• 4:07
  do
• 4:07
  you
• 4:08
  then
• 4:08
  navigate
• 4:09
  the,
• 4:09
  the
• 4:09
  marketpl?
• 4:11
  I
• 4:11
  think
• 4:11
  it's,
• 4:11
  it's
• 4:11
  duration
• 4:12
  from
• 4:12
  those
• 4:12
  two
• 4:12
  senses
• 4:13
  of
• 4:13
  like,
• 4:13
  who
• 4:13
  do
• 4:13
  you
• 4:13
  let
• 4:14
  in,
• 4:14
  but
• 4:14
  also
• 4:15
  who
• 4:15
  do
• 4:15
  you
• 4:15
  serve
• 4:16
  to
• 4:16
  people
• 4:17
  when
• 4:17
  they
• 4:17
  show
• 4:17
  up?
• 4:17
  And
• 4:17
  is
• 4:18
  that
• 4:18
  right
• 4:18
  for,
• 4:19
  for
• 4:19
  each
• 4:19
  individual
• 4:19
  person?
• 4:20
  Yeah,
• 4:20
  I
• 4:20
  like
• 4:21
  what
• 4:21
  you're
• 4:21
  saying
• 4:21
  there
• 4:21
  too,
• 4:21
  because
• 4:21
  that's
• 4:21
  what
• 4:22
  I
• 4:22
  always
• 4:22
  think
• 4:22
  about.
• 4:22
  Like,
• 4:22
  there
• 4:22
  should
• 4:22
  be
• 4:23
  a
• 4:23
  defined
• 4:23
  rubric
• 4:24
  for
• 4:24
  who
• 4:24
  you're
• 4:24
  going
• 4:24
  to
• 4:25
  let
• 4:25
  come
• 4:25
  in
• 4:26
  so
• 4:26
  that
• 4:26
  it,
• 4:26
  you
• 4:26
  know,
• 4:27
  quickens
• 4:27
  the
• 4:27
  process
• 4:28
  versus
• 4:28
  you're
• 4:28
  just
• 4:28
  finding
• 4:29
  them
• 4:29
  and
• 4:29
  deciding
• 4:30
  if
• 4:30
  they're
• 4:30
  right
• 4:30
  for
• 4:31
  you,
• 4:31
  you
• 4:31
  know.
• 4:31
  Lisa,
• 4:32
  what
• 4:32
  do
• 4:32
  you
• 4:32
  think
• 4:32
  though?
• 4:33
  Look,
• 4:33
  I
• 4:33
  think
• 4:33
  the,
• 4:34
  the
• 4:34
  first
• 4:34
  two
• 4:35
  things
• 4:35
  that
• 4:35
  came
• 4:35
  to
• 4:35
  my
• 4:36
  mind
• 4:36
  is,
• 4:37
  is
• 4:37
  in
• 4:38
  order
• 4:38
  for
• 4:38
  it
• 4:38
  to
• 4:39
  be
• 4:39
  successful,
• 4:40
  it
• 4:40
  has
• 4:40
  to
• 4:41
  be
• 4:41
  an
• 4:41
  Ulta
• 4:41
  experience.
• 4:43
  And
• 4:43
  how
• 4:44
  do
• 4:44
  they
• 4:44
  think
• 4:44
  about
• 4:44
  that
• 4:45
  experience?
• 4:45
  That's
• 4:46
  true
• 4:46
  to
• 4:46
  Ulta.
• 4:47
  And
• 4:47
  then
• 4:47
  I
• 4:47
  think
• 4:47
  speed
• 4:48
  of
• 4:48
  delivery
• 4:49
  is
• 4:50
  going
• 4:50
  to
• 4:50
  be
• 4:50
  another
• 4:51
  thing.
• 4:51
  You
• 4:51
  know,
• 4:52
  as
• 4:52
  we
• 4:52
  think
• 4:52
  about
• 4:52
  the
• 4:53
  other
• 4:53
  competitors,
• 4:54
  if
• 4:54
  they
• 4:54
  are
• 4:54
  not
• 4:55
  fast
• 4:55
  enough,
• 4:56
  why
• 4:56
  would
• 4:56
  I
• 4:57
  go
• 4:57
  to
• 4:57
  their
• 4:57
  marketplace?
• 4:58
  I
• 4:59
  think
• 4:59
  the
• 4:59
  risk
• 4:59
  could
• 5:00
  be
• 5:00
  that
• 5:00
  they're
• 5:00
  having
• 5:00
  the
• 5:01
  brand
• 5:01
  shift
• 5:01
  direct.
• 5:03
  Right.
• 5:03
  So
• 5:04
  I
• 5:04
  think
• 5:04
  the
• 5:04
  risk
• 5:05
  could
• 5:05
  be
• 5:05
  is
• 5:05
  the
• 5:05
  service
• 5:06
  level,
• 5:08
  you
• 5:08
  know,
• 5:08
  stacked
• 5:09
  up
• 5:09
  to
• 5:09
  people
• 5:09
  like
• 5:10
  Walmart
• 5:10
  and
• 5:10
  Amazon
• 5:11
  in
• 5:11
  the
• 5:11
  end
• 5:12
  because
• 5:13
  that's
• 5:13
  going
• 5:13
  to
• 5:13
  be
• 5:13
  critical
• 5:14
  to
• 5:14
  the
• 5:14
  consumer.
• 5:16
  And
• 5:16
  then
• 5:16
  when
• 5:16
  I
• 5:16
  think
• 5:16
  about
• 5:17
  it,
• 5:17
  I
• 5:17
  do
• 5:17
  think
• 5:17
  in
• 5:18
  order
• 5:18
  for
• 5:18
  it
• 5:18
  to
• 5:18
  be
• 5:19
  meaningful,
• 5:19
  they
• 5:20
  are
• 5:20
  going
• 5:20
  to
• 5:20
  have
• 5:21
  to
• 5:21
  broaden
• 5:21
  the
• 5:22
  assortment.
• 5:23
  But
• 5:23
  it
• 5:23
  needs
• 5:23
  to
• 5:24
  be
• 5:24
  true
• 5:24
  to
• 5:24
  who
• 5:24
  Ulta
• 5:25
  is
• 5:26
  and
• 5:26
  how
• 5:27
  they've
• 5:27
  made
• 5:27
  that
• 5:27
  selection.
• 5:28
  Yeah,
• 5:28
  and
• 5:28
  that's
• 5:29
  a
• 5:29
  good
• 5:29
  point
• 5:29
  on
• 5:29
  the
• 5:29
  curation
• 5:29
  too.
• 5:30
  Like
• 5:30
  you
• 5:30
  want
• 5:30
  to,
• 5:30
  if
• 5:30
  you're
• 5:30
  going
• 5:31
  to
• 5:31
  build
• 5:31
  your
• 5:31
  marketplace,
• 5:31
  you
• 5:31
  want
• 5:31
  to
• 5:31
  make
• 5:32
  sure
• 5:32
  that
• 5:32
  the
• 5:32
  vendors
• 5:32
  you're
• 5:32
  leaning
• 5:33
  into
• 5:33
  are
• 5:33
  as
• 5:33
  differentiated
• 5:34
  as
• 5:34
  possible,
• 5:34
  possible
• 5:34
  against
• 5:35
  Walmart
• 5:35
  and
• 5:35
  Amazon
• 5:36
  as
• 5:36
  well.
• 5:36
  And
• 5:37
  what
• 5:37
  is
• 5:37
  your
• 5:37
  take
• 5:37
  here?
• 5:38
  I,
• 5:38
  I
• 5:39
  agree
• 5:39
  with
• 5:39
  Lisa
• 5:40
  and
• 5:40
  Manola.
• 5:40
  I
• 5:41
  think
• 5:41
  this
• 5:41
  is
• 5:41
  different
• 5:41
  than
• 5:42
  other
• 5:42
  marketplaces
• 5:43
  and
• 5:43
  if
• 5:43
  I
• 5:44
  were
• 5:44
  Ulta,
• 5:44
  I
• 5:44
  would
• 5:44
  be
• 5:45
  very
• 5:45
  slow
• 5:46
  in
• 5:46
  building
• 5:47
  this
• 5:47
  marketplace
• 5:48
  up
• 5:48
  for
• 5:48
  all
• 5:49
  the
• 5:49
  reasons
• 5:49
  they
• 5:49
  talked
• 5:50
  about.
• 5:50
  Beauty
• 5:51
  is
• 5:51
  different
• 5:51
  than
• 5:51
  a
• 5:52
  mass
• 5:52
  retailer,
• 5:52
  than,
• 5:53
  you
• 5:53
  know,
• 5:53
  a
• 5:53
  Walmart
• 5:54
  or
• 5:54
  an
• 5:54
  Amazon.
• 5:55
  This
• 5:55
  is
• 5:55
  an
• 5:55
  area
• 5:55
  where
• 5:56
  people
• 5:56
  spend
• 5:57
  time
• 5:57
  and
• 5:58
  they
• 5:58
  invest,
• 5:59
  you
• 5:59
  know,
• 6:00
  lots
• 6:00
  of
• 6:00
  money
• 6:00
  in
• 6:01
  these
• 6:01
  products
• 6:01
  and
• 6:02
  they're
• 6:02
  putting
• 6:02
  them
• 6:02
  on
• 6:02
  their
• 6:03
  body.
• 6:03
  So
• 6:03
  I
• 6:03
  think
• 6:03
  that
• 6:03
  this
• 6:04
  is
• 6:04
  a,
• 6:04
  is
• 6:04
  a
• 6:05
  category
• 6:05
  where
• 6:05
  curation
• 6:06
  sense.
• 6:07
  I
• 6:07
  also
• 6:07
  really
• 6:08
  like
• 6:08
  this
• 6:08
  move
• 6:09
  from
• 6:09
  the
• 6:09
  Ulta
• 6:09
  perspective
• 6:10
  for
• 6:10
  their
• 6:11
  customers,
• 6:11
  as
• 6:11
  Lisa
• 6:12
  was
• 6:12
  alluding
• 6:12
  to,
• 6:12
  because
• 6:13
  if
• 6:13
  this
• 6:13
  product
• 6:14
  doesn't
• 6:14
  work,
• 6:14
  they're
• 6:15
  also
• 6:15
  able
• 6:15
  to
• 6:15
  bring
• 6:16
  this
• 6:16
  back
• 6:16
  to
• 6:16
  an
• 6:17
  Ulta
• 6:17
  store
• 6:17
  and
• 6:18
  then
• 6:18
  they
• 6:18
  have
• 6:18
  that
• 6:19
  interaction
• 6:19
  point.
• 6:19
  So
• 6:20
  I
• 6:20
  think
• 6:20
  this
• 6:20
  is
• 6:20
  actually
• 6:20
  going
• 6:20
  to
• 6:21
  help
• 6:21
  drive
• 6:21
  some
• 6:21
  traffic
• 6:22
  to
• 6:22
  Ulta
• 6:22
  stores.
• 6:23
  If
• 6:23
  they
• 6:23
  don't
• 6:23
  find
• 6:24
  the
• 6:24
  right
• 6:24
  product
• 6:24
  or
• 6:25
  if
• 6:25
  that
• 6:25
  product
• 6:25
  isn't
• 6:25
  good,
• 6:26
  good
• 6:26
  for
• 6:26
  them.
• 6:27
  That
• 6:27
  gives
• 6:28
  another
• 6:28
  sales
• 6:28
  opportunity
• 6:29
  post
• 6:29
  purchase
• 6:30
  for
• 6:30
  Ulta
• 6:31
  customers
• 6:32
  and
• 6:32
  for
• 6:33
  Ulta
• 6:34
  staff
• 6:34
  to
• 6:34
  kind
• 6:34
  of
• 6:35
  get
• 6:35
  them
• 6:35
  into
• 6:35
  the
• 6:35
  right
• 6:36
  product,
• 6:36
  maybe
• 6:36
  that
• 6:36
  is
• 6:36
  in
• 6:37
  store
• 6:37
  so
• 6:37
  they're
• 6:37
  not
• 6:38
  leaving
• 6:38
  without
• 6:39
  anything
• 6:39
  in
• 6:39
  hand.
• 6:40
  They
• 6:40
  see,
• 6:41
  okay,
• 6:41
  you
• 6:41
  liked,
• 6:42
  what
• 6:42
  were
• 6:42
  the
• 6:42
  attributes
• 6:43
  of
• 6:43
  this
• 6:43
  product
• 6:43
  that
• 6:43
  you
• 6:44
  chose
• 6:44
  online
• 6:44
  and
• 6:45
  how
• 6:45
  do
• 6:45
  we
• 6:45
  find
• 6:46
  you
• 6:46
  something
• 6:46
  next
• 6:47
  to
• 6:47
  either
• 6:47
  test
• 6:48
  or
• 6:48
  to
• 6:49
  walk
• 6:49
  home
• 6:49
  with
• 6:49
  in
• 6:50
  store.
• 6:50
  So,
• 6:51
  so
• 6:51
  I
• 6:51
  like
• 6:51
  this
• 6:52
  move
• 6:52
  in
• 6:52
  general
• 6:53
  for
• 6:53
  Ulta
• 6:54
  as,
• 6:54
  you
• 6:54
  know,
• 6:54
  one,
• 6:55
  providing
• 6:55
  their
• 6:55
  consumers
• 6:56
  with
• 6:56
  a
• 6:56
  curated
• 6:57
  assortment
• 6:58
  both
• 6:59
  online
• 6:59
  and
• 6:59
  offline
• 7:00
  and
• 7:00
  then
• 7:00
  two,
• 7:00
  as
• 7:01
  a
• 7:01
  potential
• 7:02
  post
• 7:02
  purchase
• 7:02
  traffic
• 7:03
  driver.
• 7:03
  So
• 7:03
  I'm
• 7:04
  all
• 7:04
  in
• 7:05
  on
• 7:05
  it.
• 7:05
  I
• 7:05
  love
• 7:05
  it.
• 7:05
  Manila.
• 7:06
  That
• 7:06
  brings
• 7:06
  up
• 7:06
  another
• 7:06
  question
• 7:07
  for
• 7:07
  me
• 7:07
  that
• 7:07
  I
• 7:07
  want
• 7:07
  to
• 7:07
  go
• 7:07
  to
• 7:08
  you
• 7:08
  for.
• 7:08
  The
• 7:08
  last
• 7:08
  point
• 7:09
  here
• 7:09
  is,
• 7:09
  you
• 7:09
  know,
• 7:10
  part
• 7:10
  of
• 7:10
  a
• 7:10
  marketplace
• 7:11
  idea
• 7:11
  is
• 7:11
  also
• 7:11
  the
• 7:11
  category
• 7:12
  expansion,
• 7:13
  you
• 7:13
  know,
• 7:13
  and
• 7:13
  so
• 7:13
  like
• 7:13
  I
• 7:14
  could
• 7:14
  think
• 7:14
  of,
• 7:14
  you
• 7:14
  know,
• 7:14
  categories
• 7:15
  that
• 7:15
  might
• 7:15
  be
• 7:16
  very
• 7:16
  relevant
• 7:17
  to
• 7:17
  a
• 7:17
  beauty
• 7:17
  purchase,
• 7:17
  like
• 7:18
  a
• 7:18
  vanity,
• 7:18
  let's
• 7:19
  say,
• 7:19
  you
• 7:19
  know,
• 7:20
  how
• 7:20
  do
• 7:20
  you
• 7:20
  think
• 7:21
  about
• 7:21
  that
• 7:21
  and
• 7:21
  how
• 7:22
  would
• 7:22
  you
• 7:22
  advise
• 7:22
  Ulta
• 7:23
  to
• 7:23
  handle
• 7:23
  the
• 7:23
  category
• 7:24
  expansion
• 7:25
  question,
• 7:25
  if
• 7:25
  at
• 7:26
  all?
• 7:26
  That's
• 7:26
  an
• 7:26
  interesting
• 7:27
  lens.
• 7:27
  And
• 7:27
  I
• 7:28
  think,
• 7:28
  you
• 7:28
  know,
• 7:28
  beauty
• 7:29
  has
• 7:29
  been
• 7:30
  expanding
• 7:31
  into
• 7:31
  kind
• 7:31
  of
• 7:31
  adjacent
• 7:32
  categories
• 7:33
  and
• 7:33
  kind
• 7:33
  of
• 7:33
  blurring
• 7:34
  with,
• 7:34
  you
• 7:34
  know,
• 7:35
  wellness
• 7:35
  comes
• 7:36
  to
• 7:36
  mind.
• 7:36
  Right.
• 7:36
  So
• 7:37
  it's,
• 7:37
  you
• 7:37
  know,
• 7:37
  are
• 7:37
  you
• 7:37
  taking
• 7:37
  vitamins
• 7:38
  to
• 7:38
  feel
• 7:38
  good
• 7:39
  or
• 7:39
  to
• 7:39
  look
• 7:39
  good
• 7:39
  or
• 7:40
  a
• 7:40
  little
• 7:40
  bit
• 7:40
  of
• 7:40
  both
• 7:40
  and
• 7:41
  then
• 7:41
  that's
• 7:42
  a
• 7:42
  quick
• 7:42
  step
• 7:42
  into,
• 7:43
  you
• 7:43
  know,
• 7:43
  yoga
• 7:44
  or
• 7:44
  you
• 7:44
  know,
• 7:45
  other
• 7:45
  wellness
• 7:46
  related
• 7:47
  spheres.
• 7:48
  So
• 7:48
  I
• 7:48
  do
• 7:48
  think
• 7:48
  there's
• 7:49
  kind
• 7:49
  of,
• 7:49
  there
• 7:49
  is
• 7:50
  probably
• 7:50
  a
• 7:50
  lifestyle
• 7:51
  angle
• 7:51
  that
• 7:52
  you
• 7:52
  can
• 7:52
  anchor
• 7:53
  on
• 7:53
  beauty
• 7:53
  and
• 7:53
  it
• 7:53
  does
• 7:53
  need,
• 7:54
  you
• 7:54
  know,
• 7:54
  there's
• 7:54
  a
• 7:54
  limit
• 7:55
  to
• 7:55
  how
• 7:55
  much
• 7:55
  you
• 7:55
  can
• 7:55
  stretch.
• 7:56
  But
• 7:57
  I
• 7:57
  think
• 7:57
  as
• 7:57
  long
• 7:57
  as
• 7:58
  it
• 7:58
  is.
• 7:58
  No
• 7:59
  pun
• 7:59
  intended.
• 8:00
  Yes.
• 8:02
  I
• 8:02
  think
• 8:02
  as
• 8:02
  long
• 8:03
  as
• 8:03
  consumers,
• 8:03
  you
• 8:03
  know,
• 8:03
  you're
• 8:04
  not
• 8:04
  cluttering
• 8:04
  them
• 8:05
  and
• 8:05
  they
• 8:05
  can,
• 8:06
  it
• 8:06
  can
• 8:06
  be
• 8:06
  a
• 8:06
  pull
• 8:07
  versus
• 8:07
  a
• 8:07
  push.
• 8:08
  Right.
• 8:09
  I
• 8:09
  think
• 8:10
  it's
• 8:10
  a
• 8:10
  good
• 8:11
  point
• 8:11
  and
• 8:12
  it's
• 8:12
  an
• 8:12
  opportunity
• 8:13
  to
• 8:13
  expand
• 8:13
  into
• 8:13
  other
• 8:13
  categories
• 8:14
  without
• 8:14
  dragging
• 8:15
  vanities,
• 8:15
  for
• 8:15
  example,
• 8:16
  into
• 8:16
  the
• 8:16
  Ulta
• 8:17
  stores.
• 8:17
  Right.
• 8:17
  You
• 8:17
  can
• 8:17
  play
• 8:18
  into
• 8:18
  these
• 8:19
  higher
• 8:19
  ticket,
• 8:20
  maybe
• 8:20
  difficult
• 8:21
  inventory
• 8:21
  to
• 8:21
  manage
• 8:22
  without
• 8:23
  cluttering
• 8:24
  the,
• 8:24
  the
• 8:25
  brick
• 8:25
  and
• 8:25
  mortar
• 8:26
  channel,
• 8:26
  for
• 8:27
  example.