WEBVTT - Advance Placement: The Future of E Commerce

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will.

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<v Speaker 2>Be protected sponsored by the United States Department of Homeland.

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<v Speaker 3>Security e commerce tomorrow. So where are we going to

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<v Speaker 3>go with this? Where is this heading?

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<v Speaker 4>Well?

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<v Speaker 3>As I said, the forecast for twenty twenty three is

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<v Speaker 3>one point a one trillion twenty twenty four to one

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<v Speaker 3>point one in twenty twenty five one point three trillion now,

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<v Speaker 3>believe it or not, By twenty forty, it is estimated

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<v Speaker 3>that ninety five percent of all purchases will be through

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<v Speaker 3>e commerce. And I know that it's hard to believe.

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<v Speaker 3>It's like, what, that's impossible, But if you look at

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<v Speaker 3>where we were just ten years ago in terms of

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<v Speaker 3>our shopping habits to where we are today, you can

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<v Speaker 3>definitely see that, especially given the fact that right now

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<v Speaker 3>people are focused on millennials, but our Gen zs and

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<v Speaker 3>the children who are growing up who've only ever known

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<v Speaker 3>the Internet, They've never lived without the Internet, they've never

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<v Speaker 3>lived without that convenience. Those are going to be your

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<v Speaker 3>primary shoppers. So it's very easy to see how that's

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<v Speaker 3>already going to be a natural part of their behavior.

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<v Speaker 3>So what does that mean. That means you have to

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<v Speaker 3>stand out. So the basic websites that were used to

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<v Speaker 3>they're not gonna fly anymore, the two D flat sort

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<v Speaker 3>of situations. That's not going to gain your customer's attention.

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<v Speaker 3>Three trends that are going to become normalized for e

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<v Speaker 3>commerce are artificial intelligence, augmented reality, and virtual reality. These

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<v Speaker 3>are going to become standard in your e commerce and

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<v Speaker 3>retail stores.

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<v Speaker 4>And they'll look like things like AI enable chat bots.

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<v Speaker 3>So you guys are probably all going to a store

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<v Speaker 3>and then in the bottom corner there's a little chatbot

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<v Speaker 3>that comes up and you talk to it, and it

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<v Speaker 3>just has automated responses, so it don't really talk to you.

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<v Speaker 3>You're gonna have to have more sophisticated chat bots that

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<v Speaker 3>are actually using artificial intelligence. People are gonna be looking

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<v Speaker 3>for virtual assistance to help guide them, so not just

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<v Speaker 3>the automatic responses, but hey, I'm looking for this, can

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<v Speaker 3>you recommend something? And they're gonna want a live person

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<v Speaker 3>or an artificial intelligence to actually guide them through that,

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<v Speaker 3>and then that takes form also in the shape of

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<v Speaker 3>AI enabled personal browsing shopping. So some of the challenges

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<v Speaker 3>like we discussed are sky rocketing at costs, and that

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<v Speaker 3>of course takes up your customer acquisition costs. Your customer

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<v Speaker 3>acquisition costs. If you don't know, that's how much it cost.

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<v Speaker 4>You to gain a customer.

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<v Speaker 3>So if you run an AD and you spend one

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<v Speaker 3>thousand dollars and you gain five hundred customers, then each

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<v Speaker 3>one of those customers costs you two dollars that would

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<v Speaker 3>be an optimal set of circumstances, but that's your customer

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<v Speaker 3>acquisition costs. So as the market becomes saturated, you're going

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<v Speaker 3>to have to spend more on your inter you're gonna

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<v Speaker 3>have to spend more on the back end house things.

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<v Speaker 3>You're gonna have to spend more on your advertising to

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<v Speaker 3>gain a customer.

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<v Speaker 4>And now that's all bad.

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<v Speaker 3>And so it's kind of like, oh my god, I

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<v Speaker 3>don't know anything about augmented reality. I don't know anything

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<v Speaker 3>about virtual reality, and jeez, I don't have the money.

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<v Speaker 3>So one place that you actually can i say, participate

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<v Speaker 3>and kind of levels the playing field is in social commerce.

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<v Speaker 3>So this is a new term that you'll start to

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<v Speaker 3>hear more of, and social commerce is what you're already

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<v Speaker 3>used to. So when you're on Instagram and you notice

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<v Speaker 3>there's an Instagram shop or there's a Facebook marketplace.

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<v Speaker 4>That's social commerce.

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<v Speaker 3>So it's the social media sites that were largely built

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<v Speaker 3>to be social media sites and they've integrated commerce and

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<v Speaker 3>shopping into that space.

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<v Speaker 4>Now that's on the rise.

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<v Speaker 3>As you can tell all of your social media platforms.

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<v Speaker 3>That works really well for smaller brands because if you've

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<v Speaker 3>noticed the trend where when we were on social media

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<v Speaker 3>kind of doing our thing and you you know, your

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<v Speaker 3>personality may have lend you gaining a large audience.

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<v Speaker 4>I know it did for me. You started to gain followers.

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<v Speaker 3>Right, and then you learned how to sort of provide

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<v Speaker 3>a product or service and monetize that, and in doing

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<v Speaker 3>that you built what is the most valuable thing, You

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<v Speaker 3>built community. Okay, So in that community and in your tribe,

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<v Speaker 3>now you are able to connect with your customers in

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<v Speaker 3>a way that a lot of the larger brands just

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<v Speaker 3>have not. They've heavily relied on TV and radio and

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<v Speaker 3>commercial and news and print. So when social media came along,

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<v Speaker 3>the larger brands really didn't take it serious.

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<v Speaker 4>So we have a headstart on that. We're used to.

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<v Speaker 3>You know, how social media works, how to interface with

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<v Speaker 3>it and everything.

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<v Speaker 4>So this this is one of the places that you

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<v Speaker 4>can excel erners.

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<v Speaker 2>What's up? You ever walk into a small business and

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<v Speaker 2>everything just works like, the checkout is fast, the receipts

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<v Speaker 2>are digital, tipping is a breeze, and you're out the

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<v Speaker 3>And fact is estimated by by twenty twenty five, the

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<v Speaker 3>social media channels are going to grow triple okay. And

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<v Speaker 3>so to give you an example, there's a social media

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<v Speaker 3>platform in China called Tabo and it's kind of like

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<v Speaker 3>if you mix Facebook, PayPal, and WhatsApp.

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<v Speaker 4>All in one.

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<v Speaker 3>Well, they account for seventy eight percent of all of

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<v Speaker 3>China's e commerce sells.

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<v Speaker 4>So just to let you know, there is a little

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<v Speaker 4>bit of hope.

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<v Speaker 3>So you really want to now ramp up and focus

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<v Speaker 3>on your social media presence with your business.

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<v Speaker 4>Okay. So now and everything that I've said, it's like, okay,

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<v Speaker 4>what is this going to look like?

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<v Speaker 3>Right? What is this new face of e commerce going

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<v Speaker 3>to look like? How does this apply in terms of

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<v Speaker 3>real war application? So I'm gonna show you what it

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<v Speaker 3>looks like in for me stepping up because I know

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<v Speaker 3>that we're talking about the metaverse and a lot of

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<v Speaker 3>people are excited about it. The metaverse is some time

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<v Speaker 3>out in the way that is being presented by mister Zuckerberg,

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<v Speaker 3>So the way that it's actually been demoed by him,

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<v Speaker 3>we have some time for that. Right, the dot com

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<v Speaker 3>bubble that I talked about earlier, the reason.

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<v Speaker 4>Why I didn't take off when all of those.

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<v Speaker 3>People invested was largely because the vast majority of Americans

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<v Speaker 3>or just people worldwide, they didn't have a personal computer.

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<v Speaker 3>So that's where the issue comes sometimes where tech is

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<v Speaker 3>so far ahead of the people. You know how the

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<v Speaker 3>law always lags behind tech. Well, tech sometimes is so

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<v Speaker 3>much ahead of the people. So when you have an

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<v Speaker 3>interface or an invention that requires the people to have

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<v Speaker 3>a product in order to use it, albeit a laptop,

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<v Speaker 3>a smartphone, or a pair of Oculus glasses, you have

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<v Speaker 3>to kind of that has to become the norm, right,

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<v Speaker 3>And so until everyone, or at least the large majority

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<v Speaker 3>of people get oculus glasses or you know, things like

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<v Speaker 3>that into their hands, it'll be a little while. So

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<v Speaker 3>what I like to focus on is how can I

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<v Speaker 3>segue into this environment in a real and practical way.

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<v Speaker 3>And so what I've done is, oh, I wanted to

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<v Speaker 3>talk about the advantages, of course, so I'll run through

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<v Speaker 3>this first and then I'll give you what I've done

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<v Speaker 3>is my solution the advantages, and I think most of

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<v Speaker 3>these are kind of common sensical. Why do you need

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<v Speaker 3>to focus on a virtual store front presence versus a

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<v Speaker 3>physical one. You can expand your audience and your inclusivity.

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<v Speaker 3>So of course you know you have greater reach. If

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<v Speaker 3>you have a store in LA, your store is in LA.

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<v Speaker 3>If you're online, you're everywhere, right, You save time and

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<v Speaker 3>money with the logistics. Of course, it's ninety five percent

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<v Speaker 3>less to create an online successful store than it is

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<v Speaker 3>at brick and mortar. Then of course you have flexibility.

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<v Speaker 3>Your customers can shop twenty four seven all year long.

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<v Speaker 3>So right now, I'm in New York. It's super cold,

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<v Speaker 3>it's knowing I don't feel like going anywhere. I don't

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<v Speaker 3>feel like going out shopping, So of course what am

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<v Speaker 3>I doing.

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<v Speaker 4>I'm utilizing every delivery.

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<v Speaker 3>System and anybody who has e commerce, So then you

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<v Speaker 3>can collect powerful data. That's a difference too. If someone

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<v Speaker 3>comes into your store, they'll shop, and sometimes it'll just

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<v Speaker 3>simply be transactional. If you're not collecting an email to

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<v Speaker 3>follow up with that customer or some sort of a

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<v Speaker 3>survey or something, you really don't get any data. You

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<v Speaker 3>know what they bought, but that's it. You don't know

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<v Speaker 3>what they're interested in. There's actually software that you can

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<v Speaker 3>implement into your website that you can watch your customer

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<v Speaker 3>actually traffic through your site. You can see where they're landing,

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<v Speaker 3>what their interest sit in, you can see where they

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<v Speaker 3>spend their time. There is some software, believe it or not,

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<v Speaker 3>that it's so sophisticated, it actually tracks the eyeballs of

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<v Speaker 3>the user to see what they're actually really interested in.

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<v Speaker 3>And some of that software it even records their emotional response,

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<v Speaker 3>so it can indicate joy or interest on the user's face.

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<v Speaker 3>And that's giving people cutting edge advantages in terms of

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<v Speaker 3>knowing what products the place, what to focus on, So

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<v Speaker 3>that data is going to be key. And then of

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<v Speaker 3>course it works in conjunction. So if you do have

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<v Speaker 3>a brick and mortar store. One of the great things

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<v Speaker 3>about having the online stores for things like say you

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<v Speaker 3>were gonna have a pop up or something in person

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<v Speaker 3>in your store, Well, if you can't do that for

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<v Speaker 3>whether issues or lockdown issues, and you have a virtual presence,

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<v Speaker 3>you could still do that without missing out.

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<v Speaker 4>Of course, on that