Latest / Omni Talk Retail / Robert Jozic on the Schwarz Group & Its Retail Media Evolution | Live from NRF 2025

Transcript

Robert Jozic on the Schwarz Group & Its Retail Media Evolution | Live from NRF 2025 · Omni Talk Retail

• 0:00
  Alright.
• 0:00
  Hello
• 0:00
  everyone,
• 0:01
  this
• 0:01
  is
• 0:01
  Omnitalk
• 0:02
  Retail.
• 0:02
  I'm
• 0:02
  Chris
• 0:02
  Walton.
• 0:03
  And
• 0:03
  I'm
• 0:03
  Man
• 0:03
  Mazinga.
• 0:04
  And
• 0:04
  we
• 0:04
  are
• 0:04
  coming
• 0:04
  to
• 0:04
  you
• 0:04
  live
• 0:05
  once
• 0:05
  again.
• 0:05
  It's
• 0:06
  day
• 0:06
  two
• 0:06
  of
• 0:06
  NRF
• 0:07
  and
• 0:07
  we
• 0:07
  are
• 0:07
  once
• 0:08
  again
• 0:08
  in
• 0:08
  the
• 0:08
  Vusion
• 0:08
  Group's
• 0:09
  podcast
• 0:09
  studio
• 0:10
  that
• 0:10
  you
• 0:11
  can
• 0:11
  find
• 0:11
  in
• 0:11
  booth
• 0:12
  number
• 0:12
  4938.
• 0:13
  Come
• 0:13
  on
• 0:14
  in,
• 0:14
  stop
• 0:14
  by,
• 0:14
  check
• 0:15
  out
• 0:15
  all
• 0:15
  the
• 0:15
  great
• 0:15
  tech
• 0:15
  and
• 0:16
  come
• 0:16
  and
• 0:16
  say
• 0:16
  hi
• 0:16
  to
• 0:16
  us
• 0:17
  too,
• 0:17
  because
• 0:17
  we'd
• 0:17
  love
• 0:18
  to
• 0:18
  meet
• 0:18
  our
• 0:18
  fans.
• 0:19
  All
• 0:19
  right.
• 0:19
  Joining
• 0:19
  us
• 0:20
  today,
• 0:20
  Anne,
• 0:21
  is
• 0:21
  Robert
• 0:22
  Jozic,
• 0:23
  the
• 0:23
  SVP
• 0:23
  of
• 0:24
  Schwarz
• 0:24
  Media
• 0:24
  and
• 0:25
  Group
• 0:25
  Digital
• 0:26
  Strategy.
• 0:27
  Robert,
• 0:27
  welcome
• 0:28
  to
• 0:28
  omnitalk.
• 0:28
  Yeah,
• 0:29
  thank
• 0:29
  you.
• 0:29
  Thank
• 0:29
  you
• 0:29
  for
• 0:30
  having
• 0:30
  me
• 0:30
  here.
• 0:30
  Yeah.
• 0:31
  Well,
• 0:31
  do
• 0:32
  you
• 0:32
  mind,
• 0:32
  Robert,
• 0:33
  just
• 0:33
  giving
• 0:33
  us
• 0:33
  a
• 0:33
  quick
• 0:34
  background
• 0:34
  on
• 0:34
  the
• 0:34
  Schwartz
• 0:35
  Group
• 0:35
  for
• 0:35
  those
• 0:36
  in
• 0:36
  our
• 0:36
  audience
• 0:36
  who
• 0:37
  may
• 0:37
  not
• 0:37
  be
• 0:37
  familiar
• 0:38
  with
• 0:38
  it.
• 0:38
  Yeah.
• 0:38
  Just
• 0:38
  to
• 0:39
  put
• 0:39
  the
• 0:39
  Schwarz
• 0:39
  Group
• 0:39
  in
• 0:39
  the
• 0:40
  context,
• 0:40
  Schwarz
• 0:41
  Group
• 0:41
  is
• 0:41
  the
• 0:41
  largest
• 0:42
  European
• 0:42
  retailer
• 0:43
  with
• 0:43
  a
• 0:43
  revenue
• 0:43
  of
• 0:43
  about
• 0:44
  US$170
• 0:46
  billion,
• 0:48
  which
• 0:48
  actually
• 0:48
  puts
• 0:48
  them
• 0:49
  on
• 0:49
  number
• 0:49
  fourth
• 0:50
  position
• 0:50
  worldwide.
• 0:51
  And
• 0:52
  important
• 0:52
  to
• 0:52
  mention,
• 0:53
  we
• 0:53
  have
• 0:53
  had
• 0:54
  very
• 0:54
  decent
• 0:54
  growth
• 0:55
  with
• 0:55
  a
• 0:55
  CAGR
• 0:55
  of
• 0:56
  greater
• 0:56
  than
• 0:56
  8
• 0:57
  for
• 0:58
  the
• 0:58
  first
• 0:58
  quarter
• 0:58
  of
• 0:59
  this
• 0:59
  century.
• 1:00
  With
• 1:00
  our
• 1:01
  banners,
• 1:01
  Lidl,
• 1:02
  the
• 1:02
  discounter
• 1:03
  and
• 1:04
  the
• 1:04
  grocery
• 1:05
  format,
• 1:06
  Kaufland.
• 1:07
  We're
• 1:07
  primarily
• 1:08
  focusing
• 1:08
  on
• 1:09
  three
• 1:10
  strategic
• 1:10
  directions,
• 1:11
  which
• 1:11
  is
• 1:11
  food,
• 1:11
  because
• 1:12
  we're
• 1:12
  a
• 1:12
  food
• 1:12
  retailer,
• 1:13
  then
• 1:14
  circular
• 1:14
  economy,
• 1:15
  so
• 1:15
  cradle
• 1:16
  to
• 1:16
  cradle
• 1:17
  and
• 1:17
  digitalization.
• 1:19
  Oh,
• 1:19
  go
• 1:19
  ahead.
• 1:20
  No,
• 1:20
  I
• 1:20
  was
• 1:20
  just
• 1:20
  going
• 1:20
  to
• 1:20
  say
• 1:21
  give
• 1:21
  us
• 1:21
  a
• 1:21
  little
• 1:21
  bit
• 1:21
  of
• 1:21
  background
• 1:22
  about
• 1:22
  your
• 1:22
  role
• 1:22
  then
• 1:23
  there.
• 1:23
  What
• 1:23
  do
• 1:23
  you
• 1:23
  do
• 1:23
  at
• 1:24
  the
• 1:24
  Schwartz
• 1:24
  Group?
• 1:25
  Yeah,
• 1:25
  I'm
• 1:25
  responsible
• 1:26
  since
• 1:26
  seven
• 1:27
  years
• 1:27
  for
• 1:27
  the
• 1:27
  digital
• 1:28
  strategy,
• 1:29
  for
• 1:29
  the
• 1:29
  ecosystem.
• 1:30
  So
• 1:30
  everything
• 1:31
  of
• 1:31
  what's
• 1:31
  about
• 1:31
  partnering
• 1:32
  in
• 1:32
  the
• 1:32
  digital
• 1:33
  context
• 1:33
  and
• 1:33
  new
• 1:34
  business
• 1:34
  models.
• 1:35
  And
• 1:36
  for
• 1:36
  one
• 1:36
  of
• 1:36
  those
• 1:37
  business
• 1:37
  models,
• 1:38
  the
• 1:38
  retail
• 1:38
  media
• 1:39
  business,
• 1:39
  I'm
• 1:39
  the
• 1:39
  responsible
• 1:40
  MD
• 1:40
  as
• 1:40
  well,
• 1:41
  since
• 1:41
  three
• 1:41
  years.
• 1:42
  It's
• 1:42
  a
• 1:42
  big,
• 1:42
  big
• 1:42
  responsibility,
• 1:43
  Robert.
• 1:44
  It
• 1:44
  is,
• 1:44
  but
• 1:44
  it
• 1:45
  makes
• 1:45
  tons
• 1:45
  a
• 1:45
  lot
• 1:46
  of
• 1:46
  fun,
• 1:46
  I
• 1:46
  can
• 1:46
  tell
• 1:46
  you.
• 1:47
  Well,
• 1:48
  8%,
• 1:48
  that's
• 1:48
  what
• 1:48
  we
• 1:49
  call
• 1:49
  a
• 1:49
  raging
• 1:49
  kegger
• 1:50
  over
• 1:50
  here
• 1:50
  in
• 1:50
  the
• 1:50
  States.
• 1:51
  Robert,
• 1:51
  congratulations
• 1:52
  on
• 1:52
  that.
• 1:52
  Those
• 1:52
  numbers
• 1:52
  are
• 1:53
  impressive.
• 1:53
  All
• 1:54
  right,
• 1:54
  so
• 1:54
  you're
• 1:54
  speaking
• 1:54
  at
• 1:54
  nrf.
• 1:55
  What
• 1:56
  are
• 1:56
  the
• 1:56
  key
• 1:56
  messages
• 1:57
  that
• 1:57
  you
• 1:57
  shared
• 1:57
  or
• 1:58
  what
• 1:58
  are
• 1:58
  you
• 1:58
  hoping
• 1:58
  to
• 1:58
  tell
• 1:58
  the
• 1:59
  audience
• 1:59
  while
• 1:59
  you're
• 1:59
  here?
• 2:00
  Yeah,
• 2:00
  actually,
• 2:01
  of
• 2:01
  course,
• 2:01
  it's
• 2:02
  about
• 2:02
  retail
• 2:02
  media
• 2:03
  and
• 2:03
  there's
• 2:03
  a
• 2:04
  lot
• 2:04
  of
• 2:04
  noise
• 2:04
  out
• 2:04
  there
• 2:04
  in
• 2:04
  the
• 2:05
  market
• 2:06
  and
• 2:06
  it's
• 2:06
  also
• 2:07
  very
• 2:07
  difficult
• 2:08
  to
• 2:08
  catch
• 2:08
  the
• 2:08
  true
• 2:08
  narrative
• 2:09
  of
• 2:09
  what
• 2:09
  retail
• 2:09
  media
• 2:10
  is
• 2:10
  truly
• 2:10
  about.
• 2:10
  We
• 2:11
  would
• 2:11
  agree.
• 2:11
  Yeah,
• 2:11
  exactly.
• 2:12
  No
• 2:12
  doubt.
• 2:13
  Yeah,
• 2:13
  no
• 2:13
  doubt.
• 2:14
  So,
• 2:14
  and
• 2:15
  the
• 2:16
  title
• 2:16
  of
• 2:16
  the
• 2:17
  presentation
• 2:18
  was
• 2:19
  Retail
• 2:19
  or
• 2:20
  Media
• 2:20
  Strategic
• 2:20
  Turning
• 2:21
  Point,
• 2:21
  which
• 2:22
  actually
• 2:23
  shows
• 2:23
  of
• 2:24
  what
• 2:24
  are
• 2:24
  the
• 2:24
  main
• 2:24
  strategic
• 2:25
  considerations
• 2:27
  for
• 2:27
  actually
• 2:28
  giving
• 2:28
  your
• 2:28
  retail
• 2:29
  media
• 2:29
  business
• 2:29
  a
• 2:29
  Corresponding
• 2:30
  direction.
• 2:30
  Why
• 2:31
  a
• 2:31
  lot
• 2:32
  of
• 2:32
  trade
• 2:32
  marketing
• 2:33
  funds
• 2:33
  are
• 2:33
  actually
• 2:34
  also
• 2:34
  factored
• 2:35
  into
• 2:35
  retail
• 2:35
  media
• 2:36
  products,
• 2:36
  which
• 2:37
  is
• 2:38
  looking
• 2:38
  from
• 2:38
  the
• 2:38
  outside
• 2:39
  more
• 2:39
  of
• 2:39
  a
• 2:40
  left
• 2:40
  pocket,
• 2:40
  right
• 2:41
  pocket
• 2:41
  game.
• 2:42
  Might
• 2:42
  also
• 2:42
  call
• 2:42
  this
• 2:43
  brown
• 2:43
  dollars
• 2:44
  because
• 2:44
  you
• 2:44
  see
• 2:45
  in
• 2:45
  a
• 2:45
  lot
• 2:45
  of
• 2:45
  analysis
• 2:47
  at
• 2:47
  those
• 2:48
  kind
• 2:48
  of
• 2:48
  retail
• 2:48
  media
• 2:49
  models
• 2:50
  that
• 2:50
  they
• 2:50
  show
• 2:51
  very
• 2:52
  rapid
• 2:52
  growth
• 2:52
  in
• 2:53
  terms
• 2:53
  of
• 2:53
  ad
• 2:54
  revenues,
• 2:54
  but
• 2:55
  you
• 2:55
  don't
• 2:56
  find
• 2:56
  actually
• 2:56
  any
• 2:57
  kind
• 2:57
  of
• 2:58
  effects
• 2:58
  in
• 2:58
  the
• 2:58
  gross
• 2:59
  margin
• 2:59
  overall.
• 3:00
  So
• 3:00
  the
• 3:01
  literally
• 3:01
  the
• 3:01
  needle
• 3:02
  is
• 3:02
  not
• 3:02
  moving
• 3:02
  right.
• 3:03
  And
• 3:03
  this
• 3:04
  has
• 3:04
  actually
• 3:05
  the
• 3:05
  main
• 3:05
  reason
• 3:06
  behind
• 3:07
  this
• 3:07
  is
• 3:07
  the
• 3:07
  fact
• 3:07
  that
• 3:08
  trade
• 3:08
  marketing
• 3:09
  funds
• 3:09
  are
• 3:10
  flooded
• 3:10
  into,
• 3:10
  which
• 3:10
  is
• 3:11
  per
• 3:11
  se,
• 3:11
  not
• 3:11
  negative
• 3:12
  because
• 3:12
  it's
• 3:12
  part
• 3:13
  of
• 3:13
  the
• 3:13
  digitalization
• 3:14
  of
• 3:14
  the
• 3:14
  retail
• 3:15
  business.
• 3:15
  So
• 3:15
  you're
• 3:16
  replacing
• 3:16
  the
• 3:16
  physical
• 3:17
  handbill
• 3:17
  with
• 3:17
  the
• 3:17
  virtual
• 3:18
  one.
• 3:18
  You
• 3:19
  replace
• 3:19
  the
• 3:19
  billboard
• 3:20
  against
• 3:21
  a
• 3:21
  digital
• 3:22
  screen.
• 3:22
  That's
• 3:22
  all.
• 3:22
  Okay.
• 3:23
  But
• 3:23
  of
• 3:23
  course
• 3:23
  you
• 3:23
  need
• 3:23
  to
• 3:24
  have
• 3:24
  a
• 3:24
  very
• 3:24
  close
• 3:25
  look
• 3:25
  on
• 3:25
  your
• 3:25
  net
• 3:26
  growth
• 3:26
  and
• 3:26
  the
• 3:26
  earnings.
• 3:27
  So
• 3:28
  the
• 3:28
  stock
• 3:29
  market
• 3:29
  and
• 3:29
  analysts
• 3:30
  I
• 3:30
  think
• 3:31
  have
• 3:31
  already
• 3:32
  started
• 3:32
  to
• 3:32
  realize
• 3:33
  that
• 3:33
  it's
• 3:33
  a
• 3:33
  different
• 3:33
  game
• 3:34
  running
• 3:34
  retail
• 3:35
  media
• 3:35
  on
• 3:36
  a
• 3:36
  marketplace
• 3:37
  like
• 3:37
  the
• 3:37
  top
• 3:38
  three
• 3:38
  retail
• 3:39
  media
• 3:39
  players
• 3:40
  do,
• 3:40
  Amazon,
• 3:41
  Alibaba,
• 3:41
  Pinduoduo
• 3:42
  or
• 3:42
  well,
• 3:43
  better
• 3:43
  known
• 3:43
  as
• 3:43
  temu.
• 3:44
  But
• 3:45
  of
• 3:45
  course
• 3:45
  that's
• 3:45
  a
• 3:45
  complete
• 3:46
  different
• 3:46
  kind
• 3:46
  of
• 3:46
  vertical.
• 3:47
  You're
• 3:48
  settling
• 3:48
  your
• 3:48
  advertising
• 3:49
  business
• 3:49
  on
• 3:49
  top.
• 3:50
  Whereas
• 3:50
  the
• 3:51
  chances
• 3:52
  are
• 3:52
  not
• 3:52
  only
• 3:53
  referring
• 3:53
  to
• 3:55
  having
• 3:55
  trade
• 3:56
  marketing
• 3:56
  funds
• 3:57
  being
• 3:58
  transferred
• 3:58
  to
• 3:58
  retail
• 3:59
  media
• 3:59
  and
• 4:00
  actually
• 4:00
  what's
• 4:00
  part
• 4:00
  of
• 4:00
  a
• 4:01
  red
• 4:01
  ocean
• 4:01
  game,
• 4:02
  because
• 4:02
  you're
• 4:02
  in
• 4:02
  this
• 4:02
  kind
• 4:03
  of
• 4:03
  game
• 4:03
  since
• 4:03
  years
• 4:04
  and
• 4:04
  it's
• 4:04
  limited
• 4:04
  by
• 4:04
  the
• 4:05
  units
• 4:05
  sold.
• 4:05
  From
• 4:06
  the
• 4:06
  CPG
• 4:07
  point
• 4:07
  of
• 4:08
  view,
• 4:08
  it's
• 4:09
  actually
• 4:09
  also
• 4:09
  more
• 4:10
  about
• 4:10
  the
• 4:10
  historical
• 4:11
  chance.
• 4:11
  And
• 4:12
  that's
• 4:12
  really
• 4:13
  something
• 4:13
  which
• 4:14
  I've
• 4:15
  reconsidered
• 4:16
  a
• 4:16
  couple
• 4:17
  of
• 4:17
  times
• 4:17
  in
• 4:17
  terms
• 4:18
  of
• 4:18
  is
• 4:18
  it
• 4:18
  really
• 4:19
  historic
• 4:19
  yet?
• 4:19
  It
• 4:20
  is,
• 4:20
  because
• 4:21
  the
• 4:21
  retail
• 4:22
  business
• 4:23
  can
• 4:23
  actually
• 4:23
  truly
• 4:24
  contribute
• 4:25
  in
• 4:25
  a
• 4:25
  very
• 4:25
  valuable
• 4:26
  way
• 4:27
  to
• 4:27
  the
• 4:27
  media
• 4:28
  business.
• 4:28
  And
• 4:28
  we
• 4:28
  see
• 4:29
  this
• 4:29
  one
• 4:29
  already
• 4:29
  starting.
• 4:30
  And
• 4:30
  if
• 4:30
  you
• 4:31
  have
• 4:31
  a
• 4:31
  look
• 4:31
  on
• 4:31
  all
• 4:31
  of
• 4:31
  those
• 4:32
  activities
• 4:33
  running
• 4:33
  in
• 4:33
  parallel,
• 4:34
  I
• 4:34
  think
• 4:34
  we'll
• 4:35
  have
• 4:35
  a
• 4:35
  lot
• 4:35
  of
• 4:36
  topics
• 4:36
  here
• 4:36
  to
• 4:36
  mention.
• 4:37
  Got
• 4:37
  it.
• 4:37
  So
• 4:37
  if
• 4:37
  I
• 4:37
  recap
• 4:38
  what
• 4:38
  you
• 4:38
  said.
• 4:38
  So
• 4:38
  basically
• 4:38
  you're
• 4:38
  saying
• 4:39
  like
• 4:39
  retail
• 4:40
  media
• 4:40
  is,
• 4:41
  is
• 4:41
  part
• 4:41
  and
• 4:41
  parcel
• 4:42
  the
• 4:42
  effect
• 4:42
  of
• 4:43
  the
• 4:43
  digitization
• 4:44
  of
• 4:44
  retail.
• 4:45
  And
• 4:45
  so
• 4:45
  the
• 4:45
  move
• 4:45
  towards
• 4:46
  retail
• 4:46
  media
• 4:46
  could
• 4:46
  be
• 4:47
  having
• 4:47
  a
• 4:47
  net
• 4:48
  positive
• 4:48
  impact
• 4:49
  on
• 4:49
  the
• 4:49
  revenue
• 4:49
  that's
• 4:50
  generated
• 4:50
  and
• 4:50
  the
• 4:50
  margin
• 4:51
  for
• 4:51
  a
• 4:51
  given
• 4:51
  retailer.
• 4:52
  But
• 4:52
  you
• 4:52
  still
• 4:52
  have
• 4:53
  to
• 4:53
  be
• 4:53
  careful
• 4:53
  of
• 4:53
  how
• 4:53
  much
• 4:54
  is
• 4:54
  truly
• 4:54
  incremental
• 4:55
  at
• 4:55
  the
• 4:55
  end
• 4:55
  of
• 4:55
  the
• 4:55
  day.
• 4:56
  Is
• 4:56
  that
• 4:56
  right?
• 4:56
  Jeff,
• 4:56
  do
• 4:56
  you
• 4:57
  have
• 4:57
  an
• 4:57
  idea
• 4:57
  of
• 4:57
  the
• 4:57
  extent
• 4:58
  or
• 4:58
  the
• 4:58
  proportion
• 4:59
  of
• 4:59
  which
• 4:59
  is
• 4:59
  of
• 5:00
  how
• 5:00
  much
• 5:00
  is
• 5:00
  truly
• 5:00
  incremental
• 5:01
  or
• 5:01
  something
• 5:01
  you
• 5:01
  can
• 5:01
  share
• 5:01
  with
• 5:01
  the
• 5:01
  audience
• 5:02
  in
• 5:02
  that
• 5:02
  regard?
• 5:03
  I
• 5:03
  think
• 5:03
  it's
• 5:03
  very
• 5:04
  difficult
• 5:05
  to
• 5:05
  do
• 5:05
  that
• 5:06
  without
• 5:06
  mentioning
• 5:07
  concrete
• 5:07
  examples.
• 5:08
  But
• 5:08
  see
• 5:09
  a
• 5:09
  lot
• 5:10
  of
• 5:10
  public
• 5:11
  listed
• 5:12
  retail
• 5:12
  companies
• 5:12
  actually
• 5:13
  are
• 5:13
  compared
• 5:14
  against
• 5:14
  the
• 5:14
  big
• 5:14
  players
• 5:15
  and
• 5:15
  have
• 5:15
  actually
• 5:16
  to
• 5:16
  come
• 5:16
  up
• 5:16
  with
• 5:16
  corresponding
• 5:17
  figures.
• 5:17
  But
• 5:18
  I
• 5:18
  can
• 5:18
  only
• 5:19
  give
• 5:19
  the
• 5:19
  advice,
• 5:20
  just
• 5:21
  analyze.
• 5:21
  I
• 5:21
  mean,
• 5:21
  if
• 5:21
  you
• 5:22
  see
• 5:22
  a
• 5:22
  rapid
• 5:23
  growth
• 5:23
  pattern
• 5:23
  in
• 5:23
  retail
• 5:24
  media
• 5:24
  revenues
• 5:25
  for
• 5:26
  a
• 5:26
  retail
• 5:27
  media
• 5:27
  business
• 5:27
  just
• 5:28
  about
• 5:29
  or
• 5:29
  just
• 5:29
  recently
• 5:30
  started,
• 5:30
  then
• 5:31
  this
• 5:31
  is
• 5:31
  a
• 5:31
  clear
• 5:31
  indication
• 5:32
  that
• 5:32
  there
• 5:32
  is
• 5:33
  already
• 5:33
  money
• 5:34
  attracted
• 5:34
  in
• 5:34
  a
• 5:35
  very
• 5:35
  short
• 5:35
  time
• 5:35
  frame.
• 5:36
  Which
• 5:36
  actually
• 5:37
  tells
• 5:37
  you
• 5:38
  or
• 5:38
  actually
• 5:38
  gives
• 5:38
  you
• 5:38
  an
• 5:39
  indication
• 5:39
  that
• 5:39
  this
• 5:40
  is
• 5:40
  probably
• 5:40
  coming
• 5:40
  out
• 5:41
  of
• 5:41
  recent
• 5:42
  trade
• 5:43
  negotiations.
• 5:43
  Which
• 5:43
  is
• 5:43
  okay,
• 5:44
  right?
• 5:44
  Because
• 5:45
  before
• 5:45
  we
• 5:45
  started,
• 5:45
  you
• 5:45
  actually
• 5:46
  said
• 5:46
  something
• 5:46
  that
• 5:46
  was
• 5:46
  really
• 5:46
  interesting
• 5:46
  to
• 5:47
  Ann
• 5:47
  and
• 5:47
  Mead.
• 5:47
  You
• 5:47
  said
• 5:47
  that
• 5:48
  generally
• 5:48
  speaking
• 5:48
  of
• 5:48
  startup
• 5:49
  or
• 5:49
  retail
• 5:49
  media
• 5:50
  business,
• 5:50
  there's
• 5:50
  a
• 5:50
  time
• 5:51
  lag
• 5:51
  in
• 5:51
  terms
• 5:51
  of
• 5:51
  how
• 5:52
  long
• 5:52
  it
• 5:52
  takes
• 5:52
  you
• 5:52
  to
• 5:53
  actually
• 5:53
  get
• 5:53
  the
• 5:53
  media
• 5:54
  dollars.
• 5:54
  What
• 5:54
  is
• 5:54
  that
• 5:55
  time
• 5:55
  lag
• 5:55
  in
• 5:55
  your
• 5:55
  estimation?
• 5:56
  When
• 5:57
  you
• 5:57
  actually
• 5:57
  focus
• 5:57
  your
• 5:58
  retail
• 5:58
  media
• 5:58
  offerings
• 5:59
  not
• 5:59
  towards
• 5:59
  trade,
• 6:00
  but
• 6:00
  towards
• 6:00
  media,
• 6:01
  which
• 6:01
  actually
• 6:02
  requires
• 6:02
  five
• 6:03
  steps
• 6:03
  we
• 6:03
  can
• 6:04
  later
• 6:04
  on
• 6:04
  go
• 6:04
  through
• 6:04
  quickly.
• 6:05
  It
• 6:06
  actually
• 6:06
  takes
• 6:06
  you
• 6:07
  between
• 6:07
  12
• 6:07
  to
• 6:08
  18
• 6:08
  months.
• 6:08
  Why?
• 6:09
  Because
• 6:09
  that's
• 6:10
  the
• 6:10
  time
• 6:11
  the
• 6:11
  advertisers
• 6:11
  need
• 6:12
  actually
• 6:12
  to
• 6:12
  consider
• 6:13
  you
• 6:13
  being
• 6:14
  an
• 6:14
  integral
• 6:14
  part
• 6:15
  of
• 6:15
  their
• 6:16
  media
• 6:16
  plan
• 6:16
  for
• 6:17
  the
• 6:17
  next
• 6:17
  year.
• 6:17
  And
• 6:17
  usually
• 6:17
  they
• 6:18
  hand
• 6:18
  this
• 6:18
  over
• 6:18
  to
• 6:18
  media
• 6:19
  agencies
• 6:20
  and
• 6:20
  that's
• 6:20
  actually
• 6:21
  the
• 6:21
  natural
• 6:21
  latency.
• 6:22
  But
• 6:22
  the
• 6:22
  benefit
• 6:23
  is
• 6:23
  that
• 6:23
  this
• 6:24
  is
• 6:24
  200%
• 6:25
  incremental
• 6:25
  from
• 6:26
  the
• 6:26
  retailer's
• 6:27
  point
• 6:27
  of
• 6:27
  view.
• 6:27
  Because
• 6:27
  a
• 6:28
  retailer
• 6:28
  was
• 6:28
  not
• 6:28
  in
• 6:28
  the
• 6:29
  media
• 6:29
  business
• 6:29
  ever
• 6:29
  before.
• 6:30
  They
• 6:30
  were
• 6:30
  never
• 6:31
  getting
• 6:31
  those
• 6:31
  dollars.
• 6:32
  The
• 6:32
  media
• 6:33
  companies
• 6:33
  were
• 6:33
  getting
• 6:33
  those
• 6:33
  dollars.
• 6:34
  And
• 6:35
  we
• 6:35
  have
• 6:35
  a
• 6:36
  lot
• 6:36
  of
• 6:36
  discussions,
• 6:36
  right,
• 6:37
  about
• 6:37
  those
• 6:37
  kind
• 6:37
  of
• 6:37
  commercials
• 6:38
  and
• 6:38
  whether
• 6:38
  it
• 6:38
  pays
• 6:39
  off,
• 6:39
  yes
• 6:39
  or
• 6:39
  no.
• 6:40
  But
• 6:40
  the
• 6:40
  most
• 6:40
  important
• 6:40
  part
• 6:41
  is
• 6:41
  which
• 6:41
  kind
• 6:41
  of
• 6:42
  strategic
• 6:43
  direction
• 6:44
  you
• 6:45
  give
• 6:45
  to
• 6:46
  your
• 6:46
  team
• 6:46
  and
• 6:47
  of
• 6:47
  course
• 6:47
  also
• 6:47
  to
• 6:48
  your
• 6:48
  business.
• 6:49
  Especially
• 6:49
  when
• 6:49
  it's
• 6:49
  then
• 6:50
  about
• 6:50
  setting
• 6:50
  up
• 6:50
  corresponding
• 6:51
  media
• 6:51
  products,
• 6:52
  right?
• 6:52
  You
• 6:52
  can
• 6:53
  develop
• 6:53
  them
• 6:54
  either
• 6:54
  towards
• 6:55
  classical
• 6:55
  retail
• 6:56
  trade
• 6:56
  business,
• 6:57
  answering
• 6:57
  questions
• 6:58
  on
• 6:58
  uplifts
• 6:58
  and
• 6:59
  so
• 6:59
  on,
• 6:59
  or
• 6:59
  you
• 7:00
  come
• 7:00
  up
• 7:00
  actually
• 7:01
  spending
• 7:01
  your
• 7:01
  R
• 7:01
  and
• 7:02
  D
• 7:02
  in
• 7:02
  offering
• 7:03
  first
• 7:04
  party
• 7:04
  measurement
• 7:05
  across
• 7:05
  the
• 7:05
  full
• 7:06
  media
• 7:06
  channel.
• 7:06
  So
• 7:07
  you
• 7:07
  start
• 7:07
  to
• 7:07
  earn
• 7:07
  money
• 7:08
  outside
• 7:08
  your
• 7:09
  own
• 7:09
  media
• 7:09
  channels.
• 7:10
  And
• 7:10
  by
• 7:10
  the
• 7:10
  way,
• 7:10
  it's
• 7:10
  a
• 7:11
  very
• 7:11
  important
• 7:12
  move
• 7:12
  here
• 7:12
  because
• 7:13
  you
• 7:13
  can
• 7:14
  help
• 7:15
  every
• 7:15
  advertiser
• 7:16
  answering
• 7:16
  the
• 7:16
  most
• 7:17
  critical
• 7:17
  questions.
• 7:18
  So
• 7:18
  what
• 7:18
  is
• 7:18
  the
• 7:18
  true
• 7:19
  effectiveness
• 7:19
  of
• 7:20
  my
• 7:20
  ATVCTV
• 7:21
  spot?
• 7:22
  What
• 7:22
  is
• 7:22
  the
• 7:23
  true
• 7:23
  effectiveness
• 7:24
  of
• 7:25
  an
• 7:25
  ad
• 7:26
  in
• 7:26
  the
• 7:26
  open
• 7:26
  web?
• 7:27
  So
• 7:27
  even
• 7:27
  in
• 7:28
  search
• 7:28
  and
• 7:29
  in
• 7:29
  social,
• 7:29
  you'll
• 7:30
  be
• 7:30
  able
• 7:30
  actually
• 7:30
  to
• 7:30
  answer
• 7:31
  those
• 7:31
  questions
• 7:32
  to
• 7:32
  100%
• 7:33
  deterministically.
• 7:34
  So
• 7:34
  you
• 7:34
  can
• 7:34
  repeat
• 7:34
  this
• 7:34
  with
• 7:35
  discrete
• 7:35
  numbers
• 7:36
  because
• 7:36
  actually
• 7:37
  you
• 7:37
  target
• 7:37
  the
• 7:37
  group,
• 7:37
  you
• 7:38
  run
• 7:38
  an
• 7:38
  A
• 7:38
  B
• 7:38
  test
• 7:39
  and
• 7:39
  then
• 7:39
  actually
• 7:39
  you
• 7:40
  can
• 7:40
  measure
• 7:40
  the
• 7:40
  true
• 7:40
  effectiveness.
• 7:41
  And
• 7:41
  this
• 7:41
  is
• 7:42
  also
• 7:42
  what
• 7:42
  will
• 7:43
  changed
• 7:43
  the
• 7:43
  game
• 7:43
  For
• 7:44
  a
• 7:44
  lot
• 7:44
  of
• 7:45
  brick
• 7:45
  and
• 7:45
  mortar
• 7:45
  players
• 7:46
  which
• 7:46
  were
• 7:47
  called
• 7:47
  offline
• 7:48
  stores
• 7:48
  in
• 7:49
  the
• 7:49
  past,
• 7:49
  online
• 7:50
  offline.
• 7:51
  None
• 7:51
  of
• 7:52
  those
• 7:52
  big
• 7:52
  players
• 7:53
  anymore
• 7:53
  is
• 7:54
  in
• 7:54
  the
• 7:54
  brick
• 7:54
  and
• 7:54
  mortar
• 7:55
  business
• 7:55
  offline
• 7:56
  because
• 7:56
  you
• 7:57
  have
• 7:57
  loyalty
• 7:58
  apps
• 7:58
  with
• 7:59
  a
• 7:59
  penetration
• 8:00
  of
• 8:00
  about
• 8:00
  50,
• 8:01
  60,
• 8:01
  70%,
• 8:02
  80%
• 8:03
  of
• 8:03
  your
• 8:03
  sales
• 8:04
  and
• 8:04
  those
• 8:04
  customers
• 8:05
  are
• 8:06
  digitally
• 8:06
  addressable.
• 8:07
  And
• 8:08
  this
• 8:08
  is
• 8:08
  actually
• 8:09
  also
• 8:09
  flipping
• 8:09
  the
• 8:10
  game
• 8:10
  now
• 8:11
  for
• 8:11
  the
• 8:11
  well
• 8:11
  established
• 8:12
  players
• 8:13
  in
• 8:13
  the
• 8:13
  e
• 8:13
  commerce
• 8:14
  business.
• 8:14
  They
• 8:14
  are
• 8:14
  no
• 8:15
  doubt
• 8:16
  10
• 8:16
  to
• 8:16
  15
• 8:17
  years
• 8:17
  ahead
• 8:18
  on
• 8:18
  average,
• 8:18
  roughly.
• 8:19
  And
• 8:20
  have
• 8:21
  also
• 8:22
  provided
• 8:23
  a
• 8:23
  lot
• 8:23
  of
• 8:24
  valuable
• 8:25
  market
• 8:26
  adoption.
• 8:27
  No
• 8:27
  doubt.
• 8:27
  But
• 8:28
  nowadays
• 8:28
  actually
• 8:29
  also
• 8:30
  there
• 8:30
  we
• 8:30
  see
• 8:31
  a
• 8:31
  lot
• 8:31
  of
• 8:31
  opportunities
• 8:32
  for
• 8:32
  us
• 8:32
  because
• 8:33
  they're
• 8:33
  running
• 8:34
  ROAS
• 8:34
  definitions,
• 8:35
  nominal
• 8:35
  ROAS
• 8:35
  definitions
• 8:36
  on
• 8:36
  adjacent
• 8:36
  roas,
• 8:37
  which
• 8:38
  actually
• 8:38
  is
• 8:39
  a
• 8:39
  highly
• 8:39
  inflated
• 8:40
  KPI.
• 8:41
  If
• 8:41
  you
• 8:42
  measure
• 8:43
  against
• 8:43
  those
• 8:43
  kind
• 8:43
  of
• 8:44
  adjacent
• 8:44
  rows,
• 8:44
  a
• 8:44
  true
• 8:45
  incrementality,
• 8:46
  which
• 8:46
  is
• 8:47
  the
• 8:47
  trend
• 8:47
  right
• 8:47
  now,
• 8:48
  you
• 8:48
  will
• 8:48
  see
• 8:48
  that
• 8:49
  this
• 8:49
  will
• 8:49
  actually
• 8:50
  fall
• 8:50
  apart
• 8:51
  compared
• 8:51
  to
• 8:52
  that's
• 8:52
  true
• 8:52
  against
• 8:53
  a
• 8:53
  single
• 8:53
  item.
• 8:53
  Rower.
• 8:54
  Yes.
• 8:54
  Or
• 8:54
  in
• 8:55
  other
• 8:55
  words,
• 8:56
  see
• 8:57
  it
• 8:57
  is
• 8:58
  like
• 8:58
  this
• 8:58
  that
• 8:58
  there's
• 8:59
  a
• 8:59
  wonderful
• 8:59
  chance.
• 8:59
  I
• 9:00
  mean
• 9:00
  their
• 9:00
  margin
• 9:01
  is
• 9:01
  our
• 9:01
  opportunity.
• 9:02
  Once
• 9:02
  someone.
• 9:03
  Right.
• 9:03
  As
• 9:03
  someone
• 9:03
  once
• 9:04
  said,
• 9:04
  famously
• 9:04
  said.
• 9:05
  Exactly.
• 9:05
  And
• 9:06
  actually
• 9:06
  that
• 9:06
  matters
• 9:06
  to
• 9:07
  the
• 9:07
  whole
• 9:07
  market.
• 9:07
  So
• 9:08
  there's
• 9:08
  a
• 9:08
  wonderful
• 9:08
  chance
• 9:09
  applies
• 9:09
  to
• 9:09
  everybody.
• 9:09
  Yeah.
• 9:10
  At
• 9:10
  a
• 9:10
  time
• 9:10
  where
• 9:11
  80
• 9:12
  to
• 9:12
  90%
• 9:13
  of
• 9:13
  the
• 9:13
  retail
• 9:13
  business
• 9:14
  is
• 9:14
  still
• 9:14
  brick
• 9:14
  and
• 9:14
  mortar
• 9:15
  and
• 9:15
  by
• 9:15
  far
• 9:16
  not
• 9:16
  offline
• 9:16
  anymore.
• 9:17
  Right.
• 9:17
  Well.
• 9:17
  And
• 9:17
  Robert,
• 9:18
  I
• 9:18
  want
• 9:19
  to
• 9:19
  dive
• 9:19
  a
• 9:19
  little
• 9:19
  bit
• 9:19
  deeper
• 9:20
  into
• 9:20
  what
• 9:21
  those
• 9:21
  opportunities
• 9:22
  are
• 9:22
  then
• 9:22
  like
• 9:23
  if
• 9:23
  with
• 9:24
  all
• 9:24
  of
• 9:24
  the
• 9:24
  background
• 9:24
  that
• 9:24
  you
• 9:25
  just
• 9:25
  gave
• 9:25
  us
• 9:26
  inflated
• 9:26
  roas,
• 9:27
  being
• 9:27
  in,
• 9:27
  you
• 9:28
  know,
• 9:28
  one
• 9:28
  of
• 9:28
  the
• 9:29
  opportunity
• 9:29
  areas
• 9:30
  for
• 9:30
  retailers
• 9:31
  and
• 9:31
  brands,
• 9:32
  explain
• 9:33
  a
• 9:33
  little
• 9:33
  bit
• 9:33
  about
• 9:33
  what
• 9:34
  your,
• 9:34
  what
• 9:34
  your
• 9:34
  guidance
• 9:35
  would
• 9:35
  be
• 9:35
  on
• 9:35
  what
• 9:35
  to
• 9:36
  focus
• 9:36
  focus
• 9:36
  on.
• 9:37
  If
• 9:37
  I'm
• 9:37
  a
• 9:37
  retailer
• 9:38
  right
• 9:38
  now
• 9:38
  when.
• 9:38
  It
• 9:38
  comes
• 9:39
  to
• 9:39
  retail
• 9:39
  media,
• 9:40
  first
• 9:41
  of
• 9:41
  all,
• 9:41
  from
• 9:41
  the
• 9:42
  strategic
• 9:42
  positioning,
• 9:42
  you
• 9:43
  have
• 9:43
  to
• 9:43
  take
• 9:43
  the
• 9:43
  decision
• 9:44
  of
• 9:44
  whether
• 9:45
  you
• 9:45
  serve
• 9:46
  retail
• 9:46
  or
• 9:47
  media
• 9:48
  and
• 9:48
  on
• 9:48
  how
• 9:49
  you
• 9:49
  do
• 9:49
  that,
• 9:49
  I
• 9:49
  mean
• 9:50
  there's
• 9:50
  no
• 9:50
  matter,
• 9:52
  it
• 9:52
  doesn't
• 9:52
  matter
• 9:52
  actually
• 9:53
  of
• 9:54
  whether
• 9:54
  you
• 9:55
  decide
• 9:55
  to
• 9:56
  do
• 9:56
  this
• 9:57
  out
• 9:57
  of
• 9:58
  one
• 9:58
  hand
• 9:58
  or
• 9:59
  start
• 9:59
  to
• 9:59
  separate
• 10:00
  it
• 10:00
  from
• 10:01
  your
• 10:01
  point
• 10:01
  of
• 10:01
  view
• 10:01
  as
• 10:02
  a
• 10:02
  retailer.
• 10:02
  But
• 10:02
  it
• 10:02
  makes
• 10:02
  a
• 10:03
  significant
• 10:03
  difference
• 10:04
  to
• 10:05
  the
• 10:05
  market.
• 10:05
  Giving
• 10:06
  you
• 10:06
  an
• 10:06
  example,
• 10:06
  if
• 10:06
  you
• 10:06
  start
• 10:07
  actually
• 10:07
  to
• 10:07
  bundle
• 10:07
  those
• 10:08
  kind
• 10:08
  of
• 10:08
  offers
• 10:09
  which
• 10:09
  like
• 10:10
  you're
• 10:10
  a
• 10:11
  supplier
• 10:11
  and
• 10:12
  you
• 10:12
  tell
• 10:12
  the
• 10:12
  supplier
• 10:13
  now
• 10:13
  you're
• 10:13
  an
• 10:13
  endemic
• 10:14
  advertiser
• 10:15
  and
• 10:16
  he
• 10:16
  is
• 10:16
  actually
• 10:17
  offer
• 10:18
  what
• 10:18
  we
• 10:18
  require
• 10:19
  from
• 10:19
  you
• 10:19
  as
• 10:19
  a
• 10:20
  listing
• 10:20
  condition.
• 10:21
  These
• 10:21
  are
• 10:21
  the
• 10:21
  trade
• 10:22
  marketing
• 10:22
  funds
• 10:22
  we
• 10:22
  expect
• 10:23
  and
• 10:23
  this
• 10:23
  is
• 10:23
  a
• 10:23
  media
• 10:24
  money.
• 10:24
  And
• 10:25
  then
• 10:25
  I
• 10:25
  can
• 10:25
  tell
• 10:25
  you
• 10:26
  this
• 10:26
  actually
• 10:26
  has
• 10:27
  a
• 10:27
  lot
• 10:27
  of
• 10:27
  significant
• 10:28
  disadvantages.
• 10:28
  Although
• 10:29
  you
• 10:29
  might
• 10:29
  actually
• 10:29
  be
• 10:29
  in
• 10:29
  the
• 10:30
  position
• 10:30
  to
• 10:32
  push
• 10:32
  very
• 10:32
  hard
• 10:33
  is
• 10:34
  actually
• 10:34
  first
• 10:34
  of
• 10:34
  all
• 10:35
  of
• 10:35
  what
• 10:36
  those
• 10:36
  players
• 10:36
  call
• 10:37
  bundling
• 10:37
  is
• 10:37
  truly
• 10:38
  coupling,
• 10:39
  in
• 10:39
  fact.
• 10:39
  And
• 10:39
  then
• 10:40
  you
• 10:40
  might
• 10:40
  take
• 10:41
  the
• 10:41
  risk
• 10:41
  of
• 10:41
  being
• 10:41
  sued
• 10:42
  by
• 10:42
  the
• 10:42
  FTC
• 10:43
  or
• 10:43
  by
• 10:44
  17
• 10:45
  states.
• 10:45
  Wow,
• 10:46
  that's
• 10:46
  happening
• 10:47
  though.
• 10:47
  That's
• 10:47
  what
• 10:47
  we're
• 10:47
  hearing
• 10:48
  from
• 10:48
  all
• 10:48
  these
• 10:48
  brands
• 10:49
  is
• 10:49
  that
• 10:49
  they
• 10:49
  are
• 10:50
  being
• 10:50
  told,
• 10:51
  look,
• 10:51
  you
• 10:52
  get
• 10:52
  this
• 10:52
  end
• 10:53
  cap
• 10:53
  in
• 10:53
  our
• 10:53
  store,
• 10:54
  but
• 10:54
  you
• 10:54
  also
• 10:54
  need
• 10:54
  to
• 10:55
  spend
• 10:55
  X
• 10:55
  number
• 10:55
  of
• 10:55
  dollars
• 10:56
  on
• 10:56
  our
• 10:56
  retail
• 10:56
  media
• 10:57
  platform.
• 10:57
  Yeah,
• 10:58
  so,
• 10:58
  and
• 10:58
  on
• 10:59
  the
• 10:59
  other
• 10:59
  hand,
• 10:59
  if
• 10:59
  you
• 11:00
  start
• 11:00
  to
• 11:00
  separate
• 11:01
  those
• 11:01
  kind
• 11:01
  of
• 11:01
  business
• 11:01
  lines,
• 11:02
  and
• 11:03
  again,
• 11:03
  you
• 11:03
  need
• 11:03
  to
• 11:04
  facilitate
• 11:04
  the
• 11:04
  digitalization
• 11:05
  of
• 11:06
  the
• 11:06
  trade
• 11:07
  marketing
• 11:07
  funds,
• 11:08
  no
• 11:08
  questions
• 11:08
  about
• 11:08
  that.
• 11:09
  But
• 11:09
  you
• 11:09
  need
• 11:09
  to
• 11:10
  focus
• 11:10
  and
• 11:10
  enter
• 11:10
  the
• 11:10
  media
• 11:11
  station.
• 11:11
  Now
• 11:11
  come
• 11:11
  back
• 11:11
  to
• 11:11
  your
• 11:12
  question
• 11:12
  five
• 11:12
  steps
• 11:14
  on
• 11:14
  how
• 11:14
  to
• 11:14
  enter
• 11:15
  the
• 11:15
  media
• 11:15
  business.
• 11:16
  First
• 11:16
  of
• 11:17
  all,
• 11:17
  comply
• 11:17
  to
• 11:18
  standards
• 11:18
  because
• 11:18
  standards
• 11:19
  matter.
• 11:19
  So
• 11:20
  in
• 11:20
  the
• 11:20
  states,
• 11:20
  you
• 11:21
  have
• 11:21
  the
• 11:21
  mrc,
• 11:21
  you
• 11:21
  have
• 11:22
  the
• 11:22
  iab,
• 11:22
  follow
• 11:23
  those
• 11:23
  standards
• 11:24
  so
• 11:24
  that
• 11:24
  your
• 11:25
  media
• 11:25
  portfolio
• 11:26
  can
• 11:26
  be
• 11:26
  instantly
• 11:27
  accepted
• 11:28
  by
• 11:28
  the
• 11:28
  media
• 11:28
  market.
• 11:29
  Because
• 11:29
  there
• 11:30
  are
• 11:30
  two
• 11:30
  main
• 11:31
  forces
• 11:31
  actually
• 11:32
  you
• 11:33
  need
• 11:33
  to
• 11:33
  take
• 11:33
  into
• 11:34
  consideration
• 11:35
  for
• 11:35
  your
• 11:35
  market
• 11:35
  entry.
• 11:36
  And
• 11:36
  this
• 11:36
  is
• 11:36
  the
• 11:36
  learning
• 11:37
  curve
• 11:37
  of
• 11:37
  the
• 11:37
  advertisers
• 11:38
  and
• 11:38
  the
• 11:39
  trust
• 11:39
  they
• 11:39
  need
• 11:39
  to
• 11:39
  gain
• 11:40
  with
• 11:40
  your
• 11:40
  portfolio.
• 11:41
  Then
• 11:41
  secondly,
• 11:42
  start
• 11:43
  setting
• 11:43
  up
• 11:44
  corresponding
• 11:44
  media
• 11:45
  offers
• 11:45
  and
• 11:45
  start
• 11:46
  to
• 11:46
  compare
• 11:46
  them
• 11:47
  against
• 11:47
  existing
• 11:47
  media
• 11:48
  offers.
• 11:48
  Like
• 11:48
  for
• 11:48
  example,
• 11:49
  digital
• 11:49
  out
• 11:49
  of
• 11:49
  home
• 11:51
  in
• 11:51
  front
• 11:51
  of
• 11:51
  a
• 11:51
  store
• 11:52
  is
• 11:52
  truly
• 11:53
  by
• 11:53
  far
• 11:53
  more
• 11:53
  convincing
• 11:54
  for
• 11:54
  endemic
• 11:55
  advertisers
• 11:55
  than
• 11:56
  a
• 11:56
  digital
• 11:56
  order
• 11:56
  form
• 11:57
  at
• 11:57
  a
• 11:57
  subway
• 11:57
  station.
• 11:57
  Right,
• 11:58
  because
• 11:58
  in
• 11:58
  front
• 11:58
  of
• 11:58
  the
• 11:58
  store
• 11:59
  you're
• 11:59
  just
• 11:59
  two
• 11:59
  minutes
• 11:59
  away
• 12:00
  from
• 12:00
  your
• 12:00
  purchasing
• 12:00
  decision,
• 12:01
  whereas
• 12:02
  at
• 12:02
  the
• 12:02
  subway
• 12:02
  you
• 12:03
  don't
• 12:03
  even
• 12:03
  know
• 12:03
  whether
• 12:03
  your
• 12:03
  customers
• 12:04
  are
• 12:04
  all
• 12:04
  around
• 12:04
  there.
• 12:05
  Third,
• 12:05
  you
• 12:06
  can
• 12:06
  lift
• 12:06
  the
• 12:06
  bar.
• 12:07
  You
• 12:07
  can
• 12:08
  literally
• 12:10
  bring
• 12:10
  your
• 12:11
  own
• 12:11
  media
• 12:11
  business
• 12:12
  on
• 12:12
  a
• 12:12
  complete
• 12:13
  different
• 12:13
  level
• 12:14
  because
• 12:14
  you
• 12:14
  can
• 12:14
  start
• 12:15
  as
• 12:15
  a
• 12:15
  retailer,
• 12:16
  especially
• 12:16
  brick
• 12:16
  and
• 12:16
  mortar,
• 12:17
  to
• 12:18
  come
• 12:18
  up
• 12:18
  with
• 12:18
  metrics
• 12:19
  which
• 12:20
  haven't
• 12:20
  been
• 12:20
  in
• 12:20
  the
• 12:20
  market
• 12:21
  ever
• 12:21
  before.
• 12:22
  Instead
• 12:22
  of
• 12:23
  CPM
• 12:23
  or
• 12:23
  CPC
• 12:24
  where
• 12:24
  you
• 12:24
  buy
• 12:25
  eyeballs
• 12:25
  or
• 12:25
  clicks,
• 12:26
  you
• 12:26
  can
• 12:26
  internalize
• 12:27
  the
• 12:27
  advertiser
• 12:28
  risk
• 12:28
  by
• 12:29
  offering
• 12:30
  cost
• 12:30
  per
• 12:30
  action.
• 12:31
  So
• 12:31
  only
• 12:31
  customers
• 12:32
  who
• 12:33
  saw
• 12:33
  the
• 12:33
  ad
• 12:33
  and
• 12:34
  truly
• 12:34
  converted
• 12:35
  are
• 12:35
  actually
• 12:37
  the
• 12:38
  ones
• 12:38
  that
• 12:39
  you
• 12:39
  have
• 12:39
  to
• 12:39
  pay
• 12:39
  for
• 12:40
  and
• 12:40
  not
• 12:40
  for
• 12:40
  the
• 12:40
  lost
• 12:41
  eyeballs.
• 12:41
  And
• 12:41
  the
• 12:42
  retailer
• 12:42
  can
• 12:42
  do
• 12:42
  that
• 12:43
  because
• 12:43
  it
• 12:43
  does
• 12:43
  it
• 12:44
  already
• 12:44
  on
• 12:44
  a
• 12:44
  247
• 12:45
  basis.
• 12:45
  They
• 12:46
  already
• 12:46
  predict
• 12:47
  their
• 12:49
  good
• 12:49
  supply
• 12:50
  for
• 12:51
  the
• 12:51
  corresponding
• 12:52
  promotions
• 12:53
  on
• 12:53
  a
• 12:53
  daily
• 12:53
  weekly
• 12:54
  basis.
• 12:55
  Why?
• 12:55
  Because
• 12:56
  if
• 12:56
  you
• 12:56
  don't
• 12:56
  do
• 12:57
  that,
• 12:57
  you
• 12:57
  either
• 12:57
  have
• 12:57
  overstock
• 12:58
  positions
• 12:58
  or
• 12:58
  out
• 12:59
  of
• 12:59
  shelf,
• 12:59
  which
• 13:00
  both
• 13:00
  actually
• 13:00
  you
• 13:00
  have
• 13:01
  to,
• 13:01
  of
• 13:01
  course,
• 13:01
  to
• 13:01
  avoid.
• 13:02
  That's
• 13:02
  the
• 13:02
  third
• 13:02
  step
• 13:03
  so
• 13:03
  you
• 13:03
  can
• 13:04
  outperform
• 13:04
  existing
• 13:05
  media
• 13:06
  players.
• 13:06
  Fourth,
• 13:07
  you
• 13:07
  don't
• 13:07
  actually
• 13:07
  need
• 13:08
  to
• 13:08
  fear
• 13:08
  any
• 13:08
  kind
• 13:09
  of
• 13:09
  comparison
• 13:09
  against
• 13:10
  E
• 13:11
  commerce
• 13:11
  pure
• 13:11
  players
• 13:12
  because
• 13:12
  they
• 13:12
  run
• 13:12
  on
• 13:12
  adjacent
• 13:13
  roas.
• 13:13
  If
• 13:14
  that's
• 13:14
  the
• 13:14
  case,
• 13:14
  then
• 13:15
  any
• 13:15
  kind
• 13:15
  of
• 13:15
  incremental
• 13:16
  measurement
• 13:17
  will
• 13:17
  give
• 13:17
  you
• 13:17
  a
• 13:17
  strategic
• 13:18
  advantage.
• 13:19
  Why
• 13:19
  ask
• 13:20
  yourself
• 13:20
  when
• 13:20
  you
• 13:21
  actually,
• 13:21
  when
• 13:21
  you
• 13:21
  open
• 13:22
  up
• 13:22
  an
• 13:22
  E
• 13:22
  commerce
• 13:23
  app
• 13:23
  and
• 13:24
  you
• 13:24
  see
• 13:24
  an
• 13:24
  ad,
• 13:24
  you
• 13:25
  can
• 13:25
  decide
• 13:25
  straight
• 13:25
  away.
• 13:26
  You
• 13:26
  can
• 13:26
  decide
• 13:27
  in
• 13:27
  5
• 13:27
  minutes,
• 13:27
  15
• 13:28
  minutes,
• 13:28
  1
• 13:28
  hour,
• 13:28
  next
• 13:29
  day.
• 13:29
  Right.
• 13:30
  And
• 13:30
  this
• 13:30
  is
• 13:31
  actually
• 13:31
  factored
• 13:31
  in
• 13:31
  in
• 13:31
  this
• 13:32
  ROAS
• 13:32
  calculation.
• 13:33
  But
• 13:33
  if
• 13:33
  you
• 13:34
  have
• 13:35
  on
• 13:35
  the
• 13:35
  other
• 13:35
  hand,
• 13:36
  the
• 13:36
  comparison
• 13:36
  to
• 13:37
  a
• 13:37
  loyalty
• 13:37
  app,
• 13:37
  you
• 13:37
  open
• 13:37
  a
• 13:38
  loyalty
• 13:38
  app
• 13:38
  in
• 13:38
  the
• 13:38
  store.
• 13:39
  So
• 13:39
  and
• 13:39
  you
• 13:39
  see
• 13:40
  the
• 13:40
  ad,
• 13:40
  you
• 13:41
  have
• 13:41
  to
• 13:41
  decide
• 13:41
  now
• 13:42
  because
• 13:42
  in
• 13:42
  five
• 13:42
  minutes
• 13:43
  you
• 13:43
  have
• 13:43
  the
• 13:43
  cashier,
• 13:43
  in
• 13:44
  15
• 13:44
  minutes
• 13:44
  you're
• 13:44
  in
• 13:44
  your
• 13:44
  car,
• 13:45
  in
• 13:45
  one
• 13:45
  hour
• 13:45
  you're
• 13:46
  at
• 13:46
  home
• 13:46
  and
• 13:46
  the
• 13:46
  next
• 13:46
  day,
• 13:47
  most
• 13:47
  probably
• 13:47
  you
• 13:48
  forgot.
• 13:48
  So
• 13:48
  in
• 13:48
  terms
• 13:48
  of
• 13:49
  stickiness
• 13:49
  and
• 13:49
  relevance
• 13:50
  for
• 13:50
  a
• 13:51
  media
• 13:51
  advertiser,
• 13:53
  this
• 13:53
  has
• 13:54
  a
• 13:54
  really
• 13:54
  high,
• 13:55
  high
• 13:55
  contribution
• 13:56
  to
• 13:56
  their
• 13:56
  main
• 13:57
  considerations
• 13:57
  about
• 13:58
  truly
• 13:59
  being
• 13:59
  at
• 13:59
  the
• 14:00
  point
• 14:00
  when
• 14:00
  the
• 14:01
  purchasing
• 14:01
  decision
• 14:01
  is
• 14:01
  taken.
• 14:02
  And
• 14:02
  this
• 14:03
  is
• 14:04
  qualitative
• 14:05
  explanation
• 14:05
  which
• 14:05
  you
• 14:06
  can
• 14:06
  also
• 14:06
  measure
• 14:06
  in
• 14:06
  a
• 14:06
  comparison
• 14:07
  between
• 14:07
  a
• 14:08
  single
• 14:08
  article
• 14:08
  raws
• 14:09
  versus
• 14:09
  an
• 14:10
  adjacent
• 14:10
  and
• 14:10
  the
• 14:11
  fifth
• 14:11
  one
• 14:11
  and
• 14:11
  the
• 14:11
  most
• 14:12
  important
• 14:12
  one,
• 14:12
  those
• 14:13
  kind
• 14:13
  of
• 14:13
  incremental
• 14:14
  analysis,
• 14:14
  A
• 14:14
  B
• 14:15
  you
• 14:15
  can
• 14:15
  run
• 14:15
  across
• 14:16
  the
• 14:16
  full
• 14:16
  funnel
• 14:17
  of
• 14:17
  digital
• 14:18
  channels
• 14:18
  which
• 14:18
  are
• 14:19
  digitally
• 14:20
  addressable.
• 14:20
  Why?
• 14:21
  Actually
• 14:21
  you
• 14:21
  can
• 14:21
  do
• 14:21
  an
• 14:22
  A
• 14:22
  B
• 14:22
  test
• 14:22
  there
• 14:22
  as
• 14:22
  well.
• 14:23
  You
• 14:23
  want
• 14:23
  to
• 14:23
  know
• 14:24
  for
• 14:24
  the
• 14:25
  upcoming
• 14:25
  launch
• 14:25
  or
• 14:25
  for
• 14:26
  any
• 14:26
  kind
• 14:26
  of
• 14:27
  samples
• 14:27
  you
• 14:28
  might
• 14:28
  have
• 14:28
  of
• 14:29
  which
• 14:29
  kind
• 14:29
  of
• 14:29
  customers
• 14:30
  you
• 14:30
  will
• 14:30
  attract
• 14:30
  or
• 14:31
  the
• 14:31
  different
• 14:31
  way
• 14:32
  of
• 14:32
  which
• 14:32
  kind
• 14:32
  of
• 14:32
  media
• 14:33
  you
• 14:33
  need
• 14:33
  to
• 14:34
  consider
• 14:34
  for
• 14:35
  the
• 14:35
  corresponding
• 14:36
  marketing
• 14:37
  media
• 14:37
  mix.
• 14:38
  You
• 14:38
  run
• 14:38
  this
• 14:38
  kind
• 14:38
  of
• 14:39
  a
• 14:39
  B
• 14:39
  test,
• 14:39
  incremental
• 14:40
  test
• 14:40
  together
• 14:41
  with
• 14:41
  your
• 14:41
  retail
• 14:42
  partner
• 14:42
  and
• 14:42
  you
• 14:42
  as
• 14:43
  a
• 14:43
  brand
• 14:43
  will
• 14:43
  figure
• 14:43
  out
• 14:44
  very
• 14:44
  swiftly
• 14:44
  on
• 14:45
  what
• 14:45
  the
• 14:45
  optimal
• 14:46
  mix
• 14:47
  will
• 14:47
  be
• 14:47
  about.
• 14:48
  Right,
• 14:48
  Right.
• 14:48
  Wow.
• 14:48
  We've
• 14:49
  got
• 14:49
  a
• 14:49
  true
• 14:49
  expert
• 14:49
  here
• 14:50
  and
• 14:50
  this
• 14:50
  is
• 14:50
  fantastic.
• 14:51
  All
• 14:51
  right,
• 14:51
  so
• 14:51
  the
• 14:51
  next
• 14:52
  question
• 14:52
  we
• 14:52
  have
• 14:52
  for
• 14:52
  you
• 14:52
  then,
• 14:53
  Robert,
• 14:53
  is
• 14:54
  how
• 14:55
  do
• 14:55
  you
• 14:55
  see
• 14:55
  retail
• 14:55
  media
• 14:56
  evolving
• 14:56
  in
• 14:56
  2025
• 14:57
  and
• 14:57
  do
• 14:57
  you
• 14:57
  think
• 14:58
  it
• 14:58
  will
• 14:58
  evolve
• 14:58
  the
• 14:59
  same
• 14:59
  in
• 14:59
  the
• 14:59
  States
• 14:59
  as
• 15:00
  it
• 15:00
  will
• 15:00
  in
• 15:00
  Europe
• 15:00
  as
• 15:01
  well,
• 15:01
  or
• 15:01
  do
• 15:01
  you
• 15:01
  think
• 15:02
  there'll
• 15:02
  be
• 15:02
  variances
• 15:04
  from
• 15:04
  the
• 15:04
  distance?
• 15:05
  I
• 15:05
  would
• 15:05
  say
• 15:06
  the
• 15:06
  States
• 15:07
  are
• 15:07
  always
• 15:07
  a
• 15:07
  couple
• 15:07
  of
• 15:08
  years
• 15:08
  in
• 15:08
  advance,
• 15:09
  but
• 15:10
  they
• 15:10
  are
• 15:11
  even
• 15:11
  of
• 15:12
  course
• 15:12
  also
• 15:12
  in
• 15:12
  the
• 15:12
  retail
• 15:13
  media
• 15:13
  business.
• 15:14
  Although
• 15:15
  actually
• 15:15
  it
• 15:15
  started
• 15:15
  as
• 15:15
  far
• 15:16
  as
• 15:16
  I've
• 15:17
  been
• 15:17
  told,
• 15:17
  or
• 15:17
  I
• 15:18
  looked
• 15:18
  up
• 15:18
  actually
• 15:18
  with
• 15:19
  Alibaba
• 15:20
  in
• 15:20
  2011.
• 15:21
  But
• 15:23
  it
• 15:23
  does
• 15:23
  make
• 15:23
  a
• 15:23
  difference.
• 15:24
  But
• 15:24
  the
• 15:24
  interesting
• 15:24
  part
• 15:25
  is
• 15:25
  that
• 15:25
  in
• 15:25
  certain
• 15:26
  areas,
• 15:26
  when
• 15:26
  it's
• 15:26
  about,
• 15:27
  for
• 15:27
  example,
• 15:27
  digital
• 15:28
  out
• 15:28
  of
• 15:28
  home,
• 15:29
  I
• 15:29
  think
• 15:29
  the
• 15:29
  States
• 15:30
  can
• 15:31
  actually
• 15:31
  learn
• 15:32
  a
• 15:32
  lot
• 15:32
  about,
• 15:32
  for
• 15:33
  example,
• 15:33
  the
• 15:33
  business
• 15:33
  in
• 15:33
  uk,
• 15:34
  where
• 15:35
  they
• 15:35
  are
• 15:35
  already
• 15:35
  quite
• 15:36
  advanced
• 15:37
  in
• 15:37
  setting
• 15:38
  this
• 15:38
  up.
• 15:39
  And
• 15:39
  the
• 15:39
  good
• 15:40
  thing
• 15:40
  about
• 15:40
  the
• 15:41
  NRF
• 15:41
  and
• 15:41
  the
• 15:41
  community
• 15:42
  is
• 15:42
  that
• 15:42
  we
• 15:42
  have
• 15:42
  this
• 15:43
  instant
• 15:43
  and
• 15:43
  direct
• 15:44
  exchange
• 15:44
  all
• 15:44
  around
• 15:45
  the
• 15:45
  globe.
• 15:46
  So
• 15:46
  we
• 15:47
  are
• 15:47
  by
• 15:48
  far
• 15:49
  quicker
• 15:49
  than
• 15:49
  we
• 15:49
  have
• 15:49
  ever
• 15:50
  been
• 15:50
  before
• 15:50
  in
• 15:50
  order
• 15:51
  actually
• 15:51
  to
• 15:51
  share
• 15:52
  best
• 15:52
  practice
• 15:52
  and
• 15:53
  those
• 15:53
  kind
• 15:54
  of
• 15:54
  trends.
• 15:54
  So
• 15:54
  what
• 15:55
  I
• 15:55
  actually
• 15:55
  expect
• 15:55
  for
• 15:55
  the
• 15:56
  market,
• 15:57
  this
• 15:57
  will
• 15:57
  be
• 15:58
  the
• 15:58
  year,
• 15:59
  not
• 15:59
  only
• 15:59
  another
• 16:00
  critical
• 16:00
  year
• 16:00
  for
• 16:01
  the
• 16:02
  the
• 16:03
  retail
• 16:03
  media
• 16:03
  industry
• 16:04
  to
• 16:04
  mature.
• 16:05
  We'll
• 16:05
  see
• 16:06
  it
• 16:06
  in
• 16:07
  a
• 16:07
  lot
• 16:07
  of
• 16:07
  different
• 16:08
  areas.
• 16:09
  Whether
• 16:09
  it's
• 16:10
  actually
• 16:10
  now
• 16:11
  entering
• 16:11
  the
• 16:11
  media
• 16:12
  business
• 16:12
  for
• 16:12
  most
• 16:13
  of
• 16:13
  the
• 16:13
  retail
• 16:13
  players,
• 16:14
  whether
• 16:15
  it's
• 16:15
  about
• 16:15
  on
• 16:15
  how
• 16:16
  to
• 16:16
  deal
• 16:16
  with
• 16:16
  media
• 16:17
  content
• 16:17
  in
• 16:17
  order
• 16:17
  to
• 16:18
  increase
• 16:18
  the
• 16:19
  stickiness
• 16:19
  of
• 16:20
  your
• 16:20
  loyal
• 16:20
  customers.
• 16:21
  I
• 16:21
  mean
• 16:21
  we
• 16:21
  see
• 16:21
  this
• 16:21
  one
• 16:22
  from
• 16:23
  a
• 16:23
  couple
• 16:23
  of
• 16:24
  big
• 16:24
  players
• 16:24
  here
• 16:25
  in
• 16:25
  the
• 16:25
  States
• 16:26
  investing
• 16:26
  in
• 16:26
  media
• 16:27
  content.
• 16:27
  And
• 16:27
  I
• 16:27
  think
• 16:27
  this
• 16:28
  is,
• 16:28
  this
• 16:29
  is
• 16:29
  of
• 16:29
  a
• 16:29
  very,
• 16:29
  very
• 16:30
  high
• 16:30
  importance.
• 16:31
  Not
• 16:31
  only
• 16:32
  actually
• 16:32
  from
• 16:32
  a
• 16:33
  competitor
• 16:33
  point
• 16:34
  of
• 16:34
  view,
• 16:34
  it's
• 16:35
  about
• 16:35
  the
• 16:35
  potential
• 16:36
  you
• 16:36
  have.
• 16:36
  Because
• 16:38
  when
• 16:38
  you
• 16:38
  have
• 16:38
  the
• 16:38
  chance
• 16:39
  as
• 16:39
  an
• 16:39
  advertiser
• 16:40
  to
• 16:41
  book
• 16:41
  an
• 16:41
  ad
• 16:42
  to
• 16:42
  your
• 16:42
  audience
• 16:43
  and
• 16:43
  measure
• 16:44
  actually
• 16:45
  the
• 16:45
  true
• 16:46
  sell
• 16:47
  through
• 16:47
  performance
• 16:48
  and
• 16:49
  the
• 16:49
  true
• 16:49
  conversion,
• 16:50
  even
• 16:51
  offering
• 16:52
  those
• 16:52
  kind
• 16:52
  of
• 16:52
  products
• 16:53
  by
• 16:53
  one
• 16:53
  or
• 16:53
  two
• 16:54
  clicks
• 16:54
  is.
• 16:55
  Yeah.
• 16:55
  Out
• 16:55
  of
• 16:55
  actually
• 16:56
  the
• 16:56
  running
• 16:58
  live
• 16:59
  broadcasting
• 16:59
  of
• 16:59
  a
• 17:00
  football
• 17:00
  game
• 17:00
  or
• 17:00
  whatsoever.
• 17:01
  This
• 17:01
  is
• 17:02
  truly
• 17:03
  very
• 17:03
  convincing
• 17:04
  for
• 17:04
  the
• 17:04
  advertising
• 17:05
  industry.
• 17:06
  And
• 17:06
  compare
• 17:07
  this
• 17:07
  against
• 17:07
  any
• 17:08
  other
• 17:08
  media
• 17:09
  player
• 17:09
  not
• 17:09
  having
• 17:09
  the
• 17:10
  chance
• 17:10
  to
• 17:11
  integrate
• 17:12
  media
• 17:12
  content,
• 17:12
  advertising
• 17:13
  and
• 17:13
  commerce.
• 17:14
  And
• 17:14
  that's
• 17:15
  a
• 17:15
  swiftly
• 17:15
  way.
• 17:16
  It's
• 17:16
  actually
• 17:16
  I
• 17:17
  think
• 17:17
  decisive,
• 17:17
  looking
• 17:18
  forward.
• 17:18
  Wow,
• 17:20
  this
• 17:20
  is
• 17:21
  so
• 17:21
  impressive,
• 17:21
  Robert.
• 17:22
  I
• 17:22
  mean
• 17:22
  it's
• 17:23
  really
• 17:23
  opening
• 17:23
  my
• 17:24
  eyes
• 17:24
  to
• 17:25
  I
• 17:25
  think
• 17:25
  how,
• 17:26
  how
• 17:26
  very
• 17:27
  different
• 17:28
  you
• 17:28
  need
• 17:28
  to
• 17:28
  set
• 17:29
  up
• 17:29
  your
• 17:29
  teams,
• 17:29
  how
• 17:30
  very
• 17:30
  differently
• 17:30
  you
• 17:31
  need
• 17:31
  to
• 17:31
  set
• 17:31
  up
• 17:31
  your
• 17:31
  businesses
• 17:32
  as
• 17:32
  a
• 17:32
  retailer
• 17:33
  right
• 17:33
  now.
• 17:33
  Because
• 17:34
  you
• 17:34
  are
• 17:35
  not
• 17:35
  just
• 17:35
  taking
• 17:36
  people
• 17:36
  from
• 17:36
  your
• 17:37
  media
• 17:37
  buying
• 17:37
  teams
• 17:38
  as
• 17:38
  a
• 17:38
  retailer
• 17:39
  and
• 17:39
  making
• 17:39
  them
• 17:40
  like
• 17:40
  having
• 17:40
  them
• 17:40
  create
• 17:41
  their
• 17:41
  retail
• 17:41
  media
• 17:42
  business.
• 17:42
  You
• 17:42
  really
• 17:42
  need
• 17:43
  to
• 17:43
  bring
• 17:43
  people
• 17:43
  in
• 17:44
  from
• 17:44
  the
• 17:44
  media
• 17:44
  industry.
• 17:45
  Whole
• 17:45
  new
• 17:45
  business.
• 17:46
  Yeah.
• 17:46
  To
• 17:46
  really
• 17:47
  start
• 17:47
  to
• 17:47
  send
• 17:47
  this
• 17:47
  up
• 17:48
  the
• 17:48
  correct
• 17:48
  way
• 17:49
  based
• 17:50
  on
• 17:50
  your
• 17:50
  very
• 17:51
  extensive
• 17:52
  knowledge.
• 17:52
  Robert,
• 17:53
  I'm
• 17:53
  curious,
• 17:54
  where
• 17:54
  do
• 17:54
  you
• 17:54
  see
• 17:54
  the
• 17:54
  Schwartz
• 17:55
  group
• 17:55
  going
• 17:56
  in
• 17:56
  2025?
• 17:57
  What
• 17:57
  are
• 17:57
  your
• 17:57
  priorities
• 17:58
  as
• 17:58
  you
• 17:58
  start
• 17:59
  to
• 17:59
  really
• 17:59
  define
• 18:00
  success
• 18:01
  for
• 18:01
  the
• 18:01
  retail
• 18:02
  media
• 18:02
  teams
• 18:02
  at
• 18:03
  the
• 18:03
  Schwartz
• 18:03
  Group?
• 18:03
  Yeah,
• 18:04
  actually
• 18:04
  we
• 18:04
  need
• 18:04
  to
• 18:05
  fulfill
• 18:05
  the
• 18:05
  expectations
• 18:06
  of
• 18:07
  the
• 18:07
  media
• 18:07
  players
• 18:07
  and
• 18:08
  the
• 18:08
  advertisers
• 18:08
  out
• 18:08
  there
• 18:09
  and
• 18:09
  which
• 18:10
  might.
• 18:10
  Yeah,
• 18:10
  but
• 18:11
  what
• 18:12
  actually
• 18:12
  might
• 18:12
  sound
• 18:13
  very
• 18:13
  simple.
• 18:14
  It's
• 18:14
  actually
• 18:14
  pretty
• 18:14
  demanding
• 18:15
  because
• 18:15
  you
• 18:15
  need
• 18:16
  capabilities
• 18:16
  and
• 18:16
  know
• 18:17
  how
• 18:17
  you
• 18:17
  usually
• 18:18
  don't
• 18:18
  have
• 18:18
  at
• 18:18
  hand
• 18:19
  as
• 18:19
  a
• 18:19
  retailer.
• 18:20
  For
• 18:20
  the
• 18:20
  retail
• 18:20
  part,
• 18:21
  trade
• 18:21
  marketing,
• 18:22
  this
• 18:22
  actually
• 18:22
  will
• 18:22
  evolve
• 18:23
  and
• 18:23
  it's
• 18:23
  substantial
• 18:24
  that
• 18:24
  this
• 18:24
  evolves
• 18:24
  because
• 18:25
  this
• 18:25
  is
• 18:25
  part
• 18:25
  of
• 18:25
  our
• 18:26
  existing
• 18:26
  retail
• 18:27
  business.
• 18:27
  No
• 18:28
  doubt.
• 18:28
  But
• 18:28
  for
• 18:28
  the
• 18:28
  media
• 18:29
  part,
• 18:30
  we'll
• 18:30
  be
• 18:30
  for
• 18:31
  sure
• 18:31
  in
• 18:31
  terms
• 18:31
  of
• 18:32
  expectations
• 18:33
  be
• 18:33
  more
• 18:34
  confronted
• 18:34
  than
• 18:34
  ever
• 18:34
  before
• 18:35
  in
• 18:36
  serving
• 18:36
  and
• 18:36
  acting
• 18:36
  as
• 18:37
  a
• 18:37
  media
• 18:37
  partner.
• 18:38
  The
• 18:39
  most
• 18:39
  important
• 18:40
  question
• 18:40
  will
• 18:40
  be
• 18:40
  on
• 18:40
  how
• 18:41
  fast
• 18:41
  the
• 18:42
  market
• 18:42
  can
• 18:42
  adopt
• 18:43
  to
• 18:43
  those
• 18:43
  kind
• 18:43
  of
• 18:43
  changes
• 18:44
  because,
• 18:44
  see,
• 18:45
  I
• 18:45
  don't
• 18:45
  want
• 18:46
  to
• 18:46
  be
• 18:46
  asked
• 18:46
  in
• 18:46
  10
• 18:46
  years
• 18:47
  of
• 18:47
  how
• 18:48
  on
• 18:48
  earth
• 18:48
  you
• 18:49
  could
• 18:49
  actually
• 18:50
  gave
• 18:50
  up
• 18:50
  on
• 18:51
  this
• 18:51
  tremendous
• 18:52
  opportunity,
• 18:53
  considering
• 18:53
  the
• 18:54
  fact
• 18:54
  that
• 18:54
  more
• 18:54
  than
• 18:54
  in
• 18:55
  Germany,
• 18:56
  more
• 18:56
  than
• 18:57
  94%
• 18:58
  of
• 18:58
  the
• 18:59
  food
• 19:00
  business
• 19:00
  is
• 19:01
  still
• 19:01
  brick
• 19:01
  and
• 19:01
  mortar.
• 19:02
  Just
• 19:02
  taking
• 19:02
  Germany
• 19:02
  as
• 19:02
  an
• 19:03
  example,
• 19:03
  we
• 19:03
  operate
• 19:03
  in
• 19:03
  Europe,
• 19:04
  so
• 19:05
  there
• 19:05
  is
• 19:06
  this
• 19:06
  digital
• 19:06
  reach
• 19:07
  in
• 19:08
  terms
• 19:08
  of
• 19:08
  data
• 19:09
  technologies.
• 19:10
  We
• 19:10
  are
• 19:10
  there.
• 19:10
  Right.
• 19:11
  And
• 19:11
  the
• 19:11
  most
• 19:11
  important
• 19:12
  aspect
• 19:12
  is
• 19:13
  you
• 19:13
  have
• 19:13
  to
• 19:14
  take
• 19:14
  responsibility
• 19:15
  and
• 19:15
  of
• 19:16
  course,
• 19:16
  in
• 19:16
  a
• 19:16
  very
• 19:16
  trustful
• 19:17
  way,
• 19:17
  treat
• 19:18
  and
• 19:19
  work
• 19:19
  together
• 19:20
  with
• 19:20
  your
• 19:21
  customers,
• 19:21
  your
• 19:22
  retail
• 19:22
  customers,
• 19:22
  because
• 19:23
  actually
• 19:23
  they
• 19:24
  are
• 19:24
  the
• 19:24
  ones
• 19:24
  relying
• 19:25
  on
• 19:25
  you
• 19:25
  that
• 19:26
  actually
• 19:27
  you
• 19:27
  use
• 19:28
  their
• 19:28
  data
• 19:28
  for
• 19:29
  their
• 19:29
  advantage.
• 19:30
  Right.
• 19:30
  And
• 19:31
  this
• 19:31
  is
• 19:32
  a
• 19:32
  framing,
• 19:32
  but
• 19:32
  I
• 19:32
  don't
• 19:33
  want
• 19:33
  to
• 19:33
  be
• 19:33
  asked
• 19:33
  on
• 19:34
  how
• 19:34
  we
• 19:34
  could
• 19:34
  give
• 19:35
  away
• 19:35
  on
• 19:35
  such
• 19:35
  a
• 19:36
  very
• 19:36
  good
• 19:37
  starting
• 19:38
  position
• 19:39
  entering
• 19:39
  this
• 19:40
  race.
• 19:40
  But
• 19:40
  of
• 19:40
  course
• 19:40
  there's
• 19:41
  a
• 19:41
  lot
• 19:41
  of
• 19:41
  work
• 19:42
  ahead
• 19:42
  of
• 19:42
  us.
• 19:42
  Right?
• 19:42
  Right.
• 19:43
  Just
• 19:43
  kind
• 19:43
  of
• 19:43
  mile
• 19:43
  one
• 19:44
  of
• 19:44
  the
• 19:44
  marathon,
• 19:44
  so
• 19:44
  to
• 19:45
  speak,
• 19:45
  in
• 19:45
  a
• 19:45
  lot
• 19:45
  of
• 19:45
  ways.
• 19:45
  And
• 19:46
  keeping
• 19:46
  the
• 19:46
  constituents
• 19:47
  top
• 19:47
  of
• 19:47
  mind
• 19:47
  is
• 19:47
  always
• 19:48
  a
• 19:48
  good
• 19:48
  way
• 19:49
  to
• 19:49
  go
• 19:49
  about
• 19:49
  business.
• 19:50
  So.
• 19:50
  Well,
• 19:50
  Robert,
• 19:50
  thank
• 19:51
  you
• 19:51
  so
• 19:51
  much
• 19:51
  for
• 19:51
  your
• 19:51
  time
• 19:52
  today.
• 19:52
  It
• 19:52
  was
• 19:52
  an
• 19:52
  absolute
• 19:53
  pleasure
• 19:53
  getting
• 19:54
  to
• 19:54
  pick
• 19:54
  your
• 19:54
  brain
• 19:54
  on
• 19:55
  this
• 19:55
  topic.
• 19:55
  I
• 19:55
  know
• 19:56
  Ann
• 19:56
  and
• 19:56
  I
• 19:56
  both
• 19:56
  thoroughly
• 19:57
  enjoyed
• 19:57
  it.
• 19:58
  We'll
• 19:58
  be
• 19:58
  here
• 19:58
  all
• 19:59
  podcast
• 19:59
  studio,
• 19:59
  booth
• 20:00
  4938.
• 20:01
  Stop
• 20:01
  on
• 20:01
  by,
• 20:02
  come
• 20:02
  on
• 20:02
  in,
• 20:02
  say
• 20:03
  hello.
• 20:03
  And
• 20:03
  until
• 20:04
  next
• 20:04
  time,
• 20:04
  Anne,
• 20:05
  be
• 20:05
  careful
• 20:05
  out
• 20:06
  there.