{"id":12100,"date":"2024-03-21T15:05:43","date_gmt":"2024-03-21T15:05:43","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/jason-scot-show-episode-318-temu-deep-dive-with-earnest-analytics\/"},"modified":"2024-03-21T15:05:43","modified_gmt":"2024-03-21T15:05:43","slug":"jason-scot-show-episode-318-temu-deep-dive-with-earnest-analytics","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/jason-scot-show-episode-318-temu-deep-dive-with-earnest-analytics\/","title":{"rendered":"Jason &#038; Scot Show Episode 318 Temu Deep Dive with Earnest Analytics"},"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 318 is deep dive into Temu.<\/p>\n<p> <span id=\"more-33507\"\/><\/p>\n<p><meta charset=\"utf-8\"\/><strong>Subscribe<\/strong>:<\/p>\n<figure><iframe loading=\"lazy\" style=\"border: none;\" src=\"http:\/\/html5-player.libsyn.com\/embed\/episode\/id\/30392258\/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<h3 class=\"wp-block-heading\" id=\"episode-summary\">Episode Summary:<\/h3>\n<p>In this episode, Jason \u201cRetailgeek\u201d Goldberg and Scot Wingo dive deep Temu, the online marketplace operated by the Chinese e-commerce company PDD Holdings, that has become the fastest growing retailer in history.<\/p>\n<p>Joining us on the episode is Michael Maloof is the Head of Marketing for Earnest Analytics. Earnest works with world-class data partners to acquires, anonymize, and productize insight about the entire U.S. Economy. They have posted numerous insights about Temu in the US this year:<\/p>\n<p>In this episode we cover who Temu is, how big they have become, who their customers are and what retailers they are likely impacting, their go to market strategy (and especially their marketing spend), the controversy around their use of the Global Postal Treaty, and some of their potential risks. We also explore where they could go next. If you\u2019re in the commerce space, you\u2019ll want to make sure you are up to speed on Temu.<\/p>\n<p><strong>Don\u2019t forget to like our\u00a0facebook page, and if you enjoyed this episode please write us a review on itunes.<\/strong><\/p>\n<p>Episode 318 of the Jason &amp; Scot show was recorded on <span style=\"font-weight: 400;\">Wednesday, March 13th, 2024<\/span>.<\/p>\n<h2><strong>Transcript<\/strong><\/h2>\n<p><strong>Jason:<\/strong><br \/>[0:23]\u00a0Welcome\u00a0to\u00a0the\u00a0Jason\u00a0and\u00a0Scott\u00a0show.\u00a0This\u00a0is\u00a0episode\u00a0318\u00a0being\u00a0recorded\u00a0on\u00a0Wednesday,\u00a0March\u00a013th,\u00a02024.<br \/>I\u2019m\u00a0your\u00a0host,\u00a0Jason\u00a0\u201cRetailgeek\u201d\u00a0Goldberg.\u00a0And\u00a0as\u00a0usual,\u00a0I\u2019m\u00a0here\u00a0with\u00a0your\u00a0co-host,\u00a0Scott\u00a0Wingo.<\/p>\n<p><strong>Scot:<\/strong><br \/>[0:39]\u00a0Hey,\u00a0Jason,\u00a0and\u00a0welcome\u00a0back,\u00a0Jason\u00a0and\u00a0Scott\u00a0show\u00a0listeners.<br \/>Jason,\u00a0one\u00a0of\u00a0the\u00a0topics\u00a0that\u00a0is\u00a0coming\u00a0up\u00a0a\u00a0lot\u00a0this\u00a0year,\u00a0we\u00a0talked\u00a0a\u00a0lot\u00a0at\u00a0a\u00a0lot\u00a0in\u00a0our\u00a0recap\u00a0and\u00a0our\u00a0preview\u00a0is\u00a0Temu.<br \/>By\u00a0many\u00a0measures,\u00a0people\u00a0think\u00a0they\u2019re\u00a0one\u00a0of\u00a0the\u00a0fastest\u00a0growing\u00a0e-commerce\u00a0companies\u00a0in\u00a0history.<br \/>If\u00a0you\u00a0watch\u00a0the\u00a0Super\u00a0Bowl,\u00a0I\u00a0think\u00a0they\u00a0spent\u00a0$8\u00a0trillion\u00a0on\u00a0ads\u00a0there.<br \/>So\u00a0we\u00a0want\u00a0to\u00a0do\u00a0a\u00a0deep\u00a0dive\u00a0into\u00a0this\u00a0and\u00a0cover\u00a0a\u00a0number\u00a0of\u00a0topics.<br \/>We\u00a0want\u00a0to\u00a0talk\u00a0about\u00a0a\u00a0little\u00a0background\u00a0around\u00a0Temu.<br \/>What\u2019s\u00a0it\u00a0mean\u00a0for\u00a0U.S.\u00a0retailers?\u00a0And,\u00a0you\u00a0know,\u00a0it\u2019s\u00a0a\u00a0Chinese\u00a0company.<br \/>Does\u00a0it\u00a0even\u00a0matter?\u00a0If\u00a0yes,\u00a0why?<br \/>Because\u00a0Temu\u00a0isn\u2019t\u00a0public\u00a0and\u00a0they\u00a0are\u00a0a\u00a0Chinese\u00a0company,\u00a0they\u00a0don\u2019t\u00a0really\u00a0disclose\u00a0any\u00a0information.<br \/>So\u00a0we\u00a0wanted\u00a0to\u00a0bring\u00a0on\u00a0a\u00a0guest\u00a0that\u00a0is\u00a0basically\u00a0a\u00a0Temu\u00a0expert.<br \/>So\u00a0we\u00a0looked\u00a0around\u00a0and\u00a0we\u00a0found\u00a0Michael\u00a0Maloof.<br \/>He\u00a0is\u00a0the\u00a0head\u00a0of\u00a0marketing\u00a0at\u00a0Ernest\u00a0Analytics.<br \/>Ernest\u00a0works\u00a0with\u00a0world-class\u00a0data\u00a0partners\u00a0to\u00a0acquire,\u00a0anonymize,\u00a0and\u00a0productize\u00a0insights\u00a0about\u00a0the\u00a0U.S.\u00a0economy.<br \/>They\u00a0have\u00a0posted\u00a0lots\u00a0of\u00a0articles.\u00a0This\u00a0is\u00a0how\u00a0we\u00a0found\u00a0Michael.<br \/>I\u00a0think\u00a0you\u00a0know\u00a0him\u00a0as\u00a0well\u00a0from\u00a0the\u00a0trade\u00a0show\u00a0circuit.<br \/>So\u00a0he\u2019s\u00a0going\u00a0to\u00a0help\u00a0us\u00a0do\u00a0this\u00a0deep\u00a0dive\u00a0into\u00a0what\u2019s\u00a0going\u00a0on\u00a0at\u00a0Tmoo.<br \/>Welcome\u00a0to\u00a0the\u00a0show,\u00a0Michael.\u00a0Michael?<\/p>\n<p><strong>Michael:<\/strong><br \/>[1:59]\u00a0Yeah,\u00a0thanks\u00a0so\u00a0much\u00a0for\u00a0having\u00a0me\u00a0on\u00a0the\u00a0show.\u00a0Big\u00a0fan\u00a0of\u00a0your\u00a0annual\u00a0predictions\u00a0and\u00a0the\u00a0work\u00a0you\u00a0guys\u00a0do.<br \/>So\u00a0I\u2019m\u00a0head\u00a0of\u00a0marketing\u00a0at\u00a0Earnest\u00a0Analytics.\u00a0We\u2019re\u00a0the\u00a0leading\u00a0credit\u00a0card\u00a0retail\u00a0pricing\u00a0and\u00a0healthcare\u00a0claims\u00a0data\u00a0provider\u00a0for\u00a0investors\u00a0and\u00a0retailers.<br \/>Before\u00a0Earnest,\u00a0I\u00a0was\u00a0actually\u00a0a\u00a0tech\u00a0and\u00a0telco\u00a0analyst\u00a0over\u00a0at\u00a0Goldman.<br \/>The\u00a0two\u00a0credit\u00a0card\u00a0data\u00a0sets\u00a0we\u00a0work\u00a0with\u00a0now,\u00a0Orion\u00a0and\u00a0Vela,\u00a0are\u00a0probably\u00a0the\u00a0most\u00a0pertinent\u00a0to\u00a0my\u00a0conversations\u00a0about\u00a0the\u00a0consumer\u00a0economy\u00a0and\u00a0certainly\u00a0this\u00a0conversation\u00a0today\u00a0about\u00a0TMU.<br \/>They\u00a0sourced\u00a0respectively\u00a0from\u00a0a\u00a0large\u00a0account\u00a0aggregator,\u00a0like\u00a0a\u00a0budgeting\u00a0app,\u00a0and\u00a0part\u00a0of\u00a0a\u00a0POS\u00a0system\u00a0in\u00a0the\u00a0US.<br \/>And\u00a0Ernest\u00a0essentially\u00a0takes\u00a0these\u00a0massive\u00a0and\u00a0messy\u00a0data\u00a0sets,\u00a0normalizes\u00a0structures,\u00a0and\u00a0then\u00a0puts\u00a0them\u00a0onto\u00a0our\u00a0platform\u00a0so\u00a0everyone\u00a0from\u00a0portfolio\u00a0managers\u00a0to\u00a0marketers\u00a0can\u00a0see\u00a0this\u00a0third-party\u00a0data.<br \/>For\u00a0example,\u00a0you\u2019d\u00a0see\u00a0market\u00a0share,\u00a0competitive\u00a0benchmarking,\u00a0customer\u00a0behavior,\u00a0revenue\u00a0predictions,\u00a0and\u00a0macro\u00a0trends\u00a0for\u00a0thousands\u00a0of\u00a0companies,\u00a0including\u00a0TMU.<\/p>\n<p><strong>Scot:<\/strong><br \/>[3:03]\u00a0Awesome.\u00a0Thanks,\u00a0Michael.\u00a0And\u00a0then,\u00a0so\u00a0which\u00a0sector\u00a0did\u00a0you\u00a0cover\u00a0when\u00a0you\u00a0were\u00a0an\u00a0analyst\u00a0at\u00a0Goldman\u00a0Sachs?<\/p>\n<p><strong>Michael:<\/strong><br \/>[3:08]\u00a0Tech\u00a0and\u00a0telco.\u00a0So\u00a0anything\u00a0in\u00a0the\u00a0tech\u00a0space,\u00a0we\u00a0had\u00a0a\u00a0few\u00a0marketplaces\u00a0in\u00a0there,\u00a0telecom\u00a0companies.<br \/>It\u2019s\u00a0been\u00a0a\u00a0while\u00a0though.\u00a0Ernest\u00a0has\u00a0been\u00a0my\u00a0home\u00a0now\u00a0for\u00a0seven\u00a0years.<\/p>\n<p><strong>Scot:<\/strong><br \/>[3:20]\u00a0Okay.\u00a0Was\u00a0this\u00a0in\u00a0the\u00a0Anthony\u00a0Noto\u00a0era\u00a0you\u00a0were\u00a0there?<\/p>\n<p><strong>Michael:<\/strong><br \/>[3:23]\u00a0This\u00a0was\u00a0in\u00a0the\u00a0vera\u00a0rossi\u00a0era\u00a0she\u00a0was\u00a0my\u00a0my\u00a0lead\u00a0where\u00a0we\u00a0recovered\u00a0uh\u00a0latin\u00a0american\u00a0tech\u00a0and\u00a0telco.<\/p>\n<p><strong>Scot:<\/strong><br \/>[3:30]\u00a0Very\u00a0cool\u00a0awesome\u00a0yeah\u00a0they\u00a0did\u00a0goldman\u00a0did\u00a0the\u00a0channelizer\u00a0ipo\u00a0so\u00a0i\u00a0get\u00a0to\u00a0know\u00a0the\u00a0team\u00a0there\u00a0pretty\u00a0well\u00a0awesome\u00a0well\u00a0before\u00a0we\u00a0jump\u00a0into\u00a0the\u00a0data\u00a0which\u00a0we\u2019re\u00a0excited\u00a0to\u00a0kind\u00a0of\u00a0hear\u00a0what\u00a0you\u00a0have\u00a0to\u00a0share\u00a0here\u00a0jason\u00a0i\u00a0know\u00a0this\u00a0has\u00a0become\u00a0a\u00a0very\u00a0hot\u00a0topic\u00a0in\u00a0your\u00a0world\u00a0you\u00a0you\u00a0You\u00a0spoke\u00a0on\u00a0it\u00a0at\u00a0NRF.<br \/>In\u00a0your\u00a0day\u00a0job,\u00a0you\u2019re\u00a0getting\u00a0tons\u00a0of\u00a0questions\u00a0about\u00a0this.<br \/>I\u00a0think\u00a0you\u2019re\u00a0booked\u00a0out\u00a0solid\u00a0with\u00a0Tmoo\u00a0briefings.<br \/>So\u00a0those\u00a0people\u00a0pay\u00a0big\u00a0money\u00a0for\u00a0it,\u00a0and\u00a0our\u00a0listeners\u00a0don\u2019t\u00a0pay.<br \/>Give\u00a0us\u00a0the\u00a0free\u00a0version\u00a0of\u00a0your\u00a0backgrounder\u00a0on\u00a0Tmoo.<\/p>\n<p><strong>Jason:<\/strong><br \/>[4:05]\u00a0Yeah,\u00a0thanks,\u00a0Scott.\u00a0And\u00a0I\u2019m\u00a0sure\u00a0we\u2019ll\u00a0spice\u00a0in\u00a0some\u00a0other\u00a0tidbits\u00a0as\u00a0we\u00a0go,\u00a0but\u00a0I\u2019ll\u00a0try\u00a0to\u00a0give\u00a0a\u00a0concise\u00a0bullet.\u00a0it.<br \/>Temu\u00a0is\u00a0a\u00a0subsidiary\u00a0of\u00a0a\u00a0company\u00a0that\u00a0used\u00a0to\u00a0be\u00a0called\u00a0Pinduoduo\u00a0in\u00a0China.<br \/>It\u2019s\u00a0now\u00a0called\u00a0PDD\u00a0Holdings,\u00a0which\u00a0is\u00a0infinitely\u00a0easier\u00a0to\u00a0spell,\u00a0by\u00a0the\u00a0way.<br \/>And\u00a0PDD\u00a0Holdings\u00a0is\u00a0one\u00a0of\u00a0the\u00a0largest\u00a0e-commerce\u00a0companies\u00a0in\u00a0China.<br \/>On\u00a0a\u00a0market\u00a0cap\u00a0basis,\u00a0they\u00a0keep\u00a0flip-flopping\u00a0with\u00a0Alibaba.<br \/>So\u00a0they\u2019re\u00a0super\u00a0competitive.<br \/>They\u2019re\u00a0way\u00a0north\u00a0of\u00a0like\u00a0$400\u00a0billion\u00a0in\u00a0GMV\u00a0in\u00a0China\u00a0and\u00a0had\u00a0a\u00a0really\u00a0interesting\u00a0trajectory,\u00a0but\u00a0a\u00a0couple\u00a0of\u00a0years\u00a0ago,\u00a0they\u00a0launched\u00a0Tmoo\u00a0into\u00a0first\u00a0UK\u00a0and\u00a0then\u00a0US,\u00a0now\u00a049\u00a0other\u00a0markets\u00a0as\u00a0a\u00a0new\u00a0retail\u00a0concept.<br \/>And\u00a0so\u00a0a\u00a0couple\u00a0of\u00a0things\u00a0I\u2019d\u00a0want\u00a0folks\u00a0to\u00a0know\u00a0before\u00a0we\u00a0dive\u00a0in\u00a0with\u00a0Michael,\u00a0first\u00a0of\u00a0all,\u00a0the\u00a0name\u00a0is\u00a0a\u00a0loose\u00a0English\u00a0acronym\u00a0for\u00a0team\u00a0up\u00a0price\u00a0down.<br \/>So\u00a0I\u00a0always\u00a0pronounce\u00a0Tmoo\u00a0as\u00a0in\u00a0team.<\/p>\n<p>[5:08]\u00a0There\u00a0are\u00a0multiple\u00a0pronunciations\u00a0out\u00a0there,\u00a0even\u00a0from\u00a0Tmoo\u00a0employees.<br \/>So\u00a0I\u2019m\u00a0not\u00a0sure\u00a0there\u2019s\u00a0an\u00a0official\u00a0pronunciation.<br \/>In\u00a0the\u00a0United\u00a0States,\u00a0they\u00a0launched\u00a0in\u00a0September\u00a0of\u00a02022.<br \/>So\u00a0they\u2019re\u00a0about\u00a018\u00a0months\u00a0old\u00a0now.\u00a0And\u00a0most\u00a0folks\u00a0were\u00a0not\u00a0familiar\u00a0with\u00a0them\u00a0until,\u00a0a\u00a0surprise,\u00a0three\u00a0months\u00a0after\u00a0launching,\u00a0they\u00a0bought\u00a0a\u00a0Super\u00a0Bowl\u00a0ad.<br \/>So\u00a0they\u00a0became\u00a0familiar\u00a0to\u00a0millions\u00a0of\u00a0Americans\u00a0with\u00a0the\u00a0Shop\u00a0Like\u00a0a\u00a0Billionaire\u00a0ad\u00a0that\u00a0ran\u00a0in\u00a0the\u00a0Super\u00a0Bowl\u00a0in\u00a02023.<br \/>And\u00a0then\u00a0as\u00a0Scott\u00a0alluded\u00a0to,\u00a0they\u00a0bought\u00a0five\u00a0ads\u00a0in\u00a0the\u00a0Super\u00a0Bowl\u00a0this\u00a0year.<br \/>So\u00a0they\u00a0haven\u2019t\u00a0disclosed\u00a0what\u00a0they\u00a0paid.<br \/>A\u00a0normal\u00a030-second\u00a0spot\u00a0in\u00a0the\u00a0Super\u00a0Bowl\u00a0costs\u00a0about\u00a0$7\u00a0million.<br \/>They\u00a0ran\u00a0four\u00a0ads\u00a0during\u00a0the\u00a0Super\u00a0Bowl\u00a0and\u00a0one\u00a0during\u00a0the\u00a0postgame.<br \/>So\u00a0estimates\u00a0are\u00a0in\u00a0the\u00a0kind\u00a0of\u00a0$20\u00a0to\u00a0$30\u00a0million\u00a0that\u00a0they\u00a0spent\u00a0just\u00a0on\u00a0that\u00a0ad.<br \/>There\u2019s\u00a0a\u00a0bunch\u00a0of\u00a0estimates\u00a0for\u00a0how\u00a0big\u00a0they\u00a0are\u00a0in\u00a0the\u00a0U.S.<br \/>I\u2019m\u00a0eager\u00a0to\u00a0hear\u00a0what\u00a0Michael\u00a0thinks,\u00a0but\u00a0his\u00a0old\u00a0rivals\u00a0at\u00a0Morgan\u00a0Stanley\u00a0have\u00a0them\u00a0at\u00a0about\u00a0$16\u00a0billion\u00a0in\u00a0GMV\u00a0in\u00a0the\u00a0U.S.<br \/>But\u00a0more\u00a0interesting,\u00a0Morgan\u00a0Stanley\u00a0estimates\u00a0they\u2019re\u00a0going\u00a0to\u00a0be\u00a0$32\u00a0billion\u00a0by\u00a02030.<br \/>So\u00a0you\u00a0think\u00a0about\u00a0a\u00a0retail\u00a0company\u00a0that\u00a0launched\u00a0in\u00a0September\u00a0of\u00a02022,\u00a0and\u00a0then\u00a0in\u00a0the\u00a0first\u00a0year,\u00a0business\u00a0sold\u00a0$16\u00a0billion\u00a0worth\u00a0of\u00a0stuff.<br \/>That\u2019s\u00a0the\u00a0fastest\u00a0growing\u00a0retailer\u00a0of\u00a0all\u00a0times.<br \/>We\u00a0do\u00a0know\u00a0from\u00a0other\u00a0sources\u00a0that\u00a0they\u00a0get\u00a0more\u00a0traffic\u00a0every\u00a0year\u00a0than\u00a0Target.<\/p>\n<p>[6:36]\u00a0They\u2019ve\u00a0been\u00a0the\u00a0most\u00a0downloaded\u00a0shopping\u00a0apps\u00a0on\u00a0the\u00a0Android\u00a0and\u00a0Apple\u00a0app\u00a0stores\u00a0since\u00a0they\u00a0were\u00a0born.<br \/>So\u00a0they\u2019ve\u00a0kind\u00a0of\u00a0owned\u00a0the\u00a0top\u00a0of\u00a0that\u00a0list.<br \/>And\u00a0a\u00a0couple\u00a0other\u00a0little\u00a0interesting\u00a0things.\u00a0They\u00a0are\u00a0a\u00a0marketplace.<br \/>They\u00a0have\u00a0invented\u00a0a\u00a0model\u00a0they\u00a0call\u00a0next\u00a0generation\u00a0manufacturing.<br \/>So\u00a0they\u2019re\u00a0a\u00a0marketplace.<br \/>It\u2019s\u00a0all\u00a0three-piece\u00a0sellers\u00a0that\u00a0are\u00a0selling\u00a0goods\u00a0on\u00a0Temu.<br \/>But\u00a0unlike\u00a0traditional\u00a0Western-based\u00a0marketplaces,\u00a0Temu\u00a0does\u00a0a\u00a0lot\u00a0more\u00a0of\u00a0the\u00a0work,\u00a0of\u00a0listing\u00a0the\u00a0products\u00a0and\u00a0fulfilling\u00a0the\u00a0products\u00a0for\u00a0the\u00a0factory.<br \/>So\u00a0they\u00a0may,\u00a0if\u00a0you\u2019re\u00a0a\u00a0factory,\u00a0they\u00a0say\u00a0the\u00a0only\u00a0thing\u00a0you\u00a0need\u00a0is\u00a0a\u00a0cellular\u00a0internet\u00a0connection,\u00a0and\u00a0they\u00a0provide\u00a0you\u00a0all\u00a0the\u00a0infrastructure\u00a0to\u00a0become\u00a0a\u00a0successful\u00a0seller\u00a0on\u00a0Temu.<br \/>There\u2019s\u00a0somewhere\u00a0between\u00a080\u00a0and\u00a0100,000\u00a0Chinese\u00a0factories\u00a0that\u00a0are\u00a0currently\u00a0sellers\u00a0on\u00a0the\u00a0marketplace.<br \/>And\u00a0then\u00a0one\u00a0big\u00a0innovation\u00a0is\u00a0this\u00a0week,\u00a0they\u2019re\u00a0turning\u00a0on\u00a0the\u00a0ability\u00a0for\u00a0U.S.<br \/>Marketplace\u00a0sellers\u00a0to\u00a0sell\u00a0and\u00a0fulfill\u00a0their\u00a0goods\u00a0from\u00a0the\u00a0U.S.\u00a0as\u00a0well.<br \/>So\u00a0one\u00a0interesting\u00a0question\u00a0about\u00a0a\u00a0marketplace\u00a0is,\u00a0are\u00a0they\u00a0competing\u00a0for\u00a0sellers\u00a0with\u00a0Amazon\u00a0and\u00a0Walmart?<br \/>And\u00a0now\u00a0they\u2019re\u00a0bringing\u00a0that\u00a0fight\u00a0to\u00a0American\u00a0soil.\u00a0So\u00a0that,\u00a0I\u00a0feel\u00a0like,\u00a0is\u00a0enough\u00a0to\u00a0get\u00a0us\u00a0started.<br \/>There\u2019s\u00a0certainly\u00a0an\u00a0interesting\u00a0company\u00a0that\u2019s\u00a0worth\u00a0following.<\/p>\n<p>[7:52]\u00a0The\u00a0way\u00a0I\u00a0originally\u00a0discovered\u00a0Earnest\u00a0is\u00a0through\u00a0this\u00a0show.<br \/>One\u00a0of\u00a0our\u00a0most\u00a0popular\u00a0guests,\u00a0Dan\u00a0McCarthy,\u00a0has\u00a0been\u00a0on\u00a0a\u00a0few\u00a0times\u00a0talking\u00a0about\u00a0his\u00a0his\u00a0CLV\u00a0methodologies.\u00a0And\u00a0our\u00a0listeners\u00a0have\u00a0really\u00a0enjoyed\u00a0his\u00a0his\u00a0commentary.<br \/>He\u00a0has\u00a0partnered\u00a0with\u00a0Earnest\u00a0Data\u00a0several\u00a0times\u00a0to\u00a0do\u00a0some\u00a0really\u00a0interesting\u00a0analytics.\u00a0And\u00a0you\u00a0guys\u00a0at\u00a0Earnest\u00a0have\u00a0published\u00a0a\u00a0couple\u00a0of\u00a0those\u00a0as\u00a0thought\u00a0leadership.<br \/>And\u00a0so\u00a0that\u2019s\u00a0how\u00a0I\u00a0first\u00a0met\u00a0you.\u00a0And\u00a0then,\u00a0Michael,\u00a0I\u00a0noticed\u00a0you\u00a0published\u00a0like\u00a0three\u00a0articles\u00a0on\u00a0Temu\u00a0this\u00a0year.<\/p>\n<p><strong>Michael:<\/strong><br \/>[8:22]\u00a0That\u2019s\u00a0right.\u00a0Right.\u00a0Teamio\u00a0has\u00a0been\u00a0one\u00a0of\u00a0the\u00a0top\u00a0client\u00a0asked\u00a0for\u00a0themes.<br \/>It\u2019s\u00a0definitely\u00a0something\u00a0we\u2019re\u00a0seeing\u00a0a\u00a0lot\u00a0in\u00a0the\u00a0press.\u00a0We\u00a0work\u00a0a\u00a0lot\u00a0with\u00a0those\u00a0thought\u00a0leaders\u00a0as\u00a0well.<br \/>And\u00a0that\u2019s\u00a0something\u00a0that\u00a0we\u2019re\u00a0getting\u00a0a\u00a0lot\u00a0of\u00a0questions\u00a0on\u00a0from\u00a0everyone\u00a0from\u00a0business\u00a0to\u00a0fashion\u00a0to\u00a0Dan\u00a0McCarthy.<br \/>So\u00a0glad\u00a0to\u00a0answer\u00a0any\u00a0questions\u00a0there.<br \/>We\u00a0are\u00a0kind\u00a0of\u00a0in\u00a0a\u00a0unique\u00a0spot,\u00a0kind\u00a0of\u00a0have\u00a0the\u00a0dashboard\u00a0on\u00a0the\u00a0consumer\u00a0economy,\u00a0if\u00a0you\u00a0will.<br \/>Basically\u00a0what\u2019s\u00a0going\u00a0on\u00a0within\u00a0the\u00a0last\u00a0few\u00a0days\u00a0we\u00a0can\u00a0see\u00a0everything\u00a0from\u00a0customer\u00a0acquisition\u00a0they\u00a0have\u00a0to\u00a0their\u00a0gross\u00a0market\u00a0merchandise\u00a0value.<\/p>\n<p><strong>Scot:<\/strong><br \/>[8:56]\u00a0Got\u00a0it\u00a0let\u2019s\u00a0let\u2019s\u00a0start\u00a0at\u00a0the\u00a0basics\u00a0and\u00a0let\u2019s\u00a0pretend\u00a0you\u00a0know\u00a0so\u00a0i\u00a0see\u00a0Temu\u00a0and\u00a0you\u00a0know\u00a0it\u00a0looks\u00a0like\u00a0they\u2019ve\u00a0got\u00a0and\u00a0you\u00a0know\u00a0one\u00a0of\u00a0my\u00a0theories\u00a0is\u00a0it\u00a0feels\u00a0a\u00a0lot\u00a0like\u00a0wish.com\u00a0so\u00a0it\u2019s\u00a0really\u00a0kind\u00a0of\u00a0cheap\u00a0stuff\u00a0slower\u00a0ship\u00a0going\u00a0to\u00a0what\u00a0i\u00a0would\u00a0call\u00a0value-oriented\u00a0and\u00a0consumers,\u00a0you\u00a0know,\u00a0in\u00a0your\u00a0data,\u00a0what,\u00a0what\u00a0kind\u00a0of\u00a0customer\u00a0are,\u00a0is\u00a0buying\u00a0this\u00a0and\u00a0then\u00a0how\u00a0fast\u00a0do\u00a0you\u00a0think\u00a0they\u00a0are\u00a0really\u00a0growing?<\/p>\n<p><strong>Michael:<\/strong><br \/>[9:22]\u00a0Yeah,\u00a0let\u00a0me\u00a0answer\u00a0the\u00a0second\u00a0one\u00a0first.\u00a0Timmy\u2019s\u00a0growing\u00a0very\u00a0quickly.<br \/>Like\u00a0you\u00a0said,\u00a0from\u00a0late\u00a02022\u00a0onwards,\u00a0our\u00a0data\u00a0is\u00a0showing\u00a0double\u00a0digit\u00a0month\u00a0to\u00a0month\u00a0growth,\u00a0which\u00a0is\u00a0just\u00a0explosive,\u00a0right\u00a0as\u00a0it\u00a0became\u00a0a\u00a0household\u00a0name.<br \/>In\u00a0the\u00a0first\u00a0three\u00a0months,\u00a0for\u00a0context,\u00a0it\u00a0had\u00a0roughly\u00a0as\u00a0many\u00a0weekly\u00a0active\u00a0users\u00a0in\u00a0the\u00a0US\u00a0as\u00a0the\u00a0largest\u00a0fast\u00a0fashion\u00a0brand,\u00a0Shein,\u00a0and\u00a0within\u00a010\u00a0months\u00a0had\u00a0surpassed\u00a0Shein\u00a0in\u00a0sales.<br \/>And\u00a0it\u00a0had\u00a0taken\u00a0Shein\u00a0years\u00a0to\u00a0get\u00a0to\u00a0that\u00a0point.\u00a0So\u00a0really,\u00a0a\u00a0much\u00a0shorter\u00a0timeline.<br \/>For\u00a0an\u00a0idea\u00a0of\u00a0size,\u00a0about\u00a018%\u00a0of\u00a0US\u00a0households\u00a0have\u00a0shopped\u00a0at\u00a0TeamView\u00a0since\u00a0its\u00a0launch.<br \/>And\u00a0in\u00a0terms\u00a0of\u00a0GMV,\u00a0in\u00a0February,\u00a0we\u00a0saw\u00a0about\u00a01%\u00a0of\u00a0Amazon\u2019s\u00a0US\u00a0GMV.<br \/>If\u00a0you\u00a0look\u00a0at\u00a0that,\u00a0if\u00a0you\u00a0just\u00a0break\u00a0that\u00a0out\u00a0over\u00a0the\u00a0whole\u00a0year,\u00a0I\u00a0believe\u00a0in\u00a02023,\u00a0their\u00a0net\u00a0sales\u00a0were\u00a0something\u00a0like\u00a0over\u00a0$500\u00a0billion.<br \/>You\u2019re\u00a0looking\u00a0at\u00a0around\u00a0$50\u00a0billion\u00a0in\u00a0gross\u00a0merchandise\u00a0value\u00a0moving\u00a0through\u00a0the\u00a0service.<br \/>But\u00a0nevertheless,\u00a0it\u2019s\u00a0kind\u00a0of\u00a0not\u00a0made\u00a0really\u00a0meaningful\u00a0inroads\u00a0with\u00a0the\u00a0largest\u00a0online\u00a0brands.<br \/>I\u00a0mean,\u00a0it\u2019s\u00a0still\u00a01%\u00a0in\u00a0a\u00a0good\u00a0month.\u00a0And\u00a0that\u2019s\u00a0actually\u00a0decelerated\u00a0since\u00a02023.<br \/>In\u00a0fact,\u00a0February\u00a0of\u00a02023\u00a0had\u00a0fewer\u00a0sales\u00a0than\u00a0January,\u00a0despite\u00a0the\u00a0really\u00a0heavy\u00a0advertising\u00a0spend\u00a0you\u00a0mentioned.<\/p>\n<p>[10:47]\u00a0So\u00a0yeah,\u00a0there\u2019s\u00a0some\u00a0signs\u00a0that\u00a0the\u00a0growth\u00a0is\u00a0kind\u00a0of\u00a0changing\u00a0there.<br \/>Mainly\u00a0that\u00a0retention\u00a0is\u00a0increasing\u00a0even\u00a0while\u00a0this\u00a0like\u2026<\/p>\n<p>[11:01]\u00a0New\u00a0customer\u00a0acquisition-based\u00a0sales\u00a0growth\u00a0model\u00a0is\u00a0slowing\u00a0down.<br \/>TeamU\u2019s\u00a0average\u00a0customer\u00a0lifetime\u00a0value\u00a0tracks\u00a0higher\u00a0than\u00a0Walmart.<br \/>And\u00a0we\u2019re\u00a0seeing\u00a0customers\u00a0becoming\u00a0much\u00a0more\u00a0loyal.<br \/>So\u00a0that\u2019s\u00a0an\u00a0interesting\u00a0kind\u00a0of\u00a0plus\u00a0for\u00a0them\u00a0while\u00a0sales\u00a0in\u00a0total\u00a0are\u00a0kind\u00a0of\u00a0hitting\u00a0a\u00a0lull.<br \/>But\u00a0yeah,\u00a0let\u2019s\u00a0talk\u00a0about\u00a0who\u00a0those\u00a0customers\u00a0are\u00a0too.<br \/>It\u2019s\u00a0definitely\u00a0been\u00a0one\u00a0of\u00a0the\u00a0more\u00a0interesting\u00a0finds\u00a0from\u00a0our\u00a0data.<br \/>Despite\u00a0the\u00a0really\u00a0low\u00a0price\u00a0points\u00a0and\u00a0that\u00a0kind\u00a0of\u00a0gamified\u00a0discount\u00a0system,\u00a0TeamView\u2019s\u00a0US\u00a0customer\u00a0base\u00a0skews\u00a0middle\u00a0to\u00a0high\u00a0income,\u00a0actually.<br \/>Sales\u00a0among\u00a0customers\u00a0earning\u00a0that\u00a0over\u00a0$190K,\u00a0which\u00a0is\u00a0obviously\u00a0very\u00a0high\u00a0up\u00a0there,\u00a0they\u2019re\u00a0the\u00a0fastest\u00a0growing\u00a0income\u00a0bracket.<br \/>And\u00a0that\u2019s\u00a0from\u00a0May\u00a0to\u00a0January,\u00a0May\u00a0of\u00a023\u00a0to\u00a0January\u00a024.\u00a0So\u00a0those\u00a0sales\u00a0to\u00a0customers\u00a0earning\u00a0under\u00a0$55K,\u00a0like\u00a0less\u00a0than\u00a0the\u00a0median\u00a0U.S.\u00a0household\u00a0income,\u00a0that\u2019s\u00a0actually\u00a0the\u00a0slowest\u00a0growing.<br \/>So\u00a0today,\u00a0about\u00a044%\u00a0of\u00a0TeamU\u00a0sales\u00a0come\u00a0from\u00a0earners\u00a0making\u00a0over\u00a0$130K.<br \/>Not\u00a0only\u00a0do\u00a0high-income\u00a0earners\u00a0account\u00a0for\u00a0the\u00a0largest\u00a0share,\u00a0they\u2019re\u00a0outgrowing.<br \/>We\u00a0just\u00a0think\u00a0that\u00a0TeamU\u00a0resonates\u00a0mostly\u00a0with\u00a0customers\u00a0with\u00a0more\u00a0disposable\u00a0income.\u00a0income,\u00a0people\u00a0who\u00a0can\u00a0afford\u00a0to\u00a0take\u00a0a\u00a0gamble\u00a0on\u00a0an\u00a0item\u00a0that\u00a0might\u00a0not\u00a0work\u00a0out.<\/p>\n<p>[12:27]\u00a0You\u00a0buy\u00a0a\u00a0floor\u00a0mat\u00a0for\u00a0$5,\u00a0it\u00a0doesn\u2019t\u00a0work.<br \/>A\u00a0middle\u00a0high\u00a0income\u00a0person\u00a0might\u00a0just\u00a0say,\u00a0hey,\u00a0it\u00a0was\u00a0$5\u00a0wasted,\u00a0but\u00a0the\u00a0poor\u00a0people\u00a0don\u2019t\u00a0always\u00a0look\u00a0at\u00a0that.<br \/>They\u2019re\u00a0looking\u00a0for\u00a0a\u00a0little\u00a0bit\u00a0more\u00a0bang\u00a0for\u00a0their\u00a0buck,\u00a0can\u2019t\u00a0afford\u00a0that\u00a0type\u00a0of\u00a0gamble.\u00a0Yeah,\u00a0it\u2019s\u00a0interesting.<\/p>\n<p><strong>Scot:<\/strong><br \/>[12:46]\u00a0Cool\u00a0and\u00a0then\u00a0you\u2019ve\u00a0you\u00a0know\u00a0you\u00a0mentioned\u00a0that\u00a0they\u2019re\u00a0you\u00a0know\u00a0basically\u00a0their\u00a0ltv\u00a0is\u00a0going\u00a0up\u00a0do\u00a0you\u00a0have\u00a0any\u00a0insight\u00a0into\u00a0why\u00a0are\u00a0they\u00a0getting\u00a0better\u00a0at\u00a0like\u00a0maybe\u00a0predictive\u00a0analytics\u00a0or\u00a0recommendation\u00a0engine\u00a0or\u00a0you\u00a0know\u00a0they\u00a0see\u00a0jason\u00a0bought\u00a0some\u00a0gadget\u00a0and\u00a0then\u00a0they\u00a0they\u00a0know\u00a0he\u2019s\u00a0now\u00a0a\u00a0gadget\u00a0geek\u00a0and\u00a0they\u00a0kind\u00a0of\u00a0start\u00a0targeting\u00a0do\u00a0you\u00a0have\u00a0any\u00a0insight\u00a0into\u00a0what\u2019s\u00a0driving\u00a0that\u00a0that\u00a0bump\u00a0in\u00a0LTV?<\/p>\n<p><strong>Michael:<\/strong><br \/>[13:09]\u00a0That\u2019s\u00a0a\u00a0good\u00a0question.\u00a0So\u00a0I\u00a0don\u2019t\u00a0really\u00a0have\u00a0much\u00a0insight\u00a0into\u00a0that.<br \/>I\u00a0try\u00a0not\u00a0to\u00a0get\u00a0out\u00a0over\u00a0my\u00a0skis\u00a0in\u00a0terms\u00a0of\u00a0the\u00a0data\u00a0that\u00a0I\u00a0have\u00a0available\u00a0to\u00a0me.<br \/>We\u2019re\u00a0looking\u00a0at\u00a0retention.\u00a0We\u2019re\u00a0looking\u00a0for\u00a0what\u2019s\u00a0called\u00a0a\u00a0smile.<br \/>Dan\u00a0McCarthy\u00a0talks\u00a0about\u00a0it\u00a0all\u00a0the\u00a0time,\u00a0which\u00a0is\u00a0over\u00a0time\u00a0as\u00a0a\u00a0company\u00a0starts\u00a0to\u00a0bring\u00a0back\u00a0more\u00a0customers\u00a0that\u00a0stopped\u00a0stopped\u00a0spending\u00a0with\u00a0them.<br \/>And\u00a0that\u2019s\u00a0been\u00a0pretty\u00a0rare\u00a0to\u00a0see\u00a0in\u00a0e-commerce\u00a0history.<br \/>That\u2019s\u00a0something\u00a0they\u2019ve\u00a0managed\u00a0to\u00a0do.\u00a0How\u00a0they\u2019re\u00a0doing\u00a0that,\u00a0I\u2019m\u00a0not\u00a0totally\u00a0sure.<br \/>So\u00a0it\u2019s\u00a0definitely\u00a0going\u00a0to\u00a0be\u00a0the\u00a0key\u00a0for\u00a0them\u00a0to\u00a0continue\u00a0growing\u00a0as\u00a0new\u00a0customer\u00a0growth\u00a0slows\u00a0down,\u00a0though.<\/p>\n<p><strong>Scot:<\/strong><br \/>[13:52]\u00a0Yeah.\u00a0Jason,\u00a0do\u00a0you\u00a0know?<\/p>\n<p><strong>Jason:<\/strong><br \/>[13:54]\u00a0Yeah.\u00a0Well,\u00a0so\u00a0I\u00a0don\u2019t\u00a0know.\u00a0I\u00a0just\u00a0want\u00a0to\u00a0point\u00a0out\u00a0that\u00a0while\u00a0Michael\u00a0is\u00a0wisely\u00a0trying\u00a0to\u00a0not\u00a0get\u00a0over\u00a0his\u00a0skis,\u00a0I\u00a0live\u00a0over\u00a0my\u00a0skis.<br \/>So\u00a0I\u2019ll\u00a0tumble\u00a0down\u00a0the\u00a0ski\u00a0slope\u00a0once\u00a0again.<br \/>One\u00a0of\u00a0the\u00a0things\u00a0I\u00a0maybe\u00a0should\u00a0have\u00a0said\u00a0up\u00a0front\u00a0or\u00a0maybe\u00a0apparent\u00a0to\u00a0a\u00a0lot\u00a0of\u00a0people\u00a0is\u00a0T-Moves\u00a0marketing\u00a0spend\u00a0isn\u2019t\u00a0just\u00a0that\u00a0Super\u00a0Bowl\u00a0ad.<br \/>They\u2019re\u00a0spending\u00a0a\u00a0fortune\u00a0on\u00a0digital\u00a0ads\u00a0and\u00a0almost\u00a0certainly\u00a0losing\u00a0a\u00a0lot\u00a0of\u00a0money\u00a0on\u00a0every\u00a0sale.<br \/>So\u00a0there\u2019s\u00a0a\u00a0Wall\u00a0Street\u00a0Journal\u00a0article\u00a0that\u00a0came\u00a0out\u00a0this\u00a0week\u00a0that\u00a0said\u00a0that\u00a0Temu\u00a0or\u00a0PDD\u00a0overall\u00a0spent\u00a0over\u00a0$2\u00a0billion\u00a0with\u00a0Facebook\u00a0and\u00a0was\u00a0Facebook\u2019s\u00a0largest\u00a0advertiser.<br \/>They\u2019re\u00a0also\u00a0Google\u2019s\u00a0largest\u00a0advertiser\u00a0in\u00a0the\u00a0U.S.\u00a0And\u00a0so\u00a0they\u2019re\u00a0buying\u00a0a\u00a0lot\u00a0of\u00a0customers.<br \/>And\u00a0the\u00a0the\u00a0Wall\u00a0Street\u00a0Journal\u00a0estimates\u00a0that\u00a0they\u2019re\u00a0losing\u00a0$6\u00a0on\u00a0every\u00a0sale.<br \/>They\u2019re\u00a0spending\u00a0so\u00a0much\u00a0on\u00a0customer\u00a0acquisition.<br \/>And\u00a0so\u00a0in\u00a0that\u00a0first\u00a0year,\u00a0they\u2019re\u00a0doing\u00a0a\u00a0ton\u00a0of\u00a0marketing.<br \/>There\u2019s\u00a0a\u00a0ton\u00a0of\u00a0people\u00a0that\u00a0never\u00a0heard\u00a0of\u00a0Temu.\u00a0They\u2019re\u00a0acquiring\u00a0those\u00a0customers.<br \/>They\u2019re\u00a0getting\u00a0that\u00a0first\u00a0order.<\/p>\n<p>[14:54]\u00a0And,\u00a0you\u00a0know,\u00a0a\u00a0mini\u00a0version\u00a0of\u00a0this\u00a0is\u00a0what\u00a0Wish\u00a0did\u00a0until\u00a0they\u00a0ran\u00a0out\u00a0of\u00a0money.<br \/>But\u00a0though\u00a0it\u00a0doesn\u2019t\u00a0seem\u00a0like\u00a0there\u00a0was\u00a0a\u00a0lot\u00a0of\u00a0evidence\u00a0that\u00a0Wish\u00a0ever\u00a0got\u00a0traction,\u00a0right?\u00a0Like\u00a0they\u00a0didn\u2019t\u00a0get\u00a0those\u00a0repeat\u00a0orders.<br \/>And\u00a0what\u00a0I\u00a0think\u00a0we\u2019re\u00a0seeing\u00a0And\u00a0what\u00a0I\u2019ve\u00a0seen\u00a0in\u00a0some\u00a0of\u00a0the\u00a0data\u00a0that\u00a0Michael\u00a0shared\u00a0with\u00a0us\u00a0is\u00a0that\u00a0Temu\u00a0very\u00a0much\u00a0is\u00a0growing\u00a0that\u00a0LTV,\u00a0getting\u00a0repeat\u00a0orders,\u00a0even\u00a0as\u00a0the\u00a0flood\u00a0of\u00a0digital\u00a0marketing\u00a0they\u2019re\u00a0spending\u00a0is\u00a0sort\u00a0of\u00a0losing\u00a0some\u00a0efficacy\u00a0as\u00a0the\u00a0law\u00a0of\u00a0large\u00a0numbers\u00a0kick\u00a0in.<br \/>And\u00a0then\u00a0I\u00a0would\u00a0also\u00a0say\u00a0Pinduoduo\u00a0in\u00a0China\u00a0and\u00a0now\u00a0Temu\u00a0in\u00a0the\u00a0U.S.<br \/>Is\u00a0very\u00a0well\u00a0known\u00a0for\u00a0their\u00a0gamification.<br \/>So\u00a0they\u00a0have\u00a0lots\u00a0of\u00a0clever\u00a0gamification\u00a0mechanics\u00a0on\u00a0their\u00a0websites,\u00a0group\u00a0buying,\u00a0contests,\u00a0gifts,\u00a0one-time\u00a0deals\u00a0that\u00a0are\u00a0all\u00a0like\u00a0very\u00a0carefully\u00a0crafted\u00a0to\u00a0entice\u00a0you\u00a0to\u00a0make\u00a0an\u00a0incremental\u00a0purchase\u00a0and\u00a0to\u00a0make\u00a0an\u00a0unplanned\u00a0purchase.<br \/>So\u00a0I\u00a0think\u00a0all\u00a0of\u00a0those\u00a0things\u00a0appear\u00a0to\u00a0be\u00a0working\u00a0and\u00a0then\u00a0they\u00a0hit\u00a0you\u00a0on\u00a0social\u00a0media\u00a0with,\u00a0you\u00a0know,\u00a0a\u00a0huge\u00a0spend,\u00a0you\u00a0know,\u00a0right\u00a0when\u00a0you\u2019re,\u00a0you\u2019re\u00a0doom\u00a0scrolling\u00a0and\u00a0expressing\u00a0some,\u00a0some\u00a0purchase\u00a0intent\u00a0through\u00a0your\u00a0clicks.<\/p>\n<p><strong>Scot:<\/strong><br \/>[16:08]\u00a0Very\u00a0cool.\u00a0How\u00a0about\u00a0you,\u00a0Michael,\u00a0you\u00a0mentioned\u00a0this,\u00a0this,\u00a0this\u00a0slowdown,\u00a0which\u00a0is\u00a0exactly\u00a0opposite\u00a0of\u00a0what\u00a0I\u00a0would\u00a0have\u00a0thought\u00a0given\u00a0the\u00a0Superbowl\u00a0ads.<br \/>What\u00a0do\u00a0you,\u00a0does\u00a0the\u00a0data\u00a0show\u00a0you\u00a0anything\u00a0there?\u00a0Is\u00a0it?<br \/>Normal\u00a0or\u00a0like\u00a0what\u00a0what\u2019s\u00a0going\u00a0on.<\/p>\n<p><strong>Michael:<\/strong><br \/>[16:23]\u00a0Yeah\u00a0i\u00a0mean\u00a0i\u00a0don\u2019t\u00a0know\u00a0i\u00a0don\u2019t\u00a0know\u00a0what\u00a0would\u00a0be\u00a0normal\u00a0for\u00a0this\u00a0company\u00a0that\u2019s\u00a0still\u00a0up\u00a0hundreds\u00a0of\u00a0percent\u00a0a\u00a0year\u00a0but\u00a0when\u00a0i\u2019m\u00a0looking\u00a0at\u00a0at\u00a0month\u00a0over\u00a0month\u00a0growth\u00a0which\u00a0is\u00a0the\u00a0kind\u00a0of\u00a0the\u00a0best\u00a0way\u00a0i\u00a0can\u00a0think\u00a0to\u00a0to\u00a0look\u00a0at\u00a0it\u00a0it\u00a0is\u00a0pretty\u00a0remarkable\u00a0there\u00a0was\u00a0some\u00a0sort\u00a0of\u00a0a\u00a0step\u00a0change\u00a0in\u00a0august\u00a0of\u00a0last\u00a0year\u00a0where\u00a0it\u00a0went\u00a0from\u00a0growing\u00a0double\u00a0double\u00a0digits\u00a0each\u00a0month\u00a0to\u00a0growing\u00a0just\u00a0single\u00a0digits\u00a0or\u00a0down.<br \/>The\u00a0holidays,\u00a0December\u00a0actually\u00a0was\u00a0smaller\u00a0than\u00a0November\u00a0in\u00a0terms\u00a0of\u00a0their\u00a0sales.<br \/>And\u00a0January\u00a0was\u00a0smaller\u00a0still,\u00a0makes\u00a0sense.\u00a0But\u00a0February,\u00a0also\u00a0very\u00a0challenged\u00a0in\u00a0terms\u00a0of\u00a0sales.<br \/>I\u2019m\u00a0wondering\u00a0if\u00a0they\u2019re\u00a0in\u00a0a\u00a0sort\u00a0of\u00a0spiral\u00a0in\u00a0terms\u00a0of\u00a0the\u00a0new\u00a0customer\u2019s\u00a0first\u00a0time\u00a0kind\u00a0of\u00a0buying\u00a0frenzy\u00a0is\u00a0over,\u00a0or\u00a0if\u00a0this\u00a0is\u00a0a\u00a0shift\u00a0towards\u00a0very\u00a0purposely\u00a0trying\u00a0to\u00a0get\u00a0people\u00a0in\u00a0the\u00a0door\u00a0and\u00a0they\u2019re\u00a0just\u00a0actually\u00a0tapping\u00a0brakes\u00a0a\u00a0bit\u00a0on\u00a0advertising\u00a0spending.<br \/>I\u2019m\u00a0not\u00a0totally\u00a0sure\u00a0what\u00a0this\u00a0signals\u00a0just\u00a0yet.<\/p>\n<p><strong>Scot:<\/strong><br \/>[17:35]\u00a0Got\u00a0it.\u00a0Okay.<\/p>\n<p><strong>Jason:<\/strong><br \/>[17:36]\u00a0Is\u00a0it\u00a0safe\u00a0to\u00a0say\u00a0that\u00a0there\u2019s\u00a0no\u00a0clear\u00a0evidence\u00a0that\u00a0spending\u00a0$30\u00a0million\u00a0million\u00a0dollars\u00a0on\u00a0the\u00a0Super\u00a0Bowl\u00a0had\u00a0a\u00a0super\u00a0observable\u00a0impact\u00a0on\u00a0their\u00a0sales.<\/p>\n<p><strong>Michael:<\/strong><br \/>[17:46]\u00a0Okay.\u00a0Yeah.\u00a0So\u00a0the\u00a0Super\u00a0Bowl.\u00a0Let\u2019s\u00a0talk\u00a0about\u00a0that.<br \/>The\u00a0million\u00a0dollar\u00a0question\u00a0or\u00a0$30\u00a0million\u00a0question,\u00a0I\u00a0guess.<br \/>The\u00a0answer\u00a0is\u00a0probably\u00a0not.\u00a0There\u00a0are\u00a0a\u00a0lot\u00a0of\u00a0ways\u00a0to\u00a0measure\u00a0advertising\u00a0effectiveness,\u00a0as\u00a0you\u00a0guys\u00a0know\u00a0better\u00a0than\u00a0most.<br \/>Brand\u00a0awareness\u00a0and\u00a0net\u00a0promoter\u00a0score.<br \/>But\u00a0yeah,\u00a0for\u00a0a\u00a0young\u00a0company\u00a0like\u00a0this\u00a0facing\u00a0slowing\u00a0new\u00a0customer\u00a0growth,\u00a0I\u2019d\u00a0imagine\u00a0they\u2019re\u00a0looking\u00a0to\u00a0move\u00a0the\u00a0needle\u00a0with\u00a0each\u00a0of\u00a0these\u00a0like\u00a0big\u00a0marketing\u00a0events\u00a0and\u00a0the\u00a0data\u00a0just\u00a0suggests\u00a0that\u00a0their\u00a0multiple\u00a0ads\u00a0on\u00a0February\u00a011th\u00a0had\u00a0no\u00a0meaningful\u00a0boost\u00a0in\u00a0sales\u00a0actually\u00a0TeamU\u00a0saw\u00a0a\u00a0noticeable\u00a0deceleration\u00a0in\u00a0sales\u00a0growth\u00a0following\u00a0the\u00a0event\u00a0actually\u00a0kind\u00a0of,\u00a0like\u00a0sales\u00a0were\u00a0significantly\u00a0slower\u00a0in\u00a0the\u00a0next\u00a0few\u00a0days.<br \/>So\u00a0unless\u00a0they\u2019re\u00a0measuring\u00a0this\u00a0on\u00a0a\u00a0much\u00a0longer\u00a0timeline,\u00a0I\u00a0don\u2019t\u00a0think\u00a0this\u00a0investment\u00a0was\u00a0worth\u00a0it.<br \/>I\u00a0think\u00a0they\u00a0would\u00a0be\u00a0better\u00a0just\u00a0plowing\u00a0dollars\u00a0into\u00a0digital,\u00a0wherever\u00a0that\u00a0is.<\/p>\n<p><strong>Jason:<\/strong><br \/>[18:42]\u00a0Yeah,\u00a0it\u2019s\u00a0super\u00a0interesting.\u00a0You\u00a0know,\u00a0obviously\u00a0for\u00a0listeners\u00a0that\u00a0don\u2019t\u00a0know,\u00a0my\u00a0salary\u00a0gets\u00a0paid\u00a0by\u00a0those\u00a0Super\u00a0Bowl\u00a0ads.<br \/>I\u00a0work\u00a0for\u00a0a\u00a0big\u00a0ad\u00a0agency\u00a0for\u00a0which\u00a0I\u2019m\u00a0very\u00a0grateful.<br \/>But\u00a0the\u00a0lot\u00a0of\u00a0controversy\u00a0around\u00a0our\u00a0water\u00a0cooler\u00a0the\u00a0day\u00a0after\u00a0the\u00a0show.<br \/>That\u00a0was\u00a0a\u00a0spin\u00a0that\u00a0you\u00a0rarely\u00a0see.<br \/>And\u00a0in\u00a0one\u00a0metric,\u00a0it\u00a0clearly\u00a0had\u00a0an\u00a0impact.<br \/>There\u00a0was\u00a0a\u00a0lot\u00a0more\u00a0discussion\u00a0about\u00a0Temu\u00a0than\u00a0any\u00a0other\u00a0company\u00a0on\u00a0social\u00a0media\u00a0the\u00a0day\u00a0after\u00a0the\u00a0Super\u00a0Bowl.<br \/>So\u00a0the\u00a0Super\u00a0Bowl\u00a0ads\u00a0triggered\u00a0awareness\u00a0and\u00a0conversation.<br \/>I\u00a0think\u00a0they\u00a0were\u00a0the\u00a0second\u00a0behind\u00a0Verizon,\u00a0which\u00a0had\u00a0Beyonce,\u00a0right?<br \/>And\u00a0so\u00a0there\u00a0was\u00a0a\u00a0lot\u00a0of\u00a0talk\u00a0on\u00a0social\u00a0media.\u00a0It\u00a0was\u00a0not\u00a0all\u00a0positive.<br \/>There\u00a0was\u00a0a\u00a0lot\u00a0of\u00a0discussion\u00a0on\u00a0social\u00a0media,\u00a0but\u00a0people\u00a0that\u00a0hated\u00a0the\u00a0team\u00a0who\u00a0had\u00a0the\u00a0first\u00a0time\u00a0they\u00a0saw\u00a0it\u00a0because\u00a0it\u00a0was\u00a0sort\u00a0of\u00a0by\u00a0Super\u00a0Bowl\u00a0standards,\u00a0not\u00a0a\u00a0very\u00a0high\u00a0production\u00a0animated\u00a0ad.<br \/>I\u00a0think\u00a0they\u00a0made\u00a0it\u00a0in-house\u00a0and\u00a0they,\u00a0you\u00a0know,\u00a0ran\u00a0it\u00a0with\u00a0much\u00a0greater\u00a0repetition\u00a0than\u00a0audiences\u00a0are\u00a0used\u00a0to.<br \/>So\u00a0it\u00a0generated\u00a0a\u00a0lot\u00a0of\u00a0conversation\u00a0that\u00a0didn\u2019t\u00a0necessarily\u00a0translate\u00a0to\u00a0sales,\u00a0at\u00a0least\u00a0that\u00a0we\u00a0can\u00a0measure\u00a0in\u00a0the\u00a0short\u00a0term.<br \/>And\u00a0so\u00a0that\u00a0that\u2019s\u00a0going\u00a0to\u00a0be\u00a0interesting\u00a0long\u00a0term\u00a0case\u00a0study\u00a0about\u00a0what\u00a0what\u00a0these\u00a0kind\u00a0of,\u00a0you\u00a0know,\u00a0splashy\u00a0big\u00a0reach\u00a0audiences\u00a0can\u00a0and\u00a0can\u2019t\u00a0can\u2019t\u00a0do.\u00a0Right.<\/p>\n<p><strong>Michael:<\/strong><br \/>[20:00]\u00a0You\u00a0know,\u00a0I\u00a0don\u2019t,\u00a0again,\u00a0skis\u00a0and\u00a0getting\u00a0over\u00a0them.<br \/>It\u00a0just\u00a0seems\u00a0like\u00a0the\u00a0outcome\u00a0for\u00a0them\u00a0at\u00a0this\u00a0point\u00a0should\u00a0be\u00a0a\u00a0little\u00a0further\u00a0down\u00a0the\u00a0funnel.<br \/>And\u00a0I\u00a0don\u2019t\u00a0see\u00a0how\u00a0advertising\u00a0spend\u00a0like\u00a0that\u00a0will\u00a0marginally\u00a0get\u00a0someone,\u00a0persuade\u00a0someone\u00a0to\u00a0buy\u00a0a\u00a0team\u00a0you\u00a0that\u00a0wasn\u2019t\u00a0already\u00a0going\u00a0to.<br \/>It\u00a0seems,\u00a0yeah,\u00a0it\u00a0was\u00a0a\u00a0lot\u00a0and\u00a0there\u00a0was\u00a0no\u00a0really\u00a0movement\u00a0in\u00a0our\u00a0data,\u00a0either\u00a0in\u00a0new\u00a0signups\u00a0or\u00a0in\u00a0sales.<br \/>I\u00a0think\u00a0there\u2019s\u00a0some\u00a0other\u00a0research\u00a0out\u00a0that\u00a0downloads\u00a0are\u00a0trending\u00a0downwards\u00a0or\u00a0slowing\u00a0down\u00a0as\u00a0well.\u00a0We\u00a0don\u2019t\u00a0have\u00a0that\u00a0data,\u00a0but\u00a0I\u00a0was\u00a0reading\u00a0elsewhere.<br \/>So\u00a0I\u00a0think,\u00a0Scott,\u00a0this\u00a0is\u00a0maybe\u00a0more\u00a0to\u00a0your\u00a02024\u00a0prediction\u00a0that\u00a0people\u00a0are\u00a0realizing\u00a0this\u00a0is\u00a0wish\u00a0and\u00a0slowing.\u00a0and\u00a0becoming\u00a0less\u00a0enamored\u00a0or\u00a0falling\u00a0out\u00a0of\u00a0it.<\/p>\n<p><strong>Jason:<\/strong><br \/>[20:52]\u00a0No,\u00a0no,\u00a0no,\u00a0no.\u00a0Scott\u2019s\u00a0predictions\u00a0cannot\u00a0be\u00a0right.<\/p>\n<p><strong>Scot:<\/strong><br \/>[20:55]\u00a0Wait,\u00a0if\u00a0I\u00a0hear\u00a0that,\u00a0you\u2019re\u00a0pre-anointing\u00a0that\u00a0I\u2019m\u00a0right.\u00a0Is\u00a0that\u00a0you\u2019re\u00a0here\u00a0in\u00a0March,\u00a0you\u2019re\u00a0saying\u00a0I\u00a0was\u00a0right\u00a0with\u00a0my\u00a0prediction.\u00a0Man,\u00a0I\u2019m\u00a0good.<\/p>\n<p><strong>Michael:<\/strong><br \/>[21:04]\u00a0I\u00a0didn\u2019t\u00a0want\u00a0to\u00a0pick\u00a0a\u00a0side\u00a0here,\u00a0but\u00a0I\u00a0think\u00a0people\u00a0might\u00a0be\u00a0falling\u00a0out\u00a0of\u00a0love\u00a0with\u00a0it,\u00a0although\u00a0it\u2019s\u00a0not\u00a0because\u00a0it\u2019s\u00a0not\u00a0wish,\u00a0it\u2019s\u00a0because\u00a0they\u2019re\u00a0out\u00a0wishing\u00a0wish.<br \/>We\u00a0can\u00a0talk\u00a0to\u00a0it\u00a0a\u00a0little\u00a0bit.\u00a0But\u00a0I\u00a0think\u00a0people\u00a0just\u00a0realize\u00a0Teamio\u00a0is\u00a0managing\u00a0to\u00a0disrupt\u00a0Wish.<br \/>And\u00a0we\u00a0can\u00a0talk\u00a0to\u00a0the\u00a0brands\u00a0that\u00a0it\u2019s\u00a0disrupting.\u00a0That\u2019s\u00a0just\u00a0one\u00a0of\u00a0many.<br \/>It\u2019s\u00a0got\u00a0higher\u00a0retention,\u00a0bigger\u00a0scale\u00a0than\u00a0Wish.<br \/>But\u00a0it\u00a0does\u00a0have\u00a0the\u00a0same\u00a0limits\u00a0as\u00a0Wish\u00a0and\u00a0that\u00a0this\u00a0deep\u00a0discount\u00a0model\u00a0doesn\u2019t\u00a0have\u00a0the\u00a0big\u00a0household\u00a0brands\u00a0that\u00a0people\u00a0want\u00a0when\u00a0they\u2019re\u00a0making\u00a0those\u00a0everyday\u00a0purchases\u00a0that\u00a0are\u00a0slightly\u00a0bigger,\u00a0like\u00a0the\u00a0Tides\u00a0and\u00a0Cloroxes\u00a0or\u00a0the\u00a0recognizable\u00a0alternatives.<br \/>There\u00a0are\u00a0just\u00a0some\u00a0things\u00a0you\u00a0don\u2019t\u00a0want\u00a0to\u00a0replace\u00a0and\u00a0you\u00a0don\u2019t\u00a0want\u00a0to\u00a0gamble\u00a0on.<br \/>I\u00a0don\u2019t\u00a0think\u00a0anyone\u00a0wants\u00a0to\u00a0spend\u00a0a\u00a0dollar\u00a0on\u00a0detergent\u00a0and\u00a0see\u00a0what\u00a0happens.<br \/>It\u2019s\u00a0just\u00a0going\u00a0to\u00a0be\u00a0tough\u00a0for\u00a0them\u00a0to\u00a0scale\u00a0at\u00a0some\u00a0point.<br \/>I\u00a0think\u00a0the\u00a0question\u00a0we\u00a0should\u00a0be\u00a0asking\u00a0is\u00a0if\u00a0they\u2019ve\u00a0reached\u00a0that\u00a0point\u00a0yet.<br \/>I\u2019m\u00a0not\u00a0sure.\u00a0The\u00a0sales\u00a0growth\u00a0slowing\u00a0suggests\u00a0they\u00a0could\u00a0have.<br \/>But\u00a0in\u00a0the\u00a0meantime,\u00a0they\u00a0are\u00a0actually\u00a0taking\u00a0a\u00a0wrecking\u00a0ball\u00a0to\u00a0several\u00a0other\u00a0brands.<br \/>So\u00a0just\u00a0because\u00a0total\u00a0sales\u00a0is\u00a0slowing\u00a0doesn\u2019t\u00a0mean\u00a0the\u00a0disruptive\u00a0effect\u00a0is\u00a0slowing.<\/p>\n<p><strong>Scot:<\/strong><br \/>[22:22]\u00a0Yeah,\u00a0let\u2019s\u00a0go,\u00a0Jason.<\/p>\n<p><strong>Jason:<\/strong><br \/>[22:51]\u00a0Because\u00a0Temu\u00a0is\u00a0buying\u00a0so\u00a0many\u00a0ads\u00a0and\u00a0driving\u00a0the\u00a0price\u00a0on\u00a0all\u00a0those\u00a0auctions\u00a0up.<br \/>So\u00a0don\u2019t\u00a0know\u00a0if\u00a0it\u2019s\u00a0moving\u00a0the\u00a0needle\u00a0on\u00a0consumer\u00a0impact\u00a0or\u00a0not,\u00a0but\u00a0it\u00a0for\u00a0sure\u00a0is\u00a0having\u00a0an\u00a0impact\u00a0on\u00a0their\u00a0competitors,\u00a0at\u00a0least\u00a0in\u00a0that\u00a0regard.<\/p>\n<p><strong>Michael:<\/strong><br \/>[23:04]\u00a0So\u00a0you\u2019re\u00a0saying\u00a0maybe\u00a0their\u00a0goal\u00a0is\u00a0to\u00a0just\u00a0suck\u00a0all\u00a0the\u00a0oxygen\u00a0out\u00a0of\u00a0the\u00a0room?<\/p>\n<p><strong>Jason:<\/strong><br \/>[23:08]\u00a0I\u2019m\u00a0saying\u00a0that\u2019s\u00a0potentially\u00a0an\u00a0unintended\u00a0positive\u00a0benefit.\u00a0Mm-hmm.<\/p>\n<p><strong>Scot:<\/strong><br \/>[23:15]\u00a0Yeah,\u00a0and\u00a0you\u2019ve\u00a0teed\u00a0us\u00a0up\u00a0there.\u00a0Who\u00a0is,\u00a0is\u00a0it\u00a0retailers\u00a0or\u00a0is\u00a0it\u00a0more\u00a0brands?<br \/>Who\u2019s\u00a0getting\u00a0impacted\u00a0by\u00a0this?<br \/>And\u00a0kind\u00a0of\u00a0embedded\u00a0in\u00a0this\u00a0question\u00a0is,\u00a0do\u00a0you\u00a0have\u00a0an\u00a0idea\u00a0of\u00a0the\u00a0categories?<br \/>Like\u00a0if\u00a0we\u00a0looked\u00a0at\u00a0that\u00a0pie\u00a0of\u00a0the\u00a050\u00a0billion\u00a0GMV,\u00a0is\u00a0it\u00a0largely\u00a0electronics?<br \/>Is\u00a0it\u00a0apparel?\u00a0Like\u00a0what\u00a0are\u00a0the\u00a0big\u00a0wedges\u00a0inside\u00a0of\u00a0there?<\/p>\n<p><strong>Michael:<\/strong><br \/>[23:35]\u00a0Yeah,\u00a0well,\u00a0so\u00a0the\u00a0great\u00a0part\u00a0about\u00a0transaction\u00a0data,\u00a0it\u2019s\u00a0really\u00a0good\u00a0at\u00a0looking\u00a0at\u00a0brand\u00a0disruption,\u00a0or\u00a0I\u00a0should\u00a0say\u00a0retail\u00a0disruption\u00a0by\u00a0brand.<br \/>Not\u00a0great\u00a0at\u00a0looking\u00a0at\u00a0the\u00a0categories.<br \/>You\u00a0know,\u00a0I\u00a0don\u2019t\u00a0see\u00a0what\u00a0an\u00a0individual\u00a0breakout\u00a0of\u00a0a\u00a0credit\u00a0card\u00a0receipt\u00a0is.<br \/>I\u2019m\u00a0just\u00a0seeing\u00a0where\u00a0people\u00a0are\u00a0spending.<br \/>So\u00a0I\u00a0think\u00a0that\u2019s\u00a0the\u00a0question\u00a0I\u2019m\u00a0more\u00a0equipped\u00a0to\u00a0answer.<br \/>In\u00a0terms\u00a0of\u00a0impact,\u00a0some\u00a0of\u00a0the\u00a0folks\u00a0you\u00a0think\u00a0of\u00a0when\u00a0you\u00a0think\u00a0of\u00a0mass\u00a0market\u00a0and\u00a0discount\u00a0retailers\u00a0like\u00a0Five\u00a0Below\u00a0and\u00a0Walmart,\u00a0the\u00a0ones\u00a0that\u00a0you\u00a0immediately\u00a0want\u00a0to\u00a0ask\u00a0if\u00a0they\u2019re\u00a0being\u00a0disrupted,\u00a0they\u00a0seem\u00a0like\u00a0they\u2019d\u00a0have\u00a0the\u00a0most\u00a0overlap.\u00a0They\u2019ve\u00a0been\u00a0pretty\u00a0untouched,\u00a0actually.<br \/>Part\u00a0of\u00a0its\u00a0overlap,\u00a0only\u00a019%\u00a0of\u00a0Walmart\u00a0and\u00a0Amazon\u2019s\u00a0customers\u00a0have\u00a0even\u00a0tried\u00a0TeamU.<br \/>And\u00a0that\u2019s\u00a0about\u00a0the\u00a0same\u00a0as\u00a0the\u00a0total\u00a0percent\u00a0of\u00a0US\u00a0households\u00a0that\u00a0have\u00a0tried\u00a0it.\u00a0substantially\u00a0the\u00a0whole\u00a0country\u00a0has\u00a0made\u00a0a\u00a0purchase\u00a0at\u00a0Walmart\u00a0and\u00a0Amazon.<br \/>So\u00a0they\u2019re\u00a0just\u00a0not\u00a0as\u00a0at\u00a0risk,\u00a0maybe\u00a0on\u00a0the\u00a0margins.<br \/>But\u00a0what\u00a0we\u2019re\u00a0seeing,\u00a0I\u00a0guess,\u00a0next\u00a0step\u00a0up\u00a0with\u00a0some\u00a0risk\u00a0is\u00a0the\u00a0dollar\u00a0stores.<br \/>Dollar\u00a0General,\u00a0they\u00a0share\u00a0about\u00a0a\u00a0quarter\u00a0of\u00a0their\u00a0customers\u00a0with\u00a0TeamU.<br \/>And\u00a0if\u00a0you\u00a0look\u00a0at\u00a0Dollar\u00a0General\u2019s\u00a0customers\u00a0spending\u00a0at\u00a0TeamU,\u00a0it\u2019s\u00a0up\u00a0over\u00a0800%\u00a0year\u00a0to\u00a0year\u00a0from\u00a0January\u00a023\u00a0to\u00a024.<br \/>Obviously,\u00a0a\u00a0super\u00a0small\u00a0base\u00a0and\u00a0flat.\u00a0at\u00a0Dollar\u00a0General\u00a0itself.<\/p>\n<p>[24:54]\u00a0And\u00a0then\u00a0those\u00a0TeamU\u00a0customers\u00a0who\u00a0aren\u2019t,\u00a0or\u00a0those\u00a0Dollar\u00a0General\u00a0customers\u00a0who\u00a0aren\u2019t\u00a0TeamU\u00a0customers,\u00a0they\u2019re\u00a0spending\u00a0slightly\u00a0up\u00a0at\u00a0Dollar\u00a0General.<br \/>It\u00a0suggests\u00a0that\u00a0there\u2019s\u00a0some\u00a0impact.<br \/>Again,\u00a0not\u00a0the\u00a0biggest\u00a0that\u00a0we\u2019ve\u00a0seen.\u00a0So\u00a0I\u2019d\u00a0say\u00a0like\u00a0dollar\u00a0stores\u00a0kind\u00a0of\u00a0marginally.<\/p>\n<p>[25:10]\u00a0This\u00a0is\u00a0not\u00a0as\u00a0supported\u00a0by\u00a0data,\u00a0but\u00a0just\u00a0putting\u00a0the\u00a0data\u00a0point\u00a0together\u00a0that\u00a0the\u00a0TeamU\u00a0customers\u00a0are\u00a0spending\u00a0less\u00a0and\u00a0TeamU\u00a0customers\u00a0are\u00a0richer,\u00a0you\u00a0could\u00a0come\u00a0to\u00a0the\u00a0conclusion\u00a0that\u00a0Dollar\u00a0General\u00a0role\u00a0is\u00a0losing\u00a0out\u00a0on\u00a0richer\u00a0customers\u00a0looking\u00a0for\u00a0deals\u00a0a\u00a0little\u00a0bit.<br \/>Maybe\u00a0they\u2019re\u00a0popping\u00a0in\u00a0for\u00a0something\u00a0they\u00a0really\u00a0don\u2019t\u00a0want\u00a0to\u00a0spend\u00a0a\u00a0lot\u00a0of\u00a0money\u00a0on,\u00a0like\u00a0a\u00a0party,\u00a0something\u00a0like\u00a0that.<br \/>That\u2019s\u00a0where\u00a0the\u00a0sales\u00a0that\u00a0they\u2019re\u00a0losing\u00a0is.\u00a0Which\u00a0actually\u00a0kind\u00a0of\u00a0takes\u00a0us\u00a0to\u00a0the\u00a0last\u00a0and\u00a0biggest\u00a0impact.<br \/>Wish\u00a0and\u00a0AliExpress,\u00a0as\u00a0well\u00a0as\u00a0all\u00a0those\u00a0hobby\u00a0lobby\u00a0party\u00a0supplies,\u00a0like\u00a0Oriental\u00a0Trading.\u00a0So\u00a0I\u2019ll\u00a0start\u00a0with\u00a0Wish.<br \/>Their\u00a0customers\u00a0are\u00a0just\u00a0fleeing.\u00a0I\u00a0think\u00a0there\u2019s\u00a0no\u00a0better\u00a0way\u00a0to\u00a0say\u00a0it.<br \/>50%\u00a0less\u00a0spend\u00a0on\u00a0Wish\u00a0in\u00a0January\u00a02024\u00a0than\u00a0January\u00a02023,\u00a0and\u00a0over\u00a0680%\u00a0increase\u00a0at\u00a0TeamU.<br \/>That\u2019s\u00a0just\u00a0astounding.\u00a0The\u00a0Wish\u00a0customer,\u00a0once\u00a0they\u00a0try\u00a0I,\u00a0TeamU,\u00a0they\u2019re\u00a0done.<br \/>It\u2019s\u00a0game\u00a0over.\u00a0It\u2019s\u00a0similar\u00a0for\u00a0AliExpress.<br \/>And\u00a0I\u00a0think\u00a0that\u00a0what\u00a0TeamU\u00a0has\u00a0really\u00a0done\u00a0early\u00a0on,\u00a0we\u00a0need\u00a0to\u00a0think\u00a0of\u00a0them\u00a0less\u00a0as\u00a0like\u00a0an\u00a0Amazon\u00a0killer,\u00a0and\u00a0more\u00a0as\u00a0a\u00a0brand\u00a0that\u00a0just\u00a0came\u00a0in\u00a0to\u00a0consolidate\u00a0the\u00a0existing\u00a0demand\u00a0for\u00a0this\u00a0deep\u00a0discount\u00a0online\u00a0spending\u00a0that\u00a0these\u00a0two,\u00a0AliExpress\u00a0and\u00a0Wish\u00a0kind\u00a0of\u00a0got\u00a0off\u00a0the\u00a0ground\u00a0in\u00a0the\u00a0US.<\/p>\n<p>[26:35]\u00a0In\u00a0terms\u00a0of\u00a0the\u00a0hobby\u00a0space,\u00a0Oriental\u00a0Trading,\u00a0Hobby\u00a0Lobby,\u00a0Party\u00a0City,\u00a0they\u00a0all\u00a0experienced\u00a0double-digit\u00a0declines\u00a0year-on-year\u00a0in\u00a0February\u00a0among\u00a0the\u00a0customers\u00a0who\u00a0also\u00a0shopped\u00a0at\u00a0TMU.<br \/>And\u00a0these\u00a0brands,\u00a0they\u2019re\u00a0catering\u00a0to\u00a0occasional\u00a0and\u00a0discount\u00a0merchandise.<br \/>I\u00a0think\u00a0they\u2019re\u00a0really\u00a0going\u00a0to\u00a0struggle\u00a0adapting\u00a0to\u00a0TMU.\u00a0It\u2019s\u00a0like\u00a0I\u00a0said,\u00a0the\u00a0person\u00a0who\u00a0doesn\u2019t\u00a0mind\u00a0throwing\u00a0away\u00a0$5,\u00a0$10,\u00a0$15\u00a0on\u00a0party\u00a0supplies\u00a0if\u00a0they\u00a0don\u2019t\u00a0work\u00a0out.<br \/>But\u00a0it\u2019s\u00a0a\u00a0one-time\u00a0thing\u00a0anyway.\u00a0way\u00a0you\u00a0know\u00a0it\u2019s\u00a0it\u2019s\u00a0things\u00a0that\u00a0they\u2019re\u00a0somewhat\u00a0disposable\u00a0items\u00a0to\u00a0these\u00a0customers\u00a0and\u00a0very\u00a0interchangeable\u00a0got.<\/p>\n<p><strong>Scot:<\/strong><br \/>[27:12]\u00a0It\u00a0i\u00a0noticed\u00a0you\u00a0didn\u2019t\u00a0mention\u00a0amazon\u00a0on\u00a0that\u00a0list\u00a0is\u00a0there\u00a0is\u00a0it\u00a0there\u00a0been\u00a0an\u00a0amazon\u00a0impact\u00a0or\u00a0has\u00a0it\u00a0been.<\/p>\n<p><strong>Michael:<\/strong><br \/>[27:18]\u00a0That\u2019s\u00a0great\u00a0good\u00a0catch\u00a0pretty\u00a0negligible\u00a0just\u00a0just\u00a0like\u00a0walmart\u00a0they\u2019re\u00a0just\u00a0brands\u00a0on\u00a0those\u00a0platforms\u00a0at\u00a0this\u00a0point\u00a0that\u00a0you\u00a0can\u2019t\u00a0find\u00a0at\u00a0at\u00a0these\u00a0places\u00a0i\u00a0think\u00a0when\u00a0i\u00a0say\u00a0on\u00a0the\u00a0margins\u00a0that\u2019s\u00a0what\u00a0i\u00a0mean\u00a0there\u00a0could\u00a0be\u00a0hey,\u00a0I\u00a0need\u00a0this\u00a0small\u00a0thing\u00a0for\u00a0my\u00a0kitchen\u00a0that\u00a0I\u00a0could\u00a0get\u00a0for\u00a0$1\u00a0or\u00a0get\u00a0for\u00a0$3.<br \/>And\u00a0that\u00a0might\u00a0be\u00a0the\u00a0sale\u00a0they\u00a0lose\u00a0out\u00a0on,\u00a0but\u00a0they\u2019re\u00a0doing\u00a0a\u00a0better\u00a0job\u00a0of\u00a0being\u00a0one-stop\u00a0shops.<br \/>And\u00a0I\u00a0think\u00a0with\u00a0what\u00a0we\u2019ve\u00a0seen,\u00a0it\u00a0doesn\u2019t\u00a0seem\u00a0like\u00a0the\u00a0business\u00a0model\u00a0is\u00a0set\u00a0to\u00a0take\u00a0on\u00a0Amazon\u00a0yet.<\/p>\n<p><strong>Scot:<\/strong><br \/>[27:57]\u00a0Got\u00a0it.\u00a0Yeah.<\/p>\n<p><strong>Jason:<\/strong><br \/>[28:00]\u00a0You\u00a0know,\u00a0a\u00a0couple\u00a0of\u00a0things\u00a0that\u00a0come\u00a0to\u00a0mind.\u00a0A,\u00a0I\u00a0think\u00a0the\u00a0dollar\u00a0store\u00a0thing\u00a0is\u00a0super\u00a0interesting\u00a0because\u00a0historically\u00a0dollar\u00a0stores\u00a0haven\u2019t\u00a0sold\u00a0very\u00a0much\u00a0online.<br \/>Like,\u00a0and,\u00a0and,\u00a0you\u00a0know,\u00a0usually\u00a0their\u00a0excuse\u00a0is\u00a0that,\u00a0that\u00a0super\u00a0low\u00a0price\u00a0point\u00a0discounted\u00a0items\u00a0don\u2019t\u00a0work\u00a0online.<br \/>Right.\u00a0And\u00a0I,\u00a0I\u00a0think\u00a0like\u00a0in\u00a0some\u00a0ways\u00a0I\u00a0look\u00a0at\u00a0Temu\u00a0and\u00a0I\u00a0say,\u00a0they\u2019re\u00a0actually\u00a0the\u00a0digital\u00a0dollar\u00a0store\u00a0that\u00a0did\u00a0figure\u00a0it\u00a0out.\u00a0Now.<\/p>\n<p>[28:25]\u00a0It\u00a0remains\u00a0to\u00a0be\u00a0seen\u00a0whether\u00a0they\u00a0can\u00a0make\u00a0money\u00a0doing\u00a0it\u00a0in\u00a0the\u00a0long\u00a0run.<br \/>But\u00a0it\u00a0doesn\u2019t\u00a0surprise\u00a0me\u00a0that\u00a0those\u00a0are\u00a0some\u00a0of\u00a0the\u00a0categories\u00a0that\u00a0are\u00a0being\u00a0disproportionately\u00a0impacted.<br \/>And\u00a0I\u00a0think\u00a0you\u00a0really\u00a0hit\u00a0something\u00a0interesting\u00a0on\u00a0some\u00a0of\u00a0these\u00a0everyday\u00a0essential\u00a0retailers\u00a0that\u00a0sell\u00a0the\u00a0brands\u00a0that\u00a0consumers\u00a0are\u00a0looking\u00a0for\u00a0and\u00a0trust.<\/p>\n<p>[28:46]\u00a0That,\u00a0to\u00a0me,\u00a0feels\u00a0like\u00a0a\u00a0different\u00a0shopping\u00a0occasion\u00a0than\u00a0the\u00a0shopping\u00a0occasion\u00a0I\u00a0think\u00a0Timo\u00a0is\u00a0winning.<br \/>Branding\u00a0there\u2019s\u00a0this\u00a0whole\u00a0new\u00a0trend\u00a0on\u00a0all\u00a0the\u00a0social\u00a0media\u00a0platforms\u00a0called\u00a0dupes\u00a0and\u00a0you\u00a0know\u00a0people\u00a0think\u00a0of\u00a0like\u00a0knockoffs\u00a0and\u00a0forgeries\u00a0where\u00a0you\u00a0you\u00a0try\u00a0to\u00a0pretend\u00a0you\u2019re\u00a0a\u00a0brand\u00a0that\u00a0you\u2019re\u00a0not\u00a0but\u00a0dupes\u00a0is\u00a0a\u00a0something\u00a0different\u00a0dupes\u00a0is\u00a0this\u00a0is\u00a0a\u00a0very\u00a0similar\u00a0product\u00a0to\u00a0a\u00a0name\u00a0brand\u00a0product\u00a0but\u00a0it\u00a0it\u00a0overtly\u00a0is\u00a0not\u00a0the\u00a0name\u00a0brand\u00a0product\u00a0and\u00a0it\u2019s\u00a0a\u00a0way\u00a0better\u00a0value\u00a0and\u00a0they\u2019re\u00a0now\u00a0these\u00a0big\u00a0cohorts\u00a0of\u00a0consumers\u00a0that\u00a0talk\u00a0about\u00a0their\u00a0dupes\u00a0and\u00a0brag\u00a0about\u00a0their\u00a0dupe\u00a0finds\u00a0and,\u00a0you\u00a0know,\u00a0proudly\u00a0make\u00a0these,\u00a0these\u00a0dupe\u00a0decisions.<br \/>And\u00a0it\u00a0feels\u00a0like\u00a0those\u00a0are\u00a0the\u00a0kind\u00a0of\u00a0things\u00a0where,\u00a0where\u00a0Teemu\u2019s\u00a0playing\u00a0really\u00a0well,\u00a0where,\u00a0you\u00a0know,\u00a0you\u2019re\u00a0into,\u00a0you\u00a0know,\u00a0crafting\u00a0and\u00a0you\u2019ve,\u00a0you\u00a0know,\u00a0there\u2019s\u00a0some\u00a0expensive\u00a0machine,\u00a0a\u00a0cricket\u00a0machine\u00a0for\u00a0cutting\u00a0vinyl.<br \/>And\u00a0you\u00a0say,\u00a0oh\u00a0man,\u00a0I\u00a0found\u00a0a\u00a0dupe\u00a0on\u00a0Teemu\u00a0for\u00a020\u00a0bucks,\u00a0right?<br \/>Like\u00a0those\u00a0Those\u00a0feel\u00a0like\u00a0the\u00a0kinds\u00a0of\u00a0occasions\u00a0they\u2019re\u00a0winning\u00a0when\u00a0you\u2019re\u00a0willing\u00a0to\u00a0trade\u00a0down\u00a0for\u00a0that\u00a0no-name\u00a0product\u00a0and\u00a0take\u00a0a\u00a0gamble\u00a0versus\u00a0when\u00a0you\u00a0know\u00a0you\u00a0want\u00a0the\u00a0Tide\u00a0dishwasher\u00a0soap.<\/p>\n<p><strong>Michael:<\/strong><br \/>[29:58]\u00a0I\u00a0think\u00a0that\u2019s\u00a0a\u00a0great\u00a0point.\u00a0They\u2019re\u00a0taking\u00a0advantage\u00a0of\u00a0the\u00a0trading\u00a0down\u00a0phenomenon\u00a0in\u00a0general\u00a0right\u00a0now\u00a0that\u00a0a\u00a0lot\u00a0of\u00a0brands\u00a0are\u00a0seeing,\u00a0a\u00a0lot\u00a0of\u00a0retailers\u00a0are\u00a0seeing.<br \/>This\u00a0is\u00a0the\u00a0perfect\u00a0spot.\u00a0I\u2019ll\u00a0just\u00a0go\u00a0ahead\u00a0and\u00a0see\u00a0if\u00a0Temu\u00a0has\u00a0it.<br \/>Maybe\u00a0they\u00a0will,\u00a0maybe\u00a0they\u00a0won\u2019t.<\/p>\n<p><strong>Scot:<\/strong><br \/>[30:15]\u00a0Cool.\u00a0One\u00a0topic,\u00a0and\u00a0this\u00a0is\u00a0kind\u00a0of\u00a0a\u00a0jump\u00a0ball\u00a0for\u00a0you\u00a0guys,\u00a0is\u00a0the,\u00a0you\u00a0know,\u00a0I\u00a0read\u00a0a\u00a0lot\u00a0about\u00a0this\u00a0shipping\u00a0model,\u00a0and\u00a0this\u00a0was\u00a0always\u00a0Wish\u2019s\u00a0kind\u00a0of\u00a0secret\u00a0sauce\u00a0is\u00a0there\u2019s\u00a0this,\u00a0there\u2019s\u00a0this\u00a0like\u00a0loophole\u00a0in\u00a0the\u00a0postal\u00a0code\u00a0where\u00a0if\u00a0you\u00a0send\u00a0this\u00a0something\u00a0small,\u00a0you\u00a0know,\u00a0it\u00a0doesn\u2019t\u00a0have\u00a0any\u00a0tariffs,\u00a0number\u00a0one.<br \/>And\u00a0then\u00a0number\u00a0two,\u00a0there\u2019s\u00a0like\u00a0this\u00a0really\u00a0cheap\u00a0postal\u00a0rate,\u00a0or\u00a0I\u00a0can\u2019t\u00a0remember\u00a0if\u00a0China\u00a0subsidizes\u00a0it\u00a0or\u00a0it\u2019s\u00a0free\u00a0or\u00a0we\u00a0subsidize\u00a0it,\u00a0but\u00a0there\u2019s\u00a0some,\u00a0there\u2019s\u00a0kind\u00a0of\u00a0like\u00a0double\u00a0loopholes.\u00a0There\u2019s\u00a0a\u00a0tariff\u00a0one\u00a0and\u00a0a\u00a0shipping\u00a0one.<br \/>And\u00a0I\u2019ve\u00a0seen\u00a0some\u00a0noise\u00a0lately\u00a0about\u00a0people\u00a0wanting\u00a0to\u00a0kind\u00a0of\u00a0shut\u00a0this\u00a0down.<br \/>Do\u00a0you\u00a0guys,\u00a0either\u00a0of\u00a0you\u00a0more\u00a0expert\u00a0on\u00a0that\u00a0than\u00a0I\u00a0am\u00a0and\u00a0have\u00a0an\u00a0opinion\u00a0on\u00a0if\u00a0it\u2019s\u00a0going\u00a0to\u00a0be\u00a0sustainable\u00a0or\u00a0not?<\/p>\n<p><strong>Jason:<\/strong><br \/>[30:57]\u00a0I\u00a0could\u00a0certainly\u00a0jump\u00a0in\u00a0there.\u00a0So\u00a0what\u00a0you\u2019re\u00a0talking\u00a0about\u00a0is\u00a0there\u2019s\u00a0this\u00a0thing\u00a0called\u00a0the\u00a0Global\u00a0Postal\u00a0Treaty.<br \/>And\u00a0it\u2019s\u00a0a\u00a0prearranged\u00a0agreement\u00a0between\u00a0like\u00a095\u00a0countries,\u00a094\u00a0countries\u00a0for\u00a0how\u00a0they\u2019ll\u00a0deliver\u00a0each\u00a0other\u2019s\u00a0mail.<br \/>When\u00a0you\u00a0try\u00a0to\u00a0ship\u00a0a\u00a0letter\u00a0from\u00a0the\u00a0U.S.\u00a0to\u00a0Germany,\u00a0the\u00a0U.S.<br \/>Post\u00a0Office\u00a0is\u00a0going\u00a0to\u00a0hand\u00a0it\u00a0to\u00a0the\u00a0German\u00a0Post,\u00a0and\u00a0they\u00a0need\u00a0to\u00a0know\u00a0in\u00a0advance\u00a0how\u00a0much\u00a0the\u00a0German\u00a0Post\u00a0is\u00a0going\u00a0to\u00a0charge\u00a0the\u00a0U.S.<br \/>Post\u00a0Office\u00a0to\u00a0deliver\u00a0that\u00a0so\u00a0that\u00a0the\u00a0U.S.<br \/>Post\u00a0Office\u00a0can\u00a0charge\u00a0a\u00a0rate\u00a0in\u00a0advance\u00a0to\u00a0you\u00a0to\u00a0deliver\u00a0those\u00a0things.<br \/>So\u00a0this\u00a0global\u00a0postal\u00a0treaty\u00a0is\u00a0super\u00a0valuable,\u00a0and\u00a0it\u00a0makes\u00a0it\u00a0possible\u00a0to\u00a0cost\u00a0effectively\u00a0and,\u00a0you\u00a0know,\u00a0with\u00a0predictable\u00a0rates,\u00a0mail\u00a0stuff\u00a0all\u00a0across\u00a0the\u00a0world.<\/p>\n<p>[31:41]\u00a0Unfortunately,\u00a0there\u2019s\u00a0a\u00a0couple\u00a0of\u00a0problems\u00a0with\u00a0it.\u00a0There\u00a0was\u00a0the\u00a0developed\u00a0nations\u00a0agreed\u00a0that\u00a0for\u00a0less\u00a0economically\u00a0developed\u00a0nations,\u00a0they\u00a0would\u00a0have\u00a0a\u00a0preferred\u00a0rate.<br \/>So\u00a0they\u00a0would\u00a0charge\u00a0even\u00a0less\u00a0to\u00a0deliver.<br \/>The\u00a0U.S.\u00a0post\u00a0office\u00a0would\u00a0charge\u00a0less\u00a0to\u00a0deliver\u00a0mail\u00a0from\u00a0a\u00a0developing\u00a0economy\u00a0than\u00a0they\u00a0would\u00a0from\u00a0an\u00a0established\u00a0economy.<br \/>And\u00a0until\u00a0recently,\u00a0China\u00a0was\u00a0characterized\u00a0as\u00a0a\u00a0developing\u00a0economy,\u00a0which\u00a0is\u00a0probably\u00a0not\u00a0accurate.<br \/>And\u00a0then\u00a0the\u00a0Postal\u00a0Treaty\u00a0specifies\u00a0a\u00a0dollar\u00a0limit\u00a0that\u00a0it\u00a0only\u00a0is\u00a0in\u00a0effect\u00a0for\u00a0packages\u00a0under\u00a0a\u00a0certain\u00a0value.<br \/>And\u00a0so\u00a0this\u00a0is\u00a0called\u00a0the\u00a0de\u00a0minimis\u00a0clause\u00a0of\u00a0the\u00a0Postal\u00a0Treaty.<br \/>In\u00a0the\u00a0United\u00a0States,\u00a0the\u00a0threshold\u00a0is\u00a0$800.<br \/>So\u00a0when\u00a0Temu\u00a0ships\u00a0something\u00a0to\u00a0a\u00a0consumer\u00a0in\u00a0the\u00a0U.S.\u00a0that\u00a0costs\u00a0under\u00a0$800,\u00a0they\u00a0get\u00a0a\u00a0predetermined\u00a0rate\u00a0from\u00a0the\u00a0U.S.<br \/>Post\u00a0office,\u00a0which\u00a0is\u00a0often\u00a0cheaper\u00a0than\u00a0the\u00a0rate\u00a0to\u00a0mail\u00a0something\u00a0from\u00a0one\u00a0part\u00a0of\u00a0the\u00a0U.S.\u00a0to\u00a0the\u00a0other.<br \/>And\u00a0Scott,\u00a0per\u00a0your\u00a0point,\u00a0there\u00a0is\u00a0no\u00a0tariffs\u00a0charged\u00a0on\u00a0that\u00a0item\u00a0and\u00a0there\u00a0is\u00a0no\u00a0import\u00a0inspection\u00a0on\u00a0that\u00a0item.\u00a0So,\u00a0you\u00a0know,\u00a0normally\u00a0when\u00a0we,\u00a0you\u00a0know,\u00a0if\u00a0a\u00a0U.S.<br \/>Retailer\u00a0imports\u00a0a\u00a0container\u00a0of\u00a0goods\u00a0from\u00a0China,\u00a0there\u2019s\u00a0all\u00a0kinds\u00a0of\u00a0inspections\u00a0to\u00a0make\u00a0sure\u00a0that\u00a0the\u00a0factory\u00a0in\u00a0China\u00a0met\u00a0labor\u00a0standards\u00a0and,\u00a0you\u00a0know,\u00a0met\u00a0environmental\u00a0standards,\u00a0and\u00a0then\u00a0they\u00a0pay\u00a0tariffs\u00a0on\u00a0all\u00a0that.<\/p>\n<p>[33:08]\u00a0The\u00a0team\u00a0who\u00a0hands\u00a0one\u00a0package\u00a0to\u00a0the\u00a0U.S.\u00a0post\u00a0office,\u00a0they\u00a0they\u00a0get\u00a0to\u00a0bypass\u00a0all\u00a0that,\u00a0which,\u00a0you\u00a0know,\u00a0is,\u00a0of\u00a0course,\u00a0controversial.<br \/>No\u00a0one\u00a0wants\u00a0to\u00a0get\u00a0rid\u00a0of\u00a0the\u00a0Global\u00a0Postal\u00a0Treaty\u00a0or\u00a0even\u00a0de\u00a0minimis.<br \/>But\u00a0what\u00a0they\u2019re\u00a0saying\u00a0is\u00a0that\u00a0the\u00a0U.S.\u2019s\u00a0800\u00a0hour\u00a0threshold\u00a0is\u00a0probably\u00a0way\u00a0too\u00a0high.<br \/>Like\u00a0China\u2019s\u00a0threshold\u00a0for\u00a0reciprocation\u00a0is\u00a0something\u00a0like\u00a0forty\u00a0dollars\u00a0or\u00a0something.<br \/>So\u00a0you\u00a0could\u00a0you\u00a0could\u00a0put\u00a0a\u00a0big\u00a0dent\u00a0in\u00a0Temu\u00a0if\u00a0you\u00a0just\u00a0lowered\u00a0the\u00a0the\u00a0threshold.<br \/>And\u00a0so\u00a0there\u2019s\u00a0There\u2019s,\u00a0you\u00a0know,\u00a0noise\u00a0in\u00a0Congress\u00a0about\u00a0trying\u00a0to\u00a0change\u00a0that\u00a0limit.<br \/>I\u00a0would\u00a0say\u00a0that,\u00a0you\u00a0know,\u00a0it\u00a0is\u00a0an\u00a0unfair\u00a0advantage\u00a0in\u00a0many\u00a0ways,\u00a0and\u00a0U.S.<br \/>Companies\u00a0are\u00a0certainly\u00a0right\u00a0to\u00a0complain\u00a0about\u00a0that.<\/p>\n<p>[33:51]\u00a0I\u00a0would\u00a0say\u00a0that\u00a0Temu\u00a0is\u00a0different\u00a0than\u00a0Wish.\u00a0Wish\u00a0took\u00a0advantage\u00a0of\u00a0this\u00a0cause.<br \/>Temu\u00a0takes\u00a0advantage\u00a0of\u00a0it\u00a0way\u00a0more\u00a0effectively,\u00a0right?<br \/>So\u00a0Wish\u00a0sold,\u00a0you\u00a0know,\u00a0was\u00a0a\u00a0marketplace,\u00a0and\u00a0they\u00a0had\u00a0a\u00a0factory\u00a0sell\u00a0something\u00a0to\u00a0an\u00a0American\u00a0consumer.<br \/>And\u00a0then\u00a0it\u00a0was\u00a0up\u00a0to\u00a0the\u00a0factory\u00a0to\u00a0get\u00a0it\u00a0to\u00a0the\u00a0American\u00a0consumer.<br \/>So\u00a0the\u00a0factory\u00a0had\u00a0to\u00a0have\u00a0their\u00a0own\u00a0postal\u00a0account.<br \/>And\u00a0then\u00a0they,\u00a0you\u00a0know,\u00a0had\u00a0to\u00a0trigger\u00a0this\u00a0postal\u00a0treaty.\u00a0And\u00a0there\u00a0was\u00a0no\u00a0shipping\u00a0confirmation.<br \/>And\u00a0often\u00a0Wish\u00a0products\u00a0took\u00a0a\u00a0very\u00a0long\u00a0time\u00a0to\u00a0ship\u00a0and\u00a0a\u00a0very\u00a0long\u00a0time\u00a0to\u00a0arrive.<br \/>As\u00a0part\u00a0of\u00a0this\u00a0next-gen\u00a0manufacturing\u00a0model\u00a0that\u00a0Temu\u00a0has,\u00a0they\u00a0do\u00a0all\u00a0that\u00a0for\u00a0the\u00a0seller.\u00a0And\u00a0it\u00a0uses\u00a0Temu\u2019s\u00a0postal\u00a0account.<br \/>And\u00a0they\u00a0expedite\u00a0all\u00a0of\u00a0these\u00a0things.\u00a0Most\u00a0of\u00a0these\u00a0goods\u00a0get\u00a0air\u00a0freighted\u00a0to\u00a0the\u00a0U.S.\u00a0and\u00a0put\u00a0into\u00a0the\u00a0U.S.\u00a0postal\u00a0system.<br \/>So\u00a0while\u00a0Wish\u00a0items\u00a0would\u00a0have\u00a0averaged\u00a0three\u00a0or\u00a0four\u00a0weeks\u00a0delivery\u00a0time.<\/p>\n<p>[34:46]\u00a0Temu\u00a0normally\u00a0averages\u00a0like\u00a0five\u00a0to\u00a0seven\u00a0days,\u00a0and\u00a0they\u00a0almost\u00a0always\u00a0outperform\u00a0their\u00a0shipping\u00a0promises.\u00a0And\u00a0in\u00a0fact,\u00a0they\u00a0even\u00a0have\u00a0a\u00a0guarantee.<br \/>They\u00a0give\u00a0you\u00a0$5\u00a0back\u00a0if\u00a0the\u00a0package\u00a0arrives\u00a0late.<br \/>So,\u00a0you\u00a0know,\u00a0part\u00a0of\u00a0the\u00a0reason\u00a0that\u00a0I\u00a0don\u2019t\u00a0think\u00a0they\u2019re\u00a0just\u00a0purely\u00a0Wish\u00a02.0\u00a0is\u00a0they\u00a0actually\u00a0do\u00a0have\u00a0a\u00a0better,\u00a0more\u00a0reliable\u00a0shipping\u00a0experience\u00a0than\u00a0Wish.<br \/>And\u00a0they\u00a0actually\u00a0more\u00a0effectively\u00a0take\u00a0advantage\u00a0of\u00a0this\u00a0postal\u00a0loophole\u00a0than\u00a0Wish\u00a0ever\u00a0did.<\/p>\n<p><strong>Scot:<\/strong><br \/>[35:18]\u00a0Yeah.\u00a0And\u00a0Wish\u00a0took\u00a0the\u00a0proceeds\u00a0of\u00a0their\u00a0IPO\u00a0and\u00a0built\u00a0out\u00a0some\u00a0fulfillment\u00a0centers.<br \/>And\u00a0they\u00a0almost\u00a0did\u00a0their\u00a0own\u00a0version\u00a0of\u00a0that\u00a0Amazon\u00a0dragon\u00a0boat\u00a0or\u00a0whatever\u00a0that\u00a0was\u00a0called.<br \/>Has\u00a0T-Mood\u00a0signaled\u00a0they\u2019re\u00a0going\u00a0to\u00a0do\u00a0something\u00a0like\u00a0that\u00a0where\u00a0they\u00a0have,\u00a0you\u00a0know,\u00a0even\u00a0more?<\/p>\n<p><strong>Jason:<\/strong><br \/>[35:32]\u00a0Yeah,\u00a0they\u00a0already\u00a0have\u00a0in\u00a0some.\u00a0So\u00a0they\u2019re\u00a0in\u00a049\u00a0countries\u00a0now.<br \/>So\u00a0they\u00a0do\u00a0have\u00a0D.C.\u00a0fulfillment\u00a0centers\u00a0in\u00a0some\u00a0of\u00a0those\u00a0countries.<br \/>They\u2019ve\u00a0actually\u00a0talked\u00a0about\u00a0opening\u00a0a\u00a0fulfillment\u00a0center\u00a0in\u00a0Mexico\u00a0for\u00a0delivering\u00a0goods\u00a0in\u00a0the\u00a0western\u00a0U.S.<br \/>And\u00a0so\u00a0so\u00a0they\u00a0are\u00a0talking\u00a0about\u00a0that.<br \/>But\u00a0then\u00a0this\u00a0other\u00a0big\u00a0thing\u00a0is\u00a0starting\u00a0this\u00a0week\u00a0that\u00a0a\u00a0U.S.<br \/>Seller\u00a0could\u00a0list\u00a0their\u00a0goods\u00a0that,\u00a0you\u00a0know,\u00a0the\u00a0goods\u00a0are\u00a0already\u00a0in\u00a0a\u00a0warehouse\u00a0in\u00a0the\u00a0U.S.\u00a0that\u00a0US\u00a0seller\u00a0could\u00a0list\u00a0their\u00a0goods\u00a0on\u00a0Temu\u00a0and\u00a0then\u00a0deliver\u00a0those\u00a0goods\u00a0from\u00a0a\u00a0US\u00a0fulfillment\u00a0center.<br \/>So\u00a0that\u2019s\u00a0a\u00a0potential\u00a0way\u00a0to\u00a0get\u00a0much\u00a0faster\u00a0delivery\u00a0times\u00a0for\u00a0Temu.<br \/>And\u00a0we\u2019ve\u00a0already\u00a0seen\u00a0some\u00a0badging.\u00a0Temu\u00a0has\u00a0items\u00a0with\u00a0a\u00a0rapid\u00a0ship\u00a0badge\u00a0that\u00a0are\u00a0guaranteed\u00a0for\u00a0two-day\u00a0delivery.<br \/>So\u00a0it\u00a0does\u00a0seem\u00a0like\u00a0Temu\u00a0recognizes\u00a0that\u00a0over\u00a0time,\u00a0their\u00a0fulfillment\u00a0model\u00a0is\u00a0going\u00a0to\u00a0have\u00a0to\u00a0be\u00a0more\u00a0nuanced\u00a0than\u00a0just\u00a0the\u00a0the\u00a0individual\u00a0parcels\u00a0uh\u00a0coming\u00a0one\u00a0at\u00a0a\u00a0time\u00a0but\u00a0but\u00a0you\u00a0know\u00a0that\u00a0still\u00a0seems\u00a0like\u00a0the\u00a0the\u00a0sort\u00a0of\u00a0biggest\u00a0foundation\u00a0of\u00a0how\u00a0they\u2019re\u00a0delivering\u00a0all\u00a0these\u00a0goods\u00a0got.<\/p>\n<p><strong>Michael:<\/strong><br \/>[36:36]\u00a0It\u00a0um\u00a0the\u00a0minimus\u00a0though\u00a0i\u00a0can\u2019t\u00a0imagine\u00a0that\u00a0much\u00a0they\u00a0would\u00a0change\u00a0would\u00a0really\u00a0have\u00a0an\u00a0impact\u00a0we\u2019re\u00a0seeing\u00a0average\u00a0ticket\u00a0prices\u00a0at\u00a038\u00a0last\u00a0month\u00a0for\u00a0for\u00a0timmy\u00a0like\u00a0are\u00a0they\u00a0thinking\u00a0thinking\u00a0of\u00a0reducing\u00a0it\u00a0by\u00a0that\u00a0much\u00a0or.<\/p>\n<p><strong>Jason:<\/strong><br \/>[36:52]\u00a0So,\u00a0I\u00a0mean,\u00a0a\u00a0just\u00a0talking\u00a0about\u00a0way\u00a0over\u00a0our\u00a0skis,\u00a0like\u00a0my,\u00a0my\u00a0political\u00a0acumen\u00a0is\u00a0very\u00a0poor,\u00a0but\u00a0yeah,\u00a0I\u00a0don\u2019t\u00a0think\u00a0Congress\u00a0is\u00a0gonna\u00a0do\u00a0anything.<br \/>I\u00a0think\u00a0like\u00a0at\u00a0most\u00a0they\u2019ll\u00a0have\u00a0a,\u00a0a\u00a0hearing\u00a0and\u00a0try\u00a0to\u00a0look\u00a0like\u00a0tough\u00a0guys\u00a0talking\u00a0about\u00a0how\u00a0unfair\u00a0it\u00a0is\u00a0and\u00a0how\u00a0they\u2019re\u00a0gonna\u00a0try\u00a0to\u00a0protect\u00a0the\u00a0American\u00a0businessman\u00a0and\u00a0the\u00a0American\u00a0consumer.<br \/>And\u00a0then\u00a0when\u00a0push\u00a0comes\u00a0to\u00a0shove,\u00a0they\u00a0won\u2019t,\u00a0they\u00a0won\u2019t\u00a0do\u00a0anything,\u00a0which\u00a0is\u00a0my,\u00a0my\u00a0cynical\u00a0nature.<br \/>But\u00a0you\u2019re\u00a0right.\u00a0Right.\u00a0Nobody\u2019s\u00a0talking\u00a0about\u00a0dropping\u00a0the\u00a0de\u00a0minimis\u00a0low\u00a0enough\u00a0to\u00a0to,\u00a0you\u00a0know,\u00a0really\u00a0trigger\u00a0the\u00a0bulk\u00a0of\u00a0these\u00a0these\u00a0Temu\u00a0shipments.<br \/>So\u00a0it\u2019s\u00a0it\u2019s\u00a0more\u00a0likely\u00a0if\u00a0they\u00a0made\u00a0a\u00a0change,\u00a0it\u00a0would\u00a0be\u00a0a\u00a0gesture,\u00a0not\u00a0like,\u00a0you\u00a0know,\u00a0some\u00a0some\u00a0game\u00a0changing\u00a0thing.<br \/>Now,\u00a0you\u00a0know,\u00a0there\u2019s\u00a0another\u00a0big\u00a0Chinese\u00a0company\u00a0out\u00a0there,\u00a0ByteDance,\u00a0which\u00a0is\u00a0TikTok.<br \/>And\u00a0like\u00a0there\u00a0there\u00a0is\u00a0a\u00a0bill\u00a0going\u00a0through\u00a0Congress\u00a0right\u00a0now\u00a0to\u00a0ban\u00a0TikTok.<br \/>And\u00a0so,\u00a0you\u00a0know,\u00a0if\u00a0something\u00a0like\u00a0that\u00a0were\u00a0to\u00a0happen\u00a0with,\u00a0with\u00a0a\u00a0PDD\u00a0or\u00a0Temu,\u00a0you\u00a0know,\u00a0that,\u00a0that\u00a0would\u00a0of\u00a0course,\u00a0you\u00a0know,\u00a0be\u00a0a,\u00a0a\u00a0big\u00a0threat\u00a0of\u00a0a\u00a0disruption.<\/p>\n<p><strong>Scot:<\/strong><br \/>[37:54]\u00a0Yep.<br \/>And\u00a0then\u00a0on\u00a0that\u00a0example\u00a0you\u00a0gave,\u00a0Jason,\u00a0of\u00a0a\u00a0U.S.\u00a0seller\u00a0in\u00a0a\u00a0fulfillment\u00a0center,\u00a0is\u00a0that\u00a0Temu\u2019s\u00a0fulfillment\u00a0center\u00a0or\u00a0the\u00a0seller\u2019s\u00a0fulfillment\u00a0center?<\/p>\n<p><strong>Jason:<\/strong><br \/>[38:04]\u00a0The\u00a0seller\u2019s\u00a0fulfillment\u00a0center.\u00a0So\u00a0potentially\u00a0what\u00a0would\u00a0be\u00a0one\u00a0of\u00a0the\u00a0ironies\u00a0of\u00a0this\u00a0is,\u00a0of\u00a0course,\u00a0as\u00a0Amazon\u00a0has\u00a0expanded\u00a0their\u00a0fulfillment\u00a0services,\u00a0you\u00a0could\u00a0be\u00a0an\u00a0Amazon\u00a0seller,\u00a0be\u00a0using\u00a0FBA,\u00a0and\u00a0sell\u00a0something\u00a0on\u00a0Temu\u00a0and\u00a0have\u00a0Amazon\u00a0fulfill\u00a0it\u00a0for\u00a0you.<\/p>\n<p><strong>Scot:<\/strong><br \/>[38:20]\u00a0Yeah,\u00a0Wish\u00a0did\u00a0something\u00a0like\u00a0this.\u00a0What\u00a0we\u00a0found\u00a0was\u00a0the\u00a0U.S.<br \/>Seller\u00a0struggled\u00a0to\u00a0get\u00a0things\u00a0in\u00a0the\u00a0price\u00a0point\u00a0that\u00a0consumer\u00a0wanted,\u00a0right?<br \/>It\u2019s\u00a0like\u00a0it\u2019s\u00a0such\u00a0this\u00a0low\u00a0quality\u00a0stuff\u00a0that\u00a0almost\u00a0has\u00a0to\u00a0be\u00a0offshore\u00a0for\u00a0even\u00a0to\u00a0the\u00a0manufacturer.<\/p>\n<p><strong>Jason:<\/strong><br \/>[38:36]\u00a0Yeah,\u00a0I\u00a0think\u00a0you\u00a0are\u00a0100\u00a0percent\u00a0right\u00a0there.\u00a0I\u00a0don\u2019t\u00a0think\u00a0they\u2019re\u00a0going\u00a0to\u00a0like\u00a0we\u00a0don\u2019t\u00a0know\u00a0what\u00a0the\u00a0uptake\u00a0is\u00a0going\u00a0to\u00a0be\u00a0on\u00a0these\u00a0U.S.<br \/>Sellers.\u00a0It\u2019s\u00a0an\u00a0interesting\u00a0talking\u00a0point,\u00a0but\u00a0it\u00a0doesn\u2019t\u00a0seem\u00a0like\u00a0there\u2019s\u00a0going\u00a0to\u00a0be\u00a0a\u00a0bunch\u00a0of\u00a0U.S.<br \/>Sellers\u00a0that\u00a0are\u00a0going\u00a0to\u00a0likely\u00a0participate\u00a0in\u00a0this\u00a0like\u00a0low\u00a0price\u00a0dupes\u00a0demand\u00a0that\u00a0they\u00a0have\u00a0today.<br \/>Now,\u00a0what\u00a0would\u00a0be\u00a0interesting,\u00a0Pinduoduo,\u00a0I\u00a0mentioned,\u00a0which\u00a0is\u00a0a\u00a0huge,\u00a0huge\u00a0entity\u00a0in\u00a0China.<br \/>Pinduoduo\u00a0started\u00a0with\u00a0this\u00a0same\u00a0stuff.\u00a0They\u00a0started\u00a0with\u00a0really\u00a0inexpensive\u00a0marketplace\u00a0goods.<br \/>And\u00a0as\u00a0Pinduoduo\u00a0got\u00a0bigger\u00a0and\u00a0more\u00a0established\u00a0and\u00a0won\u00a0the\u00a0hearts\u00a0and\u00a0minds\u00a0of\u00a0Chinese\u00a0consumers,\u00a0they\u00a0moved\u00a0up\u00a0market.\u00a0They\u00a0started\u00a0selling\u00a0brand\u00a0name\u00a0stuff.\u00a0They\u00a0started\u00a0selling\u00a0higher\u00a0quality\u00a0stuff.<br \/>And\u00a0today\u00a0they\u2019re\u00a0a\u00a0hybrid\u00a0seller.<br \/>PennDuoDuo\u00a0in\u00a0China\u00a0sells\u00a0their\u00a0own\u00a0goods\u00a0in\u00a0addition\u00a0to\u00a0marketplace\u00a0items,\u00a0which\u00a0I\u2019ve\u00a0never\u00a0seen\u00a0before.<br \/>Usually\u00a0it\u00a0always\u00a0goes\u00a0the\u00a0other\u00a0way.\u00a0And\u00a0so\u00a0there\u2019s\u00a0at\u00a0least\u00a0a\u00a0premise\u00a0that\u00a0like\u00a0maybe\u00a0the\u00a0U.S.\u00a0sellers\u00a0don\u2019t\u00a0like\u00a0add\u00a0to\u00a0the\u00a0current\u00a0assortment,\u00a0but\u00a0maybe\u00a0the\u00a0U.S.<br \/>Sellers\u00a0help\u00a0Temu\u00a0round\u00a0out\u00a0their\u00a0assortment\u00a0with\u00a0some\u00a0higher\u00a0price\u00a0point,\u00a0you\u00a0know,\u00a0more\u00a0recognizable\u00a0goods\u00a0for\u00a0the\u00a0U.S.\u00a0consumer\u00a0that\u00a0helps\u00a0them\u00a0win\u00a0more\u00a0wallet\u00a0share.<\/p>\n<p><strong>Scot:<\/strong><br \/>[39:49]\u00a0Interesting.\u00a0Cool.\u00a0We\u2019re\u00a0running\u00a0up\u00a0against\u00a0time.\u00a0Do\u00a0you\u00a0guys\u00a0have\u00a0any\u00a0other\u00a0topics\u00a0you\u00a0want\u00a0to\u00a0hit\u00a0before\u00a0we\u00a0call\u00a0it\u00a0a\u00a0show?<\/p>\n<p><strong>Michael:<\/strong><br \/>[39:58]\u00a0No,\u00a0I\u00a0think\u00a0it\u2019s\u00a0fair.\u00a0You\u00a0know,\u00a0I\u00a0already\u00a0mentioned\u00a0one\u00a0of\u00a0your\u00a0predictions.<br \/>I\u00a0should\u00a0talk\u00a0about\u00a0the\u00a0other\u00a0one.<br \/>Just\u00a0to\u00a0pick\u00a0on\u00a0Jason\u00a0for\u00a0a\u00a0second.\u00a0I\u00a0don\u2019t\u00a0think\u00a0we\u2019ll\u00a0make\u00a0it\u00a0to\u00a0the\u00a075%\u00a0of\u00a0target\u00a0USC\u00a0comm\u00a0this\u00a0year\u00a0for\u00a0Temu,\u00a0Jason.<br \/>Sorry.\u00a0It\u2019s\u00a0like\u00a0a\u00a0stretch.<\/p>\n<p><strong>Scot:<\/strong><br \/>[40:17]\u00a0Man.\u00a0How\u00a0do\u00a0we\u00a0get\u00a0Michael\u00a0on\u00a0the\u00a0show\u00a0more?\u00a0Like,\u00a0I\u2019m\u00a0really\u00a0enjoying\u00a0this.<br \/>This\u00a0was\u00a0a\u00a0really\u00a0good\u00a0guess.<\/p>\n<p><strong>Jason:<\/strong><br \/>[40:24]\u00a0I\u00a0feel\u00a0like\u00a0you\u2019re\u00a0calling\u00a0the\u00a0winner\u00a0of\u00a0the\u00a0Super\u00a0Bowl\u00a0in\u00a0the\u00a0first\u00a0quarter,\u00a0man.\u00a0Come\u00a0on.<\/p>\n<p><strong>Michael:<\/strong><br \/>[40:27]\u00a0Okay,\u00a0well,\u00a0I\u2019ll\u00a0just\u00a0put\u00a0it\u00a0this\u00a0way.\u00a0At\u00a018%\u00a0of\u00a0the\u00a0US\u00a0households,\u00a0three\u00a0months\u00a0into\u00a0the\u00a0year,\u00a0it\u00a0seems\u00a0unlikely\u00a0at\u00a0their\u00a0current\u00a0growth\u00a0that\u00a0they\u00a0get\u00a0there.<br \/>My\u00a0view\u00a0basically\u00a0though,\u00a0writing\u00a0this,\u00a0is\u00a0that\u00a0they\u2019ve\u00a0done\u00a0a\u00a0great\u00a0job\u00a0in\u00a0the\u00a0first\u00a0year\u00a0of\u00a0attracting\u00a0folks\u00a0with\u00a0a\u00a0lot\u00a0of\u00a0disposable\u00a0income\u00a0to\u00a0buy\u00a0things\u00a0that\u00a0they\u00a0likely\u00a0wouldn\u2019t\u00a0have\u00a0bought\u00a0anywhere\u00a0else,\u00a0like\u00a0party\u00a0supplies,\u00a0household\u00a0goods.<br \/>It\u2019s\u00a0maybe\u00a0a\u00a0different\u00a0model\u00a0than\u00a0they\u00a0they\u00a0have\u00a0in\u00a0China.<br \/>The\u00a0challenge\u00a0for\u00a0them\u00a0now,\u00a0you\u00a0guys\u00a0both\u00a0definitely\u00a0identified\u00a0this,\u00a0that\u00a0it\u2019s\u00a0basically\u00a0to\u00a0convince\u00a0people\u00a0to\u00a0switch\u00a0everyday\u00a0spending\u00a0from\u00a0Amazon\u00a0and\u00a0Walmart\u00a0on\u00a0those\u00a0bigger\u00a0items.<br \/>And\u00a0they\u00a0don\u2019t\u00a0have\u00a0the\u00a0assortment\u00a0right\u00a0now\u00a0for\u00a0that.\u00a0And\u00a0that\u2019s\u00a0what\u00a0you\u2019re\u00a0mentioning.<br \/>They\u00a0need\u00a0to\u00a0either\u00a0move\u00a0up\u00a0market\u00a0or\u00a0figure\u00a0out\u00a0what\u00a0that\u00a0assortment\u00a0looks\u00a0like.\u00a0But\u00a0that\u2019s\u00a0going\u00a0to\u00a0be\u00a0a\u00a0bigger\u00a0hurdle.\u00a0They\u2019re\u00a0reaching\u00a0critical\u00a0mass.<br \/>They\u00a0just\u00a0have\u00a0some\u00a0decisions\u00a0to\u00a0make\u00a0internally\u00a0at\u00a0this\u00a0point.<\/p>\n<p><strong>Jason:<\/strong><br \/>[41:17]\u00a0Yeah.\u00a0Well,\u00a0in\u00a0general,\u00a0I\u00a0feel\u00a0like\u00a0that\u00a0is\u00a0going\u00a0to\u00a0be\u00a0a\u00a0great\u00a0place\u00a0to\u00a0leave\u00a0it\u00a0for\u00a0this\u00a0show\u00a0because\u00a0we\u00a0have\u00a0run\u00a0out\u00a0of\u00a0our\u00a0allotted\u00a0time.<br \/>But\u00a0Michael,\u00a0we\u00a0really\u00a0appreciated\u00a0your\u00a0insight.\u00a0We\u2019ll\u00a0certainly\u00a0have\u00a0you\u00a0back.<br \/>I\u00a0know\u00a0your\u00a0view\u00a0of\u00a0the\u00a0U.S.\u00a0economy\u00a0is\u00a0useful\u00a0for\u00a0a\u00a0whole\u00a0bunch\u00a0of\u00a0topics\u00a0that\u00a0come\u00a0up\u00a0frequently\u00a0on\u00a0the\u00a0show.<br \/>But\u00a0as\u00a0always,\u00a0if\u00a0listeners\u00a0enjoyed\u00a0this\u00a0episode,\u00a0I\u00a0hope\u00a0you\u00a0will\u00a0jump\u00a0on\u00a0iTunes\u00a0and\u00a0leave\u00a0us\u00a0that\u00a0five-star\u00a0review.<\/p>\n<p><strong>Scot:<\/strong><br \/>[41:46]\u00a0Thanks,\u00a0Michael.\u00a0And\u00a0this\u00a0has\u00a0been\u00a0really\u00a0good\u00a0for\u00a0Jason\u2019s\u00a0ego.<br \/>So\u00a0I\u00a0feel\u00a0like\u00a0you\u2019ve\u00a0knocked\u00a0him\u00a0down\u00a0a\u00a0couple\u00a0of\u00a0pegs.\u00a0I\u00a0appreciate\u00a0that.<br \/>And\u00a0then\u00a0if\u00a0folks\u00a0want\u00a0to\u00a0read\u00a0more\u00a0about\u00a0your\u00a0writing\u00a0or\u00a0connect\u00a0with\u00a0you,\u00a0is\u00a0LinkedIn\u00a0the\u00a0best\u00a0place\u00a0or\u00a0are\u00a0you\u00a0more\u00a0active\u00a0on\u00a0TikTok?<br \/>Where\u00a0can\u00a0people\u00a0find\u00a0you?\u00a0Yeah.<\/p>\n<p><strong>Michael:<\/strong><br \/>[42:04]\u00a0Michael\u00a0Maloof\u00a0on\u00a0LinkedIn.\u00a0I\u2019m\u00a0always\u00a0posting\u00a0a\u00a0lot\u00a0of\u00a0Ernest\u00a0data\u00a0on\u00a0there.<br \/>And\u00a0then\u00a0also\u00a0on\u00a0our\u00a0company\u00a0blog,\u00a0ErnestAnalytics.com.<br \/>Go\u00a0to\u00a0the\u00a0Insights\u00a0blog\u00a0and\u00a0subscribe.<\/p>\n<p><strong>Jason:<\/strong><br \/>[42:17]\u00a0Yep.\u00a0And\u00a0I\u00a0will\u00a0put\u00a0links\u00a0to\u00a0both\u00a0the\u00a0team\u00a0new\u00a0articles\u00a0you\u00a0guys\u00a0published\u00a0and\u00a0your\u00a0LinkedIn\u00a0in\u00a0the\u00a0show\u00a0notes.<\/p>\n<p><strong>Michael:<\/strong><br \/>[42:23]\u00a0Thank\u00a0you.<\/p>\n<p><strong>Jason:<\/strong><br \/>[42:24] Until next time, happy commercing!<\/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 318 is deep dive into Temu. Subscribe: ????? Episode Summary: In this episode, Jason [&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-12100","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\/12100","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=12100"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/12100\/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=12100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=12100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=12100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}