{"id":15144,"date":"2025-04-22T05:03:24","date_gmt":"2025-04-22T05:03:24","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/jason-scot-show-episode-322-2024-holiday-recap\/"},"modified":"2025-04-22T05:03:24","modified_gmt":"2025-04-22T05:03:24","slug":"jason-scot-show-episode-322-2024-holiday-recap","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/jason-scot-show-episode-322-2024-holiday-recap\/","title":{"rendered":"Jason &#038; Scot Show Episode 322 2024 Holiday Recap"},"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 322 is recap of Holiday 2024.<\/p>\n<p> <span id=\"more-37049\"\/><\/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\/34814530\/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 today\u2019s episode of the <em>Jason &amp; Scot Show<\/em>, Jason and Scot recap the 2024 holiday season, and give a preview of the upcoming NRF Big Show.<\/p>\n<p>The week of January 20th, we\u2019ll be publishing our annual predictions show.<\/p>\n<p>If you enjoyed the episode, help us reach more listeners by leaving a five-star review on Apple Podcasts. Thanks for tuning in!<\/p>\n<p>Episode 322 of the Jason &amp; Scot show was recorded on <span style=\"font-weight: 400;\">Wednesday,  January 8th, 2025.<\/span><\/p>\n<div id=\"app\" data-v-app=\"\">\n<div class=\"h-screen flex flex-col\"><main class=\"flex-1 pb-16 pt-0 lg:pt-16\"><\/p>\n<div class=\"w-full\">\n<div class=\"py-12 px-2\" data-testid=\"transcript-editor\">\n<h2 id=\"transcript-editor\" class=\"text-2xl pb-8 px-[11px] font-bold tracking-tight scroll-mt-20\">Transcript<\/h2>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"00:23.14\">[0:23]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_0_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"00:23.14 - 00:28.95, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"23.14\" data-end-seconds=\"28.95\" data-confidence=\"0.94\">Welcome to the Jason and Scott show this is episode number 322.<\/span><span id=\"timestamp_0_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"00:29.33 - 00:38.79, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"29.33\" data-end-seconds=\"38.79\" data-confidence=\"0.94\"> Being recorded on Wednesday January 8th I\u2019m your host Jason retail geek Goldberg and as usual I\u2019m here with your co-host Scott Wingo.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"00:38.53\">[0:38]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_1_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"00:38.53 - 00:45.38, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"38.53\" data-end-seconds=\"45.38\" data-confidence=\"0.93\">Hey Jason and welcome back Json is Scott showed listeners happy New Year Jason.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"00:45.17\">[0:45]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_2_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"00:45.17 - 00:49.85, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"45.17\" data-end-seconds=\"49.85\" data-confidence=\"0.98\">A happy New Year and happy holidays Scott it\u2019s it\u2019s been a while it\u2019s been it\u2019s fun to catch up.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"00:50.15\">[0:50]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_3_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"00:50.15 - 01:03.41, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"50.15\" data-end-seconds=\"63.41\" data-confidence=\"0.95\">Yeah you\u2019re kind of crummy when do you start giving people a hard time for saying Happy New Year I I was kind of a little worried because I was thinking I bet Jason draws the line at third or fourth of January and here we are on the 8th so I feel like.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"01:05.04\">[1:05]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_4_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"01:05.04 - 01:17.28, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"65.04\" data-end-seconds=\"77.28\" data-confidence=\"0.96\">I accept all all well wishes I\u2019m totally merry Christmas happy holidays as long as you want any of those variations are totally acceptable despite the fact that I\u2019m nominally Jewish.<\/span><span id=\"timestamp_4_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"01:17.73 - 01:21.53, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"77.73\" data-end-seconds=\"81.53\" data-confidence=\"0.93\"> And I\u2019m New Year\u2019s at least through January my lights are still up out front.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"01:21.95\">[1:21]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_5_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"01:21.95 - 01:28.98, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"81.95\" data-end-seconds=\"88.98\" data-confidence=\"0.93\">Okay good I\u2019ll I\u2019ll try to for the Valentine\u2019s show I\u2019ll make sure I don\u2019t say it that though I\u2019ll stop from there forward.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"01:29.15\">[1:29]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_6_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"01:29.15 - 01:35.43, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"89.15\" data-end-seconds=\"95.43\" data-confidence=\"0.98\">If it helps people not judge me I think my Amazon smart plug is broken so I think the holiday lights might not be on.<\/span><span id=\"timestamp_6_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"01:36.12 - 01:41.42, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"96.12\" data-end-seconds=\"101.42\" data-confidence=\"0.96\"> But they\u2019re still out there it\u2019s too cold to go out and get them is the problem.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"01:41.99\">[1:41]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_7_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"01:41.99 - 01:55.92, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"101.99\" data-end-seconds=\"115.92\" data-confidence=\"0.99\">Yeah yeah you and I both went warm places for the holidays so that was good because I think we\u2019re both facing a cold spell here and I think actually here in North Carolina we may get snow whereas in Chicago you\u2019re not going to isn\u2019t that weird.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"01:56.16\">[1:56]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_8_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"01:56.16 - 02:10.84, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"116.16\" data-end-seconds=\"130.84\" data-confidence=\"0.98\">That that is super weird even if we\u2019re both getting snow I\u2019d be a lot more worried for you than me because I feel like we\u2019re we\u2019re a lot more used to it but yeah it\u2019s even weirder that like it\u2019s not not snowing here and you guys are going to get get dumped on.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"02:11.13\">[2:11]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_9_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"02:11.13 - 02:14.51, Confidence: 0.9\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"131.13\" data-end-seconds=\"134.51\" data-confidence=\"0.9\">Yeah yeah we\u2019re just going to shut down and hopefully we don\u2019t lose power,<\/span><span id=\"timestamp_9_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"02:14.53 - 02:27.17, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"134.53\" data-end-seconds=\"147.17\" data-confidence=\"0.97\"> the so it\u2019s been a while since we laid down a pod there\u2019s a lot we could talk about any any trip reports you you\u2019ve been super busy you\u2019ve done some vacationing but you grocery shopped before<\/span><span id=\"timestamp_9_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"02:27.04 - 02:38.53, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"147.04\" data-end-seconds=\"158.53\" data-confidence=\"0.95\"> the break and then we definitely want to talk a little bit about holiday to kind of go through some of the tea leaves that are starting to come out on how things happened let\u2019s start let\u2019s start with a trip report anything interesting there.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"02:38.99\">[2:38]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_10_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"02:38.99 - 02:50.03, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"158.99\" data-end-seconds=\"170.03\" data-confidence=\"0.97\">Yeah so at least anyone worry I have been traveling a lot I just got a note from my my favorite vendor United that they\u2019ve invited me to their secret.<\/span><span id=\"timestamp_10_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"02:50.33 - 02:57.23, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"170.33\" data-end-seconds=\"177.23\" data-confidence=\"0.94\"> Highest status program for for another year and this year I\u2019m going to cross 2 million miles with United so um.<\/span><span id=\"timestamp_10_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"02:57.71 - 03:05.42, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"177.71\" data-end-seconds=\"185.42\" data-confidence=\"0.94\"> Yeah I feel like that I had mixed feelings about that like it\u2019s a a cool accomplishment slash it kind of signifies that I have a sad life.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"03:05.93\">[3:05]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_11_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"03:05.93 - 03:10.29, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"185.93\" data-end-seconds=\"190.29\" data-confidence=\"0.93\">And it\u2019s like congratulations all you do is fly would you like to fly some more.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"03:10.14\">[3:10]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_12_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"03:10.14 - 03:19.60, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"190.14\" data-end-seconds=\"199.6\" data-confidence=\"0.99\">Yes and the general answer is no um so I did do a lot of traveling last year there were a bunch of trips running right up to holiday but,<\/span><span id=\"timestamp_12_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"03:19.76 - 03:23.57, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"199.76\" data-end-seconds=\"203.57\" data-confidence=\"0.93\"> but a lot of them were sort of Private Client gigs more so than,<\/span><span id=\"timestamp_12_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"03:23.75 - 03:35.79, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"203.75\" data-end-seconds=\"215.79\" data-confidence=\"0.98\"> industry events and I\u2019ve been on 2 weeks of vacation so I frankly can\u2019t remember where I was right before those but the Big Show of course that I don\u2019t think we talked a lot about was was grocery shop which,<\/span><span id=\"timestamp_12_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"03:35.93 - 03:45.23, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"215.93\" data-end-seconds=\"225.23\" data-confidence=\"0.99\"> isn\u2019t you know focused on the food restaurant and grocery industry in October in Las Vegas and that show continues to get.<\/span><span id=\"timestamp_12_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"03:45.48 - 03:51.36, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"225.48\" data-end-seconds=\"231.36\" data-confidence=\"0.95\"> Bigger and better longtime listeners of the show will know kind of I talk a lot about how.<\/span><span id=\"timestamp_12_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"03:51.64 - 03:59.04, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"231.64\" data-end-seconds=\"239.04\" data-confidence=\"0.98\"> Every industry is getting wildly disrupted by digital just not all at the same pace so some of the you know first categories to get disrupted.<\/span><span id=\"timestamp_12_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"03:59.56 - 04:07.39, Confidence: 0.89\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"239.56\" data-end-seconds=\"247.39\" data-confidence=\"0.89\"> Digital where things like like Borders bookstore and Blockbuster video and then Circuit City and Toys R Us and the gap.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"04:08.05\">[4:08]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_13_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"04:08.05 - 04:17.75, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"248.05\" data-end-seconds=\"257.75\" data-confidence=\"0.98\">And that at the moment it\u2019s the Auto industry in the grocery industry that are getting most disrupted by digital so I feel like grocery shops are particularly interesting show because,<\/span><span id=\"timestamp_13_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"04:17.93 - 04:20.13, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"257.93\" data-end-seconds=\"260.13\" data-confidence=\"0.98\"> in many ways that\u2019s where all the,<\/span><span id=\"timestamp_13_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"04:20.24 - 04:29.71, Confidence: 0.82\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"260.24\" data-end-seconds=\"269.71\" data-confidence=\"0.82\"> the rapid Evolution and action is in the in the digital space so it was a a good vibrant show and.<\/span><span id=\"timestamp_13_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"04:29.98 - 04:41.38, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"269.98\" data-end-seconds=\"281.38\" data-confidence=\"0.97\"> 1 of the things I\u2019ll I\u2019ll give props to the show organizers for is you know they always get good Keynotes they always get big names on stage but they share more so than many years in the past I felt like.<\/span><span id=\"timestamp_13_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"04:41.67 - 04:46.15, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"281.67\" data-end-seconds=\"286.15\" data-confidence=\"0.99\"> A lot of the Keynotes had like actual interesting.<\/span><span id=\"timestamp_13_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"04:46.50 - 04:53.54, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"286.5\" data-end-seconds=\"293.54\" data-confidence=\"0.99\"> Information and insights in them it was less like sort of CEOs giving the the prepared PR.<\/span><span id=\"timestamp_13_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"04:53.89 - 05:08.50, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"293.89\" data-end-seconds=\"308.5\" data-confidence=\"0.97\"> Can speech and more talking candidly about what was working and what wasn\u2019t working and and you know what the priorities were going to be and what was being deemphasized in the future so I I would just say overall again it was back in October and we\u2019re in January now so.<\/span><span id=\"timestamp_13_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"05:08.79 - 05:12.75, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"308.79\" data-end-seconds=\"312.75\" data-confidence=\"0.99\"> Don\u2019t press me for for a ton of specifics but I walked away.<\/span><span id=\"timestamp_13_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"05:13.06 - 05:21.03, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"313.06\" data-end-seconds=\"321.03\" data-confidence=\"0.95\"> Feeling like there are a lot of useful takeaways and of course like all the all the networking and hallway conversations were were super helpful as well.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"05:21.70\">[5:21]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_14_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"05:21.70 - 05:25.36, Confidence: 0.91\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"321.7\" data-end-seconds=\"325.36\" data-confidence=\"0.91\">Cool were you leader of any sessions.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"05:25.57\">[5:25]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_15_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"05:25.57 - 05:37.55, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"325.57\" data-end-seconds=\"337.55\" data-confidence=\"0.97\">I was as per all of these events I\u2019m I\u2019m wildly Overexposed and so I I both presented a session I also moderated panel.<\/span><span id=\"timestamp_15_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"05:39.01 - 05:44.89, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"339.01\" data-end-seconds=\"344.89\" data-confidence=\"0.97\"> The like I probably can\u2019t even remember exactly who was on my panel so.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"05:45.23\">[5:45]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_16_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"05:45.23 - 05:48.91, Confidence: 0.88\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"345.23\" data-end-seconds=\"348.91\" data-confidence=\"0.88\">It\u2019s been a long time you\u2019ve got you\u2019ve got vacation fog we\u2019ll give you a.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"05:47.98\">[5:47]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_17_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"05:47.98 - 05:53.16, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"347.98\" data-end-seconds=\"353.16\" data-confidence=\"0.92\">I do I do I\u2019m gonna call it vacation fog and hope it\u2019s not dementia but yeah.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"05:53.32\">[5:53]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_18_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"05:53.32 - 06:02.83, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"353.32\" data-end-seconds=\"362.83\" data-confidence=\"0.98\">Yeah and then on the holiday recap we kind of have to wait that first week of February last I looked is when Amazon\u2019s going to announce and then<\/span><span id=\"timestamp_18_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"06:02.60 - 06:07.23, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"362.6\" data-end-seconds=\"367.23\" data-confidence=\"0.97\"> right after that I think you got some Walmart and some of the other folks Target and whatnot kind of<\/span><span id=\"timestamp_18_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"06:07.03 - 06:20.99, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"367.03\" data-end-seconds=\"380.99\" data-confidence=\"0.96\"> put out their data so we won\u2019t really know what happened until we get some of that but several of the folks that do pontificate have some data out did you see any data that was interesting that you want to run through I I I saw some of the Adobe stuff I was going to just run through.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"06:21.27\">[6:21]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_19_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"06:21.27 - 06:26.78, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"381.27\" data-end-seconds=\"386.78\" data-confidence=\"0.94\">Yeah well so maybe I\u2019ll just wait the groundwork a little bit like so again there\u2019s.<\/span><span id=\"timestamp_19_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"06:27.09 - 06:40.81, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"387.09\" data-end-seconds=\"400.81\" data-confidence=\"0.95\"> In general we see 2 kinds of data like there\u2019s people that talk about what happened in retail which is all all of retail so it\u2019s brick and mortar mixed with eCommerce and then there\u2019s people that just talk about digital so I know you\u2019re going to jump into the Adobe 1 which is,<\/span><span id=\"timestamp_19_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"06:40.96 - 06:43.83, Confidence: 0.83\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"400.96\" data-end-seconds=\"403.83\" data-confidence=\"0.83\"> exclusively talking about e-commerce,<\/span><span id=\"timestamp_19_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"06:44.01 - 06:52.68, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"404.01\" data-end-seconds=\"412.68\" data-confidence=\"0.97\"> but of course a long time listeners of the show would know you know the history of the last 10 years is that retail tends to grow about 3 to 4% a year,<\/span><span id=\"timestamp_19_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"06:52.88 - 07:05.89, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"412.88\" data-end-seconds=\"425.89\" data-confidence=\"0.98\"> and e-commerce has grown about 10 to 15% a year for each of the last years so 2024 is an interesting year we you know it\u2019s still a week or 2 before we have the final data for the the whole year,<\/span><span id=\"timestamp_19_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"07:06.06 - 07:08.51, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"426.06\" data-end-seconds=\"428.51\" data-confidence=\"0.99\"> but with 11 months of data.<\/span><span id=\"timestamp_19_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"07:08.77 - 07:21.85, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"428.77\" data-end-seconds=\"441.85\" data-confidence=\"0.97\"> Retailers slowed down a little bit like it\u2019s growing closer to 3% than 3 to 4% and e-commerce has slowed down it\u2019s grown about 7% this year versus the typical 10 to 15% and.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"07:22.29\">[7:22]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_20_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"07:22.29 - 07:35.86, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"442.29\" data-end-seconds=\"455.86\" data-confidence=\"0.98\">You know it could be that this is a down year it also could be the law of large numbers as e-commerce is getting you know to be a bigger and bigger part it\u2019s hard to grow as fast so it\u2019s e-commerce is still growing at more than twice the speed of retail.<\/span><span id=\"timestamp_20_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"07:36.09 - 07:39.21, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"456.09\" data-end-seconds=\"459.21\" data-confidence=\"0.99\"> But that\u2019s that\u2019s a smaller Delta.<\/span><span id=\"timestamp_20_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"07:39.48 - 07:51.32, Confidence: 1\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"459.48\" data-end-seconds=\"471.32\" data-confidence=\"1\"> Then it has historically been so that\u2019s kind of the the backdrop coming into this holiday and then this is 1 of the weirdest holiday seasons of my career.<\/span><span id=\"timestamp_20_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"07:51.67 - 07:56.23, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"471.67\" data-end-seconds=\"476.23\" data-confidence=\"0.97\"> So traditionally what we always talk about is.<\/span><span id=\"timestamp_20_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"07:56.44 - 08:02.61, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"476.44\" data-end-seconds=\"482.61\" data-confidence=\"0.98\"> There\u2019s an arms race to start holiday earlier that like you know retailers used to open up their stores on.<\/span><span id=\"timestamp_20_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"08:02.86 - 08:17.65, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"482.86\" data-end-seconds=\"497.65\" data-confidence=\"0.94\"> Black Friday the day after Thanksgiving and they were creeping earlier in the earlier in the morning on Friday originally when I started my career they opened at 10:00 the normal opening time and then they\u2019re like wait I\u2019m going to open at 9:00 and get people to get in the line of my store before your store and then I\u2019m going to open at 8,<\/span><span id=\"timestamp_20_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"08:17.75 - 08:24.31, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"497.75\" data-end-seconds=\"504.31\" data-confidence=\"0.96\"> and then retire starts saying hey we\u2019re actually going to open Thursday night after dinner and then oh we\u2019re going to be open all day Thursday,<\/span><span id=\"timestamp_20_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"08:24.41 - 08:31.28, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"504.41\" data-end-seconds=\"511.28\" data-confidence=\"0.97\"> and fast forward 30 years hey we\u2019re going to run our big Prime day sale in the middle of October right and so,<\/span><span id=\"timestamp_20_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"08:31.35 - 08:38.70, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"511.35\" data-end-seconds=\"518.7\" data-confidence=\"0.94\"> every year we talk about how holiday starts earlier and earlier and these sales start her early and earlier but here\u2019s the Dirty Little Secret.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"08:39.11\">[8:39]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_21_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"08:39.11 - 08:44.38, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"519.11\" data-end-seconds=\"524.38\" data-confidence=\"0.99\">The retailers may offer deals earlier and earlier but consumers have never spent earlier.<\/span><span id=\"timestamp_21_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"08:44.65 - 08:57.98, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"524.65\" data-end-seconds=\"537.98\" data-confidence=\"0.97\"> So if we look at October sales growth it\u2019s the same every October for the last 30 years so I get it has it it\u2019s not like October has become more important over time as these sales have gotten early and earlier and so when.<\/span><span id=\"timestamp_21_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"08:58.23 - 09:05.20, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"538.23\" data-end-seconds=\"545.2\" data-confidence=\"0.98\"> Amazon announced a huge sale in October and Walmart and Target quickly followed suit I actually.<\/span><span id=\"timestamp_21_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"09:05.46 - 09:10.83, Confidence: 0.9\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"545.46\" data-end-seconds=\"550.83\" data-confidence=\"0.9\"> Kind of thought it was a nothing burger like I I didn\u2019t expect it to have a big impact and.<\/span><span id=\"timestamp_21_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"09:11.06 - 09:21.84, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"551.06\" data-end-seconds=\"561.84\" data-confidence=\"0.98\"> I was wrong so October is actually been 1 of the most robust months of growth we had this whole year like it was a big spike much bigger than we had any other month.<\/span><span id=\"timestamp_21_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"09:22.12 - 09:27.23, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"562.12\" data-end-seconds=\"567.23\" data-confidence=\"0.99\"> And I thought oh man that\u2019s interesting like these these sales really are having a meaningful effect this year.<\/span><span id=\"timestamp_21_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"09:27.47 - 09:32.63, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"567.47\" data-end-seconds=\"572.63\" data-confidence=\"0.98\"> But then we got into November in the first 2 weeks of November were abysmal.<\/span><span id=\"timestamp_21_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"09:32.91 - 09:47.51, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"572.91\" data-end-seconds=\"587.51\" data-confidence=\"0.99\"> And so you go huh we we had a bunch of big sales in October it appears people jumped on those sales uh we sold more stuff in October than ever before but we probably just pulled a bunch of demand in that would have happened in November because.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"09:47.81\">[9:47]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_22_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"09:47.81 - 09:59.90, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"587.81\" data-end-seconds=\"599.9\" data-confidence=\"0.96\">The beginning of November was awful and so then we got to Holiday the turkey 5 week and you go well what\u2019s going to happen is it going to stay soft like it has most of November but it actually bounced back and so we had this,<\/span><span id=\"timestamp_22_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"09:59.98 - 10:04.73, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"599.98\" data-end-seconds=\"604.73\" data-confidence=\"0.93\"> we had this low from November 1 through November you know 26 and then,<\/span><span id=\"timestamp_22_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"10:04.91 - 10:16.80, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"604.91\" data-end-seconds=\"616.8\" data-confidence=\"0.97\"> it jumped up and we had a pretty robust not not like World beating but a pretty robust turkey 5 and so then you go wow you know and by the way the turkey 5.<\/span><span id=\"timestamp_22_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"10:17.00 - 10:21.34, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"617\" data-end-seconds=\"621.34\" data-confidence=\"0.97\"> Extended into December this year because of the the way the holiday schedule works,<\/span><span id=\"timestamp_22_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"10:21.52 - 10:30.24, Confidence: 1\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"621.52\" data-end-seconds=\"630.24\" data-confidence=\"1\"> um and then we\u2019ve all been real curious to see what would happen in December and the real answer is we don\u2019t have the December data yet we have a couple data points so.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"10:30.59\">[10:30]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_23_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"10:30.59 - 10:33.29, Confidence: 0.84\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"630.59\" data-end-seconds=\"633.29\" data-confidence=\"0.84\">Market MasterCard spending pulse.<\/span><span id=\"timestamp_23_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"10:33.59 - 10:45.88, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"633.59\" data-end-seconds=\"645.88\" data-confidence=\"0.99\"> Is 1 of the companies that publishes an estimate of total retail sales and they published an estimate of November 1st through December 24th so not catching the last minute holiday shoppers,<\/span><span id=\"timestamp_23_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"10:46.08 - 10:53.76, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"646.08\" data-end-seconds=\"653.76\" data-confidence=\"0.95\"> that said all of retail for November and December was up 3.8% so if that\u2019s true.<\/span><span id=\"timestamp_23_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"10:54.33 - 11:01.90, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"654.33\" data-end-seconds=\"661.9\" data-confidence=\"0.96\"> Will take it that\u2019s that\u2019s the industry average growth that\u2019s the high side of the nrf\u2019s forecast for holiday this year and it,<\/span><span id=\"timestamp_23_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"11:02.07 - 11:04.57, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"662.07\" data-end-seconds=\"664.57\" data-confidence=\"0.97\"> would kind of mean that that,<\/span><span id=\"timestamp_23_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"11:04.57 - 11:12.50, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"664.57\" data-end-seconds=\"672.5\" data-confidence=\"0.94\"> December sales were pretty robust to make up for the kind of anemic November sales so so that\u2019s,<\/span><span id=\"timestamp_23_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"11:12.52 - 11:25.29, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"672.52\" data-end-seconds=\"685.29\" data-confidence=\"0.98\"> the big data that I followed about overall retail and then you know we have some better more granular data on the e-commerce side and that that\u2019s where like that adobe data comes in so you want to you want to break that down for us.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"11:24.99\">[11:24]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_24_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"11:24.99 - 11:35.47, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"684.99\" data-end-seconds=\"695.47\" data-confidence=\"0.98\">Yeah it\u2019s kind of interesting as you as you talk about you know kind of pulling it in October we we always talk about the shape of the holiday right and we used to have kind of this you<\/span><span id=\"timestamp_24_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"11:35.38 - 11:36.94, Confidence: 0.72\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"695.38\" data-end-seconds=\"696.94\" data-confidence=\"0.72\"> now<\/span><span id=\"timestamp_24_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"11:36.81 - 11:48.49, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"696.81\" data-end-seconds=\"708.49\" data-confidence=\"0.98\"> as you described it it sounds like a w where the the left side of the W is like that October Spike and then you had a little decrease in early November and then the turkey 5 you come is the middle of the W and then you come back down<\/span><span id=\"timestamp_24_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"11:48.38 - 11:57.35, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"708.38\" data-end-seconds=\"717.35\" data-confidence=\"0.97\"> and then we always seem to have this procrastinator kind of pop at the end I don\u2019t know about you but I I fall into that for a lot of my things I\u2019m kind of like I get busy at work and I\u2019m like,<\/span><span id=\"timestamp_24_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"11:57.45 - 12:08.33, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"717.45\" data-end-seconds=\"728.33\" data-confidence=\"0.96\"> holy cow it\u2019s December 18th I better think about this holiday thing so you always see a little bit of a spike and some of that\u2019s driven it\u2019s kind of a self-fulfilling prophecy because that\u2019s when all the best prices happen there\u2019s the<\/span><span id=\"timestamp_24_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:08.23 - 12:12.06, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"728.23\" data-end-seconds=\"732.06\" data-confidence=\"0.93\"> you know the Garff used to call it.<\/span><span id=\"timestamp_24_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:13.85 - 12:17.17, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"733.85\" data-end-seconds=\"737.17\" data-confidence=\"0.96\"> Turkey chicken game of chicken discount chicken do you remember that.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"12:18.73\">[12:18]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_26_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:18.73 - 12:24.42, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"738.73\" data-end-seconds=\"744.42\" data-confidence=\"0.92\">Yeah I saw he changed jobs that was you\u2019re not going to be able to do selfies with him anymore yeah Rob gar.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"12:24.12\">[12:24]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_27_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:24.12 - 12:25.89, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"744.12\" data-end-seconds=\"745.89\" data-confidence=\"0.95\">Going to do selfies with Rob and I,<\/span><span id=\"timestamp_27_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:26.03 - 12:39.42, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"746.03\" data-end-seconds=\"759.42\" data-confidence=\"0.92\"> uh NFS coming up in a few days so I I hope to see them and we\u2019ll for sure take a selfie but you\u2019re right Rob Garff a long time friend of the show and I I want to say 4 or 5 time guests left Salesforce this year so a big big change he was kind of,<\/span><span id=\"timestamp_27_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:39.60 - 12:43.06, Confidence: 0.91\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"759.6\" data-end-seconds=\"763.06\" data-confidence=\"0.91\"> face face of Commerce at Salesforce for a long time.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"12:42.76\">[12:42]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_28_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:42.76 - 12:51.27, Confidence: 0.79\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"762.76\" data-end-seconds=\"771.27\" data-confidence=\"0.79\">You have to give us a an inside scoop of what\u2019s going on there it reveals secrets you get from the show on our podcast,<\/span><span id=\"timestamp_28_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:51.28 - 12:54.34, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"771.28\" data-end-seconds=\"774.34\" data-confidence=\"0.99\"> okay so on the Adobe data,<\/span><span id=\"timestamp_28_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"12:54.46 - 13:06.35, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"774.46\" data-end-seconds=\"786.35\" data-confidence=\"0.95\"> you know they they they call this November and December and they\u2019re saying online came in at 8.7% year-over-year growth which to your point is kind of below that 10% where we\u2019ve been going.<\/span><span id=\"timestamp_28_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"13:06.90 - 13:16.62, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"786.9\" data-end-seconds=\"796.62\" data-confidence=\"0.99\"> But we\u2019re getting to a scale where it doesn\u2019t surprise me I I think ultimately the lines for retail and online just kind of merge and blend and kind of become the same thing<\/span><span id=\"timestamp_28_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"13:16.58 - 13:29.75, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"796.58\" data-end-seconds=\"809.75\" data-confidence=\"0.93\"> they did say that Shoppers they called it event based they were waiting for events which were basically price drops and they were kind of I guess they don\u2019t want to say discount chicken maybe that\u2019s not as uh fancy so they called them Event Event based shopping.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"13:29.68\">[13:29]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_29_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"13:29.68 - 13:34.96, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"809.68\" data-end-seconds=\"814.96\" data-confidence=\"0.95\">Yeah and if you think about it was invented by their competitors at Salesforce so yeah.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"13:34.66\">[13:34]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_30_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"13:34.66 - 13:38.17, Confidence: 0.9\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"814.66\" data-end-seconds=\"818.17\" data-confidence=\"0.9\">Yeah oh true yes sorry wrong uh wrong 1 and then<\/span><span id=\"timestamp_30_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"13:38.03 - 13:52.09, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"818.03\" data-end-seconds=\"832.09\" data-confidence=\"0.95\"> this I thought you I thought interesting and it basically said groceries was the fastest growing at 13% so I guess with inflation people were just gifting groceries or or did groceries are just growing fast enough now that<\/span><span id=\"timestamp_30_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"13:52.03 - 13:56.17, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"832.03\" data-end-seconds=\"836.17\" data-confidence=\"0.92\"> you know that\u2019s just faster than the holiday what what\u2019s your read on that 1.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"13:55.99\">[13:55]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_31_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"13:55.99 - 14:06.41, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"835.99\" data-end-seconds=\"846.41\" data-confidence=\"0.95\">Yeah well a couple of things so like when when if adobe\u2019s right that it grew e-commerce grew 8.7% over holiday to me that\u2019s that,<\/span><span id=\"timestamp_31_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"14:06.54 - 14:19.19, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"846.54\" data-end-seconds=\"859.19\" data-confidence=\"0.93\"> totally makes sense and put your point it\u2019s lower than what we would historically expect but it\u2019s actually higher than the year to date averages for e-commerce so e-commerce is growing about 7%,<\/span><span id=\"timestamp_31_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"14:19.28 - 14:25.61, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"859.28\" data-end-seconds=\"865.61\" data-confidence=\"0.98\"> through the you know the whole first 11 months of the year so growing 8.7% over holiday actually means.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"14:26.02\">[14:26]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_32_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"14:26.02 - 14:37.99, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"866.02\" data-end-seconds=\"877.99\" data-confidence=\"0.97\">E-commerce was a more important factor in Holiday than brick and mortar which I I believe and think was true so that that was kind of my first takeaway from the Adobe data and and as I mentioned,<\/span><span id=\"timestamp_32_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"14:38.09 - 14:50.21, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"878.09\" data-end-seconds=\"890.21\" data-confidence=\"0.95\"> you know there\u2019s some really mature categories in e-commerce I mean you know 90 something percent of all books and music is is digital now right like you know well over 50% of electronics and toys.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"14:50.61\">[14:50]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_33_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"14:50.61 - 14:54.59, Confidence: 0.84\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"890.61\" data-end-seconds=\"894.59\" data-confidence=\"0.84\">Our digital 50% of apparel is digital but.<\/span><span id=\"timestamp_33_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"14:54.88 - 15:04.79, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"894.88\" data-end-seconds=\"904.79\" data-confidence=\"0.95\"> You know less than 8% of groceries are digital so it\u2019s still it totally makes sense that grocery e-commerce is growing faster than anything else I don\u2019t think it\u2019s gifts.<\/span><span id=\"timestamp_33_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"15:05.00 - 15:11.35, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"905\" data-end-seconds=\"911.35\" data-confidence=\"0.99\"> Although you know people host a lot more over holidays so they do spend more on groceries than usual.<\/span><span id=\"timestamp_33_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"15:11.70 - 15:20.90, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"911.7\" data-end-seconds=\"920.9\" data-confidence=\"0.98\"> But I think it\u2019s just reflecting the the fact that we had lots of busy families that were availing themselves of the convenience of grocery delivery.<\/span><span id=\"timestamp_33_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"15:21.16 - 15:31.09, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"921.16\" data-end-seconds=\"931.09\" data-confidence=\"0.99\"> And you know another Factor overlaying all of this is we we\u2019ve had this kind of thing that I like to call A vibe session this year that.<\/span><span id=\"timestamp_33_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"15:31.33 - 15:38.48, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"931.33\" data-end-seconds=\"938.48\" data-confidence=\"0.95\"> Consumers have really curtailed their spending on non-essential purchases so when you break down the actual categories<\/span><span id=\"timestamp_33_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"15:38.45 - 15:47.70, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"938.45\" data-end-seconds=\"947.7\" data-confidence=\"0.98\"> uh all year people have spent a lot more on deeply discounted goods and on food and have to have and they\u2019ve spent less on<\/span><span id=\"timestamp_33_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"15:47.66 - 15:58.08, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"947.66\" data-end-seconds=\"958.08\" data-confidence=\"0.95\"> want to have so you know consumer electronics it\u2019s actually been a poor year a parallel you know has been a little mixed but generally a poor year Home Improvement has been kind of a poor year.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"15:58.67\">[15:58]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_34_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"15:58.67 - 16:08.05, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"958.67\" data-end-seconds=\"968.05\" data-confidence=\"0.97\">But you know these these have to have categories like grocery have been 1 of the stars all year so if you kind of factor in that,<\/span><span id=\"timestamp_34_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"16:08.07 - 16:19.62, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"968.07\" data-end-seconds=\"979.62\" data-confidence=\"0.98\"> you know people have tended to spend more on grocery just in general and the e-commerce is a you know more substantially growing part of of grocery than it\u2019s ever been before it makes sense that<\/span><span id=\"timestamp_34_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"16:19.50 - 16:23.48, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"979.5\" data-end-seconds=\"983.48\" data-confidence=\"0.96\"> grocery would win the e-commerce race for holiday.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"16:23.40\">[16:23]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_35_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"16:23.40 - 16:24.71, Confidence: 0.63\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"983.4\" data-end-seconds=\"984.71\" data-confidence=\"0.63\">Yeah interesting.<\/span><span id=\"timestamp_35_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"16:24.98 - 16:34.55, Confidence: 0.88\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"984.98\" data-end-seconds=\"994.55\" data-confidence=\"0.88\"> Then they said this the so groceries number 1 at 13% the number 2 category was Cosmetics at 12.2% I think the Wingo household contributed a.<\/span><span id=\"timestamp_35_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"16:34.99 - 16:36.77, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"994.99\" data-end-seconds=\"996.77\" data-confidence=\"0.98\"> A pretty big piece of that,<\/span><span id=\"timestamp_35_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"16:36.95 - 16:49.87, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"996.95\" data-end-seconds=\"1009.87\" data-confidence=\"0.97\"> I go to Sephora a lot against my will and then they said that category hit 7.7 billion and then they pivot into discounts they made this quizzical statement where they basically said retailers discovered<\/span><span id=\"timestamp_35_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"16:49.77 - 16:59.25, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1009.77\" data-end-seconds=\"1019.25\" data-confidence=\"0.94\"> that for every 1% price drop demand went up 1% being forces I was like well let\u2019s look at the edge if you dropped 100%<\/span><span id=\"timestamp_35_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"16:59.15 - 17:11.86, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1019.15\" data-end-seconds=\"1031.86\" data-confidence=\"0.95\"> demand would go up 100% it seems like demand would actually go up more if it was 100% off anyway I didn\u2019t really understand what they were trying to say there it\u2019s it and it made it seem like it was just like new revelation I\u2019m like wait a minute this is called.<\/span><span id=\"timestamp_35_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"17:12.10 - 17:21.53, Confidence: 0.86\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1032.1\" data-end-seconds=\"1041.53\" data-confidence=\"0.86\"> Supply demand curve and I learned it in economics anyway I must have misread it or something I didn\u2019t kind of like grow what they were trying to say there.<\/span><span id=\"timestamp_35_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"17:22.40 - 17:24.35, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1042.4\" data-end-seconds=\"1044.35\" data-confidence=\"0.97\"> Did you did you have a hot take on that 1.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"17:24.05\">[17:24]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_36_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"17:24.05 - 17:33.02, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1044.05\" data-end-seconds=\"1053.02\" data-confidence=\"0.92\">Well just a reminder most of the people that were good at Econ economics like don\u2019t get jobs at Adobe so I I would just remind you of that but no.<\/span><span id=\"timestamp_36_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"17:34.82 - 17:41.11, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1054.82\" data-end-seconds=\"1061.11\" data-confidence=\"0.95\"> I\u2019m just kidding all my friends at Adobe who are super smart um the yeah I.<\/span><span id=\"timestamp_36_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"17:42.03 - 17:56.72, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1062.03\" data-end-seconds=\"1076.72\" data-confidence=\"0.98\"> Of course like lower prices generally drive more sales that that certainly true it\u2019s probably not a linear scale I think they\u2019re more saying like observationally like on their data set that it happened to play out this year that that there was kind of a linear,<\/span><span id=\"timestamp_36_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"17:56.84 - 18:02.46, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1076.84\" data-end-seconds=\"1082.46\" data-confidence=\"0.92\"> who asked the city between price and demand but the my bigger takeaway is I think.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"18:02.91\">[18:02]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_37_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"18:02.91 - 18:12.28, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1082.91\" data-end-seconds=\"1092.28\" data-confidence=\"0.97\">This was a highly promotional holiday period right and this was kind of expected I mean again overall 2024 was a soft year in retail.<\/span><span id=\"timestamp_37_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"18:12.52 - 18:20.53, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1092.52\" data-end-seconds=\"1100.53\" data-confidence=\"0.97\"> We we just we\u2019d had a couple really good years after the pandemic of of really strong growth and this is going to be kind of a.<\/span><span id=\"timestamp_37_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"18:20.78 - 18:28.52, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1100.78\" data-end-seconds=\"1108.52\" data-confidence=\"0.96\"> You know we\u2019ll be lucky if we get to out to an average year it\u2019s probably going to be a below average year of growth and,<\/span><span id=\"timestamp_37_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"18:28.59 - 18:35.75, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1108.59\" data-end-seconds=\"1115.75\" data-confidence=\"0.96\"> you know there are all these extraneous factors like you know there\u2019s there\u2019s positive and negative economic indicators but the<\/span><span id=\"timestamp_37_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"18:35.72 - 18:45.06, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1115.72\" data-end-seconds=\"1125.06\" data-confidence=\"0.99\"> consumer confidence has been really poor they\u2019re they\u2019re only spending on Essentials they\u2019re all trading down to cheaper Goods so you know more discounted goods and value Goods,<\/span><span id=\"timestamp_37_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"18:45.22 - 18:58.93, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1125.22\" data-end-seconds=\"1138.93\" data-confidence=\"0.99\"> and there was a super polarizing election that you know distracted a lot of people and it was the shortest holiday season we we get on the calendar with fewer days between Thanksgiving and Christmas than we ever than we get any other year.<\/span><span id=\"timestamp_37_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"18:59.20 - 19:11.04, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1139.2\" data-end-seconds=\"1151.04\" data-confidence=\"0.99\"> And so for all of those reasons retailers were desperate to sell stuff and what desperate retailers do is they discount deeper and so what we always worry about in these kind of years is that retailers will.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"19:11.35\">[19:11]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_38_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"19:11.35 - 19:20.17, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1151.35\" data-end-seconds=\"1160.17\" data-confidence=\"0.96\">Go deeper discounts to kind of hit their Topline sales goals and clear out their inventory but it actually means that their margins,<\/span><span id=\"timestamp_38_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"19:20.20 - 19:25.17, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1160.2\" data-end-seconds=\"1165.17\" data-confidence=\"0.99\"> are going to be really poor and that\u2019s 1 of the things I really worry about this year is,<\/span><span id=\"timestamp_38_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"19:25.30 - 19:39.76, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1165.3\" data-end-seconds=\"1179.76\" data-confidence=\"0.97\"> I think when all the dust settles we\u2019re going to find out it was a below average to average holiday season but way below average on profitability right and that\u2019s going to have a carryover effect in 2025.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"19:39.46\">[19:39]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_39_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"19:39.46 - 19:45.73, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1179.46\" data-end-seconds=\"1185.73\" data-confidence=\"0.95\">You know that\u2019s what\u2019s really matters right you know you can sell the Top Line doesn\u2019t matter it\u2019s the basically the profitability.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"19:46.22\">[19:46]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_40_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"19:46.22 - 19:47.69, Confidence: 0.81\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1186.22\" data-end-seconds=\"1187.69\" data-confidence=\"0.81\">Bonus on the top line.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"19:47.83\">[19:47]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_41_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"19:47.83 - 19:53.93, Confidence: 0.83\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1187.83\" data-end-seconds=\"1193.93\" data-confidence=\"0.83\">True but I have a feeling the more sophisticated people are are the kind of caught on to that trick<\/span><span id=\"timestamp_41_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"19:53.87 - 20:04.63, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1193.87\" data-end-seconds=\"1204.63\" data-confidence=\"0.95\"> they talked about Electronics was the deepest discount to your point of demand being kind of sluggish at with a 30% off there and then toys was number 2 at 28 toys is just a.<\/span><span id=\"timestamp_41_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:04.93 - 20:12.37, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1204.93\" data-end-seconds=\"1212.37\" data-confidence=\"0.98\"> Terrible category these days because kids don\u2019t really want toys they want to just play electric electronic games we\u2019re talking about.<\/span><span id=\"timestamp_41_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:12.71 - 20:15.68, Confidence: 0.8\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1212.71\" data-end-seconds=\"1215.68\" data-confidence=\"0.8\"> You can\u2019t climb baby geek anymore but you know uh.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"20:15.38\">[20:15]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_42_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:15.38 - 20:16.87, Confidence: 0.83\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1215.38\" data-end-seconds=\"1216.87\" data-confidence=\"0.83\">The little geek we\u2019re going with.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"20:16.57\">[20:16]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_43_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:16.57 - 20:18.45, Confidence: 0.66\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1216.57\" data-end-seconds=\"1218.45\" data-confidence=\"0.66\">Little geek retail geek Junior.<\/span><span id=\"timestamp_43_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:18.69 - 20:33.20, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1218.69\" data-end-seconds=\"1233.2\" data-confidence=\"0.92\"> You know he\u2019s into games and wants digital currencies and stuff the good old Roblox dollars and and whatnot so yeah it toys are just tough so that that 1\u2019s kind of an easy call at 28% and then they said apparel had a fair amount of discounting to 23%.<\/span><span id=\"timestamp_43_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:33.49 - 20:38.00, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1233.49\" data-end-seconds=\"1238\" data-confidence=\"0.99\"> So I thought that was interesting traditional Trends we\u2019ve talked about for.<\/span><span id=\"timestamp_43_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:38.37 - 20:45.95, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1238.37\" data-end-seconds=\"1245.95\" data-confidence=\"0.97\"> Kind of going on a decade at this point you know this may I hope you\u2019re sitting down but a lot of people shop on their phones that was up to 55%.<\/span><span id=\"timestamp_43_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:46.25 - 20:54.90, Confidence: 0.91\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1246.25\" data-end-seconds=\"1254.9\" data-confidence=\"0.91\"> Another call out I thought was interesting was they they saw a buy now pay later a pretty significantly at 9.6% year-over-year and you know.<\/span><span id=\"timestamp_43_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"20:55.52 - 21:07.98, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1255.52\" data-end-seconds=\"1267.98\" data-confidence=\"0.97\"> It\u2019s hard to tell if that\u2019s kind of a new consumer Behavior or there\u2019s all this data that\u2019s out there that shows the consumer\u2019s kind of increasingly Under Pressure they\u2019re they\u2019re starting to get a bit of a debt thing going and.<\/span><span id=\"timestamp_43_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"21:08.62 - 21:16.06, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1268.62\" data-end-seconds=\"1276.06\" data-confidence=\"0.99\"> Interest rates going up have made made home buying slow down all those kinds of things are putting pressure on the consumer so,<\/span><span id=\"timestamp_43_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"21:16.18 - 21:28.24, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1276.18\" data-end-seconds=\"1288.24\" data-confidence=\"0.96\"> it\u2019s hard to tell the buy now pay later people would tell you know it\u2019s a whole generation likes to buy that way I\u2019m a little skeptical that maybe it\u2019s just the you know part of the the consumer being under pressure that saw a climb there.<\/span><span id=\"timestamp_43_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"21:29.33 - 21:40.32, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1289.33\" data-end-seconds=\"1300.32\" data-confidence=\"0.93\"> And then they on that they said Cyber Monday was a record day for buy now pay later where it it came very close to a billion I guess 991.2 million of transactions had buy now pay later.<\/span><span id=\"timestamp_43_9_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"21:41.93 - 21:46.21, Confidence: 0.85\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1301.93\" data-end-seconds=\"1306.21\" data-confidence=\"0.85\"> What do you think is buy now pay later surging so is that about.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"21:45.91\">[21:45]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_44_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"21:45.91 - 21:52.44, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1305.91\" data-end-seconds=\"1312.44\" data-confidence=\"0.99\">I do think it is I I do think it\u2019s it\u2019s kind of a combination of 3 things like I do think it\u2019s legitimate that<\/span><span id=\"timestamp_44_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"21:52.39 - 21:57.96, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1312.39\" data-end-seconds=\"1317.96\" data-confidence=\"0.98\"> that younger consumers look at debt and credit differently<\/span><span id=\"timestamp_44_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"21:57.89 - 22:05.92, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1317.89\" data-end-seconds=\"1325.92\" data-confidence=\"0.97\"> then then older consumers and and so I there is a legitimate thing that\u2019s hard for people our age to understand<\/span><span id=\"timestamp_44_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"22:05.81 - 22:12.66, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1325.81\" data-end-seconds=\"1332.66\" data-confidence=\"0.99\"> which is like even consumers that you know young consumers that have economic means to buy something.<\/span><span id=\"timestamp_44_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"22:12.93 - 22:22.47, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1332.93\" data-end-seconds=\"1342.47\" data-confidence=\"0.99\"> Don\u2019t like to go into like debt on their credit card and they do view these like fixed installment things where you you know buy something on 4 payments as.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"22:22.97\">[22:22]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_45_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"22:22.97 - 22:30.39, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1342.97\" data-end-seconds=\"1350.39\" data-confidence=\"0.97\">Is a different kind of debt than credit cards and so I do think there\u2019s an actual consumer preference for younger consumers to,<\/span><span id=\"timestamp_45_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"22:30.48 - 22:39.46, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1350.48\" data-end-seconds=\"1359.46\" data-confidence=\"0.93\"> that credit vehicle so I I think that\u2019s what genuinely part of it and the buy now pay later Services continue to grow and be more ubiquitous so they\u2019re just offered,<\/span><span id=\"timestamp_45_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"22:39.55 - 22:46.82, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1359.55\" data-end-seconds=\"1366.82\" data-confidence=\"0.97\"> more places more retailers have them and more retailers are offering them both online and in store than ever before so,<\/span><span id=\"timestamp_45_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"22:46.85 - 22:53.04, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1366.85\" data-end-seconds=\"1373.04\" data-confidence=\"0.99\"> so there\u2019s more places you can use it and there\u2019s more consumers that have a preference for it that\u2019s part of it I also think,<\/span><span id=\"timestamp_45_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"22:53.19 - 23:03.85, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1373.19\" data-end-seconds=\"1383.85\" data-confidence=\"0.98\"> there were more distressed consumers coming into holiday so there were you know more consumers that were forced to use it and the the thing that I don\u2019t love for the economy and that scares me about these services,<\/span><span id=\"timestamp_45_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"23:04.05 - 23:07.17, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1384.05\" data-end-seconds=\"1387.17\" data-confidence=\"0.98\"> are some of the really inappropriate categories,<\/span><span id=\"timestamp_45_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"23:07.34 - 23:20.02, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1387.34\" data-end-seconds=\"1400.02\" data-confidence=\"0.97\"> that consumers are using buy now pay later for right like if you\u2019re buying a durable good and you you buy it on installments and you know that like we could argue about the economic Prudence of that but I I don\u2019t personally have a problem with that.<\/span><span id=\"timestamp_45_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"23:20.46 - 23:23.50, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1400.46\" data-end-seconds=\"1403.5\" data-confidence=\"0.99\"> But if you\u2019re buying a monthly consumable on installments.<\/span><span id=\"timestamp_45_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"23:23.89 - 23:32.55, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1403.89\" data-end-seconds=\"1412.55\" data-confidence=\"0.95\"> That\u2019s concerning right so you know you shouldn\u2019t be buying food on buy now pay later right and yet like buy now pay later is showing up and getting used at grocery stores.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"23:33.11\">[23:33]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_46_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"23:33.11 - 23:39.02, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1413.11\" data-end-seconds=\"1419.02\" data-confidence=\"0.92\">The that you mentioned Cosmetics are up Cosmetics is 1 of these weird categories where there\u2019s been this bifurcation.<\/span><span id=\"timestamp_46_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"23:39.25 - 23:45.26, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1419.25\" data-end-seconds=\"1425.26\" data-confidence=\"0.95\"> There\u2019s some inexpensive Cosmetics that are kind of an affordable luxury and they\u2019re doing really well,<\/span><span id=\"timestamp_46_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"23:45.39 - 23:54.46, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1425.39\" data-end-seconds=\"1434.46\" data-confidence=\"0.98\"> the the true expensive luxury cosmetics and the whole luxury category we saw get really soft and Q4 this year and historically,<\/span><span id=\"timestamp_46_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"23:54.65 - 24:01.06, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1434.65\" data-end-seconds=\"1441.06\" data-confidence=\"0.99\"> luxury is the category that survives economic downturns right because you know more fluent people tend to be.<\/span><span id=\"timestamp_46_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"24:01.34 - 24:11.31, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1441.34\" data-end-seconds=\"1451.31\" data-confidence=\"0.99\"> To be more resilient but this time around we have this kind of it\u2019s It\u2019s a negative vibe as much as it is an economic factor and so even a fluent people are like,<\/span><span id=\"timestamp_46_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"24:11.51 - 24:17.67, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1451.51\" data-end-seconds=\"1457.67\" data-confidence=\"0.99\"> don\u2019t feel great about the economy I\u2019m going to cut back on my spending and so luxury overall especially in the United States.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"24:18.13\">[24:18]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_47_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"24:18.13 - 24:28.58, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1458.13\" data-end-seconds=\"1468.58\" data-confidence=\"0.98\">Got really really soft but buy now pay later got used a lot for like consumables like lipstick and things like that so that\u2019s a a little bit of a,<\/span><span id=\"timestamp_47_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"24:28.73 - 24:34.74, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1468.73\" data-end-seconds=\"1474.74\" data-confidence=\"0.94\"> a worry and so I I think you\u2019ve got kind of and then the the third factor that I think helps buy now pay later is,<\/span><span id=\"timestamp_47_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"24:34.87 - 24:48.72, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1474.87\" data-end-seconds=\"1488.72\" data-confidence=\"0.97\"> people don\u2019t like pulling their credit card out of their wallet and typing it into an e-commerce site it\u2019s just a pain in the neck and economies that have digital wallets like China sell a lot more stuff online than econ then economies that don\u2019t have big digital wallet penetration,<\/span><span id=\"timestamp_47_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"24:48.87 - 24:52.77, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1488.87\" data-end-seconds=\"1492.77\" data-confidence=\"0.99\"> and so for some American consumers,<\/span><span id=\"timestamp_47_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"24:52.83 - 25:04.92, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1492.83\" data-end-seconds=\"1504.92\" data-confidence=\"0.99\"> PayPal and Shop pay our digital wallets for some American consumers Amazon pays a digital wallet but for some American consumers a firm is a digital wallet and so there is a,<\/span><span id=\"timestamp_47_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"25:04.98 - 25:15.05, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1504.98\" data-end-seconds=\"1515.05\" data-confidence=\"0.96\"> lower friction more convenient checkout experience that that you know I\u2019m not saying it\u2019s the biggest part of buy now pay later but it\u2019s another incentive that some consumers have to use it so I think,<\/span><span id=\"timestamp_47_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"25:15.24 - 25:17.39, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1515.24\" data-end-seconds=\"1517.39\" data-confidence=\"0.97\"> the combination of those 3 things.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"25:18.00\">[25:18]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_48_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"25:18.00 - 25:28.17, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1518\" data-end-seconds=\"1528.17\" data-confidence=\"0.99\">You know younger consumers with different attitudes about credit consumers that you know are buying stuff that they don\u2019t necessarily have the cash to pay for and consumers that like the convenience of.<\/span><span id=\"timestamp_48_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"25:28.38 - 25:36.26, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1528.38\" data-end-seconds=\"1536.26\" data-confidence=\"0.93\"> Of the buy now pay later checkout flow all are helping buy now pay later continue to grow for the moment and we\u2019ll have to see if that.<\/span><span id=\"timestamp_48_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"25:36.51 - 25:39.22, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1536.51\" data-end-seconds=\"1539.22\" data-confidence=\"0.99\"> That carries forward but it\u2019s definitely a big thing.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"25:40.07\">[25:40]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_49_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"25:40.07 - 25:51.99, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1540.07\" data-end-seconds=\"1551.99\" data-confidence=\"0.96\">Interesting the other data and I know you love this is from MasterCard spending pulse and they said retail X Autos was up 3.8% and that was kind of they had a couple other things but<\/span><span id=\"timestamp_49_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"25:51.94 - 25:58.22, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1551.94\" data-end-seconds=\"1558.22\" data-confidence=\"0.95\"> I know that that 1 has not 100% tracked the the Commerce Department data that that is the gold standard.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"25:58.42\">[25:58]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_50_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"25:58.42 - 26:05.73, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1558.42\" data-end-seconds=\"1565.73\" data-confidence=\"0.95\">Yeah yeah so it\u2019s weird it it it should be a really good data source all all of these data sources are dubious right like the only.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"26:06.91\">[26:06]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_51_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"26:06.91 - 26:17.08, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1566.91\" data-end-seconds=\"1577.08\" data-confidence=\"0.98\">Economic indicators are really care about are the public retailers earning statements right because those those are like audited um and and you know.<\/span><span id=\"timestamp_51_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"26:17.32 - 26:23.45, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1577.32\" data-end-seconds=\"1583.45\" data-confidence=\"0.99\"> Tend to be pretty reliable although although Macy\u2019s had a glitch this this last quarter that was kind of interesting.<\/span><span id=\"timestamp_51_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"26:24.25 - 26:36.36, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1584.25\" data-end-seconds=\"1596.36\" data-confidence=\"0.98\"> The the retail earnings reports are are are pretty credible all of these estimates the the US Department of Commerce data I I\u2019m deep in that data I use it all the time I find it really helpful but you know it\u2019s<\/span><span id=\"timestamp_51_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"26:36.35 - 26:44.27, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1596.35\" data-end-seconds=\"1604.27\" data-confidence=\"0.97\"> it\u2019s very flawed at best and then most of these other data sources are more far than that so so MasterCard data is,<\/span><span id=\"timestamp_51_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"26:44.32 - 26:50.73, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1604.32\" data-end-seconds=\"1610.73\" data-confidence=\"0.97\"> a big panel of credit card users right and MasterCard has a lot of users so it it should be a good data set.<\/span><span id=\"timestamp_51_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"26:51.11 - 27:03.74, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1611.11\" data-end-seconds=\"1623.74\" data-confidence=\"0.97\"> You know there\u2019s a lot of people that pay with cash and so the the MasterCard data set is skewed and the economists at MasterCard would say they normalize the data to reflect All American spending even though they only see a subset of American spending,<\/span><span id=\"timestamp_51_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"27:03.85 - 27:13.14, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1623.85\" data-end-seconds=\"1633.14\" data-confidence=\"0.95\"> but I have to say historically of all these data sources I\u2019ve seen the most fluctuations in mastercard\u2019s data versus everyone else\u2019s so,<\/span><span id=\"timestamp_51_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"27:13.29 - 27:25.49, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1633.29\" data-end-seconds=\"1645.49\" data-confidence=\"0.96\"> they\u2019re the only ones that have put a flag down for December and they\u2019re saying it\u2019s 3.8% which again would be decent I hope the other data sources they will get next week come in and are similar but I I\u2019m.<\/span><span id=\"timestamp_51_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"27:25.95 - 27:32.74, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1645.95\" data-end-seconds=\"1652.74\" data-confidence=\"0.99\"> I\u2019m not prepared to to say I\u2019m very confident at this point what what the December numbers are going to be.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"27:33.18\">[27:33]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_52_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"27:33.18 - 27:36.49, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1653.18\" data-end-seconds=\"1656.49\" data-confidence=\"0.97\">Yeah what was the I missed the Macy\u2019s flood what was that all about.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"27:36.79\">[27:36]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_53_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"27:36.79 - 27:42.64, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1656.79\" data-end-seconds=\"1662.64\" data-confidence=\"0.98\">Where like a week before they they were scheduled to do their Q3 earnings call.<\/span><span id=\"timestamp_53_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"27:42.96 - 27:53.22, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1662.96\" data-end-seconds=\"1673.22\" data-confidence=\"0.99\"> They acknowledged a massive fraud by an employee in their accounting department and had to delay their earnings and restate their earnings for the last several quarters.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"27:53.51\">[27:53]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_54_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"27:53.51 - 27:58.00, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1673.51\" data-end-seconds=\"1678\" data-confidence=\"0.96\">Wow holy cow that\u2019s a that\u2019s a pretty material fraud.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"27:58.23\">[27:58]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_55_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"27:58.23 - 28:04.30, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1678.23\" data-end-seconds=\"1684.3\" data-confidence=\"0.99\">Yeah yeah and yeah you never that\u2019s never a fun message to give to the market and then you know of course.<\/span><span id=\"timestamp_55_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"28:04.52 - 28:16.60, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1684.52\" data-end-seconds=\"1696.6\" data-confidence=\"0.92\"> Meses is in a really challenged category department stores just aren\u2019t doing well and are generally declining and so you know odds are we\u2019re there and they did you know come out with a soft earnings report,<\/span><span id=\"timestamp_55_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"28:16.74 - 28:21.32, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1696.74\" data-end-seconds=\"1701.32\" data-confidence=\"0.96\"> you know that there\u2019s a couple favorable things in it but the top line is is that they\u2019re shrinking.<\/span><span id=\"timestamp_55_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"28:22.48 - 28:35.07, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1702.48\" data-end-seconds=\"1715.07\" data-confidence=\"0.98\"> And you know that\u2019s bad news just anyway and then when you have to you know taint it by saying and we\u2019re not even sure that that that all the all the losses we\u2019ve reported the last 3 quarters like aren\u2019t even the full story it\u2019s it\u2019s it\u2019s.<\/span><span id=\"timestamp_55_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"28:35.68 - 28:37.27, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1715.68\" data-end-seconds=\"1717.27\" data-confidence=\"0.97\"> Investors do not love that.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"28:37.55\">[28:37]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_56_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"28:37.55 - 28:48.98, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1717.55\" data-end-seconds=\"1728.98\" data-confidence=\"0.96\">Yeah that\u2019s terrible all right 2 other topics I want to talk about we have NRF coming up and you\u2019re going to be attending for the Json and Scott show where do you expect him to see there.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"28:49.95\">[28:49]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_57_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"28:49.95 - 28:56.24, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1729.95\" data-end-seconds=\"1736.24\" data-confidence=\"0.92\">Retail media networks and AI I think everything is going to be a retail an AI driven retail media Network.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"28:56.47\">[28:56]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_58_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"28:56.47 - 29:03.29, Confidence: 0.83\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1736.47\" data-end-seconds=\"1743.29\" data-confidence=\"0.83\">Some combinations of the letters a r m n i looks like a uh Wheel of Fortune kind of thing.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"29:03.33\">[29:03]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_59_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:03.33 - 29:11.93, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1743.33\" data-end-seconds=\"1751.93\" data-confidence=\"0.92\">Yes and generally I throw up in my mouth every time I hear either of those acronyms so it\u2019s kind of it\u2019ll be a super pleasant pleasant week we.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"29:11.64\">[29:11]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_60_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:11.64 - 29:13.90, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1751.64\" data-end-seconds=\"1753.9\" data-confidence=\"0.92\">Well I can\u2019t wait to hear your show report.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"29:13.60\">[29:13]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_61_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:13.60 - 29:23.81, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1753.6\" data-end-seconds=\"1763.81\" data-confidence=\"0.97\">Yeah I have approximately 10,000 emails in my inbox right now which are you know from someone that wants to meet at NRF that is inviting me like today.<\/span><span id=\"timestamp_61_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:24.35 - 29:28.03, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1764.35\" data-end-seconds=\"1768.03\" data-confidence=\"0.98\"> Despite the fact that my internet schedule booked up about 3 months ago.<\/span><span id=\"timestamp_61_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:28.28 - 29:36.10, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1768.28\" data-end-seconds=\"1776.1\" data-confidence=\"0.95\"> To see their new Innovative AI driven retail media Network solution to that\u2019s going to revolutionize the retail industry.<\/span><span id=\"timestamp_61_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:36.76 - 29:41.06, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1776.76\" data-end-seconds=\"1781.06\" data-confidence=\"0.98\"> That\u2019s that\u2019s the exact extent of the pitch no more detail than that.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"29:40.84\">[29:40]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_62_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:40.84 - 29:55.82, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1780.84\" data-end-seconds=\"1795.82\" data-confidence=\"0.96\">Do people say as the chief digital Commerce retail payments officer at pubis do you have any uh are you interested in e-commerce in in retail Solutions you must get the craziest email.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"29:53.78\">[29:53]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_63_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:53.78 - 30:00.25, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1793.78\" data-end-seconds=\"1800.25\" data-confidence=\"0.99\">Yes exactly yes whenever they do that exact pitch I know it\u2019s from you.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"29:59.03\">[29:59]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_64_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"29:59.03 - 30:11.86, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1799.03\" data-end-seconds=\"1811.86\" data-confidence=\"0.92\">Yeah for those of you that see Jason make sure you give him a hard time about his title that\u2019s it he he really enjoys it it\u2019s the only thing that brighten his day and being pummeled by the AI and Retail.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"30:11.56\">[30:11]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_65_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"30:11.56 - 30:17.97, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1811.56\" data-end-seconds=\"1817.97\" data-confidence=\"0.94\">It it does because every time I hear it it makes me think of Scott and and Scott Scott is just 1 of my happy places.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"30:17.75\">[30:17]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_66_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"30:17.75 - 30:19.19, Confidence: 0.85\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1817.75\" data-end-seconds=\"1819.19\" data-confidence=\"0.85\">That\u2019s nice,<\/span><span id=\"timestamp_66_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"30:19.21 - 30:28.47, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1819.21\" data-end-seconds=\"1828.47\" data-confidence=\"0.93\"> 1 thing I saw in this kind of came from my you know so so I do investing here in the Research Triangle Park area in a bunch of startups and,<\/span><span id=\"timestamp_66_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"30:28.60 - 30:34.14, Confidence: 0.89\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1828.6\" data-end-seconds=\"1834.14\" data-confidence=\"0.89\"> you know AI you\u2019re going to do this but AI gen AI to be specific and<\/span><span id=\"timestamp_66_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"30:34.10 - 30:44.79, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1834.1\" data-end-seconds=\"1844.79\" data-confidence=\"0.95\"> you know the the change in consumer behaviors from that are really fascinating so a lot of these folks that Source deals and they\u2019re trying to you know do lead gen by emailing you constantly,<\/span><span id=\"timestamp_66_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"30:44.92 - 30:50.28, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1844.92\" data-end-seconds=\"1850.28\" data-confidence=\"0.93\"> no none of these companies you\u2019re not in their target but they they do send out a lot of cold emails.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"30:50.65\">[30:50]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_67_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"30:50.65 - 30:56.85, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1850.65\" data-end-seconds=\"1856.85\" data-confidence=\"0.97\">None of that works anymore except LinkedIn which is kind of odd because I get so much LinkedIn stuff I can\u2019t even hardly use the messenger.<\/span><span id=\"timestamp_67_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"30:57.14 - 31:02.41, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1857.14\" data-end-seconds=\"1862.41\" data-confidence=\"0.92\"> But anyway and then the other thing they said is content strategies under a lot of pressure because,<\/span><span id=\"timestamp_67_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"31:02.42 - 31:10.19, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1862.42\" data-end-seconds=\"1870.19\" data-confidence=\"0.99\"> the amount of traffic going to these these blogs and other kind of you know content you put out there hoping to get some inbound interest<\/span><span id=\"timestamp_67_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"31:10.18 - 31:14.88, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1870.18\" data-end-seconds=\"1874.88\" data-confidence=\"0.96\"> is kind of falling off a cliff and you know I talked to a couple of them and dug into it<\/span><span id=\"timestamp_67_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"31:14.85 - 31:21.37, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1874.85\" data-end-seconds=\"1881.37\" data-confidence=\"0.97\"> and and then I started poking around back into our world of retail and e-commerce and and started to see some interesting things.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"31:21.68\">[31:21]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_68_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"31:21.68 - 31:32.78, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1881.68\" data-end-seconds=\"1892.78\" data-confidence=\"0.96\">You know number 1 what you\u2019re starting to see is SEO is changing and you know search engine optimization because Google largely dominate search with like let\u2019s call it 80% share<\/span><span id=\"timestamp_68_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"31:32.75 - 31:42.91, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1892.75\" data-end-seconds=\"1902.91\" data-confidence=\"0.96\"> and you know it\u2019s been pretty well known how the algorithm Works they do tweaks and things and whatnot but it\u2019s generally well known with patreon and all that stuff for for decade now or decades,<\/span><span id=\"timestamp_68_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"31:43.02 - 31:51.88, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1903.02\" data-end-seconds=\"1911.88\" data-confidence=\"0.94\"> but what you\u2019re trying to see is enough traffic is starting to go through openai perplexity and some of these things that and it\u2019s pulling the content<\/span><span id=\"timestamp_68_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"31:51.83 - 31:57.02, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1911.83\" data-end-seconds=\"1917.02\" data-confidence=\"0.98\"> up a layer your site your content that you put out there may have been<\/span><span id=\"timestamp_68_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"31:56.96 - 32:10.92, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1916.96\" data-end-seconds=\"1930.92\" data-confidence=\"0.98\"> part of the answer but you\u2019re not getting the traffic anymore and therefore people aren\u2019t seeing the form to generate a lead or you know oh my gosh this this is a vendor that can offer me a solution to problem X on researching so so that\u2019s interesting<\/span><span id=\"timestamp_68_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"32:10.87 - 32:17.42, Confidence: 0.91\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1930.87\" data-end-seconds=\"1937.42\" data-confidence=\"0.91\"> and then I I noticed in that same Adobe report that kind of had this little little call out where,<\/span><span id=\"timestamp_68_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"32:17.61 - 32:29.87, Confidence: 0.91\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1937.61\" data-end-seconds=\"1949.87\" data-confidence=\"0.91\"> they said and this is a quote 1 of the newest factors nudging spending is AI powered shopping assistance such as chat gbt and its competitors traffic to retail sites that came from gen AI powered chat Bots,<\/span><span id=\"timestamp_68_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"32:30.03 - 32:40.87, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1950.03\" data-end-seconds=\"1960.87\" data-confidence=\"0.95\"> shot up 1300% 1300 percent compared with a year ago holiday season now I\u2019m sure it was small last year so maybe it was like 5 people in this year it\u2019s like you know.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"32:41.17\">[32:41]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_69_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"32:41.17 - 32:46.38, Confidence: 0.85\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1961.17\" data-end-seconds=\"1966.38\" data-confidence=\"0.85\">What\u2019s the math on that 1 6000 but you know just relatively that those kinds of numbers,<\/span><span id=\"timestamp_69_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"32:46.40 - 32:55.09, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1966.4\" data-end-seconds=\"1975.09\" data-confidence=\"0.95\"> but still I thought it was interesting that we\u2019re seeing it over in 1 part of the world and it it\u2019s definitely kind of forming over on the e-commerce side and then,<\/span><span id=\"timestamp_69_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"32:55.23 - 33:00.99, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1975.23\" data-end-seconds=\"1980.99\" data-confidence=\"0.99\"> a lot of it is Shoppers are now turning to that technology for gift ideas and for you know<\/span><span id=\"timestamp_69_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"33:00.98 - 33:08.76, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1980.98\" data-end-seconds=\"1988.76\" data-confidence=\"0.97\"> kind of what you would call the research and and maybe a little bit of finding the product but we\u2019ve got this research you know what do I want to get,<\/span><span id=\"timestamp_69_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"33:08.80 - 33:17.63, Confidence: 0.89\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1988.8\" data-end-seconds=\"1997.63\" data-confidence=\"0.89\"> Jeep this guy named retailgeek he\u2019s hard to shop for certainly not a gadget because these are get 10 of everything and they\u2019re like how do you find find narrow it down and find it and then.<\/span><span id=\"timestamp_69_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"33:17.89 - 33:19.87, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1997.89\" data-end-seconds=\"1999.87\" data-confidence=\"0.96\"> What\u2019s the best format to buy it in<\/span><span id=\"timestamp_69_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"33:19.79 - 33:33.93, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"1999.79\" data-end-seconds=\"2013.93\" data-confidence=\"0.98\"> so that that kind of top of the funnel it seems like a lot of consumers are using that and I thought that was pretty interesting and the quote from the Adobe dude was you have a consumer that\u2019s a very strategic and thinking a lot about their strategy around where they\u2019re buying<\/span><span id=\"timestamp_69_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"33:33.87 - 33:42.06, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2013.87\" data-end-seconds=\"2022.06\" data-confidence=\"0.95\"> when they\u2019re buying what\u2019s offering the best deal and then that\u2019s where they\u2019re using gen AI the assistants are helping the consumer and co-piloting that Journey<\/span><span id=\"timestamp_69_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"33:41.95 - 33:53.59, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2021.95\" data-end-seconds=\"2033.59\" data-confidence=\"0.95\"> so I thought that was interesting and then right before after we did our last pod but right kind of towards the end of the holiday I saw several articles but this Business Insider 1 was like a good Recaps where.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"33:54.17\">[33:54]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_70_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"33:54.17 - 34:03.27, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2034.17\" data-end-seconds=\"2043.27\" data-confidence=\"0.95\">You know there\u2019s been such an explosion of stuff out there that is increasingly hard to make a decision so there was this 1 article November 4th willing to it in the show notes<\/span><span id=\"timestamp_70_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"34:03.23 - 34:14.05, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2043.23\" data-end-seconds=\"2054.05\" data-confidence=\"0.98\"> and it basically was this couple trying to buy a mattress and they were just or a bed frame and they literally spent like 8 to 12 hours and just gave up they just kind of felt like it had become their job and<\/span><span id=\"timestamp_70_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"34:13.99 - 34:18.33, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2053.99\" data-end-seconds=\"2058.33\" data-confidence=\"0.95\"> I I do think that\u2019s kind of happening it\u2019s like it\u2019s so hard to find stuff in it<\/span><span id=\"timestamp_70_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"34:18.23 - 34:29.54, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2058.23\" data-end-seconds=\"2069.54\" data-confidence=\"0.97\"> I had this problem where I needed 1 of these you know dumb little dongles for my second HDMI thing for my camera and this 1 died and I had a webinar in 3 hours and<\/span><span id=\"timestamp_70_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"34:29.49 - 34:38.03, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2069.49\" data-end-seconds=\"2078.03\" data-confidence=\"0.92\"> I do Best Buy I had 1 but it was the 1 that\u2019s far away from me so I had to like find how instacart so then I had to back into instacart tell it.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"34:38.23\">[34:38]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_71_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"34:38.23 - 34:47.35, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2078.23\" data-end-seconds=\"2087.35\" data-confidence=\"0.95\">Work address and then I went to work to pick it up and like you know seems like all this stuff is out there but the you know the the consumers are just having a hard time<\/span><span id=\"timestamp_71_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"34:47.23 - 34:51.36, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2087.23\" data-end-seconds=\"2091.36\" data-confidence=\"0.93\"> parsing through it all so it it\u2019s going to going to be interesting to see<\/span><span id=\"timestamp_71_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"34:51.25 - 34:59.43, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2091.25\" data-end-seconds=\"2099.43\" data-confidence=\"0.96\"> next year I think we\u2019re going to find perplexity has some shopping features we talked a lot about chat GPT has to be working on it,<\/span><span id=\"timestamp_71_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"34:59.55 - 35:10.69, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2099.55\" data-end-seconds=\"2110.69\" data-confidence=\"0.97\"> Google Gemini has some really cool stuff that I\u2019ve been using their deep research and and if it was shopping capable uh they also put out a paper about agents that actually kind of has a shopping agent little placeholder on it,<\/span><span id=\"timestamp_71_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"35:10.75 - 35:17.46, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2110.75\" data-end-seconds=\"2117.46\" data-confidence=\"0.96\"> travel agent you know so you could see them kind of turning Google shopping and Google travel into little agent<\/span><span id=\"timestamp_71_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"35:17.36 - 35:25.77, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2117.36\" data-end-seconds=\"2125.77\" data-confidence=\"0.98\"> things that go do stuff for you somehow or at least give you some information it\u2019s going to be really interesting to see how this changes e-commerce because the consumer,<\/span><span id=\"timestamp_71_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"35:25.82 - 35:32.97, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2125.82\" data-end-seconds=\"2132.97\" data-confidence=\"0.96\"> feels a pain point and they want wanted to change but I don\u2019t know what it\u2019s going to look like on the other side what what do you think about all that.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"35:33.26\">[35:33]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_72_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"35:33.26 - 35:47.13, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2133.26\" data-end-seconds=\"2147.13\" data-confidence=\"0.95\">Yeah yeah well so I I I think you\u2019re right I think it\u2019s complicated because AI is both an annoyingly overhyped buzzword that I\u2019m sick of people AI washing everything and expecting it to sound interesting.<\/span><span id=\"timestamp_72_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"35:47.69 - 35:54.07, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2147.69\" data-end-seconds=\"2154.07\" data-confidence=\"0.99\"> And simultaneously I do think that there\u2019s there\u2019s a ton of AI use cases which are,<\/span><span id=\"timestamp_72_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"35:54.14 - 36:03.19, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2154.14\" data-end-seconds=\"2163.19\" data-confidence=\"0.96\"> totally disrupting traditional business processes all across the the Commerce ecosystem and and I think that this,<\/span><span id=\"timestamp_72_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"36:03.25 - 36:15.55, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2163.25\" data-end-seconds=\"2175.55\" data-confidence=\"0.98\"> kind of the idea that you started to touch on this idea of AI agents and you know people not having to go shopping for stuff and find stuff and do research and just have the the robots<\/span><span id=\"timestamp_72_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"36:15.48 - 36:20.10, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2175.48\" data-end-seconds=\"2180.1\" data-confidence=\"0.98\"> proactively solve shopping problems for you before you know you have them.<\/span><span id=\"timestamp_72_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"36:20.36 - 36:26.59, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2180.36\" data-end-seconds=\"2186.59\" data-confidence=\"0.98\"> I I I\u2019m not going to say oh that\u2019s for sure the future and and all stores are going to go away,<\/span><span id=\"timestamp_72_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"36:26.68 - 36:36.00, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2186.68\" data-end-seconds=\"2196\" data-confidence=\"0.98\"> but I think there\u2019s a very high likelihood that it becomes a meaningful part of the consumer\u2019s tool set and I think it\u2019s going to be wildly disruptive so,<\/span><span id=\"timestamp_72_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"36:36.08 - 36:37.24, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2196.08\" data-end-seconds=\"2197.24\" data-confidence=\"0.97\"> I don\u2019t think it\u2019s,<\/span><span id=\"timestamp_72_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"36:37.44 - 36:51.40, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2197.44\" data-end-seconds=\"2211.4\" data-confidence=\"0.96\"> it\u2019s there yet and I so I don\u2019t think it\u2019s economically meaningful at this point and so in this Adobe data I feel like is a little bit it\u2019s ironic like it\u2019s it\u2019s they\u2019re kind of SEO keyword stuffing when they\u2019re implying that SEO is going away.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"36:51.80\">[36:51]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_73_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"36:51.80 - 36:52.79, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2211.8\" data-end-seconds=\"2212.79\" data-confidence=\"0.93\">But the,<\/span><span id=\"timestamp_73_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"36:52.84 - 37:02.80, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2212.84\" data-end-seconds=\"2222.8\" data-confidence=\"0.96\"> I I think it\u2019s a you know a very small number of people were using AI chat Bots last year and now 13,000 you know 1300% more which is still a very small number,<\/span><span id=\"timestamp_73_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"37:02.92 - 37:06.98, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2222.92\" data-end-seconds=\"2226.98\" data-confidence=\"0.98\"> but I think bigger picture we used to all discover products,<\/span><span id=\"timestamp_73_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"37:07.02 - 37:17.93, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2227.02\" data-end-seconds=\"2237.93\" data-confidence=\"0.96\"> at this place called the retail store on a shelf and now a huge huge percentage of Discovery happens at this thing called the search engine right and and you know<\/span><span id=\"timestamp_73_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"37:17.88 - 37:22.94, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2237.88\" data-end-seconds=\"2242.94\" data-confidence=\"0.99\"> 15 years ago that would have been unimaginable how important Google would be to the<\/span><span id=\"timestamp_73_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"37:22.87 - 37:31.30, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2242.87\" data-end-seconds=\"2251.3\" data-confidence=\"0.99\"> to the the shopping process today and increasingly I feel like that that search traffic is under threat part of it is from<\/span><span id=\"timestamp_73_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"37:31.25 - 37:38.07, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2251.25\" data-end-seconds=\"2258.07\" data-confidence=\"0.99\"> retailers with better databases so you do the search on Amazon or Walmart instead of on Google part of it is,<\/span><span id=\"timestamp_73_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"37:38.08 - 37:46.32, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2258.08\" data-end-seconds=\"2266.32\" data-confidence=\"0.95\"> then I would argue the biggest most disruptive part is on social that you\u2019re discovering new products to buy on Tik Tok instead of on Google and,<\/span><span id=\"timestamp_73_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"37:46.35 - 37:50.95, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2266.35\" data-end-seconds=\"2270.95\" data-confidence=\"0.98\"> you know it\u2019s still tiny but an increasing number of it is happening on<\/span><span id=\"timestamp_73_9_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"37:50.90 - 38:02.61, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2270.9\" data-end-seconds=\"2282.61\" data-confidence=\"0.96\"> these AI platforms and this is even really before the AI agents have rolled out like what happens when there\u2019s really powerful AI agents built in the series and Amazon and<\/span><span id=\"timestamp_73_10_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"38:02.57 - 38:07.62, Confidence: 0.87\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2282.57\" data-end-seconds=\"2287.62\" data-confidence=\"0.87\"> Gmail and they\u2019re all plugged into every email and text message we get.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"38:07.78\">[38:07]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_74_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"38:07.78 - 38:15.87, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2287.78\" data-end-seconds=\"2295.87\" data-confidence=\"0.98\">You know what what\u2019s the world going to look like then you know I think this is the disruption that we\u2019re all living through right now I think it\u2019s really hard to predict,<\/span><span id=\"timestamp_74_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"38:15.97 - 38:29.42, Confidence: 1\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2295.97\" data-end-seconds=\"2309.42\" data-confidence=\"1\"> exactly how it all plays out but I think you know if you\u2019re in the space you need to be paying attention to this and you need to be contingency planning you know how you\u2019re going to be good at all these things and what you\u2019re going to do you know as these things<\/span><span id=\"timestamp_74_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"38:29.38 - 38:33.41, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2309.38\" data-end-seconds=\"2313.41\" data-confidence=\"0.98\"> do become meaningful because I think it\u2019s entirely possible that,<\/span><span id=\"timestamp_74_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"38:33.45 - 38:42.61, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2313.45\" data-end-seconds=\"2322.61\" data-confidence=\"0.99\"> AI agents are as important to Commerce in 10 years as Google is today as the store shelf was 15 years ago.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"38:42.90\">[38:42]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_75_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"38:42.90 - 38:46.62, Confidence: 0.9\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2322.9\" data-end-seconds=\"2326.62\" data-confidence=\"0.9\">Yeah and what\u2019s it mean like to all your,<\/span><span id=\"timestamp_75_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"38:46.80 - 38:58.18, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2326.8\" data-end-seconds=\"2338.18\" data-confidence=\"0.94\"> all this front-end stuff when the e-commerce basically kind of was like headless Commerce but with a you know you\u2019re not putting a you\u2019re not building any front end there\u2019s just like the front door is now the.<\/span><span id=\"timestamp_75_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"38:59.70 - 39:14.26, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2339.7\" data-end-seconds=\"2354.26\" data-confidence=\"0.97\"> It\u2019s not even API it\u2019s like some kind of a a genetic thing that\u2019s like calling into the API and doing stuff like hey you got 1 of these uh what\u2019s your price okay I\u2019ll order 1 of those it\u2019s going to be it\u2019s going to be tricky because a lot of the things that add a lot of extra margin like<\/span><span id=\"timestamp_75_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"39:14.24 - 39:21.80, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2354.24\" data-end-seconds=\"2361.8\" data-confidence=\"0.93\"> check out add-ons and you know recommended products and you previously bought this all that stuff.<\/span><span id=\"timestamp_75_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"39:22.12 - 39:33.12, Confidence: 0.94\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2362.12\" data-end-seconds=\"2373.12\" data-confidence=\"0.94\"> Maybe it goes away in that world and in some extent so it\u2019s going to be I guess retailers are going to have a hard choice to decide to even want to participate in that and you know because in the early days.<\/span><span id=\"timestamp_75_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"39:33.43 - 39:45.33, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2373.43\" data-end-seconds=\"2385.33\" data-confidence=\"0.97\"> I remember like the Twitter\u2019s been at this like 6 times they\u2019ve tried to have e-commerce and they always try to bypass the checkout and that\u2019s kind of like what perplexity is doing and you know you can imagine a bunch of retailers.<\/span><span id=\"timestamp_75_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"39:45.58 - 39:59.60, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2385.58\" data-end-seconds=\"2399.6\" data-confidence=\"0.95\"> Like I think it\u2019s 1-800 Flowers they get so much from all the upselling that they do that you know maybe there\u2019s certain sets of folks that just kind of opt out of that world but then if your competitor opts in what do you do it\u2019s going to be interesting to see what happens here.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"39:59.87\">[39:59]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_76_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"39:59.87 - 40:03.63, Confidence: 0.83\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2399.87\" data-end-seconds=\"2403.63\" data-confidence=\"0.83\">Yeah no and and 1 version of that is already happened like.<\/span><span id=\"timestamp_76_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"40:03.85 - 40:12.41, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2403.85\" data-end-seconds=\"2412.41\" data-confidence=\"0.98\"> The when I say we used to discover stuff on the Shelf we used to put a lot of stuff you didn\u2019t know about on the Shelf next to the stuff you wanted right,<\/span><span id=\"timestamp_76_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"40:12.49 - 40:20.87, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2412.49\" data-end-seconds=\"2420.87\" data-confidence=\"0.97\"> and you made all these unplanned purchases you made all these impulse purchases do you know what the most profitable real estate is in a grocery store it\u2019s the cash wrap.<\/span><span id=\"timestamp_76_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"40:21.09 - 40:30.86, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2421.09\" data-end-seconds=\"2430.86\" data-confidence=\"0.97\"> It\u2019s the the the Widow refrigerator that has 1 can of Coca-Cola that you can buy right as you\u2019re checking out that you drink on your way home from the,<\/span><span id=\"timestamp_76_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"40:30.93 - 40:32.97, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2430.93\" data-end-seconds=\"2432.97\" data-confidence=\"0.96\"> the the Kroger store,<\/span><span id=\"timestamp_76_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"40:33.05 - 40:44.05, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2433.05\" data-end-seconds=\"2444.05\" data-confidence=\"0.98\"> or the the mints or the gum that you didn\u2019t think you wanted that you decided you you had to have while you were standing there that those impulse purchases were a huge part of retail and when.<\/span><span id=\"timestamp_76_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"40:44.28 - 40:51.91, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2444.28\" data-end-seconds=\"2451.91\" data-confidence=\"0.92\"> Grocery has gone a digital grocery you know what nobody\u2019s buying on digital grocery single single cans of Coke or gum.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"40:52.19\">[40:52]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_78_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"40:52.19 - 41:06.98, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2452.19\" data-end-seconds=\"2466.98\" data-confidence=\"0.98\">Right um those those impulse items like nobody\u2019s figured out what the digital version of those impulse items are right and and you\u2019re you\u2019re absolutely right when when shopping goes from implicit I have to build a list figure out where I\u2019m going to get that list,<\/span><span id=\"timestamp_78_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"41:07.06 - 41:10.25, Confidence: 0.91\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2467.06\" data-end-seconds=\"2470.25\" data-confidence=\"0.91\"> proactively go give someone money and then get all those things,<\/span><span id=\"timestamp_78_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"41:10.35 - 41:18.12, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2470.35\" data-end-seconds=\"2478.12\" data-confidence=\"0.99\"> to implicit like all the stuff that I need to run my life just magically shows up in my pantry and I don\u2019t have to lift a finger or ask anyone.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"41:18.68\">[41:18]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_79_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"41:18.68 - 41:24.81, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2478.68\" data-end-seconds=\"2484.81\" data-confidence=\"0.96\">Tons of opportunities I had to upsell and influencer brand selections,<\/span><span id=\"timestamp_79_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"41:24.88 - 41:30.56, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2484.88\" data-end-seconds=\"2490.56\" data-confidence=\"0.97\"> and you know Drive impulse purchases are going to go away and some people<\/span><span id=\"timestamp_79_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"41:30.56 - 41:40.41, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2490.56\" data-end-seconds=\"2500.41\" data-confidence=\"0.97\"> will see that and say doesn\u2019t matter if the future that\u2019s where I got to go and they\u2019ll embrace it and other people will say no I\u2019m going to hang on to the old model as long as I can right and<\/span><span id=\"timestamp_79_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"41:40.40 - 41:49.21, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2500.4\" data-end-seconds=\"2509.21\" data-confidence=\"0.97\"> that that happened in retail too do you know who 1 of the greatest retailers is in the modern era it\u2019s Costco they\u2019re amazing do you know how much Costco loves e-commerce,<\/span><span id=\"timestamp_79_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"41:49.29 - 42:03.97, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2509.29\" data-end-seconds=\"2523.97\" data-confidence=\"0.98\"> they freaking hate e-commerce right like they they say on their earnings call why would I ever encourage someone to go to my website when they\u2019ll buy so much more stuff if I get them into my store right and so they\u2019re they\u2019re 1 of the biggest laggards in digital Commerce because,<\/span><span id=\"timestamp_79_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:03.98 - 42:06.43, Confidence: 0.89\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2523.98\" data-end-seconds=\"2526.43\" data-confidence=\"0.89\"> they\u2019re so good at brick and mortar and,<\/span><span id=\"timestamp_79_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:06.63 - 42:19.32, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2526.63\" data-end-seconds=\"2539.32\" data-confidence=\"0.98\"> like we\u2019re likely to see some of those same same kind of companies you know resist moving to AI agents or social commerce or you know what whatever things comes next but these are all the.<\/span><span id=\"timestamp_79_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:19.54 - 42:23.74, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2539.54\" data-end-seconds=\"2543.74\" data-confidence=\"0.98\"> The disruptions that are playing out right now right and it\u2019s it\u2019s super fun.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"42:24.18\">[42:24]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_80_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:24.18 - 42:29.42, Confidence: 0.84\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2544.18\" data-end-seconds=\"2549.42\" data-confidence=\"0.84\">Yeah yeah well guess what Jason it\u2019s happened again.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"42:29.50\">[42:29]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_81_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:29.50 - 42:32.93, Confidence: 0.9\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2549.5\" data-end-seconds=\"2552.93\" data-confidence=\"0.9\">We\u2019ve wasted a perfectly good our of our listeners time.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"42:33.53\">[42:33]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_82_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:33.53 - 42:48.73, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2553.53\" data-end-seconds=\"2568.73\" data-confidence=\"0.95\">Yeah yeah and uh I meant to mention it at the top of the show but we were going to do our predictions but 1 of us which was me did not get a chance to work on them so we\u2019re going to make this a 2-part so we\u2019re going to this is kind of the the wrap the 24 w<\/span><span id=\"timestamp_82_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:48.49 - 42:56.83, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2568.49\" data-end-seconds=\"2576.83\" data-confidence=\"0.95\"> and then we\u2019re going to do our prediction show next time when Jason gets back from NRF and he\u2019s going to have an amazing trip report with<\/span><span id=\"timestamp_82_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:56.62 - 42:59.19, Confidence: 0.88\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2576.62\" data-end-seconds=\"2579.19\" data-confidence=\"0.88\"> with lots of Garff gossip.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"42:59.47\">[42:59]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_83_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"42:59.47 - 43:10.05, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2579.47\" data-end-seconds=\"2590.05\" data-confidence=\"0.97\">Yeah and here\u2019s the good news if you are going to interfere in New York this week I I leave Saturday I come back the following Thursday and you are a planning on on attending,<\/span><span id=\"timestamp_83_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"43:10.17 - 43:13.21, Confidence: 0.85\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2590.17\" data-end-seconds=\"2593.21\" data-confidence=\"0.85\"> any event or content at NRF,<\/span><span id=\"timestamp_83_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"43:13.40 - 43:26.43, Confidence: 0.95\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2593.4\" data-end-seconds=\"2606.43\" data-confidence=\"0.95\"> I will see you there because you talk about Overexposed I think I\u2019m on stage like 8 times at at NRF this year so I owe so many decks that I haven\u2019t done yet.<\/span><span id=\"timestamp_83_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"43:26.98 - 43:35.25, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2606.98\" data-end-seconds=\"2615.25\" data-confidence=\"0.99\"> But it it\u2019s going to be fun I\u2019m looking forward to seeing everyone I think there\u2019s going to be a lot of interesting stuff that you know it\u2019s going to be a real vibrant exhibit hall with a lot of new,<\/span><span id=\"timestamp_83_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"43:35.29 - 43:43.45, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2615.29\" data-end-seconds=\"2623.45\" data-confidence=\"0.98\"> new exhibitors there\u2019s an Innovation Pavilion which is always super interesting which is you know where a lot of startups go and and there is going to be a bunch of good content,<\/span><span id=\"timestamp_83_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"43:43.55 - 43:51.17, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2623.55\" data-end-seconds=\"2631.17\" data-confidence=\"0.98\"> it all wraps up on Tuesday I\u2019m doing a session on the big stage on Tuesday which is kind of going to be fun it\u2019s like a point Counterpoint debate.<\/span><span id=\"timestamp_83_6_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"43:51.48 - 44:04.78, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2631.48\" data-end-seconds=\"2644.78\" data-confidence=\"0.96\"> So a good friend and way smarter colleague of mine Christine Russo and I are going to be on stage and a bunch of our our friends in the e-commerce industry have sent in video questions and Christine and I are going to debate.<\/span><span id=\"timestamp_83_7_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:05.15 - 44:14.59, Confidence: 0.99\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2645.15\" data-end-seconds=\"2654.59\" data-confidence=\"0.99\"> The the pros and cons of of each of those questions and so I\u2019m desperate for people to go to the show attend that Tuesday session and route for me because I think,<\/span><span id=\"timestamp_83_8_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:14.74 - 44:17.69, Confidence: 0.97\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2654.74\" data-end-seconds=\"2657.69\" data-confidence=\"0.97\"> there\u2019s about 10 Christine fans for every Jason fan.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"44:18.07\">[44:18]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_84_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:18.07 - 44:23.27, Confidence: 0.93\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2658.07\" data-end-seconds=\"2663.27\" data-confidence=\"0.93\">The Jason fans are small But Mighty stuff well uh they\u2019ll be allowed loud and proud.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"44:22.97\">[44:22]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_85_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:22.97 - 44:28.86, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2662.97\" data-end-seconds=\"2668.86\" data-confidence=\"0.96\">My my wife and son are both going to root for Christine I\u2019m just saying um so any any any help I can.<\/span><span id=\"timestamp_85_1_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:29.35 - 44:34.98, Confidence: 0.91\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2669.35\" data-end-seconds=\"2674.98\" data-confidence=\"0.91\"> Yes anyhow if I could get his appreciated but so yeah so so interest is going to be very fun but busy.<\/span><span id=\"timestamp_85_2_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:35.42 - 44:43.27, Confidence: 0.92\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2675.42\" data-end-seconds=\"2683.27\" data-confidence=\"0.92\"> And I as Scott alluded to I have already written my predictions for 2024 I do reserve the or 25 got to get better at that,<\/span><span id=\"timestamp_85_3_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:43.35 - 44:54.64, Confidence: 0.96\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2683.35\" data-end-seconds=\"2694.64\" data-confidence=\"0.96\"> I do reserve the right to update them if I learn anything new at NRF so so maybe the fact that we\u2019re doing the prediction show after NRF this year will give me a chance to to be slightly more accurate than I\u2019ve been in the past which would not be a bad thing.<\/span><span id=\"timestamp_85_4_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:55.74 - 44:57.82, Confidence: 0.8\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2695.74\" data-end-seconds=\"2697.82\" data-confidence=\"0.8\"> Um but hopefully.<\/span><span id=\"timestamp_85_5_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"44:58.33 - 45:11.43, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2698.33\" data-end-seconds=\"2711.43\" data-confidence=\"0.98\"> Yeah you got some value out of this show and we\u2019ve teased you with the next show in just a couple of weeks and as always if you if you did enjoy the show we\u2019d love for you to jump on iTunes and give us that 5-star review.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Scot<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"45:11.26\">[45:11]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_86_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"45:11.26 - 45:16.56, Confidence: 0.98\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2711.26\" data-end-seconds=\"2716.56\" data-confidence=\"0.98\">Thanks everybody and until next time.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 w-full max-w-7xl\" data-testid=\"transcript-paragraph\">\n<p><span class=\"whitespace-nowrap\"><button class=\"action-link\" tabindex=\"-1\">Jason<\/button><\/span><\/p>\n<div class=\"flex group\">\n<p>\u00a0<\/p>\n<p><span class=\"opacity-70 hover:opacity-100 cursor-pointer whitespace-normal tabular-nums\" title=\"45:14.73\">[45:14]<\/span><span class=\"focus:outline-none scroll-mt-28 px-2\" contenteditable=\"true\"><span id=\"timestamp_87_0_0\" class=\"whitespace-pre-wrap scroll-mt-28\" title=\"45:14.73 - 45:16.56, Confidence: 0.52\" data-testid=\"transcript-line-timestamp\" data-is-timestamp=\"true\" data-start-seconds=\"2714.73\" data-end-seconds=\"2716.56\" data-confidence=\"0.52\">Happy Commercing!<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/main><\/div>\n<\/div>\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 322 is recap of Holiday 2024. Subscribe: ????? Episode Summary: In today\u2019s episode of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1121,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-15144","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\/15144","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=15144"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/15144\/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=15144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=15144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=15144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}