{"id":11091,"date":"2023-12-01T05:39:18","date_gmt":"2023-12-01T05:39:18","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/jason-scot-show-episode-315-2023-turkey5-recap-with-salesforces-rob-garf\/"},"modified":"2023-12-01T05:39:18","modified_gmt":"2023-12-01T05:39:18","slug":"jason-scot-show-episode-315-2023-turkey5-recap-with-salesforces-rob-garf","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/jason-scot-show-episode-315-2023-turkey5-recap-with-salesforces-rob-garf\/","title":{"rendered":"Jason &#038; Scot Show Episode 315 &#8211; 2023 Turkey5 Recap with Salesforces Rob Garf"},"content":{"rendered":"<p> <p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/>\n<\/p>\n<div>\n<p>A weekly podcast with the latest e-commerce news and events. Episode 315 is a recap of Turkey 5 2023 holiday retail season.<\/p>\n<p> <span id=\"more-32397\"\/><\/p>\n<p><strong>Subscribe:<br \/><\/strong><\/p>\n<figure><iframe loading=\"lazy\" style=\"border: none;\" src=\"http:\/\/html5-player.libsyn.com\/embed\/episode\/id\/28843073\/height\/360\/width\/640\/theme\/standard-mini\/autoplay\/no\/autonext\/no\/thumbnail\/yes\/preload\/no\/no_addthis\/no\/direction\/backward\/no-cache\/true\/\" width=\"640\" height=\"360\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">?<\/span><span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">?<\/span><span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">?<\/span><span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">?<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">?<\/span><\/iframe><\/figure>\n<p>Episode 315 is a recap of Turkey5 (The five days from Thanksgiving through Cyber Monday) 2023 with Rob Garf, Vice President and General Manager, Retail at Salesforce. This is Robs\u2019 Six time on the show, having previously been on episodes 110, 248, 282, 299, and 313.<\/p>\n<p>Jason and Scot discuss the \u201cTurkey 5\u201d with their guest Rob Garf, VP and GM for retail at Salesforce. They analyze data from various sources to provide insights into the holiday shopping season. According to the U.S. Department of Commerce, e-commerce grew 7.75% in Q3, while total retail only grew 2%. Jason emphasizes the need for e-commerce to grow at least 7.7% in Q4 to stay on track. Adobe\u2019s data shows that Black Friday sales were up 7.5% and Cyber Monday sales were up 12.4% from the previous year. The speakers also discuss data from BigCommerce, MasterCard, and Salesforce, highlighting growth in online sales on Cyber Monday and Black Friday.<\/p>\n<p>Rob Garf adds his observations on retail industry trends, noting an increase in demand and robust pricing. He mentions a rebound in demand in Europe, excluding the UK, and highlights retailers\u2019 focus on profitability and inventory levels. The discussion then turns to Amazon\u2019s innovative advertising approach during a Friday NFL game, where shoppable ads were displayed via QR codes. Jason believes this strategy will benefit Amazon, as it monetizes viewership and reinforces the brand.<\/p>\n<p>Discounting played a significant role in driving demand during Cyber Week, with retailers offering an average of 30% off. Consumers were patient, waiting for attractive deals, while retailers managed their inventory and discounting strategies well. The luxury category, however, did not perform as strongly, with only a slight increase or even a decrease in sales. The hosts touch on the resale market and the growing popularity of Buy Now, Pay Later (BNPL) options and mobile wallets. They discuss the potential impact of mobile wallets on shopping behavior and note that BNPL resonates with new consumers and has replaced layaway.<\/p>\n<p>Finally, the hosts mention the passing of Charlie Munger and the filing of an IPO by Xi\u2019an, encouraging listeners to support the show and announcing more holiday shopping data and reports on Salesforce.com.<\/p>\n<p>0:00:46 Introduction to the Jason and Scot Show<br \/>0:05:04 Black Friday: First Sales for Vendors<br \/>0:14:06 Softness in Consumer Electronics and Toys Market<br \/>0:14:55 Black Friday and Cyber Monday Impact on Holiday Season Shape<br \/>0:16:32 Retailers\u2019 Inventory Management and Positive Growth Forecast<br \/>0:17:47 Retailers analyzing profitability and customer profitability.<br \/>0:18:29 Increase in Demand and Robust Pricing<br \/>0:22:34 Amazon\u2019s Innovative Advertising and Potential Profitability for Holiday<br \/>0:26:27 Discount rates over Cyber Week in comparison to previous years<br \/>0:29:04 Retailers\u2019 management of inventory and transparency in discounting strategy<br \/>0:31:52 Consumer behavior and the rise of Buy Now, Pay Later (BNPL)<br \/>0:33:32 Mobile wallets and the impact on checkout process and shopping experiences<br \/>0:35:26 Buy Now, Pay Later Growing and Replacing Layaway<br \/>0:37:22 Charlie Munger\u2019s Passing and Xi\u2019an\u2019s IPO Announcement<\/p>\n<p>Throughout this episode make liberal use of real-time data from Salesforce Shopping Insights HQ, which tracks how 1.5+ billion consumers are shaping shopping trends. You can see a real-time holiday dashboard, powered by Tableau so you can interact with the data yourself on the Salesforce Holiday Insights page. <\/p>\n<p>Episode 313 of the Jason &amp; Scot show was recorded on Tuesday November 28th, 2023.<\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[0:23]<\/small>\u00a0<span data-start=\"00:00:23.298\" data-end=\"00:00:31.438\" data-spk=\"0\" data-label=\"Jason\"><span title=\"0:23\">Welcome<\/span>\u00a0<span title=\"0:24\">to<\/span>\u00a0<span title=\"0:24\">the<\/span>\u00a0<span title=\"0:24\">Jason<\/span>\u00a0<span title=\"0:24\">and<\/span>\u00a0<span title=\"0:25\">Scot<\/span>\u00a0<span title=\"0:25\">Show.<\/span>\u00a0<span title=\"0:26\">This<\/span>\u00a0<span title=\"0:26\">is<\/span>\u00a0<span title=\"0:26\">episode<\/span>\u00a0<span title=\"0:26\">315<\/span>\u00a0<span title=\"0:28\">being<\/span>\u00a0<span title=\"0:28\">recorded<\/span>\u00a0<span title=\"0:29\">on<\/span>\u00a0<span title=\"0:29\">Tuesday,<\/span>\u00a0<span title=\"0:30\">November<\/span>\u00a0<span title=\"0:30\">28th.<\/span><\/span><br \/><span data-start=\"00:00:31.638\" data-end=\"00:00:37.238\" data-spk=\"0\" data-label=\"Jason\"><span title=\"0:32\">I\u2019m<\/span>\u00a0<span title=\"0:32\">your<\/span>\u00a0<span title=\"0:32\">host,<\/span>\u00a0<span title=\"0:32\">Jason<\/span>\u00a0<span title=\"0:33\">Retail<\/span>\u00a0<span title=\"0:33\">Geek<\/span>\u00a0<span title=\"0:34\">Goldberg,<\/span>\u00a0<span title=\"0:34\">and<\/span>\u00a0<span title=\"0:34\">as<\/span>\u00a0<span title=\"0:35\">usual,<\/span>\u00a0<span title=\"0:35\">I\u2019m<\/span>\u00a0<span title=\"0:35\">here<\/span>\u00a0<span title=\"0:36\">with<\/span>\u00a0<span title=\"0:36\">your<\/span>\u00a0<span title=\"0:36\">co-host,<\/span>\u00a0<span title=\"0:37\">Scot<\/span>\u00a0<span title=\"0:37\">Wingo.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[0:39]<\/small>\u00a0<span data-start=\"00:00:38.778\" data-end=\"00:00:41.718\" data-spk=\"1\" data-label=\"Scot\"><span title=\"0:39\">Hey,<\/span>\u00a0<span title=\"0:39\">Jason,<\/span>\u00a0<span title=\"0:40\">and<\/span>\u00a0<span title=\"0:40\">welcome<\/span>\u00a0<span title=\"0:40\">back,<\/span>\u00a0<span title=\"0:41\">Jason<\/span>\u00a0<span title=\"0:41\">and<\/span>\u00a0<span title=\"0:41\">Scot<\/span>\u00a0<span title=\"0:41\">Show<\/span>\u00a0<span title=\"0:41\">listeners.<\/span><\/span><br \/><span data-start=\"00:00:42.458\" data-end=\"00:00:47.058\" data-spk=\"1\" data-label=\"Scot\"><span title=\"0:42\">Vigilant<\/span>\u00a0<span title=\"0:43\">listeners<\/span>\u00a0<span title=\"0:43\">will<\/span>\u00a0<span title=\"0:44\">remember<\/span>\u00a0<span title=\"0:44\">that<\/span>\u00a0<span title=\"0:44\">we<\/span>\u00a0<span title=\"0:45\">promised<\/span>\u00a0<span title=\"0:45\">you<\/span>\u00a0<span title=\"0:45\">a<\/span>\u00a0<span title=\"0:46\">delicious<\/span>\u00a0<span title=\"0:46\">turkey<\/span>\u00a0<span title=\"0:47\">five<\/span><\/span><\/p>\n<h2 id=\"chapter0\" class=\"chapter\">Introduction to the Jason and Scot Show<\/h2>\n<p><small>[0:47]<\/small>\u00a0<span data-start=\"00:00:47.058\" data-end=\"00:00:52.498\" data-spk=\"1\" data-label=\"Scot\"><span title=\"0:47\">sandwich<\/span>\u00a0<span title=\"0:48\">starring<\/span>\u00a0<span title=\"0:48\">none<\/span>\u00a0<span title=\"0:49\">other<\/span>\u00a0<span title=\"0:49\">than<\/span>\u00a0<span title=\"0:49\">Rob<\/span>\u00a0<span title=\"0:50\">Garf,<\/span>\u00a0<span title=\"0:50\">VP<\/span>\u00a0<span title=\"0:50\">and<\/span>\u00a0<span title=\"0:51\">GM<\/span>\u00a0<span title=\"0:51\">for<\/span>\u00a0<span title=\"0:51\">retail<\/span>\u00a0<span title=\"0:52\">at<\/span>\u00a0<span title=\"0:52\">Salesforce.<\/span><\/span><br \/><span data-start=\"00:00:52.498\" data-end=\"00:00:55.118\" data-spk=\"1\" data-label=\"Scot\"><span title=\"0:52\">And<\/span>\u00a0<span title=\"0:53\">that\u2019s<\/span>\u00a0<span title=\"0:54\">what<\/span>\u00a0<span title=\"0:54\">we\u2019re<\/span>\u00a0<span title=\"0:54\">delivering<\/span>\u00a0<span title=\"0:55\">today.<\/span><\/span><br \/><span data-start=\"00:00:55.358\" data-end=\"00:01:01.558\" data-spk=\"1\" data-label=\"Scot\"><span title=\"0:55\">Rob<\/span>\u00a0<span title=\"0:56\">was<\/span>\u00a0<span title=\"0:56\">here<\/span>\u00a0<span title=\"0:56\">way<\/span>\u00a0<span title=\"0:57\">back<\/span>\u00a0<span title=\"0:57\">on<\/span>\u00a0<span title=\"0:57\">episode<\/span>\u00a0<span title=\"0:58\">313<\/span>\u00a0<span title=\"0:58\">on<\/span>\u00a0<span title=\"0:59\">November<\/span>\u00a0<span title=\"0:59\">8th.<\/span>\u00a0<span title=\"1:00\">And<\/span>\u00a0<span title=\"1:00\">he<\/span>\u00a0<span title=\"1:00\">is<\/span>\u00a0<span title=\"1:01\">back<\/span>\u00a0<span title=\"1:01\">here<\/span>\u00a0<span title=\"1:01\">today<\/span>\u00a0<\/span><span data-start=\"00:01:01.558\" data-end=\"00:01:04.698\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:02\">to<\/span>\u00a0<span title=\"1:02\">tell<\/span>\u00a0<span title=\"1:02\">us<\/span>\u00a0<span title=\"1:02\">what<\/span>\u00a0<span title=\"1:02\">happened<\/span>\u00a0<span title=\"1:03\">during<\/span>\u00a0<span title=\"1:03\">the<\/span>\u00a0<span title=\"1:04\">Turkey<\/span>\u00a0<span title=\"1:04\">5.<\/span>\u00a0<span title=\"1:04\">Welcome<\/span>\u00a0<span title=\"1:04\">back,<\/span>\u00a0<span title=\"1:05\">Rob.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[1:05]<\/small>\u00a0<span data-start=\"00:01:05.458\" data-end=\"00:01:09.718\" data-spk=\"2\" data-label=\"Rob\"><span title=\"1:05\">Thanks<\/span>\u00a0<span title=\"1:06\">for<\/span>\u00a0<span title=\"1:06\">having<\/span>\u00a0<span title=\"1:06\">me,<\/span>\u00a0<span title=\"1:07\">Jason,<\/span>\u00a0<span title=\"1:07\">Scot.<\/span>\u00a0<span title=\"1:08\">Always<\/span>\u00a0<span title=\"1:08\">a<\/span>\u00a0<span title=\"1:08\">pleasure<\/span>\u00a0<span title=\"1:08\">and<\/span>\u00a0<span title=\"1:09\">look<\/span>\u00a0<span title=\"1:09\">forward<\/span>\u00a0<span title=\"1:09\">to<\/span>\u00a0<span title=\"1:10\">getting<\/span>\u00a0<\/span><span data-start=\"00:01:09.718\" data-end=\"00:01:11.278\" data-spk=\"2\" data-label=\"Rob\"><span title=\"1:10\">into<\/span>\u00a0<span title=\"1:10\">some<\/span>\u00a0<span title=\"1:10\">of<\/span>\u00a0<span title=\"1:10\">this<\/span>\u00a0<span title=\"1:10\">really<\/span>\u00a0<span title=\"1:11\">fun<\/span>\u00a0<span title=\"1:11\">data.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[1:12]<\/small>\u00a0<span data-start=\"00:01:11.878\" data-end=\"00:01:17.218\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:12\">Yeah,<\/span>\u00a0<span title=\"1:12\">this<\/span>\u00a0<span title=\"1:13\">is<\/span>\u00a0<span title=\"1:13\">your<\/span>\u00a0<span title=\"1:13\">record<\/span>\u00a0<span title=\"1:13\">sixth<\/span>\u00a0<span title=\"1:14\">time.<\/span>\u00a0<span title=\"1:14\">So<\/span>\u00a0<span title=\"1:14\">your<\/span>\u00a0<span title=\"1:15\">old<\/span>\u00a0<span title=\"1:15\">hat<\/span>\u00a0<span title=\"1:15\">here.<\/span>\u00a0<span title=\"1:16\">Before<\/span>\u00a0<span title=\"1:16\">we<\/span>\u00a0<span title=\"1:17\">jump<\/span>\u00a0<span title=\"1:17\">in,<\/span>\u00a0<\/span><span data-start=\"00:01:17.298\" data-end=\"00:01:20.018\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:17\">we<\/span>\u00a0<span title=\"1:17\">do<\/span>\u00a0<span title=\"1:18\">want<\/span>\u00a0<span title=\"1:18\">to<\/span>\u00a0<span title=\"1:18\">just<\/span>\u00a0<span title=\"1:18\">kind<\/span>\u00a0<span title=\"1:18\">of<\/span>\u00a0<span title=\"1:18\">set<\/span>\u00a0<span title=\"1:19\">the<\/span>\u00a0<span title=\"1:19\">table,<\/span>\u00a0<span title=\"1:19\">keeping<\/span>\u00a0<span title=\"1:20\">with<\/span>\u00a0<span title=\"1:20\">the<\/span>\u00a0<span title=\"1:20\">post-Thanksgiving,<\/span>\u00a0<\/span><span data-start=\"00:01:20.718\" data-end=\"00:01:21.498\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:21\">theme<\/span>\u00a0<span title=\"1:21\">with<\/span>\u00a0<span title=\"1:21\">some<\/span>\u00a0<span title=\"1:22\">leftovers.<\/span><\/span><br \/><span data-start=\"00:01:22.838\" data-end=\"00:01:28.798\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:23\">I<\/span>\u00a0<span title=\"1:23\">saw<\/span>\u00a0<span title=\"1:23\">what<\/span>\u00a0<span title=\"1:23\">you<\/span>\u00a0<span title=\"1:23\">did<\/span>\u00a0<span title=\"1:23\">there.<\/span>\u00a0<span title=\"1:24\">Yeah.<\/span>\u00a0<span title=\"1:25\">And<\/span>\u00a0<span title=\"1:25\">we,<\/span>\u00a0<span title=\"1:25\">meaning<\/span>\u00a0<span title=\"1:27\">Jason<\/span>\u00a0<span title=\"1:27\">and<\/span>\u00a0<span title=\"1:28\">his<\/span>\u00a0<span title=\"1:28\">army<\/span>\u00a0<span title=\"1:28\">of<\/span>\u00a0<span title=\"1:28\">interns,<\/span>\u00a0<\/span><span data-start=\"00:01:29.038\" data-end=\"00:01:30.918\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:29\">have<\/span>\u00a0<span title=\"1:29\">gathered<\/span>\u00a0<span title=\"1:29\">a<\/span>\u00a0<span title=\"1:30\">bunch<\/span>\u00a0<span title=\"1:30\">of<\/span>\u00a0<span title=\"1:30\">data<\/span>\u00a0<span title=\"1:30\">from<\/span>\u00a0<span title=\"1:30\">other<\/span>\u00a0<span title=\"1:31\">sources.<\/span><\/span><br \/><span data-start=\"00:01:30.918\" data-end=\"00:01:35.278\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:31\">So<\/span>\u00a0<span title=\"1:31\">we<\/span>\u00a0<span title=\"1:31\">just<\/span>\u00a0<span title=\"1:31\">want<\/span>\u00a0<span title=\"1:32\">to<\/span>\u00a0<span title=\"1:32\">give<\/span>\u00a0<span title=\"1:32\">listeners<\/span>\u00a0<span title=\"1:33\">that,<\/span>\u00a0<span title=\"1:33\">and<\/span>\u00a0<span title=\"1:34\">we<\/span>\u00a0<span title=\"1:34\">know<\/span>\u00a0<span title=\"1:34\">you<\/span>\u00a0<span title=\"1:34\">have<\/span>\u00a0<span title=\"1:34\">your<\/span>\u00a0<span title=\"1:35\">own<\/span>\u00a0<span title=\"1:35\">data,<\/span>\u00a0<\/span><span data-start=\"00:01:35.498\" data-end=\"00:01:40.778\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:36\">and<\/span>\u00a0<span title=\"1:36\">we<\/span>\u00a0<span title=\"1:36\">want<\/span>\u00a0<span title=\"1:36\">to<\/span>\u00a0<span title=\"1:37\">paint<\/span>\u00a0<span title=\"1:37\">a<\/span>\u00a0<span title=\"1:37\">complete<\/span>\u00a0<span title=\"1:37\">picture.<\/span>\u00a0<span title=\"1:38\">So,<\/span>\u00a0<span title=\"1:39\">Jason,<\/span>\u00a0<span title=\"1:39\">give<\/span>\u00a0<span title=\"1:39\">us<\/span>\u00a0<span title=\"1:39\">the<\/span>\u00a0<span title=\"1:39\">quick<\/span>\u00a0<span title=\"1:40\">and<\/span>\u00a0<span title=\"1:41\">dirty<\/span>\u00a0<\/span><span data-start=\"00:01:40.778\" data-end=\"00:01:45.278\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:41\">rundown<\/span>\u00a0<span title=\"1:41\">of<\/span>\u00a0<span title=\"1:42\">other<\/span>\u00a0<span title=\"1:42\">data<\/span>\u00a0<span title=\"1:42\">that<\/span>\u00a0<span title=\"1:43\">we\u2019ve<\/span>\u00a0<span title=\"1:43\">seen<\/span>\u00a0<span title=\"1:43\">out<\/span>\u00a0<span title=\"1:43\">there<\/span>\u00a0<span title=\"1:44\">covering<\/span>\u00a0<span title=\"1:44\">the<\/span>\u00a0<span title=\"1:44\">holiday<\/span>\u00a0<span title=\"1:45\">period<\/span>\u00a0<span title=\"1:45\">so<\/span>\u00a0<span title=\"1:45\">far.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[1:46]<\/small>\u00a0<span data-start=\"00:01:45.858\" data-end=\"00:01:48.318\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:46\">Yeah,<\/span>\u00a0<span title=\"1:46\">yeah,<\/span>\u00a0<span title=\"1:46\">yeah.<\/span>\u00a0<span title=\"1:46\">Let\u2019s<\/span>\u00a0<span title=\"1:46\">do<\/span>\u00a0<span title=\"1:47\">it.<\/span>\u00a0<span title=\"1:47\">And<\/span>\u00a0<span title=\"1:47\">side<\/span>\u00a0<span title=\"1:47\">note,<\/span>\u00a0<span title=\"1:47\">Rob,<\/span>\u00a0<span title=\"1:48\">we\u2019re<\/span>\u00a0<span title=\"1:48\">going<\/span>\u00a0<span title=\"1:48\">to<\/span>\u00a0<span title=\"1:48\">keep<\/span>\u00a0<span title=\"1:48\">making<\/span>\u00a0<\/span><span data-start=\"00:01:48.318\" data-end=\"00:01:49.518\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:48\">you<\/span>\u00a0<span title=\"1:48\">come<\/span>\u00a0<span title=\"1:49\">back<\/span>\u00a0<span title=\"1:49\">till<\/span>\u00a0<span title=\"1:49\">you<\/span>\u00a0<span title=\"1:49\">get<\/span>\u00a0<span title=\"1:49\">it<\/span>\u00a0<span title=\"1:49\">right.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[1:50]<\/small>\u00a0<span data-start=\"00:01:50.358\" data-end=\"00:01:51.498\" data-spk=\"2\" data-label=\"Rob\"><span title=\"1:50\">I<\/span>\u00a0<span title=\"1:51\">appreciate<\/span>\u00a0<span title=\"1:51\">it.<\/span>\u00a0<span title=\"1:51\">I\u2019m<\/span>\u00a0<span title=\"1:51\">here.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[1:52]<\/small>\u00a0<span data-start=\"00:01:51.798\" data-end=\"00:01:57.578\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:52\">I\u2019ll<\/span>\u00a0<span title=\"1:52\">do<\/span>\u00a0<span title=\"1:52\">what<\/span>\u00a0<span title=\"1:52\">you<\/span>\u00a0<span title=\"1:52\">need.<\/span>\u00a0<span title=\"1:53\">Awesome.<\/span>\u00a0<span title=\"1:54\">So,<\/span>\u00a0<span title=\"1:54\">super<\/span>\u00a0<span title=\"1:54\">quick<\/span>\u00a0<span title=\"1:54\">reminder,<\/span>\u00a0<span title=\"1:56\">Q3<\/span>\u00a0<span title=\"1:56\">data<\/span>\u00a0<span title=\"1:57\">from<\/span>\u00a0<span title=\"1:57\">the<\/span>\u00a0<span title=\"1:58\">U.S.<\/span><\/span><br \/><span data-start=\"00:01:57.838\" data-end=\"00:02:00.798\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:58\">Department<\/span>\u00a0<span title=\"1:58\">of<\/span>\u00a0<span title=\"1:58\">Commerce,<\/span>\u00a0<span title=\"1:59\">e-commerce<\/span>\u00a0<span title=\"2:00\">for<\/span>\u00a0<span title=\"2:00\">the<\/span>\u00a0<span title=\"2:00\">quarter<\/span>\u00a0<span title=\"2:00\">grew<\/span>\u00a0<span title=\"2:01\">7.75%,<\/span>\u00a0<\/span><span data-start=\"00:02:02.918\" data-end=\"00:02:00.798\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:03\">over,<\/span>\u00a0<\/span><span data-start=\"00:02:03.798\" data-end=\"00:02:08.678\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:04\">the<\/span>\u00a0<span title=\"2:04\">previous<\/span>\u00a0<span title=\"2:04\">year.<\/span>\u00a0<span title=\"2:05\">year,<\/span>\u00a0<span title=\"2:06\">total<\/span>\u00a0<span title=\"2:06\">retail<\/span>\u00a0<span title=\"2:06\">only<\/span>\u00a0<span title=\"2:07\">grew<\/span>\u00a0<span title=\"2:07\">2%<\/span>\u00a0<span title=\"2:08\">from<\/span>\u00a0<span title=\"2:08\">the<\/span>\u00a0<span title=\"2:08\">previous<\/span>\u00a0<span title=\"2:09\">year.<\/span><\/span><br \/><span data-start=\"00:02:09.498\" data-end=\"00:02:17.038\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:10\">And<\/span>\u00a0<span title=\"2:10\">so<\/span>\u00a0<span title=\"2:10\">if<\/span>\u00a0<span title=\"2:10\">you<\/span>\u00a0<span title=\"2:10\">take<\/span>\u00a0<span title=\"2:10\">e-commerce<\/span>\u00a0<span title=\"2:11\">out<\/span>\u00a0<span title=\"2:11\">of<\/span>\u00a0<span title=\"2:12\">total<\/span>\u00a0<span title=\"2:12\">retail,<\/span>\u00a0<span title=\"2:13\">brick<\/span>\u00a0<span title=\"2:13\">and<\/span>\u00a0<span title=\"2:13\">mortar<\/span>\u00a0<span title=\"2:14\">in<\/span>\u00a0<span title=\"2:15\">Q3<\/span>\u00a0<span title=\"2:15\">2023<\/span>\u00a0<span title=\"2:16\">only<\/span>\u00a0<span title=\"2:17\">grew<\/span>\u00a0<span title=\"2:17\">1.08%,<\/span>\u00a0<\/span><span data-start=\"00:02:19.678\" data-end=\"00:02:26.138\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:20\">so<\/span>\u00a0<span title=\"2:20\">lower<\/span>\u00a0<span title=\"2:21\">than<\/span>\u00a0<span title=\"2:21\">traditional.<\/span>\u00a0<span title=\"2:22\">So<\/span>\u00a0<span title=\"2:22\">when<\/span>\u00a0<span title=\"2:23\">you<\/span>\u00a0<span title=\"2:23\">come<\/span>\u00a0<span title=\"2:23\">into<\/span>\u00a0<span title=\"2:23\">the<\/span>\u00a0<span title=\"2:24\">beginning<\/span>\u00a0<span title=\"2:25\">of<\/span>\u00a0<span title=\"2:25\">Q4<\/span>\u00a0<span title=\"2:25\">and<\/span>\u00a0<span title=\"2:26\">holiday<\/span>\u00a0<\/span><span data-start=\"00:02:26.138\" data-end=\"00:02:32.138\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:26\">in<\/span>\u00a0<span title=\"2:26\">particular,<\/span>\u00a0<span title=\"2:27\">in<\/span>\u00a0<span title=\"2:28\">my<\/span>\u00a0<span title=\"2:28\">mind,<\/span>\u00a0<span title=\"2:29\">e-commerce<\/span>\u00a0<span title=\"2:29\">has<\/span>\u00a0<span title=\"2:30\">to<\/span>\u00a0<span title=\"2:30\">grow<\/span>\u00a0<span title=\"2:30\">at<\/span>\u00a0<span title=\"2:30\">7.7%<\/span>\u00a0<span title=\"2:31\">just<\/span>\u00a0<span title=\"2:32\">to<\/span>\u00a0<span title=\"2:32\">stay<\/span>\u00a0<span title=\"2:32\">at<\/span>\u00a0<span title=\"2:32\">par.<\/span><\/span><br \/><span data-start=\"00:02:32.658\" data-end=\"00:02:35.258\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:33\">And<\/span>\u00a0<span title=\"2:33\">brick-and-mortar<\/span>\u00a0<span title=\"2:34\">has<\/span>\u00a0<span title=\"2:34\">to<\/span>\u00a0<span title=\"2:34\">grow<\/span>\u00a0<span title=\"2:35\">more<\/span>\u00a0<span title=\"2:35\">than<\/span>\u00a0<span title=\"2:35\">that<\/span>\u00a0<span title=\"2:35\">one<\/span>\u00a0<span title=\"2:36\">percent.<\/span><\/span><\/p>\n<p><small>[2:37]<\/small>\u00a0<span data-start=\"00:02:36.778\" data-end=\"00:02:40.878\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:37\">So,<\/span>\u00a0<span title=\"2:37\">and<\/span>\u00a0<span title=\"2:37\">I<\/span>\u00a0<span title=\"2:37\">like<\/span>\u00a0<span title=\"2:37\">to<\/span>\u00a0<span title=\"2:38\">start<\/span>\u00a0<span title=\"2:38\">with<\/span>\u00a0<span title=\"2:38\">the<\/span>\u00a0<span title=\"2:38\">lesser<\/span>\u00a0<span title=\"2:39\">data<\/span>\u00a0<span title=\"2:39\">and<\/span>\u00a0<span title=\"2:39\">work<\/span>\u00a0<span title=\"2:40\">our<\/span>\u00a0<span title=\"2:40\">way<\/span>\u00a0<span title=\"2:40\">up<\/span>\u00a0<span title=\"2:40\">to<\/span>\u00a0<span title=\"2:40\">the<\/span>\u00a0<span title=\"2:40\">gold<\/span>\u00a0<\/span><span data-start=\"00:02:40.878\" data-end=\"00:02:44.378\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:41\">standard,<\/span>\u00a0<span title=\"2:41\">very<\/span>\u00a0<span title=\"2:42\">best<\/span>\u00a0<span title=\"2:42\">data<\/span>\u00a0<span title=\"2:42\">we<\/span>\u00a0<span title=\"2:42\">have,<\/span>\u00a0<span title=\"2:43\">which<\/span>\u00a0<span title=\"2:43\">is,<\/span>\u00a0<span title=\"2:43\">of<\/span>\u00a0<span title=\"2:43\">course,<\/span>\u00a0<span title=\"2:44\">the<\/span>\u00a0<span title=\"2:44\">Rob<\/span>\u00a0<span title=\"2:44\">Garth.<\/span><\/span><br \/><span data-start=\"00:02:44.817\" data-end=\"00:02:49.617\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:45\">So<\/span>\u00a0<span title=\"2:45\">our<\/span>\u00a0<span title=\"2:46\">friends<\/span>\u00a0<span title=\"2:46\">at<\/span>\u00a0<span title=\"2:46\">adobe<\/span>\u00a0<span title=\"2:47\">which<\/span>\u00a0<span title=\"2:47\">have<\/span>\u00a0<span title=\"2:48\">a<\/span>\u00a0<span title=\"2:48\">different<\/span>\u00a0<span title=\"2:48\">data<\/span>\u00a0<span title=\"2:48\">set<\/span>\u00a0<span title=\"2:48\">but<\/span>\u00a0<span title=\"2:49\">similar<\/span>\u00a0<span title=\"2:49\">methodology<\/span>\u00a0<\/span><span data-start=\"00:02:49.617\" data-end=\"00:02:53.797\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:50\">and<\/span>\u00a0<span title=\"2:50\">slightly<\/span>\u00a0<span title=\"2:51\">different<\/span>\u00a0<span title=\"2:51\">definition<\/span>\u00a0<span title=\"2:51\">so<\/span>\u00a0<span title=\"2:52\">you<\/span>\u00a0<span title=\"2:52\">can\u2019t<\/span>\u00a0<span title=\"2:52\">perfectly<\/span>\u00a0<span title=\"2:53\">compare<\/span>\u00a0<span title=\"2:53\">apples<\/span>\u00a0<span title=\"2:53\">to<\/span>\u00a0<span title=\"2:53\">apples,<\/span>\u00a0<\/span><span data-start=\"00:02:53.997\" data-end=\"00:02:59.917\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:54\">they<\/span>\u00a0<span title=\"2:55\">said<\/span>\u00a0<span title=\"2:55\">black<\/span>\u00a0<span title=\"2:55\">friday<\/span>\u00a0<span title=\"2:56\">sales<\/span>\u00a0<span title=\"2:56\">were<\/span>\u00a0<span title=\"2:57\">nine<\/span>\u00a0<span title=\"2:57\">point<\/span>\u00a0<span title=\"2:57\">eight<\/span>\u00a0<span title=\"2:57\">billion<\/span>\u00a0<span title=\"2:58\">in<\/span>\u00a0<span title=\"2:59\">the<\/span>\u00a0<span title=\"2:59\">us<\/span>\u00a0<span title=\"2:59\">which<\/span>\u00a0<span title=\"3:00\">is<\/span>\u00a0<\/span><span data-start=\"00:02:59.917\" data-end=\"00:03:03.417\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:00\">up<\/span>\u00a0<span title=\"3:00\">seven<\/span>\u00a0<span title=\"3:01\">point<\/span>\u00a0<span title=\"3:01\">five<\/span>\u00a0<span title=\"3:01\">percent<\/span>\u00a0<span title=\"3:02\">from<\/span>\u00a0<span title=\"3:02\">the<\/span>\u00a0<span title=\"3:02\">year<\/span>\u00a0<span title=\"3:02\">before<\/span>\u00a0<span title=\"3:02\">so<\/span>\u00a0<span title=\"3:02\">that<\/span>\u00a0<span title=\"3:03\">would<\/span>\u00a0<span title=\"3:03\">basically<\/span>\u00a0<span title=\"3:03\">be<\/span>\u00a0<\/span><span data-start=\"00:03:03.417\" data-end=\"00:03:05.457\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:03\">right<\/span>\u00a0<span title=\"3:04\">at<\/span>\u00a0<span title=\"3:04\">that<\/span>\u00a0<span title=\"3:04\">par<\/span>\u00a0<span title=\"3:04\">i<\/span>\u00a0<span title=\"3:04\">was<\/span>\u00a0<span title=\"3:05\">just<\/span>\u00a0<span title=\"3:05\">talking<\/span>\u00a0<span title=\"3:05\">about,<\/span>\u00a0<\/span><span data-start=\"00:03:05.997\" data-end=\"00:03:10.717\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:06\">they<\/span>\u00a0<span title=\"3:06\">said<\/span>\u00a0<span title=\"3:06\">cyber<\/span>\u00a0<span title=\"3:07\">monday<\/span>\u00a0<span title=\"3:07\">was<\/span>\u00a0<span title=\"3:08\">up<\/span>\u00a0<span title=\"3:08\">to<\/span>\u00a0<span title=\"3:08\">twelve<\/span>\u00a0<span title=\"3:08\">point<\/span>\u00a0<span title=\"3:09\">four<\/span>\u00a0<span title=\"3:09\">percent<\/span>\u00a0<span title=\"3:10\">and<\/span>\u00a0<span title=\"3:10\">that<\/span>\u00a0<span title=\"3:10\">was<\/span>\u00a0<span title=\"3:11\">hot<\/span>\u00a0<\/span><span data-start=\"00:03:10.717\" data-end=\"00:03:14.457\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:11\">off<\/span>\u00a0<span title=\"3:11\">the<\/span>\u00a0<span title=\"3:11\">press<\/span>\u00a0<span title=\"3:11\">so<\/span>\u00a0<span title=\"3:11\">i<\/span>\u00a0<span title=\"3:11\">wasn\u2019t<\/span>\u00a0<span title=\"3:12\">able<\/span>\u00a0<span title=\"3:12\">to<\/span>\u00a0<span title=\"3:12\">do<\/span>\u00a0<span title=\"3:12\">the<\/span>\u00a0<span title=\"3:12\">math<\/span>\u00a0<span title=\"3:13\">on<\/span>\u00a0<span title=\"3:13\">what<\/span>\u00a0<span title=\"3:13\">growth<\/span>\u00a0<span title=\"3:14\">rate<\/span>\u00a0<span title=\"3:14\">that<\/span>\u00a0<span title=\"3:14\">was.<\/span><\/span><br \/><span data-start=\"00:03:14.817\" data-end=\"00:03:21.257\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:15\">They<\/span>\u00a0<span title=\"3:15\">said<\/span>\u00a0<span title=\"3:15\">for<\/span>\u00a0<span title=\"3:15\">the<\/span>\u00a0<span title=\"3:15\">whole<\/span>\u00a0<span title=\"3:16\">month<\/span>\u00a0<span title=\"3:16\">of<\/span>\u00a0<span title=\"3:16\">November<\/span>\u00a0<span title=\"3:16\">year<\/span>\u00a0<span title=\"3:17\">to<\/span>\u00a0<span title=\"3:17\">date,<\/span>\u00a0<span title=\"3:18\">that<\/span>\u00a0<span title=\"3:18\">they<\/span>\u00a0<span title=\"3:18\">see<\/span>\u00a0<span title=\"3:19\">November<\/span>\u00a0<span title=\"3:19\">up<\/span>\u00a0<span title=\"3:19\">4.6%<\/span>\u00a0<span title=\"3:20\">from<\/span>\u00a0<span title=\"3:21\">last<\/span>\u00a0<span title=\"3:21\">year.<\/span><\/span><br \/><span data-start=\"00:03:21.417\" data-end=\"00:03:24.897\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:21\">So<\/span>\u00a0<span title=\"3:22\">kind<\/span>\u00a0<span title=\"3:22\">of<\/span>\u00a0<span title=\"3:22\">below<\/span>\u00a0<span title=\"3:22\">that<\/span>\u00a0<span title=\"3:23\">par.<\/span>\u00a0<span title=\"3:23\">These<\/span>\u00a0<span title=\"3:23\">are<\/span>\u00a0<span title=\"3:23\">all<\/span>\u00a0<span title=\"3:23\">numbers<\/span>\u00a0<span title=\"3:24\">Adobe<\/span>\u00a0<span title=\"3:24\">is<\/span>\u00a0<span title=\"3:24\">giving<\/span>\u00a0<span title=\"3:25\">for<\/span>\u00a0<span title=\"3:25\">e-commerce.<\/span><\/span><\/p>\n<p><small>[3:26]<\/small>\u00a0<span data-start=\"00:03:26.337\" data-end=\"00:03:28.757\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:26\">And<\/span>\u00a0<span title=\"3:26\">of<\/span>\u00a0<span title=\"3:27\">particular<\/span>\u00a0<span title=\"3:27\">note,<\/span>\u00a0<span title=\"3:28\">and<\/span>\u00a0<span title=\"3:28\">I<\/span>\u00a0<span title=\"3:28\">know<\/span>\u00a0<span title=\"3:28\">we\u2019ll<\/span>\u00a0<span title=\"3:28\">talk<\/span>\u00a0<span title=\"3:28\">about<\/span>\u00a0<span title=\"3:28\">this<\/span>\u00a0<span title=\"3:28\">more,<\/span>\u00a0<\/span><span data-start=\"00:03:29.117\" data-end=\"00:03:33.197\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:29\">they\u2019ve<\/span>\u00a0<span title=\"3:29\">seen<\/span>\u00a0<span title=\"3:30\">a<\/span>\u00a0<span title=\"3:30\">significant<\/span>\u00a0<span title=\"3:30\">uptick<\/span>\u00a0<span title=\"3:31\">in<\/span>\u00a0<span title=\"3:31\">use<\/span>\u00a0<span title=\"3:32\">of<\/span>\u00a0<span title=\"3:32\">Buy<\/span>\u00a0<span title=\"3:32\">Now,<\/span>\u00a0<span title=\"3:32\">Pay<\/span>\u00a0<span title=\"3:32\">Later<\/span>\u00a0<span title=\"3:33\">services,<\/span>\u00a0<\/span><span data-start=\"00:03:33.477\" data-end=\"00:03:36.877\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:33\">and<\/span>\u00a0<span title=\"3:34\">they\u2019ve<\/span>\u00a0<span title=\"3:34\">seen<\/span>\u00a0<span title=\"3:34\">deeper<\/span>\u00a0<span title=\"3:35\">discounting<\/span>\u00a0<span title=\"3:36\">than<\/span>\u00a0<span title=\"3:36\">we<\/span>\u00a0<span title=\"3:36\">saw<\/span>\u00a0<span title=\"3:36\">last<\/span>\u00a0<span title=\"3:37\">year.<\/span><\/span><br \/><span data-start=\"00:03:37.997\" data-end=\"00:03:41.317\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:38\">Now,<\/span>\u00a0<span title=\"3:38\">Shopify<\/span>\u00a0<span title=\"3:39\">is<\/span>\u00a0<span title=\"3:40\">really<\/span>\u00a0<span title=\"3:40\">out<\/span>\u00a0<span title=\"3:40\">there<\/span>\u00a0<span title=\"3:40\">with<\/span>\u00a0<span title=\"3:40\">a<\/span>\u00a0<span title=\"3:41\">big<\/span>\u00a0<span title=\"3:41\">news<\/span>\u00a0<span title=\"3:41\">cycle.<\/span><\/span><br \/><span data-start=\"00:03:41.477\" data-end=\"00:03:45.177\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:41\">And<\/span>\u00a0<span title=\"3:42\">I<\/span>\u00a0<span title=\"3:42\">don\u2019t<\/span>\u00a0<span title=\"3:42\">want<\/span>\u00a0<span title=\"3:42\">to<\/span>\u00a0<span title=\"3:42\">say<\/span>\u00a0<span title=\"3:42\">they<\/span>\u00a0<span title=\"3:42\">won<\/span>\u00a0<span title=\"3:42\">up<\/span>\u00a0<span title=\"3:43\">Salesforce,<\/span>\u00a0<span title=\"3:43\">but<\/span>\u00a0<span title=\"3:44\">they<\/span>\u00a0<span title=\"3:44\">bought<\/span>\u00a0<span title=\"3:44\">the<\/span>\u00a0<span title=\"3:44\">sphere<\/span>\u00a0<span title=\"3:45\">in<\/span>\u00a0<\/span><span data-start=\"00:03:45.177\" data-end=\"00:03:48.157\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:45\">Las<\/span>\u00a0<span title=\"3:45\">Vegas<\/span>\u00a0<span title=\"3:46\">and<\/span>\u00a0<span title=\"3:46\">broadcast<\/span>\u00a0<span title=\"3:46\">their<\/span>\u00a0<span title=\"3:47\">data<\/span>\u00a0<span title=\"3:47\">on<\/span>\u00a0<span title=\"3:47\">the<\/span>\u00a0<span title=\"3:47\">outside<\/span>\u00a0<span title=\"3:48\">of<\/span>\u00a0<span title=\"3:48\">the<\/span>\u00a0<span title=\"3:48\">sphere,<\/span>\u00a0<\/span><span data-start=\"00:03:48.317\" data-end=\"00:03:50.897\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:48\">which<\/span>\u00a0<span title=\"3:48\">visually<\/span>\u00a0<span title=\"3:50\">is,<\/span>\u00a0<span title=\"3:50\">is<\/span>\u00a0<span title=\"3:50\">super<\/span>\u00a0<span title=\"3:51\">cool.<\/span><\/span><br \/><span data-start=\"00:03:51.597\" data-end=\"00:03:57.717\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:52\">But<\/span>\u00a0<span title=\"3:52\">their<\/span>\u00a0<span title=\"3:52\">data<\/span>\u00a0<span title=\"3:53\">isn\u2019t<\/span>\u00a0<span title=\"3:53\">so<\/span>\u00a0<span title=\"3:54\">useful<\/span>\u00a0<span title=\"3:54\">because<\/span>\u00a0<span title=\"3:55\">they<\/span>\u00a0<span title=\"3:55\">don\u2019t<\/span>\u00a0<span title=\"3:56\">report<\/span>\u00a0<span title=\"3:56\">same<\/span>\u00a0<span title=\"3:57\">store<\/span>\u00a0<span title=\"3:57\">sales.<\/span><\/span><br \/><span data-start=\"00:03:57.817\" data-end=\"00:04:02.097\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:58\">They<\/span>\u00a0<span title=\"3:58\">had<\/span>\u00a0<span title=\"3:58\">a,<\/span>\u00a0<span title=\"3:59\">you<\/span>\u00a0<span title=\"3:59\">know,<\/span>\u00a0<span title=\"3:59\">some<\/span>\u00a0<span title=\"3:59\">unknown<\/span>\u00a0<span title=\"4:00\">basket<\/span>\u00a0<span title=\"4:00\">of<\/span>\u00a0<span title=\"4:00\">merchants<\/span>\u00a0<span title=\"4:00\">that<\/span>\u00a0<span title=\"4:01\">sold<\/span>\u00a0<span title=\"4:01\">a<\/span>\u00a0<span title=\"4:01\">bunch<\/span>\u00a0<span title=\"4:01\">of<\/span>\u00a0<span title=\"4:01\">stuff<\/span>\u00a0<span title=\"4:01\">last<\/span>\u00a0<span title=\"4:02\">year,<\/span>\u00a0<\/span><span data-start=\"00:04:02.097\" data-end=\"00:04:05.717\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:02\">and<\/span>\u00a0<span title=\"4:03\">they<\/span>\u00a0<span title=\"4:03\">had<\/span>\u00a0<span title=\"4:03\">some<\/span>\u00a0<span title=\"4:03\">unknown<\/span>\u00a0<span title=\"4:04\">basket<\/span>\u00a0<span title=\"4:04\">of<\/span>\u00a0<span title=\"4:04\">merchants<\/span>\u00a0<span title=\"4:04\">that<\/span>\u00a0<span title=\"4:05\">sold<\/span>\u00a0<span title=\"4:05\">more<\/span>\u00a0<span title=\"4:05\">stuff<\/span>\u00a0<span title=\"4:05\">this<\/span>\u00a0<span title=\"4:06\">year,<\/span>\u00a0<\/span><span data-start=\"00:04:05.717\" data-end=\"00:04:09.797\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:06\">and<\/span>\u00a0<span title=\"4:06\">we<\/span>\u00a0<span title=\"4:06\">don\u2019t<\/span>\u00a0<span title=\"4:06\">know<\/span>\u00a0<span title=\"4:06\">if<\/span>\u00a0<span title=\"4:07\">the<\/span>\u00a0<span title=\"4:07\">same<\/span>\u00a0<span title=\"4:08\">merchants<\/span>\u00a0<span title=\"4:08\">were<\/span>\u00a0<span title=\"4:08\">here<\/span>\u00a0<span title=\"4:08\">this<\/span>\u00a0<span title=\"4:08\">year<\/span>\u00a0<span title=\"4:09\">and<\/span>\u00a0<span title=\"4:09\">last<\/span>\u00a0<span title=\"4:09\">year<\/span>\u00a0<span title=\"4:09\">or<\/span>\u00a0<\/span><span data-start=\"00:04:09.797\" data-end=\"00:04:13.657\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:10\">if<\/span>\u00a0<span title=\"4:10\">they<\/span>\u00a0<span title=\"4:10\">added<\/span>\u00a0<span title=\"4:10\">a<\/span>\u00a0<span title=\"4:11\">bunch<\/span>\u00a0<span title=\"4:11\">of<\/span>\u00a0<span title=\"4:11\">merchants<\/span>\u00a0<span title=\"4:11\">or,<\/span>\u00a0<span title=\"4:12\">or<\/span>\u00a0<span title=\"4:12\">if<\/span>\u00a0<span title=\"4:13\">this<\/span>\u00a0<span title=\"4:13\">is<\/span>\u00a0<span title=\"4:13\">true<\/span>\u00a0<span title=\"4:13\">growth.<\/span><\/span><br \/><span data-start=\"00:04:13.897\" data-end=\"00:04:17.497\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:14\">So,<\/span>\u00a0<span title=\"4:14\">so<\/span>\u00a0<span title=\"4:15\">while<\/span>\u00a0<span title=\"4:15\">the<\/span>\u00a0<span title=\"4:15\">Shopify<\/span>\u00a0<span title=\"4:15\">numbers<\/span>\u00a0<span title=\"4:16\">are<\/span>\u00a0<span title=\"4:16\">interesting,<\/span>\u00a0<span title=\"4:16\">if<\/span>\u00a0<span title=\"4:17\">you\u2019re<\/span>\u00a0<span title=\"4:17\">investing<\/span>\u00a0<span title=\"4:17\">in<\/span>\u00a0<span title=\"4:17\">Shopify,<\/span>\u00a0<\/span><span data-start=\"00:04:17.497\" data-end=\"00:04:20.677\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:18\">they<\/span>\u00a0<span title=\"4:18\">don\u2019t<\/span>\u00a0<span title=\"4:18\">tell<\/span>\u00a0<span title=\"4:18\">us<\/span>\u00a0<span title=\"4:18\">a<\/span>\u00a0<span title=\"4:18\">lot<\/span>\u00a0<span title=\"4:19\">about<\/span>\u00a0<span title=\"4:19\">what\u2019s<\/span>\u00a0<span title=\"4:20\">happening<\/span>\u00a0<span title=\"4:20\">in<\/span>\u00a0<span title=\"4:20\">the<\/span>\u00a0<span title=\"4:20\">e-commerce<\/span>\u00a0<span title=\"4:21\">world.<\/span><\/span><br \/><span data-start=\"00:04:21.277\" data-end=\"00:04:25.537\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:21\">I<\/span>\u00a0<span title=\"4:22\">did<\/span>\u00a0<span title=\"4:22\">see<\/span>\u00a0<span title=\"4:22\">a<\/span>\u00a0<span title=\"4:23\">super<\/span>\u00a0<span title=\"4:23\">interesting<\/span>\u00a0<span title=\"4:23\">quote<\/span>\u00a0<span title=\"4:24\">from<\/span>\u00a0<span title=\"4:25\">Harley<\/span>\u00a0<span title=\"4:25\">Finkelstein,<\/span>\u00a0<\/span><span data-start=\"00:04:25.597\" data-end=\"00:04:30.877\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:26\">who\u2019s<\/span>\u00a0<span title=\"4:26\">the<\/span>\u00a0<span title=\"4:26\">president<\/span>\u00a0<span title=\"4:26\">of<\/span>\u00a0<span title=\"4:27\">Shopify,<\/span>\u00a0<span title=\"4:27\">and<\/span>\u00a0<span title=\"4:28\">it\u2019s<\/span>\u00a0<span title=\"4:28\">possibly,<\/span>\u00a0<span title=\"4:29\">possibly<\/span>\u00a0<span title=\"4:29\">that<\/span>\u00a0<span title=\"4:30\">he<\/span>\u00a0<span title=\"4:30\">just<\/span>\u00a0<span title=\"4:30\">misworded<\/span>\u00a0<\/span><span data-start=\"00:04:30.877\" data-end=\"00:04:34.997\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:31\">this,<\/span>\u00a0<span title=\"4:31\">but<\/span>\u00a0<span title=\"4:32\">he<\/span>\u00a0<span title=\"4:32\">was<\/span>\u00a0<span title=\"4:33\">excited<\/span>\u00a0<span title=\"4:33\">after<\/span>\u00a0<span title=\"4:33\">Black<\/span>\u00a0<span title=\"4:34\">Friday<\/span>\u00a0<span title=\"4:34\">and<\/span>\u00a0<span title=\"4:34\">he<\/span>\u00a0<span title=\"4:34\">said<\/span>\u00a0<span title=\"4:35\">17.5,<\/span>\u00a0<\/span><span data-start=\"00:04:37.017\" data-end=\"00:04:38.517\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:37\">thousand.<\/span>\u00a0<span title=\"4:38\">So<\/span>\u00a0<span title=\"4:39\">$17,500.<\/span><\/span><\/p>\n<p><small>[4:41]<\/small>\u00a0<span data-start=\"00:04:40.822\" data-end=\"00:04:45.642\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:41\">Vendors<\/span>\u00a0<span title=\"4:42\">made<\/span>\u00a0<span title=\"4:42\">their<\/span>\u00a0<span title=\"4:42\">first<\/span>\u00a0<span title=\"4:43\">sale<\/span>\u00a0<span title=\"4:43\">this<\/span>\u00a0<span title=\"4:44\">Black<\/span>\u00a0<span title=\"4:45\">Friday<\/span>\u00a0<span title=\"4:45\">weekend.<\/span><\/span><br \/><span data-start=\"00:04:45.882\" data-end=\"00:04:49.802\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:46\">So<\/span>\u00a0<span title=\"4:46\">I<\/span>\u00a0<span title=\"4:46\">took<\/span>\u00a0<span title=\"4:46\">that<\/span>\u00a0<span title=\"4:47\">to<\/span>\u00a0<span title=\"4:47\">mean,<\/span>\u00a0<span title=\"4:47\">not<\/span>\u00a0<span title=\"4:48\">that<\/span>\u00a0<span title=\"4:48\">they<\/span>\u00a0<span title=\"4:48\">launched<\/span>\u00a0<span title=\"4:48\">on<\/span>\u00a0<span title=\"4:49\">Friday<\/span>\u00a0<span title=\"4:49\">just<\/span>\u00a0<span title=\"4:49\">in<\/span>\u00a0<span title=\"4:49\">time<\/span>\u00a0<span title=\"4:49\">for<\/span>\u00a0<span title=\"4:50\">Black<\/span>\u00a0<\/span><span data-start=\"00:04:49.802\" data-end=\"00:04:52.842\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:50\">Friday,<\/span>\u00a0<span title=\"4:50\">but<\/span>\u00a0<span title=\"4:50\">that<\/span>\u00a0<span title=\"4:51\">this<\/span>\u00a0<span title=\"4:51\">was<\/span>\u00a0<span title=\"4:51\">their<\/span>\u00a0<span title=\"4:51\">first<\/span>\u00a0<span title=\"4:51\">Black<\/span>\u00a0<span title=\"4:52\">Friday<\/span>\u00a0<span title=\"4:52\">where<\/span>\u00a0<span title=\"4:52\">they<\/span>\u00a0<span title=\"4:52\">sold<\/span>\u00a0<span title=\"4:52\">anything.<\/span><\/span><br \/><span data-start=\"00:04:53.262\" data-end=\"00:04:56.802\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:53\">So<\/span>\u00a0<span title=\"4:53\">that\u2019s<\/span>\u00a0<span title=\"4:54\">17.5<\/span>\u00a0<span title=\"4:55\">thousand<\/span>\u00a0<span title=\"4:56\">new<\/span>\u00a0<span title=\"4:57\">merchants.<\/span><\/span><\/p>\n<p><small>[4:58]<\/small>\u00a0<span data-start=\"00:04:58.322\" data-end=\"00:05:03.882\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:58\">And<\/span>\u00a0<span title=\"4:58\">then<\/span>\u00a0<span title=\"4:59\">he<\/span>\u00a0<span title=\"4:59\">said,<\/span>\u00a0<span title=\"4:59\">in<\/span>\u00a0<span title=\"4:59\">total,<\/span>\u00a0<span title=\"5:00\">55<\/span>\u00a0<span title=\"5:00\">thousand<\/span>\u00a0<span title=\"5:01\">merchants<\/span>\u00a0<span title=\"5:01\">set<\/span>\u00a0<span title=\"5:02\">their<\/span>\u00a0<span title=\"5:02\">all-time<\/span>\u00a0<span title=\"5:02\">daily<\/span>\u00a0<span title=\"5:03\">record<\/span>\u00a0<span title=\"5:03\">on<\/span>\u00a0<span title=\"5:04\">Black<\/span>\u00a0<span title=\"5:04\">Friday.<\/span><\/span><\/p>\n<h2 id=\"chapter1\" class=\"chapter\">Black Friday: First Sales for Vendors<\/h2>\n<p><small>[5:05]<\/small>\u00a0<span data-start=\"00:05:04.622\" data-end=\"00:05:10.082\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:05\">And<\/span>\u00a0<span title=\"5:05\">while<\/span>\u00a0<span title=\"5:05\">those<\/span>\u00a0<span title=\"5:06\">two<\/span>\u00a0<span title=\"5:06\">numbers<\/span>\u00a0<span title=\"5:07\">sound<\/span>\u00a0<span title=\"5:07\">impressive,<\/span>\u00a0<span title=\"5:08\">if<\/span>\u00a0<span title=\"5:08\">you<\/span>\u00a0<span title=\"5:09\">kind<\/span>\u00a0<span title=\"5:09\">of<\/span>\u00a0<span title=\"5:10\">think<\/span>\u00a0<span title=\"5:10\">about<\/span>\u00a0<span title=\"5:10\">it<\/span>\u00a0<\/span><span data-start=\"00:05:10.082\" data-end=\"00:05:14.342\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:10\">for<\/span>\u00a0<span title=\"5:10\">a<\/span>\u00a0<span title=\"5:10\">second,<\/span>\u00a0<span title=\"5:11\">you<\/span>\u00a0<span title=\"5:11\">go,<\/span>\u00a0<span title=\"5:11\">wait,<\/span>\u00a0<span title=\"5:12\">the<\/span>\u00a0<span title=\"5:12\">vast<\/span>\u00a0<span title=\"5:12\">majority<\/span>\u00a0<span title=\"5:13\">of<\/span>\u00a0<span title=\"5:13\">merchants<\/span>\u00a0<span title=\"5:13\">on<\/span>\u00a0<span title=\"5:13\">Shopify<\/span>\u00a0<span title=\"5:14\">that<\/span>\u00a0<span title=\"5:14\">are<\/span>\u00a0<\/span><span data-start=\"00:05:14.342\" data-end=\"00:05:16.822\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:14\">B2C<\/span>\u00a0<span title=\"5:15\">are<\/span>\u00a0<span title=\"5:15\">going<\/span>\u00a0<span title=\"5:15\">to<\/span>\u00a0<span title=\"5:15\">sell<\/span>\u00a0<span title=\"5:16\">their<\/span>\u00a0<span title=\"5:16\">record.<\/span><\/span><br \/><span data-start=\"00:05:17.262\" data-end=\"00:05:19.562\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:17\">Cyber<\/span>\u00a0<span title=\"5:17\">Monday<\/span>\u00a0<span title=\"5:18\">hasn\u2019t<\/span>\u00a0<span title=\"5:18\">happened<\/span>\u00a0<span title=\"5:18\">yet,<\/span>\u00a0<span title=\"5:19\">so<\/span>\u00a0<span title=\"5:19\">take<\/span>\u00a0<span title=\"5:19\">that<\/span>\u00a0<span title=\"5:19\">out<\/span>\u00a0<span title=\"5:19\">of<\/span>\u00a0<span title=\"5:19\">the<\/span>\u00a0<span title=\"5:19\">equation,<\/span>\u00a0<\/span><span data-start=\"00:05:19.942\" data-end=\"00:05:21.982\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:20\">are<\/span>\u00a0<span title=\"5:20\">going<\/span>\u00a0<span title=\"5:20\">to<\/span>\u00a0<span title=\"5:21\">set<\/span>\u00a0<span title=\"5:21\">their<\/span>\u00a0<span title=\"5:21\">all-time<\/span>\u00a0<span title=\"5:21\">record<\/span>\u00a0<span title=\"5:22\">on<\/span>\u00a0<span title=\"5:22\">Black<\/span>\u00a0<span title=\"5:22\">Friday.<\/span><\/span><br \/><span data-start=\"00:05:22.322\" data-end=\"00:05:26.082\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:22\">So<\/span>\u00a0<span title=\"5:22\">not<\/span>\u00a0<span title=\"5:23\">surprised,<\/span>\u00a0<span title=\"5:23\">you<\/span>\u00a0<span title=\"5:23\">would<\/span>\u00a0<span title=\"5:23\">expect<\/span>\u00a0<span title=\"5:24\">the<\/span>\u00a0<span title=\"5:24\">vast<\/span>\u00a0<span title=\"5:25\">majority<\/span>\u00a0<span title=\"5:25\">of<\/span>\u00a0<span title=\"5:25\">all<\/span>\u00a0<span title=\"5:25\">merchants<\/span>\u00a0<span title=\"5:26\">to<\/span>\u00a0<span title=\"5:26\">set<\/span>\u00a0<\/span><span data-start=\"00:05:26.082\" data-end=\"00:05:27.602\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:26\">their<\/span>\u00a0<span title=\"5:27\">Black<\/span>\u00a0<span title=\"5:27\">Friday<\/span>\u00a0<span title=\"5:27\">record.<\/span><\/span><br \/><span data-start=\"00:05:28.182\" data-end=\"00:05:34.822\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:28\">And<\/span>\u00a0<span title=\"5:28\">17.5<\/span>\u00a0<span title=\"5:30\">thousand<\/span>\u00a0<span title=\"5:30\">of<\/span>\u00a0<span title=\"5:30\">them<\/span>\u00a0<span title=\"5:31\">are<\/span>\u00a0<span title=\"5:31\">new.<\/span>\u00a0<span title=\"5:31\">So<\/span>\u00a0<span title=\"5:31\">what<\/span>\u00a0<span title=\"5:31\">that<\/span>\u00a0<span title=\"5:32\">says<\/span>\u00a0<span title=\"5:32\">is<\/span>\u00a0<span title=\"5:32\">there\u2019s<\/span>\u00a0<span title=\"5:33\">only<\/span>\u00a0<span title=\"5:33\">37<\/span>\u00a0<span title=\"5:34\">thousand<\/span>\u00a0<\/span><span data-start=\"00:05:34.822\" data-end=\"00:05:41.002\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:35\">merchants<\/span>\u00a0<span title=\"5:35\">that<\/span>\u00a0<span title=\"5:36\">are<\/span>\u00a0<span title=\"5:36\">a<\/span>\u00a0<span title=\"5:36\">year<\/span>\u00a0<span title=\"5:36\">old<\/span>\u00a0<span title=\"5:36\">on<\/span>\u00a0<span title=\"5:37\">Shopify<\/span>\u00a0<span title=\"5:37\">that<\/span>\u00a0<span title=\"5:37\">sold<\/span>\u00a0<span title=\"5:38\">more<\/span>\u00a0<span title=\"5:38\">this<\/span>\u00a0<span title=\"5:38\">Friday<\/span>\u00a0<span title=\"5:38\">than<\/span>\u00a0<span title=\"5:39\">last<\/span>\u00a0<span title=\"5:40\">year<\/span>\u00a0<span title=\"5:40\">on<\/span>\u00a0<span title=\"5:40\">Black<\/span>\u00a0<span title=\"5:41\">Friday.<\/span><\/span><br \/><span data-start=\"00:05:41.582\" data-end=\"00:05:49.162\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:42\">And<\/span>\u00a0<span title=\"5:42\">that\u2019s,<\/span>\u00a0<span title=\"5:42\">I<\/span>\u00a0<span title=\"5:43\">guess,<\/span>\u00a0<span title=\"5:43\">less<\/span>\u00a0<span title=\"5:44\">than<\/span>\u00a0<span title=\"5:44\">I<\/span>\u00a0<span title=\"5:44\">would<\/span>\u00a0<span title=\"5:44\">expect<\/span>\u00a0<span title=\"5:45\">based<\/span>\u00a0<span title=\"5:45\">on<\/span>\u00a0<span title=\"5:45\">the<\/span>\u00a0<span title=\"5:46\">usual<\/span>\u00a0<span title=\"5:47\">reports<\/span>\u00a0<span title=\"5:48\">we<\/span>\u00a0<span title=\"5:48\">get<\/span>\u00a0<span title=\"5:48\">from<\/span>\u00a0<span title=\"5:49\">Shopify.<\/span><\/span><br \/><span data-start=\"00:05:49.362\" data-end=\"00:05:54.422\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:49\">So<\/span>\u00a0<span title=\"5:49\">that,<\/span>\u00a0<span title=\"5:50\">I\u2019ll<\/span>\u00a0<span title=\"5:50\">just<\/span>\u00a0<span title=\"5:51\">record<\/span>\u00a0<span title=\"5:51\">that<\/span>\u00a0<span title=\"5:52\">as<\/span>\u00a0<span title=\"5:52\">a<\/span>\u00a0<span title=\"5:52\">moment<\/span>\u00a0<span title=\"5:52\">and<\/span>\u00a0<span title=\"5:53\">our<\/span>\u00a0<span title=\"5:53\">stock<\/span>\u00a0<span title=\"5:54\">analysts<\/span>\u00a0<span title=\"5:54\">that<\/span>\u00a0<span title=\"5:54\">cover<\/span>\u00a0<\/span><span data-start=\"00:05:54.422\" data-end=\"00:05:56.742\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:54\">Shopify<\/span>\u00a0<span title=\"5:55\">listening<\/span>\u00a0<span title=\"5:55\">on<\/span>\u00a0<span title=\"5:56\">the<\/span>\u00a0<span title=\"5:56\">call<\/span>\u00a0<span title=\"5:56\">can<\/span>\u00a0<span title=\"5:56\">weigh<\/span>\u00a0<span title=\"5:56\">in<\/span>\u00a0<span title=\"5:56\">on<\/span>\u00a0<span title=\"5:56\">that<\/span>\u00a0<span title=\"5:57\">one.<\/span><\/span><\/p>\n<p><small>[5:58]<\/small>\u00a0<span data-start=\"00:05:57.782\" data-end=\"00:06:01.942\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:58\">BigCommerce,<\/span>\u00a0<span title=\"5:59\">a<\/span>\u00a0<span title=\"5:59\">slightly<\/span>\u00a0<span title=\"5:59\">weirder<\/span>\u00a0<span title=\"6:00\">data<\/span>\u00a0<span title=\"6:00\">set.<\/span>\u00a0<span title=\"6:00\">They<\/span>\u00a0<span title=\"6:01\">saw<\/span>\u00a0<span title=\"6:01\">an<\/span>\u00a0<span title=\"6:01\">outlier,<\/span>\u00a0<\/span><span data-start=\"00:06:02.062\" data-end=\"00:06:06.982\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:02\">they<\/span>\u00a0<span title=\"6:02\">saw<\/span>\u00a0<span title=\"6:02\">14%<\/span>\u00a0<span title=\"6:03\">growth,<\/span>\u00a0<span title=\"6:04\">but<\/span>\u00a0<span title=\"6:04\">again,<\/span>\u00a0<span title=\"6:05\">random,<\/span>\u00a0<span title=\"6:05\">they\u2019re<\/span>\u00a0<span title=\"6:06\">not<\/span>\u00a0<span title=\"6:06\">trying<\/span>\u00a0<span title=\"6:06\">to<\/span>\u00a0<span title=\"6:06\">report<\/span>\u00a0<span title=\"6:07\">at<\/span>\u00a0<span title=\"6:07\">the<\/span>\u00a0<\/span><span data-start=\"00:06:06.982\" data-end=\"00:06:08.662\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:07\">industry,<\/span>\u00a0<span title=\"6:08\">they\u2019re<\/span>\u00a0<span title=\"6:08\">just<\/span>\u00a0<span title=\"6:08\">reporting<\/span>\u00a0<span title=\"6:08\">their<\/span>\u00a0<span title=\"6:08\">clients.<\/span><\/span><br \/><span data-start=\"00:06:09.202\" data-end=\"00:06:12.442\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:09\">And<\/span>\u00a0<span title=\"6:09\">then<\/span>\u00a0<span title=\"6:10\">a<\/span>\u00a0<span title=\"6:10\">particularly<\/span>\u00a0<span title=\"6:10\">interesting<\/span>\u00a0<span title=\"6:11\">one<\/span>\u00a0<span title=\"6:11\">to<\/span>\u00a0<span title=\"6:11\">me<\/span>\u00a0<span title=\"6:11\">is<\/span>\u00a0<span title=\"6:12\">MasterCard.<\/span><\/span><br \/><span data-start=\"00:06:12.782\" data-end=\"00:06:14.102\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:13\">I<\/span>\u00a0<span title=\"6:13\">have<\/span>\u00a0<span title=\"6:13\">a<\/span>\u00a0<span title=\"6:13\">love-hate<\/span>\u00a0<span title=\"6:13\">relationship<\/span>\u00a0<span title=\"6:14\">with<\/span>\u00a0<span title=\"6:14\">MasterCard.<\/span><\/span><br \/><span data-start=\"00:06:14.722\" data-end=\"00:06:20.222\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:15\">Unlike<\/span>\u00a0<span title=\"6:15\">all<\/span>\u00a0<span title=\"6:15\">the<\/span>\u00a0<span title=\"6:15\">rest<\/span>\u00a0<span title=\"6:16\">of<\/span>\u00a0<span title=\"6:16\">you,<\/span>\u00a0<span title=\"6:16\">MasterCard<\/span>\u00a0<span title=\"6:16\">gets<\/span>\u00a0<span title=\"6:17\">a<\/span>\u00a0<span title=\"6:18\">set<\/span>\u00a0<span title=\"6:18\">of<\/span>\u00a0<span title=\"6:19\">data<\/span>\u00a0<span title=\"6:19\">for<\/span>\u00a0<span title=\"6:19\">stores<\/span>\u00a0<span title=\"6:19\">and<\/span>\u00a0<span title=\"6:20\">retailers,<\/span>\u00a0<\/span><span data-start=\"00:06:20.362\" data-end=\"00:06:23.302\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:20\">so<\/span>\u00a0<span title=\"6:20\">they<\/span>\u00a0<span title=\"6:21\">try<\/span>\u00a0<span title=\"6:21\">to<\/span>\u00a0<span title=\"6:21\">forecast<\/span>\u00a0<span title=\"6:21\">what<\/span>\u00a0<span title=\"6:22\">happened<\/span>\u00a0<span title=\"6:22\">in<\/span>\u00a0<span title=\"6:22\">retail,<\/span>\u00a0<span title=\"6:22\">which<\/span>\u00a0<span title=\"6:23\">is<\/span>\u00a0<span title=\"6:23\">super<\/span>\u00a0<span title=\"6:23\">valuable.<\/span><\/span><br \/><span data-start=\"00:06:24.102\" data-end=\"00:06:25.722\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:24\">Historically,<\/span>\u00a0<span title=\"6:25\">I\u2019ve<\/span>\u00a0<span title=\"6:25\">seen<\/span>\u00a0<span title=\"6:25\">some<\/span>\u00a0<span title=\"6:25\">weird<\/span>\u00a0<\/span><span data-start=\"00:06:25.722\" data-end=\"00:06:29.662\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:26\">deviations<\/span>\u00a0<span title=\"6:27\">from<\/span>\u00a0<span title=\"6:27\">MasterCard<\/span>\u00a0<span title=\"6:27\">that<\/span>\u00a0<span title=\"6:27\">make<\/span>\u00a0<span title=\"6:28\">me<\/span>\u00a0<span title=\"6:28\">cautious<\/span>\u00a0<span title=\"6:29\">about<\/span>\u00a0<span title=\"6:29\">their<\/span>\u00a0<span title=\"6:29\">numbers.<\/span><\/span><br \/><span data-start=\"00:06:29.902\" data-end=\"00:06:34.082\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:30\">But<\/span>\u00a0<span title=\"6:30\">this<\/span>\u00a0<span title=\"6:30\">year,<\/span>\u00a0<span title=\"6:31\">they<\/span>\u00a0<span title=\"6:32\">reported<\/span>\u00a0<span title=\"6:32\">Black<\/span>\u00a0<span title=\"6:32\">Friday,<\/span>\u00a0<span title=\"6:33\">they<\/span>\u00a0<span title=\"6:33\">did<\/span>\u00a0<span title=\"6:33\">not<\/span>\u00a0<span title=\"6:33\">report<\/span>\u00a0<span title=\"6:34\">Cyber<\/span>\u00a0<span title=\"6:34\">Monday.<\/span><\/span><br \/><span data-start=\"00:06:34.082\" data-end=\"00:06:37.422\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:34\">Their<\/span>\u00a0<span title=\"6:34\">Black<\/span>\u00a0<span title=\"6:35\">Friday<\/span>\u00a0<span title=\"6:35\">number<\/span>\u00a0<span title=\"6:35\">was<\/span>\u00a0<span title=\"6:35\">up<\/span>\u00a0<span title=\"6:36\">8.5%<\/span>\u00a0<span title=\"6:37\">year<\/span>\u00a0<span title=\"6:37\">over<\/span>\u00a0<span title=\"6:37\">year<\/span>\u00a0<span title=\"6:37\">for<\/span>\u00a0<span title=\"6:38\">eCommerce.<\/span><\/span><\/p>\n<p><small>[6:39]<\/small>\u00a0<span data-start=\"00:06:38.602\" data-end=\"00:06:45.542\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:39\">Which<\/span>\u00a0<span title=\"6:39\">is<\/span>\u00a0<span title=\"6:39\">at<\/span>\u00a0<span title=\"6:40\">the<\/span>\u00a0<span title=\"6:40\">high<\/span>\u00a0<span title=\"6:40\">side<\/span>\u00a0<span title=\"6:40\">of<\/span>\u00a0<span title=\"6:41\">the<\/span>\u00a0<span title=\"6:43\">mean<\/span>\u00a0<span title=\"6:44\">for<\/span>\u00a0<span title=\"6:44\">all<\/span>\u00a0<span title=\"6:45\">these<\/span>\u00a0<span title=\"6:45\">other<\/span>\u00a0<span title=\"6:45\">datasets.<\/span><\/span><br \/><span data-start=\"00:06:46.222\" data-end=\"00:06:50.102\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:46\">And<\/span>\u00a0<span title=\"6:46\">they<\/span>\u00a0<span title=\"6:46\">reported<\/span>\u00a0<span title=\"6:47\">that<\/span>\u00a0<span title=\"6:47\">on<\/span>\u00a0<span title=\"6:47\">Friday,<\/span>\u00a0<span title=\"6:48\">total<\/span>\u00a0<span title=\"6:49\">retail<\/span>\u00a0<span title=\"6:49\">sales<\/span>\u00a0<span title=\"6:50\">were<\/span>\u00a0<span title=\"6:50\">up<\/span>\u00a0<span title=\"6:50\">2.5%.<\/span><\/span><br \/><span data-start=\"00:06:51.502\" data-end=\"00:06:55.922\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:52\">But<\/span>\u00a0<span title=\"6:52\">if<\/span>\u00a0<span title=\"6:52\">you<\/span>\u00a0<span title=\"6:52\">back<\/span>\u00a0<span title=\"6:53\">eCommerce<\/span>\u00a0<span title=\"6:53\">out<\/span>\u00a0<span title=\"6:54\">of<\/span>\u00a0<span title=\"6:54\">that<\/span>\u00a0<span title=\"6:54\">number,<\/span>\u00a0<span title=\"6:55\">brick<\/span>\u00a0<span title=\"6:55\">and<\/span>\u00a0<span title=\"6:55\">mortar<\/span>\u00a0<span title=\"6:55\">was<\/span>\u00a0<span title=\"6:55\">only<\/span>\u00a0<span title=\"6:56\">up<\/span>\u00a0<span title=\"6:56\">1.1%.<\/span><\/span><br \/><span data-start=\"00:06:57.042\" data-end=\"00:07:02.242\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:57\">So<\/span>\u00a0<span title=\"6:57\">basically,<\/span>\u00a0<span title=\"6:58\">I<\/span>\u00a0<span title=\"6:59\">would<\/span>\u00a0<span title=\"6:59\">call<\/span>\u00a0<span title=\"6:59\">all<\/span>\u00a0<span title=\"6:59\">those<\/span>\u00a0<span title=\"7:00\">numbers<\/span>\u00a0<span title=\"7:00\">par<\/span>\u00a0<span title=\"7:00\">with<\/span>\u00a0<span title=\"7:01\">our<\/span>\u00a0<span title=\"7:01\">Q3<\/span>\u00a0<span title=\"7:02\">numbers.<\/span><\/span><br \/><span data-start=\"00:07:02.242\" data-end=\"00:07:05.522\" data-spk=\"0\" data-label=\"Jason\"><span title=\"7:02\">So,<\/span>\u00a0<span title=\"7:03\">that<\/span>\u00a0<span title=\"7:04\">kind<\/span>\u00a0<span title=\"7:04\">of<\/span>\u00a0<span title=\"7:04\">sets<\/span>\u00a0<span title=\"7:05\">the<\/span>\u00a0<span title=\"7:05\">table.<\/span><\/span><br \/><span data-start=\"00:07:06.162\" data-end=\"00:07:09.622\" data-spk=\"0\" data-label=\"Jason\"><span title=\"7:06\">Scot,<\/span>\u00a0<span title=\"7:07\">take<\/span>\u00a0<span title=\"7:07\">us<\/span>\u00a0<span title=\"7:07\">through<\/span>\u00a0<span title=\"7:08\">what<\/span>\u00a0<span title=\"7:09\">we<\/span>\u00a0<span title=\"7:09\">learned<\/span>\u00a0<span title=\"7:09\">from<\/span>\u00a0<span title=\"7:09\">Salesforce.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[7:11]<\/small>\u00a0<span data-start=\"00:07:10.702\" data-end=\"00:07:14.982\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:11\">Yeah.<\/span>\u00a0<span title=\"7:11\">So,<\/span>\u00a0<span title=\"7:12\">a<\/span>\u00a0<span title=\"7:12\">million<\/span>\u00a0<span title=\"7:12\">questions,<\/span>\u00a0<span title=\"7:12\">Rob.<\/span>\u00a0<span title=\"7:13\">Let\u2019s<\/span>\u00a0<span title=\"7:13\">start<\/span>\u00a0<span title=\"7:13\">with,<\/span>\u00a0<span title=\"7:14\">it<\/span>\u00a0<span title=\"7:14\">seems<\/span>\u00a0<span title=\"7:14\">like<\/span>\u00a0<span title=\"7:14\">one<\/span>\u00a0<span title=\"7:15\">of<\/span>\u00a0<span title=\"7:15\">the<\/span>\u00a0<\/span><span data-start=\"00:07:14.982\" data-end=\"00:07:22.242\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:15\">biggest<\/span>\u00a0<span title=\"7:15\">interesting<\/span>\u00a0<span title=\"7:16\">battle<\/span>\u00a0<span title=\"7:17\">royales<\/span>\u00a0<span title=\"7:17\">is,<\/span>\u00a0<span title=\"7:19\">A,<\/span>\u00a0<span title=\"7:19\">why<\/span>\u00a0<span title=\"7:19\">was<\/span>\u00a0<span title=\"7:20\">Rob\u2019s<\/span>\u00a0<span title=\"7:21\">face<\/span>\u00a0<span title=\"7:21\">not<\/span>\u00a0<span title=\"7:22\">on<\/span>\u00a0<span title=\"7:22\">the<\/span>\u00a0<span title=\"7:22\">sphere?<\/span><\/span><br \/><span data-start=\"00:07:22.382\" data-end=\"00:07:27.262\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:22\">And<\/span>\u00a0<span title=\"7:22\">then<\/span>\u00a0<span title=\"7:23\">B,<\/span>\u00a0<span title=\"7:23\">it<\/span>\u00a0<span title=\"7:24\">seems<\/span>\u00a0<span title=\"7:24\">like<\/span>\u00a0<span title=\"7:24\">one<\/span>\u00a0<span title=\"7:25\">of<\/span>\u00a0<span title=\"7:25\">the<\/span>\u00a0<span title=\"7:25\">data<\/span>\u00a0<span title=\"7:25\">sets<\/span>\u00a0<span title=\"7:26\">is<\/span>\u00a0<span title=\"7:26\">saying<\/span>\u00a0<span title=\"7:26\">Cyber<\/span>\u00a0<span title=\"7:26\">Monday<\/span>\u00a0<span title=\"7:27\">is<\/span>\u00a0<span title=\"7:27\">much<\/span>\u00a0<\/span><span data-start=\"00:07:27.262\" data-end=\"00:07:31.802\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:27\">bigger<\/span>\u00a0<span title=\"7:28\">than<\/span>\u00a0<span title=\"7:28\">Black<\/span>\u00a0<span title=\"7:28\">Friday.<\/span>\u00a0<span title=\"7:28\">And<\/span>\u00a0<span title=\"7:29\">then<\/span>\u00a0<span title=\"7:29\">in<\/span>\u00a0<span title=\"7:29\">your<\/span>\u00a0<span title=\"7:29\">pre-show,<\/span>\u00a0<span title=\"7:30\">you<\/span>\u00a0<span title=\"7:30\">had<\/span>\u00a0<span title=\"7:31\">said<\/span>\u00a0<span title=\"7:31\">you<\/span>\u00a0<span title=\"7:32\">guys<\/span>\u00a0<span title=\"7:32\">are<\/span>\u00a0<\/span><span data-start=\"00:07:31.902\" data-end=\"00:07:35.682\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:32\">seeing<\/span>\u00a0<span title=\"7:32\">Black<\/span>\u00a0<span title=\"7:32\">Friday<\/span>\u00a0<span title=\"7:33\">exceed<\/span>\u00a0<span title=\"7:33\">Cyber<\/span>\u00a0<span title=\"7:34\">Monday.<\/span>\u00a0<span title=\"7:34\">So<\/span>\u00a0<span title=\"7:34\">let\u2019s<\/span>\u00a0<span title=\"7:35\">start<\/span>\u00a0<span title=\"7:35\">there.<\/span>\u00a0<span title=\"7:35\">Which<\/span>\u00a0<span title=\"7:35\">was<\/span>\u00a0<span title=\"7:35\">bigger?<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[7:37]<\/small>\u00a0<span data-start=\"00:07:36.540\" data-end=\"00:07:42.720\" data-spk=\"2\" data-label=\"Rob\"><span title=\"7:37\">Yeah.<\/span>\u00a0<span title=\"7:37\">Well,<\/span>\u00a0<span title=\"7:37\">first<\/span>\u00a0<span title=\"7:38\">of<\/span>\u00a0<span title=\"7:38\">all,<\/span>\u00a0<span title=\"7:38\">I<\/span>\u00a0<span title=\"7:38\">lost<\/span>\u00a0<span title=\"7:39\">the<\/span>\u00a0<span title=\"7:40\">coin<\/span>\u00a0<span title=\"7:40\">flip<\/span>\u00a0<span title=\"7:40\">and<\/span>\u00a0<span title=\"7:41\">Astro<\/span>\u00a0<span title=\"7:41\">or<\/span>\u00a0<span title=\"7:42\">Cody,<\/span>\u00a0<\/span><span data-start=\"00:07:43.000\" data-end=\"00:07:45.800\" data-spk=\"2\" data-label=\"Rob\"><span title=\"7:43\">which<\/span>\u00a0<span title=\"7:43\">are<\/span>\u00a0<span title=\"7:43\">critters<\/span>\u00a0<span title=\"7:44\">in<\/span>\u00a0<span title=\"7:44\">Salesforce<\/span>\u00a0<span title=\"7:45\">world,<\/span>\u00a0<span title=\"7:45\">won.<\/span><\/span><br \/><span data-start=\"00:07:45.980\" data-end=\"00:07:51.320\" data-spk=\"2\" data-label=\"Rob\"><span title=\"7:46\">So<\/span>\u00a0<span title=\"7:46\">they<\/span>\u00a0<span title=\"7:46\">got<\/span>\u00a0<span title=\"7:47\">their<\/span>\u00a0<span title=\"7:47\">faces<\/span>\u00a0<span title=\"7:48\">along<\/span>\u00a0<span title=\"7:48\">with<\/span>\u00a0<span title=\"7:48\">Einstein<\/span>\u00a0<span title=\"7:48\">on<\/span>\u00a0<span title=\"7:49\">the<\/span>\u00a0<span title=\"7:49\">sphere<\/span>\u00a0<span title=\"7:49\">a<\/span>\u00a0<span title=\"7:50\">couple<\/span>\u00a0<span title=\"7:50\">of<\/span>\u00a0<span title=\"7:50\">weeks<\/span>\u00a0<span title=\"7:50\">ago<\/span>\u00a0<span title=\"7:50\">during<\/span>\u00a0<span title=\"7:51\">F1.<\/span><\/span><br \/><span data-start=\"00:07:51.520\" data-end=\"00:07:55.560\" data-spk=\"2\" data-label=\"Rob\"><span title=\"7:52\">So<\/span>\u00a0<span title=\"7:52\">I\u2019m<\/span>\u00a0<span title=\"7:52\">still<\/span>\u00a0<span title=\"7:52\">going<\/span>\u00a0<span title=\"7:53\">for<\/span>\u00a0<span title=\"7:54\">it<\/span>\u00a0<span title=\"7:54\">next<\/span>\u00a0<span title=\"7:54\">year,<\/span>\u00a0<span title=\"7:54\">but<\/span>\u00a0<span title=\"7:54\">we\u2019ll<\/span>\u00a0<span title=\"7:55\">see<\/span>\u00a0<span title=\"7:55\">what<\/span>\u00a0<span title=\"7:55\">happens.<\/span><\/span><br \/><span data-start=\"00:07:56.260\" data-end=\"00:07:59.080\" data-spk=\"2\" data-label=\"Rob\"><span title=\"7:56\">But<\/span>\u00a0<span title=\"7:56\">I<\/span>\u00a0<span title=\"7:57\">digress.<\/span>\u00a0<span title=\"7:58\">Let\u2019s<\/span>\u00a0<span title=\"7:58\">get<\/span>\u00a0<span title=\"7:58\">into<\/span>\u00a0<span title=\"7:59\">the<\/span>\u00a0<span title=\"7:59\">numbers.<\/span><\/span><br \/><span data-start=\"00:07:59.400\" data-end=\"00:08:03.760\" data-spk=\"2\" data-label=\"Rob\"><span title=\"7:59\">So<\/span>\u00a0<span title=\"7:59\">yeah,<\/span>\u00a0<span title=\"8:00\">we<\/span>\u00a0<span title=\"8:00\">are<\/span>\u00a0<span title=\"8:01\">seeing,<\/span>\u00a0<span title=\"8:01\">you<\/span>\u00a0<span title=\"8:01\">called<\/span>\u00a0<span title=\"8:01\">it<\/span>\u00a0<span title=\"8:01\">a<\/span>\u00a0<span title=\"8:02\">battle<\/span>\u00a0<span title=\"8:02\">royal.<\/span>\u00a0<span title=\"8:02\">I<\/span>\u00a0<span title=\"8:02\">appreciate<\/span>\u00a0<span title=\"8:03\">any<\/span>\u00a0<span title=\"8:03\">reference<\/span>\u00a0<\/span><span data-start=\"00:08:03.760\" data-end=\"00:08:05.660\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:04\">to<\/span>\u00a0<span title=\"8:04\">1980s<\/span>\u00a0<span title=\"8:05\">wrestling,<\/span>\u00a0<span title=\"8:05\">by<\/span>\u00a0<span title=\"8:05\">the<\/span>\u00a0<span title=\"8:06\">way.<\/span><\/span><br \/><span data-start=\"00:08:05.740\" data-end=\"00:08:09.800\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:06\">So<\/span>\u00a0<span title=\"8:06\">thank<\/span>\u00a0<span title=\"8:06\">you<\/span>\u00a0<span title=\"8:06\">very<\/span>\u00a0<span title=\"8:06\">much,<\/span>\u00a0<span title=\"8:07\">but<\/span>\u00a0<span title=\"8:07\">let\u2019s<\/span>\u00a0<span title=\"8:08\">not<\/span>\u00a0<span title=\"8:08\">go<\/span>\u00a0<span title=\"8:08\">down<\/span>\u00a0<span title=\"8:08\">that<\/span>\u00a0<span title=\"8:08\">path.<\/span>\u00a0<span title=\"8:08\">That<\/span>\u00a0<span title=\"8:09\">could<\/span>\u00a0<span title=\"8:09\">be<\/span>\u00a0<span title=\"8:09\">a<\/span>\u00a0<span title=\"8:09\">whole<\/span>\u00a0<span title=\"8:09\">other<\/span>\u00a0<span title=\"8:09\">podcast.<\/span><\/span><br \/><span data-start=\"00:08:10.100\" data-end=\"00:08:15.400\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:10\">But<\/span>\u00a0<span title=\"8:11\">what<\/span>\u00a0<span title=\"8:11\">we<\/span>\u00a0<span title=\"8:12\">are<\/span>\u00a0<span title=\"8:12\">seeing<\/span>\u00a0<span title=\"8:12\">is,<\/span>\u00a0<span title=\"8:13\">as<\/span>\u00a0<span title=\"8:13\">you<\/span>\u00a0<span title=\"8:13\">mentioned,<\/span>\u00a0<span title=\"8:13\">a<\/span>\u00a0<span title=\"8:14\">battle<\/span>\u00a0<span title=\"8:14\">between<\/span>\u00a0<span title=\"8:14\">Cyber<\/span>\u00a0<span title=\"8:15\">Monday<\/span>\u00a0<span title=\"8:15\">and<\/span>\u00a0<\/span><span data-start=\"00:08:15.400\" data-end=\"00:08:17.220\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:15\">Black<\/span>\u00a0<span title=\"8:16\">Friday<\/span>\u00a0<span title=\"8:16\">for<\/span>\u00a0<span title=\"8:17\">supremacy.<\/span><\/span><\/p>\n<p><small>[8:19]<\/small>\u00a0<span data-start=\"00:08:18.680\" data-end=\"00:08:23.420\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:19\">And<\/span>\u00a0<span title=\"8:19\">they<\/span>\u00a0<span title=\"8:20\">are<\/span>\u00a0<span title=\"8:20\">going<\/span>\u00a0<span title=\"8:20\">back<\/span>\u00a0<span title=\"8:20\">and<\/span>\u00a0<span title=\"8:20\">forth.<\/span>\u00a0<span title=\"8:21\">What<\/span>\u00a0<span title=\"8:21\">we<\/span>\u00a0<span title=\"8:21\">found<\/span>\u00a0<span title=\"8:21\">in<\/span>\u00a0<span title=\"8:21\">our<\/span>\u00a0<span title=\"8:21\">data<\/span>\u00a0<span title=\"8:22\">in<\/span>\u00a0<span title=\"8:22\">2019,<\/span>\u00a0<\/span><span data-start=\"00:08:23.800\" data-end=\"00:08:31.620\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:24\">Black<\/span>\u00a0<span title=\"8:24\">Friday<\/span>\u00a0<span title=\"8:24\">eclipsed<\/span>\u00a0<span title=\"8:26\">Cyber<\/span>\u00a0<span title=\"8:26\">Monday<\/span>\u00a0<span title=\"8:26\">and<\/span>\u00a0<span title=\"8:27\">has<\/span>\u00a0<span title=\"8:27\">remained<\/span>\u00a0<span title=\"8:27\">there,<\/span>\u00a0<span title=\"8:28\">especially<\/span>\u00a0<span title=\"8:29\">outside<\/span>\u00a0<span title=\"8:30\">of<\/span>\u00a0<span title=\"8:30\">the<\/span>\u00a0<span title=\"8:31\">United<\/span>\u00a0<span title=\"8:31\">States.<\/span><\/span><br \/><span data-start=\"00:08:31.620\" data-end=\"00:08:36.440\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:32\">And<\/span>\u00a0<span title=\"8:32\">so<\/span>\u00a0<span title=\"8:32\">we\u2019re<\/span>\u00a0<span title=\"8:33\">seeing<\/span>\u00a0<span title=\"8:33\">big<\/span>\u00a0<span title=\"8:34\">growth<\/span>\u00a0<span title=\"8:34\">and,<\/span>\u00a0<span title=\"8:34\">you<\/span>\u00a0<span title=\"8:35\">know,<\/span>\u00a0<span title=\"8:35\">partly<\/span>\u00a0<span title=\"8:35\">what\u2019s<\/span>\u00a0<span title=\"8:36\">contributing<\/span>\u00a0<span title=\"8:36\">to<\/span>\u00a0<\/span><span data-start=\"00:08:36.440\" data-end=\"00:08:39.820\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:36\">that<\/span>\u00a0<span title=\"8:37\">is<\/span>\u00a0<span title=\"8:37\">not<\/span>\u00a0<span title=\"8:37\">only<\/span>\u00a0<span title=\"8:37\">Alibaba,<\/span>\u00a0<span title=\"8:38\">which<\/span>\u00a0<span title=\"8:38\">has<\/span>\u00a0<span title=\"8:39\">been<\/span>\u00a0<span title=\"8:39\">in<\/span>\u00a0<span title=\"8:39\">place<\/span>\u00a0<span title=\"8:39\">for<\/span>\u00a0<span title=\"8:39\">some<\/span>\u00a0<span title=\"8:39\">time,<\/span>\u00a0<\/span><span data-start=\"00:08:39.960\" data-end=\"00:08:44.520\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:40\">but<\/span>\u00a0<span title=\"8:40\">Timu<\/span>\u00a0<span title=\"8:41\">and<\/span>\u00a0<span title=\"8:41\">Xi\u2019an,<\/span>\u00a0<span title=\"8:42\">which<\/span>\u00a0<span title=\"8:42\">I<\/span>\u00a0<span title=\"8:42\">know<\/span>\u00a0<span title=\"8:43\">you<\/span>\u00a0<span title=\"8:43\">gentlemen<\/span>\u00a0<span title=\"8:43\">like<\/span>\u00a0<span title=\"8:44\">to<\/span>\u00a0<span title=\"8:44\">talk<\/span>\u00a0<span title=\"8:44\">about.<\/span><\/span><br \/><span data-start=\"00:08:45.200\" data-end=\"00:08:49.340\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:45\">So<\/span>\u00a0<span title=\"8:45\">regardless<\/span>\u00a0<span title=\"8:46\">what<\/span>\u00a0<span title=\"8:46\">I<\/span>\u00a0<span title=\"8:47\">think,<\/span>\u00a0<span title=\"8:47\">two<\/span>\u00a0<span title=\"8:47\">things<\/span>\u00a0<span title=\"8:48\">based<\/span>\u00a0<span title=\"8:48\">on<\/span>\u00a0<span title=\"8:48\">all<\/span>\u00a0<span title=\"8:48\">the<\/span>\u00a0<span title=\"8:49\">data<\/span>\u00a0<span title=\"8:49\">that<\/span>\u00a0<span title=\"8:49\">you<\/span>\u00a0<span title=\"8:49\">provide,<\/span>\u00a0<\/span><span data-start=\"00:08:49.380\" data-end=\"00:08:54.340\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:49\">and<\/span>\u00a0<span title=\"8:49\">I<\/span>\u00a0<span title=\"8:50\">appreciate<\/span>\u00a0<span title=\"8:50\">the<\/span>\u00a0<span title=\"8:50\">broad<\/span>\u00a0<span title=\"8:51\">perspective<\/span>\u00a0<span title=\"8:51\">that<\/span>\u00a0<span title=\"8:52\">you<\/span>\u00a0<span title=\"8:52\">share<\/span>\u00a0<span title=\"8:52\">here,<\/span>\u00a0<span title=\"8:53\">is<\/span>\u00a0<span title=\"8:53\">people<\/span>\u00a0<span title=\"8:53\">are<\/span>\u00a0<span title=\"8:54\">actually<\/span>\u00a0<span title=\"8:54\">buying.<\/span><\/span><br \/><span data-start=\"00:08:54.720\" data-end=\"00:08:59.780\" data-spk=\"2\" data-label=\"Rob\"><span title=\"8:55\">They<\/span>\u00a0<span title=\"8:55\">might<\/span>\u00a0<span title=\"8:55\">not<\/span>\u00a0<span title=\"8:56\">be<\/span>\u00a0<span title=\"8:56\">buying<\/span>\u00a0<span title=\"8:56\">as<\/span>\u00a0<span title=\"8:57\">much<\/span>\u00a0<span title=\"8:57\">as<\/span>\u00a0<span title=\"8:57\">they<\/span>\u00a0<span title=\"8:57\">were<\/span>\u00a0<span title=\"8:58\">in<\/span>\u00a0<span title=\"8:58\">the<\/span>\u00a0<span title=\"8:58\">past<\/span>\u00a0<span title=\"8:59\">and<\/span>\u00a0<span title=\"8:59\">throughout<\/span>\u00a0<span title=\"8:59\">the<\/span>\u00a0<\/span><span data-start=\"00:08:59.780\" data-end=\"00:09:01.640\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:00\">pandemic,<\/span>\u00a0<span title=\"9:01\">but<\/span>\u00a0<span title=\"9:01\">But<\/span>\u00a0<span title=\"9:01\">there<\/span>\u00a0<span title=\"9:01\">is<\/span>\u00a0<span title=\"9:01\">demand.<\/span><\/span><br \/><span data-start=\"00:09:02.360\" data-end=\"00:09:05.180\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:02\">And<\/span>\u00a0<span title=\"9:03\">you<\/span>\u00a0<span title=\"9:03\">know,<\/span>\u00a0<span title=\"9:03\">I<\/span>\u00a0<span title=\"9:03\">think<\/span>\u00a0<span title=\"9:03\">that\u2019s<\/span>\u00a0<span title=\"9:03\">important<\/span>\u00a0<span title=\"9:04\">because<\/span>\u00a0<span title=\"9:04\">when<\/span>\u00a0<span title=\"9:04\">we<\/span>\u00a0<span title=\"9:04\">look<\/span>\u00a0<span title=\"9:05\">at<\/span>\u00a0<span title=\"9:05\">our<\/span>\u00a0<span title=\"9:05\">numbers<\/span>\u00a0<span title=\"9:05\">and<\/span>\u00a0<\/span><span data-start=\"00:09:05.180\" data-end=\"00:09:08.260\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:05\">just<\/span>\u00a0<span title=\"9:05\">to<\/span>\u00a0<span title=\"9:06\">put<\/span>\u00a0<span title=\"9:06\">it<\/span>\u00a0<span title=\"9:06\">out<\/span>\u00a0<span title=\"9:06\">there<\/span>\u00a0<span title=\"9:06\">for<\/span>\u00a0<span title=\"9:06\">Cyber<\/span>\u00a0<span title=\"9:07\">Monday,<\/span>\u00a0<span title=\"9:07\">and<\/span>\u00a0<span title=\"9:07\">we<\/span>\u00a0<span title=\"9:07\">can<\/span>\u00a0<span title=\"9:07\">bounce<\/span>\u00a0<span title=\"9:08\">around<\/span>\u00a0<span title=\"9:08\">here<\/span>\u00a0<span title=\"9:08\">wherever<\/span>\u00a0<\/span><span data-start=\"00:09:08.260\" data-end=\"00:09:11.660\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:08\">you\u2019d<\/span>\u00a0<span title=\"9:08\">like<\/span>\u00a0<span title=\"9:09\">to<\/span>\u00a0<span title=\"9:09\">go,<\/span>\u00a0<span title=\"9:09\">is<\/span>\u00a0<span title=\"9:09\">we<\/span>\u00a0<span title=\"9:10\">chalked<\/span>\u00a0<span title=\"9:11\">our<\/span>\u00a0<span title=\"9:11\">number<\/span>\u00a0<span title=\"9:11\">at<\/span>\u00a0<span title=\"9:12\">12.6.<\/span><\/span><\/p>\n<p><small>[9:13]<\/small>\u00a0<span data-start=\"00:09:12.900\" data-end=\"00:09:17.660\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:13\">Billion<\/span>\u00a0<span title=\"9:14\">in<\/span>\u00a0<span title=\"9:15\">the<\/span>\u00a0<span title=\"9:15\">United<\/span>\u00a0<span title=\"9:15\">States,<\/span>\u00a0<span title=\"9:16\">and<\/span>\u00a0<span title=\"9:16\">that\u2019s<\/span>\u00a0<span title=\"9:16\">a<\/span>\u00a0<span title=\"9:16\">growth<\/span>\u00a0<span title=\"9:16\">of<\/span>\u00a0<span title=\"9:17\">3%.<\/span><\/span><br \/><span data-start=\"00:09:17.660\" data-end=\"00:09:21.980\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:18\">And<\/span>\u00a0<span title=\"9:18\">I\u2019ll<\/span>\u00a0<span title=\"9:18\">call<\/span>\u00a0<span title=\"9:18\">it<\/span>\u00a0<span title=\"9:19\">a<\/span>\u00a0<span title=\"9:19\">healthy<\/span>\u00a0<span title=\"9:19\">growth<\/span>\u00a0<span title=\"9:20\">of<\/span>\u00a0<span title=\"9:20\">3%.<\/span>\u00a0<span title=\"9:21\">And<\/span>\u00a0<span title=\"9:21\">the<\/span>\u00a0<span title=\"9:21\">reason<\/span>\u00a0<span title=\"9:21\">being<\/span>\u00a0<span title=\"9:22\">is,<\/span>\u00a0<\/span><span data-start=\"00:09:22.400\" data-end=\"00:09:24.720\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:22\">for<\/span>\u00a0<span title=\"9:23\">the<\/span>\u00a0<span title=\"9:23\">first<\/span>\u00a0<span title=\"9:23\">time<\/span>\u00a0<span title=\"9:23\">in<\/span>\u00a0<span title=\"9:24\">five<\/span>\u00a0<span title=\"9:24\">quarters,<\/span>\u00a0<\/span><span data-start=\"00:09:25.899\" data-end=\"00:09:33.139\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:26\">we<\/span>\u00a0<span title=\"9:26\">saw<\/span>\u00a0<span title=\"9:27\">growth<\/span>\u00a0<span title=\"9:27\">being<\/span>\u00a0<span title=\"9:28\">generated<\/span>\u00a0<span title=\"9:29\">by<\/span>\u00a0<span title=\"9:30\">increased<\/span>\u00a0<span title=\"9:30\">consumer<\/span>\u00a0<span title=\"9:31\">demand<\/span>\u00a0<span title=\"9:31\">and<\/span>\u00a0<span title=\"9:32\">not<\/span>\u00a0<span title=\"9:32\">just<\/span>\u00a0<span title=\"9:33\">merely<\/span>\u00a0<\/span><span data-start=\"00:09:33.139\" data-end=\"00:09:37.899\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:33\">higher<\/span>\u00a0<span title=\"9:34\">prices,<\/span>\u00a0<span title=\"9:35\">which<\/span>\u00a0<span title=\"9:35\">is<\/span>\u00a0<span title=\"9:35\">our<\/span>\u00a0<span title=\"9:36\">indicator<\/span>\u00a0<span title=\"9:36\">for<\/span>\u00a0<span title=\"9:37\">inflation.<\/span><\/span><br \/><span data-start=\"00:09:38.759\" data-end=\"00:09:42.079\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:39\">And<\/span>\u00a0<span title=\"9:39\">just<\/span>\u00a0<span title=\"9:39\">to<\/span>\u00a0<span title=\"9:39\">put<\/span>\u00a0<span title=\"9:39\">it<\/span>\u00a0<span title=\"9:39\">in<\/span>\u00a0<span title=\"9:40\">perspective,<\/span>\u00a0<span title=\"9:40\">let<\/span>\u00a0<span title=\"9:40\">me<\/span>\u00a0<span title=\"9:40\">talk<\/span>\u00a0<span title=\"9:41\">about<\/span>\u00a0<span title=\"9:41\">Black<\/span>\u00a0<span title=\"9:41\">Friday<\/span>\u00a0<span title=\"9:42\">here,<\/span>\u00a0<\/span><span data-start=\"00:09:42.139\" data-end=\"00:09:45.299\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:42\">because<\/span>\u00a0<span title=\"9:42\">you<\/span>\u00a0<span title=\"9:42\">mentioned<\/span>\u00a0<span title=\"9:43\">the<\/span>\u00a0<span title=\"9:43\">battle<\/span>\u00a0<span title=\"9:44\">that\u2019s<\/span>\u00a0<span title=\"9:45\">happening<\/span>\u00a0<span title=\"9:45\">here.<\/span><\/span><br \/><span data-start=\"00:09:45.519\" data-end=\"00:09:51.779\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:46\">We<\/span>\u00a0<span title=\"9:46\">saw<\/span>\u00a0<span title=\"9:46\">16.4<\/span>\u00a0<span title=\"9:47\">billion<\/span>\u00a0<span title=\"9:48\">in<\/span>\u00a0<span title=\"9:49\">online<\/span>\u00a0<span title=\"9:49\">sales<\/span>\u00a0<span title=\"9:50\">for<\/span>\u00a0<span title=\"9:50\">Black<\/span>\u00a0<span title=\"9:51\">Friday<\/span>\u00a0<span title=\"9:51\">in<\/span>\u00a0<span title=\"9:51\">the<\/span>\u00a0<span title=\"9:52\">US,<\/span>\u00a0<\/span><span data-start=\"00:09:52.059\" data-end=\"00:09:58.139\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:52\">and<\/span>\u00a0<span title=\"9:52\">that<\/span>\u00a0<span title=\"9:53\">was<\/span>\u00a0<span title=\"9:53\">up<\/span>\u00a0<span title=\"9:53\">9%.<\/span>\u00a0<span title=\"9:55\">And<\/span>\u00a0<span title=\"9:55\">so,<\/span>\u00a0<span title=\"9:56\">as<\/span>\u00a0<span title=\"9:56\">I<\/span>\u00a0<span title=\"9:56\">mentioned,<\/span>\u00a0<span title=\"9:56\">what<\/span>\u00a0<span title=\"9:56\">this<\/span>\u00a0<span title=\"9:57\">shows<\/span>\u00a0<span title=\"9:57\">us<\/span>\u00a0<span title=\"9:57\">is<\/span>\u00a0<span title=\"9:57\">people<\/span>\u00a0<span title=\"9:58\">are<\/span>\u00a0<span title=\"9:58\">buying.<\/span><\/span><br \/><span data-start=\"00:09:58.359\" data-end=\"00:10:05.079\" data-spk=\"2\" data-label=\"Rob\"><span title=\"9:58\">What<\/span>\u00a0<span title=\"9:58\">it\u2019s<\/span>\u00a0<span title=\"9:59\">also<\/span>\u00a0<span title=\"9:59\">showing<\/span>\u00a0<span title=\"10:00\">is<\/span>\u00a0<span title=\"10:00\">that<\/span>\u00a0<span title=\"10:01\">there\u2019s<\/span>\u00a0<span title=\"10:01\">a<\/span>\u00a0<span title=\"10:01\">high<\/span>\u00a0<span title=\"10:01\">concentration<\/span>\u00a0<span title=\"10:02\">of<\/span>\u00a0<span title=\"10:03\">online<\/span>\u00a0<span title=\"10:04\">sales<\/span>\u00a0<span title=\"10:04\">for<\/span>\u00a0<span title=\"10:04\">those<\/span>\u00a0<span title=\"10:05\">two<\/span>\u00a0<span title=\"10:05\">days.<\/span><\/span><br \/><span data-start=\"00:10:05.259\" data-end=\"00:10:09.179\" data-spk=\"2\" data-label=\"Rob\"><span title=\"10:05\">And<\/span>\u00a0<span title=\"10:05\">sure,<\/span>\u00a0<span title=\"10:06\">you<\/span>\u00a0<span title=\"10:06\">two<\/span>\u00a0<span title=\"10:07\">gentlemen<\/span>\u00a0<span title=\"10:07\">are<\/span>\u00a0<span title=\"10:07\">laughing<\/span>\u00a0<span title=\"10:07\">because<\/span>\u00a0<span title=\"10:08\">that\u2019s<\/span>\u00a0<span title=\"10:08\">been<\/span>\u00a0<span title=\"10:08\">that<\/span>\u00a0<span title=\"10:09\">way<\/span>\u00a0<span title=\"10:09\">since<\/span>\u00a0<\/span><span data-start=\"00:10:09.179\" data-end=\"00:10:13.719\" data-spk=\"2\" data-label=\"Rob\"><span title=\"10:09\">Cyber<\/span>\u00a0<span title=\"10:10\">Monday<\/span>\u00a0<span title=\"10:11\">was<\/span>\u00a0<span title=\"10:12\">coined<\/span>\u00a0<span title=\"10:12\">in<\/span>\u00a0<span title=\"10:13\">2005,<\/span>\u00a0<\/span><span data-start=\"00:10:13.939\" data-end=\"00:10:18.399\" data-spk=\"2\" data-label=\"Rob\"><span title=\"10:14\">but<\/span>\u00a0<span title=\"10:15\">there<\/span>\u00a0<span title=\"10:15\">has<\/span>\u00a0<span title=\"10:16\">been<\/span>\u00a0<span title=\"10:16\">a<\/span>\u00a0<span title=\"10:16\">smoothing<\/span>\u00a0<span title=\"10:16\">out<\/span>\u00a0<span title=\"10:16\">of<\/span>\u00a0<span title=\"10:16\">demand,<\/span>\u00a0<span title=\"10:17\">particularly<\/span>\u00a0<span title=\"10:17\">around<\/span>\u00a0<span title=\"10:18\">Cyber<\/span>\u00a0<span title=\"10:18\">Week<\/span>\u00a0<\/span><span data-start=\"00:10:18.399\" data-end=\"00:10:23.299\" data-spk=\"2\" data-label=\"Rob\"><span title=\"10:18\">or<\/span>\u00a0<span title=\"10:19\">cyber<\/span>\u00a0<span title=\"10:19\">five<\/span>\u00a0<span title=\"10:19\">for<\/span>\u00a0<span title=\"10:20\">the<\/span>\u00a0<span title=\"10:20\">last<\/span>\u00a0<span title=\"10:20\">several<\/span>\u00a0<span title=\"10:20\">years,<\/span>\u00a0<span title=\"10:21\">but<\/span>\u00a0<span title=\"10:21\">there\u2019s<\/span>\u00a0<span title=\"10:21\">been<\/span>\u00a0<span title=\"10:21\">a<\/span>\u00a0<span title=\"10:22\">stark<\/span>\u00a0<span title=\"10:22\">shift<\/span>\u00a0<span title=\"10:23\">back<\/span>\u00a0<\/span><span data-start=\"00:10:23.299\" data-end=\"00:10:26.359\" data-spk=\"2\" data-label=\"Rob\"><span title=\"10:23\">to<\/span>\u00a0<span title=\"10:24\">those<\/span>\u00a0<span title=\"10:25\">two<\/span>\u00a0<span title=\"10:25\">prominent<\/span>\u00a0<span title=\"10:26\">days.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[10:27]<\/small>\u00a0<span data-start=\"00:10:27.339\" data-end=\"00:10:32.619\" data-spk=\"0\" data-label=\"Jason\"><span title=\"10:27\">So<\/span>\u00a0<span title=\"10:27\">interesting<\/span>\u00a0<span title=\"10:28\">on<\/span>\u00a0<span title=\"10:28\">the<\/span>\u00a0<span title=\"10:29\">top<\/span>\u00a0<span title=\"10:29\">line<\/span>\u00a0<span title=\"10:29\">numbers,<\/span>\u00a0<span title=\"10:30\">one<\/span>\u00a0<span title=\"10:31\">of<\/span>\u00a0<span title=\"10:31\">the,<\/span>\u00a0<span title=\"10:32\">you<\/span>\u00a0<span title=\"10:32\">mentioned<\/span>\u00a0<span title=\"10:32\">that<\/span>\u00a0<span title=\"10:32\">you\u2019re,<\/span>\u00a0<\/span><span data-start=\"00:10:32.619\" data-end=\"00:10:36.659\" data-spk=\"0\" data-label=\"Jason\"><span title=\"10:33\">you\u2019re<\/span>\u00a0<span title=\"10:33\">seeing<\/span>\u00a0<span title=\"10:33\">items<\/span>\u00a0<span title=\"10:34\">increase,<\/span>\u00a0<span title=\"10:34\">not<\/span>\u00a0<span title=\"10:34\">just<\/span>\u00a0<span title=\"10:35\">prices,<\/span>\u00a0<span title=\"10:36\">right?<\/span>\u00a0<span title=\"10:36\">Which<\/span>\u00a0<span title=\"10:36\">kind<\/span>\u00a0<span title=\"10:36\">of<\/span>\u00a0<span title=\"10:36\">opens<\/span>\u00a0<span title=\"10:36\">the<\/span>\u00a0<\/span><span data-start=\"00:10:36.659\" data-end=\"00:10:41.779\" data-spk=\"0\" data-label=\"Jason\"><span title=\"10:37\">whole<\/span>\u00a0<span title=\"10:37\">specter<\/span>\u00a0<span title=\"10:38\">of,<\/span>\u00a0<span title=\"10:38\">of<\/span>\u00a0<span title=\"10:38\">it\u2019s,<\/span>\u00a0<span title=\"10:39\">we\u2019re<\/span>\u00a0<span title=\"10:39\">not<\/span>\u00a0<span title=\"10:39\">just<\/span>\u00a0<span title=\"10:39\">seeing<\/span>\u00a0<span title=\"10:39\">growth<\/span>\u00a0<span title=\"10:40\">for<\/span>\u00a0<span title=\"10:40\">from<\/span>\u00a0<span title=\"10:40\">inflation,<\/span>\u00a0<span title=\"10:41\">right?<\/span><\/span><br \/><span data-start=\"00:10:41.859\" data-end=\"00:10:47.059\" data-spk=\"0\" data-label=\"Jason\"><span title=\"10:42\">Are<\/span>\u00a0<span title=\"10:42\">there<\/span>\u00a0<span title=\"10:42\">any<\/span>\u00a0<span title=\"10:43\">categories<\/span>\u00a0<span title=\"10:43\">that<\/span>\u00a0<span title=\"10:44\">you\u2019re<\/span>\u00a0<span title=\"10:45\">like<\/span>\u00a0<span title=\"10:45\">going<\/span>\u00a0<span title=\"10:46\">into<\/span>\u00a0<span title=\"10:46\">the<\/span>\u00a0<span title=\"10:47\">holiday?<\/span><\/span><br \/><span data-start=\"00:10:47.059\" data-end=\"00:10:50.859\" data-spk=\"0\" data-label=\"Jason\"><span title=\"10:47\">It<\/span>\u00a0<span title=\"10:47\">was<\/span>\u00a0<span title=\"10:48\">like,<\/span>\u00a0<span title=\"10:48\">hey,<\/span>\u00a0<span title=\"10:48\">the<\/span>\u00a0<span title=\"10:48\">growth<\/span>\u00a0<span title=\"10:48\">was<\/span>\u00a0<span title=\"10:49\">in<\/span>\u00a0<span title=\"10:49\">essentials<\/span>\u00a0<span title=\"10:50\">and<\/span>\u00a0<span title=\"10:50\">food<\/span>\u00a0<span title=\"10:50\">and<\/span>\u00a0<span title=\"10:50\">things<\/span>\u00a0<span title=\"10:50\">like<\/span>\u00a0<span title=\"10:51\">that.<\/span><\/span><br \/><span data-start=\"00:10:51.059\" data-end=\"00:10:55.679\" data-spk=\"0\" data-label=\"Jason\"><span title=\"10:51\">And<\/span>\u00a0<span title=\"10:51\">discretionary<\/span>\u00a0<span title=\"10:52\">items<\/span>\u00a0<span title=\"10:52\">like<\/span>\u00a0<span title=\"10:52\">apparel<\/span>\u00a0<span title=\"10:53\">and<\/span>\u00a0<span title=\"10:53\">electronics<\/span>\u00a0<span title=\"10:54\">and<\/span>\u00a0<span title=\"10:54\">toys<\/span>\u00a0<span title=\"10:55\">were<\/span>\u00a0<span title=\"10:55\">not<\/span>\u00a0<span title=\"10:55\">doing<\/span>\u00a0<span title=\"10:55\">well.<\/span><\/span><br \/><span data-start=\"00:10:56.239\" data-end=\"00:11:00.199\" data-spk=\"0\" data-label=\"Jason\"><span title=\"10:56\">Did<\/span>\u00a0<span title=\"10:56\">you<\/span>\u00a0<span title=\"10:57\">guys<\/span>\u00a0<span title=\"10:57\">see,<\/span>\u00a0<span title=\"10:58\">like,<\/span>\u00a0<span title=\"10:58\">are<\/span>\u00a0<span title=\"10:58\">people<\/span>\u00a0<span title=\"10:58\">opening<\/span>\u00a0<span title=\"10:59\">their<\/span>\u00a0<span title=\"10:59\">wallets<\/span>\u00a0<span title=\"10:59\">on<\/span>\u00a0<span title=\"10:59\">discretionary<\/span>\u00a0<span title=\"11:00\">items<\/span>\u00a0<\/span><span data-start=\"00:11:00.199\" data-end=\"00:11:04.719\" data-spk=\"0\" data-label=\"Jason\"><span title=\"11:00\">or<\/span>\u00a0<span title=\"11:00\">are<\/span>\u00a0<span title=\"11:01\">sales<\/span>\u00a0<span title=\"11:01\">continuing<\/span>\u00a0<span title=\"11:02\">to<\/span>\u00a0<span title=\"11:02\">be<\/span>\u00a0<span title=\"11:02\">these<\/span>\u00a0<span title=\"11:02\">kind<\/span>\u00a0<span title=\"11:02\">of<\/span>\u00a0<span title=\"11:03\">essentials<\/span>\u00a0<span title=\"11:03\">and<\/span>\u00a0<span title=\"11:04\">affordable<\/span>\u00a0<span title=\"11:04\">luxuries?<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[11:06]<\/small>\u00a0<span data-start=\"00:11:05.759\" data-end=\"00:11:09.359\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:06\">Yeah,<\/span>\u00a0<span title=\"11:06\">it\u2019s<\/span>\u00a0<span title=\"11:06\">a<\/span>\u00a0<span title=\"11:06\">mixed<\/span>\u00a0<span title=\"11:06\">bag.<\/span>\u00a0<span title=\"11:07\">And<\/span>\u00a0<span title=\"11:07\">I<\/span>\u00a0<span title=\"11:07\">do<\/span>\u00a0<span title=\"11:07\">want<\/span>\u00a0<span title=\"11:08\">to<\/span>\u00a0<span title=\"11:08\">underscore<\/span>\u00a0<span title=\"11:08\">your<\/span>\u00a0<span title=\"11:08\">point,<\/span>\u00a0<span title=\"11:09\">Jason,<\/span>\u00a0<span title=\"11:09\">around.<\/span><\/span><br \/><span data-start=\"00:11:10.204\" data-end=\"00:11:13.684\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:10\">Growth<\/span>\u00a0<span title=\"11:11\">being<\/span>\u00a0<span title=\"11:11\">generated<\/span>\u00a0<span title=\"11:11\">by<\/span>\u00a0<span title=\"11:12\">more<\/span>\u00a0<span title=\"11:12\">volume<\/span>\u00a0<span title=\"11:13\">and<\/span>\u00a0<span title=\"11:13\">not<\/span>\u00a0<span title=\"11:13\">just<\/span>\u00a0<span title=\"11:13\">higher<\/span>\u00a0<span title=\"11:13\">prices.<\/span><\/span><br \/><span data-start=\"00:11:13.764\" data-end=\"00:11:15.044\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:14\">So<\/span>\u00a0<span title=\"11:14\">that\u2019s<\/span>\u00a0<span title=\"11:14\">exactly<\/span>\u00a0<span title=\"11:14\">what<\/span>\u00a0<span title=\"11:15\">we<\/span>\u00a0<span title=\"11:15\">saw.<\/span><\/span><br \/><span data-start=\"00:11:15.384\" data-end=\"00:11:19.984\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:15\">3%<\/span>\u00a0<span title=\"11:16\">growth<\/span>\u00a0<span title=\"11:16\">when<\/span>\u00a0<span title=\"11:16\">you\u2019re<\/span>\u00a0<span title=\"11:17\">seeing<\/span>\u00a0<span title=\"11:17\">9%<\/span>\u00a0<span title=\"11:18\">increase<\/span>\u00a0<span title=\"11:18\">in<\/span>\u00a0<span title=\"11:18\">inflation<\/span>\u00a0<span title=\"11:19\">is<\/span>\u00a0<span title=\"11:20\">a<\/span>\u00a0<span title=\"11:20\">tough<\/span>\u00a0<span title=\"11:20\">equation<\/span>\u00a0<span title=\"11:20\">to,<\/span>\u00a0<\/span><span data-start=\"00:11:20.984\" data-end=\"00:11:24.924\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:21\">be<\/span>\u00a0<span title=\"11:22\">profitable<\/span>\u00a0<span title=\"11:22\">and<\/span>\u00a0<span title=\"11:23\">to<\/span>\u00a0<span title=\"11:23\">work<\/span>\u00a0<span title=\"11:24\">out<\/span>\u00a0<span title=\"11:24\">in<\/span>\u00a0<span title=\"11:24\">the<\/span>\u00a0<span title=\"11:24\">consumer\u2019s<\/span>\u00a0<span title=\"11:25\">favor.<\/span><\/span><br \/><span data-start=\"00:11:25.664\" data-end=\"00:11:28.204\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:26\">But<\/span>\u00a0<span title=\"11:26\">in<\/span>\u00a0<span title=\"11:26\">this<\/span>\u00a0<span title=\"11:26\">case,<\/span>\u00a0<span title=\"11:26\">we<\/span>\u00a0<span title=\"11:27\">are<\/span>\u00a0<span title=\"11:27\">seeing<\/span>\u00a0<span title=\"11:27\">more<\/span>\u00a0<span title=\"11:27\">demand.<\/span>\u00a0<span title=\"11:28\">And<\/span>\u00a0<span title=\"11:28\">the<\/span>\u00a0<span title=\"11:28\">demand,<\/span>\u00a0<\/span><span data-start=\"00:11:28.384\" data-end=\"00:11:30.084\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:28\">as<\/span>\u00a0<span title=\"11:29\">I<\/span>\u00a0<span title=\"11:29\">mentioned,<\/span>\u00a0<span title=\"11:29\">is<\/span>\u00a0<span title=\"11:29\">a<\/span>\u00a0<span title=\"11:30\">mixed<\/span>\u00a0<span title=\"11:30\">bag.<\/span><\/span><br \/><span data-start=\"00:11:30.244\" data-end=\"00:11:39.784\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:30\">On<\/span>\u00a0<span title=\"11:30\">one<\/span>\u00a0<span title=\"11:30\">hand,<\/span>\u00a0<span title=\"11:31\">we<\/span>\u00a0<span title=\"11:31\">are<\/span>\u00a0<span title=\"11:32\">seeing<\/span>\u00a0<span title=\"11:32\">really<\/span>\u00a0<span title=\"11:33\">nice<\/span>\u00a0<span title=\"11:33\">growth<\/span>\u00a0<span title=\"11:33\">in<\/span>\u00a0<span title=\"11:34\">areas<\/span>\u00a0<span title=\"11:35\">like<\/span>\u00a0<span title=\"11:36\">makeup<\/span>\u00a0<span title=\"11:37\">and<\/span>\u00a0<span title=\"11:38\">health<\/span>\u00a0<span title=\"11:38\">and<\/span>\u00a0<span title=\"11:38\">beauty,<\/span>\u00a0<span title=\"11:39\">skin<\/span>\u00a0<span title=\"11:39\">care.<\/span><\/span><br \/><span data-start=\"00:11:39.944\" data-end=\"00:11:45.864\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:40\">We\u2019re<\/span>\u00a0<span title=\"11:40\">also<\/span>\u00a0<span title=\"11:41\">seeing<\/span>\u00a0<span title=\"11:41\">nice<\/span>\u00a0<span title=\"11:41\">growth<\/span>\u00a0<span title=\"11:42\">in<\/span>\u00a0<span title=\"11:42\">active<\/span>\u00a0<span title=\"11:42\">apparel<\/span>\u00a0<span title=\"11:43\">and<\/span>\u00a0<span title=\"11:44\">active<\/span>\u00a0<span title=\"11:45\">footwear<\/span>\u00a0<span title=\"11:45\">as<\/span>\u00a0<span title=\"11:46\">well.<\/span><\/span><br \/><span data-start=\"00:11:46.344\" data-end=\"00:11:48.884\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:46\">I<\/span>\u00a0<span title=\"11:46\">categorize<\/span>\u00a0<span title=\"11:47\">that<\/span>\u00a0<span title=\"11:47\">actually<\/span>\u00a0<span title=\"11:48\">as<\/span>\u00a0<span title=\"11:48\">comfort.<\/span><\/span><br \/><span data-start=\"00:11:49.584\" data-end=\"00:11:56.084\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:50\">In<\/span>\u00a0<span title=\"11:50\">uncertain<\/span>\u00a0<span title=\"11:51\">times<\/span>\u00a0<span title=\"11:52\">when<\/span>\u00a0<span title=\"11:52\">consumers<\/span>\u00a0<span title=\"11:52\">certainly<\/span>\u00a0<span title=\"11:53\">are<\/span>\u00a0<span title=\"11:54\">looking<\/span>\u00a0<span title=\"11:55\">to<\/span>\u00a0<span title=\"11:55\">really<\/span>\u00a0<span title=\"11:55\">take<\/span>\u00a0<span title=\"11:56\">control<\/span>\u00a0<\/span><span data-start=\"00:11:56.084\" data-end=\"00:12:00.964\" data-spk=\"2\" data-label=\"Rob\"><span title=\"11:56\">of<\/span>\u00a0<span title=\"11:56\">their<\/span>\u00a0<span title=\"11:56\">household<\/span>\u00a0<span title=\"11:57\">balance<\/span>\u00a0<span title=\"11:57\">sheets,<\/span>\u00a0<span title=\"11:58\">oftentimes<\/span>\u00a0<span title=\"11:59\">you<\/span>\u00a0<span title=\"11:59\">migrate<\/span>\u00a0<span title=\"12:00\">to<\/span>\u00a0<span title=\"12:01\">comfort.<\/span><\/span><br \/><span data-start=\"00:12:00.964\" data-end=\"00:12:04.524\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:01\">You<\/span>\u00a0<span title=\"12:02\">know,<\/span>\u00a0<span title=\"12:02\">you<\/span>\u00a0<span title=\"12:02\">can<\/span>\u00a0<span title=\"12:02\">talk<\/span>\u00a0<span title=\"12:02\">about<\/span>\u00a0<span title=\"12:02\">comfort<\/span>\u00a0<span title=\"12:03\">food,<\/span>\u00a0<span title=\"12:03\">but<\/span>\u00a0<span title=\"12:03\">this<\/span>\u00a0<span title=\"12:03\">is<\/span>\u00a0<span title=\"12:03\">just<\/span>\u00a0<span title=\"12:04\">comfort<\/span>\u00a0<span title=\"12:04\">gifting<\/span>\u00a0<\/span><span data-start=\"00:12:04.524\" data-end=\"00:12:08.624\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:05\">and<\/span>\u00a0<span title=\"12:05\">comfort<\/span>\u00a0<span title=\"12:05\">what<\/span>\u00a0<span title=\"12:06\">you<\/span>\u00a0<span title=\"12:06\">put<\/span>\u00a0<span title=\"12:06\">on<\/span>\u00a0<span title=\"12:06\">your<\/span>\u00a0<span title=\"12:06\">body,<\/span>\u00a0<span title=\"12:07\">both<\/span>\u00a0<span title=\"12:07\">clothes<\/span>\u00a0<span title=\"12:07\">and<\/span>\u00a0<span title=\"12:08\">literally<\/span>\u00a0<span title=\"12:08\">on<\/span>\u00a0<span title=\"12:08\">your<\/span>\u00a0<span title=\"12:08\">skin.<\/span><\/span><br \/><span data-start=\"00:12:09.104\" data-end=\"00:12:13.584\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:09\">And<\/span>\u00a0<span title=\"12:09\">so<\/span>\u00a0<span title=\"12:09\">we<\/span>\u00a0<span title=\"12:10\">are<\/span>\u00a0<span title=\"12:10\">seeing<\/span>\u00a0<span title=\"12:10\">nice<\/span>\u00a0<span title=\"12:11\">growth<\/span>\u00a0<span title=\"12:12\">there<\/span>\u00a0<span title=\"12:12\">where<\/span>\u00a0<span title=\"12:12\">actually,<\/span>\u00a0<span title=\"12:13\">if<\/span>\u00a0<span title=\"12:13\">you<\/span>\u00a0<span title=\"12:13\">think<\/span>\u00a0<span title=\"12:13\">about<\/span>\u00a0<span title=\"12:13\">it<\/span>\u00a0<\/span><span data-start=\"00:12:13.584\" data-end=\"00:12:18.984\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:14\">over<\/span>\u00a0<span title=\"12:14\">the<\/span>\u00a0<span title=\"12:14\">last<\/span>\u00a0<span title=\"12:14\">12<\/span>\u00a0<span title=\"12:14\">months,<\/span>\u00a0<span title=\"12:15\">those<\/span>\u00a0<span title=\"12:15\">categories<\/span>\u00a0<span title=\"12:16\">have<\/span>\u00a0<span title=\"12:16\">been<\/span>\u00a0<span title=\"12:17\">hit<\/span>\u00a0<span title=\"12:17\">a<\/span>\u00a0<span title=\"12:17\">bit<\/span>\u00a0<span title=\"12:17\">in<\/span>\u00a0<span title=\"12:18\">terms<\/span>\u00a0<span title=\"12:18\">of<\/span>\u00a0<span title=\"12:18\">the<\/span>\u00a0<span title=\"12:18\">growth<\/span>\u00a0<span title=\"12:19\">curve.<\/span><\/span><\/p>\n<p><small>[12:20]<\/small>\u00a0<span data-start=\"00:12:19.964\" data-end=\"00:12:27.084\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:20\">And<\/span>\u00a0<span title=\"12:20\">what<\/span>\u00a0<span title=\"12:21\">you\u2019re<\/span>\u00a0<span title=\"12:21\">seeing<\/span>\u00a0<span title=\"12:21\">on<\/span>\u00a0<span title=\"12:21\">the<\/span>\u00a0<span title=\"12:22\">other<\/span>\u00a0<span title=\"12:22\">side<\/span>\u00a0<span title=\"12:22\">actually<\/span>\u00a0<span title=\"12:23\">is<\/span>\u00a0<span title=\"12:24\">luxury<\/span>\u00a0<span title=\"12:25\">is<\/span>\u00a0<span title=\"12:26\">softening<\/span>\u00a0<span title=\"12:26\">a<\/span>\u00a0<span title=\"12:27\">little<\/span>\u00a0<\/span><span data-start=\"00:12:27.084\" data-end=\"00:12:31.804\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:27\">bit,<\/span>\u00a0<span title=\"12:28\">which<\/span>\u00a0<span title=\"12:28\">which<\/span>\u00a0<span title=\"12:28\">I<\/span>\u00a0<span title=\"12:29\">think<\/span>\u00a0<span title=\"12:29\">is<\/span>\u00a0<span title=\"12:29\">important<\/span>\u00a0<span title=\"12:29\">to<\/span>\u00a0<span title=\"12:30\">note<\/span>\u00a0<span title=\"12:30\">because<\/span>\u00a0<span title=\"12:31\">for<\/span>\u00a0<span title=\"12:31\">the<\/span>\u00a0<span title=\"12:31\">last,<\/span>\u00a0<\/span><span data-start=\"00:12:31.964\" data-end=\"00:12:34.444\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:32\">I<\/span>\u00a0<span title=\"12:32\">mean,<\/span>\u00a0<span title=\"12:32\">gosh,<\/span>\u00a0<span title=\"12:33\">through<\/span>\u00a0<span title=\"12:33\">the<\/span>\u00a0<span title=\"12:33\">pandemic<\/span>\u00a0<span title=\"12:34\">and<\/span>\u00a0<span title=\"12:34\">after,<\/span>\u00a0<\/span><span data-start=\"00:12:35.104\" data-end=\"00:12:40.444\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:35\">luxury<\/span>\u00a0<span title=\"12:35\">was<\/span>\u00a0<span title=\"12:36\">one<\/span>\u00a0<span title=\"12:36\">of<\/span>\u00a0<span title=\"12:36\">the<\/span>\u00a0<span title=\"12:36\">most,<\/span>\u00a0<span title=\"12:37\">no,<\/span>\u00a0<span title=\"12:37\">not<\/span>\u00a0<span title=\"12:37\">one<\/span>\u00a0<span title=\"12:37\">of<\/span>\u00a0<span title=\"12:38\">the<\/span>\u00a0<span title=\"12:38\">most,<\/span>\u00a0<span title=\"12:38\">was<\/span>\u00a0<span title=\"12:38\">the<\/span>\u00a0<span title=\"12:38\">most<\/span>\u00a0<span title=\"12:39\">resilient<\/span>\u00a0<span title=\"12:40\">categories.<\/span><\/span><br \/><span data-start=\"00:12:40.444\" data-end=\"00:12:46.144\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:40\">And<\/span>\u00a0<span title=\"12:41\">we\u2019re<\/span>\u00a0<span title=\"12:41\">starting<\/span>\u00a0<span title=\"12:41\">to<\/span>\u00a0<span title=\"12:42\">see<\/span>\u00a0<span title=\"12:42\">a<\/span>\u00a0<span title=\"12:42\">bit<\/span>\u00a0<span title=\"12:43\">of<\/span>\u00a0<span title=\"12:43\">breaking<\/span>\u00a0<span title=\"12:43\">down,<\/span>\u00a0<span title=\"12:44\">especially<\/span>\u00a0<span title=\"12:44\">around<\/span>\u00a0<span title=\"12:45\">the<\/span>\u00a0<span title=\"12:45\">aspirational<\/span>\u00a0<\/span><span data-start=\"00:12:46.144\" data-end=\"00:12:49.504\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:46\">luxury<\/span>\u00a0<span title=\"12:47\">side.<\/span>\u00a0<span title=\"12:48\">So<\/span>\u00a0<span title=\"12:48\">we\u2019re<\/span>\u00a0<span title=\"12:48\">going<\/span>\u00a0<span title=\"12:49\">to<\/span>\u00a0<span title=\"12:49\">keep<\/span>\u00a0<span title=\"12:49\">an<\/span>\u00a0<span title=\"12:49\">eye<\/span>\u00a0<span title=\"12:49\">on<\/span>\u00a0<span title=\"12:49\">that.<\/span><\/span><br \/><span data-start=\"00:12:49.784\" data-end=\"00:12:54.004\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:50\">I<\/span>\u00a0<span title=\"12:50\">will<\/span>\u00a0<span title=\"12:50\">mention<\/span>\u00a0<span title=\"12:50\">one<\/span>\u00a0<span title=\"12:51\">other<\/span>\u00a0<span title=\"12:51\">thing,<\/span>\u00a0<span title=\"12:51\">actually,<\/span>\u00a0<span title=\"12:52\">as<\/span>\u00a0<span title=\"12:52\">it<\/span>\u00a0<span title=\"12:52\">relates<\/span>\u00a0<span title=\"12:53\">to<\/span>\u00a0<span title=\"12:53\">categories<\/span>\u00a0<span title=\"12:53\">that<\/span>\u00a0<span title=\"12:53\">are<\/span>\u00a0<\/span><span data-start=\"00:12:54.004\" data-end=\"00:12:59.824\" data-spk=\"2\" data-label=\"Rob\"><span title=\"12:54\">doing<\/span>\u00a0<span title=\"12:54\">well<\/span>\u00a0<span title=\"12:55\">in<\/span>\u00a0<span title=\"12:55\">the<\/span>\u00a0<span title=\"12:55\">holiday<\/span>\u00a0<span title=\"12:56\">and<\/span>\u00a0<span title=\"12:56\">that<\/span>\u00a0<span title=\"12:56\">is<\/span>\u00a0<span title=\"12:57\">food<\/span>\u00a0<span title=\"12:57\">and<\/span>\u00a0<span title=\"12:57\">beverage<\/span>\u00a0<span title=\"12:58\">and<\/span>\u00a0<span title=\"12:58\">gifting,<\/span>\u00a0<span title=\"12:58\">you<\/span>\u00a0<span title=\"12:59\">know,<\/span>\u00a0<span title=\"12:59\">in<\/span>\u00a0<span title=\"12:59\">terms<\/span>\u00a0<span title=\"13:00\">of.<\/span><\/span><br \/><span data-start=\"00:13:01.642\" data-end=\"00:13:08.142\" data-spk=\"2\" data-label=\"Rob\"><span title=\"13:02\">What<\/span>\u00a0<span title=\"13:02\">people<\/span>\u00a0<span title=\"13:02\">look<\/span>\u00a0<span title=\"13:03\">to<\/span>\u00a0<span title=\"13:03\">for<\/span>\u00a0<span title=\"13:03\">comfort<\/span>\u00a0<span title=\"13:04\">and<\/span>\u00a0<span title=\"13:04\">experiences,<\/span>\u00a0<span title=\"13:06\">they<\/span>\u00a0<span title=\"13:07\">are<\/span>\u00a0<span title=\"13:07\">gifting<\/span>\u00a0<span title=\"13:08\">chocolate,<\/span>\u00a0<\/span><span data-start=\"00:13:08.422\" data-end=\"00:13:12.342\" data-spk=\"2\" data-label=\"Rob\"><span title=\"13:08\">they\u2019re<\/span>\u00a0<span title=\"13:09\">gifting<\/span>\u00a0<span title=\"13:09\">wine,<\/span>\u00a0<span title=\"13:10\">they\u2019re<\/span>\u00a0<span title=\"13:10\">gifting<\/span>\u00a0<span title=\"13:11\">various<\/span>\u00a0<span title=\"13:11\">gift<\/span>\u00a0<span title=\"13:12\">baskets.<\/span><\/span><br \/><span data-start=\"00:13:12.622\" data-end=\"00:13:18.082\" data-spk=\"2\" data-label=\"Rob\"><span title=\"13:13\">We<\/span>\u00a0<span title=\"13:13\">saw<\/span>\u00a0<span title=\"13:13\">really<\/span>\u00a0<span title=\"13:14\">strong<\/span>\u00a0<span title=\"13:14\">growth,<\/span>\u00a0<span title=\"13:15\">even<\/span>\u00a0<span title=\"13:15\">starting,<\/span>\u00a0<span title=\"13:16\">you<\/span>\u00a0<span title=\"13:16\">know,<\/span>\u00a0<span title=\"13:16\">the<\/span>\u00a0<span title=\"13:17\">Tuesday<\/span>\u00a0<span title=\"13:17\">before<\/span>\u00a0<span title=\"13:18\">Thanksgiving<\/span>\u00a0<\/span><span data-start=\"00:13:18.082\" data-end=\"00:13:20.642\" data-spk=\"2\" data-label=\"Rob\"><span title=\"13:18\">and<\/span>\u00a0<span title=\"13:19\">working<\/span>\u00a0<span title=\"13:19\">its<\/span>\u00a0<span title=\"13:19\">way<\/span>\u00a0<span title=\"13:19\">through<\/span>\u00a0<span title=\"13:20\">the<\/span>\u00a0<span title=\"13:20\">entire<\/span>\u00a0<span title=\"13:20\">holiday.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[13:22]<\/small>\u00a0<span data-start=\"00:13:21.642\" data-end=\"00:13:25.642\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:22\">Interesting.<\/span>\u00a0<span title=\"13:22\">One<\/span>\u00a0<span title=\"13:23\">category<\/span>\u00a0<span title=\"13:24\">or<\/span>\u00a0<span title=\"13:24\">two<\/span>\u00a0<span title=\"13:24\">categories<\/span>\u00a0<span title=\"13:25\">that<\/span>\u00a0<span title=\"13:25\">come<\/span>\u00a0<span title=\"13:25\">up<\/span>\u00a0<span title=\"13:25\">a<\/span>\u00a0<span title=\"13:25\">lot,<\/span>\u00a0<\/span><span data-start=\"00:13:25.782\" data-end=\"00:13:29.882\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:26\">like<\/span>\u00a0<span title=\"13:26\">coming<\/span>\u00a0<span title=\"13:26\">into<\/span>\u00a0<span title=\"13:27\">holiday,<\/span>\u00a0<span title=\"13:28\">electronics<\/span>\u00a0<span title=\"13:28\">had<\/span>\u00a0<span title=\"13:29\">been<\/span>\u00a0<span title=\"13:29\">in<\/span>\u00a0<span title=\"13:29\">a<\/span>\u00a0<span title=\"13:29\">pretty<\/span>\u00a0<span title=\"13:29\">big<\/span>\u00a0<span title=\"13:30\">swamp,<\/span>\u00a0<\/span><span data-start=\"00:13:29.942\" data-end=\"00:13:30.902\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:30\">like<\/span>\u00a0<span title=\"13:30\">for<\/span>\u00a0<span title=\"13:30\">the<\/span>\u00a0<span title=\"13:30\">whole<\/span>\u00a0<span title=\"13:30\">pandemic.<\/span><\/span><br \/><span data-start=\"00:13:31.502\" data-end=\"00:13:37.482\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:32\">And<\/span>\u00a0<span title=\"13:32\">I\u2019m<\/span>\u00a0<span title=\"13:32\">curious,<\/span>\u00a0<span title=\"13:33\">I\u2019ve<\/span>\u00a0<span title=\"13:33\">seen<\/span>\u00a0<span title=\"13:33\">conflicting<\/span>\u00a0<span title=\"13:34\">data<\/span>\u00a0<span title=\"13:35\">about<\/span>\u00a0<span title=\"13:35\">whether<\/span>\u00a0<span title=\"13:36\">electronics<\/span>\u00a0<span title=\"13:37\">are<\/span>\u00a0<span title=\"13:37\">back<\/span>\u00a0<\/span><span data-start=\"00:13:37.482\" data-end=\"00:13:38.642\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:37\">or<\/span>\u00a0<span title=\"13:38\">whether<\/span>\u00a0<span title=\"13:38\">they\u2019re<\/span>\u00a0<span title=\"13:38\">still<\/span>\u00a0<span title=\"13:38\">soft.<\/span><\/span><br \/><span data-start=\"00:13:38.942\" data-end=\"00:13:41.722\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:39\">Traditionally,<\/span>\u00a0<span title=\"13:40\">electronics<\/span>\u00a0<span title=\"13:40\">would<\/span>\u00a0<span title=\"13:40\">be<\/span>\u00a0<span title=\"13:40\">one<\/span>\u00a0<span title=\"13:40\">of<\/span>\u00a0<span title=\"13:40\">the<\/span>\u00a0<span title=\"13:41\">fastest<\/span>\u00a0<span title=\"13:41\">movers<\/span>\u00a0<span title=\"13:41\">for<\/span>\u00a0<span title=\"13:41\">holiday.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[13:43]<\/small>\u00a0<span data-start=\"00:13:42.602\" data-end=\"00:13:46.002\" data-spk=\"2\" data-label=\"Rob\"><span title=\"13:43\">Of<\/span>\u00a0<span title=\"13:43\">course,<\/span>\u00a0<span title=\"13:43\">of<\/span>\u00a0<span title=\"13:44\">course.<\/span>\u00a0<span title=\"13:44\">Yeah,<\/span>\u00a0<span title=\"13:44\">I<\/span>\u00a0<span title=\"13:44\">mean,<\/span>\u00a0<span title=\"13:44\">consumer<\/span>\u00a0<span title=\"13:44\">electronics,<\/span>\u00a0<span title=\"13:45\">toys,<\/span>\u00a0<span title=\"13:46\">right?<\/span><\/span><br \/><span data-start=\"00:13:46.502\" data-end=\"00:13:51.282\" data-spk=\"2\" data-label=\"Rob\"><span title=\"13:46\">Those<\/span>\u00a0<span title=\"13:47\">two<\/span>\u00a0<span title=\"13:47\">are<\/span>\u00a0<span title=\"13:47\">still<\/span>\u00a0<span title=\"13:48\">pretty<\/span>\u00a0<span title=\"13:48\">soft.<\/span>\u00a0<span title=\"13:48\">I<\/span>\u00a0<span title=\"13:49\">think<\/span>\u00a0<span title=\"13:49\">you<\/span>\u00a0<span title=\"13:49\">really<\/span>\u00a0<span title=\"13:49\">though<\/span>\u00a0<span title=\"13:50\">need<\/span>\u00a0<span title=\"13:50\">to<\/span>\u00a0<span title=\"13:50\">put<\/span>\u00a0<span title=\"13:50\">it<\/span>\u00a0<span title=\"13:51\">in<\/span>\u00a0<\/span><span data-start=\"00:13:51.282\" data-end=\"00:13:57.242\" data-spk=\"2\" data-label=\"Rob\"><span title=\"13:51\">perspective<\/span>\u00a0<span title=\"13:52\">in<\/span>\u00a0<span title=\"13:52\">terms<\/span>\u00a0<span title=\"13:52\">of<\/span>\u00a0<span title=\"13:53\">the<\/span>\u00a0<span title=\"13:53\">astronomical<\/span>\u00a0<span title=\"13:54\">growth<\/span>\u00a0<span title=\"13:54\">we<\/span>\u00a0<span title=\"13:54\">saw<\/span>\u00a0<span title=\"13:55\">on<\/span>\u00a0<span title=\"13:55\">those<\/span>\u00a0<span title=\"13:55\">categories<\/span>\u00a0<span title=\"13:56\">over<\/span>\u00a0<span title=\"13:56\">the<\/span>\u00a0<span title=\"13:56\">last<\/span>\u00a0<span title=\"13:57\">four<\/span>\u00a0<span title=\"13:57\">years.<\/span><\/span><br \/><span data-start=\"00:13:57.442\" data-end=\"00:13:59.742\" data-spk=\"2\" data-label=\"Rob\"><span title=\"13:57\">I<\/span>\u00a0<span title=\"13:58\">haven\u2019t<\/span>\u00a0<span title=\"13:58\">done<\/span>\u00a0<span title=\"13:58\">the<\/span>\u00a0<span title=\"13:58\">math.<\/span>\u00a0<span title=\"13:59\">You\u2019re<\/span>\u00a0<span title=\"13:59\">really<\/span>\u00a0<span title=\"13:59\">good<\/span>\u00a0<span title=\"13:59\">at<\/span>\u00a0<span title=\"13:59\">this,<\/span>\u00a0<span title=\"14:00\">Jason.<\/span><\/span><br \/><span data-start=\"00:14:00.162\" data-end=\"00:14:03.062\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:00\">So<\/span>\u00a0<span title=\"14:00\">I\u2019m<\/span>\u00a0<span title=\"14:01\">gonna<\/span>\u00a0<span title=\"14:01\">put<\/span>\u00a0<span title=\"14:01\">you<\/span>\u00a0<span title=\"14:01\">to<\/span>\u00a0<span title=\"14:01\">task<\/span>\u00a0<span title=\"14:01\">maybe<\/span>\u00a0<span title=\"14:02\">on<\/span>\u00a0<span title=\"14:02\">your<\/span>\u00a0<span title=\"14:02\">next<\/span>\u00a0<span title=\"14:02\">LinkedIn<\/span>\u00a0<span title=\"14:03\">post,<\/span>\u00a0<\/span><span data-start=\"00:14:03.422\" data-end=\"00:14:07.242\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:03\">but<\/span>\u00a0<span title=\"14:04\">I<\/span>\u00a0<span title=\"14:04\">am<\/span>\u00a0<span title=\"14:04\">willing<\/span>\u00a0<span title=\"14:05\">to<\/span>\u00a0<span title=\"14:05\">wager,<\/span>\u00a0<span title=\"14:05\">and<\/span>\u00a0<span title=\"14:06\">I\u2019m<\/span>\u00a0<span title=\"14:06\">not<\/span>\u00a0<span title=\"14:06\">a<\/span>\u00a0<span title=\"14:06\">betting<\/span>\u00a0<span title=\"14:06\">person,<\/span>\u00a0<span title=\"14:06\">so<\/span>\u00a0<span title=\"14:07\">I\u2019m<\/span>\u00a0<span title=\"14:07\">not<\/span>\u00a0<span title=\"14:07\">really<\/span>\u00a0<span title=\"14:07\">willing<\/span><\/span><\/p>\n<h2 id=\"chapter2\" class=\"chapter\">Softness in Consumer Electronics and Toys Market<\/h2>\n<p><small>[14:07]<\/small>\u00a0<span data-start=\"00:14:07.242\" data-end=\"00:14:12.982\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:07\">to<\/span>\u00a0<span title=\"14:08\">wager,<\/span>\u00a0<span title=\"14:08\">but<\/span>\u00a0<span title=\"14:08\">I\u2019d<\/span>\u00a0<span title=\"14:09\">love<\/span>\u00a0<span title=\"14:09\">to<\/span>\u00a0<span title=\"14:09\">see<\/span>\u00a0<span title=\"14:10\">the<\/span>\u00a0<span title=\"14:10\">CAGR<\/span>\u00a0<span title=\"14:10\">of<\/span>\u00a0<span title=\"14:11\">those<\/span>\u00a0<span title=\"14:11\">categories<\/span>\u00a0<span title=\"14:11\">over<\/span>\u00a0<span title=\"14:12\">the<\/span>\u00a0<span title=\"14:12\">last<\/span>\u00a0<span title=\"14:12\">four<\/span>\u00a0<span title=\"14:13\">years.<\/span><\/span><br \/><span data-start=\"00:14:13.222\" data-end=\"00:14:17.022\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:13\">I\u2019m<\/span>\u00a0<span title=\"14:14\">guessing<\/span>\u00a0<span title=\"14:14\">they\u2019re<\/span>\u00a0<span title=\"14:14\">in<\/span>\u00a0<span title=\"14:15\">really<\/span>\u00a0<span title=\"14:15\">strong,<\/span>\u00a0<span title=\"14:16\">like<\/span>\u00a0<span title=\"14:16\">high<\/span>\u00a0<span title=\"14:16\">team<\/span>\u00a0<span title=\"14:17\">growth,<\/span>\u00a0<\/span><span data-start=\"00:14:17.142\" data-end=\"00:14:22.602\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:17\">which<\/span>\u00a0<span title=\"14:17\">any<\/span>\u00a0<span title=\"14:18\">retailer<\/span>\u00a0<span title=\"14:19\">would<\/span>\u00a0<span title=\"14:19\">be<\/span>\u00a0<span title=\"14:20\">happy<\/span>\u00a0<span title=\"14:20\">with<\/span>\u00a0<span title=\"14:20\">that<\/span>\u00a0<span title=\"14:20\">on<\/span>\u00a0<span title=\"14:21\">a<\/span>\u00a0<span title=\"14:21\">given<\/span>\u00a0<span title=\"14:21\">holiday<\/span>\u00a0<span title=\"14:22\">time<\/span>\u00a0<span title=\"14:22\">period.<\/span><\/span><br \/><span data-start=\"00:14:22.782\" data-end=\"00:14:26.402\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:23\">So<\/span>\u00a0<span title=\"14:23\">there<\/span>\u00a0<span title=\"14:24\">is<\/span>\u00a0<span title=\"14:24\">a<\/span>\u00a0<span title=\"14:24\">bit<\/span>\u00a0<span title=\"14:24\">of<\/span>\u00a0<span title=\"14:24\">softening,<\/span>\u00a0<span title=\"14:24\">but<\/span>\u00a0<span title=\"14:25\">I<\/span>\u00a0<span title=\"14:25\">think<\/span>\u00a0<span title=\"14:25\">it\u2019s<\/span>\u00a0<span title=\"14:25\">really<\/span>\u00a0<span title=\"14:25\">important<\/span>\u00a0<span title=\"14:26\">to<\/span>\u00a0<span title=\"14:26\">understand<\/span>\u00a0<\/span><span data-start=\"00:14:26.402\" data-end=\"00:14:29.882\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:26\">it<\/span>\u00a0<span title=\"14:27\">in<\/span>\u00a0<span title=\"14:27\">context<\/span>\u00a0<span title=\"14:27\">with<\/span>\u00a0<span title=\"14:28\">the<\/span>\u00a0<span title=\"14:28\">growth<\/span>\u00a0<span title=\"14:28\">that<\/span>\u00a0<span title=\"14:28\">they\u2019ve<\/span>\u00a0<span title=\"14:29\">seen<\/span>\u00a0<span title=\"14:29\">over<\/span>\u00a0<span title=\"14:29\">the<\/span>\u00a0<span title=\"14:29\">last<\/span>\u00a0<span title=\"14:29\">several<\/span>\u00a0<span title=\"14:30\">years.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[14:32]<\/small>\u00a0<span data-start=\"00:14:31.902\" data-end=\"00:14:36.922\" data-spk=\"1\" data-label=\"Scot\"><span title=\"14:32\">Cool.<\/span>\u00a0<span title=\"14:33\">Um,<\/span>\u00a0<span title=\"14:34\">so,<\/span>\u00a0<span title=\"14:34\">you<\/span>\u00a0<span title=\"14:35\">know,<\/span>\u00a0<span title=\"14:35\">with<\/span>\u00a0<span title=\"14:35\">these<\/span>\u00a0<span title=\"14:35\">good<\/span>\u00a0<span title=\"14:36\">showings<\/span>\u00a0<span title=\"14:36\">and<\/span>\u00a0<span title=\"14:36\">Cyber<\/span>\u00a0<span title=\"14:36\">Monday<\/span>\u00a0<span title=\"14:37\">and<\/span>\u00a0<span title=\"14:37\">Black<\/span>\u00a0<\/span><span data-start=\"00:14:36.922\" data-end=\"00:14:39.882\" data-spk=\"1\" data-label=\"Scot\"><span title=\"14:37\">Friday,<\/span>\u00a0<span title=\"14:38\">what\u2019s<\/span>\u00a0<span title=\"14:39\">that<\/span>\u00a0<span title=\"14:39\">mean<\/span>\u00a0<span title=\"14:39\">for<\/span>\u00a0<span title=\"14:39\">the<\/span>\u00a0<span title=\"14:39\">rest<\/span>\u00a0<span title=\"14:40\">of<\/span>\u00a0<span title=\"14:40\">the<\/span>\u00a0<span title=\"14:40\">season?<\/span><\/span><br \/><span data-start=\"00:14:39.982\" data-end=\"00:14:43.622\" data-spk=\"1\" data-label=\"Scot\"><span title=\"14:40\">Are<\/span>\u00a0<span title=\"14:40\">you<\/span>\u00a0<span title=\"14:40\">guys<\/span>\u00a0<span title=\"14:40\">like<\/span>\u00a0<span title=\"14:41\">doubling<\/span>\u00a0<span title=\"14:41\">your<\/span>\u00a0<span title=\"14:41\">forecast,<\/span>\u00a0<span title=\"14:42\">tripling<\/span>\u00a0<span title=\"14:42\">or,<\/span>\u00a0<span title=\"14:43\">and<\/span>\u00a0<span title=\"14:43\">what\u2019s<\/span>\u00a0<span title=\"14:43\">that<\/span>\u00a0<span title=\"14:43\">mean<\/span>\u00a0<\/span><span data-start=\"00:14:43.622\" data-end=\"00:14:45.722\" data-spk=\"1\" data-label=\"Scot\"><span title=\"14:44\">for<\/span>\u00a0<span title=\"14:44\">the<\/span>\u00a0<span title=\"14:44\">shape?<\/span>\u00a0<span title=\"14:44\">We<\/span>\u00a0<span title=\"14:44\">talk<\/span>\u00a0<span title=\"14:45\">a<\/span>\u00a0<span title=\"14:45\">lot<\/span>\u00a0<span title=\"14:45\">about<\/span>\u00a0<span title=\"14:45\">the<\/span>\u00a0<span title=\"14:45\">shape<\/span>\u00a0<span title=\"14:45\">of<\/span>\u00a0<span title=\"14:45\">the<\/span>\u00a0<span title=\"14:45\">holiday.<\/span><\/span><br \/><span data-start=\"00:14:45.842\" data-end=\"00:14:48.702\" data-spk=\"1\" data-label=\"Scot\"><span title=\"14:46\">Any,<\/span>\u00a0<span title=\"14:46\">any,<\/span>\u00a0<span title=\"14:47\">any<\/span>\u00a0<span title=\"14:47\">changes<\/span>\u00a0<span title=\"14:48\">to<\/span>\u00a0<span title=\"14:48\">your<\/span>\u00a0<span title=\"14:48\">thoughts<\/span>\u00a0<span title=\"14:48\">on<\/span>\u00a0<span title=\"14:48\">those?<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[14:49]<\/small>\u00a0<span data-start=\"00:14:49.422\" data-end=\"00:14:54.682\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:49\">Yeah.<\/span>\u00a0<span title=\"14:50\">The<\/span>\u00a0<span title=\"14:51\">shape<\/span>\u00a0<span title=\"14:51\">or<\/span>\u00a0<span title=\"14:51\">the<\/span>\u00a0<span title=\"14:51\">anatomy.<\/span>\u00a0<span title=\"14:52\">I\u2019ve<\/span>\u00a0<span title=\"14:52\">been<\/span>\u00a0<span title=\"14:53\">asked<\/span>\u00a0<span title=\"14:53\">this<\/span>\u00a0<span title=\"14:53\">by<\/span>\u00a0<span title=\"14:53\">a<\/span>\u00a0<span title=\"14:54\">lot<\/span>\u00a0<span title=\"14:54\">of<\/span>\u00a0<span title=\"14:54\">retail<\/span>\u00a0<span title=\"14:54\">executives<\/span>\u00a0<\/span><span data-start=\"00:14:54.682\" data-end=\"00:14:58.562\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:55\">because<\/span>\u00a0<span title=\"14:55\">they\u2019re<\/span>\u00a0<span title=\"14:56\">being<\/span>\u00a0<span title=\"14:56\">asked<\/span>\u00a0<span title=\"14:56\">by<\/span>\u00a0<span title=\"14:56\">their<\/span>\u00a0<span title=\"14:56\">board,<\/span>\u00a0<span title=\"14:57\">like,<\/span>\u00a0<span title=\"14:57\">are<\/span>\u00a0<span title=\"14:57\">you<\/span>\u00a0<span title=\"14:58\">sandbagging<\/span>\u00a0<span title=\"14:58\">us?<\/span><\/span><\/p>\n<h2 id=\"chapter3\" class=\"chapter\">Black Friday and Cyber Monday Impact on Holiday Season Shape<\/h2>\n<p><small>[14:59]<\/small>\u00a0<span data-start=\"00:14:58.782\" data-end=\"00:15:01.162\" data-spk=\"2\" data-label=\"Rob\"><span title=\"14:59\">We<\/span>\u00a0<span title=\"14:59\">need<\/span>\u00a0<span title=\"14:59\">to<\/span>\u00a0<span title=\"15:00\">really<\/span>\u00a0<span title=\"15:00\">relook<\/span>\u00a0<span title=\"15:00\">at<\/span>\u00a0<span title=\"15:01\">this<\/span>\u00a0<span title=\"15:01\">forecast.<\/span><\/span><br \/><span data-start=\"00:15:01.662\" data-end=\"00:15:05.702\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:02\">We<\/span>\u00a0<span title=\"15:02\">crawled<\/span>\u00a0<span title=\"15:03\">through<\/span>\u00a0<span title=\"15:03\">the<\/span>\u00a0<span title=\"15:03\">data<\/span>\u00a0<span title=\"15:03\">over<\/span>\u00a0<span title=\"15:03\">the<\/span>\u00a0<span title=\"15:03\">last<\/span>\u00a0<span title=\"15:04\">couple<\/span>\u00a0<span title=\"15:04\">of<\/span>\u00a0<span title=\"15:04\">days<\/span>\u00a0<span title=\"15:04\">just<\/span>\u00a0<span title=\"15:04\">to<\/span>\u00a0<span title=\"15:05\">look<\/span>\u00a0<span title=\"15:06\">through<\/span>\u00a0<\/span><span data-start=\"00:15:05.702\" data-end=\"00:15:11.082\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:06\">our<\/span>\u00a0<span title=\"15:06\">model<\/span>\u00a0<span title=\"15:06\">and<\/span>\u00a0<span title=\"15:06\">see<\/span>\u00a0<span title=\"15:07\">if<\/span>\u00a0<span title=\"15:07\">we<\/span>\u00a0<span title=\"15:08\">could<\/span>\u00a0<span title=\"15:08\">see<\/span>\u00a0<span title=\"15:08\">the<\/span>\u00a0<span title=\"15:08\">data<\/span>\u00a0<span title=\"15:08\">in<\/span>\u00a0<span title=\"15:09\">different<\/span>\u00a0<span title=\"15:09\">ways<\/span>\u00a0<span title=\"15:10\">through<\/span>\u00a0<span title=\"15:10\">different<\/span>\u00a0<span title=\"15:11\">lenses.<\/span><\/span><br \/><span data-start=\"00:15:11.642\" data-end=\"00:15:18.842\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:12\">The<\/span>\u00a0<span title=\"15:12\">reality<\/span>\u00a0<span title=\"15:13\">is<\/span>\u00a0<span title=\"15:13\">what<\/span>\u00a0<span title=\"15:14\">we\u2019re<\/span>\u00a0<span title=\"15:14\">seeing<\/span>\u00a0<span title=\"15:14\">is<\/span>\u00a0<span title=\"15:15\">that<\/span>\u00a0<span title=\"15:16\">Black<\/span>\u00a0<span title=\"15:16\">Friday<\/span>\u00a0<span title=\"15:17\">and<\/span>\u00a0<span title=\"15:17\">Cyber<\/span>\u00a0<span title=\"15:18\">Monday<\/span>\u00a0<span title=\"15:18\">were<\/span>\u00a0<\/span><span data-start=\"00:15:18.842\" data-end=\"00:15:22.202\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:19\">taking<\/span>\u00a0<span title=\"15:19\">market<\/span>\u00a0<span title=\"15:20\">share<\/span>\u00a0<span title=\"15:20\">from<\/span>\u00a0<span title=\"15:21\">the<\/span>\u00a0<span title=\"15:21\">bookends<\/span>\u00a0<span title=\"15:22\">of<\/span>\u00a0<span title=\"15:22\">the<\/span>\u00a0<span title=\"15:22\">holiday,<\/span>\u00a0<\/span><span data-start=\"00:15:22.522\" data-end=\"00:15:26.662\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:23\">from<\/span>\u00a0<span title=\"15:23\">earlier<\/span>\u00a0<span title=\"15:23\">on<\/span>\u00a0<span title=\"15:24\">and<\/span>\u00a0<span title=\"15:24\">later<\/span>\u00a0<span title=\"15:25\">on,<\/span>\u00a0<span title=\"15:25\">right<\/span>\u00a0<span title=\"15:25\">before<\/span>\u00a0<span title=\"15:25\">the<\/span>\u00a0<span title=\"15:26\">shipping<\/span>\u00a0<span title=\"15:26\">cutoff<\/span>\u00a0<span title=\"15:26\">date.<\/span><\/span><br \/><span data-start=\"00:15:27.022\" data-end=\"00:15:31.342\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:27\">And<\/span>\u00a0<span title=\"15:27\">so<\/span>\u00a0<span title=\"15:27\">for<\/span>\u00a0<span title=\"15:28\">the<\/span>\u00a0<span title=\"15:28\">last<\/span>\u00a0<span title=\"15:28\">five<\/span>\u00a0<span title=\"15:29\">years<\/span>\u00a0<span title=\"15:29\">or<\/span>\u00a0<span title=\"15:29\">so,<\/span>\u00a0<span title=\"15:30\">we<\/span>\u00a0<span title=\"15:30\">have<\/span>\u00a0<span title=\"15:30\">been<\/span>\u00a0<span title=\"15:30\">seeing<\/span>\u00a0<span title=\"15:30\">a<\/span>\u00a0<span title=\"15:31\">smoothing<\/span>\u00a0<span title=\"15:31\">out<\/span>\u00a0<span title=\"15:31\">of<\/span>\u00a0<\/span><span data-start=\"00:15:31.342\" data-end=\"00:15:33.022\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:31\">demand<\/span>\u00a0<span title=\"15:32\">for<\/span>\u00a0<span title=\"15:32\">the<\/span>\u00a0<span title=\"15:32\">seven<\/span>\u00a0<span title=\"15:33\">days<\/span>\u00a0<span title=\"15:33\">that<\/span>\u00a0<\/span><span data-start=\"00:15:33.022\" data-end=\"00:15:37.502\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:33\">we<\/span>\u00a0<span title=\"15:33\">define<\/span>\u00a0<span title=\"15:34\">as<\/span>\u00a0<span title=\"15:34\">Cyber<\/span>\u00a0<span title=\"15:34\">Week,<\/span>\u00a0<span title=\"15:34\">Tuesday<\/span>\u00a0<span title=\"15:35\">before<\/span>\u00a0<span title=\"15:35\">Thanksgiving<\/span>\u00a0<span title=\"15:35\">through<\/span>\u00a0<span title=\"15:36\">Cyber<\/span>\u00a0<span title=\"15:37\">Monday.<\/span><\/span><br \/><span data-start=\"00:15:38.462\" data-end=\"00:15:43.022\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:38\">And<\/span>\u00a0<span title=\"15:39\">Thanksgiving<\/span>\u00a0<span title=\"15:39\">became<\/span>\u00a0<span title=\"15:40\">a<\/span>\u00a0<span title=\"15:40\">really<\/span>\u00a0<span title=\"15:40\">strong<\/span>\u00a0<span title=\"15:41\">and<\/span>\u00a0<span title=\"15:41\">important<\/span>\u00a0<span title=\"15:41\">day,<\/span>\u00a0<span title=\"15:42\">especially<\/span>\u00a0<span title=\"15:42\">on<\/span>\u00a0<span title=\"15:43\">the<\/span>\u00a0<\/span><span data-start=\"00:15:43.022\" data-end=\"00:15:45.582\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:43\">mobile<\/span>\u00a0<span title=\"15:43\">device,<\/span>\u00a0<span title=\"15:44\">especially<\/span>\u00a0<span title=\"15:44\">as<\/span>\u00a0<span title=\"15:45\">consumers.<\/span><\/span><\/p>\n<p><small>[15:47]<\/small>\u00a0<span data-start=\"00:15:46.874\" data-end=\"00:15:49.794\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:47\">Either<\/span>\u00a0<span title=\"15:47\">being<\/span>\u00a0<span title=\"15:47\">distracted<\/span>\u00a0<span title=\"15:48\">or<\/span>\u00a0<span title=\"15:48\">inspired,<\/span>\u00a0<span title=\"15:49\">whichever<\/span>\u00a0<span title=\"15:49\">you<\/span>\u00a0<span title=\"15:49\">want<\/span>\u00a0<span title=\"15:49\">to<\/span>\u00a0<span title=\"15:49\">think<\/span>\u00a0<span title=\"15:50\">about<\/span>\u00a0<span title=\"15:50\">it,<\/span>\u00a0<\/span><span data-start=\"00:15:49.794\" data-end=\"00:15:52.914\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:50\">on<\/span>\u00a0<span title=\"15:50\">the<\/span>\u00a0<span title=\"15:50\">couch<\/span>\u00a0<span title=\"15:50\">after<\/span>\u00a0<span title=\"15:51\">Thanksgiving<\/span>\u00a0<span title=\"15:51\">meal,<\/span>\u00a0<span title=\"15:52\">looking<\/span>\u00a0<span title=\"15:52\">at<\/span>\u00a0<span title=\"15:53\">social.<\/span><\/span><\/p>\n<p><small>[15:54]<\/small>\u00a0<span data-start=\"00:15:54.014\" data-end=\"00:15:59.574\" data-spk=\"2\" data-label=\"Rob\"><span title=\"15:54\">But<\/span>\u00a0<span title=\"15:54\">we\u2019ve<\/span>\u00a0<span title=\"15:54\">seen<\/span>\u00a0<span title=\"15:54\">a<\/span>\u00a0<span title=\"15:55\">snapback<\/span>\u00a0<span title=\"15:55\">of<\/span>\u00a0<span title=\"15:56\">the<\/span>\u00a0<span title=\"15:56\">higher<\/span>\u00a0<span title=\"15:57\">concentration<\/span>\u00a0<span title=\"15:57\">of<\/span>\u00a0<span title=\"15:57\">Black<\/span>\u00a0<span title=\"15:57\">Friday<\/span>\u00a0<span title=\"15:58\">and<\/span>\u00a0<span title=\"15:59\">Cyber<\/span>\u00a0<span title=\"15:59\">Monday.<\/span><\/span><br \/><span data-start=\"00:15:59.874\" data-end=\"00:16:04.994\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:00\">So<\/span>\u00a0<span title=\"16:00\">it\u2019s<\/span>\u00a0<span title=\"16:00\">not<\/span>\u00a0<span title=\"16:00\">like<\/span>\u00a0<span title=\"16:01\">there\u2019s<\/span>\u00a0<span title=\"16:02\">incremental<\/span>\u00a0<span title=\"16:03\">sales,<\/span>\u00a0<span title=\"16:03\">and<\/span>\u00a0<span title=\"16:04\">that\u2019s<\/span>\u00a0<span title=\"16:04\">what<\/span>\u00a0<span title=\"16:04\">I<\/span>\u00a0<span title=\"16:04\">think<\/span>\u00a0<span title=\"16:04\">you<\/span>\u00a0<span title=\"16:04\">were<\/span>\u00a0<span title=\"16:04\">getting<\/span>\u00a0<span title=\"16:05\">at,<\/span>\u00a0<span title=\"16:05\">right?<\/span><\/span><br \/><span data-start=\"00:16:05.094\" data-end=\"00:16:08.254\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:05\">I<\/span>\u00a0<span title=\"16:05\">don\u2019t<\/span>\u00a0<span title=\"16:05\">think<\/span>\u00a0<span title=\"16:05\">there\u2019s<\/span>\u00a0<span title=\"16:06\">incremental<\/span>\u00a0<span title=\"16:06\">sales<\/span>\u00a0<span title=\"16:07\">that<\/span>\u00a0<span title=\"16:07\">we<\/span>\u00a0<span title=\"16:07\">can<\/span>\u00a0<span title=\"16:07\">now<\/span>\u00a0<span title=\"16:08\">account<\/span>\u00a0<span title=\"16:08\">for.<\/span><\/span><br \/><span data-start=\"00:16:08.734\" data-end=\"00:16:15.354\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:09\">We\u2019re<\/span>\u00a0<span title=\"16:09\">still<\/span>\u00a0<span title=\"16:10\">staying<\/span>\u00a0<span title=\"16:10\">to<\/span>\u00a0<span title=\"16:10\">our<\/span>\u00a0<span title=\"16:11\">forecast<\/span>\u00a0<span title=\"16:11\">of<\/span>\u00a0<span title=\"16:12\">1%<\/span>\u00a0<span title=\"16:13\">growth<\/span>\u00a0<span title=\"16:13\">in<\/span>\u00a0<span title=\"16:14\">the<\/span>\u00a0<span title=\"16:14\">US<\/span>\u00a0<span title=\"16:14\">for<\/span>\u00a0<span title=\"16:14\">November<\/span>\u00a0<span title=\"16:15\">and<\/span>\u00a0<span title=\"16:15\">December.<\/span><\/span><br \/><span data-start=\"00:16:15.694\" data-end=\"00:16:17.994\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:16\">That\u2019s<\/span>\u00a0<span title=\"16:16\">how<\/span>\u00a0<span title=\"16:16\">we<\/span>\u00a0<span title=\"16:16\">define<\/span>\u00a0<span title=\"16:17\">holiday<\/span>\u00a0<span title=\"16:17\">and<\/span>\u00a0<\/span><span data-start=\"00:16:17.994\" data-end=\"00:16:23.634\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:18\">in<\/span>\u00a0<span title=\"16:18\">the<\/span>\u00a0<span title=\"16:18\">US<\/span>\u00a0<span title=\"16:19\">and<\/span>\u00a0<span title=\"16:19\">we\u2019re<\/span>\u00a0<span title=\"16:19\">looking<\/span>\u00a0<span title=\"16:20\">at<\/span>\u00a0<span title=\"16:20\">4%<\/span>\u00a0<span title=\"16:20\">growth<\/span>\u00a0<span title=\"16:21\">globally,<\/span>\u00a0<span title=\"16:22\">really<\/span>\u00a0<span title=\"16:22\">led<\/span>\u00a0<span title=\"16:22\">by<\/span>\u00a0<span title=\"16:23\">Europe.<\/span><\/span><br \/><span data-start=\"00:16:24.134\" data-end=\"00:16:27.014\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:24\">And<\/span>\u00a0<span title=\"16:24\">I<\/span>\u00a0<span title=\"16:25\">want<\/span>\u00a0<span title=\"16:25\">to<\/span>\u00a0<span title=\"16:25\">just<\/span>\u00a0<span title=\"16:26\">put<\/span>\u00a0<span title=\"16:26\">a<\/span>\u00a0<span title=\"16:26\">caveat<\/span>\u00a0<span title=\"16:26\">on<\/span>\u00a0<span title=\"16:27\">this.<\/span><\/span><br \/><span data-start=\"00:16:27.174\" data-end=\"00:16:30.454\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:27\">Not<\/span>\u00a0<span title=\"16:27\">only<\/span>\u00a0<span title=\"16:28\">again,<\/span>\u00a0<span title=\"16:28\">are<\/span>\u00a0<span title=\"16:28\">we<\/span>\u00a0<span title=\"16:28\">seeing<\/span>\u00a0<span title=\"16:28\">that<\/span>\u00a0<span title=\"16:28\">growth<\/span>\u00a0<span title=\"16:29\">come<\/span>\u00a0<span title=\"16:29\">from<\/span>\u00a0<span title=\"16:29\">increased<\/span>\u00a0<span title=\"16:30\">demand,<\/span>\u00a0<\/span><span data-start=\"00:16:30.774\" data-end=\"00:16:33.034\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:31\">but<\/span>\u00a0<span title=\"16:31\">retailers<\/span>\u00a0<span title=\"16:32\">have<\/span>\u00a0<span title=\"16:32\">gotten<\/span>\u00a0<span title=\"16:32\">smarter.<\/span><\/span><\/p>\n<h2 id=\"chapter4\" class=\"chapter\">Retailers\u2019 Inventory Management and Positive Growth Forecast<\/h2>\n<p><small>[16:33]<\/small>\u00a0<span data-start=\"00:16:33.254\" data-end=\"00:16:36.654\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:33\">I<\/span>\u00a0<span title=\"16:34\">don\u2019t<\/span>\u00a0<span title=\"16:34\">know<\/span>\u00a0<span title=\"16:34\">if<\/span>\u00a0<span title=\"16:34\">it\u2019s<\/span>\u00a0<span title=\"16:34\">smarter,<\/span>\u00a0<span title=\"16:34\">but<\/span>\u00a0<span title=\"16:35\">they<\/span>\u00a0<span title=\"16:35\">were<\/span>\u00a0<span title=\"16:35\">very<\/span>\u00a0<span title=\"16:35\">deliberate<\/span>\u00a0<span title=\"16:36\">going<\/span>\u00a0<span title=\"16:36\">into<\/span>\u00a0<span title=\"16:36\">this<\/span>\u00a0<\/span><span data-start=\"00:16:36.654\" data-end=\"00:16:41.174\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:37\">holiday<\/span>\u00a0<span title=\"16:37\">starting<\/span>\u00a0<span title=\"16:37\">six<\/span>\u00a0<span title=\"16:38\">months<\/span>\u00a0<span title=\"16:38\">ago<\/span>\u00a0<span title=\"16:38\">about<\/span>\u00a0<span title=\"16:39\">managing<\/span>\u00a0<span title=\"16:39\">inventory<\/span>\u00a0<span title=\"16:40\">levels<\/span>\u00a0<span title=\"16:41\">and<\/span>\u00a0<span title=\"16:41\">margins.<\/span><\/span><br \/><span data-start=\"00:16:41.654\" data-end=\"00:16:44.314\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:42\">So<\/span>\u00a0<span title=\"16:42\">there\u2019s<\/span>\u00a0<span title=\"16:42\">been<\/span>\u00a0<span title=\"16:42\">a<\/span>\u00a0<span title=\"16:42\">lot<\/span>\u00a0<span title=\"16:42\">of<\/span>\u00a0<span title=\"16:43\">talk<\/span>\u00a0<span title=\"16:43\">about<\/span>\u00a0<span title=\"16:43\">how<\/span>\u00a0<span title=\"16:43\">are<\/span>\u00a0<span title=\"16:43\">we<\/span>\u00a0<span title=\"16:44\">going<\/span>\u00a0<span title=\"16:44\">to<\/span>\u00a0<span title=\"16:44\">handle<\/span>\u00a0<span title=\"16:44\">shipping?<\/span><\/span><br \/><span data-start=\"00:16:44.774\" data-end=\"00:16:46.894\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:45\">How<\/span>\u00a0<span title=\"16:45\">are<\/span>\u00a0<span title=\"16:45\">we<\/span>\u00a0<span title=\"16:45\">going<\/span>\u00a0<span title=\"16:45\">to<\/span>\u00a0<span title=\"16:45\">handle<\/span>\u00a0<span title=\"16:46\">our<\/span>\u00a0<span title=\"16:46\">return<\/span>\u00a0<span title=\"16:46\">policies?<\/span><\/span><br \/><span data-start=\"00:16:47.594\" data-end=\"00:16:50.734\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:48\">And<\/span>\u00a0<span title=\"16:48\">also,<\/span>\u00a0<span title=\"16:48\">how<\/span>\u00a0<span title=\"16:49\">are<\/span>\u00a0<span title=\"16:49\">we<\/span>\u00a0<span title=\"16:49\">going<\/span>\u00a0<span title=\"16:49\">to<\/span>\u00a0<span title=\"16:49\">think<\/span>\u00a0<span title=\"16:49\">about<\/span>\u00a0<span title=\"16:50\">our<\/span>\u00a0<span title=\"16:50\">open<\/span>\u00a0<span title=\"16:50\">to<\/span>\u00a0<span title=\"16:50\">buys?<\/span><\/span><br \/><span data-start=\"00:16:51.234\" data-end=\"00:16:55.614\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:51\">And<\/span>\u00a0<span title=\"16:51\">so<\/span>\u00a0<span title=\"16:52\">I<\/span>\u00a0<span title=\"16:52\">think<\/span>\u00a0<span title=\"16:52\">most<\/span>\u00a0<span title=\"16:53\">retail<\/span>\u00a0<span title=\"16:53\">executives,<\/span>\u00a0<span title=\"16:54\">especially<\/span>\u00a0<span title=\"16:54\">on<\/span>\u00a0<span title=\"16:54\">the<\/span>\u00a0<span title=\"16:54\">merchandising<\/span>\u00a0<span title=\"16:55\">side,<\/span>\u00a0<\/span><span data-start=\"00:16:55.634\" data-end=\"00:16:57.994\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:56\">are<\/span>\u00a0<span title=\"16:56\">feeling<\/span>\u00a0<span title=\"16:56\">pretty<\/span>\u00a0<span title=\"16:56\">good<\/span>\u00a0<span title=\"16:56\">because<\/span>\u00a0<span title=\"16:57\">they\u2019re<\/span>\u00a0<span title=\"16:57\">working<\/span>\u00a0<span title=\"16:57\">their<\/span>\u00a0<span title=\"16:57\">way<\/span>\u00a0<span title=\"16:57\">through<\/span>\u00a0<span title=\"16:57\">the<\/span>\u00a0<span title=\"16:58\">inventory,<\/span>\u00a0<\/span><span data-start=\"00:16:58.274\" data-end=\"00:17:01.734\" data-spk=\"2\" data-label=\"Rob\"><span title=\"16:58\">which<\/span>\u00a0<span title=\"16:58\">by<\/span>\u00a0<span title=\"16:59\">the<\/span>\u00a0<span title=\"16:59\">way,<\/span>\u00a0<span title=\"16:59\">as<\/span>\u00a0<span title=\"16:59\">you<\/span>\u00a0<span title=\"17:00\">know,<\/span>\u00a0<span title=\"17:00\">has<\/span>\u00a0<span title=\"17:00\">been<\/span>\u00a0<span title=\"17:00\">a<\/span>\u00a0<span title=\"17:00\">big<\/span>\u00a0<span title=\"17:00\">glut<\/span>\u00a0<span title=\"17:01\">over<\/span>\u00a0<span title=\"17:01\">the<\/span>\u00a0<span title=\"17:01\">last<\/span>\u00a0<span title=\"17:01\">couple<\/span>\u00a0<span title=\"17:01\">of<\/span>\u00a0<span title=\"17:02\">years,<\/span>\u00a0<\/span><span data-start=\"00:17:01.854\" data-end=\"00:17:06.294\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:02\">especially<\/span>\u00a0<span title=\"17:02\">in<\/span>\u00a0<span title=\"17:02\">2021,<\/span>\u00a0<span title=\"17:03\">when<\/span>\u00a0<span title=\"17:04\">so<\/span>\u00a0<span title=\"17:04\">many<\/span>\u00a0<span title=\"17:04\">products<\/span>\u00a0<span title=\"17:04\">were<\/span>\u00a0<span title=\"17:05\">stuck<\/span>\u00a0<span title=\"17:05\">in<\/span>\u00a0<span title=\"17:06\">the<\/span>\u00a0<span title=\"17:06\">port<\/span>\u00a0<span title=\"17:06\">of<\/span>\u00a0<span title=\"17:06\">LA.<\/span><\/span><br \/><span data-start=\"00:17:06.474\" data-end=\"00:17:09.494\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:06\">I<\/span>\u00a0<span title=\"17:06\">mean,<\/span>\u00a0<span title=\"17:07\">that<\/span>\u00a0<span title=\"17:07\">just<\/span>\u00a0<span title=\"17:07\">created<\/span>\u00a0<span title=\"17:07\">this<\/span>\u00a0<span title=\"17:08\">bullwhip<\/span>\u00a0<span title=\"17:08\">effect<\/span>\u00a0<span title=\"17:08\">that<\/span>\u00a0<span title=\"17:08\">we\u2019re<\/span>\u00a0<span title=\"17:09\">still<\/span>\u00a0<span title=\"17:09\">just<\/span>\u00a0<span title=\"17:09\">getting<\/span>\u00a0<\/span><span data-start=\"00:17:09.494\" data-end=\"00:17:12.054\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:09\">our<\/span>\u00a0<span title=\"17:10\">arms<\/span>\u00a0<span title=\"17:10\">around<\/span>\u00a0<span title=\"17:11\">now<\/span>\u00a0<span title=\"17:11\">and<\/span>\u00a0<span title=\"17:11\">getting<\/span>\u00a0<span title=\"17:11\">over<\/span>\u00a0<span title=\"17:12\">the<\/span>\u00a0<span title=\"17:12\">hump.<\/span><\/span><br \/><span data-start=\"00:17:12.534\" data-end=\"00:17:15.874\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:13\">And<\/span>\u00a0<span title=\"17:13\">so<\/span>\u00a0<span title=\"17:13\">that\u2019s<\/span>\u00a0<span title=\"17:13\">my<\/span>\u00a0<span title=\"17:13\">long<\/span>\u00a0<span title=\"17:14\">way<\/span>\u00a0<span title=\"17:14\">of<\/span>\u00a0<span title=\"17:14\">saying<\/span>\u00a0<span title=\"17:14\">is<\/span>\u00a0<span title=\"17:14\">we\u2019re<\/span>\u00a0<span title=\"17:15\">not<\/span>\u00a0<span title=\"17:15\">reforecasting.<\/span><\/span><br \/><span data-start=\"00:17:16.374\" data-end=\"00:17:21.434\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:16\">We<\/span>\u00a0<span title=\"17:16\">still<\/span>\u00a0<span title=\"17:17\">feel<\/span>\u00a0<span title=\"17:17\">positive<\/span>\u00a0<span title=\"17:17\">with<\/span>\u00a0<span title=\"17:18\">that<\/span>\u00a0<span title=\"17:18\">1%<\/span>\u00a0<span title=\"17:19\">and<\/span>\u00a0<span title=\"17:19\">4%<\/span>\u00a0<span title=\"17:19\">growth<\/span>\u00a0<span title=\"17:21\">in<\/span>\u00a0<span title=\"17:21\">U.S.<\/span>\u00a0<span title=\"17:21\">and<\/span>\u00a0<span title=\"17:21\">global,<\/span>\u00a0<span title=\"17:22\">respectively,<\/span>\u00a0<span title=\"17:23\">because.<\/span><\/span><\/p>\n<p><small>[17:24]<\/small>\u00a0<span data-start=\"00:17:23.794\" data-end=\"00:17:29.294\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:24\">Retailers<\/span>\u00a0<span title=\"17:24\">are<\/span>\u00a0<span title=\"17:24\">taking<\/span>\u00a0<span title=\"17:25\">a<\/span>\u00a0<span title=\"17:25\">very<\/span>\u00a0<span title=\"17:25\">close<\/span>\u00a0<span title=\"17:26\">look<\/span>\u00a0<span title=\"17:26\">at<\/span>\u00a0<span title=\"17:26\">overall<\/span>\u00a0<span title=\"17:27\">profitability<\/span>\u00a0<span title=\"17:28\">and<\/span>\u00a0<span title=\"17:29\">this<\/span>\u00a0<span title=\"17:29\">concept<\/span>\u00a0<\/span><span data-start=\"00:17:29.294\" data-end=\"00:17:31.614\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:29\">of<\/span>\u00a0<span title=\"17:30\">customer<\/span>\u00a0<span title=\"17:30\">profitability<\/span>\u00a0<span title=\"17:31\">as<\/span>\u00a0<span title=\"17:31\">well.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[17:32]<\/small>\u00a0<span data-start=\"00:17:32.394\" data-end=\"00:17:38.414\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:32\">Yeah.<\/span>\u00a0<span title=\"17:34\">You\u2019d<\/span>\u00a0<span title=\"17:35\">said,<\/span>\u00a0<span title=\"17:36\">so<\/span>\u00a0<span title=\"17:36\">it<\/span>\u00a0<span title=\"17:36\">seems<\/span>\u00a0<span title=\"17:36\">like<\/span>\u00a0<span title=\"17:37\">the<\/span>\u00a0<span title=\"17:37\">curve<\/span>\u00a0<span title=\"17:37\">was<\/span>\u00a0<span title=\"17:37\">kind<\/span>\u00a0<span title=\"17:38\">of<\/span>\u00a0<span title=\"17:38\">flattening<\/span>\u00a0<span title=\"17:38\">out<\/span>\u00a0<span title=\"17:38\">and<\/span>\u00a0<\/span><span data-start=\"00:17:38.414\" data-end=\"00:17:41.334\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:38\">now<\/span>\u00a0<span title=\"17:39\">it\u2019s<\/span>\u00a0<span title=\"17:39\">like<\/span>\u00a0<span title=\"17:39\">steepening<\/span>\u00a0<span title=\"17:39\">again<\/span>\u00a0<span title=\"17:40\">it\u2019s<\/span>\u00a0<span title=\"17:40\">like<\/span>\u00a0<span title=\"17:40\">kind<\/span>\u00a0<span title=\"17:40\">of<\/span>\u00a0<span title=\"17:40\">coming<\/span>\u00a0<span title=\"17:40\">in<\/span>\u00a0<span title=\"17:41\">at<\/span>\u00a0<span title=\"17:41\">the<\/span>\u00a0<span title=\"17:41\">edges<\/span>\u00a0<span title=\"17:41\">and<\/span>\u00a0<\/span><span data-start=\"00:17:41.334\" data-end=\"00:17:46.854\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:41\">in<\/span>\u00a0<span title=\"17:42\">kind<\/span>\u00a0<span title=\"17:42\">of<\/span>\u00a0<span title=\"17:42\">like<\/span>\u00a0<span title=\"17:42\">shaping<\/span>\u00a0<span title=\"17:43\">up<\/span>\u00a0<span title=\"17:43\">in<\/span>\u00a0<span title=\"17:43\">the<\/span>\u00a0<span title=\"17:43\">middle<\/span>\u00a0<span title=\"17:44\">part<\/span>\u00a0<span title=\"17:44\">of<\/span>\u00a0<span title=\"17:44\">the<\/span>\u00a0<span title=\"17:45\">bell<\/span>\u00a0<span title=\"17:45\">curve<\/span>\u00a0<span title=\"17:45\">which<\/span>\u00a0<span title=\"17:45\">is<\/span>\u00a0<span title=\"17:46\">like<\/span>\u00a0<span title=\"17:46\">the<\/span>\u00a0<span title=\"17:46\">that,<\/span><\/span><\/p>\n<h2 id=\"chapter5\" class=\"chapter\">Retailers analyzing profitability and customer profitability.<\/h2>\n<p><small>[17:48]<\/small>\u00a0<span data-start=\"00:17:47.710\" data-end=\"00:17:50.370\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:48\">cyber<\/span>\u00a0<span title=\"17:48\">week.<\/span>\u00a0<span title=\"17:49\">Is<\/span>\u00a0<span title=\"17:49\">that<\/span>\u00a0<span title=\"17:49\">that\u2019s<\/span>\u00a0<span title=\"17:49\">right.<\/span>\u00a0<span title=\"17:50\">Okay.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[17:51]<\/small>\u00a0<span data-start=\"00:17:51.050\" data-end=\"00:17:55.870\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:51\">That\u2019s<\/span>\u00a0<span title=\"17:51\">really<\/span>\u00a0<span title=\"17:52\">good.<\/span>\u00a0<span title=\"17:52\">Yeah.<\/span>\u00a0<span title=\"17:53\">It\u2019s<\/span>\u00a0<span title=\"17:53\">kind<\/span>\u00a0<span title=\"17:53\">of<\/span>\u00a0<span title=\"17:53\">snapped<\/span>\u00a0<span title=\"17:53\">back.<\/span>\u00a0<span title=\"17:54\">Right.<\/span>\u00a0<span title=\"17:54\">Yeah.<\/span>\u00a0<span title=\"17:55\">Definitely.<\/span>\u00a0<span title=\"17:55\">Yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[17:56]<\/small>\u00a0<span data-start=\"00:17:56.030\" data-end=\"00:17:57.810\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:56\">It\u2019s<\/span>\u00a0<span title=\"17:56\">going<\/span>\u00a0<span title=\"17:56\">to<\/span>\u00a0<span title=\"17:57\">make<\/span>\u00a0<span title=\"17:57\">that<\/span>\u00a0<span title=\"17:58\">sound.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[17:58]<\/small>\u00a0<span data-start=\"00:17:58.110\" data-end=\"00:18:00.690\" data-spk=\"2\" data-label=\"Rob\"><span title=\"17:58\">Where\u2019s<\/span>\u00a0<span title=\"17:59\">the<\/span>\u00a0<span title=\"17:59\">sound<\/span>\u00a0<span title=\"17:59\">effects<\/span>\u00a0<span title=\"17:59\">in<\/span>\u00a0<span title=\"17:59\">turn?<\/span>\u00a0<span title=\"18:00\">Are<\/span>\u00a0<span title=\"18:00\">they<\/span>\u00a0<span title=\"18:00\">there?<\/span>\u00a0<span title=\"18:00\">Are<\/span>\u00a0<span title=\"18:00\">they<\/span>\u00a0<span title=\"18:00\">on<\/span>\u00a0<span title=\"18:01\">call?<\/span><\/span><br \/><span data-start=\"00:18:00.710\" data-end=\"00:18:01.510\" data-spk=\"2\" data-label=\"Rob\"><span title=\"18:01\">Can<\/span>\u00a0<span title=\"18:01\">we<\/span>\u00a0<span title=\"18:01\">get<\/span>\u00a0<span title=\"18:01\">that<\/span>\u00a0<span title=\"18:01\">bullying?<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[18:02]<\/small>\u00a0<span data-start=\"00:18:01.690\" data-end=\"00:18:02.910\" data-spk=\"0\" data-label=\"Jason\"><span title=\"18:02\">I\u2019ll<\/span>\u00a0<span title=\"18:02\">be<\/span>\u00a0<span title=\"18:02\">adding<\/span>\u00a0<span title=\"18:02\">that<\/span>\u00a0<span title=\"18:02\">in<\/span>\u00a0<span title=\"18:03\">post.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[18:06]<\/small>\u00a0<span data-start=\"00:18:05.630\" data-end=\"00:18:09.170\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:06\">You<\/span>\u00a0<span title=\"18:06\">had<\/span>\u00a0<span title=\"18:06\">said<\/span>\u00a0<span title=\"18:07\">something<\/span>\u00a0<span title=\"18:07\">that<\/span>\u00a0<span title=\"18:07\">kind<\/span>\u00a0<span title=\"18:07\">of<\/span>\u00a0<span title=\"18:07\">piqued<\/span>\u00a0<span title=\"18:08\">my<\/span>\u00a0<span title=\"18:08\">interest.<\/span>\u00a0<span title=\"18:08\">You<\/span>\u00a0<span title=\"18:08\">said<\/span>\u00a0<span title=\"18:09\">people<\/span>\u00a0<span title=\"18:09\">are<\/span>\u00a0<\/span><span data-start=\"00:18:09.170\" data-end=\"00:18:15.430\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:09\">kind<\/span>\u00a0<span title=\"18:09\">of,<\/span>\u00a0<span title=\"18:10\">you<\/span>\u00a0<span title=\"18:11\">know,<\/span>\u00a0<span title=\"18:11\">I<\/span>\u00a0<span title=\"18:11\">may<\/span>\u00a0<span title=\"18:11\">be<\/span>\u00a0<span title=\"18:12\">rephrasing<\/span>\u00a0<span title=\"18:12\">this<\/span>\u00a0<span title=\"18:12\">wrong,<\/span>\u00a0<span title=\"18:13\">but<\/span>\u00a0<span title=\"18:13\">you<\/span>\u00a0<span title=\"18:13\">said<\/span>\u00a0<span title=\"18:14\">kind<\/span>\u00a0<span title=\"18:14\">of<\/span>\u00a0<span title=\"18:14\">demand<\/span>\u00a0<span title=\"18:15\">is<\/span>\u00a0<span title=\"18:15\">back.<\/span><\/span><br \/><span data-start=\"00:18:15.470\" data-end=\"00:18:19.230\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:15\">Like<\/span>\u00a0<span title=\"18:16\">I<\/span>\u00a0<span title=\"18:16\">knew<\/span>\u00a0<span title=\"18:16\">it<\/span>\u00a0<span title=\"18:16\">almost<\/span>\u00a0<span title=\"18:16\">felt<\/span>\u00a0<span title=\"18:17\">like<\/span>\u00a0<span title=\"18:17\">you<\/span>\u00a0<span title=\"18:17\">were<\/span>\u00a0<span title=\"18:17\">saying<\/span>\u00a0<span title=\"18:17\">before<\/span>\u00a0<span title=\"18:18\">there<\/span>\u00a0<span title=\"18:19\">was,<\/span>\u00a0<\/span><span data-start=\"00:18:19.410\" data-end=\"00:18:23.110\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:19\">you<\/span>\u00a0<span title=\"18:20\">know,<\/span>\u00a0<span title=\"18:20\">people<\/span>\u00a0<span title=\"18:21\">were<\/span>\u00a0<span title=\"18:21\">shopping,<\/span>\u00a0<span title=\"18:21\">but<\/span>\u00a0<span title=\"18:21\">it<\/span>\u00a0<span title=\"18:22\">didn\u2019t<\/span>\u00a0<span title=\"18:22\">seem<\/span>\u00a0<span title=\"18:22\">like,<\/span>\u00a0<span title=\"18:23\">you<\/span>\u00a0<span title=\"18:23\">know,<\/span>\u00a0<\/span><span data-start=\"00:18:23.130\" data-end=\"00:18:24.710\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:23\">a<\/span>\u00a0<span title=\"18:23\">new<\/span>\u00a0<span title=\"18:24\">increase<\/span>\u00a0<span title=\"18:24\">in<\/span>\u00a0<span title=\"18:24\">demand.<\/span><\/span><br \/><span data-start=\"00:18:24.890\" data-end=\"00:18:28.270\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:25\">And<\/span>\u00a0<span title=\"18:25\">now<\/span>\u00a0<span title=\"18:25\">it<\/span>\u00a0<span title=\"18:25\">is<\/span>\u00a0<span title=\"18:26\">because<\/span>\u00a0<span title=\"18:26\">you\u2019re<\/span>\u00a0<span title=\"18:26\">seeing<\/span>\u00a0<span title=\"18:26\">robustness<\/span>\u00a0<span title=\"18:27\">in<\/span>\u00a0<span title=\"18:27\">pricing<\/span>\u00a0<span title=\"18:28\">and<\/span>\u00a0<span title=\"18:28\">stuff.<\/span><\/span><br \/><span data-start=\"00:18:28.310\" data-end=\"00:18:31.790\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:28\">Is<\/span>\u00a0<span title=\"18:28\">that<\/span>\u00a0<span title=\"18:29\">say<\/span>\u00a0<span title=\"18:30\">a<\/span>\u00a0<span title=\"18:30\">little<\/span>\u00a0<span title=\"18:30\">bit<\/span>\u00a0<span title=\"18:30\">more<\/span>\u00a0<span title=\"18:30\">about<\/span>\u00a0<span title=\"18:30\">that?<\/span>\u00a0<span title=\"18:31\">I\u2019ll<\/span>\u00a0<span title=\"18:31\">make<\/span>\u00a0<span title=\"18:31\">sure<\/span>\u00a0<span title=\"18:31\">I<\/span>\u00a0<span title=\"18:31\">understand<\/span>\u00a0<span title=\"18:31\">what<\/span>\u00a0<span title=\"18:31\">you<\/span>\u00a0<span title=\"18:32\">were<\/span>\u00a0<span title=\"18:32\">saying.<\/span><\/span><\/p>\n<h2 id=\"chapter6\" class=\"chapter\">Increase in Demand and Robust Pricing<\/h2>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[18:32]<\/small>\u00a0<span data-start=\"00:18:32.390\" data-end=\"00:18:38.030\" data-spk=\"2\" data-label=\"Rob\"><span title=\"18:32\">Yeah,<\/span>\u00a0<span title=\"18:33\">you<\/span>\u00a0<span title=\"18:33\">got<\/span>\u00a0<span title=\"18:33\">it.<\/span>\u00a0<span title=\"18:33\">So<\/span>\u00a0<span title=\"18:34\">yes.<\/span>\u00a0<span title=\"18:35\">And<\/span>\u00a0<span title=\"18:35\">I,<\/span>\u00a0<span title=\"18:35\">again,<\/span>\u00a0<span title=\"18:36\">and<\/span>\u00a0<span title=\"18:36\">don\u2019t<\/span>\u00a0<span title=\"18:36\">think<\/span>\u00a0<span title=\"18:37\">retail<\/span>\u00a0<span title=\"18:37\">executives<\/span>\u00a0<span title=\"18:38\">are<\/span>\u00a0<\/span><span data-start=\"00:18:38.030\" data-end=\"00:18:42.010\" data-spk=\"2\" data-label=\"Rob\"><span title=\"18:38\">doing<\/span>\u00a0<span title=\"18:39\">backflips<\/span>\u00a0<span title=\"18:39\">and<\/span>\u00a0<span title=\"18:40\">thinking<\/span>\u00a0<span title=\"18:40\">that<\/span>\u00a0<span title=\"18:41\">we\u2019re<\/span>\u00a0<span title=\"18:41\">getting<\/span>\u00a0<span title=\"18:41\">back<\/span>\u00a0<span title=\"18:41\">to<\/span>\u00a0<span title=\"18:42\">roaring<\/span>\u00a0<span title=\"18:42\">double-digit,<\/span>\u00a0<\/span><span data-start=\"00:18:43.290\" data-end=\"00:18:44.570\" data-spk=\"2\" data-label=\"Rob\"><span title=\"18:43\">growth<\/span>\u00a0<span title=\"18:44\">coming<\/span>\u00a0<span title=\"18:44\">out<\/span>\u00a0<span title=\"18:44\">of<\/span>\u00a0<span title=\"18:44\">the<\/span>\u00a0<span title=\"18:45\">holiday.<\/span><\/span><br \/><span data-start=\"00:18:45.530\" data-end=\"00:18:49.350\" data-spk=\"2\" data-label=\"Rob\"><span title=\"18:46\">But<\/span>\u00a0<span title=\"18:46\">what<\/span>\u00a0<span title=\"18:46\">this<\/span>\u00a0<span title=\"18:47\">is<\/span>\u00a0<span title=\"18:47\">an<\/span>\u00a0<span title=\"18:47\">indication,<\/span>\u00a0<span title=\"18:47\">and<\/span>\u00a0<span title=\"18:47\">by<\/span>\u00a0<span title=\"18:48\">the<\/span>\u00a0<span title=\"18:48\">way,<\/span>\u00a0<span title=\"18:48\">we\u2019re<\/span>\u00a0<span title=\"18:48\">seeing<\/span>\u00a0<span title=\"18:48\">this<\/span>\u00a0<span title=\"18:49\">as<\/span>\u00a0<span title=\"18:49\">a<\/span>\u00a0<span title=\"18:49\">leading<\/span>\u00a0<\/span><span data-start=\"00:18:49.350\" data-end=\"00:18:52.790\" data-spk=\"2\" data-label=\"Rob\"><span title=\"18:49\">indicator<\/span>\u00a0<span title=\"18:50\">in<\/span>\u00a0<span title=\"18:50\">Europe,<\/span>\u00a0<span title=\"18:51\">let\u2019s<\/span>\u00a0<span title=\"18:51\">exclude<\/span>\u00a0<span title=\"18:52\">the<\/span>\u00a0<span title=\"18:53\">UK,<\/span>\u00a0<\/span><span data-start=\"00:18:53.230\" data-end=\"00:18:58.710\" data-spk=\"2\" data-label=\"Rob\"><span title=\"18:53\">which<\/span>\u00a0<span title=\"18:54\">is<\/span>\u00a0<span title=\"18:54\">probably<\/span>\u00a0<span title=\"18:54\">in<\/span>\u00a0<span title=\"18:54\">the<\/span>\u00a0<span title=\"18:54\">same<\/span>\u00a0<span title=\"18:55\">rebound<\/span>\u00a0<span title=\"18:56\">curve<\/span>\u00a0<span title=\"18:57\">as<\/span>\u00a0<span title=\"18:57\">the<\/span>\u00a0<span title=\"18:57\">United<\/span>\u00a0<span title=\"18:58\">States<\/span>\u00a0<span title=\"18:58\">and<\/span>\u00a0<span title=\"18:58\">Canada,<\/span>\u00a0<\/span><span data-start=\"00:18:58.850\" data-end=\"00:19:02.150\" data-spk=\"2\" data-label=\"Rob\"><span title=\"18:59\">but<\/span>\u00a0<span title=\"18:59\">you<\/span>\u00a0<span title=\"18:59\">take<\/span>\u00a0<span title=\"18:59\">continental<\/span>\u00a0<span title=\"19:00\">Europe<\/span>\u00a0<span title=\"19:01\">and<\/span>\u00a0<span title=\"19:01\">who<\/span>\u00a0<span title=\"19:01\">are<\/span>\u00a0<span title=\"19:02\">about<\/span>\u00a0<span title=\"19:02\">two,<\/span>\u00a0<\/span><span data-start=\"00:19:02.330\" data-end=\"00:19:08.610\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:02\">maybe<\/span>\u00a0<span title=\"19:02\">three<\/span>\u00a0<span title=\"19:03\">quarters<\/span>\u00a0<span title=\"19:03\">ahead<\/span>\u00a0<span title=\"19:03\">of<\/span>\u00a0<span title=\"19:03\">us<\/span>\u00a0<span title=\"19:04\">in<\/span>\u00a0<span title=\"19:04\">terms<\/span>\u00a0<span title=\"19:04\">of<\/span>\u00a0<span title=\"19:05\">the<\/span>\u00a0<span title=\"19:05\">rebound,<\/span>\u00a0<span title=\"19:05\">we\u2019re<\/span>\u00a0<span title=\"19:06\">seeing<\/span>\u00a0<span title=\"19:06\">inflation<\/span>\u00a0<span title=\"19:08\">settle,<\/span>\u00a0<\/span><span data-start=\"00:19:09.010\" data-end=\"00:19:14.250\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:09\">the<\/span>\u00a0<span title=\"19:09\">average<\/span>\u00a0<span title=\"19:10\">selling<\/span>\u00a0<span title=\"19:10\">prices<\/span>\u00a0<span title=\"19:10\">settle<\/span>\u00a0<span title=\"19:11\">down<\/span>\u00a0<span title=\"19:12\">and<\/span>\u00a0<span title=\"19:13\">people<\/span>\u00a0<span title=\"19:13\">are<\/span>\u00a0<span title=\"19:13\">buying<\/span>\u00a0<span title=\"19:14\">more.<\/span><\/span><br \/><span data-start=\"00:19:14.490\" data-end=\"00:19:18.130\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:14\">So<\/span>\u00a0<span title=\"19:15\">we\u2019re<\/span>\u00a0<span title=\"19:15\">seeing<\/span>\u00a0<span title=\"19:15\">average<\/span>\u00a0<span title=\"19:16\">orders<\/span>\u00a0<span title=\"19:17\">volume<\/span>\u00a0<span title=\"19:18\">higher.<\/span><\/span><br \/><span data-start=\"00:19:18.410\" data-end=\"00:19:23.770\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:18\">We\u2019re<\/span>\u00a0<span title=\"19:19\">seeing<\/span>\u00a0<span title=\"19:19\">slight<\/span>\u00a0<span title=\"19:20\">uptick<\/span>\u00a0<span title=\"19:20\">in<\/span>\u00a0<span title=\"19:21\">units<\/span>\u00a0<span title=\"19:22\">per<\/span>\u00a0<span title=\"19:22\">transaction,<\/span>\u00a0<span title=\"19:23\">only<\/span>\u00a0<span title=\"19:23\">slight.<\/span><\/span><br \/><span data-start=\"00:19:23.870\" data-end=\"00:19:26.850\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:24\">But<\/span>\u00a0<span title=\"19:24\">the<\/span>\u00a0<span title=\"19:25\">order<\/span>\u00a0<span title=\"19:25\">piece<\/span>\u00a0<span title=\"19:25\">is<\/span>\u00a0<span title=\"19:25\">super<\/span>\u00a0<span title=\"19:25\">interesting.<\/span>\u00a0<span title=\"19:26\">We\u2019re<\/span>\u00a0<span title=\"19:26\">seeing<\/span>\u00a0<span title=\"19:26\">traffic.<\/span><\/span><br \/><span data-start=\"00:19:27.090\" data-end=\"00:19:29.750\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:27\">We\u2019re<\/span>\u00a0<span title=\"19:27\">seeing<\/span>\u00a0<span title=\"19:27\">continued<\/span>\u00a0<span title=\"19:28\">really<\/span>\u00a0<span title=\"19:29\">strong<\/span>\u00a0<span title=\"19:29\">traffic.<\/span><\/span><br \/><span data-start=\"00:19:30.150\" data-end=\"00:19:35.850\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:30\">People<\/span>\u00a0<span title=\"19:31\">are<\/span>\u00a0<span title=\"19:31\">just<\/span>\u00a0<span title=\"19:31\">really<\/span>\u00a0<span title=\"19:32\">being<\/span>\u00a0<span title=\"19:32\">diligent<\/span>\u00a0<span title=\"19:33\">and<\/span>\u00a0<span title=\"19:34\">patient<\/span>\u00a0<span title=\"19:34\">and<\/span>\u00a0<span title=\"19:35\">shopping<\/span>\u00a0<span title=\"19:35\">a<\/span>\u00a0<span title=\"19:35\">lot<\/span>\u00a0<span title=\"19:35\">and<\/span>\u00a0<span title=\"19:36\">looking<\/span>\u00a0<\/span><span data-start=\"00:19:35.850\" data-end=\"00:19:37.390\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:36\">for<\/span>\u00a0<span title=\"19:36\">the<\/span>\u00a0<span title=\"19:36\">best<\/span>\u00a0<span title=\"19:36\">deals.<\/span>\u00a0<span title=\"19:37\">And<\/span>\u00a0<span title=\"19:37\">we\u2019ll<\/span>\u00a0<span title=\"19:37\">have<\/span>\u00a0<\/span><span data-start=\"00:19:37.390\" data-end=\"00:19:41.130\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:37\">to<\/span>\u00a0<span title=\"19:38\">talk<\/span>\u00a0<span title=\"19:38\">about<\/span>\u00a0<span title=\"19:38\">that<\/span>\u00a0<span title=\"19:38\">in<\/span>\u00a0<span title=\"19:38\">terms<\/span>\u00a0<span title=\"19:38\">of<\/span>\u00a0<span title=\"19:39\">what<\/span>\u00a0<span title=\"19:39\">discounting<\/span>\u00a0<span title=\"19:40\">patterns<\/span>\u00a0<span title=\"19:40\">we<\/span>\u00a0<span title=\"19:40\">saw<\/span>\u00a0<span title=\"19:41\">as<\/span>\u00a0<span title=\"19:41\">well.<\/span><\/span><br \/><span data-start=\"00:19:41.770\" data-end=\"00:19:48.610\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:42\">So<\/span>\u00a0<span title=\"19:42\">that\u2019s<\/span>\u00a0<span title=\"19:43\">my<\/span>\u00a0<span title=\"19:43\">long<\/span>\u00a0<span title=\"19:44\">way<\/span>\u00a0<span title=\"19:44\">of<\/span>\u00a0<span title=\"19:44\">saying<\/span>\u00a0<span title=\"19:44\">Scot<\/span>\u00a0<span title=\"19:44\">is<\/span>\u00a0<span title=\"19:45\">people<\/span>\u00a0<span title=\"19:46\">are<\/span>\u00a0<span title=\"19:46\">buying<\/span>\u00a0<span title=\"19:47\">more,<\/span>\u00a0<span title=\"19:48\">they\u2019re<\/span>\u00a0<span title=\"19:48\">doing<\/span>\u00a0<span title=\"19:48\">it.<\/span><\/span><br \/><span data-start=\"00:19:49.111\" data-end=\"00:19:54.071\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:49\">By<\/span>\u00a0<span title=\"19:49\">still<\/span>\u00a0<span title=\"19:50\">making<\/span>\u00a0<span title=\"19:50\">trade-offs.<\/span>\u00a0<span title=\"19:51\">So<\/span>\u00a0<span title=\"19:51\">there<\/span>\u00a0<span title=\"19:52\">is<\/span>\u00a0<span title=\"19:52\">a<\/span>\u00a0<span title=\"19:53\">sense<\/span>\u00a0<span title=\"19:53\">of<\/span>\u00a0<span title=\"19:53\">let\u2019s<\/span>\u00a0<span title=\"19:53\">load<\/span>\u00a0<span title=\"19:53\">up<\/span>\u00a0<span title=\"19:54\">on<\/span>\u00a0<span title=\"19:54\">some<\/span>\u00a0<span title=\"19:54\">essentials<\/span>\u00a0<\/span><span data-start=\"00:19:54.451\" data-end=\"00:19:55.871\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:54\">while<\/span>\u00a0<span title=\"19:55\">we\u2019re<\/span>\u00a0<span title=\"19:55\">getting<\/span>\u00a0<span title=\"19:55\">good<\/span>\u00a0<span title=\"19:56\">deals.<\/span><\/span><\/p>\n<p><small>[19:57]<\/small>\u00a0<span data-start=\"00:19:56.571\" data-end=\"00:20:00.611\" data-spk=\"2\" data-label=\"Rob\"><span title=\"19:57\">Let\u2019s<\/span>\u00a0<span title=\"19:57\">look<\/span>\u00a0<span title=\"19:57\">for<\/span>\u00a0<span title=\"19:57\">travel,<\/span>\u00a0<span title=\"19:59\">entertainment,<\/span>\u00a0<span title=\"19:59\">like<\/span>\u00a0<span title=\"20:00\">experiences.<\/span><\/span><br \/><span data-start=\"00:20:01.271\" data-end=\"00:20:05.471\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:01\">And<\/span>\u00a0<span title=\"20:02\">you<\/span>\u00a0<span title=\"20:02\">have<\/span>\u00a0<span title=\"20:02\">to<\/span>\u00a0<span title=\"20:03\">also<\/span>\u00a0<span title=\"20:03\">think<\/span>\u00a0<span title=\"20:03\">of<\/span>\u00a0<span title=\"20:03\">the<\/span>\u00a0<span title=\"20:03\">adjacent<\/span>\u00a0<span title=\"20:04\">categories<\/span>\u00a0<span title=\"20:04\">like<\/span>\u00a0<span title=\"20:05\">luggage,<\/span>\u00a0<\/span><span data-start=\"00:20:05.571\" data-end=\"00:20:09.931\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:06\">as<\/span>\u00a0<span title=\"20:06\">an<\/span>\u00a0<span title=\"20:06\">example,<\/span>\u00a0<span title=\"20:06\">if<\/span>\u00a0<span title=\"20:07\">you\u2019re<\/span>\u00a0<span title=\"20:07\">going<\/span>\u00a0<span title=\"20:07\">on<\/span>\u00a0<span title=\"20:07\">a<\/span>\u00a0<span title=\"20:07\">trip,<\/span>\u00a0<span title=\"20:08\">do<\/span>\u00a0<span title=\"20:08\">you<\/span>\u00a0<span title=\"20:08\">need<\/span>\u00a0<span title=\"20:08\">something<\/span>\u00a0<span title=\"20:08\">new<\/span>\u00a0<span title=\"20:09\">to<\/span>\u00a0<span title=\"20:09\">put<\/span>\u00a0<span title=\"20:09\">your<\/span>\u00a0<span title=\"20:09\">clothes<\/span>\u00a0<span title=\"20:10\">in?<\/span><\/span><br \/><span data-start=\"00:20:10.611\" data-end=\"00:20:14.171\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:11\">And<\/span>\u00a0<span title=\"20:11\">though<\/span>\u00a0<span title=\"20:11\">they<\/span>\u00a0<span title=\"20:12\">are,<\/span>\u00a0<span title=\"20:13\">again,<\/span>\u00a0<span title=\"20:13\">increasing,<\/span>\u00a0<span title=\"20:13\">as<\/span>\u00a0<span title=\"20:14\">I<\/span>\u00a0<span title=\"20:14\">mentioned.<\/span><\/span><br \/><span data-start=\"00:20:14.511\" data-end=\"00:20:18.711\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:15\">So<\/span>\u00a0<span title=\"20:15\">as<\/span>\u00a0<span title=\"20:15\">I<\/span>\u00a0<span title=\"20:15\">think<\/span>\u00a0<span title=\"20:16\">about<\/span>\u00a0<span title=\"20:16\">the<\/span>\u00a0<span title=\"20:16\">sentiment,<\/span>\u00a0<span title=\"20:17\">even<\/span>\u00a0<span title=\"20:17\">with<\/span>\u00a0<span title=\"20:17\">a<\/span>\u00a0<span title=\"20:18\">1%<\/span>\u00a0<span title=\"20:18\">in<\/span>\u00a0<span title=\"20:18\">the<\/span>\u00a0<span title=\"20:18\">US<\/span>\u00a0<span title=\"20:19\">growth,<\/span>\u00a0<\/span><span data-start=\"00:20:19.191\" data-end=\"00:20:24.291\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:19\">4%<\/span>\u00a0<span title=\"20:20\">global<\/span>\u00a0<span title=\"20:20\">is<\/span>\u00a0<span title=\"20:20\">what<\/span>\u00a0<span title=\"20:21\">we\u2019re<\/span>\u00a0<span title=\"20:21\">forecasting<\/span>\u00a0<span title=\"20:21\">for<\/span>\u00a0<span title=\"20:22\">the<\/span>\u00a0<span title=\"20:22\">full<\/span>\u00a0<span title=\"20:22\">holiday,<\/span>\u00a0<span title=\"20:23\">retailers<\/span>\u00a0<span title=\"20:23\">are<\/span>\u00a0<span title=\"20:23\">feeling<\/span>\u00a0<span title=\"20:24\">good<\/span>\u00a0<span title=\"20:24\">about<\/span>\u00a0<span title=\"20:24\">that.<\/span><\/span><br \/><span data-start=\"00:20:24.431\" data-end=\"00:20:28.811\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:24\">They<\/span>\u00a0<span title=\"20:24\">want<\/span>\u00a0<span title=\"20:25\">to<\/span>\u00a0<span title=\"20:25\">exit<\/span>\u00a0<span title=\"20:25\">this<\/span>\u00a0<span title=\"20:25\">holiday<\/span>\u00a0<span title=\"20:26\">on<\/span>\u00a0<span title=\"20:26\">a<\/span>\u00a0<span title=\"20:26\">really<\/span>\u00a0<span title=\"20:27\">good<\/span>\u00a0<span title=\"20:27\">foundation<\/span>\u00a0<span title=\"20:28\">of<\/span>\u00a0<span title=\"20:28\">profitability,<\/span>\u00a0<\/span><span data-start=\"00:20:29.451\" data-end=\"00:20:32.831\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:29\">a<\/span>\u00a0<span title=\"20:30\">really<\/span>\u00a0<span title=\"20:30\">good<\/span>\u00a0<span title=\"20:30\">foundation<\/span>\u00a0<span title=\"20:31\">on<\/span>\u00a0<span title=\"20:31\">inventory<\/span>\u00a0<span title=\"20:32\">levels.<\/span><\/span><br \/><span data-start=\"00:20:33.391\" data-end=\"00:20:36.611\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:33\">And<\/span>\u00a0<span title=\"20:33\">most<\/span>\u00a0<span title=\"20:34\">every<\/span>\u00a0<span title=\"20:34\">retailer<\/span>\u00a0<span title=\"20:34\">I\u2019m<\/span>\u00a0<span title=\"20:35\">talking<\/span>\u00a0<span title=\"20:35\">to<\/span>\u00a0<span title=\"20:35\">has<\/span>\u00a0<span title=\"20:36\">a<\/span>\u00a0<span title=\"20:36\">growth<\/span>\u00a0<span title=\"20:36\">mindset.<\/span><\/span><br \/><span data-start=\"00:20:37.311\" data-end=\"00:20:40.791\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:37\">They\u2019re<\/span>\u00a0<span title=\"20:37\">thinking<\/span>\u00a0<span title=\"20:38\">about<\/span>\u00a0<span title=\"20:38\">customer<\/span>\u00a0<span title=\"20:38\">acquisition,<\/span>\u00a0<span title=\"20:39\">finding<\/span>\u00a0<span title=\"20:40\">new<\/span>\u00a0<span title=\"20:40\">ways<\/span>\u00a0<span title=\"20:40\">to<\/span>\u00a0<span title=\"20:40\">do<\/span>\u00a0<span title=\"20:40\">that<\/span>\u00a0<span title=\"20:41\">because<\/span>\u00a0<\/span><span data-start=\"00:20:40.791\" data-end=\"00:20:45.151\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:41\">customer<\/span>\u00a0<span title=\"20:41\">acquisition<\/span>\u00a0<span title=\"20:41\">costs<\/span>\u00a0<span title=\"20:42\">are<\/span>\u00a0<span title=\"20:42\">still<\/span>\u00a0<span title=\"20:42\">off<\/span>\u00a0<span title=\"20:43\">the<\/span>\u00a0<span title=\"20:43\">charts,<\/span>\u00a0<span title=\"20:44\">but<\/span>\u00a0<span title=\"20:44\">also<\/span>\u00a0<span title=\"20:44\">loyalty,<\/span>\u00a0<\/span><span data-start=\"00:20:45.591\" data-end=\"00:20:49.751\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:46\">finding<\/span>\u00a0<span title=\"20:46\">new<\/span>\u00a0<span title=\"20:46\">ways<\/span>\u00a0<span title=\"20:46\">to<\/span>\u00a0<span title=\"20:47\">create<\/span>\u00a0<span title=\"20:47\">stickiness,<\/span>\u00a0<span title=\"20:48\">looking<\/span>\u00a0<span title=\"20:48\">for<\/span>\u00a0<span title=\"20:48\">adjacent<\/span>\u00a0<span title=\"20:49\">categories,<\/span>\u00a0<\/span><span data-start=\"00:20:50.091\" data-end=\"00:20:55.211\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:50\">adjacent<\/span>\u00a0<span title=\"20:50\">services,<\/span>\u00a0<span title=\"20:52\">looking<\/span>\u00a0<span title=\"20:52\">for<\/span>\u00a0<span title=\"20:52\">partnerships<\/span>\u00a0<span title=\"20:53\">to<\/span>\u00a0<span title=\"20:53\">supplement<\/span>\u00a0<span title=\"20:53\">what<\/span>\u00a0<span title=\"20:54\">they\u2019re<\/span>\u00a0<span title=\"20:54\">doing<\/span>\u00a0<span title=\"20:54\">organically.<\/span><\/span><br \/><span data-start=\"00:20:56.151\" data-end=\"00:20:59.331\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:56\">And<\/span>\u00a0<span title=\"20:56\">I<\/span>\u00a0<span title=\"20:56\">mean,<\/span>\u00a0<span title=\"20:57\">this<\/span>\u00a0<span title=\"20:57\">would<\/span>\u00a0<span title=\"20:57\">take<\/span>\u00a0<span title=\"20:57\">us<\/span>\u00a0<span title=\"20:57\">down<\/span>\u00a0<span title=\"20:57\">a<\/span>\u00a0<span title=\"20:57\">whole<\/span>\u00a0<span title=\"20:58\">other<\/span>\u00a0<span title=\"20:58\">path,<\/span>\u00a0<span title=\"20:58\">but<\/span>\u00a0<span title=\"20:58\">they\u2019re<\/span>\u00a0<span title=\"20:58\">leaning<\/span>\u00a0<span title=\"20:59\">into<\/span>\u00a0<span title=\"20:59\">data.<\/span><\/span><br \/><span data-start=\"00:20:59.491\" data-end=\"00:21:02.971\" data-spk=\"2\" data-label=\"Rob\"><span title=\"20:59\">They\u2019re<\/span>\u00a0<span title=\"21:00\">leaning<\/span>\u00a0<span title=\"21:00\">into<\/span>\u00a0<span title=\"21:00\">AI<\/span>\u00a0<span title=\"21:00\">to<\/span>\u00a0<span title=\"21:01\">better<\/span>\u00a0<span title=\"21:01\">understand<\/span>\u00a0<span title=\"21:02\">who<\/span>\u00a0<span title=\"21:02\">those<\/span>\u00a0<span title=\"21:02\">consumers<\/span>\u00a0<span title=\"21:02\">are<\/span>\u00a0<span title=\"21:03\">and<\/span>\u00a0<span title=\"21:03\">what<\/span>\u00a0<\/span><span data-start=\"00:21:02.971\" data-end=\"00:21:08.371\" data-spk=\"2\" data-label=\"Rob\"><span title=\"21:03\">they\u2019re<\/span>\u00a0<span title=\"21:03\">likely<\/span>\u00a0<span title=\"21:03\">to<\/span>\u00a0<span title=\"21:04\">buy<\/span>\u00a0<span title=\"21:04\">and<\/span>\u00a0<span title=\"21:04\">making<\/span>\u00a0<span title=\"21:05\">sure<\/span>\u00a0<span title=\"21:05\">they\u2019re<\/span>\u00a0<span title=\"21:06\">able<\/span>\u00a0<span title=\"21:06\">to<\/span>\u00a0<span title=\"21:07\">create<\/span>\u00a0<span title=\"21:07\">profitable<\/span>\u00a0<span title=\"21:08\">customers.<\/span><\/span><br \/><span data-start=\"00:21:08.671\" data-end=\"00:21:12.391\" data-spk=\"2\" data-label=\"Rob\"><span title=\"21:09\">How<\/span>\u00a0<span title=\"21:09\">was<\/span>\u00a0<span title=\"21:09\">that<\/span>\u00a0<span title=\"21:09\">soapbox?<\/span>\u00a0<span title=\"21:09\">I<\/span>\u00a0<span title=\"21:10\">just<\/span>\u00a0<span title=\"21:10\">rattled<\/span>\u00a0<span title=\"21:10\">off<\/span>\u00a0<span title=\"21:11\">too<\/span>\u00a0<span title=\"21:11\">much,<\/span>\u00a0<span title=\"21:12\">too<\/span>\u00a0<span title=\"21:12\">fast.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[21:13]<\/small>\u00a0<span data-start=\"00:21:12.711\" data-end=\"00:21:15.511\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:13\">So<\/span>\u00a0<span title=\"21:13\">hopefully<\/span>\u00a0<span title=\"21:13\">you<\/span>\u00a0<span title=\"21:13\">were<\/span>\u00a0<span title=\"21:13\">able<\/span>\u00a0<span title=\"21:13\">to<\/span>\u00a0<span title=\"21:14\">digest<\/span>\u00a0<span title=\"21:14\">it.<\/span>\u00a0<span title=\"21:14\">But<\/span>\u00a0<span title=\"21:14\">you<\/span>\u00a0<span title=\"21:14\">kind<\/span>\u00a0<span title=\"21:15\">of,<\/span>\u00a0<span title=\"21:15\">you<\/span>\u00a0<span title=\"21:15\">glossed<\/span>\u00a0<span title=\"21:15\">over<\/span>\u00a0<span title=\"21:15\">what<\/span>\u00a0<\/span><span data-start=\"00:21:15.511\" data-end=\"00:21:17.751\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:16\">they\u2019re<\/span>\u00a0<span title=\"21:16\">really<\/span>\u00a0<span title=\"21:16\">looking<\/span>\u00a0<span title=\"21:16\">at<\/span>\u00a0<span title=\"21:16\">is<\/span>\u00a0<span title=\"21:16\">just<\/span>\u00a0<span title=\"21:17\">selling<\/span>\u00a0<span title=\"21:17\">ads<\/span>\u00a0<span title=\"21:17\">to<\/span>\u00a0<span title=\"21:17\">brands.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[21:18]<\/small>\u00a0<span data-start=\"00:21:18.371\" data-end=\"00:21:21.691\" data-spk=\"2\" data-label=\"Rob\"><span title=\"21:18\">That\u2019s<\/span>\u00a0<span title=\"21:19\">fair.<\/span>\u00a0<span title=\"21:19\">Thank<\/span>\u00a0<span title=\"21:20\">you.<\/span>\u00a0<span title=\"21:20\">I<\/span>\u00a0<span title=\"21:20\">could<\/span>\u00a0<span title=\"21:20\">have<\/span>\u00a0<span title=\"21:20\">just<\/span>\u00a0<span title=\"21:21\">said<\/span>\u00a0<span title=\"21:21\">that.<\/span>\u00a0<span title=\"21:21\">You\u2019re<\/span>\u00a0<span title=\"21:22\">right.<\/span><\/span><br \/><span data-start=\"00:21:21.811\" data-end=\"00:21:22.771\" data-spk=\"2\" data-label=\"Rob\"><span title=\"21:22\">That\u2019s<\/span>\u00a0<span title=\"21:22\">a<\/span>\u00a0<span title=\"21:22\">very<\/span>\u00a0<span title=\"21:22\">good<\/span>\u00a0<span title=\"21:22\">point.<\/span><\/span><br \/><span data-start=\"00:21:23.331\" data-end=\"00:21:28.631\" data-spk=\"2\" data-label=\"Rob\"><span title=\"21:23\">And<\/span>\u00a0<span title=\"21:24\">yeah,<\/span>\u00a0<span title=\"21:24\">we<\/span>\u00a0<span title=\"21:24\">could,<\/span>\u00a0<span title=\"21:24\">I<\/span>\u00a0<span title=\"21:24\">love<\/span>\u00a0<span title=\"21:25\">your<\/span>\u00a0<span title=\"21:25\">take<\/span>\u00a0<span title=\"21:25\">actually,<\/span>\u00a0<span title=\"21:26\">seriously,<\/span>\u00a0<span title=\"21:26\">given<\/span>\u00a0<span title=\"21:27\">that<\/span>\u00a0<span title=\"21:27\">on<\/span>\u00a0<span title=\"21:28\">Amazon\u2019s<\/span>\u00a0<\/span><span data-start=\"00:21:28.631\" data-end=\"00:21:30.371\" data-spk=\"2\" data-label=\"Rob\"><span title=\"21:29\">move<\/span>\u00a0<span title=\"21:29\">for<\/span>\u00a0<span title=\"21:29\">the<\/span>\u00a0<span title=\"21:29\">football<\/span>\u00a0<span title=\"21:29\">game<\/span>\u00a0<span title=\"21:30\">on<\/span>\u00a0<span title=\"21:30\">Friday.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[21:31]<\/small>\u00a0<span data-start=\"00:21:30.871\" data-end=\"00:21:33.891\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:31\">Yeah.<\/span>\u00a0<span title=\"21:31\">So<\/span>\u00a0<span title=\"21:32\">that\u2019s<\/span>\u00a0<span title=\"21:32\">a<\/span>\u00a0<span title=\"21:32\">great<\/span>\u00a0<span title=\"21:32\">point.<\/span>\u00a0<span title=\"21:32\">And<\/span>\u00a0<span title=\"21:32\">maybe<\/span>\u00a0<span title=\"21:32\">just<\/span>\u00a0<span title=\"21:33\">to<\/span>\u00a0<span title=\"21:33\">catch<\/span>\u00a0<span title=\"21:33\">up<\/span>\u00a0<span title=\"21:33\">listeners<\/span>\u00a0<span title=\"21:33\">that<\/span>\u00a0<span title=\"21:34\">might<\/span>\u00a0<\/span><span data-start=\"00:21:33.891\" data-end=\"00:21:38.871\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:34\">not<\/span>\u00a0<span title=\"21:34\">have<\/span>\u00a0<span title=\"21:34\">followed<\/span>\u00a0<span title=\"21:34\">it.<\/span>\u00a0<span title=\"21:35\">Something<\/span>\u00a0<span title=\"21:35\">very<\/span>\u00a0<span title=\"21:36\">different<\/span>\u00a0<span title=\"21:36\">and<\/span>\u00a0<span title=\"21:37\">unique<\/span>\u00a0<span title=\"21:37\">for<\/span>\u00a0<span title=\"21:37\">this<\/span>\u00a0<span title=\"21:37\">year<\/span>\u00a0<span title=\"21:38\">is<\/span>\u00a0<span title=\"21:38\">that<\/span>\u00a0<\/span><span data-start=\"00:21:38.871\" data-end=\"00:21:40.771\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:39\">the<\/span>\u00a0<span title=\"21:39\">NFL,<\/span>\u00a0<span title=\"21:40\">you<\/span>\u00a0<span title=\"21:40\">know,<\/span>\u00a0<span title=\"21:40\">normally<\/span>\u00a0<span title=\"21:41\">they<\/span>\u00a0<\/span><span data-start=\"00:21:40.771\" data-end=\"00:21:45.051\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:41\">have<\/span>\u00a0<span title=\"21:41\">a<\/span>\u00a0<span title=\"21:41\">Thursday<\/span>\u00a0<span title=\"21:42\">game<\/span>\u00a0<span title=\"21:42\">and<\/span>\u00a0<span title=\"21:43\">they<\/span>\u00a0<span title=\"21:43\">have<\/span>\u00a0<span title=\"21:43\">Sunday<\/span>\u00a0<span title=\"21:44\">games<\/span>\u00a0<span title=\"21:44\">and<\/span>\u00a0<span title=\"21:44\">a<\/span>\u00a0<span title=\"21:44\">Monday<\/span>\u00a0<span title=\"21:45\">night<\/span>\u00a0<span title=\"21:45\">game.<\/span><\/span><br \/><span data-start=\"00:21:45.631\" data-end=\"00:21:50.591\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:46\">On<\/span>\u00a0<span title=\"21:46\">Thanksgiving,<\/span>\u00a0<span title=\"21:47\">they<\/span>\u00a0<span title=\"21:47\">have<\/span>\u00a0<span title=\"21:47\">Thursday<\/span>\u00a0<span title=\"21:48\">day<\/span>\u00a0<span title=\"21:48\">games<\/span>\u00a0<span title=\"21:49\">during<\/span>\u00a0<span title=\"21:49\">Thanksgiving.<\/span><\/span><br \/><span data-start=\"00:21:50.971\" data-end=\"00:21:57.771\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:51\">This<\/span>\u00a0<span title=\"21:52\">year,<\/span>\u00a0<span title=\"21:52\">they<\/span>\u00a0<span title=\"21:52\">added<\/span>\u00a0<span title=\"21:52\">a<\/span>\u00a0<span title=\"21:52\">Friday<\/span>\u00a0<span title=\"21:53\">game<\/span>\u00a0<span title=\"21:53\">for<\/span>\u00a0<span title=\"21:53\">the<\/span>\u00a0<span title=\"21:53\">first<\/span>\u00a0<span title=\"21:53\">time.<\/span>\u00a0<span title=\"21:54\">And<\/span>\u00a0<span title=\"21:55\">the<\/span>\u00a0<span title=\"21:55\">sponsor<\/span>\u00a0<span title=\"21:56\">of<\/span>\u00a0<span title=\"21:56\">that<\/span>\u00a0<span title=\"21:56\">Friday<\/span>\u00a0<span title=\"21:56\">game<\/span>\u00a0<span title=\"21:57\">was<\/span>\u00a0<span title=\"21:57\">Amazon.<\/span><\/span><br \/><span data-start=\"00:21:57.771\" data-end=\"00:22:03.431\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:58\">It<\/span>\u00a0<span title=\"21:58\">was<\/span>\u00a0<span title=\"21:58\">broadcast<\/span>\u00a0<span title=\"21:59\">on<\/span>\u00a0<span title=\"21:59\">Amazon<\/span>\u00a0<span title=\"22:00\">Prime,<\/span>\u00a0<span title=\"22:01\">and<\/span>\u00a0<span title=\"22:01\">Amazon<\/span>\u00a0<span title=\"22:01\">actually<\/span>\u00a0<span title=\"22:02\">had<\/span>\u00a0<span title=\"22:02\">shoppable<\/span>\u00a0<span title=\"22:03\">ads<\/span>\u00a0<span title=\"22:03\">via<\/span>\u00a0<\/span><span data-start=\"00:22:03.431\" data-end=\"00:22:10.031\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:03\">QR<\/span>\u00a0<span title=\"22:04\">codes<\/span>\u00a0<span title=\"22:04\">in<\/span>\u00a0<span title=\"22:05\">the<\/span>\u00a0<span title=\"22:05\">broadcast,<\/span>\u00a0<span title=\"22:06\">all<\/span>\u00a0<span title=\"22:06\">sort<\/span>\u00a0<span title=\"22:07\">of<\/span>\u00a0<span title=\"22:07\">innovative,<\/span>\u00a0<span title=\"22:09\">cool,<\/span>\u00a0<span title=\"22:09\">new<\/span>\u00a0<span title=\"22:10\">stuff.<\/span><\/span><\/p>\n<p><small>[22:11]<\/small>\u00a0<span data-start=\"00:22:11.251\" data-end=\"00:22:16.051\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:11\">The<\/span>\u00a0<span title=\"22:11\">early<\/span>\u00a0<span title=\"22:12\">read<\/span>\u00a0<span title=\"22:12\">is<\/span>\u00a0<span title=\"22:13\">that<\/span>\u00a0<span title=\"22:13\">the<\/span>\u00a0<span title=\"22:13\">viewership<\/span>\u00a0<span title=\"22:14\">was<\/span>\u00a0<span title=\"22:14\">pretty<\/span>\u00a0<span title=\"22:15\">good<\/span>\u00a0<span title=\"22:15\">for<\/span>\u00a0<span title=\"22:15\">the<\/span>\u00a0<span title=\"22:15\">Friday<\/span>\u00a0<span title=\"22:16\">game.<\/span><\/span><br \/><span data-start=\"00:22:16.111\" data-end=\"00:22:19.831\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:16\">There\u2019s<\/span>\u00a0<span title=\"22:16\">no<\/span>\u00a0<span title=\"22:17\">history,<\/span>\u00a0<span title=\"22:17\">so<\/span>\u00a0<span title=\"22:18\">we<\/span>\u00a0<span title=\"22:18\">have<\/span>\u00a0<span title=\"22:19\">nothing<\/span>\u00a0<span title=\"22:19\">to<\/span>\u00a0<span title=\"22:19\">compare<\/span>\u00a0<span title=\"22:19\">it<\/span>\u00a0<span title=\"22:20\">to.<\/span><\/span><br \/><span data-start=\"00:22:20.426\" data-end=\"00:22:24.746\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:20\">I<\/span>\u00a0<span title=\"22:21\">would<\/span>\u00a0<span title=\"22:21\">argue<\/span>\u00a0<span title=\"22:21\">fewer<\/span>\u00a0<span title=\"22:22\">people<\/span>\u00a0<span title=\"22:23\">are<\/span>\u00a0<span title=\"22:23\">going<\/span>\u00a0<span title=\"22:23\">and<\/span>\u00a0<span title=\"22:23\">standing<\/span>\u00a0<span title=\"22:24\">in<\/span>\u00a0<span title=\"22:24\">line<\/span>\u00a0<span title=\"22:24\">at<\/span>\u00a0<span title=\"22:24\">brick<\/span>\u00a0<span title=\"22:24\">and<\/span>\u00a0<span title=\"22:25\">mortar<\/span>\u00a0<\/span><span data-start=\"00:22:24.746\" data-end=\"00:22:26.206\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:25\">stores<\/span>\u00a0<span title=\"22:25\">for<\/span>\u00a0<span title=\"22:25\">door<\/span>\u00a0<span title=\"22:26\">busters.<\/span><\/span><br \/><span data-start=\"00:22:26.846\" data-end=\"00:22:29.806\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:27\">You<\/span>\u00a0<span title=\"22:27\">know,<\/span>\u00a0<span title=\"22:27\">the<\/span>\u00a0<span title=\"22:27\">little<\/span>\u00a0<span title=\"22:28\">bit<\/span>\u00a0<span title=\"22:28\">of<\/span>\u00a0<span title=\"22:28\">data<\/span>\u00a0<span title=\"22:28\">we<\/span>\u00a0<span title=\"22:28\">do<\/span>\u00a0<span title=\"22:28\">have<\/span>\u00a0<span title=\"22:29\">on<\/span>\u00a0<span title=\"22:29\">brick<\/span>\u00a0<span title=\"22:29\">and<\/span>\u00a0<span title=\"22:29\">mortar<\/span>\u00a0<span title=\"22:29\">shows<\/span>\u00a0<span title=\"22:30\">that,<\/span>\u00a0<\/span><span data-start=\"00:22:29.846\" data-end=\"00:22:32.486\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:30\">like,<\/span>\u00a0<span title=\"22:30\">there<\/span>\u00a0<span title=\"22:30\">wasn\u2019t<\/span>\u00a0<span title=\"22:30\">a<\/span>\u00a0<span title=\"22:31\">huge,<\/span>\u00a0<span title=\"22:31\">huge<\/span>\u00a0<span title=\"22:32\">spike<\/span>\u00a0<span title=\"22:32\">in<\/span>\u00a0<span title=\"22:32\">in-store<\/span>\u00a0<span title=\"22:32\">shopping.<\/span><\/span><br \/><span data-start=\"00:22:33.226\" data-end=\"00:22:36.326\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:33\">I<\/span>\u00a0<span title=\"22:33\">feel<\/span>\u00a0<span title=\"22:33\">like<\/span>\u00a0<span title=\"22:34\">Friday<\/span>\u00a0<span title=\"22:34\">has<\/span>\u00a0<span title=\"22:34\">become<\/span>\u00a0<span title=\"22:35\">more<\/span>\u00a0<span title=\"22:35\">of<\/span>\u00a0<span title=\"22:35\">an<\/span>\u00a0<span title=\"22:35\">online<\/span>\u00a0<span title=\"22:36\">shopping<\/span>\u00a0<span title=\"22:36\">day,<\/span><\/span><\/p>\n<h2 id=\"chapter7\" class=\"chapter\">Amazon\u2019s Innovative Advertising and Potential Profitability for Holiday<\/h2>\n<p><small>[22:36]<\/small>\u00a0<span data-start=\"00:22:36.386\" data-end=\"00:22:41.806\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:36\">which<\/span>\u00a0<span title=\"22:37\">means<\/span>\u00a0<span title=\"22:37\">people<\/span>\u00a0<span title=\"22:37\">are<\/span>\u00a0<span title=\"22:37\">home<\/span>\u00a0<span title=\"22:38\">more,<\/span>\u00a0<span title=\"22:38\">which<\/span>\u00a0<span title=\"22:39\">means<\/span>\u00a0<span title=\"22:39\">there\u2019s<\/span>\u00a0<span title=\"22:39\">an<\/span>\u00a0<span title=\"22:39\">opportunity<\/span>\u00a0<span title=\"22:39\">to<\/span>\u00a0<span title=\"22:40\">watch<\/span>\u00a0<span title=\"22:40\">a<\/span>\u00a0<span title=\"22:41\">football<\/span>\u00a0<span title=\"22:41\">game.<\/span><\/span><br \/><span data-start=\"00:22:41.986\" data-end=\"00:22:46.566\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:42\">I<\/span>\u00a0<span title=\"22:42\">kind<\/span>\u00a0<span title=\"22:43\">of<\/span>\u00a0<span title=\"22:43\">don\u2019t<\/span>\u00a0<span title=\"22:44\">imagine<\/span>\u00a0<span title=\"22:44\">that<\/span>\u00a0<span title=\"22:44\">the<\/span>\u00a0<span title=\"22:45\">interactive<\/span>\u00a0<span title=\"22:45\">ad<\/span>\u00a0<span title=\"22:46\">formats,<\/span>\u00a0<span title=\"22:46\">like,<\/span>\u00a0<\/span><span data-start=\"00:22:47.206\" data-end=\"00:22:50.646\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:47\">you<\/span>\u00a0<span title=\"22:47\">know,<\/span>\u00a0<span title=\"22:47\">we\u2019re<\/span>\u00a0<span title=\"22:48\">high<\/span>\u00a0<span title=\"22:48\">volume<\/span>\u00a0<span title=\"22:49\">and<\/span>\u00a0<span title=\"22:49\">really<\/span>\u00a0<span title=\"22:49\">move<\/span>\u00a0<span title=\"22:49\">the<\/span>\u00a0<span title=\"22:50\">needle,<\/span>\u00a0<span title=\"22:50\">but<\/span>\u00a0<span title=\"22:50\">they\u2019re<\/span>\u00a0<span title=\"22:50\">innovative.<\/span><\/span><br \/><span data-start=\"00:22:51.246\" data-end=\"00:22:57.786\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:51\">And<\/span>\u00a0<span title=\"22:52\">I<\/span>\u00a0<span title=\"22:52\">do<\/span>\u00a0<span title=\"22:52\">think<\/span>\u00a0<span title=\"22:52\">that<\/span>\u00a0<span title=\"22:53\">that<\/span>\u00a0<span title=\"22:53\">Friday<\/span>\u00a0<span title=\"22:53\">game<\/span>\u00a0<span title=\"22:54\">is<\/span>\u00a0<span title=\"22:54\">likely<\/span>\u00a0<span title=\"22:54\">to<\/span>\u00a0<span title=\"22:54\">be<\/span>\u00a0<span title=\"22:55\">a<\/span>\u00a0<span title=\"22:55\">new<\/span>\u00a0<span title=\"22:56\">tradition<\/span>\u00a0<span title=\"22:56\">as<\/span>\u00a0<span title=\"22:57\">the<\/span>\u00a0<\/span><span data-start=\"00:22:57.786\" data-end=\"00:22:59.026\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:58\">holiday<\/span>\u00a0<span title=\"22:58\">shopping<\/span>\u00a0<span title=\"22:58\">season<\/span>\u00a0<span title=\"22:59\">goes<\/span>\u00a0<\/span><span data-start=\"00:22:59.026\" data-end=\"00:23:02.826\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:59\">from<\/span>\u00a0<span title=\"22:59\">an<\/span>\u00a0<span title=\"23:00\">omni-channel<\/span>\u00a0<span title=\"23:00\">thing<\/span>\u00a0<span title=\"23:01\">to<\/span>\u00a0<span title=\"23:01\">an<\/span>\u00a0<span title=\"23:01\">online<\/span>\u00a0<span title=\"23:01\">thing.<\/span>\u00a0<span title=\"23:02\">At<\/span>\u00a0<span title=\"23:02\">least<\/span>\u00a0<span title=\"23:02\">that\u2019s<\/span>\u00a0<span title=\"23:02\">my<\/span>\u00a0<span title=\"23:02\">POV.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[23:03]<\/small>\u00a0<span data-start=\"00:23:03.306\" data-end=\"00:23:07.406\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:03\">Yeah,<\/span>\u00a0<span title=\"23:04\">I<\/span>\u00a0<span title=\"23:04\">am<\/span>\u00a0<span title=\"23:05\">super<\/span>\u00a0<span title=\"23:05\">interested<\/span>\u00a0<span title=\"23:05\">in<\/span>\u00a0<span title=\"23:05\">your<\/span>\u00a0<span title=\"23:06\">point<\/span>\u00a0<span title=\"23:06\">of<\/span>\u00a0<span title=\"23:06\">view<\/span>\u00a0<span title=\"23:06\">given<\/span>\u00a0<span title=\"23:06\">how<\/span>\u00a0<span title=\"23:07\">close<\/span>\u00a0<span title=\"23:07\">you<\/span>\u00a0<span title=\"23:07\">are<\/span>\u00a0<span title=\"23:07\">to<\/span>\u00a0<\/span><span data-start=\"00:23:07.406\" data-end=\"00:23:08.926\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:07\">this.<\/span>\u00a0<span title=\"23:08\">So<\/span>\u00a0<span title=\"23:08\">I<\/span>\u00a0<span title=\"23:08\">guess<\/span>\u00a0<span title=\"23:08\">I\u2019m<\/span>\u00a0<span title=\"23:08\">gonna<\/span>\u00a0<span title=\"23:08\">put<\/span>\u00a0<span title=\"23:08\">you<\/span>\u00a0<span title=\"23:09\">on<\/span>\u00a0<span title=\"23:09\">the<\/span>\u00a0<span title=\"23:09\">spot.<\/span><\/span><br \/><span data-start=\"00:23:09.046\" data-end=\"00:23:13.066\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:09\">Wow,<\/span>\u00a0<span title=\"23:09\">look<\/span>\u00a0<span title=\"23:09\">at<\/span>\u00a0<span title=\"23:09\">me,<\/span>\u00a0<span title=\"23:10\">I\u2019m<\/span>\u00a0<span title=\"23:10\">totally<\/span>\u00a0<span title=\"23:10\">turning<\/span>\u00a0<span title=\"23:10\">the<\/span>\u00a0<span title=\"23:11\">table<\/span>\u00a0<span title=\"23:11\">here,<\/span>\u00a0<span title=\"23:11\">but<\/span>\u00a0<span title=\"23:12\">this<\/span>\u00a0<span title=\"23:12\">has<\/span>\u00a0<span title=\"23:13\">been<\/span>\u00a0<span title=\"23:13\">on<\/span>\u00a0<span title=\"23:13\">my<\/span>\u00a0<span title=\"23:13\">mind.<\/span><\/span><br \/><span data-start=\"00:23:13.126\" data-end=\"00:23:16.146\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:13\">And<\/span>\u00a0<span title=\"23:13\">actually,<\/span>\u00a0<span title=\"23:14\">interestingly<\/span>\u00a0<span title=\"23:14\">enough,<\/span>\u00a0<span title=\"23:15\">over<\/span>\u00a0<span title=\"23:15\">the<\/span>\u00a0<span title=\"23:15\">weekend<\/span>\u00a0<span title=\"23:16\">at<\/span>\u00a0<span title=\"23:16\">a<\/span>\u00a0<span title=\"23:16\">party,<\/span>\u00a0<\/span><span data-start=\"00:23:16.146\" data-end=\"00:23:20.306\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:16\">somebody<\/span>\u00a0<span title=\"23:17\">who\u2019s<\/span>\u00a0<span title=\"23:17\">not<\/span>\u00a0<span title=\"23:18\">in<\/span>\u00a0<span title=\"23:18\">like<\/span>\u00a0<span title=\"23:18\">retail,<\/span>\u00a0<span title=\"23:19\">you<\/span>\u00a0<span title=\"23:19\">know,<\/span>\u00a0<span title=\"23:20\">he<\/span>\u00a0<span title=\"23:20\">shops.<\/span><\/span><br \/><span data-start=\"00:23:20.466\" data-end=\"00:23:25.346\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:20\">That\u2019s<\/span>\u00a0<span title=\"23:21\">the<\/span>\u00a0<span title=\"23:21\">extent<\/span>\u00a0<span title=\"23:21\">of<\/span>\u00a0<span title=\"23:21\">it.<\/span>\u00a0<span title=\"23:21\">He<\/span>\u00a0<span title=\"23:22\">pointed<\/span>\u00a0<span title=\"23:22\">out<\/span>\u00a0<span title=\"23:22\">what<\/span>\u00a0<span title=\"23:23\">Amazon<\/span>\u00a0<span title=\"23:23\">did<\/span>\u00a0<span title=\"23:24\">and<\/span>\u00a0<span title=\"23:24\">thought<\/span>\u00a0<span title=\"23:24\">it<\/span>\u00a0<span title=\"23:24\">was<\/span>\u00a0<span title=\"23:25\">really<\/span>\u00a0<span title=\"23:25\">clever.<\/span><\/span><br \/><span data-start=\"00:23:26.406\" data-end=\"00:23:30.126\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:26\">So<\/span>\u00a0<span title=\"23:27\">what<\/span>\u00a0<span title=\"23:27\">did<\/span>\u00a0<span title=\"23:28\">I<\/span>\u00a0<span title=\"23:28\">hear?<\/span>\u00a0<span title=\"23:28\">Like,<\/span>\u00a0<span title=\"23:28\">did<\/span>\u00a0<span title=\"23:28\">they<\/span>\u00a0<span title=\"23:29\">spend<\/span>\u00a0<span title=\"23:29\">a<\/span>\u00a0<span title=\"23:29\">hundred<\/span>\u00a0<span title=\"23:29\">million<\/span>\u00a0<span title=\"23:29\">dollars<\/span>\u00a0<span title=\"23:30\">for<\/span>\u00a0<span title=\"23:30\">that?<\/span><\/span><br \/><span data-start=\"00:23:30.166\" data-end=\"00:23:33.386\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:30\">Regardless,<\/span>\u00a0<span title=\"23:31\">do<\/span>\u00a0<span title=\"23:31\">you<\/span>\u00a0<span title=\"23:31\">think<\/span>\u00a0<span title=\"23:31\">they<\/span>\u00a0<span title=\"23:32\">made<\/span>\u00a0<span title=\"23:32\">the<\/span>\u00a0<span title=\"23:32\">money<\/span>\u00a0<span title=\"23:32\">back<\/span>\u00a0<span title=\"23:33\">going<\/span>\u00a0<span title=\"23:33\">to<\/span>\u00a0<span title=\"23:33\">your<\/span>\u00a0<span title=\"23:33\">point,<\/span>\u00a0<\/span><span data-start=\"00:23:33.526\" data-end=\"00:23:38.946\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:34\">Jason,<\/span>\u00a0<span title=\"23:34\">on<\/span>\u00a0<span title=\"23:34\">selling<\/span>\u00a0<span title=\"23:35\">ad<\/span>\u00a0<span title=\"23:35\">space<\/span>\u00a0<span title=\"23:36\">in<\/span>\u00a0<span title=\"23:36\">there<\/span>\u00a0<span title=\"23:36\">and<\/span>\u00a0<span title=\"23:37\">kind<\/span>\u00a0<span title=\"23:37\">of<\/span>\u00a0<span title=\"23:38\">even<\/span>\u00a0<span title=\"23:38\">if<\/span>\u00a0<span title=\"23:38\">it\u2019s<\/span>\u00a0<span title=\"23:38\">a<\/span>\u00a0<span title=\"23:38\">break<\/span>\u00a0<span title=\"23:38\">even<\/span>\u00a0<span title=\"23:39\">and<\/span>\u00a0<\/span><span data-start=\"00:23:38.946\" data-end=\"00:23:42.486\" data-spk=\"2\" data-label=\"Rob\"><span title=\"23:39\">or<\/span>\u00a0<span title=\"23:39\">they\u2019re<\/span>\u00a0<span title=\"23:40\">gaining<\/span>\u00a0<span title=\"23:40\">more<\/span>\u00a0<span title=\"23:40\">prime<\/span>\u00a0<span title=\"23:41\">members,<\/span>\u00a0<span title=\"23:41\">it<\/span>\u00a0<span title=\"23:41\">was<\/span>\u00a0<span title=\"23:41\">a<\/span>\u00a0<span title=\"23:41\">good<\/span>\u00a0<span title=\"23:42\">day<\/span>\u00a0<span title=\"23:42\">for<\/span>\u00a0<span title=\"23:42\">Amazon?<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[23:42]<\/small>\u00a0<span data-start=\"00:23:42.486\" data-end=\"00:23:46.606\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:42\">Yeah,<\/span>\u00a0<span title=\"23:43\">I<\/span>\u00a0<span title=\"23:44\">am<\/span>\u00a0<span title=\"23:44\">pretty<\/span>\u00a0<span title=\"23:45\">confident<\/span>\u00a0<span title=\"23:45\">it<\/span>\u00a0<span title=\"23:45\">was<\/span>\u00a0<span title=\"23:45\">a<\/span>\u00a0<span title=\"23:46\">good<\/span>\u00a0<span title=\"23:46\">day<\/span>\u00a0<span title=\"23:46\">for<\/span>\u00a0<span title=\"23:46\">Amazon.<\/span><\/span><br \/><span data-start=\"00:23:46.826\" data-end=\"00:23:51.326\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:47\">Like,<\/span>\u00a0<span title=\"23:47\">one<\/span>\u00a0<span title=\"23:47\">thing<\/span>\u00a0<span title=\"23:47\">to<\/span>\u00a0<span title=\"23:47\">remember<\/span>\u00a0<span title=\"23:48\">is<\/span>\u00a0<span title=\"23:48\">Amazon<\/span>\u00a0<span title=\"23:49\">has<\/span>\u00a0<span title=\"23:49\">a<\/span>\u00a0<span title=\"23:49\">better<\/span>\u00a0<span title=\"23:50\">model<\/span>\u00a0<span title=\"23:50\">for<\/span>\u00a0<span title=\"23:50\">monetizing<\/span>\u00a0<span title=\"23:51\">eyeballs<\/span>\u00a0<\/span><span data-start=\"00:23:51.326\" data-end=\"00:23:52.646\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:51\">than<\/span>\u00a0<span title=\"23:52\">anyone<\/span>\u00a0<span title=\"23:52\">else,<\/span>\u00a0<span title=\"23:52\">right?<\/span><\/span><br \/><span data-start=\"00:23:52.686\" data-end=\"00:23:55.906\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:53\">So,<\/span>\u00a0<span title=\"23:53\">like,<\/span>\u00a0<span title=\"23:53\">if<\/span>\u00a0<span title=\"23:53\">you\u2019re<\/span>\u00a0<span title=\"23:54\">Coca-Cola<\/span>\u00a0<span title=\"23:55\">and<\/span>\u00a0<span title=\"23:55\">you<\/span>\u00a0<span title=\"23:55\">sponsor<\/span>\u00a0<span title=\"23:56\">a<\/span>\u00a0<span title=\"23:56\">football<\/span>\u00a0<span title=\"23:56\">game,<\/span>\u00a0<\/span><span data-start=\"00:23:56.406\" data-end=\"00:23:59.906\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:56\">you\u2019re<\/span>\u00a0<span title=\"23:57\">trying<\/span>\u00a0<span title=\"23:57\">to<\/span>\u00a0<span title=\"23:57\">get<\/span>\u00a0<span title=\"23:57\">eyeballs<\/span>\u00a0<span title=\"23:57\">and<\/span>\u00a0<span title=\"23:58\">the<\/span>\u00a0<span title=\"23:58\">only<\/span>\u00a0<span title=\"23:58\">way<\/span>\u00a0<span title=\"23:59\">you<\/span>\u00a0<span title=\"23:59\">have<\/span>\u00a0<span title=\"23:59\">to<\/span>\u00a0<span title=\"23:59\">monetize<\/span>\u00a0<span title=\"23:59\">those<\/span>\u00a0<span title=\"24:00\">eyeballs<\/span>\u00a0<\/span><span data-start=\"00:23:59.906\" data-end=\"00:24:01.526\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:00\">is<\/span>\u00a0<span title=\"24:00\">to<\/span>\u00a0<span title=\"24:00\">get<\/span>\u00a0<span title=\"24:00\">them<\/span>\u00a0<span title=\"24:01\">to<\/span>\u00a0<span title=\"24:01\">drink<\/span>\u00a0<span title=\"24:01\">more<\/span>\u00a0<span title=\"24:01\">Coke.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[24:03]<\/small>\u00a0<span data-start=\"00:24:02.926\" data-end=\"00:24:03.366\" data-spk=\"2\" data-label=\"Rob\"><span title=\"24:03\">Right.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[24:04]<\/small>\u00a0<span data-start=\"00:24:03.946\" data-end=\"00:24:07.766\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:04\">If<\/span>\u00a0<span title=\"24:04\">you\u2019re<\/span>\u00a0<span title=\"24:05\">Amazon,<\/span>\u00a0<span title=\"24:06\">here\u2019s<\/span>\u00a0<span title=\"24:06\">what<\/span>\u00a0<span title=\"24:06\">you<\/span>\u00a0<span title=\"24:06\">do.<\/span>\u00a0<span title=\"24:06\">You<\/span>\u00a0<span title=\"24:07\">get<\/span>\u00a0<span title=\"24:07\">a<\/span>\u00a0<span title=\"24:07\">bunch<\/span>\u00a0<span title=\"24:07\">of<\/span>\u00a0<span title=\"24:07\">eyeballs.<\/span><\/span><br \/><span data-start=\"00:24:08.006\" data-end=\"00:24:12.326\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:08\">You<\/span>\u00a0<span title=\"24:08\">try<\/span>\u00a0<span title=\"24:08\">to<\/span>\u00a0<span title=\"24:09\">sell<\/span>\u00a0<span title=\"24:09\">them<\/span>\u00a0<span title=\"24:09\">something<\/span>\u00a0<span title=\"24:09\">that<\/span>\u00a0<span title=\"24:10\">you<\/span>\u00a0<span title=\"24:10\">make<\/span>\u00a0<span title=\"24:10\">money<\/span>\u00a0<span title=\"24:10\">on.<\/span>\u00a0<span title=\"24:11\">And<\/span>\u00a0<span title=\"24:11\">after<\/span>\u00a0<span title=\"24:12\">you<\/span>\u00a0<span title=\"24:12\">do<\/span>\u00a0<span title=\"24:12\">that,<\/span>\u00a0<\/span><span data-start=\"00:24:12.866\" data-end=\"00:24:16.246\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:13\">you<\/span>\u00a0<span title=\"24:13\">sell<\/span>\u00a0<span title=\"24:14\">ads<\/span>\u00a0<span title=\"24:14\">to<\/span>\u00a0<span title=\"24:14\">other<\/span>\u00a0<span title=\"24:15\">people<\/span>\u00a0<span title=\"24:15\">for<\/span>\u00a0<span title=\"24:15\">more<\/span>\u00a0<span title=\"24:16\">than<\/span>\u00a0<span title=\"24:16\">you<\/span>\u00a0<span title=\"24:16\">paid.<\/span><\/span><br \/><span data-start=\"00:24:18.060\" data-end=\"00:24:21.240\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:18\">And<\/span>\u00a0<span title=\"24:19\">they<\/span>\u00a0<span title=\"24:19\">try<\/span>\u00a0<span title=\"24:19\">to<\/span>\u00a0<span title=\"24:19\">sell<\/span>\u00a0<span title=\"24:19\">something<\/span>\u00a0<span title=\"24:20\">to<\/span>\u00a0<span title=\"24:20\">that<\/span>\u00a0<span title=\"24:20\">person,<\/span>\u00a0<span title=\"24:20\">right?<\/span>\u00a0<span title=\"24:21\">And<\/span>\u00a0<span title=\"24:21\">so,<\/span>\u00a0<\/span><span data-start=\"00:24:21.420\" data-end=\"00:24:29.880\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:21\">you<\/span>\u00a0<span title=\"24:22\">know,<\/span>\u00a0<span title=\"24:22\">the<\/span>\u00a0<span title=\"24:22\">combination<\/span>\u00a0<span title=\"24:22\">of<\/span>\u00a0<span title=\"24:23\">the<\/span>\u00a0<span title=\"24:24\">ad<\/span>\u00a0<span title=\"24:26\">revenue<\/span>\u00a0<span title=\"24:26\">that<\/span>\u00a0<span title=\"24:26\">Amazon<\/span>\u00a0<span title=\"24:27\">generates<\/span>\u00a0<span title=\"24:28\">and<\/span>\u00a0<span title=\"24:28\">the<\/span>\u00a0<span title=\"24:29\">top<\/span>\u00a0<span title=\"24:29\">of<\/span>\u00a0<span title=\"24:30\">funnel,<\/span>\u00a0<\/span><span data-start=\"00:24:30.520\" data-end=\"00:24:34.720\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:31\">and<\/span>\u00a0<span title=\"24:31\">bottom<\/span>\u00a0<span title=\"24:31\">of<\/span>\u00a0<span title=\"24:31\">funnel<\/span>\u00a0<span title=\"24:32\">benefit<\/span>\u00a0<span title=\"24:33\">that<\/span>\u00a0<span title=\"24:33\">Amazon<\/span>\u00a0<span title=\"24:33\">gets,<\/span>\u00a0<span title=\"24:34\">again,<\/span>\u00a0<span title=\"24:34\">they\u2019re<\/span>\u00a0<span title=\"24:34\">building<\/span>\u00a0<span title=\"24:34\">their<\/span>\u00a0<span title=\"24:34\">brand.<\/span><\/span><br \/><span data-start=\"00:24:34.800\" data-end=\"00:24:38.000\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:35\">Your<\/span>\u00a0<span title=\"24:35\">friend<\/span>\u00a0<span title=\"24:35\">that<\/span>\u00a0<span title=\"24:35\">was<\/span>\u00a0<span title=\"24:36\">just<\/span>\u00a0<span title=\"24:36\">talking<\/span>\u00a0<span title=\"24:36\">to<\/span>\u00a0<span title=\"24:36\">you,<\/span>\u00a0<span title=\"24:36\">he<\/span>\u00a0<span title=\"24:37\">wasn\u2019t<\/span>\u00a0<span title=\"24:37\">talking<\/span>\u00a0<span title=\"24:37\">about<\/span>\u00a0<span title=\"24:38\">a<\/span>\u00a0<span title=\"24:38\">particular<\/span>\u00a0<\/span><span data-start=\"00:24:38.000\" data-end=\"00:24:39.480\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:38\">product<\/span>\u00a0<span title=\"24:38\">he<\/span>\u00a0<span title=\"24:39\">was<\/span>\u00a0<span title=\"24:39\">shopping<\/span>\u00a0<span title=\"24:39\">for.<\/span><\/span><br \/><span data-start=\"00:24:39.680\" data-end=\"00:24:42.820\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:40\">The<\/span>\u00a0<span title=\"24:40\">brand<\/span>\u00a0<span title=\"24:40\">he<\/span>\u00a0<span title=\"24:41\">remembers<\/span>\u00a0<span title=\"24:41\">is<\/span>\u00a0<span title=\"24:42\">Amazon,<\/span>\u00a0<span title=\"24:42\">right?<\/span><\/span><br \/><span data-start=\"00:24:43.120\" data-end=\"00:24:48.120\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:43\">And<\/span>\u00a0<span title=\"24:43\">so<\/span>\u00a0<span title=\"24:44\">you<\/span>\u00a0<span title=\"24:44\">got<\/span>\u00a0<span title=\"24:45\">that<\/span>\u00a0<span title=\"24:45\">Amazon<\/span>\u00a0<span title=\"24:45\">top<\/span>\u00a0<span title=\"24:45\">of<\/span>\u00a0<span title=\"24:46\">the<\/span>\u00a0<span title=\"24:46\">funnel<\/span>\u00a0<span title=\"24:46\">benefit,<\/span>\u00a0<span title=\"24:46\">which<\/span>\u00a0<span title=\"24:46\">is<\/span>\u00a0<span title=\"24:47\">valuable<\/span>\u00a0<span title=\"24:47\">and<\/span>\u00a0<span title=\"24:48\">important.<\/span><\/span><br \/><span data-start=\"00:24:49.000\" data-end=\"00:24:52.880\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:49\">Amazon<\/span>\u00a0<span title=\"24:49\">probably<\/span>\u00a0<span title=\"24:50\">sold<\/span>\u00a0<span title=\"24:50\">some<\/span>\u00a0<span title=\"24:50\">stuff<\/span>\u00a0<span title=\"24:50\">to<\/span>\u00a0<span title=\"24:50\">people.<\/span>\u00a0<span title=\"24:51\">So<\/span>\u00a0<span title=\"24:51\">you<\/span>\u00a0<span title=\"24:51\">got<\/span>\u00a0<span title=\"24:51\">that<\/span>\u00a0<span title=\"24:51\">Amazon<\/span>\u00a0<span title=\"24:52\">bottom<\/span>\u00a0<span title=\"24:52\">of<\/span>\u00a0<span title=\"24:52\">funnel<\/span>\u00a0<span title=\"24:52\">benefit.<\/span><\/span><br \/><span data-start=\"00:24:53.040\" data-end=\"00:24:56.540\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:53\">And<\/span>\u00a0<span title=\"24:53\">then<\/span>\u00a0<span title=\"24:54\">we<\/span>\u00a0<span title=\"24:54\">know<\/span>\u00a0<span title=\"24:54\">Amazon<\/span>\u00a0<span title=\"24:54\">sold<\/span>\u00a0<span title=\"24:55\">a<\/span>\u00a0<span title=\"24:55\">bunch<\/span>\u00a0<span title=\"24:55\">of<\/span>\u00a0<span title=\"24:55\">ads,<\/span>\u00a0<span title=\"24:56\">which<\/span>\u00a0<span title=\"24:56\">is,<\/span>\u00a0<span title=\"24:56\">you<\/span>\u00a0<span title=\"24:56\">know,<\/span>\u00a0<\/span><span data-start=\"00:24:56.560\" data-end=\"00:24:59.260\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:57\">a<\/span>\u00a0<span title=\"24:57\">huge,<\/span>\u00a0<span title=\"24:57\">huge<\/span>\u00a0<span title=\"24:58\">driver<\/span>\u00a0<span title=\"24:58\">of<\/span>\u00a0<span title=\"24:58\">incremental<\/span>\u00a0<span title=\"24:59\">profit.<\/span><\/span><br \/><span data-start=\"00:24:59.500\" data-end=\"00:25:03.440\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:00\">So<\/span>\u00a0<span title=\"25:00\">yeah,<\/span>\u00a0<span title=\"25:01\">I<\/span>\u00a0<span title=\"25:01\">definitely<\/span>\u00a0<span title=\"25:02\">think<\/span>\u00a0<span title=\"25:02\">we<\/span>\u00a0<span title=\"25:02\">can<\/span>\u00a0<span title=\"25:02\">call<\/span>\u00a0<span title=\"25:02\">Amazon<\/span>\u00a0<span title=\"25:03\">a<\/span>\u00a0<span title=\"25:03\">winner<\/span>\u00a0<span title=\"25:03\">there.<\/span><\/span><br \/><span data-start=\"00:25:03.560\" data-end=\"00:25:07.040\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:04\">I<\/span>\u00a0<span title=\"25:04\">think<\/span>\u00a0<span title=\"25:04\">when<\/span>\u00a0<span title=\"25:04\">it<\/span>\u00a0<span title=\"25:04\">all<\/span>\u00a0<span title=\"25:04\">settles,<\/span>\u00a0<span title=\"25:05\">we\u2019re<\/span>\u00a0<span title=\"25:05\">also<\/span>\u00a0<span title=\"25:05\">going<\/span>\u00a0<span title=\"25:06\">to<\/span>\u00a0<span title=\"25:06\">see<\/span>\u00a0<span title=\"25:06\">that<\/span>\u00a0<span title=\"25:06\">it<\/span>\u00a0<span title=\"25:06\">was<\/span>\u00a0<span title=\"25:06\">just<\/span>\u00a0<span title=\"25:07\">a<\/span>\u00a0<span title=\"25:07\">pretty<\/span>\u00a0<\/span><span data-start=\"00:25:07.040\" data-end=\"00:25:08.640\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:07\">good<\/span>\u00a0<span title=\"25:07\">sales<\/span>\u00a0<span title=\"25:08\">day<\/span>\u00a0<span title=\"25:08\">for<\/span>\u00a0<span title=\"25:08\">Amazon<\/span>\u00a0<span title=\"25:08\">as<\/span>\u00a0<span title=\"25:08\">well.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[25:09]<\/small>\u00a0<span data-start=\"00:25:09.180\" data-end=\"00:25:12.860\" data-spk=\"2\" data-label=\"Rob\"><span title=\"25:09\">Yeah,<\/span>\u00a0<span title=\"25:09\">I<\/span>\u00a0<span title=\"25:10\">bet<\/span>\u00a0<span title=\"25:10\">you\u2019re<\/span>\u00a0<span title=\"25:10\">right.<\/span>\u00a0<span title=\"25:10\">Yeah.<\/span>\u00a0<span title=\"25:11\">The<\/span>\u00a0<span title=\"25:11\">last<\/span>\u00a0<span title=\"25:11\">point<\/span>\u00a0<span title=\"25:11\">and<\/span>\u00a0<span title=\"25:12\">then<\/span>\u00a0<span title=\"25:12\">we<\/span>\u00a0<span title=\"25:12\">can<\/span>\u00a0<span title=\"25:12\">move<\/span>\u00a0<span title=\"25:12\">on<\/span>\u00a0<span title=\"25:12\">and<\/span>\u00a0<span title=\"25:13\">by<\/span>\u00a0<\/span><span data-start=\"00:25:12.860\" data-end=\"00:25:20.200\" data-spk=\"2\" data-label=\"Rob\"><span title=\"25:13\">the<\/span>\u00a0<span title=\"25:13\">way,<\/span>\u00a0<span title=\"25:13\">welcome<\/span>\u00a0<span title=\"25:13\">to<\/span>\u00a0<span title=\"25:14\">episode<\/span>\u00a0<span title=\"25:14\">one<\/span>\u00a0<span title=\"25:14\">of<\/span>\u00a0<span title=\"25:15\">the<\/span>\u00a0<span title=\"25:15\">Rob<\/span>\u00a0<span title=\"25:15\">Garf<\/span>\u00a0<span title=\"25:15\">podcast,<\/span>\u00a0<span title=\"25:16\">is<\/span>\u00a0<span title=\"25:18\">the<\/span>\u00a0<span title=\"25:19\">fact<\/span>\u00a0<span title=\"25:19\">that<\/span>\u00a0<span title=\"25:19\">I<\/span>\u00a0<span title=\"25:19\">mean,<\/span>\u00a0<span title=\"25:20\">knowing<\/span>\u00a0<span title=\"25:20\">Amazon,<\/span>\u00a0<\/span><span data-start=\"00:25:20.420\" data-end=\"00:25:24.280\" data-spk=\"2\" data-label=\"Rob\"><span title=\"25:20\">those<\/span>\u00a0<span title=\"25:21\">ads<\/span>\u00a0<span title=\"25:21\">that<\/span>\u00a0<span title=\"25:21\">you\u2019re<\/span>\u00a0<span title=\"25:21\">getting<\/span>\u00a0<span title=\"25:21\">are<\/span>\u00a0<span title=\"25:22\">personalized<\/span>\u00a0<span title=\"25:22\">in<\/span>\u00a0<span title=\"25:23\">terms<\/span>\u00a0<span title=\"25:23\">of<\/span>\u00a0<span title=\"25:24\">them<\/span>\u00a0<span title=\"25:24\">understanding<\/span>\u00a0<\/span><span data-start=\"00:25:24.280\" data-end=\"00:25:28.720\" data-spk=\"2\" data-label=\"Rob\"><span title=\"25:24\">who<\/span>\u00a0<span title=\"25:24\">you<\/span>\u00a0<span title=\"25:25\">are<\/span>\u00a0<span title=\"25:25\">and<\/span>\u00a0<span title=\"25:25\">even<\/span>\u00a0<span title=\"25:25\">if<\/span>\u00a0<span title=\"25:25\">it\u2019s<\/span>\u00a0<span title=\"25:26\">a<\/span>\u00a0<span title=\"25:26\">different<\/span>\u00a0<span title=\"25:26\">size<\/span>\u00a0<span title=\"25:27\">or<\/span>\u00a0<span title=\"25:27\">a<\/span>\u00a0<span title=\"25:27\">different<\/span>\u00a0<span title=\"25:27\">brand<\/span>\u00a0<span title=\"25:27\">or<\/span>\u00a0<span title=\"25:27\">a<\/span>\u00a0<span title=\"25:28\">different<\/span>\u00a0<span title=\"25:28\">you<\/span>\u00a0<span title=\"25:28\">know,<\/span>\u00a0<span title=\"25:28\">whatever,<\/span>\u00a0<\/span><span data-start=\"00:25:29.100\" data-end=\"00:25:32.100\" data-spk=\"2\" data-label=\"Rob\"><span title=\"25:29\">even<\/span>\u00a0<span title=\"25:29\">what<\/span>\u00a0<span title=\"25:29\">they<\/span>\u00a0<span title=\"25:30\">know<\/span>\u00a0<span title=\"25:30\">about<\/span>\u00a0<span title=\"25:30\">what\u2019s<\/span>\u00a0<span title=\"25:30\">in<\/span>\u00a0<span title=\"25:31\">your<\/span>\u00a0<span title=\"25:31\">shopping<\/span>\u00a0<span title=\"25:31\">cart,<\/span>\u00a0<span title=\"25:31\">what<\/span>\u00a0<span title=\"25:31\">you<\/span>\u00a0<span title=\"25:31\">bought<\/span>\u00a0<span title=\"25:32\">in<\/span>\u00a0<span title=\"25:32\">the<\/span>\u00a0<span title=\"25:32\">past.<\/span><\/span><br \/><span data-start=\"00:25:32.260\" data-end=\"00:25:36.400\" data-spk=\"2\" data-label=\"Rob\"><span title=\"25:32\">So<\/span>\u00a0<span title=\"25:32\">anyways,<\/span>\u00a0<span title=\"25:33\">it<\/span>\u00a0<span title=\"25:33\">sounds<\/span>\u00a0<span title=\"25:33\">like,<\/span>\u00a0<span title=\"25:34\">as<\/span>\u00a0<span title=\"25:34\">I<\/span>\u00a0<span title=\"25:34\">would<\/span>\u00a0<span title=\"25:34\">have<\/span>\u00a0<span title=\"25:34\">suspected,<\/span>\u00a0<span title=\"25:35\">you\u2019re<\/span>\u00a0<span title=\"25:35\">pretty<\/span>\u00a0<span title=\"25:35\">bullish<\/span>\u00a0<span title=\"25:35\">about<\/span>\u00a0<span title=\"25:36\">it<\/span>\u00a0<span title=\"25:36\">and<\/span>\u00a0<span title=\"25:36\">I<\/span>\u00a0<span title=\"25:36\">am<\/span>\u00a0<span title=\"25:36\">too.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[25:37]<\/small>\u00a0<span data-start=\"00:25:36.960\" data-end=\"00:25:40.400\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:37\">So<\/span>\u00a0<span title=\"25:37\">yeah,<\/span>\u00a0<span title=\"25:37\">I<\/span>\u00a0<span title=\"25:38\">do<\/span>\u00a0<span title=\"25:38\">want<\/span>\u00a0<span title=\"25:38\">to<\/span>\u00a0<span title=\"25:38\">cover<\/span>\u00a0<span title=\"25:39\">something<\/span>\u00a0<span title=\"25:39\">just<\/span>\u00a0<span title=\"25:40\">kind<\/span>\u00a0<span title=\"25:40\">of<\/span>\u00a0<span title=\"25:40\">fundamental.<\/span><\/span><br \/><span data-start=\"00:25:40.400\" data-end=\"00:25:45.860\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:40\">So,<\/span>\u00a0<span title=\"25:41\">so<\/span>\u00a0<span title=\"25:41\">we<\/span>\u00a0<span title=\"25:42\">rebounded<\/span>\u00a0<span title=\"25:43\">a<\/span>\u00a0<span title=\"25:43\">little<\/span>\u00a0<span title=\"25:43\">bit<\/span>\u00a0<span title=\"25:43\">and<\/span>\u00a0<span title=\"25:43\">we<\/span>\u00a0<span title=\"25:43\">got<\/span>\u00a0<span title=\"25:43\">bigger<\/span>\u00a0<span title=\"25:44\">sales<\/span>\u00a0<span title=\"25:44\">on,<\/span>\u00a0<span title=\"25:45\">on<\/span>\u00a0<span title=\"25:45\">Friday<\/span>\u00a0<span title=\"25:45\">and<\/span>\u00a0<span title=\"25:46\">Monday.<\/span><\/span><br \/><span data-start=\"00:25:46.340\" data-end=\"00:25:48.860\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:46\">Potentially<\/span>\u00a0<span title=\"25:47\">we<\/span>\u00a0<span title=\"25:47\">might\u2019ve<\/span>\u00a0<span title=\"25:47\">just<\/span>\u00a0<span title=\"25:47\">pulled<\/span>\u00a0<span title=\"25:48\">some<\/span>\u00a0<span title=\"25:48\">sales<\/span>\u00a0<span title=\"25:48\">in<\/span>\u00a0<span title=\"25:48\">that<\/span>\u00a0<span title=\"25:48\">were<\/span>\u00a0<span title=\"25:48\">going<\/span>\u00a0<span title=\"25:49\">to<\/span>\u00a0<span title=\"25:49\">happen<\/span>\u00a0<\/span><span data-start=\"00:25:48.860\" data-end=\"00:25:51.520\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:49\">later<\/span>\u00a0<span title=\"25:49\">in<\/span>\u00a0<span title=\"25:49\">the<\/span>\u00a0<span title=\"25:49\">month<\/span>\u00a0<span title=\"25:50\">per<\/span>\u00a0<span title=\"25:50\">your,<\/span>\u00a0<span title=\"25:50\">your<\/span>\u00a0<span title=\"25:51\">comments<\/span>\u00a0<span title=\"25:51\">about<\/span>\u00a0<span title=\"25:51\">not<\/span>\u00a0<span title=\"25:51\">wanting<\/span>\u00a0<span title=\"25:51\">to<\/span>\u00a0<span title=\"25:52\">re-forecast.<\/span><\/span><br \/><span data-start=\"00:25:52.980\" data-end=\"00:25:57.040\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:53\">Did<\/span>\u00a0<span title=\"25:53\">we<\/span>\u00a0<span title=\"25:54\">partly<\/span>\u00a0<span title=\"25:54\">pull<\/span>\u00a0<span title=\"25:54\">those<\/span>\u00a0<span title=\"25:54\">in<\/span>\u00a0<span title=\"25:55\">by<\/span>\u00a0<span title=\"25:55\">giving<\/span>\u00a0<span title=\"25:55\">deeper<\/span>\u00a0<span title=\"25:55\">discounts<\/span>\u00a0<span title=\"25:56\">than<\/span>\u00a0<span title=\"25:56\">we<\/span>\u00a0<span title=\"25:56\">usually<\/span>\u00a0<span title=\"25:57\">give?<\/span><\/span><br \/><span data-start=\"00:25:57.160\" data-end=\"00:26:00.480\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:57\">Like<\/span>\u00a0<span title=\"25:57\">what,<\/span>\u00a0<span title=\"25:58\">what<\/span>\u00a0<span title=\"25:58\">did<\/span>\u00a0<span title=\"25:58\">you<\/span>\u00a0<span title=\"25:58\">see<\/span>\u00a0<span title=\"25:58\">from<\/span>\u00a0<span title=\"25:58\">a<\/span>\u00a0<span title=\"25:59\">discounting<\/span>\u00a0<span title=\"25:59\">standpoint<\/span>\u00a0<span title=\"25:59\">and<\/span>\u00a0<span title=\"26:00\">what<\/span>\u00a0<span title=\"26:00\">does<\/span>\u00a0<span title=\"26:00\">that<\/span>\u00a0<\/span><span data-start=\"00:26:00.480\" data-end=\"00:26:02.860\" data-spk=\"0\" data-label=\"Jason\"><span title=\"26:00\">say<\/span>\u00a0<span title=\"26:01\">about<\/span>\u00a0<span title=\"26:01\">potential<\/span>\u00a0<span title=\"26:02\">profitability<\/span>\u00a0<span title=\"26:02\">for<\/span>\u00a0<span title=\"26:03\">Holiday?<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[26:03]<\/small>\u00a0<span data-start=\"00:26:03.480\" data-end=\"00:26:08.220\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:03\">Yeah,<\/span>\u00a0<span title=\"26:04\">yeah.<\/span>\u00a0<span title=\"26:05\">Yeah.<\/span>\u00a0<span title=\"26:05\">So<\/span>\u00a0<span title=\"26:05\">we<\/span>\u00a0<span title=\"26:06\">actually<\/span>\u00a0<span title=\"26:06\">looked<\/span>\u00a0<span title=\"26:06\">at<\/span>\u00a0<span title=\"26:06\">this<\/span>\u00a0<span title=\"26:07\">going<\/span>\u00a0<span title=\"26:07\">into<\/span>\u00a0<span title=\"26:07\">the<\/span>\u00a0<span title=\"26:08\">Holiday<\/span>\u00a0<span title=\"26:08\">and<\/span>\u00a0<span title=\"26:08\">we<\/span>\u00a0<\/span><span data-start=\"00:26:08.220\" data-end=\"00:26:14.620\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:08\">went<\/span>\u00a0<span title=\"26:08\">back<\/span>\u00a0<span title=\"26:09\">to<\/span>\u00a0<span title=\"26:09\">2019<\/span>\u00a0<span title=\"26:10\">and<\/span>\u00a0<span title=\"26:10\">I<\/span>\u00a0<span title=\"26:10\">have<\/span>\u00a0<span title=\"26:10\">the<\/span>\u00a0<span title=\"26:11\">team<\/span>\u00a0<span title=\"26:11\">look<\/span>\u00a0<span title=\"26:11\">at<\/span>\u00a0<span title=\"26:11\">discount<\/span>\u00a0<span title=\"26:12\">rates<\/span>\u00a0<span title=\"26:12\">starting<\/span>\u00a0<span title=\"26:12\">in<\/span>\u00a0<span title=\"26:12\">November<\/span>\u00a0<span title=\"26:13\">1st<\/span>\u00a0<span title=\"26:14\">for<\/span>\u00a0<span title=\"26:14\">2019,<\/span>\u00a0<\/span><span data-start=\"00:26:14.960\" data-end=\"00:26:20.120\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:15\">2021,<\/span>\u00a0<span title=\"26:16\">and<\/span>\u00a0<span title=\"26:16\">2023,<\/span>\u00a0<span title=\"26:18\">what<\/span>\u00a0<span title=\"26:18\">we<\/span>\u00a0<span title=\"26:18\">had<\/span>\u00a0<span title=\"26:18\">anticipated<\/span>\u00a0<span title=\"26:19\">for<\/span>\u00a0<span title=\"26:19\">this<\/span>\u00a0<span title=\"26:20\">year.<\/span><\/span><br \/><span data-start=\"00:26:20.720\" data-end=\"00:26:26.160\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:21\">And<\/span>\u00a0<span title=\"26:21\">what<\/span>\u00a0<span title=\"26:21\">we<\/span>\u00a0<span title=\"26:21\">saw<\/span>\u00a0<span title=\"26:22\">and<\/span>\u00a0<span title=\"26:22\">actually<\/span>\u00a0<span title=\"26:22\">came<\/span>\u00a0<span title=\"26:22\">true<\/span>\u00a0<span title=\"26:23\">is<\/span>\u00a0<span title=\"26:23\">we<\/span>\u00a0<span title=\"26:24\">saw<\/span>\u00a0<span title=\"26:24\">discount<\/span>\u00a0<span title=\"26:25\">rates<\/span>\u00a0<span title=\"26:25\">over<\/span>\u00a0<span title=\"26:25\">Cyber<\/span>\u00a0<span title=\"26:26\">Week<\/span>\u00a0<\/span><span data-start=\"00:26:26.160\" data-end=\"00:26:30.420\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:26\">hover<\/span>\u00a0<span title=\"26:27\">just<\/span>\u00a0<span title=\"26:27\">north<\/span>\u00a0<span title=\"26:28\">of<\/span>\u00a0<span title=\"26:28\">where<\/span>\u00a0<span title=\"26:28\">they<\/span>\u00a0<span title=\"26:28\">were<\/span>\u00a0<span title=\"26:29\">in<\/span>\u00a0<span title=\"26:29\">2019.<\/span><\/span><\/p>\n<h2 id=\"chapter8\" class=\"chapter\">Discount rates over Cyber Week in comparison to previous years<\/h2>\n<p><small>[26:31]<\/small>\u00a0<span data-start=\"00:26:30.880\" data-end=\"00:26:35.680\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:31\">Don\u2019t<\/span>\u00a0<span title=\"26:31\">forget,<\/span>\u00a0<span title=\"26:31\">2021,<\/span>\u00a0<span title=\"26:33\">there<\/span>\u00a0<span title=\"26:33\">were<\/span>\u00a0<span title=\"26:33\">the<\/span>\u00a0<span title=\"26:34\">lowest<\/span>\u00a0<span title=\"26:34\">discount<\/span>\u00a0<span title=\"26:34\">rates<\/span>\u00a0<span title=\"26:35\">that<\/span>\u00a0<span title=\"26:35\">we\u2019ve<\/span>\u00a0<span title=\"26:35\">seen<\/span>\u00a0<span title=\"26:35\">because<\/span>\u00a0<\/span><span data-start=\"00:26:35.680\" data-end=\"00:26:37.260\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:36\">the<\/span>\u00a0<span title=\"26:36\">product<\/span>\u00a0<span title=\"26:36\">just<\/span>\u00a0<span title=\"26:37\">wasn\u2019t<\/span>\u00a0<span title=\"26:37\">there.<\/span><\/span><br \/><span data-start=\"00:26:37.580\" data-end=\"00:26:41.040\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:38\">So<\/span>\u00a0<span title=\"26:38\">retailers,<\/span>\u00a0<span title=\"26:38\">it<\/span>\u00a0<span title=\"26:39\">was<\/span>\u00a0<span title=\"26:39\">the<\/span>\u00a0<span title=\"26:39\">first<\/span>\u00a0<span title=\"26:39\">time<\/span>\u00a0<span title=\"26:40\">they<\/span>\u00a0<span title=\"26:40\">won<\/span>\u00a0<span title=\"26:40\">the<\/span>\u00a0<span title=\"26:40\">game<\/span>\u00a0<span title=\"26:40\">of<\/span>\u00a0<span title=\"26:40\">Discount<\/span>\u00a0<span title=\"26:41\">Chicken.<\/span><\/span><br \/><span data-start=\"00:26:42.121\" data-end=\"00:26:47.601\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:42\">The<\/span>\u00a0<span title=\"26:42\">short<\/span>\u00a0<span title=\"26:43\">answer<\/span>\u00a0<span title=\"26:43\">is<\/span>\u00a0<span title=\"26:43\">yes.<\/span>\u00a0<span title=\"26:44\">Retailers<\/span>\u00a0<span title=\"26:44\">did<\/span>\u00a0<span title=\"26:45\">discount<\/span>\u00a0<span title=\"26:45\">the<\/span>\u00a0<span title=\"26:46\">heaviest<\/span>\u00a0<span title=\"26:46\">they<\/span>\u00a0<span title=\"26:46\">have<\/span>\u00a0<span title=\"26:47\">all<\/span>\u00a0<span title=\"26:47\">year,<\/span>\u00a0<\/span><span data-start=\"00:26:47.921\" data-end=\"00:26:49.561\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:48\">right<\/span>\u00a0<span title=\"26:48\">around<\/span>\u00a0<span title=\"26:48\">30%<\/span>\u00a0<span title=\"26:49\">on<\/span>\u00a0<span title=\"26:50\">average.<\/span><\/span><br \/><span data-start=\"00:26:50.161\" data-end=\"00:26:53.261\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:50\">And<\/span>\u00a0<span title=\"26:50\">I<\/span>\u00a0<span title=\"26:50\">think<\/span>\u00a0<span title=\"26:50\">that\u2019s<\/span>\u00a0<span title=\"26:51\">important.<\/span>\u00a0<span title=\"26:51\">It\u2019s<\/span>\u00a0<span title=\"26:51\">on<\/span>\u00a0<span title=\"26:51\">average.<\/span>\u00a0<span title=\"26:52\">I<\/span>\u00a0<span title=\"26:52\">mean,<\/span>\u00a0<span title=\"26:52\">we\u2019ve<\/span>\u00a0<span title=\"26:52\">all<\/span>\u00a0<span title=\"26:52\">seen<\/span>\u00a0<span title=\"26:52\">discounts<\/span>\u00a0<\/span><span data-start=\"00:26:53.261\" data-end=\"00:26:57.481\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:53\">of<\/span>\u00a0<span title=\"26:54\">40%,<\/span>\u00a0<span title=\"26:54\">50%,<\/span>\u00a0<span title=\"26:55\">really<\/span>\u00a0<span title=\"26:55\">creative<\/span>\u00a0<span title=\"26:56\">discounting<\/span>\u00a0<span title=\"26:57\">strategies.<\/span><\/span><br \/><span data-start=\"00:26:58.001\" data-end=\"00:27:02.401\" data-spk=\"2\" data-label=\"Rob\"><span title=\"26:58\">And<\/span>\u00a0<span title=\"26:58\">so<\/span>\u00a0<span title=\"26:58\">that<\/span>\u00a0<span title=\"26:59\">definitely<\/span>\u00a0<span title=\"26:59\">drove<\/span>\u00a0<span title=\"27:00\">demand.<\/span>\u00a0<span title=\"27:01\">I<\/span>\u00a0<span title=\"27:01\">mean,<\/span>\u00a0<span title=\"27:01\">going<\/span>\u00a0<span title=\"27:01\">back<\/span>\u00a0<span title=\"27:01\">to<\/span>\u00a0<span title=\"27:02\">the<\/span>\u00a0<span title=\"27:02\">consumer,<\/span>\u00a0<\/span><span data-start=\"00:27:02.701\" data-end=\"00:27:07.401\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:03\">while<\/span>\u00a0<span title=\"27:03\">they\u2019re<\/span>\u00a0<span title=\"27:03\">buying<\/span>\u00a0<span title=\"27:04\">more,<\/span>\u00a0<span title=\"27:05\">they\u2019re<\/span>\u00a0<span title=\"27:05\">making<\/span>\u00a0<span title=\"27:06\">trade-offs<\/span>\u00a0<span title=\"27:06\">and<\/span>\u00a0<span title=\"27:07\">they<\/span>\u00a0<span title=\"27:07\">were<\/span>\u00a0<span title=\"27:07\">really<\/span>\u00a0<span title=\"27:07\">diligent.<\/span><\/span><\/p>\n<p><small>[27:09]<\/small>\u00a0<span data-start=\"00:27:08.741\" data-end=\"00:27:14.101\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:09\">They<\/span>\u00a0<span title=\"27:09\">were<\/span>\u00a0<span title=\"27:09\">really<\/span>\u00a0<span title=\"27:09\">patient<\/span>\u00a0<span title=\"27:10\">and<\/span>\u00a0<span title=\"27:11\">they<\/span>\u00a0<span title=\"27:11\">waited<\/span>\u00a0<span title=\"27:12\">and<\/span>\u00a0<span title=\"27:12\">they<\/span>\u00a0<span title=\"27:12\">waited<\/span>\u00a0<span title=\"27:13\">and<\/span>\u00a0<span title=\"27:13\">they<\/span>\u00a0<span title=\"27:14\">ultimately<\/span>\u00a0<\/span><span data-start=\"00:27:14.101\" data-end=\"00:27:17.481\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:14\">saw<\/span>\u00a0<span title=\"27:15\">the<\/span>\u00a0<span title=\"27:15\">attractive<\/span>\u00a0<span title=\"27:15\">deals<\/span>\u00a0<span title=\"27:16\">starting<\/span>\u00a0<span title=\"27:16\">in<\/span>\u00a0<span title=\"27:17\">earnest<\/span>\u00a0<span title=\"27:17\">on<\/span>\u00a0<span title=\"27:17\">Black<\/span>\u00a0<span title=\"27:17\">Friday.<\/span><\/span><br \/><span data-start=\"00:27:17.701\" data-end=\"00:27:20.921\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:18\">They<\/span>\u00a0<span title=\"27:18\">weren\u2019t<\/span>\u00a0<span title=\"27:18\">even<\/span>\u00a0<span title=\"27:18\">that<\/span>\u00a0<span title=\"27:19\">great<\/span>\u00a0<span title=\"27:19\">on<\/span>\u00a0<span title=\"27:19\">the<\/span>\u00a0<span title=\"27:20\">Monday,<\/span>\u00a0<span title=\"27:20\">Tuesday,<\/span>\u00a0<span title=\"27:21\">I\u2019m<\/span>\u00a0<span title=\"27:21\">sorry,<\/span>\u00a0<\/span><span data-start=\"00:27:21.001\" data-end=\"00:27:24.781\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:21\">the<\/span>\u00a0<span title=\"27:21\">Tuesday,<\/span>\u00a0<span title=\"27:21\">Wednesday,<\/span>\u00a0<span title=\"27:22\">and<\/span>\u00a0<span title=\"27:22\">Thanksgiving,<\/span>\u00a0<span title=\"27:23\">Thursday<\/span>\u00a0<span title=\"27:23\">until<\/span>\u00a0<span title=\"27:24\">Black<\/span>\u00a0<span title=\"27:24\">Friday,<\/span>\u00a0<\/span><span data-start=\"00:27:24.901\" data-end=\"00:27:26.101\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:25\">and<\/span>\u00a0<span title=\"27:25\">then<\/span>\u00a0<span title=\"27:25\">they<\/span>\u00a0<span title=\"27:26\">started<\/span>\u00a0<span title=\"27:26\">to<\/span>\u00a0<span title=\"27:26\">buy.<\/span><\/span><br \/><span data-start=\"00:27:26.301\" data-end=\"00:27:30.241\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:26\">So<\/span>\u00a0<span title=\"27:26\">they<\/span>\u00a0<span title=\"27:27\">held<\/span>\u00a0<span title=\"27:27\">out<\/span>\u00a0<span title=\"27:27\">and<\/span>\u00a0<span title=\"27:28\">they<\/span>\u00a0<span title=\"27:28\">ultimately<\/span>\u00a0<span title=\"27:28\">purchased<\/span>\u00a0<span title=\"27:29\">those<\/span>\u00a0<span title=\"27:29\">attractive<\/span>\u00a0<span title=\"27:30\">deals.<\/span><\/span><br \/><span data-start=\"00:27:30.761\" data-end=\"00:27:37.341\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:31\">In<\/span>\u00a0<span title=\"27:31\">terms<\/span>\u00a0<span title=\"27:31\">of<\/span>\u00a0<span title=\"27:31\">margin,<\/span>\u00a0<span title=\"27:32\">I<\/span>\u00a0<span title=\"27:32\">think<\/span>\u00a0<span title=\"27:33\">we\u2019re<\/span>\u00a0<span title=\"27:33\">doing<\/span>\u00a0<span title=\"27:33\">okay.<\/span>\u00a0<span title=\"27:34\">And<\/span>\u00a0<span title=\"27:35\">the<\/span>\u00a0<span title=\"27:35\">secret<\/span>\u00a0<span title=\"27:35\">here<\/span>\u00a0<span title=\"27:36\">is<\/span>\u00a0<span title=\"27:36\">when<\/span>\u00a0<span title=\"27:36\">we<\/span>\u00a0<span title=\"27:36\">looked<\/span>\u00a0<span title=\"27:37\">at<\/span>\u00a0<span title=\"27:37\">the<\/span>\u00a0<span title=\"27:37\">data,<\/span>\u00a0<\/span><span data-start=\"00:27:37.861\" data-end=\"00:27:42.681\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:38\">given<\/span>\u00a0<span title=\"27:38\">all<\/span>\u00a0<span title=\"27:38\">the<\/span>\u00a0<span title=\"27:38\">inflation<\/span>\u00a0<span title=\"27:39\">that<\/span>\u00a0<span title=\"27:39\">happened,<\/span>\u00a0<span title=\"27:40\">And<\/span>\u00a0<span title=\"27:40\">actually,<\/span>\u00a0<span title=\"27:42\">consumers<\/span>\u00a0<span title=\"27:42\">are<\/span>\u00a0<span title=\"27:42\">still,<\/span>\u00a0<\/span><span data-start=\"00:27:42.841\" data-end=\"00:27:46.441\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:43\">even<\/span>\u00a0<span title=\"27:43\">with<\/span>\u00a0<span title=\"27:43\">these<\/span>\u00a0<span title=\"27:43\">deep<\/span>\u00a0<span title=\"27:44\">discounts,<\/span>\u00a0<span title=\"27:45\">paying<\/span>\u00a0<span title=\"27:45\">more<\/span>\u00a0<span title=\"27:45\">than<\/span>\u00a0<span title=\"27:45\">they<\/span>\u00a0<span title=\"27:45\">were<\/span>\u00a0<span title=\"27:45\">in<\/span>\u00a0<span title=\"27:46\">2019.<\/span><\/span><br \/><span data-start=\"00:27:46.941\" data-end=\"00:27:49.681\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:47\">The<\/span>\u00a0<span title=\"27:47\">optics<\/span>\u00a0<span title=\"27:47\">are<\/span>\u00a0<span title=\"27:48\">there.<\/span>\u00a0<span title=\"27:48\">They\u2019re<\/span>\u00a0<span title=\"27:48\">feeling<\/span>\u00a0<span title=\"27:48\">like<\/span>\u00a0<span title=\"27:49\">they\u2019re<\/span>\u00a0<span title=\"27:49\">getting<\/span>\u00a0<span title=\"27:49\">a<\/span>\u00a0<span title=\"27:49\">good<\/span>\u00a0<span title=\"27:49\">deal,<\/span>\u00a0<\/span><span data-start=\"00:27:49.801\" data-end=\"00:27:53.741\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:50\">but<\/span>\u00a0<span title=\"27:50\">the<\/span>\u00a0<span title=\"27:50\">reality<\/span>\u00a0<span title=\"27:51\">is<\/span>\u00a0<span title=\"27:51\">they\u2019re<\/span>\u00a0<span title=\"27:51\">still<\/span>\u00a0<span title=\"27:51\">spending<\/span>\u00a0<span title=\"27:52\">more.<\/span>\u00a0<span title=\"27:52\">So<\/span>\u00a0<span title=\"27:52\">I<\/span>\u00a0<span title=\"27:53\">think<\/span>\u00a0<span title=\"27:53\">they\u2019ll<\/span>\u00a0<span title=\"27:53\">be<\/span>\u00a0<span title=\"27:53\">okay.<\/span><\/span><br \/><span data-start=\"00:27:54.161\" data-end=\"00:27:58.541\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:54\">And<\/span>\u00a0<span title=\"27:54\">there<\/span>\u00a0<span title=\"27:54\">wasn\u2019t<\/span>\u00a0<span title=\"27:55\">this<\/span>\u00a0<span title=\"27:55\">protracted<\/span>\u00a0<span title=\"27:56\">discounting<\/span>\u00a0<span title=\"27:57\">that<\/span>\u00a0<span title=\"27:58\">did<\/span>\u00a0<span title=\"27:58\">happen.<\/span><\/span><br \/><span data-start=\"00:27:58.701\" data-end=\"00:28:00.941\" data-spk=\"2\" data-label=\"Rob\"><span title=\"27:59\">And<\/span>\u00a0<span title=\"27:59\">because<\/span>\u00a0<span title=\"27:59\">they<\/span>\u00a0<span title=\"27:59\">manage<\/span>\u00a0<span title=\"28:00\">their<\/span>\u00a0<span title=\"28:00\">inventory<\/span>\u00a0<span title=\"28:00\">well,<\/span>\u00a0<span title=\"28:01\">the<\/span>\u00a0<span title=\"28:01\">retailers,<\/span>\u00a0<\/span><span data-start=\"00:28:01.421\" data-end=\"00:28:05.481\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:01\">and<\/span>\u00a0<span title=\"28:02\">their<\/span>\u00a0<span title=\"28:02\">discounting<\/span>\u00a0<span title=\"28:02\">strategy<\/span>\u00a0<span title=\"28:03\">as<\/span>\u00a0<span title=\"28:03\">well,<\/span>\u00a0<span title=\"28:04\">I<\/span>\u00a0<span title=\"28:04\">don\u2019t<\/span>\u00a0<span title=\"28:04\">think<\/span>\u00a0<span title=\"28:04\">they\u2019re<\/span>\u00a0<span title=\"28:05\">going<\/span>\u00a0<span title=\"28:05\">to<\/span>\u00a0<span title=\"28:05\">be<\/span>\u00a0<span title=\"28:05\">forced<\/span>\u00a0<\/span><span data-start=\"00:28:05.481\" data-end=\"00:28:11.921\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:05\">with<\/span>\u00a0<span title=\"28:06\">the<\/span>\u00a0<span title=\"28:07\">hail<\/span>\u00a0<span title=\"28:08\">Mary<\/span>\u00a0<span title=\"28:08\">discounts<\/span>\u00a0<span title=\"28:09\">that<\/span>\u00a0<span title=\"28:09\">you<\/span>\u00a0<span title=\"28:09\">often<\/span>\u00a0<span title=\"28:09\">see<\/span>\u00a0<span title=\"28:10\">right<\/span>\u00a0<span title=\"28:10\">before<\/span>\u00a0<span title=\"28:10\">the<\/span>\u00a0<span title=\"28:11\">shipping<\/span>\u00a0<span title=\"28:11\">cutoff<\/span>\u00a0<span title=\"28:12\">date.<\/span><\/span><br \/><span data-start=\"00:28:12.141\" data-end=\"00:28:15.081\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:12\">So<\/span>\u00a0<span title=\"28:12\">I<\/span>\u00a0<span title=\"28:12\">think<\/span>\u00a0<span title=\"28:12\">that<\/span>\u00a0<span title=\"28:13\">retailers<\/span>\u00a0<span title=\"28:13\">actually<\/span>\u00a0<span title=\"28:14\">managed<\/span>\u00a0<span title=\"28:15\">it<\/span>\u00a0<span title=\"28:15\">pretty<\/span>\u00a0<span title=\"28:15\">well.<\/span><\/span><br \/><span data-start=\"00:28:15.401\" data-end=\"00:28:19.001\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:15\">I<\/span>\u00a0<span title=\"28:15\">give<\/span>\u00a0<span title=\"28:16\">them<\/span>\u00a0<span title=\"28:16\">credit<\/span>\u00a0<span title=\"28:16\">too,<\/span>\u00a0<span title=\"28:16\">by<\/span>\u00a0<span title=\"28:16\">the<\/span>\u00a0<span title=\"28:16\">way,<\/span>\u00a0<span title=\"28:17\">what<\/span>\u00a0<span title=\"28:17\">we<\/span>\u00a0<span title=\"28:17\">saw<\/span>\u00a0<span title=\"28:17\">in<\/span>\u00a0<span title=\"28:17\">our<\/span>\u00a0<span title=\"28:17\">data<\/span>\u00a0<span title=\"28:18\">as<\/span>\u00a0<span title=\"28:18\">well<\/span>\u00a0<span title=\"28:18\">is<\/span>\u00a0<span title=\"28:18\">retailers<\/span>\u00a0<\/span><span data-start=\"00:28:19.001\" data-end=\"00:28:22.221\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:19\">were<\/span>\u00a0<span title=\"28:19\">a<\/span>\u00a0<span title=\"28:19\">lot<\/span>\u00a0<span title=\"28:19\">more<\/span>\u00a0<span title=\"28:20\">transparent<\/span>\u00a0<span title=\"28:20\">around<\/span>\u00a0<span title=\"28:21\">their<\/span>\u00a0<span title=\"28:21\">discounting<\/span>\u00a0<span title=\"28:22\">strategy.<\/span><\/span><\/p>\n<p><small>[28:23]<\/small>\u00a0<span data-start=\"00:28:22.881\" data-end=\"00:28:26.061\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:23\">Many<\/span>\u00a0<span title=\"28:23\">were<\/span>\u00a0<span title=\"28:23\">offering<\/span>\u00a0<span title=\"28:24\">price<\/span>\u00a0<span title=\"28:25\">match<\/span>\u00a0<span title=\"28:26\">guarantees.<\/span><\/span><br \/><span data-start=\"00:28:26.381\" data-end=\"00:28:31.341\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:26\">If<\/span>\u00a0<span title=\"28:27\">they<\/span>\u00a0<span title=\"28:27\">saw,<\/span>\u00a0<span title=\"28:28\">you<\/span>\u00a0<span title=\"28:28\">know,<\/span>\u00a0<span title=\"28:28\">the<\/span>\u00a0<span title=\"28:28\">consumer<\/span>\u00a0<span title=\"28:29\">saw<\/span>\u00a0<span title=\"28:29\">the<\/span>\u00a0<span title=\"28:29\">price<\/span>\u00a0<span title=\"28:30\">for<\/span>\u00a0<span title=\"28:30\">less,<\/span>\u00a0<span title=\"28:31\">and<\/span>\u00a0<span title=\"28:31\">they<\/span>\u00a0<span title=\"28:31\">were<\/span>\u00a0<span title=\"28:31\">also<\/span>\u00a0<\/span><span data-start=\"00:28:31.341\" data-end=\"00:28:35.041\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:31\">much<\/span>\u00a0<span title=\"28:32\">more<\/span>\u00a0<span title=\"28:32\">transparent<\/span>\u00a0<span title=\"28:33\">around<\/span>\u00a0<span title=\"28:33\">their<\/span>\u00a0<span title=\"28:34\">return<\/span>\u00a0<span title=\"28:34\">policies<\/span>\u00a0<span title=\"28:35\">as<\/span>\u00a0<span title=\"28:35\">well.<\/span><\/span><br \/><span data-start=\"00:28:35.121\" data-end=\"00:28:39.301\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:35\">So<\/span>\u00a0<span title=\"28:35\">people<\/span>\u00a0<span title=\"28:35\">felt<\/span>\u00a0<span title=\"28:36\">a<\/span>\u00a0<span title=\"28:36\">little<\/span>\u00a0<span title=\"28:36\">more<\/span>\u00a0<span title=\"28:36\">comfortable<\/span>\u00a0<span title=\"28:37\">buying<\/span>\u00a0<span title=\"28:37\">earlier,<\/span>\u00a0<span title=\"28:38\">even<\/span>\u00a0<span title=\"28:38\">if<\/span>\u00a0<span title=\"28:38\">the<\/span>\u00a0<span title=\"28:39\">prices<\/span>\u00a0<\/span><span data-start=\"00:28:39.301\" data-end=\"00:28:41.141\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:39\">weren\u2019t<\/span>\u00a0<span title=\"28:40\">exactly<\/span>\u00a0<span title=\"28:40\">where<\/span>\u00a0<span title=\"28:40\">they<\/span>\u00a0<span title=\"28:41\">wanted<\/span>\u00a0<span title=\"28:41\">it.<\/span><\/span><br \/><span data-start=\"00:28:41.321\" data-end=\"00:28:44.881\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:41\">So<\/span>\u00a0<span title=\"28:41\">the<\/span>\u00a0<span title=\"28:42\">long<\/span>\u00a0<span title=\"28:42\">of<\/span>\u00a0<span title=\"28:43\">it<\/span>\u00a0<span title=\"28:43\">is,<\/span>\u00a0<span title=\"28:43\">or<\/span>\u00a0<span title=\"28:43\">the<\/span>\u00a0<span title=\"28:43\">short<\/span>\u00a0<span title=\"28:43\">of<\/span>\u00a0<span title=\"28:44\">it,<\/span>\u00a0<span title=\"28:44\">whichever<\/span>\u00a0<span title=\"28:44\">way<\/span>\u00a0<span title=\"28:44\">I<\/span>\u00a0<span title=\"28:44\">look<\/span>\u00a0<span title=\"28:44\">at<\/span>\u00a0<span title=\"28:45\">it,<\/span>\u00a0<\/span><span data-start=\"00:28:44.881\" data-end=\"00:28:47.481\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:45\">is<\/span>\u00a0<span title=\"28:45\">there<\/span>\u00a0<span title=\"28:45\">were<\/span>\u00a0<span title=\"28:46\">healthy<\/span>\u00a0<span title=\"28:47\">discounts.<\/span><\/span><br \/><span data-start=\"00:28:47.721\" data-end=\"00:28:49.381\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:48\">Consumers<\/span>\u00a0<span title=\"28:48\">took<\/span>\u00a0<span title=\"28:48\">advantage<\/span>\u00a0<span title=\"28:49\">of<\/span>\u00a0<span title=\"28:49\">them.<\/span><\/span><br \/><span data-start=\"00:28:49.701\" data-end=\"00:28:55.781\" data-spk=\"2\" data-label=\"Rob\"><span title=\"28:50\">I\u2019m<\/span>\u00a0<span title=\"28:50\">still<\/span>\u00a0<span title=\"28:50\">feeling<\/span>\u00a0<span title=\"28:51\">more<\/span>\u00a0<span title=\"28:51\">positive,<\/span>\u00a0<span title=\"28:52\">especially<\/span>\u00a0<span title=\"28:52\">than<\/span>\u00a0<span title=\"28:53\">I<\/span>\u00a0<span title=\"28:53\">have<\/span>\u00a0<span title=\"28:53\">from<\/span>\u00a0<span title=\"28:54\">last<\/span>\u00a0<span title=\"28:54\">year,<\/span>\u00a0<span title=\"28:54\">about<\/span>\u00a0<span title=\"28:55\">margins.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[28:57]<\/small>\u00a0<span data-start=\"00:28:57.081\" data-end=\"00:29:01.041\" data-spk=\"1\" data-label=\"Scot\"><span title=\"28:57\">Cool.<\/span>\u00a0<span title=\"28:58\">You<\/span>\u00a0<span title=\"28:58\">said<\/span>\u00a0<span title=\"28:58\">something<\/span>\u00a0<span title=\"28:59\">I<\/span>\u00a0<span title=\"28:59\">want<\/span>\u00a0<span title=\"28:59\">to<\/span>\u00a0<span title=\"28:59\">dig<\/span>\u00a0<span title=\"28:59\">into,<\/span>\u00a0<span title=\"29:00\">and<\/span>\u00a0<span title=\"29:00\">then<\/span>\u00a0<span title=\"29:00\">I<\/span>\u00a0<span title=\"29:00\">want<\/span>\u00a0<span title=\"29:00\">to<\/span>\u00a0<span title=\"29:00\">pivot<\/span>\u00a0<span title=\"29:01\">to<\/span>\u00a0<span title=\"29:01\">be<\/span>\u00a0<\/span><span data-start=\"00:29:01.041\" data-end=\"00:29:04.761\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:01\">in<\/span>\u00a0<span title=\"29:01\">PL.<\/span>\u00a0<span title=\"29:02\">You<\/span>\u00a0<span title=\"29:02\">said<\/span>\u00a0<span title=\"29:03\">luxury<\/span>\u00a0<span title=\"29:03\">was<\/span>\u00a0<span title=\"29:03\">a<\/span>\u00a0<span title=\"29:03\">little<\/span>\u00a0<span title=\"29:03\">soft.<\/span>\u00a0<span title=\"29:04\">What<\/span>\u00a0<span title=\"29:04\">do<\/span>\u00a0<span title=\"29:04\">we<\/span>\u00a0<span title=\"29:04\">make<\/span>\u00a0<span title=\"29:04\">of<\/span>\u00a0<span title=\"29:05\">that?<\/span><\/span><\/p>\n<h2 id=\"chapter9\" class=\"chapter\">Retailers\u2019 management of inventory and transparency in discounting strategy<\/h2>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[29:06]<\/small>\u00a0<span data-start=\"00:29:06.021\" data-end=\"00:29:11.181\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:06\">Yeah,<\/span>\u00a0<span title=\"29:06\">and<\/span>\u00a0<span title=\"29:07\">like<\/span>\u00a0<span title=\"29:07\">I<\/span>\u00a0<span title=\"29:07\">said,<\/span>\u00a0<span title=\"29:08\">it\u2019s<\/span>\u00a0<span title=\"29:08\">had<\/span>\u00a0<span title=\"29:08\">a<\/span>\u00a0<span title=\"29:09\">run,<\/span>\u00a0<span title=\"29:09\">like<\/span>\u00a0<span title=\"29:09\">I<\/span>\u00a0<span title=\"29:09\">haven\u2019t<\/span>\u00a0<span title=\"29:09\">seen<\/span>\u00a0<span title=\"29:10\">before<\/span>\u00a0<span title=\"29:10\">in<\/span>\u00a0<span title=\"29:10\">any<\/span>\u00a0<span title=\"29:10\">one<\/span>\u00a0<span title=\"29:11\">category.<\/span><\/span><br \/><span data-start=\"00:29:11.461\" data-end=\"00:29:15.181\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:11\">I<\/span>\u00a0<span title=\"29:11\">mean,<\/span>\u00a0<span title=\"29:12\">don\u2019t<\/span>\u00a0<span title=\"29:12\">get<\/span>\u00a0<span title=\"29:12\">me<\/span>\u00a0<span title=\"29:12\">wrong.<\/span>\u00a0<span title=\"29:12\">Consumer<\/span>\u00a0<span title=\"29:13\">electronics<\/span>\u00a0<span title=\"29:13\">really<\/span>\u00a0<span title=\"29:14\">strong<\/span>\u00a0<span title=\"29:14\">and<\/span>\u00a0<span title=\"29:15\">some<\/span>\u00a0<span title=\"29:15\">other<\/span>\u00a0<\/span><span data-start=\"00:29:15.181\" data-end=\"00:29:18.941\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:15\">categories<\/span>\u00a0<span title=\"29:16\">in<\/span>\u00a0<span title=\"29:16\">the<\/span>\u00a0<span title=\"29:16\">pandemic<\/span>\u00a0<span title=\"29:17\">home<\/span>\u00a0<span title=\"29:17\">looked<\/span>\u00a0<span title=\"29:18\">really<\/span>\u00a0<span title=\"29:18\">strong<\/span>\u00a0<span title=\"29:18\">as<\/span>\u00a0<span title=\"29:19\">well.<\/span><\/span><br \/><span data-start=\"00:29:19.241\" data-end=\"00:29:24.121\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:19\">But<\/span>\u00a0<span title=\"29:20\">it<\/span>\u00a0<span title=\"29:20\">continued<\/span>\u00a0<span title=\"29:21\">after<\/span>\u00a0<span title=\"29:21\">the<\/span>\u00a0<span title=\"29:22\">pandemic,<\/span>\u00a0<span title=\"29:22\">both<\/span>\u00a0<span title=\"29:23\">in<\/span>\u00a0<span title=\"29:23\">store<\/span>\u00a0<span title=\"29:23\">and<\/span>\u00a0<span title=\"29:24\">online.<\/span><\/span><br \/><span data-start=\"00:29:24.321\" data-end=\"00:29:28.181\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:24\">What<\/span>\u00a0<span title=\"29:25\">we<\/span>\u00a0<span title=\"29:25\">saw<\/span>\u00a0<span title=\"29:25\">compared<\/span>\u00a0<span title=\"29:26\">again,<\/span>\u00a0<span title=\"29:26\">just<\/span>\u00a0<span title=\"29:26\">to<\/span>\u00a0<span title=\"29:26\">put<\/span>\u00a0<span title=\"29:26\">in<\/span>\u00a0<span title=\"29:27\">perspective,<\/span>\u00a0<span title=\"29:27\">three<\/span>\u00a0<span title=\"29:27\">percent<\/span>\u00a0<span title=\"29:28\">increase<\/span>\u00a0<\/span><span data-start=\"00:29:28.181\" data-end=\"00:29:33.041\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:28\">on<\/span>\u00a0<span title=\"29:28\">Cyber<\/span>\u00a0<span title=\"29:29\">Monday<\/span>\u00a0<span title=\"29:29\">in<\/span>\u00a0<span title=\"29:29\">the<\/span>\u00a0<span title=\"29:29\">U.S.,<\/span>\u00a0<span title=\"29:30\">nine<\/span>\u00a0<span title=\"29:31\">percent<\/span>\u00a0<span title=\"29:31\">increase<\/span>\u00a0<span title=\"29:31\">in<\/span>\u00a0<span title=\"29:32\">Black<\/span>\u00a0<span title=\"29:32\">Friday<\/span>\u00a0<span title=\"29:32\">in<\/span>\u00a0<span title=\"29:33\">the<\/span>\u00a0<span title=\"29:33\">U.S.<\/span><\/span><\/p>\n<p><small>[29:34]<\/small>\u00a0<span data-start=\"00:29:33.801\" data-end=\"00:29:40.801\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:34\">There<\/span>\u00a0<span title=\"29:34\">was<\/span>\u00a0<span title=\"29:34\">a<\/span>\u00a0<span title=\"29:34\">tick<\/span>\u00a0<span title=\"29:34\">low<\/span>\u00a0<span title=\"29:35\">beyond<\/span>\u00a0<span title=\"29:36\">flat<\/span>\u00a0<span title=\"29:37\">for<\/span>\u00a0<span title=\"29:37\">luxury.<\/span>\u00a0<span title=\"29:39\">What<\/span>\u00a0<span title=\"29:39\">it<\/span>\u00a0<span title=\"29:39\">also<\/span>\u00a0<span title=\"29:39\">showed<\/span>\u00a0<span title=\"29:40\">is<\/span>\u00a0<span title=\"29:40\">they<\/span>\u00a0<span title=\"29:40\">started<\/span>\u00a0<span title=\"29:41\">to.<\/span><\/span><\/p>\n<p><small>[29:41]<\/small>\u00a0<span data-start=\"00:29:41.443\" data-end=\"00:29:44.563\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:41\">Discount<\/span>\u00a0<span title=\"29:42\">more<\/span>\u00a0<span title=\"29:42\">than<\/span>\u00a0<span title=\"29:43\">they<\/span>\u00a0<span title=\"29:43\">typically<\/span>\u00a0<span title=\"29:43\">do.<\/span>\u00a0<span title=\"29:43\">You<\/span>\u00a0<span title=\"29:43\">think<\/span>\u00a0<span title=\"29:44\">of<\/span>\u00a0<span title=\"29:44\">luxury,<\/span>\u00a0<span title=\"29:44\">they\u2019re<\/span>\u00a0<span title=\"29:44\">going<\/span>\u00a0<span title=\"29:44\">to<\/span>\u00a0<\/span><span data-start=\"00:29:44.563\" data-end=\"00:29:50.363\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:45\">hold<\/span>\u00a0<span title=\"29:45\">their<\/span>\u00a0<span title=\"29:45\">really<\/span>\u00a0<span title=\"29:46\">price<\/span>\u00a0<span title=\"29:46\">and<\/span>\u00a0<span title=\"29:47\">be<\/span>\u00a0<span title=\"29:47\">sensitive<\/span>\u00a0<span title=\"29:47\">around<\/span>\u00a0<span title=\"29:48\">preserving<\/span>\u00a0<span title=\"29:48\">their<\/span>\u00a0<span title=\"29:49\">brand<\/span>\u00a0<span title=\"29:49\">and<\/span>\u00a0<span title=\"29:50\">their<\/span>\u00a0<span title=\"29:50\">margins.<\/span><\/span><br \/><span data-start=\"00:29:50.643\" data-end=\"00:29:53.023\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:51\">And<\/span>\u00a0<span title=\"29:51\">we<\/span>\u00a0<span title=\"29:51\">were<\/span>\u00a0<span title=\"29:51\">seeing<\/span>\u00a0<span title=\"29:51\">that<\/span>\u00a0<span title=\"29:52\">tick<\/span>\u00a0<span title=\"29:52\">up<\/span>\u00a0<span title=\"29:52\">as<\/span>\u00a0<span title=\"29:53\">well.<\/span><\/span><br \/><span data-start=\"00:29:53.443\" data-end=\"00:29:58.483\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:53\">I<\/span>\u00a0<span title=\"29:54\">think<\/span>\u00a0<span title=\"29:54\">the<\/span>\u00a0<span title=\"29:54\">ultra<\/span>\u00a0<span title=\"29:55\">luxury<\/span>\u00a0<span title=\"29:56\">is<\/span>\u00a0<span title=\"29:56\">still<\/span>\u00a0<span title=\"29:57\">alive<\/span>\u00a0<span title=\"29:57\">and<\/span>\u00a0<span title=\"29:58\">kicking,<\/span>\u00a0<span title=\"29:58\">no<\/span>\u00a0<span title=\"29:58\">problem.<\/span><\/span><br \/><span data-start=\"00:29:58.643\" data-end=\"00:30:00.203\" data-spk=\"2\" data-label=\"Rob\"><span title=\"29:59\">It\u2019s<\/span>\u00a0<span title=\"29:59\">more<\/span>\u00a0<span title=\"29:59\">of<\/span>\u00a0<span title=\"29:59\">that<\/span>\u00a0<span title=\"29:59\">aspirational<\/span>\u00a0<span title=\"30:00\">luxury.<\/span><\/span><br \/><span data-start=\"00:30:00.443\" data-end=\"00:30:04.623\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:00\">One<\/span>\u00a0<span title=\"30:01\">area<\/span>\u00a0<span title=\"30:01\">that<\/span>\u00a0<span title=\"30:01\">I<\/span>\u00a0<span title=\"30:01\">think<\/span>\u00a0<span title=\"30:01\">is<\/span>\u00a0<span title=\"30:02\">really<\/span>\u00a0<span title=\"30:02\">important<\/span>\u00a0<span title=\"30:02\">to<\/span>\u00a0<span title=\"30:02\">point<\/span>\u00a0<span title=\"30:03\">out<\/span>\u00a0<span title=\"30:03\">is<\/span>\u00a0<span title=\"30:04\">the<\/span>\u00a0<span title=\"30:04\">resale<\/span>\u00a0<span title=\"30:04\">market.<\/span><\/span><br \/><span data-start=\"00:30:04.943\" data-end=\"00:30:08.723\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:05\">More<\/span>\u00a0<span title=\"30:05\">and<\/span>\u00a0<span title=\"30:05\">more<\/span>\u00a0<span title=\"30:05\">luxury<\/span>\u00a0<span title=\"30:06\">brands<\/span>\u00a0<span title=\"30:06\">are<\/span>\u00a0<span title=\"30:07\">playing<\/span>\u00a0<span title=\"30:07\">in<\/span>\u00a0<span title=\"30:07\">the<\/span>\u00a0<span title=\"30:08\">luxury<\/span>\u00a0<span title=\"30:08\">market<\/span>\u00a0<span title=\"30:08\">game.<\/span><\/span><br \/><span data-start=\"00:30:08.723\" data-end=\"00:30:12.283\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:09\">I\u2019m<\/span>\u00a0<span title=\"30:09\">sorry,<\/span>\u00a0<span title=\"30:09\">the<\/span>\u00a0<span title=\"30:09\">resale<\/span>\u00a0<span title=\"30:10\">market<\/span>\u00a0<span title=\"30:10\">game,<\/span>\u00a0<span title=\"30:11\">because<\/span>\u00a0<span title=\"30:11\">they<\/span>\u00a0<span title=\"30:11\">realize<\/span>\u00a0<span title=\"30:11\">people<\/span>\u00a0<span title=\"30:12\">are<\/span>\u00a0<span title=\"30:12\">doing<\/span>\u00a0<span title=\"30:12\">it<\/span>\u00a0<\/span><span data-start=\"00:30:12.283\" data-end=\"00:30:17.263\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:12\">anyways,<\/span>\u00a0<span title=\"30:13\">and<\/span>\u00a0<span title=\"30:13\">they<\/span>\u00a0<span title=\"30:13\">might<\/span>\u00a0<span title=\"30:13\">as<\/span>\u00a0<span title=\"30:14\">well<\/span>\u00a0<span title=\"30:14\">offer<\/span>\u00a0<span title=\"30:15\">that<\/span>\u00a0<span title=\"30:15\">in<\/span>\u00a0<span title=\"30:15\">many<\/span>\u00a0<span title=\"30:15\">cases<\/span>\u00a0<span title=\"30:16\">on<\/span>\u00a0<span title=\"30:16\">their<\/span>\u00a0<span title=\"30:17\">own<\/span>\u00a0<span title=\"30:17\">website.<\/span><\/span><br \/><span data-start=\"00:30:17.583\" data-end=\"00:30:21.703\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:18\">So<\/span>\u00a0<span title=\"30:18\">like<\/span>\u00a0<span title=\"30:18\">Coach<\/span>\u00a0<span title=\"30:18\">as<\/span>\u00a0<span title=\"30:18\">an<\/span>\u00a0<span title=\"30:18\">example,<\/span>\u00a0<span title=\"30:19\">Canada<\/span>\u00a0<span title=\"30:19\">Goose<\/span>\u00a0<span title=\"30:20\">as<\/span>\u00a0<span title=\"30:20\">an<\/span>\u00a0<span title=\"30:20\">example,<\/span>\u00a0<span title=\"30:21\">have<\/span>\u00a0<span title=\"30:21\">the<\/span>\u00a0<span title=\"30:21\">capability<\/span>\u00a0<\/span><span data-start=\"00:30:21.703\" data-end=\"00:30:23.803\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:22\">to<\/span>\u00a0<span title=\"30:22\">exchange<\/span>\u00a0<span title=\"30:23\">product,<\/span>\u00a0<span title=\"30:23\">which<\/span>\u00a0<span title=\"30:24\">then<\/span>\u00a0<\/span><span data-start=\"00:30:23.803\" data-end=\"00:30:29.023\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:24\">allows<\/span>\u00a0<span title=\"30:24\">existing<\/span>\u00a0<span title=\"30:25\">customers<\/span>\u00a0<span title=\"30:26\">to<\/span>\u00a0<span title=\"30:26\">likely<\/span>\u00a0<span title=\"30:27\">buy<\/span>\u00a0<span title=\"30:27\">something<\/span>\u00a0<span title=\"30:28\">at<\/span>\u00a0<span title=\"30:28\">a<\/span>\u00a0<span title=\"30:28\">higher<\/span>\u00a0<span title=\"30:29\">price<\/span>\u00a0<span title=\"30:29\">point.<\/span><\/span><br \/><span data-start=\"00:30:29.203\" data-end=\"00:30:32.403\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:29\">And<\/span>\u00a0<span title=\"30:29\">then<\/span>\u00a0<span title=\"30:29\">if<\/span>\u00a0<span title=\"30:30\">the<\/span>\u00a0<span title=\"30:30\">product<\/span>\u00a0<span title=\"30:30\">is<\/span>\u00a0<span title=\"30:30\">in<\/span>\u00a0<span title=\"30:31\">good<\/span>\u00a0<span title=\"30:31\">enough<\/span>\u00a0<span title=\"30:31\">shape,<\/span>\u00a0<span title=\"30:31\">they\u2019re<\/span>\u00a0<span title=\"30:31\">able<\/span>\u00a0<span title=\"30:32\">to<\/span>\u00a0<span title=\"30:32\">resell<\/span>\u00a0<span title=\"30:32\">it<\/span>\u00a0<span title=\"30:32\">and<\/span>\u00a0<\/span><span data-start=\"00:30:32.403\" data-end=\"00:30:39.263\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:32\">allow<\/span>\u00a0<span title=\"30:33\">for<\/span>\u00a0<span title=\"30:33\">aspirational<\/span>\u00a0<span title=\"30:34\">shoppers<\/span>\u00a0<span title=\"30:35\">to<\/span>\u00a0<span title=\"30:35\">actually<\/span>\u00a0<span title=\"30:36\">access<\/span>\u00a0<span title=\"30:37\">that<\/span>\u00a0<span title=\"30:38\">brand<\/span>\u00a0<span title=\"30:38\">and<\/span>\u00a0<span title=\"30:39\">buy<\/span>\u00a0<span title=\"30:39\">it<\/span>\u00a0<span title=\"30:39\">where<\/span>\u00a0<\/span><span data-start=\"00:30:39.263\" data-end=\"00:30:41.723\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:39\">they<\/span>\u00a0<span title=\"30:39\">might<\/span>\u00a0<span title=\"30:40\">not<\/span>\u00a0<span title=\"30:40\">have<\/span>\u00a0<span title=\"30:40\">been<\/span>\u00a0<span title=\"30:40\">able<\/span>\u00a0<span title=\"30:40\">to<\/span>\u00a0<span title=\"30:41\">in<\/span>\u00a0<span title=\"30:41\">the<\/span>\u00a0<span title=\"30:41\">past.<\/span><\/span><br \/><span data-start=\"00:30:42.003\" data-end=\"00:30:44.963\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:42\">So<\/span>\u00a0<span title=\"30:42\">yeah,<\/span>\u00a0<span title=\"30:43\">I\u2019m<\/span>\u00a0<span title=\"30:43\">not<\/span>\u00a0<span title=\"30:43\">overly<\/span>\u00a0<span title=\"30:44\">concerned<\/span>\u00a0<span title=\"30:44\">about<\/span>\u00a0<span title=\"30:45\">luxury.<\/span><\/span><br \/><span data-start=\"00:30:45.163\" data-end=\"00:30:47.863\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:45\">I<\/span>\u00a0<span title=\"30:45\">mean,<\/span>\u00a0<span title=\"30:45\">the<\/span>\u00a0<span title=\"30:45\">brands<\/span>\u00a0<span title=\"30:46\">are<\/span>\u00a0<span title=\"30:46\">so<\/span>\u00a0<span title=\"30:46\">strong<\/span>\u00a0<span title=\"30:47\">and<\/span>\u00a0<span title=\"30:47\">there\u2019s<\/span>\u00a0<span title=\"30:47\">so<\/span>\u00a0<span title=\"30:47\">much<\/span>\u00a0<span title=\"30:47\">loyalty<\/span>\u00a0<span title=\"30:48\">there,<\/span>\u00a0<\/span><span data-start=\"00:30:47.963\" data-end=\"00:30:53.943\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:48\">but<\/span>\u00a0<span title=\"30:49\">it<\/span>\u00a0<span title=\"30:49\">just<\/span>\u00a0<span title=\"30:49\">does<\/span>\u00a0<span title=\"30:49\">show<\/span>\u00a0<span title=\"30:50\">that<\/span>\u00a0<span title=\"30:50\">in<\/span>\u00a0<span title=\"30:51\">the<\/span>\u00a0<span title=\"30:51\">aspirational<\/span>\u00a0<span title=\"30:51\">space,<\/span>\u00a0<span title=\"30:52\">people<\/span>\u00a0<span title=\"30:52\">are<\/span>\u00a0<span title=\"30:52\">trading<\/span>\u00a0<span title=\"30:53\">down<\/span>\u00a0<span title=\"30:53\">to<\/span>\u00a0<span title=\"30:53\">a<\/span>\u00a0<span title=\"30:54\">degree.<\/span><\/span><\/p>\n<p><small>[30:55]<\/small>\u00a0<span data-start=\"00:30:54.563\" data-end=\"00:30:58.643\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:55\">You<\/span>\u00a0<span title=\"30:55\">know,<\/span>\u00a0<span title=\"30:55\">they\u2019re<\/span>\u00a0<span title=\"30:55\">trading<\/span>\u00a0<span title=\"30:55\">down<\/span>\u00a0<span title=\"30:56\">for<\/span>\u00a0<span title=\"30:57\">value<\/span>\u00a0<span title=\"30:57\">in<\/span>\u00a0<span title=\"30:58\">the<\/span>\u00a0<span title=\"30:58\">resale<\/span>\u00a0<span title=\"30:58\">market.<\/span><\/span><br \/><span data-start=\"00:30:58.743\" data-end=\"00:31:00.803\" data-spk=\"2\" data-label=\"Rob\"><span title=\"30:59\">In<\/span>\u00a0<span title=\"30:59\">many<\/span>\u00a0<span title=\"30:59\">cases,<\/span>\u00a0<span title=\"30:59\">they\u2019re<\/span>\u00a0<span title=\"31:00\">trading<\/span>\u00a0<span title=\"31:00\">down<\/span>\u00a0<span title=\"31:00\">for<\/span>\u00a0<span title=\"31:00\">vintage.<\/span><\/span><br \/><span data-start=\"00:31:01.263\" data-end=\"00:31:06.643\" data-spk=\"2\" data-label=\"Rob\"><span title=\"31:01\">It\u2019s<\/span>\u00a0<span title=\"31:02\">amazing<\/span>\u00a0<span title=\"31:02\">to<\/span>\u00a0<span title=\"31:02\">see<\/span>\u00a0<span title=\"31:02\">how<\/span>\u00a0<span title=\"31:03\">many,<\/span>\u00a0<span title=\"31:03\">you<\/span>\u00a0<span title=\"31:04\">know,<\/span>\u00a0<span title=\"31:04\">sneaker<\/span>\u00a0<span title=\"31:04\">brands<\/span>\u00a0<span title=\"31:05\">and<\/span>\u00a0<span title=\"31:05\">specific<\/span>\u00a0<span title=\"31:05\">models<\/span>\u00a0<span title=\"31:06\">are<\/span>\u00a0<\/span><span data-start=\"00:31:06.643\" data-end=\"00:31:09.543\" data-spk=\"2\" data-label=\"Rob\"><span title=\"31:07\">hot<\/span>\u00a0<span title=\"31:07\">that<\/span>\u00a0<span title=\"31:07\">we<\/span>\u00a0<span title=\"31:07\">all<\/span>\u00a0<span title=\"31:08\">remember<\/span>\u00a0<span title=\"31:08\">from<\/span>\u00a0<span title=\"31:08\">our<\/span>\u00a0<span title=\"31:09\">high<\/span>\u00a0<span title=\"31:09\">school<\/span>\u00a0<span title=\"31:09\">days.<\/span><\/span><br \/><span data-start=\"00:31:09.763\" data-end=\"00:31:13.663\" data-spk=\"2\" data-label=\"Rob\"><span title=\"31:10\">And<\/span>\u00a0<span title=\"31:10\">you<\/span>\u00a0<span title=\"31:11\">know,<\/span>\u00a0<span title=\"31:11\">even<\/span>\u00a0<span title=\"31:11\">the<\/span>\u00a0<span title=\"31:11\">younger<\/span>\u00a0<span title=\"31:12\">generations<\/span>\u00a0<span title=\"31:12\">like<\/span>\u00a0<span title=\"31:12\">to<\/span>\u00a0<span title=\"31:12\">save<\/span>\u00a0<span title=\"31:13\">the<\/span>\u00a0<span title=\"31:13\">world<\/span>\u00a0<span title=\"31:13\">a<\/span>\u00a0<span title=\"31:13\">little<\/span>\u00a0<span title=\"31:13\">bit<\/span>\u00a0<span title=\"31:13\">as<\/span>\u00a0<span title=\"31:13\">well.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[31:14]<\/small>\u00a0<span data-start=\"00:31:14.443\" data-end=\"00:31:18.723\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:14\">Yeah.<\/span>\u00a0<span title=\"31:15\">So<\/span>\u00a0<span title=\"31:16\">I<\/span>\u00a0<span title=\"31:16\">guess<\/span>\u00a0<span title=\"31:16\">what<\/span>\u00a0<span title=\"31:17\">I\u2019m<\/span>\u00a0<span title=\"31:17\">getting<\/span>\u00a0<span title=\"31:17\">at<\/span>\u00a0<span title=\"31:17\">is,<\/span>\u00a0<span title=\"31:17\">do<\/span>\u00a0<span title=\"31:17\">we<\/span>\u00a0<span title=\"31:17\">think<\/span>\u00a0<span title=\"31:18\">the<\/span>\u00a0<span title=\"31:18\">consumer\u2019s<\/span>\u00a0<span title=\"31:18\">rolling<\/span>\u00a0<\/span><span data-start=\"00:31:18.723\" data-end=\"00:31:24.003\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:19\">over<\/span>\u00a0<span title=\"31:19\">and<\/span>\u00a0<span title=\"31:19\">that\u2019s<\/span>\u00a0<span title=\"31:19\">kind<\/span>\u00a0<span title=\"31:19\">of<\/span>\u00a0<span title=\"31:20\">the<\/span>\u00a0<span title=\"31:20\">BNPL<\/span>\u00a0<span title=\"31:20\">question<\/span>\u00a0<span title=\"31:21\">too,<\/span>\u00a0<span title=\"31:21\">because<\/span>\u00a0<span title=\"31:22\">one<\/span>\u00a0<span title=\"31:22\">way<\/span>\u00a0<span title=\"31:23\">to<\/span>\u00a0<span title=\"31:23\">read<\/span>\u00a0<span title=\"31:23\">BNPL<\/span>\u00a0<\/span><span data-start=\"00:31:24.003\" data-end=\"00:31:28.223\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:24\">increasing<\/span>\u00a0<span title=\"31:25\">is<\/span>\u00a0<span title=\"31:25\">people<\/span>\u00a0<span title=\"31:26\">are<\/span>\u00a0<span title=\"31:26\">under<\/span>\u00a0<span title=\"31:26\">financial<\/span>\u00a0<span title=\"31:26\">stress.<\/span>\u00a0<span title=\"31:27\">So<\/span>\u00a0<span title=\"31:27\">they\u2019re<\/span>\u00a0<span title=\"31:27\">stretching<\/span>\u00a0<span title=\"31:28\">out<\/span>\u00a0<span title=\"31:28\">payments.<\/span><\/span><br \/><span data-start=\"00:31:28.843\" data-end=\"00:31:32.403\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:29\">Another<\/span>\u00a0<span title=\"31:29\">way<\/span>\u00a0<span title=\"31:30\">is,<\/span>\u00a0<span title=\"31:30\">you<\/span>\u00a0<span title=\"31:30\">know,<\/span>\u00a0<span title=\"31:30\">seeing<\/span>\u00a0<span title=\"31:30\">all<\/span>\u00a0<span title=\"31:31\">this<\/span>\u00a0<span title=\"31:31\">data<\/span>\u00a0<span title=\"31:31\">and<\/span>\u00a0<span title=\"31:31\">it\u2019s<\/span>\u00a0<span title=\"31:32\">always<\/span>\u00a0<span title=\"31:32\">sponsored<\/span>\u00a0<span title=\"31:32\">by<\/span>\u00a0<\/span><span data-start=\"00:31:32.403\" data-end=\"00:31:33.923\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:32\">one<\/span>\u00a0<span title=\"31:33\">of<\/span>\u00a0<span title=\"31:33\">the<\/span>\u00a0<span title=\"31:33\">BNPL<\/span>\u00a0<span title=\"31:33\">providers.<\/span><\/span><br \/><span data-start=\"00:31:34.063\" data-end=\"00:31:37.223\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:34\">So<\/span>\u00a0<span title=\"31:34\">I\u2019m<\/span>\u00a0<span title=\"31:34\">never<\/span>\u00a0<span title=\"31:34\">sure<\/span>\u00a0<span title=\"31:35\">how<\/span>\u00a0<span title=\"31:35\">to<\/span>\u00a0<span title=\"31:35\">take<\/span>\u00a0<span title=\"31:35\">it,<\/span>\u00a0<span title=\"31:35\">but<\/span>\u00a0<span title=\"31:36\">it<\/span>\u00a0<span title=\"31:36\">shows<\/span>\u00a0<span title=\"31:36\">that,<\/span>\u00a0<span title=\"31:36\">you<\/span>\u00a0<span title=\"31:37\">know,<\/span>\u00a0<\/span><span data-start=\"00:31:37.283\" data-end=\"00:31:40.803\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:37\">millennials<\/span>\u00a0<span title=\"31:38\">and<\/span>\u00a0<span title=\"31:38\">Gen<\/span>\u00a0<span title=\"31:38\">Zers<\/span>\u00a0<span title=\"31:39\">like,<\/span>\u00a0<span title=\"31:39\">they<\/span>\u00a0<span title=\"31:39\">don\u2019t<\/span>\u00a0<span title=\"31:40\">like<\/span>\u00a0<span title=\"31:40\">open<\/span>\u00a0<span title=\"31:40\">credit.<\/span><\/span><br \/><span data-start=\"00:31:41.063\" data-end=\"00:31:44.043\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:41\">And<\/span>\u00a0<span title=\"31:41\">it\u2019s<\/span>\u00a0<span title=\"31:41\">weird<\/span>\u00a0<span title=\"31:41\">because<\/span>\u00a0<span title=\"31:42\">my<\/span>\u00a0<span title=\"31:42\">kids<\/span>\u00a0<span title=\"31:42\">have<\/span>\u00a0<span title=\"31:42\">this<\/span>\u00a0<span title=\"31:42\">perspective<\/span>\u00a0<span title=\"31:43\">too.<\/span>\u00a0<span title=\"31:43\">I<\/span>\u00a0<span title=\"31:43\">thought<\/span>\u00a0<span title=\"31:44\">it<\/span>\u00a0<span title=\"31:44\">was<\/span>\u00a0<span title=\"31:44\">like,<\/span>\u00a0<\/span><span data-start=\"00:31:44.803\" data-end=\"00:31:46.843\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:45\">I<\/span>\u00a0<span title=\"31:45\">thought<\/span>\u00a0<span title=\"31:45\">it<\/span>\u00a0<span title=\"31:45\">was<\/span>\u00a0<span title=\"31:45\">totally<\/span>\u00a0<span title=\"31:46\">made<\/span>\u00a0<span title=\"31:46\">up<\/span>\u00a0<span title=\"31:46\">and<\/span>\u00a0<span title=\"31:46\">then<\/span>\u00a0<span title=\"31:46\">they\u2019re<\/span>\u00a0<span title=\"31:46\">like,<\/span>\u00a0<span title=\"31:47\">oh<\/span>\u00a0<span title=\"31:47\">no,<\/span>\u00a0<\/span><span data-start=\"00:31:46.923\" data-end=\"00:31:50.083\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:47\">I,<\/span>\u00a0<span title=\"31:47\">you<\/span>\u00a0<span title=\"31:48\">know,<\/span>\u00a0<span title=\"31:48\">I<\/span>\u00a0<span title=\"31:48\">hate<\/span>\u00a0<span title=\"31:48\">having<\/span>\u00a0<span title=\"31:48\">like<\/span>\u00a0<span title=\"31:49\">these<\/span>\u00a0<span title=\"31:49\">credit<\/span>\u00a0<span title=\"31:49\">cards<\/span>\u00a0<span title=\"31:49\">with<\/span>\u00a0<span title=\"31:50\">big<\/span>\u00a0<span title=\"31:50\">limits.<\/span><\/span><br \/><span data-start=\"00:31:50.083\" data-end=\"00:31:52.203\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:50\">And<\/span>\u00a0<span title=\"31:50\">I\u2019m<\/span>\u00a0<span title=\"31:50\">like,<\/span>\u00a0<span title=\"31:51\">well,<\/span>\u00a0<span title=\"31:51\">if<\/span>\u00a0<span title=\"31:51\">you<\/span>\u00a0<span title=\"31:51\">don\u2019t<\/span>\u00a0<span title=\"31:51\">use<\/span>\u00a0<span title=\"31:51\">it,<\/span>\u00a0<span title=\"31:51\">it<\/span>\u00a0<span title=\"31:51\">doesn\u2019t<\/span>\u00a0<span title=\"31:52\">matter.<\/span>\u00a0<span title=\"31:52\">It<\/span>\u00a0<span title=\"31:52\">just<\/span>\u00a0<span title=\"31:52\">makes<\/span>\u00a0<span title=\"31:52\">them<\/span><\/span><\/p>\n<h2 id=\"chapter10\" class=\"chapter\">Consumer behavior and the rise of Buy Now, Pay Later (BNPL)<\/h2>\n<p><small>[31:52]<\/small>\u00a0<span data-start=\"00:31:52.203\" data-end=\"00:31:52.983\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:52\">nervous<\/span>\u00a0<span title=\"31:52\">for<\/span>\u00a0<span title=\"31:53\">some<\/span>\u00a0<span title=\"31:53\">reason.<\/span><\/span><br \/><span data-start=\"00:31:53.783\" data-end=\"00:31:58.343\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:54\">And<\/span>\u00a0<span title=\"31:54\">do<\/span>\u00a0<span title=\"31:54\">you<\/span>\u00a0<span title=\"31:54\">think<\/span>\u00a0<span title=\"31:54\">it\u2019s<\/span>\u00a0<span title=\"31:54\">a<\/span>\u00a0<span title=\"31:55\">generational<\/span>\u00a0<span title=\"31:55\">thing<\/span>\u00a0<span title=\"31:55\">or<\/span>\u00a0<span title=\"31:56\">is<\/span>\u00a0<span title=\"31:56\">it<\/span>\u00a0<span title=\"31:56\">a<\/span>\u00a0<span title=\"31:56\">little<\/span>\u00a0<span title=\"31:56\">sign<\/span>\u00a0<span title=\"31:57\">of<\/span>\u00a0<span title=\"31:57\">softness<\/span>\u00a0<span title=\"31:58\">on<\/span>\u00a0<span title=\"31:58\">the<\/span>\u00a0<span title=\"31:58\">consumer?<\/span><\/span><br \/><span data-start=\"00:31:58.623\" data-end=\"00:32:03.003\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:59\">And<\/span>\u00a0<span title=\"31:59\">maybe<\/span>\u00a0<span title=\"31:59\">the<\/span>\u00a0<span title=\"31:59\">luxury<\/span>\u00a0<span title=\"32:00\">is<\/span>\u00a0<span title=\"32:01\">another<\/span>\u00a0<span title=\"32:01\">indication<\/span>\u00a0<span title=\"32:02\">that<\/span>\u00a0<span title=\"32:02\">it<\/span>\u00a0<span title=\"32:02\">feels<\/span>\u00a0<span title=\"32:02\">like<\/span>\u00a0<span title=\"32:02\">the<\/span>\u00a0<span title=\"32:03\">consumer<\/span>\u00a0<span title=\"32:03\">is<\/span>\u00a0<\/span><span data-start=\"00:32:03.003\" data-end=\"00:32:04.743\" data-spk=\"1\" data-label=\"Scot\"><span title=\"32:03\">rolling<\/span>\u00a0<span title=\"32:03\">over<\/span>\u00a0<span title=\"32:03\">a<\/span>\u00a0<span title=\"32:04\">little<\/span>\u00a0<span title=\"32:04\">bit<\/span>\u00a0<span title=\"32:04\">or<\/span>\u00a0<span title=\"32:04\">you<\/span>\u00a0<span title=\"32:04\">don\u2019t<\/span>\u00a0<span title=\"32:04\">see<\/span>\u00a0<span title=\"32:05\">that.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[32:06]<\/small>\u00a0<span data-start=\"00:32:05.535\" data-end=\"00:32:08.555\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:06\">Yeah,<\/span>\u00a0<span title=\"32:06\">I<\/span>\u00a0<span title=\"32:06\">mean,<\/span>\u00a0<span title=\"32:06\">I<\/span>\u00a0<span title=\"32:06\">think<\/span>\u00a0<span title=\"32:06\">it<\/span>\u00a0<span title=\"32:07\">is<\/span>\u00a0<span title=\"32:07\">a<\/span>\u00a0<span title=\"32:07\">bit<\/span>\u00a0<span title=\"32:07\">generational<\/span>\u00a0<span title=\"32:08\">to<\/span>\u00a0<span title=\"32:08\">your<\/span>\u00a0<span title=\"32:08\">point.<\/span><\/span><br \/><span data-start=\"00:32:08.835\" data-end=\"00:32:12.575\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:09\">I<\/span>\u00a0<span title=\"32:09\">don\u2019t<\/span>\u00a0<span title=\"32:09\">have<\/span>\u00a0<span title=\"32:09\">those<\/span>\u00a0<span title=\"32:09\">data\u2019s<\/span>\u00a0<span title=\"32:10\">points<\/span>\u00a0<span title=\"32:11\">to<\/span>\u00a0<span title=\"32:11\">substantiate<\/span>\u00a0<span title=\"32:12\">what<\/span>\u00a0<span title=\"32:12\">you\u2019re<\/span>\u00a0<span title=\"32:12\">describing.<\/span><\/span><br \/><span data-start=\"00:32:12.675\" data-end=\"00:32:15.955\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:13\">But<\/span>\u00a0<span title=\"32:13\">a<\/span>\u00a0<span title=\"32:13\">lot<\/span>\u00a0<span title=\"32:13\">of<\/span>\u00a0<span title=\"32:13\">what<\/span>\u00a0<span title=\"32:13\">I<\/span>\u00a0<span title=\"32:14\">learned<\/span>\u00a0<span title=\"32:14\">is<\/span>\u00a0<span title=\"32:14\">from<\/span>\u00a0<span title=\"32:14\">my<\/span>\u00a0<span title=\"32:14\">17-year-old<\/span>\u00a0<span title=\"32:15\">and<\/span>\u00a0<span title=\"32:15\">14-year-old<\/span>\u00a0<span title=\"32:16\">because<\/span>\u00a0<span title=\"32:16\">they\u2019re<\/span>\u00a0<\/span><span data-start=\"00:32:16.335\" data-end=\"00:32:19.115\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:16\">right<\/span>\u00a0<span title=\"32:17\">in<\/span>\u00a0<span title=\"32:17\">the<\/span>\u00a0<span title=\"32:17\">smack<\/span>\u00a0<span title=\"32:17\">dab<\/span>\u00a0<span title=\"32:17\">of<\/span>\u00a0<span title=\"32:18\">purchasing<\/span>\u00a0<span title=\"32:18\">and<\/span>\u00a0<span title=\"32:19\">trends<\/span>\u00a0<span title=\"32:19\">and<\/span>\u00a0<span title=\"32:19\">so<\/span>\u00a0<span title=\"32:19\">forth.<\/span><\/span><br \/><span data-start=\"00:32:19.815\" data-end=\"00:32:22.595\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:20\">Don\u2019t<\/span>\u00a0<span title=\"32:20\">worry,<\/span>\u00a0<span title=\"32:20\">we<\/span>\u00a0<span title=\"32:20\">have<\/span>\u00a0<span title=\"32:20\">a<\/span>\u00a0<span title=\"32:20\">lot<\/span>\u00a0<span title=\"32:21\">more<\/span>\u00a0<span title=\"32:21\">data<\/span>\u00a0<span title=\"32:21\">at<\/span>\u00a0<span title=\"32:21\">Salesforce<\/span>\u00a0<span title=\"32:22\">to<\/span>\u00a0<span title=\"32:22\">back<\/span>\u00a0<span title=\"32:22\">this<\/span>\u00a0<span title=\"32:22\">up,<\/span>\u00a0<\/span><span data-start=\"00:32:22.635\" data-end=\"00:32:23.775\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:23\">billions<\/span>\u00a0<span title=\"32:23\">and<\/span>\u00a0<span title=\"32:23\">billions<\/span>\u00a0<span title=\"32:23\">of<\/span>\u00a0<span title=\"32:23\">shoppers.<\/span><\/span><br \/><span data-start=\"00:32:23.955\" data-end=\"00:32:27.955\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:24\">But<\/span>\u00a0<span title=\"32:24\">in<\/span>\u00a0<span title=\"32:24\">any<\/span>\u00a0<span title=\"32:25\">case,<\/span>\u00a0<span title=\"32:25\">the<\/span>\u00a0<span title=\"32:25\">anecdotes<\/span>\u00a0<span title=\"32:25\">definitely<\/span>\u00a0<span title=\"32:26\">help<\/span>\u00a0<span title=\"32:26\">provide<\/span>\u00a0<span title=\"32:27\">a<\/span>\u00a0<span title=\"32:27\">full<\/span>\u00a0<span title=\"32:27\">commentary.<\/span><\/span><br \/><span data-start=\"00:32:29.215\" data-end=\"00:32:34.895\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:29\">But<\/span>\u00a0<span title=\"32:29\">we<\/span>\u00a0<span title=\"32:29\">saw<\/span>\u00a0<span title=\"32:30\">an<\/span>\u00a0<span title=\"32:30\">outpay<\/span>\u00a0<span title=\"32:31\">later<\/span>\u00a0<span title=\"32:31\">over<\/span>\u00a0<span title=\"32:31\">Cyber<\/span>\u00a0<span title=\"32:32\">Week<\/span>\u00a0<span title=\"32:32\">increase<\/span>\u00a0<span title=\"32:33\">7%.<\/span>\u00a0<span title=\"32:34\">So<\/span>\u00a0<span title=\"32:34\">that\u2019s<\/span>\u00a0<span title=\"32:35\">healthy.<\/span><\/span><br \/><span data-start=\"00:32:35.075\" data-end=\"00:32:36.895\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:35\">It\u2019s<\/span>\u00a0<span title=\"32:35\">a<\/span>\u00a0<span title=\"32:35\">little<\/span>\u00a0<span title=\"32:35\">slower<\/span>\u00a0<span title=\"32:36\">than<\/span>\u00a0<span title=\"32:36\">we\u2019ve<\/span>\u00a0<span title=\"32:36\">seen<\/span>\u00a0<span title=\"32:36\">in<\/span>\u00a0<span title=\"32:37\">past.<\/span><\/span><br \/><span data-start=\"00:32:37.395\" data-end=\"00:32:41.335\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:37\">What<\/span>\u00a0<span title=\"32:37\">we\u2019re<\/span>\u00a0<span title=\"32:38\">also<\/span>\u00a0<span title=\"32:38\">seeing,<\/span>\u00a0<span title=\"32:38\">and<\/span>\u00a0<span title=\"32:38\">it<\/span>\u00a0<span title=\"32:38\">started<\/span>\u00a0<span title=\"32:39\">last<\/span>\u00a0<span title=\"32:39\">year,<\/span>\u00a0<span title=\"32:39\">is<\/span>\u00a0<span title=\"32:39\">it\u2019s<\/span>\u00a0<span title=\"32:40\">on<\/span>\u00a0<span title=\"32:40\">lower<\/span>\u00a0<span title=\"32:41\">and<\/span>\u00a0<span title=\"32:41\">lower<\/span>\u00a0<\/span><span data-start=\"00:32:41.335\" data-end=\"00:32:42.455\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:41\">price<\/span>\u00a0<span title=\"32:42\">point<\/span>\u00a0<span title=\"32:42\">merchandise.<\/span><\/span><br \/><span data-start=\"00:32:43.015\" data-end=\"00:32:48.035\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:43\">So<\/span>\u00a0<span title=\"32:43\">that<\/span>\u00a0<span title=\"32:43\">also<\/span>\u00a0<span title=\"32:44\">speaks<\/span>\u00a0<span title=\"32:44\">to<\/span>\u00a0<span title=\"32:44\">the<\/span>\u00a0<span title=\"32:45\">adoption<\/span>\u00a0<span title=\"32:45\">as<\/span>\u00a0<span title=\"32:45\">well.<\/span>\u00a0<span title=\"32:46\">It\u2019s<\/span>\u00a0<span title=\"32:46\">not<\/span>\u00a0<span title=\"32:46\">just<\/span>\u00a0<span title=\"32:46\">on<\/span>\u00a0<span title=\"32:46\">the<\/span>\u00a0<span title=\"32:47\">big<\/span>\u00a0<span title=\"32:47\">ticket<\/span>\u00a0<span title=\"32:48\">items.<\/span><\/span><br \/><span data-start=\"00:32:48.515\" data-end=\"00:32:52.175\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:49\">I<\/span>\u00a0<span title=\"32:49\">think<\/span>\u00a0<span title=\"32:49\">if<\/span>\u00a0<span title=\"32:49\">I<\/span>\u00a0<span title=\"32:49\">zoom<\/span>\u00a0<span title=\"32:49\">out<\/span>\u00a0<span title=\"32:49\">for<\/span>\u00a0<span title=\"32:49\">a<\/span>\u00a0<span title=\"32:50\">moment<\/span>\u00a0<span title=\"32:50\">as<\/span>\u00a0<span title=\"32:50\">well,<\/span>\u00a0<span title=\"32:51\">mobile<\/span>\u00a0<span title=\"32:51\">wallets<\/span>\u00a0<span title=\"32:51\">were<\/span>\u00a0<span title=\"32:52\">really<\/span>\u00a0<span title=\"32:52\">strong.<\/span><\/span><br \/><span data-start=\"00:32:52.535\" data-end=\"00:32:57.815\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:53\">Mobile<\/span>\u00a0<span title=\"32:53\">wallets<\/span>\u00a0<span title=\"32:53\">were<\/span>\u00a0<span title=\"32:53\">really<\/span>\u00a0<span title=\"32:54\">strong.<\/span>\u00a0<span title=\"32:54\">We<\/span>\u00a0<span title=\"32:54\">saw<\/span>\u00a0<span title=\"32:54\">about<\/span>\u00a0<span title=\"32:55\">a<\/span>\u00a0<span title=\"32:55\">50%<\/span>\u00a0<span title=\"32:56\">increase<\/span>\u00a0<span title=\"32:56\">year<\/span>\u00a0<span title=\"32:56\">over<\/span>\u00a0<span title=\"32:57\">year<\/span>\u00a0<span title=\"32:57\">in<\/span>\u00a0<span title=\"32:58\">that.<\/span><\/span><br \/><span data-start=\"00:32:58.395\" data-end=\"00:33:01.975\" data-spk=\"2\" data-label=\"Rob\"><span title=\"32:58\">Now,<\/span>\u00a0<span title=\"32:59\">of<\/span>\u00a0<span title=\"32:59\">course,<\/span>\u00a0<span title=\"32:59\">it\u2019s<\/span>\u00a0<span title=\"32:59\">a<\/span>\u00a0<span title=\"32:59\">smaller<\/span>\u00a0<span title=\"33:00\">base<\/span>\u00a0<span title=\"33:00\">than<\/span>\u00a0<span title=\"33:00\">traditional<\/span>\u00a0<span title=\"33:01\">credit<\/span>\u00a0<span title=\"33:01\">cards<\/span>\u00a0<span title=\"33:01\">and<\/span>\u00a0<span title=\"33:01\">debit<\/span>\u00a0<span title=\"33:02\">cards.<\/span><\/span><br \/><span data-start=\"00:33:02.375\" data-end=\"00:33:06.295\" data-spk=\"2\" data-label=\"Rob\"><span title=\"33:02\">But<\/span>\u00a0<span title=\"33:02\">still,<\/span>\u00a0<span title=\"33:03\">it\u2019s<\/span>\u00a0<span title=\"33:03\">showing<\/span>\u00a0<span title=\"33:04\">the<\/span>\u00a0<span title=\"33:04\">adoption<\/span>\u00a0<span title=\"33:04\">because<\/span>\u00a0<span title=\"33:05\">it\u2019s<\/span>\u00a0<span title=\"33:05\">really<\/span>\u00a0<span title=\"33:05\">breaking<\/span>\u00a0<span title=\"33:06\">down<\/span>\u00a0<span title=\"33:06\">the<\/span>\u00a0<span title=\"33:06\">friction<\/span>\u00a0<\/span><span data-start=\"00:33:06.295\" data-end=\"00:33:08.495\" data-spk=\"2\" data-label=\"Rob\"><span title=\"33:06\">in<\/span>\u00a0<span title=\"33:07\">the<\/span>\u00a0<span title=\"33:07\">checkout<\/span>\u00a0<span title=\"33:08\">process.<\/span><\/span><br \/><span data-start=\"00:33:09.215\" data-end=\"00:33:13.035\" data-spk=\"2\" data-label=\"Rob\"><span title=\"33:09\">But<\/span>\u00a0<span title=\"33:09\">we<\/span>\u00a0<span title=\"33:10\">keep<\/span>\u00a0<span title=\"33:10\">a<\/span>\u00a0<span title=\"33:10\">close<\/span>\u00a0<span title=\"33:10\">eye<\/span>\u00a0<span title=\"33:10\">on<\/span>\u00a0<span title=\"33:10\">buy<\/span>\u00a0<span title=\"33:11\">now,<\/span>\u00a0<span title=\"33:11\">pay<\/span>\u00a0<span title=\"33:11\">later,<\/span>\u00a0<span title=\"33:12\">because<\/span>\u00a0<span title=\"33:12\">you\u2019re<\/span>\u00a0<span title=\"33:13\">right.<\/span><\/span><br \/><span data-start=\"00:33:13.135\" data-end=\"00:33:18.755\" data-spk=\"2\" data-label=\"Rob\"><span title=\"33:13\">It<\/span>\u00a0<span title=\"33:13\">could<\/span>\u00a0<span title=\"33:13\">be<\/span>\u00a0<span title=\"33:14\">an<\/span>\u00a0<span title=\"33:14\">indication,<\/span>\u00a0<span title=\"33:14\">especially<\/span>\u00a0<span title=\"33:15\">as<\/span>\u00a0<span title=\"33:15\">consumers<\/span>\u00a0<span title=\"33:16\">look<\/span>\u00a0<span title=\"33:16\">to<\/span>\u00a0<span title=\"33:17\">buy<\/span>\u00a0<span title=\"33:17\">lower<\/span>\u00a0<span title=\"33:18\">price<\/span>\u00a0<span title=\"33:18\">merchandise,<\/span>\u00a0<\/span><span data-start=\"00:33:19.415\" data-end=\"00:33:21.215\" data-spk=\"2\" data-label=\"Rob\"><span title=\"33:19\">that<\/span>\u00a0<span title=\"33:20\">it<\/span>\u00a0<span title=\"33:20\">might<\/span>\u00a0<span title=\"33:20\">be<\/span>\u00a0<span title=\"33:20\">a<\/span>\u00a0<span title=\"33:20\">softening<\/span>\u00a0<span title=\"33:21\">in<\/span>\u00a0<span title=\"33:21\">the<\/span>\u00a0<span title=\"33:21\">market.<\/span><\/span><br \/><span data-start=\"00:33:21.535\" data-end=\"00:33:23.675\" data-spk=\"2\" data-label=\"Rob\"><span title=\"33:22\">But<\/span>\u00a0<span title=\"33:22\">we\u2019re<\/span>\u00a0<span title=\"33:22\">not<\/span>\u00a0<span title=\"33:22\">quite<\/span>\u00a0<span title=\"33:22\">there<\/span>\u00a0<span title=\"33:23\">in<\/span>\u00a0<span title=\"33:23\">proclaiming<\/span>\u00a0<span title=\"33:23\">that.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[33:25]<\/small>\u00a0<span data-start=\"00:33:24.575\" data-end=\"00:33:28.135\" data-spk=\"1\" data-label=\"Scot\"><span title=\"33:25\">You<\/span>\u00a0<span title=\"33:25\">said<\/span>\u00a0<span title=\"33:25\">a<\/span>\u00a0<span title=\"33:25\">mobile<\/span>\u00a0<span title=\"33:25\">wallet.<\/span>\u00a0<span title=\"33:26\">That<\/span>\u00a0<span title=\"33:26\">is<\/span>\u00a0<span title=\"33:26\">catnip<\/span>\u00a0<span title=\"33:27\">for<\/span>\u00a0<span title=\"33:27\">retail<\/span>\u00a0<span title=\"33:27\">geek,<\/span>\u00a0<span title=\"33:28\">so<\/span>\u00a0<span title=\"33:28\">I\u2019ll<\/span>\u00a0<span title=\"33:28\">get<\/span>\u00a0<span title=\"33:28\">out<\/span>\u00a0<span title=\"33:28\">of<\/span>\u00a0<\/span><span data-start=\"00:33:28.135\" data-end=\"00:33:29.895\" data-spk=\"1\" data-label=\"Scot\"><span title=\"33:28\">his<\/span>\u00a0<span title=\"33:28\">way.<\/span>\u00a0<span title=\"33:28\">I<\/span>\u00a0<span title=\"33:28\">bet<\/span>\u00a0<span title=\"33:29\">he<\/span>\u00a0<span title=\"33:29\">has<\/span>\u00a0<span title=\"33:29\">a<\/span>\u00a0<span title=\"33:29\">million<\/span>\u00a0<span title=\"33:29\">questions.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[33:32]<\/small>\u00a0<span data-start=\"00:33:31.755\" data-end=\"00:33:37.035\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:32\">Yeah,<\/span>\u00a0<span title=\"33:32\">no,<\/span>\u00a0<span title=\"33:33\">Scot<\/span>\u00a0<span title=\"33:33\">knows<\/span>\u00a0<span title=\"33:34\">I<\/span>\u00a0<span title=\"33:34\">love<\/span>\u00a0<span title=\"33:34\">a<\/span>\u00a0<span title=\"33:34\">good<\/span>\u00a0<span title=\"33:35\">mobile<\/span>\u00a0<span title=\"33:35\">wallet<\/span>\u00a0<span title=\"33:35\">and<\/span>\u00a0<span title=\"33:35\">I\u2019m<\/span>\u00a0<span title=\"33:36\">sure<\/span>\u00a0<span title=\"33:36\">everyone\u2019s<\/span>\u00a0<span title=\"33:37\">already<\/span>\u00a0<span title=\"33:37\">heard<\/span>\u00a0<span title=\"33:37\">this,<\/span><\/span><\/p>\n<h2 id=\"chapter11\" class=\"chapter\">Mobile wallets and the impact on checkout process and shopping experiences<\/h2>\n<p><small>[33:37]<\/small>\u00a0<span data-start=\"00:33:37.155\" data-end=\"00:33:42.655\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:37\">but<\/span>\u00a0<span title=\"33:37\">I<\/span>\u00a0<span title=\"33:38\">have<\/span>\u00a0<span title=\"33:39\">a<\/span>\u00a0<span title=\"33:39\">hypothesis<\/span>\u00a0<span title=\"33:39\">that<\/span>\u00a0<span title=\"33:40\">some<\/span>\u00a0<span title=\"33:40\">of<\/span>\u00a0<span title=\"33:40\">the<\/span>\u00a0<span title=\"33:41\">popular<\/span>\u00a0<span title=\"33:41\">shopping<\/span>\u00a0<span title=\"33:41\">behaviors<\/span>\u00a0<span title=\"33:42\">we<\/span>\u00a0<span title=\"33:42\">see<\/span>\u00a0<span title=\"33:42\">in<\/span>\u00a0<\/span><span data-start=\"00:33:42.655\" data-end=\"00:33:48.235\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:43\">Asia<\/span>\u00a0<span title=\"33:43\">aren\u2019t<\/span>\u00a0<span title=\"33:44\">as<\/span>\u00a0<span title=\"33:44\">popular<\/span>\u00a0<span title=\"33:44\">here<\/span>\u00a0<span title=\"33:45\">because<\/span>\u00a0<span title=\"33:45\">we<\/span>\u00a0<span title=\"33:45\">don\u2019t<\/span>\u00a0<span title=\"33:45\">have<\/span>\u00a0<span title=\"33:45\">as<\/span>\u00a0<span title=\"33:46\">good<\/span>\u00a0<span title=\"33:46\">a<\/span>\u00a0<span title=\"33:47\">penetration<\/span>\u00a0<span title=\"33:47\">of<\/span>\u00a0<span title=\"33:47\">mobile<\/span>\u00a0<\/span><span data-start=\"00:33:48.235\" data-end=\"00:33:50.235\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:48\">wallets<\/span>\u00a0<span title=\"33:49\">and<\/span>\u00a0<span title=\"33:49\">that<\/span>\u00a0<span title=\"33:49\">if<\/span>\u00a0<span title=\"33:49\">you<\/span>\u00a0<span title=\"33:50\">have<\/span>\u00a0<span title=\"33:50\">mobile<\/span>\u00a0<span title=\"33:50\">wallets,<\/span>\u00a0<\/span><span data-start=\"00:33:50.255\" data-end=\"00:33:53.655\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:50\">it<\/span>\u00a0<span title=\"33:50\">makes<\/span>\u00a0<span title=\"33:51\">certain<\/span>\u00a0<span title=\"33:51\">experiences<\/span>\u00a0<span title=\"33:51\">like<\/span>\u00a0<span title=\"33:52\">shopping<\/span>\u00a0<span title=\"33:52\">on<\/span>\u00a0<span title=\"33:52\">social<\/span>\u00a0<span title=\"33:53\">media<\/span>\u00a0<span title=\"33:53\">and<\/span>\u00a0<span title=\"33:53\">things<\/span>\u00a0<span title=\"33:53\">like<\/span>\u00a0<span title=\"33:53\">that<\/span>\u00a0<\/span><span data-start=\"00:33:53.655\" data-end=\"00:33:56.815\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:54\">easier<\/span>\u00a0<span title=\"33:54\">because<\/span>\u00a0<span title=\"33:55\">it<\/span>\u00a0<span title=\"33:55\">only<\/span>\u00a0<span title=\"33:55\">requires<\/span>\u00a0<span title=\"33:55\">one<\/span>\u00a0<span title=\"33:56\">hand<\/span>\u00a0<span title=\"33:56\">instead<\/span>\u00a0<span title=\"33:56\">of<\/span>\u00a0<span title=\"33:56\">three<\/span>\u00a0<span title=\"33:57\">hands.<\/span><\/span><br \/><span data-start=\"00:33:57.255\" data-end=\"00:34:04.615\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:57\">So<\/span>\u00a0<span title=\"33:57\">I\u2019d<\/span>\u00a0<span title=\"33:58\">be<\/span>\u00a0<span title=\"33:58\">curious,<\/span>\u00a0<span title=\"33:58\">do<\/span>\u00a0<span title=\"33:59\">you<\/span>\u00a0<span title=\"33:59\">guys<\/span>\u00a0<span title=\"34:00\">think<\/span>\u00a0<span title=\"34:00\">you\u2019re<\/span>\u00a0<span title=\"34:00\">seeing<\/span>\u00a0<span title=\"34:02\">more<\/span>\u00a0<span title=\"34:03\">mobile<\/span>\u00a0<span title=\"34:03\">wallet<\/span>\u00a0<span title=\"34:04\">users,<\/span>\u00a0<\/span><span data-start=\"00:34:04.875\" data-end=\"00:34:09.575\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:05\">or<\/span>\u00a0<span title=\"34:05\">do<\/span>\u00a0<span title=\"34:05\">you<\/span>\u00a0<span title=\"34:05\">think<\/span>\u00a0<span title=\"34:06\">you\u2019re<\/span>\u00a0<span title=\"34:06\">seeing<\/span>\u00a0<span title=\"34:06\">more<\/span>\u00a0<span title=\"34:07\">transaction<\/span>\u00a0<span title=\"34:08\">from<\/span>\u00a0<span title=\"34:08\">the<\/span>\u00a0<span title=\"34:09\">existing<\/span>\u00a0<span title=\"34:09\">users,<\/span>\u00a0<\/span><span data-start=\"00:34:09.875\" data-end=\"00:34:11.395\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:10\">or<\/span>\u00a0<span title=\"34:10\">do<\/span>\u00a0<span title=\"34:10\">you<\/span>\u00a0<span title=\"34:10\">have<\/span>\u00a0<span title=\"34:11\">the<\/span>\u00a0<span title=\"34:11\">ability<\/span>\u00a0<span title=\"34:11\">to?<\/span><\/span><br \/><span data-start=\"00:34:12.170\" data-end=\"00:34:14.910\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:12\">To<\/span>\u00a0<span title=\"34:12\">see<\/span>\u00a0<span title=\"34:13\">between<\/span>\u00a0<span title=\"34:13\">those<\/span>\u00a0<span title=\"34:13\">two?<\/span>\u00a0<span title=\"34:13\">I<\/span>\u00a0<span title=\"34:13\">suspect<\/span>\u00a0<span title=\"34:14\">I<\/span>\u00a0<span title=\"34:14\">just<\/span>\u00a0<span title=\"34:14\">asked<\/span>\u00a0<span title=\"34:14\">you<\/span>\u00a0<span title=\"34:14\">a<\/span>\u00a0<span title=\"34:14\">question<\/span>\u00a0<span title=\"34:15\">you\u2019re<\/span>\u00a0<span title=\"34:15\">going<\/span>\u00a0<\/span><span data-start=\"00:34:14.910\" data-end=\"00:34:16.230\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:15\">to<\/span>\u00a0<span title=\"34:15\">now<\/span>\u00a0<span title=\"34:15\">have<\/span>\u00a0<span title=\"34:15\">to<\/span>\u00a0<span title=\"34:15\">go<\/span>\u00a0<span title=\"34:15\">do<\/span>\u00a0<span title=\"34:16\">research<\/span>\u00a0<span title=\"34:16\">on.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[34:17]<\/small>\u00a0<span data-start=\"00:34:16.810\" data-end=\"00:34:20.770\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:17\">Nick<\/span>\u00a0<span title=\"34:17\">Neumann<\/span>\u00a0<span title=\"34:17\">We<\/span>\u00a0<span title=\"34:17\">may<\/span>\u00a0<span title=\"34:18\">have<\/span>\u00a0<span title=\"34:18\">that<\/span>\u00a0<span title=\"34:18\">based<\/span>\u00a0<span title=\"34:19\">on<\/span>\u00a0<span title=\"34:19\">some<\/span>\u00a0<span title=\"34:19\">of<\/span>\u00a0<span title=\"34:19\">the<\/span>\u00a0<span title=\"34:19\">primary<\/span>\u00a0<span title=\"34:20\">research<\/span>\u00a0<span title=\"34:20\">we<\/span>\u00a0<span title=\"34:20\">do.<\/span><\/span><br \/><span data-start=\"00:34:20.910\" data-end=\"00:34:25.550\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:21\">We<\/span>\u00a0<span title=\"34:21\">don\u2019t<\/span>\u00a0<span title=\"34:21\">have<\/span>\u00a0<span title=\"34:21\">access<\/span>\u00a0<span title=\"34:22\">to<\/span>\u00a0<span title=\"34:22\">personally<\/span>\u00a0<span title=\"34:22\">identifiable<\/span>\u00a0<span title=\"34:23\">information,<\/span>\u00a0<span title=\"34:24\">so<\/span>\u00a0<span title=\"34:24\">we<\/span>\u00a0<span title=\"34:24\">can\u2019t<\/span>\u00a0<span title=\"34:24\">see<\/span>\u00a0<span title=\"34:25\">by<\/span>\u00a0<span title=\"34:25\">user.<\/span><\/span><br \/><span data-start=\"00:34:26.210\" data-end=\"00:34:33.250\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:26\">But<\/span>\u00a0<span title=\"34:26\">my<\/span>\u00a0<span title=\"34:27\">thesis<\/span>\u00a0<span title=\"34:28\">there<\/span>\u00a0<span title=\"34:28\">is<\/span>\u00a0<span title=\"34:28\">it\u2019s<\/span>\u00a0<span title=\"34:29\">both.<\/span>\u00a0<span title=\"34:29\">There<\/span>\u00a0<span title=\"34:29\">are<\/span>\u00a0<span title=\"34:30\">more<\/span>\u00a0<span title=\"34:30\">people<\/span>\u00a0<span title=\"34:30\">adopting<\/span>\u00a0<span title=\"34:32\">mobile<\/span>\u00a0<span title=\"34:33\">wallets<\/span>\u00a0<\/span><span data-start=\"00:34:33.250\" data-end=\"00:34:38.170\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:33\">because<\/span>\u00a0<span title=\"34:34\">they<\/span>\u00a0<span title=\"34:34\">see<\/span>\u00a0<span title=\"34:35\">the<\/span>\u00a0<span title=\"34:35\">convenience<\/span>\u00a0<span title=\"34:36\">and<\/span>\u00a0<span title=\"34:37\">the<\/span>\u00a0<span title=\"34:37\">friction<\/span>\u00a0<span title=\"34:38\">that\u2019s<\/span>\u00a0<span title=\"34:38\">removed.<\/span><\/span><br \/><span data-start=\"00:34:38.710\" data-end=\"00:34:41.630\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:39\">And<\/span>\u00a0<span title=\"34:39\">then<\/span>\u00a0<span title=\"34:39\">once<\/span>\u00a0<span title=\"34:40\">that<\/span>\u00a0<span title=\"34:40\">happens,<\/span>\u00a0<span title=\"34:41\">they\u2019re<\/span>\u00a0<span title=\"34:41\">buying<\/span>\u00a0<span title=\"34:41\">more.<\/span><\/span><br \/><span data-start=\"00:34:41.630\" data-end=\"00:34:44.350\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:42\">I<\/span>\u00a0<span title=\"34:42\">think<\/span>\u00a0<span title=\"34:42\">you<\/span>\u00a0<span title=\"34:42\">go<\/span>\u00a0<span title=\"34:43\">back<\/span>\u00a0<span title=\"34:43\">to<\/span>\u00a0<span title=\"34:43\">the<\/span>\u00a0<span title=\"34:43\">Amazon<\/span>\u00a0<span title=\"34:43\">example,<\/span>\u00a0<span title=\"34:44\">part<\/span>\u00a0<\/span><span data-start=\"00:34:44.350\" data-end=\"00:34:50.190\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:44\">of<\/span>\u00a0<span title=\"34:44\">why<\/span>\u00a0<span title=\"34:45\">that\u2019s<\/span>\u00a0<span title=\"34:45\">probably<\/span>\u00a0<span title=\"34:46\">a<\/span>\u00a0<span title=\"34:46\">home<\/span>\u00a0<span title=\"34:47\">run<\/span>\u00a0<span title=\"34:47\">for<\/span>\u00a0<span title=\"34:47\">them<\/span>\u00a0<span title=\"34:47\">is<\/span>\u00a0<span title=\"34:48\">because<\/span>\u00a0<span title=\"34:48\">it\u2019s<\/span>\u00a0<span title=\"34:49\">a<\/span>\u00a0<span title=\"34:49\">lot<\/span>\u00a0<span title=\"34:49\">easier<\/span>\u00a0<span title=\"34:50\">for<\/span>\u00a0<\/span><span data-start=\"00:34:50.190\" data-end=\"00:34:58.710\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:50\">somebody<\/span>\u00a0<span title=\"34:50\">to<\/span>\u00a0<span title=\"34:51\">buy<\/span>\u00a0<span title=\"34:51\">in<\/span>\u00a0<span title=\"34:52\">that<\/span>\u00a0<span title=\"34:52\">form<\/span>\u00a0<span title=\"34:53\">factor<\/span>\u00a0<span title=\"34:53\">than<\/span>\u00a0<span title=\"34:54\">let\u2019s<\/span>\u00a0<span title=\"34:54\">say<\/span>\u00a0<span title=\"34:54\">Roku<\/span>\u00a0<span title=\"34:55\">or<\/span>\u00a0<span title=\"34:56\">other<\/span>\u00a0<span title=\"34:57\">Verizon<\/span>\u00a0<span title=\"34:58\">user<\/span>\u00a0<\/span><span data-start=\"00:34:58.710\" data-end=\"00:35:02.470\" data-spk=\"2\" data-label=\"Rob\"><span title=\"34:59\">interfaces<\/span>\u00a0<span title=\"34:59\">that<\/span>\u00a0<span title=\"35:00\">you<\/span>\u00a0<span title=\"35:00\">don\u2019t<\/span>\u00a0<span title=\"35:00\">have<\/span>\u00a0<span title=\"35:01\">a<\/span>\u00a0<span title=\"35:01\">wallet<\/span>\u00a0<span title=\"35:01\">associated<\/span>\u00a0<span title=\"35:02\">with<\/span>\u00a0<span title=\"35:02\">it.<\/span><\/span><br \/><span data-start=\"00:35:02.750\" data-end=\"00:35:08.250\" data-spk=\"2\" data-label=\"Rob\"><span title=\"35:03\">I<\/span>\u00a0<span title=\"35:03\">didn\u2019t<\/span>\u00a0<span title=\"35:03\">go<\/span>\u00a0<span title=\"35:04\">through<\/span>\u00a0<span title=\"35:04\">the<\/span>\u00a0<span title=\"35:04\">shopping<\/span>\u00a0<span title=\"35:04\">process<\/span>\u00a0<span title=\"35:05\">on<\/span>\u00a0<span title=\"35:06\">the<\/span>\u00a0<span title=\"35:06\">Friday<\/span>\u00a0<span title=\"35:06\">NFL<\/span>\u00a0<span title=\"35:08\">game,<\/span>\u00a0<\/span><span data-start=\"00:35:08.350\" data-end=\"00:35:13.350\" data-spk=\"2\" data-label=\"Rob\"><span title=\"35:08\">but<\/span>\u00a0<span title=\"35:08\">I<\/span>\u00a0<span title=\"35:09\">can<\/span>\u00a0<span title=\"35:09\">only<\/span>\u00a0<span title=\"35:09\">imagine<\/span>\u00a0<span title=\"35:09\">it<\/span>\u00a0<span title=\"35:10\">was<\/span>\u00a0<span title=\"35:10\">much<\/span>\u00a0<span title=\"35:10\">easier<\/span>\u00a0<span title=\"35:10\">than<\/span>\u00a0<span title=\"35:11\">having<\/span>\u00a0<span title=\"35:11\">to<\/span>\u00a0<span title=\"35:11\">do<\/span>\u00a0<span title=\"35:11\">it<\/span>\u00a0<span title=\"35:11\">through<\/span>\u00a0<span title=\"35:12\">other<\/span>\u00a0<span title=\"35:12\">types<\/span>\u00a0<span title=\"35:13\">of<\/span>\u00a0<span title=\"35:13\">media.<\/span><\/span><br \/><span data-start=\"00:35:13.630\" data-end=\"00:35:17.290\" data-spk=\"2\" data-label=\"Rob\"><span title=\"35:14\">So<\/span>\u00a0<span title=\"35:14\">I<\/span>\u00a0<span title=\"35:14\">think<\/span>\u00a0<span title=\"35:15\">that,<\/span>\u00a0<span title=\"35:15\">yeah,<\/span>\u00a0<span title=\"35:15\">I<\/span>\u00a0<span title=\"35:15\">agree<\/span>\u00a0<span title=\"35:15\">by<\/span>\u00a0<span title=\"35:15\">the<\/span>\u00a0<span title=\"35:15\">way,<\/span>\u00a0<span title=\"35:16\">with<\/span>\u00a0<span title=\"35:16\">your<\/span>\u00a0<span title=\"35:16\">hypothesis<\/span>\u00a0<span title=\"35:17\">that,<\/span>\u00a0<\/span><span data-start=\"00:35:17.430\" data-end=\"00:35:22.310\" data-spk=\"2\" data-label=\"Rob\"><span title=\"35:17\">you<\/span>\u00a0<span title=\"35:18\">know,<\/span>\u00a0<span title=\"35:19\">embedded<\/span>\u00a0<span title=\"35:19\">commerce<\/span>\u00a0<span title=\"35:19\">or<\/span>\u00a0<span title=\"35:20\">shopping<\/span>\u00a0<span title=\"35:20\">at<\/span>\u00a0<span title=\"35:20\">the<\/span>\u00a0<span title=\"35:20\">edge<\/span>\u00a0<span title=\"35:21\">has<\/span>\u00a0<span title=\"35:21\">been<\/span>\u00a0<span title=\"35:21\">a<\/span>\u00a0<span title=\"35:21\">bit<\/span>\u00a0<span title=\"35:21\">stunted<\/span>\u00a0<span title=\"35:22\">because,<\/span>\u00a0<\/span><span data-start=\"00:35:22.990\" data-end=\"00:35:28.930\" data-spk=\"2\" data-label=\"Rob\"><span title=\"35:23\">the<\/span>\u00a0<span title=\"35:23\">wallet<\/span>\u00a0<span title=\"35:24\">piece<\/span>\u00a0<span title=\"35:24\">is<\/span>\u00a0<span title=\"35:25\">not<\/span>\u00a0<span title=\"35:25\">there<\/span>\u00a0<span title=\"35:25\">or<\/span>\u00a0<span title=\"35:26\">as<\/span>\u00a0<span title=\"35:26\">accessible<\/span>\u00a0<span title=\"35:26\">as<\/span>\u00a0<span title=\"35:27\">it<\/span>\u00a0<span title=\"35:27\">is<\/span>\u00a0<span title=\"35:27\">in<\/span>\u00a0<span title=\"35:28\">other<\/span>\u00a0<span title=\"35:28\">countries.<\/span><\/span><\/p>\n<h2 id=\"chapter12\" class=\"chapter\">Buy Now, Pay Later Growing and Replacing Layaway<\/h2>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[35:30]<\/small>\u00a0<span data-start=\"00:35:29.690\" data-end=\"00:35:32.330\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:30\">Yeah.<\/span>\u00a0<span title=\"35:30\">Two<\/span>\u00a0<span title=\"35:30\">things<\/span>\u00a0<span title=\"35:31\">I\u2019ll<\/span>\u00a0<span title=\"35:31\">just<\/span>\u00a0<span title=\"35:31\">throw<\/span>\u00a0<span title=\"35:31\">out<\/span>\u00a0<span title=\"35:31\">there<\/span>\u00a0<span title=\"35:31\">on<\/span>\u00a0<span title=\"35:32\">buy<\/span>\u00a0<span title=\"35:32\">now,<\/span>\u00a0<span title=\"35:32\">pay<\/span>\u00a0<span title=\"35:32\">later.<\/span><\/span><br \/><span data-start=\"00:35:32.470\" data-end=\"00:35:36.930\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:32\">I<\/span>\u00a0<span title=\"35:33\">mean,<\/span>\u00a0<span title=\"35:33\">I<\/span>\u00a0<span title=\"35:33\">do,<\/span>\u00a0<span title=\"35:33\">I<\/span>\u00a0<span title=\"35:33\">think<\/span>\u00a0<span title=\"35:33\">it,<\/span>\u00a0<span title=\"35:34\">it<\/span>\u00a0<span title=\"35:34\">legitimately<\/span>\u00a0<span title=\"35:35\">resonates<\/span>\u00a0<span title=\"35:35\">with<\/span>\u00a0<span title=\"35:36\">the<\/span>\u00a0<span title=\"35:36\">new<\/span>\u00a0<span title=\"35:36\">crop<\/span>\u00a0<span title=\"35:36\">of<\/span>\u00a0<span title=\"35:37\">consumers.<\/span><\/span><br \/><span data-start=\"00:35:36.930\" data-end=\"00:35:41.890\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:37\">And<\/span>\u00a0<span title=\"35:37\">so<\/span>\u00a0<span title=\"35:37\">I<\/span>\u00a0<span title=\"35:37\">think<\/span>\u00a0<span title=\"35:38\">it\u2019s<\/span>\u00a0<span title=\"35:38\">growing<\/span>\u00a0<span title=\"35:38\">for<\/span>\u00a0<span title=\"35:38\">all<\/span>\u00a0<span title=\"35:39\">the<\/span>\u00a0<span title=\"35:39\">reasons<\/span>\u00a0<span title=\"35:40\">that<\/span>\u00a0<span title=\"35:40\">the<\/span>\u00a0<span title=\"35:40\">Buy<\/span>\u00a0<span title=\"35:40\">Now<\/span>\u00a0<span title=\"35:40\">Pay<\/span>\u00a0<span title=\"35:41\">Later<\/span>\u00a0<span title=\"35:41\">people<\/span>\u00a0<span title=\"35:41\">claim<\/span>\u00a0<span title=\"35:41\">it\u2019s<\/span>\u00a0<span title=\"35:42\">growing.<\/span><\/span><br \/><span data-start=\"00:35:42.350\" data-end=\"00:35:45.690\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:42\">But<\/span>\u00a0<span title=\"35:42\">I<\/span>\u00a0<span title=\"35:42\">would,<\/span>\u00a0<span title=\"35:43\">there\u2019s<\/span>\u00a0<span title=\"35:43\">two<\/span>\u00a0<span title=\"35:43\">accelerators<\/span>\u00a0<span title=\"35:44\">that<\/span>\u00a0<span title=\"35:44\">are<\/span>\u00a0<span title=\"35:44\">just<\/span>\u00a0<span title=\"35:45\">kind<\/span>\u00a0<span title=\"35:45\">of<\/span>\u00a0<span title=\"35:45\">convenient<\/span>\u00a0<span title=\"35:45\">in<\/span>\u00a0<span title=\"35:46\">there.<\/span><\/span><br \/><span data-start=\"00:35:46.130\" data-end=\"00:35:49.870\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:46\">Holiday<\/span>\u00a0<span title=\"35:46\">used<\/span>\u00a0<span title=\"35:47\">to<\/span>\u00a0<span title=\"35:47\">be<\/span>\u00a0<span title=\"35:47\">a<\/span>\u00a0<span title=\"35:47\">big<\/span>\u00a0<span title=\"35:47\">time<\/span>\u00a0<span title=\"35:47\">for<\/span>\u00a0<span title=\"35:47\">this<\/span>\u00a0<span title=\"35:48\">payment<\/span>\u00a0<span title=\"35:48\">method<\/span>\u00a0<span title=\"35:48\">that<\/span>\u00a0<span title=\"35:49\">the<\/span>\u00a0<span title=\"35:49\">youngsters<\/span>\u00a0<span title=\"35:50\">on<\/span>\u00a0<\/span><span data-start=\"00:35:49.870\" data-end=\"00:35:51.630\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:50\">the<\/span>\u00a0<span title=\"35:50\">call<\/span>\u00a0<span title=\"35:50\">wouldn\u2019t<\/span>\u00a0<span title=\"35:50\">have<\/span>\u00a0<span title=\"35:51\">heard<\/span>\u00a0<span title=\"35:51\">of<\/span>\u00a0<span title=\"35:51\">called<\/span>\u00a0<span title=\"35:51\">the<\/span>\u00a0<span title=\"35:51\">layaway.<\/span><\/span><br \/><span data-start=\"00:35:54.110\" data-end=\"00:35:57.890\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:54\">And<\/span>\u00a0<span title=\"35:55\">almost<\/span>\u00a0<span title=\"35:55\">no<\/span>\u00a0<span title=\"35:55\">retailer<\/span>\u00a0<span title=\"35:56\">that<\/span>\u00a0<span title=\"35:56\">I\u2019m<\/span>\u00a0<span title=\"35:56\">aware<\/span>\u00a0<span title=\"35:56\">of<\/span>\u00a0<span title=\"35:57\">has<\/span>\u00a0<span title=\"35:57\">brought<\/span>\u00a0<span title=\"35:57\">back<\/span>\u00a0<span title=\"35:58\">layaway,<\/span>\u00a0<\/span><span data-start=\"00:35:58.050\" data-end=\"00:36:01.650\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:58\">like<\/span>\u00a0<span title=\"35:58\">they<\/span>\u00a0<span title=\"35:58\">all<\/span>\u00a0<span title=\"35:58\">retired<\/span>\u00a0<span title=\"35:59\">it<\/span>\u00a0<span title=\"35:59\">in<\/span>\u00a0<span title=\"35:59\">the<\/span>\u00a0<span title=\"35:59\">last<\/span>\u00a0<span title=\"36:00\">several<\/span>\u00a0<span title=\"36:00\">years,<\/span>\u00a0<span title=\"36:00\">largely<\/span>\u00a0<span title=\"36:01\">because<\/span>\u00a0<span title=\"36:01\">Buy<\/span>\u00a0<span title=\"36:02\">Now<\/span>\u00a0<\/span><span data-start=\"00:36:01.650\" data-end=\"00:36:06.990\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:02\">Pay<\/span>\u00a0<span title=\"36:02\">Later<\/span>\u00a0<span title=\"36:02\">has<\/span>\u00a0<span title=\"36:02\">replaced<\/span>\u00a0<span title=\"36:03\">it.<\/span>\u00a0<span title=\"36:03\">And<\/span>\u00a0<span title=\"36:04\">so,<\/span>\u00a0<span title=\"36:05\">you<\/span>\u00a0<span title=\"36:05\">know,<\/span>\u00a0<span title=\"36:05\">layaway<\/span>\u00a0<span title=\"36:06\">is<\/span>\u00a0<span title=\"36:06\">most<\/span>\u00a0<span title=\"36:06\">popular<\/span>\u00a0<span title=\"36:06\">around<\/span>\u00a0<span title=\"36:07\">holiday.<\/span><\/span><br \/><span data-start=\"00:36:07.330\" data-end=\"00:36:11.450\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:07\">So,<\/span>\u00a0<span title=\"36:08\">you<\/span>\u00a0<span title=\"36:08\">know,<\/span>\u00a0<span title=\"36:08\">to<\/span>\u00a0<span title=\"36:08\">the<\/span>\u00a0<span title=\"36:08\">extent<\/span>\u00a0<span title=\"36:09\">that<\/span>\u00a0<span title=\"36:09\">buy<\/span>\u00a0<span title=\"36:09\">now<\/span>\u00a0<span title=\"36:10\">pay<\/span>\u00a0<span title=\"36:10\">later<\/span>\u00a0<span title=\"36:10\">is<\/span>\u00a0<span title=\"36:10\">the<\/span>\u00a0<span title=\"36:10\">digital<\/span>\u00a0<span title=\"36:11\">version<\/span>\u00a0<span title=\"36:11\">of<\/span>\u00a0<span title=\"36:11\">layaway.<\/span><\/span><br \/><span data-start=\"00:36:12.063\" data-end=\"00:36:14.923\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:12\">It<\/span>\u00a0<span title=\"36:12\">kind<\/span>\u00a0<span title=\"36:12\">of<\/span>\u00a0<span title=\"36:13\">makes<\/span>\u00a0<span title=\"36:13\">sense<\/span>\u00a0<span title=\"36:13\">that<\/span>\u00a0<span title=\"36:13\">you<\/span>\u00a0<span title=\"36:13\">would<\/span>\u00a0<span title=\"36:13\">see<\/span>\u00a0<span title=\"36:14\">a<\/span>\u00a0<span title=\"36:14\">spike<\/span>\u00a0<span title=\"36:14\">over<\/span>\u00a0<span title=\"36:14\">a<\/span>\u00a0<span title=\"36:15\">holiday.<\/span><\/span><br \/><span data-start=\"00:36:15.483\" data-end=\"00:36:19.003\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:15\">Also,<\/span>\u00a0<span title=\"36:16\">digital<\/span>\u00a0<span title=\"36:17\">is<\/span>\u00a0<span title=\"36:17\">growing<\/span>\u00a0<span title=\"36:17\">much<\/span>\u00a0<span title=\"36:17\">faster<\/span>\u00a0<span title=\"36:18\">than<\/span>\u00a0<span title=\"36:18\">brick<\/span>\u00a0<span title=\"36:18\">and<\/span>\u00a0<span title=\"36:18\">mortar.<\/span>\u00a0<span title=\"36:19\">Buy<\/span>\u00a0<span title=\"36:19\">Now,<\/span>\u00a0<\/span><span data-start=\"00:36:19.043\" data-end=\"00:36:21.143\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:19\">Pay<\/span>\u00a0<span title=\"36:19\">Later<\/span>\u00a0<span title=\"36:19\">is<\/span>\u00a0<span title=\"36:20\">disproportionately<\/span>\u00a0<span title=\"36:20\">online.<\/span><\/span><br \/><span data-start=\"00:36:21.743\" data-end=\"00:36:25.423\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:22\">So<\/span>\u00a0<span title=\"36:22\">that,<\/span>\u00a0<span title=\"36:22\">you<\/span>\u00a0<span title=\"36:23\">know,<\/span>\u00a0<span title=\"36:23\">is<\/span>\u00a0<span title=\"36:23\">another<\/span>\u00a0<span title=\"36:23\">reason<\/span>\u00a0<span title=\"36:23\">you<\/span>\u00a0<span title=\"36:24\">would<\/span>\u00a0<span title=\"36:24\">expect<\/span>\u00a0<span title=\"36:24\">Buy<\/span>\u00a0<span title=\"36:24\">Now,<\/span>\u00a0<span title=\"36:25\">Pay<\/span>\u00a0<span title=\"36:25\">Later<\/span>\u00a0<span title=\"36:25\">to<\/span>\u00a0<span title=\"36:25\">spike.<\/span><\/span><br \/><span data-start=\"00:36:25.703\" data-end=\"00:36:31.003\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:26\">One<\/span>\u00a0<span title=\"36:26\">thing<\/span>\u00a0<span title=\"36:26\">that\u2019s<\/span>\u00a0<span title=\"36:26\">a<\/span>\u00a0<span title=\"36:26\">little<\/span>\u00a0<span title=\"36:27\">alarming<\/span>\u00a0<span title=\"36:27\">slash<\/span>\u00a0<span title=\"36:28\">interesting<\/span>\u00a0<span title=\"36:28\">to<\/span>\u00a0<span title=\"36:29\">me<\/span>\u00a0<span title=\"36:29\">is<\/span>\u00a0<span title=\"36:30\">that<\/span>\u00a0<span title=\"36:31\">Buy<\/span>\u00a0<span title=\"36:31\">Now,<\/span>\u00a0<\/span><span data-start=\"00:36:31.063\" data-end=\"00:36:35.183\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:31\">Pay<\/span>\u00a0<span title=\"36:31\">Later<\/span>\u00a0<span title=\"36:31\">gets<\/span>\u00a0<span title=\"36:32\">used<\/span>\u00a0<span title=\"36:32\">for<\/span>\u00a0<span title=\"36:32\">a<\/span>\u00a0<span title=\"36:32\">wider<\/span>\u00a0<span title=\"36:32\">range<\/span>\u00a0<span title=\"36:33\">of<\/span>\u00a0<span title=\"36:33\">purchases<\/span>\u00a0<span title=\"36:34\">and<\/span>\u00a0<span title=\"36:34\">merchandise<\/span>\u00a0<span title=\"36:34\">than<\/span>\u00a0<span title=\"36:35\">LayAway<\/span>\u00a0<span title=\"36:35\">did.<\/span><\/span><br \/><span data-start=\"00:36:35.363\" data-end=\"00:36:39.903\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:35\">Like,<\/span>\u00a0<span title=\"36:36\">LayAway<\/span>\u00a0<span title=\"36:36\">tended<\/span>\u00a0<span title=\"36:36\">to<\/span>\u00a0<span title=\"36:36\">be<\/span>\u00a0<span title=\"36:37\">big<\/span>\u00a0<span title=\"36:37\">ticket<\/span>\u00a0<span title=\"36:37\">items,<\/span>\u00a0<span title=\"36:39\">your<\/span>\u00a0<span title=\"36:39\">kid\u2019s<\/span>\u00a0<span title=\"36:39\">aspirational<\/span>\u00a0<span title=\"36:39\">toys,<\/span>\u00a0<\/span><span data-start=\"00:36:40.443\" data-end=\"00:36:45.563\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:40\">but<\/span>\u00a0<span title=\"36:41\">Buy<\/span>\u00a0<span title=\"36:41\">Now<\/span>\u00a0<span title=\"36:41\">Pay<\/span>\u00a0<span title=\"36:41\">Later<\/span>\u00a0<span title=\"36:41\">gets<\/span>\u00a0<span title=\"36:41\">used<\/span>\u00a0<span title=\"36:42\">for<\/span>\u00a0<span title=\"36:42\">food<\/span>\u00a0<span title=\"36:42\">and<\/span>\u00a0<span title=\"36:43\">consumables<\/span>\u00a0<span title=\"36:44\">and<\/span>\u00a0<span title=\"36:45\">things<\/span>\u00a0<span title=\"36:45\">that<\/span>\u00a0<span title=\"36:45\">economically<\/span>\u00a0<\/span><span data-start=\"00:36:45.563\" data-end=\"00:36:51.443\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:46\">you<\/span>\u00a0<span title=\"36:46\">would<\/span>\u00a0<span title=\"36:46\">argue<\/span>\u00a0<span title=\"36:47\">probably<\/span>\u00a0<span title=\"36:48\">don\u2019t<\/span>\u00a0<span title=\"36:48\">want<\/span>\u00a0<span title=\"36:48\">to<\/span>\u00a0<span title=\"36:48\">be<\/span>\u00a0<span title=\"36:48\">financing<\/span>\u00a0<span title=\"36:49\">something<\/span>\u00a0<span title=\"36:49\">that<\/span>\u00a0<span title=\"36:49\">you<\/span>\u00a0<span title=\"36:50\">need<\/span>\u00a0<span title=\"36:50\">to<\/span>\u00a0<span title=\"36:50\">rebuy<\/span>\u00a0<span title=\"36:51\">every<\/span>\u00a0<span title=\"36:51\">month.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[36:52]<\/small>\u00a0<span data-start=\"00:36:52.083\" data-end=\"00:36:52.183\" data-spk=\"2\" data-label=\"Rob\"><span title=\"36:52\">Yes.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[36:53]<\/small>\u00a0<span data-start=\"00:36:52.603\" data-end=\"00:36:58.563\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:53\">So<\/span>\u00a0<span title=\"36:53\">I\u2019ll<\/span>\u00a0<span title=\"36:54\">just<\/span>\u00a0<span title=\"36:54\">throw<\/span>\u00a0<span title=\"36:54\">that<\/span>\u00a0<span title=\"36:54\">out<\/span>\u00a0<span title=\"36:54\">there<\/span>\u00a0<span title=\"36:54\">on<\/span>\u00a0<span title=\"36:55\">Buy<\/span>\u00a0<span title=\"36:55\">Now<\/span>\u00a0<span title=\"36:55\">Pay<\/span>\u00a0<span title=\"36:56\">Later.<\/span>\u00a0<span title=\"36:56\">We<\/span>\u00a0<span title=\"36:56\">are<\/span>\u00a0<span title=\"36:57\">coming<\/span>\u00a0<span title=\"36:57\">up<\/span>\u00a0<span title=\"36:57\">on<\/span>\u00a0<span title=\"36:57\">our<\/span>\u00a0<span title=\"36:58\">allotted<\/span>\u00a0<span title=\"36:58\">time.<\/span><\/span><br \/><span data-start=\"00:36:58.883\" data-end=\"00:37:04.823\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:59\">I<\/span>\u00a0<span title=\"36:59\">do<\/span>\u00a0<span title=\"36:59\">have<\/span>\u00a0<span title=\"36:59\">two<\/span>\u00a0<span title=\"37:00\">other<\/span>\u00a0<span title=\"37:00\">pieces<\/span>\u00a0<span title=\"37:01\">of<\/span>\u00a0<span title=\"37:01\">news<\/span>\u00a0<span title=\"37:01\">that<\/span>\u00a0<span title=\"37:01\">just<\/span>\u00a0<span title=\"37:02\">kind<\/span>\u00a0<span title=\"37:02\">of<\/span>\u00a0<span title=\"37:02\">interrupted<\/span>\u00a0<span title=\"37:02\">the<\/span>\u00a0<span title=\"37:03\">Turkey<\/span>\u00a0<span title=\"37:03\">Five<\/span>\u00a0<span title=\"37:04\">news<\/span>\u00a0<span title=\"37:04\">cycle.<\/span><\/span><br \/><span data-start=\"00:37:05.043\" data-end=\"00:37:08.503\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:05\">And<\/span>\u00a0<span title=\"37:05\">one<\/span>\u00a0<span title=\"37:06\">of<\/span>\u00a0<span title=\"37:06\">them<\/span>\u00a0<span title=\"37:06\">I\u2019m<\/span>\u00a0<span title=\"37:06\">super<\/span>\u00a0<span title=\"37:06\">sad<\/span>\u00a0<span title=\"37:06\">about,<\/span>\u00a0<span title=\"37:07\">and<\/span>\u00a0<span title=\"37:07\">it\u2019s<\/span>\u00a0<span title=\"37:07\">actual<\/span>\u00a0<span title=\"37:08\">breaking<\/span>\u00a0<span title=\"37:08\">news<\/span>\u00a0<span title=\"37:08\">that<\/span>\u00a0<span title=\"37:08\">happened<\/span>\u00a0<\/span><span data-start=\"00:37:08.503\" data-end=\"00:37:12.523\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:08\">while<\/span>\u00a0<span title=\"37:09\">we<\/span>\u00a0<span title=\"37:09\">were<\/span>\u00a0<span title=\"37:09\">recording<\/span>\u00a0<span title=\"37:10\">this<\/span>\u00a0<span title=\"37:10\">show,<\/span>\u00a0<span title=\"37:10\">Charlie<\/span>\u00a0<span title=\"37:11\">Munger<\/span>\u00a0<span title=\"37:11\">just<\/span>\u00a0<span title=\"37:11\">passed<\/span>\u00a0<span title=\"37:12\">away<\/span>\u00a0<span title=\"37:12\">at<\/span>\u00a0<span title=\"37:12\">99.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[37:13]<\/small>\u00a0<span data-start=\"00:37:13.363\" data-end=\"00:37:13.763\" data-spk=\"2\" data-label=\"Rob\"><span title=\"37:13\">Oh,<\/span>\u00a0<span title=\"37:14\">wow.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[37:14]<\/small>\u00a0<span data-start=\"00:37:13.783\" data-end=\"00:37:14.003\" data-spk=\"1\" data-label=\"Scot\"><span title=\"37:14\">That\u2019s<\/span>\u00a0<span title=\"37:14\">terrible.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[37:15]<\/small>\u00a0<span data-start=\"00:37:14.663\" data-end=\"00:37:19.603\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:15\">Warren<\/span>\u00a0<span title=\"37:15\">Buffett\u2019s<\/span>\u00a0<span title=\"37:16\">partner,<\/span>\u00a0<span title=\"37:16\">and<\/span>\u00a0<span title=\"37:16\">I<\/span>\u00a0<span title=\"37:16\">just,<\/span>\u00a0<span title=\"37:16\">I<\/span>\u00a0<span title=\"37:16\">feel<\/span>\u00a0<span title=\"37:18\">like,<\/span>\u00a0<span title=\"37:18\">very<\/span>\u00a0<span title=\"37:18\">admirable<\/span>\u00a0<span title=\"37:19\">person.<\/span><\/span><br \/><span data-start=\"00:37:19.863\" data-end=\"00:37:23.483\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:20\">I\u2019ve<\/span>\u00a0<span title=\"37:20\">learned<\/span>\u00a0<span title=\"37:20\">a<\/span>\u00a0<span title=\"37:20\">lot.<\/span>\u00a0<span title=\"37:21\">He<\/span>\u00a0<span title=\"37:21\">and<\/span>\u00a0<span title=\"37:21\">Warren<\/span>\u00a0<span title=\"37:21\">Buffett,<\/span>\u00a0<span title=\"37:22\">like,<\/span>\u00a0<span title=\"37:22\">are<\/span>\u00a0<span title=\"37:22\">super<\/span>\u00a0<span title=\"37:23\">generous<\/span>\u00a0<span title=\"37:23\">with<\/span>\u00a0<span title=\"37:23\">sharing<\/span><\/span><\/p>\n<h2 id=\"chapter13\" class=\"chapter\">Charlie Munger\u2019s Passing and Xi\u2019an\u2019s IPO Announcement<\/h2>\n<p><small>[37:23]<\/small>\u00a0<span data-start=\"00:37:23.483\" data-end=\"00:37:28.603\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:23\">all<\/span>\u00a0<span title=\"37:24\">this<\/span>\u00a0<span title=\"37:24\">thought<\/span>\u00a0<span title=\"37:24\">leadership,<\/span>\u00a0<span title=\"37:25\">and<\/span>\u00a0<span title=\"37:25\">I<\/span>\u00a0<span title=\"37:26\">just<\/span>\u00a0<span title=\"37:26\">want<\/span>\u00a0<span title=\"37:26\">to<\/span>\u00a0<span title=\"37:27\">say<\/span>\u00a0<span title=\"37:27\">best<\/span>\u00a0<span title=\"37:27\">wishes<\/span>\u00a0<span title=\"37:27\">to<\/span>\u00a0<span title=\"37:28\">all<\/span>\u00a0<span title=\"37:28\">his<\/span>\u00a0<span title=\"37:28\">family<\/span>\u00a0<\/span><span data-start=\"00:37:28.603\" data-end=\"00:37:30.723\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:29\">and<\/span>\u00a0<span title=\"37:29\">loved<\/span>\u00a0<span title=\"37:29\">ones.<\/span>\u00a0<span title=\"37:29\">Seems<\/span>\u00a0<span title=\"37:29\">like<\/span>\u00a0<span title=\"37:30\">you<\/span>\u00a0<span title=\"37:30\">had<\/span>\u00a0<span title=\"37:30\">an<\/span>\u00a0<span title=\"37:30\">amazing<\/span>\u00a0<span title=\"37:30\">life.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[37:31]<\/small>\u00a0<span data-start=\"00:37:31.263\" data-end=\"00:37:32.223\" data-spk=\"2\" data-label=\"Rob\"><span title=\"37:31\">Yeah,<\/span>\u00a0<span title=\"37:32\">I<\/span>\u00a0<span title=\"37:32\">echo<\/span>\u00a0<span title=\"37:32\">your<\/span>\u00a0<span title=\"37:32\">sentiment.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[37:33]<\/small>\u00a0<span data-start=\"00:37:32.903\" data-end=\"00:37:37.143\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:33\">Yep.<\/span>\u00a0<span title=\"37:33\">And<\/span>\u00a0<span title=\"37:34\">then<\/span>\u00a0<span title=\"37:34\">in<\/span>\u00a0<span title=\"37:34\">the<\/span>\u00a0<span title=\"37:34\">middle<\/span>\u00a0<span title=\"37:34\">of<\/span>\u00a0<span title=\"37:35\">Cyber<\/span>\u00a0<span title=\"37:35\">5,<\/span>\u00a0<span title=\"37:36\">you<\/span>\u00a0<span title=\"37:36\">guys<\/span>\u00a0<span title=\"37:36\">teased<\/span>\u00a0<span title=\"37:36\">this<\/span>\u00a0<span title=\"37:37\">a<\/span>\u00a0<span title=\"37:37\">couple<\/span>\u00a0<span title=\"37:37\">of<\/span>\u00a0<span title=\"37:37\">times<\/span>\u00a0<\/span><span data-start=\"00:37:37.143\" data-end=\"00:37:40.603\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:37\">talking<\/span>\u00a0<span title=\"37:37\">about<\/span>\u00a0<span title=\"37:38\">Xi\u2019an.<\/span>\u00a0<span title=\"37:38\">and<\/span>\u00a0<span title=\"37:38\">Xi\u2019an<\/span>\u00a0<span title=\"37:39\">disclosed<\/span>\u00a0<span title=\"37:39\">that<\/span>\u00a0<span title=\"37:40\">they<\/span>\u00a0<span title=\"37:40\">filed<\/span>\u00a0<span title=\"37:40\">an<\/span>\u00a0<span title=\"37:41\">IPO.<\/span><\/span><br \/><span data-start=\"00:37:43.203\" data-end=\"00:37:48.263\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:43\">So<\/span>\u00a0<span title=\"37:44\">that<\/span>\u00a0<span title=\"37:44\">came<\/span>\u00a0<span title=\"37:44\">out<\/span>\u00a0<span title=\"37:44\">yesterday.<\/span>\u00a0<span title=\"37:45\">It\u2019s<\/span>\u00a0<span title=\"37:45\">a<\/span>\u00a0<span title=\"37:45\">confidential<\/span>\u00a0<span title=\"37:46\">IPO,<\/span>\u00a0<span title=\"37:46\">so<\/span>\u00a0<span title=\"37:46\">we<\/span>\u00a0<span title=\"37:46\">won\u2019t<\/span>\u00a0<span title=\"37:47\">actually<\/span>\u00a0<span title=\"37:47\">see<\/span>\u00a0<\/span><span data-start=\"00:37:48.263\" data-end=\"00:37:52.103\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:48\">the<\/span>\u00a0<span title=\"37:49\">prospectus<\/span>\u00a0<span title=\"37:50\">until<\/span>\u00a0<span title=\"37:50\">probably<\/span>\u00a0<span title=\"37:51\">2024<\/span>\u00a0<span title=\"37:51\">sometime.<\/span><\/span><br \/><span data-start=\"00:37:52.663\" data-end=\"00:38:01.123\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:53\">Okay.<\/span>\u00a0<span title=\"37:53\">And<\/span>\u00a0<span title=\"37:54\">the<\/span>\u00a0<span title=\"37:54\">theory<\/span>\u00a0<span title=\"37:54\">is<\/span>\u00a0<span title=\"37:55\">that<\/span>\u00a0<span title=\"37:56\">it\u2019s<\/span>\u00a0<span title=\"37:56\">going<\/span>\u00a0<span title=\"37:56\">to<\/span>\u00a0<span title=\"37:56\">be,<\/span>\u00a0<span title=\"37:57\">because<\/span>\u00a0<span title=\"37:57\">of<\/span>\u00a0<span title=\"37:57\">their<\/span>\u00a0<span title=\"37:58\">not<\/span>\u00a0<span title=\"38:00\">super<\/span>\u00a0<span title=\"38:01\">transparent<\/span>\u00a0<\/span><span data-start=\"00:38:01.123\" data-end=\"00:38:06.823\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:01\">ownership<\/span>\u00a0<span title=\"38:02\">structure<\/span>\u00a0<span title=\"38:03\">and<\/span>\u00a0<span title=\"38:03\">their<\/span>\u00a0<span title=\"38:04\">Chinese<\/span>\u00a0<span title=\"38:04\">ownership,<\/span>\u00a0<span title=\"38:04\">it\u2019s<\/span>\u00a0<span title=\"38:05\">gonna<\/span>\u00a0<span title=\"38:05\">have<\/span>\u00a0<span title=\"38:05\">extra<\/span>\u00a0<span title=\"38:06\">regulatory<\/span>\u00a0<span title=\"38:06\">scrutiny.<\/span><\/span><br \/><span data-start=\"00:38:06.823\" data-end=\"00:38:11.083\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:07\">And<\/span>\u00a0<span title=\"38:08\">so<\/span>\u00a0<span title=\"38:08\">the<\/span>\u00a0<span title=\"38:08\">reason<\/span>\u00a0<span title=\"38:09\">you\u2019d<\/span>\u00a0<span title=\"38:09\">file<\/span>\u00a0<span title=\"38:09\">a<\/span>\u00a0<span title=\"38:09\">confidential<\/span>\u00a0<span title=\"38:10\">IPO<\/span>\u00a0<span title=\"38:10\">is<\/span>\u00a0<span title=\"38:10\">so<\/span>\u00a0<span title=\"38:10\">you<\/span>\u00a0<span title=\"38:10\">could<\/span>\u00a0<span title=\"38:11\">start<\/span>\u00a0<span title=\"38:11\">talking<\/span>\u00a0<\/span><span data-start=\"00:38:11.083\" data-end=\"00:38:15.523\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:11\">to<\/span>\u00a0<span title=\"38:11\">regulators<\/span>\u00a0<span title=\"38:12\">and<\/span>\u00a0<span title=\"38:12\">negotiating<\/span>\u00a0<span title=\"38:13\">what<\/span>\u00a0<span title=\"38:13\">you\u2019re<\/span>\u00a0<span title=\"38:14\">gonna<\/span>\u00a0<span title=\"38:14\">do<\/span>\u00a0<span title=\"38:15\">and<\/span>\u00a0<span title=\"38:15\">what<\/span>\u00a0<span title=\"38:15\">you\u2019re<\/span>\u00a0<span title=\"38:15\">gonna<\/span>\u00a0<span title=\"38:15\">disclose.<\/span><\/span><br \/><span data-start=\"00:38:15.783\" data-end=\"00:38:20.503\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:16\">And<\/span>\u00a0<span title=\"38:16\">so<\/span>\u00a0<span title=\"38:16\">they\u2019re<\/span>\u00a0<span title=\"38:16\">probably<\/span>\u00a0<span title=\"38:16\">working<\/span>\u00a0<span title=\"38:17\">through<\/span>\u00a0<span title=\"38:17\">all<\/span>\u00a0<span title=\"38:17\">that<\/span>\u00a0<span title=\"38:18\">stuff<\/span>\u00a0<span title=\"38:18\">to<\/span>\u00a0<span title=\"38:18\">then<\/span>\u00a0<span title=\"38:19\">do<\/span>\u00a0<span title=\"38:19\">the<\/span>\u00a0<span title=\"38:20\">public<\/span>\u00a0<span title=\"38:20\">IPO<\/span>\u00a0<span title=\"38:20\">later.<\/span><\/span><br \/><span data-start=\"00:38:20.663\" data-end=\"00:38:25.023\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:21\">But<\/span>\u00a0<span title=\"38:21\">it\u2019s,<\/span>\u00a0<span title=\"38:22\">I\u2019m<\/span>\u00a0<span title=\"38:22\">excited<\/span>\u00a0<span title=\"38:23\">for<\/span>\u00a0<span title=\"38:23\">when<\/span>\u00a0<span title=\"38:23\">that<\/span>\u00a0<span title=\"38:23\">gets<\/span>\u00a0<span title=\"38:23\">disclosed<\/span>\u00a0<span title=\"38:24\">because<\/span>\u00a0<span title=\"38:24\">there\u2019s<\/span>\u00a0<span title=\"38:25\">a<\/span>\u00a0<span title=\"38:25\">lot<\/span>\u00a0<span title=\"38:25\">of<\/span>\u00a0<\/span><span data-start=\"00:38:25.023\" data-end=\"00:38:31.243\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:25\">speculation<\/span>\u00a0<span title=\"38:25\">about<\/span>\u00a0<span title=\"38:26\">how<\/span>\u00a0<span title=\"38:26\">big<\/span>\u00a0<span title=\"38:26\">Shein<\/span>\u00a0<span title=\"38:27\">is<\/span>\u00a0<span title=\"38:27\">and<\/span>\u00a0<span title=\"38:27\">how<\/span>\u00a0<span title=\"38:28\">profitable<\/span>\u00a0<span title=\"38:28\">or<\/span>\u00a0<span title=\"38:29\">unprofitable<\/span>\u00a0<span title=\"38:29\">their<\/span>\u00a0<span title=\"38:30\">model<\/span>\u00a0<span title=\"38:31\">has<\/span>\u00a0<span title=\"38:31\">been.<\/span><\/span><br \/><span data-start=\"00:38:31.343\" data-end=\"00:38:37.243\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:31\">And<\/span>\u00a0<span title=\"38:32\">we\u2019re<\/span>\u00a0<span title=\"38:32\">gonna<\/span>\u00a0<span title=\"38:32\">be<\/span>\u00a0<span title=\"38:32\">able<\/span>\u00a0<span title=\"38:32\">to<\/span>\u00a0<span title=\"38:33\">do<\/span>\u00a0<span title=\"38:33\">away<\/span>\u00a0<span title=\"38:34\">with<\/span>\u00a0<span title=\"38:34\">all<\/span>\u00a0<span title=\"38:34\">that<\/span>\u00a0<span title=\"38:34\">speculation<\/span>\u00a0<span title=\"38:34\">and<\/span>\u00a0<span title=\"38:35\">get<\/span>\u00a0<span title=\"38:35\">some<\/span>\u00a0<span title=\"38:36\">real<\/span>\u00a0<span title=\"38:36\">certified<\/span>\u00a0<span title=\"38:37\">data.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[38:38]<\/small>\u00a0<span data-start=\"00:38:38.023\" data-end=\"00:38:40.923\" data-spk=\"2\" data-label=\"Rob\"><span title=\"38:38\">I<\/span>\u00a0<span title=\"38:38\">can\u2019t<\/span>\u00a0<span title=\"38:38\">wait<\/span>\u00a0<span title=\"38:38\">to<\/span>\u00a0<span title=\"38:39\">listen<\/span>\u00a0<span title=\"38:39\">to<\/span>\u00a0<span title=\"38:39\">that<\/span>\u00a0<span title=\"38:39\">show<\/span>\u00a0<span title=\"38:39\">when<\/span>\u00a0<span title=\"38:40\">you<\/span>\u00a0<span title=\"38:40\">dissect<\/span>\u00a0<span title=\"38:40\">that.<\/span>\u00a0<span title=\"38:40\">It<\/span>\u00a0<span title=\"38:41\">will<\/span>\u00a0<span title=\"38:41\">be<\/span>\u00a0<span title=\"38:41\">super<\/span>\u00a0<\/span><span data-start=\"00:38:40.923\" data-end=\"00:38:46.623\" data-spk=\"2\" data-label=\"Rob\"><span title=\"38:41\">interesting<\/span>\u00a0<span title=\"38:41\">to<\/span>\u00a0<span title=\"38:41\">see<\/span>\u00a0<span title=\"38:42\">where<\/span>\u00a0<span title=\"38:43\">they\u2019re<\/span>\u00a0<span title=\"38:44\">allocating<\/span>\u00a0<span title=\"38:45\">the<\/span>\u00a0<span title=\"38:45\">investment<\/span>\u00a0<span title=\"38:46\">and<\/span>\u00a0<span title=\"38:46\">the<\/span>\u00a0<span title=\"38:46\">capital.<\/span><\/span><br \/><span data-start=\"00:38:46.963\" data-end=\"00:38:50.383\" data-spk=\"2\" data-label=\"Rob\"><span title=\"38:47\">Beyond,<\/span>\u00a0<span title=\"38:47\">obviously,<\/span>\u00a0<span title=\"38:48\">hiring<\/span>\u00a0<span title=\"38:49\">people,<\/span>\u00a0<span title=\"38:49\">but<\/span>\u00a0<span title=\"38:49\">what<\/span>\u00a0<span title=\"38:50\">parts<\/span>\u00a0<span title=\"38:50\">of<\/span>\u00a0<span title=\"38:50\">the<\/span>\u00a0<span title=\"38:50\">business.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[38:51]<\/small>\u00a0<span data-start=\"00:38:51.436\" data-end=\"00:38:55.776\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:51\">I<\/span>\u00a0<span title=\"38:52\">totally<\/span>\u00a0<span title=\"38:53\">agree<\/span>\u00a0<span title=\"38:53\">and<\/span>\u00a0<span title=\"38:53\">that\u2019s<\/span>\u00a0<span title=\"38:53\">going<\/span>\u00a0<span title=\"38:54\">to<\/span>\u00a0<span title=\"38:54\">be<\/span>\u00a0<span title=\"38:54\">a<\/span>\u00a0<span title=\"38:54\">great<\/span>\u00a0<span title=\"38:54\">place<\/span>\u00a0<span title=\"38:54\">to<\/span>\u00a0<span title=\"38:55\">leave<\/span>\u00a0<span title=\"38:55\">it<\/span>\u00a0<span title=\"38:55\">because<\/span>\u00a0<span title=\"38:56\">we<\/span>\u00a0<\/span><span data-start=\"00:38:55.776\" data-end=\"00:38:57.876\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:56\">have<\/span>\u00a0<span title=\"38:56\">used<\/span>\u00a0<span title=\"38:56\">up<\/span>\u00a0<span title=\"38:57\">our<\/span>\u00a0<span title=\"38:57\">allotted<\/span>\u00a0<span title=\"38:57\">time.<\/span><\/span><br \/><span data-start=\"00:38:58.156\" data-end=\"00:39:02.716\" data-spk=\"0\" data-label=\"Jason\"><span title=\"38:58\">Rob,<\/span>\u00a0<span title=\"38:59\">so<\/span>\u00a0<span title=\"38:59\">grateful<\/span>\u00a0<span title=\"39:00\">and<\/span>\u00a0<span title=\"39:00\">congratulations<\/span>\u00a0<span title=\"39:01\">on<\/span>\u00a0<span title=\"39:01\">being<\/span>\u00a0<span title=\"39:02\">our<\/span>\u00a0<span title=\"39:02\">first<\/span>\u00a0<span title=\"39:02\">six-time<\/span>\u00a0<span title=\"39:03\">guest.<\/span><\/span><br \/><span data-start=\"00:39:03.896\" data-end=\"00:39:08.396\" data-spk=\"0\" data-label=\"Jason\"><span title=\"39:04\">And<\/span>\u00a0<span title=\"39:04\">as<\/span>\u00a0<span title=\"39:04\">per<\/span>\u00a0<span title=\"39:05\">usual,<\/span>\u00a0<span title=\"39:05\">if<\/span>\u00a0<span title=\"39:06\">you<\/span>\u00a0<span title=\"39:06\">enjoyed<\/span>\u00a0<span title=\"39:06\">this<\/span>\u00a0<span title=\"39:06\">episode<\/span>\u00a0<span title=\"39:07\">or<\/span>\u00a0<span title=\"39:07\">it<\/span>\u00a0<span title=\"39:07\">was<\/span>\u00a0<span title=\"39:07\">useful<\/span>\u00a0<span title=\"39:07\">to<\/span>\u00a0<span title=\"39:07\">us<\/span>\u00a0<span title=\"39:08\">in<\/span>\u00a0<span title=\"39:08\">any<\/span>\u00a0<\/span><span data-start=\"00:39:08.396\" data-end=\"00:39:12.936\" data-spk=\"0\" data-label=\"Jason\"><span title=\"39:08\">way,<\/span>\u00a0<span title=\"39:09\">the<\/span>\u00a0<span title=\"39:09\">two<\/span>\u00a0<span title=\"39:09\">ways<\/span>\u00a0<span title=\"39:09\">you<\/span>\u00a0<span title=\"39:10\">can<\/span>\u00a0<span title=\"39:10\">reward<\/span>\u00a0<span title=\"39:10\">us<\/span>\u00a0<span title=\"39:10\">are<\/span>\u00a0<span title=\"39:10\">to<\/span>\u00a0<span title=\"39:11\">do<\/span>\u00a0<span title=\"39:11\">a<\/span>\u00a0<span title=\"39:11\">giant<\/span>\u00a0<span title=\"39:12\">enterprise<\/span>\u00a0<span title=\"39:12\">contract<\/span>\u00a0<span title=\"39:13\">for<\/span>\u00a0<\/span><span data-start=\"00:39:12.936\" data-end=\"00:39:15.256\" data-spk=\"0\" data-label=\"Jason\"><span title=\"39:13\">all<\/span>\u00a0<span title=\"39:13\">your<\/span>\u00a0<span title=\"39:13\">marketing<\/span>\u00a0<span title=\"39:14\">services<\/span>\u00a0<span title=\"39:14\">with<\/span>\u00a0<span title=\"39:14\">Salesforce.com<\/span>\u00a0<span title=\"39:15\">or,<\/span>\u00a0<\/span><span data-start=\"00:39:16.236\" data-end=\"00:39:20.396\" data-spk=\"0\" data-label=\"Jason\"><span title=\"39:16\">you<\/span>\u00a0<span title=\"39:17\">can<\/span>\u00a0<span title=\"39:17\">leave<\/span>\u00a0<span title=\"39:18\">a<\/span>\u00a0<span title=\"39:19\">five-star<\/span>\u00a0<span title=\"39:19\">review<\/span>\u00a0<span title=\"39:19\">on<\/span>\u00a0<span title=\"39:20\">iTunes<\/span>\u00a0<span title=\"39:20\">for<\/span>\u00a0<span title=\"39:20\">Scot<\/span>\u00a0<span title=\"39:20\">and<\/span>\u00a0<span title=\"39:21\">I.<\/span><\/span><br \/><span data-start=\"00:39:20.676\" data-end=\"00:39:24.676\" data-spk=\"0\" data-label=\"Jason\"><span title=\"39:21\">So,<\/span>\u00a0<span title=\"39:21\">you<\/span>\u00a0<span title=\"39:21\">know,<\/span>\u00a0<span title=\"39:21\">those<\/span>\u00a0<span title=\"39:21\">are<\/span>\u00a0<span title=\"39:22\">the<\/span>\u00a0<span title=\"39:22\">two<\/span>\u00a0<span title=\"39:22\">paths,<\/span>\u00a0<span title=\"39:23\">choose<\/span>\u00a0<span title=\"39:23\">whichever<\/span>\u00a0<span title=\"39:23\">one<\/span>\u00a0<span title=\"39:24\">makes<\/span>\u00a0<span title=\"39:24\">most<\/span>\u00a0<span title=\"39:24\">financial<\/span>\u00a0<\/span><span data-start=\"00:39:24.676\" data-end=\"00:39:27.676\" data-spk=\"0\" data-label=\"Jason\"><span title=\"39:25\">sense<\/span>\u00a0<span title=\"39:25\">to<\/span>\u00a0<span title=\"39:25\">you,<\/span>\u00a0<span title=\"39:25\">but<\/span>\u00a0<span title=\"39:26\">appreciate<\/span>\u00a0<span title=\"39:27\">it<\/span>\u00a0<span title=\"39:27\">if<\/span>\u00a0<span title=\"39:27\">you<\/span>\u00a0<span title=\"39:27\">do<\/span>\u00a0<span title=\"39:27\">one<\/span>\u00a0<span title=\"39:27\">or<\/span>\u00a0<span title=\"39:27\">the<\/span>\u00a0<span title=\"39:27\">other.<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[39:29]<\/small>\u00a0<span data-start=\"00:39:28.736\" data-end=\"00:39:30.956\" data-spk=\"2\" data-label=\"Rob\"><span title=\"39:29\">Yeah.<\/span>\u00a0<span title=\"39:29\">And<\/span>\u00a0<span title=\"39:29\">if<\/span>\u00a0<span title=\"39:29\">I<\/span>\u00a0<span title=\"39:29\">could<\/span>\u00a0<span title=\"39:29\">say<\/span>\u00a0<span title=\"39:29\">too,<\/span>\u00a0<span title=\"39:30\">I<\/span>\u00a0<span title=\"39:30\">know<\/span>\u00a0<span title=\"39:30\">we\u2019re<\/span>\u00a0<span title=\"39:30\">running<\/span>\u00a0<span title=\"39:30\">up<\/span>\u00a0<span title=\"39:30\">against<\/span>\u00a0<span title=\"39:31\">time,<\/span>\u00a0<\/span><span data-start=\"00:39:30.976\" data-end=\"00:39:33.716\" data-spk=\"2\" data-label=\"Rob\"><span title=\"39:31\">but<\/span>\u00a0<span title=\"39:31\">I<\/span>\u00a0<span title=\"39:31\">want<\/span>\u00a0<span title=\"39:32\">to<\/span>\u00a0<span title=\"39:32\">give<\/span>\u00a0<span title=\"39:32\">a<\/span>\u00a0<span title=\"39:32\">big,<\/span>\u00a0<span title=\"39:32\">sincere<\/span>\u00a0<span title=\"39:33\">thank<\/span>\u00a0<span title=\"39:34\">you.<\/span><\/span><br \/><span data-start=\"00:39:33.936\" data-end=\"00:39:37.496\" data-spk=\"2\" data-label=\"Rob\"><span title=\"39:34\">Obviously<\/span>\u00a0<span title=\"39:34\">we<\/span>\u00a0<span title=\"39:34\">just<\/span>\u00a0<span title=\"39:35\">came<\/span>\u00a0<span title=\"39:35\">out<\/span>\u00a0<span title=\"39:35\">of<\/span>\u00a0<span title=\"39:35\">Thanksgiving,<\/span>\u00a0<span title=\"39:35\">so<\/span>\u00a0<span title=\"39:36\">I<\/span>\u00a0<span title=\"39:37\">want<\/span>\u00a0<span title=\"39:37\">to<\/span>\u00a0<span title=\"39:37\">show<\/span>\u00a0<span title=\"39:37\">my<\/span>\u00a0<span title=\"39:37\">gratitude.<\/span><\/span><br \/><span data-start=\"00:39:37.936\" data-end=\"00:39:42.276\" data-spk=\"2\" data-label=\"Rob\"><span title=\"39:38\">You<\/span>\u00a0<span title=\"39:38\">know,<\/span>\u00a0<span title=\"39:38\">it\u2019s<\/span>\u00a0<span title=\"39:38\">amazing.<\/span>\u00a0<span title=\"39:39\">Anytime<\/span>\u00a0<span title=\"39:40\">I\u2019m<\/span>\u00a0<span title=\"39:40\">on<\/span>\u00a0<span title=\"39:40\">the<\/span>\u00a0<span title=\"39:40\">show,<\/span>\u00a0<span title=\"39:41\">the<\/span>\u00a0<span title=\"39:41\">people<\/span>\u00a0<span title=\"39:41\">that<\/span>\u00a0<span title=\"39:42\">reach<\/span>\u00a0<span title=\"39:42\">out<\/span>\u00a0<span title=\"39:42\">to<\/span>\u00a0<\/span><span data-start=\"00:39:42.276\" data-end=\"00:39:46.236\" data-spk=\"2\" data-label=\"Rob\"><span title=\"39:42\">me,<\/span>\u00a0<span title=\"39:43\">not<\/span>\u00a0<span title=\"39:43\">only<\/span>\u00a0<span title=\"39:43\">talking<\/span>\u00a0<span title=\"39:44\">about<\/span>\u00a0<span title=\"39:44\">the<\/span>\u00a0<span title=\"39:44\">show,<\/span>\u00a0<span title=\"39:44\">but<\/span>\u00a0<span title=\"39:44\">how<\/span>\u00a0<span title=\"39:44\">much<\/span>\u00a0<span title=\"39:45\">they\u2019ve<\/span>\u00a0<span title=\"39:46\">learned<\/span>\u00a0<span title=\"39:46\">from<\/span>\u00a0<span title=\"39:46\">you.<\/span><\/span><br \/><span data-start=\"00:39:46.276\" data-end=\"00:39:51.156\" data-spk=\"2\" data-label=\"Rob\"><span title=\"39:46\">And<\/span>\u00a0<span title=\"39:47\">so<\/span>\u00a0<span title=\"39:47\">for<\/span>\u00a0<span title=\"39:47\">you<\/span>\u00a0<span title=\"39:47\">to<\/span>\u00a0<span title=\"39:47\">trust<\/span>\u00a0<span title=\"39:48\">me<\/span>\u00a0<span title=\"39:48\">and<\/span>\u00a0<span title=\"39:48\">providing<\/span>\u00a0<span title=\"39:49\">my<\/span>\u00a0<span title=\"39:49\">perspective<\/span>\u00a0<span title=\"39:50\">and<\/span>\u00a0<span title=\"39:50\">Salesforce<\/span>\u00a0<span title=\"39:50\">perspective<\/span>\u00a0<\/span><span data-start=\"00:39:51.156\" data-end=\"00:39:54.596\" data-spk=\"2\" data-label=\"Rob\"><span title=\"39:51\">means<\/span>\u00a0<span title=\"39:52\">a<\/span>\u00a0<span title=\"39:52\">lot<\/span>\u00a0<span title=\"39:52\">and<\/span>\u00a0<span title=\"39:53\">just<\/span>\u00a0<span title=\"39:53\">thanks<\/span>\u00a0<span title=\"39:53\">for<\/span>\u00a0<span title=\"39:54\">being<\/span>\u00a0<span title=\"39:54\">such<\/span>\u00a0<span title=\"39:54\">good<\/span>\u00a0<span title=\"39:54\">friends.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[39:56]<\/small>\u00a0<span data-start=\"00:39:55.696\" data-end=\"00:39:58.276\" data-spk=\"1\" data-label=\"Scot\"><span title=\"39:56\">Robert<\/span>\u00a0<span title=\"39:56\">Leonard<\/span>\u00a0<span title=\"39:56\">Jason<\/span>\u00a0<span title=\"39:56\">said,<\/span>\u00a0<span title=\"39:56\">no,<\/span>\u00a0<span title=\"39:56\">but<\/span>\u00a0<span title=\"39:56\">I<\/span>\u00a0<span title=\"39:57\">overrode<\/span>\u00a0<span title=\"39:57\">him<\/span>\u00a0<span title=\"39:57\">just<\/span>\u00a0<span title=\"39:57\">so<\/span>\u00a0<span title=\"39:57\">you<\/span>\u00a0<span title=\"39:58\">know<\/span>\u00a0<span title=\"39:58\">the<\/span>\u00a0<span title=\"39:58\">history.<\/span><\/span><br \/><span data-start=\"00:39:59.096\" data-end=\"00:40:05.416\" data-spk=\"1\" data-label=\"Scot\"><span title=\"39:59\">I<\/span>\u00a0<span title=\"39:59\">thought,<\/span>\u00a0<span title=\"40:00\">you<\/span>\u00a0<span title=\"40:00\">know,<\/span>\u00a0<span title=\"40:01\">Jason\u2019s<\/span>\u00a0<span title=\"40:03\">like,<\/span>\u00a0<span title=\"40:03\">I\u2019m<\/span>\u00a0<span title=\"40:03\">the<\/span>\u00a0<span title=\"40:03\">retail<\/span>\u00a0<span title=\"40:04\">geek.<\/span>\u00a0<span title=\"40:04\">We<\/span>\u00a0<span title=\"40:04\">don\u2019t<\/span>\u00a0<span title=\"40:04\">need<\/span>\u00a0<span title=\"40:04\">any<\/span>\u00a0<span title=\"40:04\">Garfies<\/span>\u00a0<span title=\"40:05\">in<\/span>\u00a0<span title=\"40:05\">here.<\/span><\/span><br \/><span data-start=\"00:40:06.776\" data-end=\"00:40:10.496\" data-spk=\"1\" data-label=\"Scot\"><span title=\"40:07\">Rob,<\/span>\u00a0<span title=\"40:07\">remind<\/span>\u00a0<span title=\"40:08\">us<\/span>\u00a0<span title=\"40:08\">where<\/span>\u00a0<span title=\"40:08\">could<\/span>\u00a0<span title=\"40:08\">people<\/span>\u00a0<span title=\"40:09\">go?<\/span>\u00a0<span title=\"40:09\">You<\/span>\u00a0<span title=\"40:09\">guys<\/span>\u00a0<span title=\"40:09\">will<\/span>\u00a0<span title=\"40:09\">be<\/span>\u00a0<span title=\"40:10\">updating<\/span>\u00a0<span title=\"40:10\">your<\/span>\u00a0<span title=\"40:10\">data.<\/span><\/span><br \/><span data-start=\"00:40:10.656\" data-end=\"00:40:13.056\" data-spk=\"1\" data-label=\"Scot\"><span title=\"40:11\">I<\/span>\u00a0<span title=\"40:11\">assume,<\/span>\u00a0<span title=\"40:11\">you<\/span>\u00a0<span title=\"40:11\">know,<\/span>\u00a0<span title=\"40:12\">this<\/span>\u00a0<span title=\"40:12\">is<\/span>\u00a0<span title=\"40:12\">the<\/span>\u00a0<span title=\"40:12\">last<\/span>\u00a0<span title=\"40:12\">time<\/span>\u00a0<span title=\"40:12\">you\u2019ll<\/span>\u00a0<span title=\"40:12\">be<\/span>\u00a0<span title=\"40:13\">on<\/span>\u00a0<span title=\"40:13\">for<\/span>\u00a0<span title=\"40:13\">this<\/span>\u00a0<span title=\"40:13\">year,<\/span>\u00a0<\/span><span data-start=\"00:40:13.136\" data-end=\"00:40:16.836\" data-spk=\"1\" data-label=\"Scot\"><span title=\"40:13\">but<\/span>\u00a0<span title=\"40:13\">I\u2019m<\/span>\u00a0<span title=\"40:13\">sure<\/span>\u00a0<span title=\"40:14\">you\u2019ll<\/span>\u00a0<span title=\"40:14\">be<\/span>\u00a0<span title=\"40:14\">publishing<\/span>\u00a0<span title=\"40:15\">more<\/span>\u00a0<span title=\"40:15\">data<\/span>\u00a0<span title=\"40:16\">as<\/span>\u00a0<span title=\"40:16\">we<\/span>\u00a0<span title=\"40:16\">get<\/span>\u00a0<span title=\"40:16\">deeper<\/span>\u00a0<span title=\"40:16\">in<\/span>\u00a0<span title=\"40:16\">the<\/span>\u00a0<span title=\"40:17\">holiday.<\/span><\/span><br \/><span data-start=\"00:40:17.056\" data-end=\"00:40:18.356\" data-spk=\"1\" data-label=\"Scot\"><span title=\"40:17\">Where<\/span>\u00a0<span title=\"40:17\">do<\/span>\u00a0<span title=\"40:18\">people<\/span>\u00a0<span title=\"40:18\">go<\/span>\u00a0<span title=\"40:18\">to<\/span>\u00a0<span title=\"40:18\">see<\/span>\u00a0<span title=\"40:18\">that?<\/span><\/span><\/p>\n<p><b data-spk=\"2\">Rob:<\/b><br \/><small>[40:19]<\/small>\u00a0<span data-start=\"00:40:18.876\" data-end=\"00:40:21.016\" data-spk=\"2\" data-label=\"Rob\"><span title=\"40:19\">Jason<\/span>\u00a0<span title=\"40:19\">Cosper<\/span>\u00a0<span title=\"40:19\">Yeah,<\/span>\u00a0<span title=\"40:19\">we<\/span>\u00a0<span title=\"40:19\">have<\/span>\u00a0<span title=\"40:20\">our<\/span>\u00a0<span title=\"40:20\">Shopping<\/span>\u00a0<span title=\"40:20\">Insights<\/span>\u00a0<span title=\"40:20\">HQ<\/span>\u00a0<span title=\"40:21\">on<\/span>\u00a0<span title=\"40:21\">salesforce.com.<\/span><\/span><br \/><span data-start=\"00:40:22.476\" data-end=\"00:40:24.196\" data-spk=\"2\" data-label=\"Rob\"><span title=\"40:22\">We<\/span>\u00a0<span title=\"40:23\">will<\/span>\u00a0<span title=\"40:23\">be<\/span>\u00a0<span title=\"40:23\">updating<\/span>\u00a0<span title=\"40:24\">the<\/span>\u00a0<span title=\"40:24\">information.<\/span><\/span><br \/><span data-start=\"00:40:24.396\" data-end=\"00:40:27.476\" data-spk=\"2\" data-label=\"Rob\"><span title=\"40:24\">We\u2019ll<\/span>\u00a0<span title=\"40:24\">do<\/span>\u00a0<span title=\"40:25\">a<\/span>\u00a0<span title=\"40:25\">mid-season<\/span>\u00a0<span title=\"40:26\">report<\/span>\u00a0<span title=\"40:26\">right<\/span>\u00a0<span title=\"40:26\">around<\/span>\u00a0<span title=\"40:27\">the<\/span>\u00a0<span title=\"40:27\">shipping<\/span>\u00a0<span title=\"40:27\">cutoff<\/span>\u00a0<span title=\"40:27\">window,<\/span>\u00a0<\/span><span data-start=\"00:40:28.036\" data-end=\"00:40:32.816\" data-spk=\"2\" data-label=\"Rob\"><span title=\"40:28\">and<\/span>\u00a0<span title=\"40:28\">then<\/span>\u00a0<span title=\"40:28\">we\u2019ll<\/span>\u00a0<span title=\"40:29\">do<\/span>\u00a0<span title=\"40:29\">an<\/span>\u00a0<span title=\"40:29\">all-wrapped-up<\/span>\u00a0<span title=\"40:30\">just<\/span>\u00a0<span title=\"40:30\">around<\/span>\u00a0<span title=\"40:30\">the<\/span>\u00a0<span title=\"40:31\">beginning<\/span>\u00a0<span title=\"40:31\">of<\/span>\u00a0<span title=\"40:31\">NRF.<\/span>\u00a0<span title=\"40:32\">So<\/span>\u00a0<span title=\"40:32\">keep<\/span>\u00a0<span title=\"40:32\">an<\/span>\u00a0<span title=\"40:33\">eye<\/span>\u00a0<span title=\"40:33\">out.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[40:34]<\/small>\u00a0<span data-start=\"00:40:33.656\" data-end=\"00:40:37.916\" data-spk=\"1\" data-label=\"Scot\"><span title=\"40:34\">Awesome.<\/span>\u00a0<span title=\"40:34\">Well,<\/span>\u00a0<span title=\"40:35\">thanks,<\/span>\u00a0<span title=\"40:35\">everyone,<\/span>\u00a0<span title=\"40:36\">and<\/span>\u00a0<span title=\"40:36\">until<\/span>\u00a0<span title=\"40:37\">next<\/span>\u00a0<span title=\"40:37\">time\u2026<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[40:38]<\/small>\u00a0<span data-start=\"00:40:37.916\" data-end=\"00:40:39.376\" data-spk=\"0\" data-label=\"Jason\"><span title=\"40:38\">Happy<\/span>\u00a0<span title=\"40:38\">commercing!<\/span><\/span><\/p>\n<\/div>\n<p><p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A weekly podcast with the latest e-commerce news and events. Episode 315 is a recap of Turkey 5 2023 holiday retail season. Subscribe: ????? Episode [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-11091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts"],"_links":{"self":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/11091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/comments?post=11091"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/11091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media\/1121"}],"wp:attachment":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media?parent=11091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=11091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=11091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}