Latest / Omni Talk Retail / Operational Execution Still Wins in Retail with DFI Retail Group’s Scott Price | WRC 2026

Transcript

Operational Execution Still Wins in Retail with DFI Retail Group’s Scott Price | WRC 2026 · Omni Talk Retail

• 0:00
  All
• 0:00
  right.
• 0:00
  Hello,
• 0:01
  everyone.
• 0:01
  This
• 0:01
  is
• 0:01
  Omnitalk
• 0:02
  Retail.
• 0:02
  I'm
• 0:02
  Chris
• 0:03
  Walton
• 0:03
  and
• 0:03
  we
• 0:03
  are
• 0:03
  coming
• 0:04
  to
• 0:04
  you
• 0:04
  live
• 0:04
  from
• 0:04
  the
• 0:04
  World
• 0:05
  Retail
• 0:05
  Congress
• 0:06
  in
• 0:06
  Berlin
• 0:07
  from
• 0:07
  the
• 0:07
  Vusion
• 0:08
  Podcast
• 0:08
  Studio.
• 0:08
  And
• 0:09
  joining
• 0:09
  me
• 0:09
  again,
• 0:10
  literally
• 0:10
  again,
• 0:12
  is
• 0:12
  Scott
• 0:12
  Price,
• 0:13
  the
• 0:13
  CEO
• 0:14
  of
• 0:14
  DFI
• 0:15
  Group.
• 0:15
  Scott,
• 0:15
  welcome
• 0:16
  back.
• 0:16
  It's
• 0:16
  great
• 0:16
  to
• 0:16
  see
• 0:17
  you.
• 0:17
  Good
• 0:17
  to
• 0:17
  see
• 0:17
  you
• 0:17
  as
• 0:18
  well.
• 0:18
  Chris,
• 0:18
  what
• 0:19
  brings
• 0:19
  you
• 0:19
  back
• 0:19
  to
• 0:19
  WRC
• 0:20
  this
• 0:20
  year?
• 0:21
  So
• 0:21
  this
• 0:21
  is
• 0:22
  third
• 0:22
  year,
• 0:22
  like
• 0:23
  the
• 0:23
  forum.
• 0:23
  It's
• 0:23
  a
• 0:24
  great
• 0:24
  way
• 0:24
  for
• 0:25
  retailers
• 0:25
  to
• 0:26
  get
• 0:26
  together,
• 0:26
  not
• 0:26
  only
• 0:27
  to
• 0:27
  learn
• 0:27
  from
• 0:27
  one
• 0:27
  another
• 0:28
  from
• 0:28
  around
• 0:28
  the
• 0:28
  world,
• 0:28
  but
• 0:29
  importantly,
• 0:29
  you
• 0:29
  get
• 0:30
  really
• 0:30
  good
• 0:31
  support
• 0:31
  vendors
• 0:32
  who
• 0:32
  come
• 0:32
  in
• 0:32
  with
• 0:33
  the
• 0:33
  newest
• 0:33
  technology,
• 0:34
  the
• 0:34
  newest
• 0:34
  products,
• 0:35
  et
• 0:35
  cetera.
• 0:36
  It's
• 0:36
  a
• 0:36
  great
• 0:36
  way.
• 0:37
  I
• 0:37
  go
• 0:37
  to
• 0:37
  a
• 0:37
  lot
• 0:37
  of
• 0:37
  these
• 0:38
  things,
• 0:38
  but
• 0:38
  I
• 0:39
  think
• 0:39
  WRC
• 0:40
  is
• 0:40
  a
• 0:40
  highlight
• 0:40
  each
• 0:40
  year.
• 0:41
  Yeah,
• 0:41
  I'm
• 0:41
  curious.
• 0:41
  I'm
• 0:42
  curious,
• 0:42
  too.
• 0:44
  Is
• 0:44
  your
• 0:44
  approach
• 0:44
  changing
• 0:45
  to
• 0:45
  the
• 0:45
  show
• 0:46
  as
• 0:46
  the
• 0:46
  different
• 0:47
  topics
• 0:47
  that
• 0:48
  come
• 0:48
  about
• 0:48
  change?
• 0:48
  Like,
• 0:49
  AI
• 0:49
  is
• 0:49
  a
• 0:49
  big
• 0:49
  topic
• 0:50
  right
• 0:50
  now.
• 0:50
  Do
• 0:51
  you
• 0:51
  take
• 0:51
  a
• 0:51
  different
• 0:51
  approach
• 0:51
  to
• 0:52
  it,
• 0:52
  like
• 0:52
  in
• 0:52
  terms
• 0:52
  of
• 0:52
  how
• 0:52
  you
• 0:53
  plan
• 0:53
  your
• 0:53
  day,
• 0:54
  the
• 0:54
  meetings,
• 0:54
  you
• 0:54
  take,
• 0:55
  all
• 0:55
  that
• 0:55
  type
• 0:55
  of
• 0:55
  thing,
• 0:55
  or
• 0:56
  is
• 0:56
  it
• 0:56
  pretty
• 0:56
  standard?
• 0:56
  Do
• 0:56
  you
• 0:57
  know,
• 0:57
  it's
• 0:57
  funny,
• 0:57
  two
• 0:57
  years
• 0:57
  ago,
• 0:58
  I
• 0:58
  didn't
• 0:58
  even
• 0:59
  think
• 0:59
  about
• 0:59
  AI
• 1:00
  because
• 1:00
  it
• 1:00
  really
• 1:00
  wasn't
• 1:01
  a
• 1:01
  topic
• 1:01
  in
• 1:02
  terms
• 1:02
  of
• 1:02
  disruption.
• 1:02
  This
• 1:03
  year,
• 1:03
  it's
• 1:03
  all
• 1:03
  about
• 1:03
  AI.
• 1:04
  I
• 1:04
  think
• 1:04
  that's
• 1:05
  going
• 1:05
  to
• 1:05
  be
• 1:05
  a
• 1:05
  topic
• 1:05
  for
• 1:05
  the
• 1:06
  next
• 1:06
  couple
• 1:06
  of
• 1:06
  years.
• 1:06
  We've
• 1:07
  got
• 1:07
  quite
• 1:07
  a
• 1:07
  few
• 1:07
  team
• 1:07
  members
• 1:08
  along
• 1:08
  with
• 1:08
  us.
• 1:08
  Many
• 1:09
  of
• 1:09
  them
• 1:09
  are
• 1:09
  here
• 1:10
  purely
• 1:10
  to
• 1:10
  understand
• 1:10
  how
• 1:11
  AI
• 1:11
  is
• 1:11
  going
• 1:12
  to
• 1:12
  basically
• 1:12
  impact
• 1:13
  their
• 1:13
  jobs.
• 1:13
  Right,
• 1:14
  right.
• 1:14
  Yeah.
• 1:14
  And
• 1:14
  I'm
• 1:14
  going
• 1:14
  to
• 1:15
  ask
• 1:15
  you
• 1:15
  about
• 1:15
  that
• 1:15
  later,
• 1:15
  too,
• 1:16
  so
• 1:16
  stay
• 1:16
  tuned.
• 1:16
  But.
• 1:17
  All
• 1:17
  right,
• 1:17
  so
• 1:17
  first
• 1:17
  I
• 1:18
  want
• 1:18
  to
• 1:18
  get
• 1:18
  to
• 1:18
  why
• 1:19
  we're
• 1:19
  here,
• 1:19
  why
• 1:19
  I
• 1:19
  do
• 1:20
  what
• 1:20
  I
• 1:20
  do,
• 1:20
  which
• 1:20
  is
• 1:20
  Omni.
• 1:21
  Omni
• 1:21
  Channel,
• 1:22
  Omni
• 1:22
  Talk.
• 1:22
  You
• 1:23
  guys
• 1:23
  have
• 1:23
  seen
• 1:23
  remarkable
• 1:24
  results
• 1:24
  at
• 1:24
  DFI.
• 1:25
  You've
• 1:25
  seen
• 1:25
  140
• 1:26
  basis
• 1:26
  point
• 1:27
  increase
• 1:27
  in
• 1:27
  online
• 1:27
  sales
• 1:28
  penetration.
• 1:29
  Your
• 1:29
  order
• 1:29
  volumes
• 1:30
  have
• 1:30
  also
• 1:30
  doubled.
• 1:31
  What
• 1:31
  does
• 1:31
  it
• 1:31
  take
• 1:32
  on
• 1:32
  the
• 1:32
  ground
• 1:33
  to
• 1:33
  see
• 1:33
  numbers
• 1:34
  like
• 1:34
  that?
• 1:35
  So,
• 1:35
  you
• 1:36
  know,
• 1:37
  we've
• 1:38
  talked
• 1:38
  about
• 1:38
  disruption
• 1:39
  of
• 1:39
  AI,
• 1:39
  and
• 1:39
  the
• 1:40
  reality
• 1:40
  to
• 1:40
  me
• 1:41
  is
• 1:41
  that
• 1:41
  the
• 1:41
  biggest
• 1:42
  risk
• 1:42
  to
• 1:42
  any
• 1:43
  retailer
• 1:44
  is
• 1:44
  by
• 1:44
  not
• 1:45
  executing
• 1:46
  well.
• 1:47
  So
• 1:47
  it
• 1:47
  doesn't
• 1:48
  matter
• 1:48
  how
• 1:48
  great
• 1:48
  your
• 1:49
  app
• 1:49
  is,
• 1:49
  it
• 1:49
  doesn't
• 1:50
  matter
• 1:50
  how
• 1:50
  great
• 1:51
  your
• 1:51
  retail
• 1:51
  media
• 1:52
  is
• 1:52
  in
• 1:53
  reality,
• 1:53
  if
• 1:53
  you're
• 1:54
  not
• 1:54
  fulfilling
• 1:54
  the
• 1:54
  perfect
• 1:55
  order,
• 1:55
  delivering
• 1:55
  it
• 1:56
  to
• 1:56
  the
• 1:56
  commitment,
• 1:57
  if
• 1:57
  you're
• 1:57
  not
• 1:57
  giving
• 1:57
  the
• 1:58
  customer
• 1:58
  the
• 1:58
  ability
• 1:59
  to
• 1:59
  get
• 2:00
  the
• 2:00
  product
• 2:01
  the
• 2:01
  way
• 2:01
  they
• 2:01
  want
• 2:02
  it
• 2:02
  in
• 2:02
  the
• 2:02
  time
• 2:02
  they
• 2:02
  want
• 2:03
  it.
• 2:03
  So
• 2:03
  we're
• 2:03
  several
• 2:04
  hundred
• 2:04
  thousand
• 2:05
  orders
• 2:05
  a
• 2:05
  day
• 2:05
  now
• 2:06
  online,
• 2:06
  a
• 2:06
  good
• 2:07
  majority
• 2:07
  of
• 2:07
  those.
• 2:08
  Our
• 2:08
  food,
• 2:09
  coffee
• 2:09
  and
• 2:10
  our
• 2:10
  711
• 2:11
  and
• 2:11
  our
• 2:12
  other
• 2:13
  formats
• 2:14
  of
• 2:14
  I
• 2:14
  Get
• 2:14
  on
• 2:15
  the
• 2:15
  train.
• 2:15
  I
• 2:15
  order
• 2:15
  my
• 2:16
  breakfast
• 2:16
  and
• 2:16
  it's
• 2:17
  sitting
• 2:17
  on
• 2:17
  the
• 2:17
  counter.
• 2:17
  I
• 2:17
  pick
• 2:17
  it
• 2:17
  up
• 2:18
  and
• 2:18
  I
• 2:18
  go
• 2:18
  to
• 2:18
  the
• 2:18
  office
• 2:18
  and
• 2:19
  we've
• 2:19
  got
• 2:19
  a
• 2:19
  couple
• 2:20
  of
• 2:20
  hundred
• 2:20
  thousand
• 2:20
  of
• 2:21
  those
• 2:21
  orders.
• 2:21
  But
• 2:22
  it
• 2:22
  has
• 2:22
  to
• 2:22
  be
• 2:22
  done
• 2:22
  perfectly
• 2:23
  and
• 2:23
  it
• 2:23
  has
• 2:24
  to
• 2:24
  be
• 2:24
  done
• 2:24
  consistently.
• 2:25
  Yeah,
• 2:25
  it's
• 2:25
  kind
• 2:25
  of,
• 2:25
  think
• 2:26
  about
• 2:26
  it,
• 2:26
  it's
• 2:26
  like,
• 2:26
  it's
• 2:27
  like
• 2:27
  the
• 2:27
  basic
• 2:27
  blocking
• 2:28
  and
• 2:28
  tackling
• 2:28
  of
• 2:28
  retail
• 2:28
  hasn't
• 2:29
  changed
• 2:29
  but
• 2:29
  now
• 2:30
  the
• 2:30
  premium
• 2:30
  on
• 2:30
  doing
• 2:31
  it
• 2:31
  a
• 2:31
  certain
• 2:31
  way
• 2:31
  is
• 2:32
  amplified.
• 2:32
  Right.
• 2:33
  Because
• 2:33
  the
• 2:33
  consumer's
• 2:34
  expecting
• 2:34
  more
• 2:35
  and
• 2:35
  so
• 2:35
  you've
• 2:35
  got
• 2:35
  to
• 2:36
  cross
• 2:36
  those
• 2:36
  T's
• 2:36
  and
• 2:36
  dot.
• 2:37
  Social
• 2:37
  media
• 2:37
  will
• 2:38
  kill
• 2:38
  you
• 2:38
  when
• 2:38
  you
• 2:39
  disappoint
• 2:39
  a
• 2:39
  customer.
• 2:40
  Oh
• 2:40
  really?
• 2:40
  Yeah.
• 2:40
  Right,
• 2:41
  right.
• 2:41
  So
• 2:41
  you've
• 2:41
  also,
• 2:42
  but
• 2:42
  you've
• 2:42
  also
• 2:42
  not
• 2:42
  only
• 2:43
  the
• 2:43
  omnichannel
• 2:44
  numbers,
• 2:44
  but
• 2:44
  you
• 2:44
  guys
• 2:44
  have
• 2:44
  also
• 2:44
  been
• 2:45
  gaining
• 2:45
  market
• 2:45
  share
• 2:46
  pretty
• 2:46
  significantly
• 2:46
  too.
• 2:47
  Do
• 2:47
  you
• 2:47
  attribute
• 2:47
  that
• 2:48
  to
• 2:48
  the
• 2:48
  same.
• 2:49
  Same
• 2:49
  factors
• 2:50
  or
• 2:50
  are
• 2:50
  there
• 2:50
  other
• 2:50
  elements
• 2:51
  at
• 2:51
  play
• 2:51
  there
• 2:51
  too?
• 2:52
  Well,
• 2:52
  I
• 2:52
  think
• 2:52
  just,
• 2:53
  you
• 2:53
  know,
• 2:53
  customer
• 2:54
  first
• 2:55
  as
• 2:55
  a
• 2:55
  strategy
• 2:56
  means
• 2:56
  that
• 2:57
  I
• 2:57
  think
• 2:57
  we
• 2:57
  walked
• 2:57
  away
• 2:58
  a
• 2:59
  from
• 2:59
  understanding
• 2:59
  customer
• 3:00
  insights,
• 3:00
  etc.
• 3:01
  We're
• 3:02
  very
• 3:02
  broad
• 3:02
  based.
• 3:03
  There
• 3:03
  is
• 3:03
  no
• 3:03
  single
• 3:04
  Asia.
• 3:04
  We're
• 3:05
  across
• 3:05
  12
• 3:05
  countries.
• 3:06
  You
• 3:06
  know,
• 3:06
  how
• 3:07
  how
• 3:07
  a
• 3:08
  customer
• 3:09
  in
• 3:09
  China
• 3:10
  interacts
• 3:11
  with
• 3:11
  food
• 3:12
  or
• 3:12
  convenience
• 3:12
  is
• 3:13
  very
• 3:13
  different
• 3:13
  than
• 3:13
  how
• 3:14
  a
• 3:14
  customer
• 3:14
  interacts
• 3:15
  with
• 3:15
  health
• 3:15
  and
• 3:15
  beauty
• 3:16
  in
• 3:16
  Jakarta.
• 3:17
  So
• 3:17
  we've
• 3:17
  gone
• 3:17
  back
• 3:18
  to
• 3:18
  the
• 3:18
  basics
• 3:18
  and
• 3:19
  actually
• 3:19
  I
• 3:19
  put
• 3:20
  really
• 3:20
  one
• 3:20
  of
• 3:20
  the
• 3:20
  biggest
• 3:21
  change
• 3:22
  in
• 3:22
  terms
• 3:22
  of
• 3:23
  our,
• 3:23
  what
• 3:23
  I
• 3:23
  call
• 3:24
  a
• 3:24
  turnaround
• 3:24
  in
• 3:25
  is
• 3:25
  we
• 3:25
  have
• 3:25
  pushed
• 3:25
  decision
• 3:26
  making
• 3:26
  back
• 3:26
  close
• 3:26
  to
• 3:26
  the
• 3:27
  customer.
• 3:27
  We
• 3:27
  had
• 3:28
  a
• 3:28
  very
• 3:28
  centralized
• 3:29
  model,
• 3:29
  we've
• 3:29
  pushed
• 3:30
  it
• 3:30
  back.
• 3:30
  We
• 3:30
  hold
• 3:30
  people
• 3:31
  accountable
• 3:31
  for
• 3:31
  delivering
• 3:32
  but
• 3:32
  we
• 3:32
  make
• 3:32
  a
• 3:32
  lot
• 3:32
  of
• 3:33
  that
• 3:33
  decision
• 3:33
  making
• 3:34
  done
• 3:34
  in
• 3:34
  the
• 3:35
  country.
• 3:35
  Got
• 3:35
  it.
• 3:35
  Interesting
• 3:36
  that
• 3:36
  the
• 3:36
  Jakarta
• 3:37
  quote
• 3:37
  may
• 3:37
  be
• 3:37
  the
• 3:37
  quote
• 3:37
  of
• 3:37
  the
• 3:37
  show
• 3:38
  there
• 3:38
  too,
• 3:38
  my
• 3:38
  friend.
• 3:38
  That
• 3:39
  was
• 3:39
  pretty
• 3:39
  good.
• 3:40
  All
• 3:40
  right,
• 3:40
  so
• 3:41
  the
• 3:41
  next
• 3:41
  question
• 3:41
  I
• 3:42
  have
• 3:42
  for
• 3:42
  you
• 3:42
  is,
• 3:42
  you
• 3:43
  know,
• 3:43
  part
• 3:43
  of
• 3:43
  that
• 3:43
  too
• 3:43
  is
• 3:44
  knowing
• 3:44
  what
• 3:44
  not
• 3:45
  to
• 3:45
  continue
• 3:45
  to
• 3:45
  invest
• 3:46
  in.
• 3:46
  So
• 3:46
  you've
• 3:46
  divested
• 3:47
  some
• 3:47
  businesses
• 3:48
  over
• 3:48
  the
• 3:48
  past
• 3:48
  year.
• 3:48
  What
• 3:49
  was
• 3:49
  the
• 3:49
  rationale
• 3:50
  there
• 3:50
  and
• 3:50
  what
• 3:51
  has
• 3:51
  that
• 3:51
  enabled
• 3:51
  you
• 3:51
  to
• 3:52
  do
• 3:52
  or
• 3:52
  freed
• 3:52
  up
• 3:52
  money
• 3:53
  to
• 3:53
  do?
• 3:53
  So
• 3:54
  we
• 3:54
  did
• 3:55
  a
• 3:55
  full
• 3:55
  review
• 3:55
  of
• 3:56
  the
• 3:56
  portfolio
• 3:57
  and
• 3:57
  we
• 3:57
  took
• 3:57
  a
• 3:58
  look
• 3:58
  at
• 3:58
  right
• 3:59
  to
• 3:59
  win
• 3:59
  and
• 4:00
  one
• 4:00
  thing
• 4:00
  that
• 4:00
  became
• 4:00
  very
• 4:01
  apparent
• 4:01
  is
• 4:01
  if
• 4:02
  you
• 4:02
  have
• 4:02
  a
• 4:02
  minority
• 4:03
  position
• 4:03
  in
• 4:03
  a
• 4:03
  large
• 4:04
  scale
• 4:04
  retailer,
• 4:05
  you
• 4:05
  have
• 4:05
  no
• 4:06
  ability
• 4:06
  to
• 4:06
  make
• 4:07
  that
• 4:07
  a
• 4:07
  good
• 4:07
  retailer
• 4:08
  through
• 4:08
  a
• 4:08
  board
• 4:08
  seat.
• 4:09
  And
• 4:10
  so
• 4:10
  we
• 4:10
  divested
• 4:10
  all
• 4:11
  of
• 4:11
  these
• 4:11
  minorities
• 4:13
  mainly
• 4:13
  to
• 4:14
  reinvest
• 4:14
  back
• 4:14
  in
• 4:15
  the
• 4:15
  core
• 4:15
  of
• 4:15
  the
• 4:15
  business.
• 4:15
  But
• 4:15
  we
• 4:16
  also
• 4:16
  paid
• 4:16
  a
• 4:16
  special
• 4:16
  dividend.
• 4:17
  The
• 4:17
  second
• 4:18
  is
• 4:19
  ensuring
• 4:19
  that
• 4:20
  we're
• 4:20
  only
• 4:20
  investing
• 4:21
  in
• 4:21
  the
• 4:21
  formats
• 4:22
  that
• 4:22
  we
• 4:22
  know.
• 4:22
  And
• 4:23
  so
• 4:23
  we
• 4:23
  have
• 4:24
  made
• 4:24
  it
• 4:24
  very
• 4:24
  clear
• 4:25
  that,
• 4:25
  you
• 4:25
  know,
• 4:25
  we're
• 4:25
  not
• 4:25
  an
• 4:25
  apparel
• 4:26
  retailer.
• 4:26
  We
• 4:26
  never
• 4:27
  will
• 4:27
  be
• 4:27
  an
• 4:27
  apparel
• 4:28
  retailer.
• 4:28
  That's
• 4:29
  not
• 4:29
  where
• 4:29
  we
• 4:29
  want
• 4:29
  to
• 4:29
  invest.
• 4:30
  We're
• 4:30
  in
• 4:30
  daily
• 4:30
  essentials.
• 4:31
  So
• 4:31
  that's
• 4:32
  really
• 4:32
  where
• 4:32
  we've
• 4:32
  doubled
• 4:33
  down,
• 4:33
  being
• 4:34
  very
• 4:34
  clear
• 4:34
  in
• 4:34
  the
• 4:35
  markets
• 4:35
  and
• 4:36
  that
• 4:36
  we
• 4:36
  believe
• 4:37
  have
• 4:37
  the
• 4:37
  highest
• 4:38
  return
• 4:38
  on
• 4:38
  investment.
• 4:38
  And
• 4:39
  as
• 4:39
  a
• 4:39
  result,
• 4:39
  you
• 4:39
  know,
• 4:40
  our
• 4:40
  stock
• 4:40
  price
• 4:40
  has
• 4:40
  more
• 4:41
  than
• 4:41
  doubled.
• 4:41
  We've
• 4:42
  gone
• 4:42
  to,
• 4:43
  I
• 4:43
  think,
• 4:44
  a
• 4:44
  reasonably
• 4:44
  good
• 4:44
  return
• 4:45
  on
• 4:45
  capital.
• 4:45
  We've
• 4:46
  committed
• 4:46
  to
• 4:46
  a
• 4:46
  15%
• 4:47
  return
• 4:48
  on
• 4:48
  capital
• 4:48
  by
• 4:49
  2028
• 4:50
  to
• 4:50
  the
• 4:50
  capital
• 4:50
  markets,
• 4:51
  which
• 4:51
  is
• 4:52
  very
• 4:52
  strong
• 4:52
  for
• 4:53
  a
• 4:53
  retailer.
• 4:53
  And
• 4:53
  it's
• 4:54
  by
• 4:54
  focusing
• 4:54
  on
• 4:54
  what
• 4:54
  we
• 4:55
  think
• 4:55
  we
• 4:55
  can
• 4:55
  win
• 4:55
  in.
• 4:55
  Yeah,
• 4:56
  indeed.
• 4:56
  Nicely
• 4:56
  done.
• 4:57
  Nicely
• 4:57
  done,
• 4:57
  too.
• 4:57
  Kudos
• 4:58
  to
• 4:58
  you
• 4:58
  for
• 4:58
  that.
• 4:58
  All
• 4:59
  right,
• 4:59
  the
• 4:59
  next
• 4:59
  thing
• 4:59
  I
• 5:00
  want
• 5:00
  to
• 5:00
  ask
• 5:00
  you
• 5:00
  about
• 5:00
  is
• 5:00
  really
• 5:01
  the
• 5:01
  loyalty
• 5:01
  side
• 5:02
  of
• 5:02
  the
• 5:02
  business.
• 5:02
  You've
• 5:02
  got
• 5:03
  a
• 5:03
  huge
• 5:03
  loyalty
• 5:03
  base,
• 5:04
  I
• 5:04
  think
• 5:04
  33
• 5:05
  million
• 5:05
  members
• 5:06
  strong
• 5:06
  or
• 5:06
  30
• 5:06
  plus
• 5:07
  million
• 5:07
  members
• 5:07
  strong.
• 5:08
  What
• 5:09
  is
• 5:09
  it
• 5:09
  about
• 5:10
  doing
• 5:11
  business
• 5:11
  via
• 5:11
  that
• 5:12
  vehicle
• 5:12
  or
• 5:12
  platform
• 5:13
  in
• 5:13
  Asia
• 5:13
  that's
• 5:14
  maybe
• 5:14
  different
• 5:14
  than
• 5:14
  the
• 5:14
  US
• 5:15
  Particularly
• 5:15
  on
• 5:16
  the
• 5:16
  retail
• 5:16
  media
• 5:16
  side
• 5:17
  of
• 5:17
  things.
• 5:17
  Or
• 5:17
  is
• 5:17
  it.
• 5:18
  Is
• 5:18
  it
• 5:19
  similar
• 5:19
  in
• 5:19
  approach?
• 5:19
  And
• 5:20
  I'm
• 5:20
  just
• 5:20
  over
• 5:20
  complicating
• 5:21
  it
• 5:21
  with
• 5:21
  the
• 5:21
  question.
• 5:21
  Well,
• 5:21
  I
• 5:22
  think
• 5:22
  it's
• 5:22
  all
• 5:22
  headed
• 5:22
  in
• 5:22
  the
• 5:22
  same
• 5:22
  direction,
• 5:24
  which
• 5:24
  is
• 5:24
  first
• 5:24
  and
• 5:24
  foremost,
• 5:25
  control
• 5:26
  of
• 5:26
  the
• 5:26
  data.
• 5:26
  Okay.
• 5:27
  Oh,
• 5:27
  interesting.
• 5:28
  We,
• 5:28
  with
• 5:28
  33
• 5:29
  million
• 5:29
  loyalty
• 5:30
  members
• 5:30
  across
• 5:30
  multiple
• 5:31
  formats
• 5:32
  know
• 5:32
  a
• 5:32
  lot
• 5:32
  about
• 5:32
  our
• 5:33
  customers,
• 5:33
  which
• 5:34
  means
• 5:34
  that
• 5:34
  we
• 5:34
  have
• 5:35
  the
• 5:35
  ability
• 5:36
  to
• 5:37
  personalize.
• 5:38
  And
• 5:38
  there's
• 5:38
  varying
• 5:38
  levels
• 5:39
  of
• 5:39
  personalization.
• 5:40
  One
• 5:40
  level
• 5:40
  of
• 5:40
  personalization
• 5:41
  is
• 5:41
  saying,
• 5:41
  look,
• 5:42
  I
• 5:42
  know
• 5:43
  that
• 5:43
  you
• 5:43
  haven't
• 5:44
  bought
• 5:44
  shampoo
• 5:45
  from
• 5:45
  us
• 5:46
  and
• 5:46
  I'm
• 5:46
  absolutely
• 5:47
  certain
• 5:47
  you
• 5:47
  have
• 5:47
  hair
• 5:49
  and
• 5:49
  therefore
• 5:50
  you're
• 5:50
  going
• 5:50
  to
• 5:50
  my
• 5:51
  competitor.
• 5:51
  How
• 5:51
  do
• 5:51
  I
• 5:52
  ding
• 5:52
  you
• 5:52
  with
• 5:52
  a
• 5:52
  very
• 5:53
  attractive
• 5:53
  offer
• 5:54
  that
• 5:54
  makes
• 5:54
  sense
• 5:55
  for
• 5:55
  you
• 5:55
  to
• 5:55
  get
• 5:55
  that
• 5:56
  from
• 5:56
  me.
• 5:56
  Right.
• 5:56
  The
• 5:57
  second
• 5:57
  is
• 5:57
  enabling
• 5:58
  through
• 5:58
  Gen
• 5:59
  AI
• 5:59
  Solutions,
• 6:00
  which
• 6:00
  is
• 6:01
  how
• 6:01
  do
• 6:01
  I
• 6:01
  go
• 6:02
  to
• 6:02
  my
• 6:02
  customer
• 6:02
  who
• 6:03
  shops
• 6:03
  at
• 6:03
  our
• 6:03
  welcome
• 6:03
  stores
• 6:04
  in
• 6:04
  Hong
• 6:04
  Kong
• 6:05
  who
• 6:05
  comes
• 6:05
  in
• 6:05
  and
• 6:06
  says,
• 6:06
  look,
• 6:06
  I
• 6:06
  want
• 6:06
  to
• 6:06
  spend
• 6:06
  100
• 6:07
  Hong
• 6:07
  Kong
• 6:07
  dollars
• 6:08
  on
• 6:08
  dinner
• 6:08
  for
• 6:09
  the
• 6:09
  family
• 6:09
  of
• 6:09
  four.
• 6:10
  Chicken
• 6:10
  needs
• 6:11
  to
• 6:11
  be
• 6:11
  the
• 6:11
  main
• 6:11
  dish.
• 6:12
  And
• 6:12
  that
• 6:12
  not
• 6:12
  only
• 6:13
  do
• 6:13
  you
• 6:13
  give
• 6:13
  them
• 6:13
  the
• 6:14
  solution,
• 6:14
  but
• 6:14
  you
• 6:14
  help
• 6:14
  them
• 6:15
  put
• 6:15
  all
• 6:15
  of
• 6:15
  that
• 6:15
  in
• 6:15
  the
• 6:15
  basket.
• 6:16
  The
• 6:17
  third
• 6:17
  area
• 6:17
  that
• 6:18
  really
• 6:18
  doesn't
• 6:19
  yet
• 6:19
  exist
• 6:19
  in
• 6:20
  our
• 6:20
  work
• 6:20
  area
• 6:20
  is
• 6:21
  Genai.
• 6:22
  That
• 6:22
  data
• 6:23
  will
• 6:23
  help,
• 6:23
  but
• 6:24
  an
• 6:24
  autonomous
• 6:25
  relationship
• 6:26
  where
• 6:26
  the
• 6:26
  customer
• 6:26
  says,
• 6:27
  you
• 6:27
  know
• 6:27
  enough
• 6:28
  about
• 6:28
  me.
• 6:28
  Do
• 6:29
  my
• 6:29
  weekly
• 6:29
  shop
• 6:30
  and
• 6:30
  get
• 6:30
  it
• 6:30
  sent
• 6:30
  to
• 6:31
  me
• 6:31
  without
• 6:31
  them
• 6:32
  intervening.
• 6:33
  And
• 6:33
  that's
• 6:33
  truly,
• 6:33
  I
• 6:34
  think,
• 6:34
  the
• 6:34
  apex
• 6:34
  of
• 6:35
  where
• 6:35
  I
• 6:35
  believe
• 6:35
  Genai
• 6:36
  is
• 6:36
  going.
• 6:37
  We
• 6:37
  don't
• 6:37
  see
• 6:37
  that
• 6:38
  yet,
• 6:38
  but
• 6:38
  control
• 6:39
  of
• 6:39
  that
• 6:39
  data
• 6:39
  through
• 6:39
  those
• 6:40
  loyalty
• 6:40
  programs
• 6:41
  will
• 6:41
  be
• 6:41
  a
• 6:41
  key
• 6:41
  enabler
• 6:42
  when
• 6:42
  we're
• 6:42
  ready
• 6:42
  to
• 6:42
  turn
• 6:42
  on
• 6:43
  that
• 6:43
  ability.
• 6:43
  Got
• 6:44
  it.
• 6:44
  You
• 6:44
  know,
• 6:44
  Scott,
• 6:44
  too,
• 6:45
  there's
• 6:45
  been
• 6:45
  a
• 6:45
  lot
• 6:45
  of
• 6:45
  hubbub
• 6:46
  in
• 6:46
  the
• 6:46
  US
• 6:47
  lately
• 6:47
  too,
• 6:47
  around
• 6:47
  this
• 6:48
  issue
• 6:48
  of
• 6:48
  dynamic
• 6:49
  pricing.
• 6:49
  How
• 6:49
  do
• 6:49
  you
• 6:49
  think
• 6:50
  about
• 6:50
  dynamic
• 6:50
  pricing
• 6:51
  in
• 6:51
  the
• 6:51
  context
• 6:51
  of
• 6:52
  loyalty
• 6:53
  and
• 6:53
  promotions
• 6:54
  and
• 6:54
  personalization?
• 6:55
  I
• 6:55
  think.
• 6:56
  Well,
• 6:56
  first
• 6:56
  I've
• 6:56
  banned
• 6:57
  the
• 6:57
  words
• 6:57
  dynamic
• 6:58
  pricing.
• 6:58
  Yeah,
• 6:58
  I
• 6:58
  would
• 6:58
  too.
• 6:59
  Can't
• 6:59
  stand.
• 7:00
  Because
• 7:00
  it
• 7:00
  becomes
• 7:02
  immediately
• 7:02
  associated
• 7:03
  with
• 7:03
  gouging.
• 7:04
  Which
• 7:05
  means,
• 7:05
  you
• 7:05
  know,
• 7:06
  there's
• 7:06
  a
• 7:06
  famous
• 7:06
  example
• 7:07
  from
• 7:07
  many,
• 7:07
  many
• 7:08
  years
• 7:08
  ago
• 7:08
  where
• 7:08
  this
• 7:09
  really
• 7:09
  got
• 7:09
  started
• 7:09
  in
• 7:10
  the
• 7:10
  word
• 7:10
  dynamic
• 7:10
  pricing.
• 7:11
  I
• 7:11
  heard
• 7:11
  for
• 7:11
  the
• 7:11
  first
• 7:12
  time
• 7:12
  25
• 7:12
  years
• 7:13
  ago
• 7:13
  where
• 7:14
  there
• 7:14
  was
• 7:14
  a
• 7:14
  CEO
• 7:15
  of
• 7:15
  a
• 7:15
  beverage
• 7:16
  company
• 7:17
  who
• 7:17
  said,
• 7:17
  you
• 7:18
  know
• 7:18
  what?
• 7:18
  We're
• 7:18
  going
• 7:18
  to
• 7:18
  do
• 7:19
  these
• 7:19
  smart
• 7:19
  vending
• 7:20
  machines
• 7:20
  and
• 7:20
  when
• 7:20
  it's
• 7:21
  hot,
• 7:21
  the
• 7:21
  price
• 7:21
  is
• 7:22
  going
• 7:22
  to
• 7:22
  go
• 7:22
  up.
• 7:23
  And
• 7:23
  there
• 7:23
  was
• 7:23
  this
• 7:24
  outrage
• 7:24
  and
• 7:25
  in
• 7:25
  the
• 7:25
  end,
• 7:25
  he
• 7:25
  lost
• 7:26
  his
• 7:26
  job
• 7:26
  to
• 7:27
  me.
• 7:27
  What
• 7:27
  we
• 7:27
  say
• 7:28
  is,
• 7:28
  look,
• 7:28
  it's
• 7:29
  around
• 7:29
  personalizing
• 7:30
  offers.
• 7:31
  So
• 7:32
  I
• 7:32
  will
• 7:32
  have
• 7:32
  a
• 7:32
  standard
• 7:33
  price
• 7:33
  in
• 7:33
  all
• 7:33
  of
• 7:33
  our
• 7:34
  businesses
• 7:34
  and
• 7:35
  then
• 7:35
  we
• 7:35
  will
• 7:35
  again
• 7:36
  customize
• 7:37
  those
• 7:37
  offers
• 7:37
  to
• 7:37
  motivate
• 7:38
  you
• 7:38
  to
• 7:38
  purchase.
• 7:38
  We
• 7:39
  will
• 7:39
  never
• 7:39
  increase
• 7:40
  pricing
• 7:40
  for
• 7:40
  one
• 7:41
  profile
• 7:41
  and
• 7:41
  decrease
• 7:42
  on
• 7:42
  another.
• 7:43
  Yeah,
• 7:43
  yeah.
• 7:43
  It's
• 7:43
  based
• 7:43
  on
• 7:43
  your
• 7:43
  loyalty.
• 7:44
  You
• 7:44
  get
• 7:44
  the
• 7:44
  better
• 7:44
  deal
• 7:45
  based
• 7:45
  on
• 7:45
  your
• 7:45
  loyalty
• 7:46
  and
• 7:46
  your.
• 7:46
  And
• 7:46
  your
• 7:47
  proclivity
• 7:47
  to
• 7:47
  shop
• 7:48
  with
• 7:48
  that
• 7:48
  retailer.
• 7:48
  No,
• 7:49
  I
• 7:49
  think
• 7:49
  that's
• 7:49
  dead
• 7:49
  right?
• 7:50
  And
• 7:50
  yeah,
• 7:50
  so
• 7:51
  anyway,
• 7:51
  there's
• 7:51
  a
• 7:51
  whole
• 7:51
  host
• 7:52
  of
• 7:52
  rabbit
• 7:52
  holes
• 7:52
  we
• 7:52
  could
• 7:52
  go
• 7:53
  down
• 7:53
  that.
• 7:53
  But
• 7:53
  100%
• 7:54
  agree
• 7:54
  with
• 7:54
  you
• 7:54
  and
• 7:54
  love
• 7:54
  that
• 7:55
  you've
• 7:55
  banned
• 7:55
  the
• 7:55
  term
• 7:55
  too.
• 7:56
  All
• 7:56
  right,
• 7:56
  last
• 7:56
  question.
• 7:57
  I
• 7:57
  said
• 7:57
  I'd
• 7:57
  come
• 7:57
  back
• 7:57
  to
• 7:58
  it.
• 7:58
  AI.
• 7:58
  I
• 7:59
  am
• 7:59
  curious
• 7:59
  about
• 8:00
  how
• 8:00
  you
• 8:01
  are
• 8:01
  thinking
• 8:01
  about
• 8:01
  AI
• 8:02
  in
• 8:02
  the
• 8:02
  long
• 8:02
  term.
• 8:03
  Where
• 8:03
  it
• 8:03
  will
• 8:04
  play
• 8:04
  into
• 8:04
  your
• 8:04
  business
• 8:04
  and
• 8:05
  where
• 8:05
  it
• 8:06
  won't
• 8:06
  play
• 8:06
  into
• 8:06
  your
• 8:06
  business
• 8:07
  as
• 8:07
  well.
• 8:07
  Or
• 8:07
  maybe
• 8:08
  you
• 8:08
  have
• 8:08
  a
• 8:08
  framework
• 8:08
  that
• 8:09
  you
• 8:09
  can
• 8:09
  use
• 8:09
  to
• 8:10
  help
• 8:10
  put
• 8:10
  piece
• 8:11
  that
• 8:11
  together
• 8:11
  for
• 8:11
  me.
• 8:11
  So
• 8:12
  we
• 8:12
  kind
• 8:12
  of
• 8:12
  break
• 8:12
  it
• 8:12
  into
• 8:12
  three
• 8:13
  areas.
• 8:13
  So
• 8:13
  I
• 8:14
  touched
• 8:14
  on
• 8:14
  the
• 8:14
  customer
• 8:14
  personalization
• 8:15
  and
• 8:16
  the
• 8:16
  ability
• 8:16
  to
• 8:17
  bring
• 8:17
  to
• 8:18
  a
• 8:18
  customer
• 8:19
  a
• 8:19
  more
• 8:20
  sticky
• 8:21
  relationship
• 8:21
  because
• 8:22
  you
• 8:22
  know
• 8:22
  them
• 8:22
  well
• 8:22
  through
• 8:23
  the
• 8:23
  loyalty,
• 8:23
  the
• 8:23
  data
• 8:24
  and
• 8:24
  their
• 8:24
  shopping
• 8:24
  behavior.
• 8:25
  The
• 8:26
  second
• 8:26
  is
• 8:26
  around
• 8:27
  team
• 8:27
  productivity.
• 8:28
  So
• 8:28
  how
• 8:29
  do
• 8:29
  you
• 8:29
  make
• 8:29
  your
• 8:29
  team
• 8:30
  members
• 8:30
  more
• 8:30
  productive?
• 8:31
  We
• 8:31
  have
• 8:32
  already
• 8:32
  an
• 8:33
  enterprise
• 8:34
  Gemini
• 8:35
  which
• 8:35
  allows
• 8:36
  team
• 8:36
  members,
• 8:37
  basically
• 8:37
  enterprise.
• 8:38
  So
• 8:38
  it
• 8:38
  only
• 8:38
  uses
• 8:39
  company
• 8:39
  data,
• 8:39
  but
• 8:40
  it's
• 8:40
  attached
• 8:40
  to
• 8:41
  a
• 8:41
  single
• 8:42
  static
• 8:42
  LLM
• 8:43
  so
• 8:43
  that
• 8:43
  we've
• 8:43
  got
• 8:43
  the
• 8:43
  ability
• 8:44
  to
• 8:44
  do
• 8:44
  well.
• 8:45
  The
• 8:45
  third
• 8:46
  area,
• 8:47
  running
• 8:47
  a
• 8:47
  better
• 8:47
  retail
• 8:48
  business,
• 8:48
  is
• 8:48
  not
• 8:49
  that
• 8:49
  mature
• 8:49
  yet.
• 8:49
  So,
• 8:50
  you
• 8:50
  know,
• 8:50
  I
• 8:50
  think
• 8:50
  about
• 8:51
  a
• 8:51
  brilliant
• 8:52
  merchant
• 8:52
  who
• 8:52
  is
• 8:53
  outstanding
• 8:53
  in
• 8:54
  a
• 8:54
  particular
• 8:54
  category
• 8:55
  when
• 8:56
  you
• 8:56
  think
• 8:56
  about
• 8:56
  them
• 8:57
  doing
• 8:57
  a
• 8:57
  line
• 8:57
  review
• 8:58
  and
• 8:58
  they
• 8:58
  start
• 8:59
  with
• 8:59
  all
• 8:59
  the
• 9:00
  statistics
• 9:00
  in
• 9:00
  terms
• 9:01
  of
• 9:01
  my
• 9:01
  slow
• 9:02
  moving,
• 9:02
  my
• 9:02
  fast
• 9:02
  moving.
• 9:03
  Then
• 9:03
  they
• 9:03
  insert
• 9:04
  their
• 9:04
  own
• 9:04
  brand
• 9:05
  strategy.
• 9:06
  Then
• 9:06
  they
• 9:06
  think
• 9:06
  about
• 9:07
  visual
• 9:07
  merchandising
• 9:08
  in
• 9:08
  terms
• 9:09
  of
• 9:09
  do
• 9:09
  they
• 9:09
  ribbon
• 9:09
  or
• 9:10
  do
• 9:10
  they
• 9:10
  block?
• 9:11
  And
• 9:11
  then
• 9:11
  they
• 9:11
  think
• 9:11
  about
• 9:12
  new
• 9:12
  product
• 9:12
  and
• 9:12
  innovation.
• 9:13
  They
• 9:13
  had
• 9:13
  43
• 9:14
  options
• 9:14
  sold
• 9:15
  to
• 9:15
  them
• 9:15
  by
• 9:15
  various
• 9:15
  vendors.
• 9:16
  Which
• 9:16
  six
• 9:16
  are
• 9:17
  they
• 9:17
  going
• 9:17
  to
• 9:17
  bring?
• 9:17
  That
• 9:18
  process
• 9:19
  can
• 9:19
  be
• 9:19
  facilitated
• 9:20
  but
• 9:21
  I
• 9:21
  have
• 9:21
  not
• 9:21
  yet
• 9:21
  seen
• 9:22
  a
• 9:22
  tool
• 9:22
  that
• 9:23
  means
• 9:23
  you
• 9:23
  don't
• 9:24
  need
• 9:24
  that
• 9:24
  human
• 9:24
  doing
• 9:25
  that
• 9:25
  end
• 9:26
  to
• 9:26
  end
• 9:26
  process
• 9:27
  at
• 9:27
  various
• 9:27
  stages.
• 9:28
  So
• 9:28
  we're
• 9:28
  not
• 9:28
  there
• 9:29
  yet.
• 9:29
  I've
• 9:29
  been
• 9:29
  told
• 9:30
  it's
• 9:30
  being
• 9:30
  developed
• 9:31
  but
• 9:31
  I'm
• 9:31
  not
• 9:32
  ready
• 9:32
  to
• 9:32
  say
• 9:32
  that
• 9:33
  a
• 9:33
  merchant's
• 9:33
  job
• 9:34
  could
• 9:34
  yet
• 9:34
  be
• 9:34
  done
• 9:35
  by
• 9:35
  Gen
• 9:35
  aa.
• 9:36
  That's
• 9:36
  really
• 9:36
  interesting.
• 9:36
  So
• 9:37
  I
• 9:37
  like
• 9:37
  how
• 9:37
  you're
• 9:37
  splitting
• 9:37
  that.
• 9:37
  You're
• 9:38
  basically
• 9:38
  saying
• 9:38
  there's
• 9:38
  the
• 9:38
  productivity
• 9:39
  side
• 9:39
  and
• 9:39
  then
• 9:39
  there's
• 9:39
  the
• 9:40
  productivity
• 9:40
  plus
• 9:41
  side
• 9:41
  of
• 9:41
  the
• 9:41
  ledger
• 9:42
  as
• 9:42
  well.
• 9:43
  That
• 9:43
  brings
• 9:43
  the
• 9:43
  art
• 9:43
  of
• 9:44
  the
• 9:44
  merchant,
• 9:44
  the
• 9:44
  art
• 9:44
  of
• 9:44
  the
• 9:44
  negotiation
• 9:45
  into
• 9:46
  a
• 9:46
  new
• 9:46
  realm
• 9:46
  that
• 9:46
  you
• 9:47
  couldn't
• 9:47
  get
• 9:47
  to
• 9:47
  without
• 9:48
  it
• 9:48
  before.
• 9:49
  That's
• 9:49
  a
• 9:49
  really
• 9:49
  smart
• 9:50
  way
• 9:50
  and
• 9:50
  really
• 9:50
  interesting
• 9:50
  way
• 9:51
  to
• 9:51
  think
• 9:51
  about
• 9:51
  it.
• 9:51
  I'm
• 9:51
  going
• 9:51
  to
• 9:51
  borrow
• 9:52
  that
• 9:52
  from
• 9:52
  now
• 9:52
  on.
• 9:52
  I'm
• 9:52
  going
• 9:52
  to
• 9:52
  attribute
• 9:53
  that.
• 9:53
  Feel
• 9:53
  free.
• 9:53
  Of
• 9:53
  course.
• 9:54
  All
• 9:54
  right,
• 9:54
  well,
• 9:55
  Scott
• 9:55
  Price,
• 9:55
  CEO
• 9:56
  of
• 9:56
  DFI
• 9:56
  Group,
• 9:57
  thanks
• 9:57
  for
• 9:57
  joining
• 9:57
  us
• 9:57
  here
• 9:58
  today.
• 9:58
  Thanks
• 9:59
  to
• 9:59
  the
• 10:00
  World
• 10:00
  Retail
• 10:00
  Congress
• 10:01
  and
• 10:01
  Divusion
• 10:01
  for
• 10:02
  our
• 10:02
  coverage.
• 10:02
  And
• 10:03
  as
• 10:03
  always,
• 10:04
  be
• 10:04
  careful
• 10:04
  out
• 10:04
  there.
• 10:05
  See
• 10:05
  you
• 10:05
  next
• 10:05
  year.