Podcasts about Timu

Trade wars are stirring up quite the ruckus, and we're diving headfirst into how they could mess with your big projects and social media vibes. With tariffs looming and delivery delays from places like China, it seems like now's the time to rethink those renovation plans. Whether you're eyeing a kitchen remodel or just dreaming of a new paint job, we're here to remind you to tackle those smaller projects while the big stuff hangs in limbo. Plus, let's chat about the chaos of social media and how it's affecting our home lives—because who knew politics could be such a buzzkill? So grab your favorite drink, kick back, and let's navigate these choppy waters together while keeping our homes (and sanity) intact!Trade wars are heating up, and guess what? They could have a major impact on your DIY projects and your social media feeds! In this mid-week update, we dive into the chaos surrounding tariffs and international trade, particularly with our pals in China. As we navigate through the murky waters of potential tariffs, it's clear that our shopping habits and project timelines might take a hit. I mean, who doesn't love a good online shopping spree? But with the U.S. Postal Service throwing a wrench in the works, those sweet Timu deals could be delayed, leaving us all in a state of angst. But fear not! This is the perfect moment to shift our focus. Instead of stressing over what we can't control, let's channel that energy into planning those home projects we've been putting off. I'm talking about finally painting that living room or tackling that kitchen remodel. Trust me, there's no better time than now to get our hands dirty and make our homes a little more fabulous!Takeaways: The current trade tensions could significantly impact your DIY projects and online shopping habits. Planning your home improvement tasks now is wise, given potential supply chain disruptions ahead. Social media's political chatter can strain relationships, so consider a break for your sanity. Support local businesses during these times; they need our love more than ever! Be proactive with smaller home projects instead of starting large renovations amidst uncertainty. Stay updated on upcoming design trends from the Las Vegas show to make informed decisions. Companies mentioned in this episode: Monument Grill Home Depot Lowe's Menards Floor and Decor Tile Shop Feedspot To get your questions answered by Eric G give us a call in the studio at 833-239-4144 24/7 and Eric G will get back to you and answer your question and you might end up in a future episode of Around the House. Thanks for listening to Around the house if you want to hear more please subscribe so you get notified of the latest episode as it posts at https://around-the-house-with-e.captivate.fm/listenIf you want to join the Around the House Insider for access to the back catalog, Exclusive Content and a direct email to Eric G and access to the show early https://around-the-house-with-e.captivate.fm/support We love comments and we would love reviews on how this information has helped you on your house! Thanks for listening! For more information about the show head to https://aroundthehouseonline.com/ Information given on the Around the House Show should not be considered construction or design advice for your specific project, nor is it intended to replace consulting at your home or jobsite by a building professional. The views and opinions expressed by those interviewed on the...

Abdullah Öztürk, Kutay Ertuğrul ve Timuçin Altamay'ın motor sporları gündemli sohbeti. Bu bölümün konusu, Formula 1 ve Dünya Ralli Şampiyonası'nda sezonun Z Raporu.

Musseveni awataka vijana Uganda waache ushabiki wa soka wa timu za nje

Join us for an inspiring conversation with Pam Timu, wife of professional rugby player Caleb Timu, as she shares her journey from Colomiers, France, where she balances life as a mother of three and a wife to an international athlete. Pam opens up about the challenges of relocating for her husband's career, the emotional toll of adjusting to a new culture, and her struggles with mental health. Discover how her faith became a lifeline, and hear about her incredible transition into a new career in web development. This episode is a powerful reflection on finding identity, purpose, and balance in the midst of life's biggest transitions.

Hali inazidi kuwa si hali huko Ukanda wa Gaza kwani sasa raia wanakwepa sio tu mashambulizi na magonjwa bali pia nyoka, panya na wadudu ambao wanasambaa kutokana na mazingira machafu. Watu wanajihifadhi kwenye maeneo ya wazi bila mifumo ya majitaka au ya kuondoa maji ya mvua. Timu ya shirika la Umoja wa Mataifa la kuhudumia wakimbizi wa kipalestina imefika kupuliza dawa ili kulinda wananchi hao. Tuko Khan Younis, kusini mwa Ukanda wa Gaza, video ya UNRWA inaonesha wafanyakazi wa shirika hilo wamefika kwenye makazi ya muda ya wakimbizi wa  ndani. Katika eneo hili majitaka yamezingira makazi ya wakimbizi kwani hakuna mifumo ya kuyaondoa.Kando kidogo, mama anaonekana akimsafisha mwanae kwa kutumia maji yaliyohifadhiwa kwenye dumu.Mama huyu ambaye jina lake halikupatikana anasema, nilifurushwa kutoka jiji la Gaza hadi hapa Khan Younis. Tumefika kwenye eneo lililokuwa wazi, kwa hiyo uwepo wa panya na wadudu unahatarisha maisha ya watoto wangu. Nina hofu kubwa ya afya ya watoto wangu kutokana na wadudu na panya.Sasa anaonekana afisa mmoja wa UNRWA akiwa na wenzake wakipita hema kwa hema wakigawa dawa za kuua wadudu hao.Afisa huyu anasema wamewapatia ushauri na mwongozo wa jinsi ya kutumia dawa hizo.Halikadhalika wamepuliza dawa za kuulia wadudu na pia kuondoa taka zilizokuweko karibu na makazi ya wakimbizi hao wa ndani.UNRWA inasema viwango vya juu vya joto, na uweko wa makazi hayo kwenye eneo la wazi ni mazingira rafiki kwa panya, nyoka na wadudu wengine.Kwa mujibu wa ofisi ya Umoja wa Mataifa ya kuratibu misaada ya dharura, OCHA, tangu vita ianze Gaza, tarehe 7 Oktoba mwaka 2023, zaidi ya watu milioni 1.9 wamefurushwa makwao.

Hii leo jaridani tunaangazia uondoaji wa taka katika ukanda wa Gaza, na ujumbe wa vijana ambao watashiriki mijadala mikuu hapa makaomakuu ya Umoja wa Mataifa. Makala tunasalia hapa hapa makao makuu na mashinani tunakupeleka nchini Sudan Kusini, kulikoni?Hali inazidi kuwa si hali huko Ukanda wa Gaza kwani sasa raia wanakwepa sio tu mashambulizi na magonjwa bali pia nyoka, panya na wadudu ambao wanasambaa kutokana na mazingira machafu. Watu wanajihifadhi kwenye maeneo ya wazi bila mifumo ya majitaka au ya kuondoa maji ya mvua. Timu ya shirika la Umoja wa Mataifa la kuhudumia wakimbizi wa kipalestina imefika kupuliza dawa ili kulinda wananchi hao.Leo hapa makao makuu ya Umoja wa Mataifa jijini New York, Marekani vijana kutoka kila kona ya dunia wanakutana kuanza kujadili kuhusu mstakabali wao katika zama zijazo. Miongoni mwao ni Jerop Limo kutoka Kenya anayetumia uzoefu wake wa kuishi na Virusi Vya Ukimwi kwa miaka 24 ya umri wake kuhakikisha ulimwengu unakuwa mahali bora kwa watu ambao tayari wanaishi na virusi hivyo.Makala inaturejesha hapa Makao Makuu ya Umoja wa Mataifa New York Marekani ambako mkutano wa Zama Zijazo umen'goa nanga leo kwa siku mbili za kuchua hatua kabla ya kikao cha ngazi ya juu siku ya Jumapili na Jumatatu. Leo Vijana wanapata fursa ya kupaza sauti zao kuhusu dunia na mustakbali wautakao.Na katika mashinani Balozi Mwema wa shirika la Umoja wa Mataifa la kuhudumia watoto UNICEF, Tendai Mtawarira, mwanamichezo nguli mstaafu wa mpira wa raga mzaliwa wa Zimbabwe lakini alichezea Afrika Kusini, akizungumzia alichokishuhudia katika safari yake ya kwanza nchini Sudan Kusini.Mwenyeji wako ni Assumpta Massoi, karibu! 

What a lineup today! First up, we dive into the shady side of life—how did you find out they don't like you? A body language expert spills the tea and now we're all paranoid. Plus, Ronan Keating calls in to announce his huge new gig here in Australia, and Ricki-Lee's jumping in on the action too! It's New Music Friday, so expect some bangers… but if you've got a fear of nails, you might want to skip the part where we chat about Benny Blanco's terrifyingly artistic claws (seriously, they could make you hurl). And, in the best “what the f?” moment of the day, a woman bought a croissant lamp from Temu… except it's just a regular croissant covered in resin. Naturally, this led to the most ridiculous game ever: ‘Temu or Timu'—can you guess which item is real and which one Tim totally made up?See omnystudio.com/listener for privacy information.

Matangazo haya yanafuatilia habari zilizojitokeza nyakati za mchana na maswala yanayovuma katika mitandao ya kijamii kama sehemu moja muhimu ya upashanaji habari siku hizi.

VOA Express pia inafuatilia kwa karibu sana maswala yanayovuma katika mitandao ya kijamii kama sehemu moja muhimu ya upashanaji habari siku hizi.

Episode Notes Are you as excited as we are? A whole new season of new dizis is upon us and TV channels have started to launch plot summaries, share cast members and even teasers. This week in our season finale of the Dizi Friends Podcast Season 2-Maha and Eda talk about these new projects, share some details you might have missed, and share which ones they are excited for. "Leyla" (previously known as Hayat Hırsızı) is directed by Hilal Saral (known for Kara Sevda, Fatmagül'ün Suçu Ne, Aşk-ı Memnu, Kuzey Güney) , written by Aybike Ertürk (Düğün Şarkıcısı, Kızlar Yurdu, Emret Komutanım). It is adapted from Avenida Brasil. Starring: Cemre Baysel, Alperen Duymaz, and Halil İbrahim Ceyhan. The X thread we mention about Leyla is this one: https://x.com/lixzolys/status/1824653353197912314 "Siyah Kalp" (Black Heart) is directed by Uluç Bayraktar (known for Çarpışma, Ezel, Karadayı) and written by Ayfer Tunç (known for Binbir Gece, Paramparça and Aliye). Starring: Ece Uslu, Aras Aydin, Leyla Tanlar and Hafsanur Sancaktutan. "Deha" is directed by Umut Aral (Mostly known for recent Netflix projects; Who Were We Running From, The Protector, Love 101, Yakamoz S245). The writer is Damla Serim known for, Çukur, 3 Kuruş and Babil. Starring: Aras Bulut İynemli, Taner Ölmez, Ahsen Eroglu, and Melis Sözen. "Bir Gece Masalı" is directed by Emre Kabakuşak, he is known for; Sefirin Kızı, Kaderimin Oyunu, Aşk Taktikleri, Bir Küçük Günışığı. The writer Eda Tezcan is known for Hercai and Aziz. Starring Burak Deniz and Su Burcu Yazgı Coşkun. "Kötü Kan" is directed by M. Çağatay Tosun known for Suskunlar and Merhamet. It is written by Barış Erdoğan (Afili Aşk, Mutlu Ol Yeter) and İlker Aslan (Afili Aşk, Tatlı İntikam). Starring: Ertan Saban and Damla Sönmez. "Annem Ankara" is directed by Faruk Teber (Bir Zamanlar Çukurova, Hanımın Çiftliği) and written by Başak Angigün (Hercai, Ben Bu Cihana Sığmazam). Starring: Bergüzar Korel and Mehmet Günsür. "Kör Nokta" is directed by Yusuf Ömer Sınav (Sen Anlat Karadeniz, Yalnız Kurt). It is written by Funda Alp (Leyla and Mecnun) and Didem Kaplan (Sevgili Geçmiş). Starring: Ismail Ege Saşmaz and Rabia Soytürk. "Kalpazan" is directed by Mehmet Ada Öztekin (Atatürk, Fatma, The Club) and written by Sema Ali Erol, Mahir Erol, Ayşenur Sıkı. Story by Mahir Erol known for Hercai. Starring: Çağlar Ertuğrul, Deniz Baysal, and Timuçin Esen. "Bir Aşk Masalı" is directed by Recai Karagöz (Adım Farah) and the writers are Emre Özdür (Azize)and Hazar Kozice (Azize). At the time of episode recording, the writers have not yet been disclosed. Starring: Murat Yıldırım and Ebru Şahin. "Holding" is directed by Deniz Yılmaz Sayir (O Kız, Gençliğim Eyvah) and the Limon Yapım writing team. We don't exactly know who they are yet. Starring: Bade İşçil, Musa Uzunlar, and Ali İl. "Kara Dut" is directed by Murat Saraçoğlu (Aldatmak, Bir Zamanlar Çukurova), written by Sırma Yanık (Masumiyet, Zalim, Kardeş Çocukları). Starring: İrem Helvacıoğlu and Şükrü Özyıldız. "Güzel Atlar Diyarı" is directed by Mahsun Kırmızıgül and the writer has not been disclosed yet. Starring: Özgü Kaya and Burak Berkay Akgül. Time Stamps 00:00 - 00:40 Introduction 00:40 - 09:41 "Leyla" 09:41 - 15:20 "Siyah Kalp" 15:20 - 20:59 "Deha" 20:59 - 30:38 "Bir Gece Masalı" 30:38 - 35:35 "Kötü Kan" 35:35 - 42:01 "Annem Ankara" 42:01 - 46: 06 "Kör Nokta" 46:06 - 51:41 "Kalpazan" 51:41 - 56:34 "Bir Aşk Masalı" 56:34 - 01:02:22 "Holding" 01:02:22 - 01:05:25 "Kara Dut" 01:05:25 - 01:09:00 "Güzel Atlar Diyarı" 01:09:00 - 01:14:00 Recipe for a Turkish Dizi :) 01:14:00 - 01:16:28 We want to hear more from you

VOA Express pia inafuatilia kwa karibu sana maswala yanayovuma katika mitandao ya kijamii kama sehemu moja muhimu ya upashanaji habari siku hizi.

Tuliyokuandalia ni pamoja na droo ya hatua ya awali kwenye michuano ya klabu bingwa Afrika msimu ujao, matokeo ya Monaco Diamond League, Team Kenya yaanza kuwasili Ufaransa tayari kwa Olimpiki, matokeo ya CECAFA Kagame Cup na tetes iza uhamisho pamoja na uchambuzi wa fainali ya EURO, Copa America na fainali za tenisi kwenye Wimbledon.

Fenerbahçe v Admira Wacker Gol: Dzeko (p) Fenerbahçe XI: Ertuğrul, Osayi, Becao, Djiku, Oosterwolde, Bartuğ, Fred, Zajc, Krunic, Cengiz, Dzeko Fenerbahçe'nin 1930'lardaki Kaptanı Esat Kaner'in torunları Edip ve Timuçin Uras, İstanbul - Chicago arasında Fenerbahçe ve Milli Takım maçlarını yorumluyor. Her maçtan sonra canlı yayındayız.

Türkiye 1-2 Hollanda Golümüz Dk 35 Samet Asist Arda Güler Dk 70 de Vrij ve Dk 75 Mert Müldür (kk) Türkiye XI: Mert, Mert Müldür, Kaan, Samet, Abdülkerim, Ferdi, Salih, Hakan, Kenan, Barış, Arda Fenerbahçe'nin 1930'lardaki Kaptanı Esat Kaner'in torunları Edip ve Timuçin Uras, İstanbul - Chicago arasında Fenerbahçe ve Milli Takım maçlarını yorumluyor. Her maçtan sonra canlı yayındayız.

Text Tammy Directly - (720) 303-8868   Contact Tammy Here - ❤️  https://bit.ly/44FeoDE  ❤️   Join Our Free Health Coaching Group 

If you service a mixed fleet in your workshop, its easy to assume you would need two sets of equipment, but that isn't the case. Pav and Timu talk you through the workshop equipment you won't have to buy twice.

You ever wonder how you can obtain cheap technology or perhaps another method without having to pay full price. You could always look on Timu or all the Express. But the reality is there's something else under line which is the reason why you're getting these products out of cheap. --- Send in a voice message: https://podcasters.spotify.com/pod/show/minimalisttechnews/message Support this podcast: https://podcasters.spotify.com/pod/show/minimalisttechnews/support

Matangazo ya saa nzima kuhusu habari za kutwa, ikiwa ni pamoja ripoti kutoka kwa waandishi wetu sehemu mbali mbali duniani na kote Afrika Mashariki na Kati, na vile vile vipindi na makala maalum kuhusu afya, wanawake, jamii na maendeleo.

If you want to see the highest levels of productivity in your workshop, then a motivated workshop is a must. Alix and Timu explain the key to keeping your workshop motivated.

Welcome to the Alfalfa Podcast

Pav and Timu talk through how mobile column lifts work, and what safety features they have to keep your teams and your vehicles safe.

Tuliyokuandalia ni pamoja na uchambuzi wa fainali ya Klabu bingwa Afrika, Tanzania waibuka na kombe la shule za upili afrika mchezo wa soka, fainali za ligi ya basketboli kuanza nchini Rwanda wakati makocha wa Kenya na Uganda wataja vikosi vyao kufuzu Kombe la Dunia na matokeo ya Ligi za ulaya.

EP319 - Amazon Q1 2024 Recap http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Episode Summary: In this episode, Jason "Retailgeek" Goldberg and Scot Wingo dive deep into Amazon's first quarter results for 2024, analyzing the company's performance in various segments such as retail, offline and online sales, marketplace, AWS, and advertising. They also explore the impact of AI on Amazon's business and provide insights into the company's future guidance for Q2 2024. Amazon Q1 2024 Earnings Release Amazon Q1 2024 Earnings Call Transcript In our latest episode, Jason and Scott cover a range of topics, starting with their reflections on recent events such as May the 4th and Cinco de Mayo. Jason shares intriguing stories from his extensive travels and interactions with listeners worldwide. Scott delves into the intersection of e-commerce and the auto industry, honing in on Carvana. The duo also delves into the U.S. Department of Commerce retail indicators data, shedding light on trends in retail sales and e-commerce growth. The conversation pivots towards Amazon's recent earnings report, contextualizing it within the realm of AI investments by tech giants like Meta and Alphabet, offering valuable industry insights and analysis. The discussion continues with a focus on Amazon's earnings report, zooming in on concerns around AWS amid heightened competition from Alphabet and Azure. The rising trend of AI investments, particularly in data training applications, is explored, alongside the growing popularity of open source AI models due to cost and privacy considerations. Despite a conservative Q2 guidance, Amazon impresses with robust revenue that surpasses Wall Street expectations, particularly in operating income. The retail segment shows exceptional growth, exceeding operating income estimates for both domestic and international divisions. Notably, Amazon's performance in brick-and-mortar stores, spearheaded by Whole Foods, demonstrates resilience with a 6.3% growth rate. AWS stands out with a 17% growth, dispelling market share concerns and showcasing accelerated revenue growth, illustrating Amazon's continuous growth potential and innovation prowess. Scott delves deeper into Amazon's positive quarterly earnings report, emphasizing the remarkable revenue performance, especially in operating income. Insights are shared on Amazon's successful agnostic approach to LLM models and the potential advancements in generative AI. The conversation shifts towards the burgeoning ads business at Amazon, underlining its profitability and future growth prospects. Scot also outlines Amazon's Q2 guidance and the potential impacts of consumer spending patterns on the retail sector, including concerns about changing consumer behaviors and economic pressures shaping market dynamics. Jason complements the discussion with additional perspectives on consumer behavior and economic influences reshaping the market landscape. Furthermore, we embark on a detailed exploration of supply chain logistics, with a spotlight on Amazon's expansion into third-party logistics services, revolutionizing traditional retail strategies by sharing proprietary capabilities for wider adoption. Insights from Andy Jassy shed light on Amazon's logistics business approach. The conversation expands to include how companies like Spiffy are embracing a similar model of sharing proprietary products to drive innovation and revenue growth, showcasing an evolving landscape of retail innovation. The podcast unpacks the complex world of grocery retail, highlighting Amazon's experimental forays like Just Walk Out technology and the Amazon Dash cart, while examining the challenges in delineating Amazon's grocery sector strategy. A comparison is drawn between Amazon's strategies and those of rivals like Walmart and Target, who are adapting their product offerings to match evolving consumer preferences, offering a comprehensive view of the dynamic retail and supply chain management sphere. Dive into our engaging discussion, explore retail dynamics, and keep a lookout for more insightful content. Don't forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 319 of the Jason & Scot show was recorded on Sunday, May 5th, 2024. Chapters 0:23 The Jason and Scott Show Begins 2:56 World Travel Adventures 5:53 Commerce Tools Elevate Show 6:53 Jason's World Tour Plans 7:22 Where in the World is Retail Geek? 20:43 Amazon's First Quarter Earnings 23:23 Sandbagging Strategy 26:45 Amazon's Dominance in E-commerce 27:44 Online Segment Growth Analysis 28:53 Offline Store Segment Analysis 31:35 Spotlight on AWS Performance 34:32 Data at AWS 42:02 Gen AI Revenue Growth 46:24 Consumer Pressure 49:56 Supply Chain Evolution 53:46 Leveraging Technology 58:08 Disruption in E-commerce 1:01:54 Amazon's Grocery Strategy 1:05:01 Retail Industry News Transcript Jason: [0:23] Welcome to the Jason and Scott Show. This is episode 319 being recorded on Sunday, May 5th, 2024. I'm your host, Jason Retail Guy Goldberg, and as usual, I'm here with your co-host, Scott Wingo. Scot: [0:37] Hey, Jason, and welcome back, Jason and Scott Show listeners. It's been a while, but first, happy Cinco de Mayo, and also a belated May the 4th, Jason. Did you have a good Star Wars day? Jason: [0:49] I did. I did. I feel like Star Wars Day always makes me think of the podcast because I feel like we have spent many of them in my latter life together. Scot: [1:01] Yeah, absolutely. Any exciting new Star Wars experiences or merch? Jason: [1:08] No, I understand you got some vintage merch. merch. Scot: [1:13] It's not, but they, back when I was a kid, you would go and if you went every week to, I think it was Burger King, you would for the, I think it was Empire. I have the Empire right here. So definitely Empire, but you would get a glass. Now it turns out these were full of lead paint, which would kill you, but that was the downside. Jason: [1:32] Not recommended for drinking. Scot: [1:33] You got a very, yes, I never, being a collector, I never drank out of them. So that's good. Jason: [1:37] Saved your life right there. Scot: [1:38] Yes, but I did drink out of the Tweety Bird. So that me, me. I'm sure I got some yellow lead paint from a twitty bird glass. Anyway, so they came out with a Mandalorian kind of homage to those glasses and they were at the Hallmark store of all places, not where I usually hang out, but I got to go to a Hallmark store and the little ladies that worked there were, I wish them all an awesome May the 4th. And they looked at me like I was from another planet and it was hilarious. My wife's like, stop, they don't know what you're doing. Jason: [2:07] Wait, they didn't have a big May 4th section in the Hallmark store? Scot: [2:11] They did. The little ladies didn't know. Jason: [2:13] The overlap of people that still buy Papyrus cards and celebrate May 4th is probably not great. Scot: [2:21] It was very humbling. It was a humble May the 4th, but I got my glasses and I was happy. I'm happy for you. And then tonight we had tacos for dinner, so I'm hitting all the holidays. Jason: [2:30] I feel like we should have tacos for dinner every night, whether it's Cinco de Mayo or not, but I'm i am happy for that. Scot: [2:35] We do have a lot of tacos but this was a special single denial edition. Jason: [2:42] Well, very well done, my friend. Scot: [2:44] Thanks. Well, listeners of the pod have been all over me. They're like, why aren't you recording? And I said, it's not me. It's Jason. It's Jason. Because you have been traveling Scot: [2:55] the earth, spreading retail geek goodness. Tell us, we are way far behind on trip updates and all the different countries. It's like you're playing, do you have like a little travel bingo where you're just like punching, what is it, 93 countries? Jason: [3:09] I do. They call it a passport. Oh, nice. Yes. Scot: [3:13] That, uh, little book that you get to carry. Yeah. Jason: [3:15] Yeah. Yeah. Yeah. I have been on a lot of trips and it sounds like you and I may be telling complimentary lies because I also, I've had an opportunity to meet a lot of listeners in the last, we'll call it seven weeks and which they're always super nice. And it's always super fun to talk to people. And obviously they're, you know, strangers recognize my voice in line at Starbucks at all these e-commerce shows. And then we strike up a conversation. And then the next question is always, where the heck is Scott? Because they're always disappointed to meet me and not you. And now the new thing is, and why aren't you producing more frequent shows? And my answer is always that you're dominating the world at Get Spiffy and that you're too busy. Scot: [4:00] Uh-huh. I see. Okay. Jason: [4:02] Well, we're both very busy. Scot: [4:05] You're traveling more than I am. I'm busy washing cars. Jason: [4:08] Yes. I think both are fairly true, but I did finish a grueling seven-week stint where I got to come home a couple of times on the weekends, but I basically had seven weeks of travel back to back. In my old life, that would not have been that atypical, but post-pandemic, The travel has been a little more moderate. And I have noticed that I have my travel muscles have atrophied and I don't really want to redevelop. Jason: [4:35] So the seven weeks was a lot. Please don't ask me for trip reports for all the commerce events because I kind of can't remember some of them. They're all a little bit of a blur. But I was at Shop Talks, I think, since the last time we talked, which is, of course, probably the biggest show in our industry. And that was a very good show. I did get to see a lot of our mutual friends and a lot of fans of the show there. So that was certainly fun. And maybe in another podcast, we can do a little recap of some of the interesting things that came out of Shop Talk. I did produce a couple of recaps in other formats for work clients, so we could certainly pull something together. I also went to a vendor show. One of the e-commerce platforms out there is called Commerce Tools, and they had their annual customer show, which is called Elevate in Miami. So I got a chance to go visit there. They're one of the commerce platforms that I would say is winning at the moment in the kind of pivot away from the old school monoliths to these new sort of SaaS-based solutions. And commerce tools in particular are kind of pioneers in pushing this actual certification around a more modern earned stack that they they coined mock. And I think I think we've had Kelly from from commerce tools on the on the podcast Jason: [5:51] in the past to talk about that. But that was a good show. I got to meet a lot of listeners there. And a funny one, several listeners were like. Jason: [5:59] I would apologize for the, the, our publishing schedule lately. And they're like, I'm cool with it. I like that. Like you don't do a show if there's not something worthwhile. And then, you know, when I do get a show, it's like a treat. So I don't know if they're being honest or not, but that made me feel a little better about some of our, our, our Tardis shows lately. So those, those were good events. I also spent a week in India with some clients and that super interesting, a lot of commerce activity going on there, a lot of different market dynamics than here. So that's kind of intellectually pretty fun to learn about and see what's working there that might be working here or what, you know, why things tend to play out differently there. So that's interesting. And then I have a lot more international trips booked right now. Jason: [6:48] So coming up, I'm going to Barcelona, London, Paris, and Sao Paulo. So if anyone either has any favorite retail experiences in any of of those cities, please send them my way. I'll be doing store visits in all those cities. And if you're based in any of those cities, also drop me a line. Hopefully we can do some meetups while I'm out there. Scot: [7:07] Cool. It's Jason's world tour. You can do a little pod while you're there. Jason: [7:12] We have done a bunch of international pods in the distant past. I remember hotel rooms in South Korea and all over the place, Jason: [7:19] Japan that we've, we've cut shows from. So, so totally could. Scot: [7:23] Yeah. We'll have to do it. Where in the world is retail geek? That could be the theme song. I just sampled that. Jason: [7:30] Yeah. So besides cleaning the world's cars, what have you been up to, Scott? Scot: [7:35] Well, it's kind of funny. My worlds are colliding. So a lot of the analysts that you and I know from the e-commerce world are creeping into the auto world and their gateway drug is Carvana. So in the world of retail, we have Amazon, obviously. Well, Carvana is kind of Amazonifying used cars. They had a bit of a drama kind of situation. They were the golden child of online cars. And then they totally pooped the bed. They did this acquisition. They loaded up with debt. And then after, I think it was 21. So they had a good COVID. They surged. And then the debt got in front of them. Used car prices bop around and they kind of like got in an open door situation where they had bought a lot of cars for more than they were worth suddenly. And then they plummeted and everyone thought they were going out of business, but they have had a resurgence. So it's causing a lot of the internet analysts to now pick up auto tech or mobility or whatever you want to call it. So it was fun. I got to do a live chat with Nick Jones. He's been a friend of the show. I don't think we've had him on due to some compliance stuff that his company has rules around, but he's at this firm JMP and it was kind of wild to talk about, with someone about both Amazon and what we're doing at Spiffy, which is basically a lot of Amazon principles applied to car care. So it was interesting to have someone reach out and say, hey, I think this is a thing. And everyone tells me I should talk to you about it. And I was like, oh, yeah, I would love to. So it's kind of fun. Jason: [9:01] That's very cool. And isn't it also a thing, I think half the vehicles on the road are now owned by Amazon. So I assume that's an overlap too. too? Scot: [9:09] Yeah, not half, but a lot are. The number of last mile delivery vehicles are very, very large. And we work with a lot of them, so it's kind of fun. I started spiffy somewhat to get away from Amazon and still all I can talk about. Nope. So embrace it. I love Amazon. Love me some Amazon, Jason. Jason: [9:29] I'm glad you do. I love them too, but I feel like I spend most of my career You're unsuccessfully helping people compete with them. Scot: [9:38] Hey, got to play one side of the coin. It's a gig. You're going to be more like them or how to fight them. Jason: [9:43] It's a gig. It is indeed. Yeah. Scot: [9:46] Cool. I thought we are going to talk about some Amazon news. But before we jump in, you have done your magic with your data analysis interns. And I'm sure there's an LLM and an AI thrown in there. Let's start with some of the things you're seeing in commerce trends from the data that's out there. Jason: [10:07] Yeah. So as everyone knows, I have a little bit too much of an infatuation with the U.S. Department of Commerce retail indicators data. And these guys, you know, publish monthly estimates of retail sales in a bunch of categories. And, you know, we've talked about this many times on the show, but broadly over the last several years have been really interesting in retail. 2020, 2021, and 2022 were the greatest three years in the history of retail. Like we mailed like $6 trillion in economic stimulus. People didn't travel or go to restaurants as much. And so we sold way more goods than ever before. And so those three years, retail grew respectively at like 8%, 14%, and 9%. The 20 years prior, retail averaged about 4% a year in growth. So normally pre-pandemic, you'd expect 4% growth. We had these three, you know, wildly pandemic influence years where we grew really fast. And then last year we finished a little below 4%. So, so we were around, I want to say it was like 3.6%. So it was growth. It would, it would have been in line with pre-pandemic growth, but it certainly felt like a significant deceleration from those heady pandemic years. And so, you know, people are super interested to see how does 2024 play out? Does it? Jason: [11:32] Kind of return to pre-pandemic levels, like what is the new normal? Jason: [11:37] And we now have the first quarter's data from the U.S. Department of Commerce, and I would call it kind of a mixed bag. If you just look at the raw retail data that the U.S. Department of Commerce publishes, they're going to tell you that retail grew in the first quarter 2.8%. So that's a little anemic, right? Compared to historical averages, that's not a great growth rate. Most of the practitioners that follow this podcast care about a particular subset of retail that the National Retail Federation has dubbed core retail. And so the National Retail Federation pulls gas and automobiles sales out of that number. And gas is a decent size number and it's very volatile based on the commodity prices of gas. And auto is a huge number that has, as you're well familiar, its own idiosyncrasies. And so that's how they justify taking those two out. And if you take those two out and you get this core retail number, retail in the first quarter grew 3.9%. So kind of to align with how the NRF talks about retail, we'll say Q1 overall was 3.9%, which is very in line with the pre-pandemic historic average. So disappointing by pandemic standards, but kind of traditionally what we would expect. Jason: [13:05] What is unique in that number is. Jason: [13:09] That it's very bifurcated. There are clear winners and losers, both by categories and specific practitioners. So if you break down the categories, e-commerce is the fastest growing chunk of retail. I'm sure we'll talk more about that. Restaurants were the next fastest growing categories. And categories like mass merchants and healthcare providers outperform that industry average, every other segment of retail underperformed the industry average. So things like furniture stores did the worst, building materials did really poorly, gas stations did very poorly, electronics did poorly, and side note, electronics have been the worst performer since the pandemic, which is kind of interesting and challenging. So you've had this weird couple categories doing really well, a bunch of categories doing really poorly. And then within the categories even, if you look at the public company's individual earnings calls, what you tend to see is a couple of big players performing really well in overall retail, that's Amazon and Walmart. And then a lot of other retailers really struggling. So that even that's like in general merchandise, it's Amazon and Walmart that are lifting the boats. And it's folks like Target traditionally that have performed really well are actually struggling at the moment. So the average is kind of hard to follow at the moment. Jason: [14:37] But that is kind of how things play out. And then we have some preliminary e-commerce data, but the actual Q1 e-commerce number that the U.S. Department of Commerce publishes will publish on May 17th. So that's 12 days from now. Jason: [14:53] And crunching the numbers that we have available at the moment, that growth is likely to come in at somewhere between 8% and 10%. I'm guessing more like 8% or 9% growth. And so that also is twice as good as overall retail, and it's more than twice as good as brick-and-mortar retail. But that is noticeably slower than the historic e-commerce growth rates pre-pandemic. So kind of file those two numbers away. The overall retail industry is growing at 3.9%. The overall e-commerce industry is growing at about 9%. And then we have our friends at Amazon that dropped their earnings announcement just before May 4th so that they could celebrate May 4th, I think. Scot: [15:39] Yeah, yes, that's a good setup. And without further ado, let's talk about Amazon's fourth quarter. It wouldn't be a Jason Scott show without a little bit of... Scot: [16:01] That's right. On April 30th, Amazon announced their first quarter results. And the setup coming into these, so you had the data you talked about, but like to drill in a little bit. We had Meta, the artist formerly known as Facebook, and Alphabet, the artist previously known as Google. They announced and they both basically told Wall Street, AI is the cat's pajamas and we're going to spend anywhere between $10 and $40 billion of capital expenditures on it, meaning NVIDIA chips. So it turns out the way to play all this is basically buying NVIDIA. So hopefully you bought some NVIDIA stock. Maybe this is not a stock recommendation or when it's too late, so... And also don't take stock recommendations from podcasters. Anyway, so there was all this angst and people were a little freaked out coming into the Amazon results because Meta was down like pretty substantially, 20 to 30 percent. And Alphabet was also up substantially. You also had Microsoft come in there and they really crushed it. Their Azure is really lighting it up with AI. And they announced that they were going to invest a lot. And there's this rumor that a $100 billion project, it's got a name like Starship or something, but it's not Starship. Spaceship? Stardust? I don't know what it is. But it's going to be this mega data center, and they literally can't find a place to put it because it's going to consume so much power. So they're going to have to maybe build a nuclear plant next to it or some wacky thing. Scot: [17:31] Anyway, that was the setup. up. So coming in, Wall Street was very, very concerned about Amazon's AWS division, which is their cloud computing. Because if Alphabet is building out their infrastructure, and so is Azure, that's the two biggest competitors for AWS. And is AWS getting its fair share? And is it going to announce that it's going to have to go build some $40 billion kind of a thing? Also, another Another thing, and I'm kind of curious on if you're seeing this with your clients, but in the, I follow this, you know, the AI, you can't do much without seeing AI everywhere. But the part I'm most interested in is what are big enterprises spending money on? This is like your Fortune 500s. They're all experimenting and really getting into it. And where they're finding a lot of good use cases is training on their data. So they'll say, you know, hey, I'm Publisys. How many documents do you think are inside of Publisys? I don't know, 8 trillion documents. Documents and you know wouldn't it be helpful just the ones I created and who is this retail geek and he's he's created uh you know 90 of those and you know so you know imagine you're starting new at publicists you're gonna be like where do I start going through some of these documents for us and if you had a chat bot that was like hey I've read all that you know I can navigate you through everything that's been published or you know whatever I'm certainly you. Scot: [18:50] Providing a very big metaphor, certainly be more divisional and all this kind of stuff. But that's where big companies are spending the bulk is they're taking their data in whatever format it's in, be it a relational database, a PDF, whatever it is, they're trying to train it. They don't want it to go up into the, they don't want to train the LLM so that other people get the benefit of that and can see any confidential data. So that's really important. So it needs to be gated in these types of things. Because of that use case, open AI is not great because people are very worried. A, it's very expensive and it's only an API. So OpenAI hosts itself and you call it through an API. Scot: [19:25] Those API calls are very expensive. They're getting, as OpenAI has gotten more popular, there's more latency. It's taking forever to get answers out of this thing. And a lot of people are very concerned that even though there's ways to call the API such that it's in a window and not being trained, that maybe it leaks in there. So because of all these elements, the open source models are becoming very popular. And right around the time Meta announced, they announced their Llama, which has become quite popular. And what's nice is you can host it wherever you want. And it's kind of like WordPress, where if you are a serious WordPresser, you can host it somewhere yourself, and you can kind of understand that. Otherwise, there's other people that will host it for you. But it has the nice feature of you're just getting the weights and whatnot, and it's it's pretty clear, it's pretty obvious, it's not training itself on your data. So a lot of people like it because it's quote unquote free. It's not an API usage based. It's a pay once to set it up, pay for some resources type thing and you're done. And it's also not going to train on the data. That's one of many. There's probably 10 or 20 pretty commercial grade open AIs out there. Scot: [20:38] Okay. So that's kind of the setup to get to the earnings. things. So from a big picture, this was a really good quarter. Asterix, the guide made Wall Street a little bit nervous. So- Scot: [20:53] And one of our research analysts just said it's Stargate, which is also a sci-fi series. They must have that on Prime Video or something. There's probably some callback there. Scot: [21:01] So they beat for the quarter Q1, but then they also kind of tell you what's going on the next quarter. Amazon doesn't provide fully your guidance. They just kind of give you a snippet. So when they report one quarter, a quarter, they then tell you what they think the next quarter is going to do. So Wall Street got a little bit ahead of its skis, and the guide for Q2 was below what Wall Street wants. So it wasn't what we'd call a beat and a raise, which is the current quarter was a beat and the next one they increased. It was a beat and a guide down. So that probably tampered Wall Street. But ever since Jassy came in, Andy Jassy, this has been his MO is to be pretty conservative because Wall Street's very much an expectation engine. And the more, if you can beat and tamp down expectations, it makes it, it's a little bit rougher in the short term from a stock price, but it makes next quarter better and then so on and so forth. So it's a smart way to manage the long-term vibe of the stock, the mindset, the expectations around your stock. Okay. So revenue came in at $143 billion versus Wall Street at $142. So pretty much in line. But most importantly, where Amazon really threw people off was on operating income. Yes, Amazon is profitable. This is the proxy for operating income. True Amazonians would tell you, no, it's cashflow. We can go into that, but this is kind of the way they report to Wall Street. So this is kind of the standard operating system, if you will. So this is what we're going to use, but it's a proxy for cashflow. Scot: [22:28] That was 15 billion for the quarter and Wall Street expected 11. Well, you know, 4 billion on a world of 143 doesn't sound like much, but between 11 and 15, that's a very material beat. What is that? Like 38%, something like that. Scot: [22:44] So that was a really nice surprise. And, you know, Amazon goes through these invest and harvest periods and everyone's been feeling like they're going to be back in investing which would mean they're going to start lowering operating income as they invest but it's actually kind of beating expectations, also this is the fifth quarter amazon has come in at the high end of its guidance or above its guidance since basically you know on operating income and that corresponds with when jassy came in so this is his mo right now is to kind of like beat and lower beat and lower you know exceed expectations tamp them down not get not get ahead of his skis and it's working really well. Jason: [23:24] Sandbagging for the win. I like it. Scot: [23:26] Yes, it is. Having run a public company, this is a lesson I learned painfully. So that's something we can talk about over beer sometime. Jason: [23:33] I will book that date. Yeah. And the retail business sort of followed in line with that. They had like some nice growth, but like the real standout number was the improvement in margins and the significant positive operating income from the retail segment. So I think the actual operating income from U.S. Retail was like $5 billion and the Wall Street expectations were 4.3. So again, that was another strong beat. Total revenue, which revenue is not the same thing as retail sales, as we've talked about on the show many times, that we would use GMV as a proxy for that. But revenue was $86.3 billion for the quarter, which I think was in line with the analyst expectations. Jason: [24:27] And I think this was the largest operating income that Amazon has ever reported for the retail business. So that was super interesting on the domestic side. Traditionally, domestic has done pretty well and international has been a money loser because, you know, they've been less mature. they've been investing a lot in growing international and they haven't had the same kind of margins. This was the first quarter that they reported positive operating income for the international division. So that's another super encouraging sign for investors that maybe they've kind of passed that inflection point on a lot of their international investments that they've made in the EU and Japan and the UK, which reminds me is not part of the EU anymore. Jason: [25:13] So so they kind of beat beat international expectations across the board on income. Revenues were lower. So revenues were like thirty one billion dollars, which was below expectation. Jason: [25:25] But they they earned like nine hundred million in operating income. And I want to say the the the Wall Street expectation was like six hundred million. So so again, like a 30 percent beat, which is pretty, pretty darn good. Good. They also, a bunch of analysts have, you know, taken these revenue numbers and they try to back into a GMV number. And I would say the bummer at the moment is there's a fair amount of variance in the estimates, like different analysts have different models. So I have kind of been putting to a model of the models together and trying to kind of find a midpoint. And like Like based on that, the Amazon's GMV globally probably went up 11.5% for the quarter. So if you're comparing this to other retailers or the U.S. Department of Commerce number, overall GMV went up 11.5%. The U.S. was stronger. So the U.S. probably went up at 12.2%. So again, we talked about core retail was up 3.9%. Well, Amazon U.S. GMV was up 12.2%. So, you know, three times faster growth than the retail industry overall. Jason: [26:39] And again, Amazon is mostly e-commerce, very little brick and mortar, Jason: [26:44] which we'll talk about in just a minute. But even if you're comparing Amazon to that e-commerce number, if e-commerce comes in at 8% or 9% and Amazon's at 12%, they're by far the largest e-commerce player out there and they're still substantially outgrowing the average, which, you know, is very impressive and should be very scary to every other competitor out there. Jason: [27:08] One analyst kind of put together an estimate of what they thought the earned income contribution from Amazon was for retail and ads together, pulling AWS out. And they had it at $27 billion in earned income if Amazon was just a retail with no AWS. And that puts them right in the ballpark of Walmart that spent off about $29 billion in earned income or operating income. I keep saying earned, but I mean operating income. So, so that is all pretty impressive and simultaneously super scary. Jason: [27:45] Scott, did you drill down into the online segment at all? Scot: [27:49] Yeah. And, you know, what I would tell listeners is picture a block diagram where you have this big, big rectangle, that's the whole Amazon entity. And, you know, so what we're going to do is talk about the segments. And the first segment is the biggest one, which is the retail business. And that, that's what you just. Jason: [28:04] Biggest and best. Wouldn't you say? Scot: [28:06] Coolest. Jason: [28:07] Coolest. All right. Scot: [28:08] Cool. Okay. Yeah. Yeah. Okay. I'll, you know, I don't know. Jason: [28:11] It is for you. Scot: [28:14] Um, I think the whole enchilada, I like the, the way they do this and I'm trying to replicate it. It's 50. We'll talk about that in a second. The, so then the, you know, so then another segment is AWS, another segment, I think marketplace should be in some segment, but they don't break it out. So it's just kind of in kind of hidden inside of the blob that is retail. So we tease some of that out here on the show. They purposely hide it in there. So no one knows how awesome it is, I think. And then they've got AWS ads and a couple other things, but we'll talk about this. So as you dig into the retail business, there's a couple of ways to look at it. You can look at it by domestic and international, which Jason just did, Scot: [28:50] or you can look at it by online and physical store. So the online biz grew 7% year over year, which if I remember your stats, well, you don't have it until may 17th so on may 17th we'll be able to know how that compared but probably the one you can compare is the offline biz which is the the store comp that they have, And Jason, you saw on that one, what'd you see? Jason: [29:16] Yeah, so physical stores grew 6.3%. So again, like, you know, when we say all of retail grew 3.9%, a big chunk of that's e-commerce. Brick and mortar probably grew at like two to 3%. So Amazon's brick and mortar growing at 6.3% is actually super impressive. And it's kind of interesting, you know, for several years, Amazon has had experiments in a bunch of retail formats. So they've had these Amazon Go stores, stores. They had Amazon five-star stores. They had bookstores. They had a fashion store. They're trying all these things. And of course, the biggest chunk of their stores is they own Whole Foods. And so offline stores for Amazon was kind of a mix of all these different concepts. In the last couple of years, they've kind of cleaned house and gotten rid of all those concepts. And so, you know, nominally there's a few of their own grocery stores called Amazon Amazon fresh open, but the vast majority of online offline retail for Amazon is, is Whole Foods. And for it to be growing at 6.3% in the current climate is, is a really good sign for Amazon. And, and I would say somewhat impressive, you know, on the earnings call, they, they announced that they're working up a new format for Whole Foods, which is a smaller format store that's It's going to open in Manhattan. So I have that on my ticker file to go visit when that's open. Jason: [30:38] You know, the whole grocery space for Amazon is super interesting, but maybe we'll talk about that a little bit more later. But I will call out, they did launch a service that there's been some controversy over. They launched a $9.99 a month grocery delivery service, which essentially lets you have all you can eat free grocery delivery to your home for an incremental fee of $9.99. And they're spinning that as, you know, a cool new grocery service and enable more people to shop for groceries online. And there are a lot of articles about it, like. Jason: [31:13] They used to have free grocery delivery included in your Prime membership, right? And so they've kind of like, I look at the big arc of all this and say, there used to be a lot more free services in Prime that they've kind of peeled out. Then they started charging for, and now they'll let you get it free again for another $120 a year. Jason: [31:32] So interesting things happening with grocery that we could probably talk more about later. But I'm kind of eager to dive into some of these other businesses like AWS. Scot: [31:42] Yeah. So that's the one that everyone was really waiting on the call to hear how it went. And good news, AWS exceeded expectations. Everyone thought it was going to grow 14% and it came in at 17%. And if Wall Street likes, they like a lot of things, they like beating expectations, that's important to them. But their favorite thing is ARG. And that is not a pirate day thing, ARG. It is Accelerating Revenue Growth. Wall Street loves that more than anything. And that's what they delivered for both the ads and the AWS part of the business. And what that means is that as the law of numbers kicks in, so back on the retail business, the only time we see that accelerate is in the fourth quarter and that seasonal acceleration, right? We've gotten used to that for decades now. It always happens in the fourth quarter and whatnot. So it's what you would expect. But this is quite unusual for a relatively mature business. This thing's $25 billion a quarter. So this is a $100 billion business that accelerated. And so that tells us that there is a lot more wood to chop here. It has not gotten near its addressable market. And it really allayed fears that they were losing massive market share because they're, quote unquote, behind on AI to Azure, which is Microsoft offering, and then the Google hosting solution as well. Scot: [33:05] That does not seem to be the case. So they did very well. So they came in at $25 billion and Wall Street was expecting $24.6. So that was really, that accelerating is what really made everyone very happy. And then the operating income came in at $9.5, way ahead of Wall Street at $7.5. So another pretty material 20% beat on this component at the bottom line. And this is really interesting. There was some really good language around this. And this has been Jassy's statement all along, and it's coming true. His early Amazon's early play was we're going to be agnostic on models and it's kind of like bring your own model we'll work with anything now with open AI they're not going to ever host open AI but they'll they're not going to stop you from working with it and then they for these open source ones they've made it very easy for you to spin up an AWS instance throw a little llama in there and I would make a llama noise if I I knew what they said I guess they make like a sheep sound. So you throw a little alarm in there and it does its thing. And, you know, the benefit of them being agnostic on these LLMs is most likely they have some or all of your data, right? Because they've been at this so long that if you're doing cloud computing versus on-prem, most likely a lot of, if not all of your data is in AWS. Extracting that data, you know, imagine you had terabytes or or what's the biggest, Scot: [34:31] bigger than terabytes? I always forget this one. Jason: [34:33] Petabytes. Scot: [34:34] Petabytes of data at AWS. They literally have a product that they can send a truckload of hard drives around and get your data. That's how much data there is that you could never push it across the internet, that there's so much data. So if they have that data and that's what you want to train on, you don't want to have the latency of the internet between your data and the training. So you'd really need the LLM to operate near your data. And this is what they predicted two or three years ago, kind of around the, the, the launch of chat gpt when all this stuff really started to accelerate and it's coming true so everyone feels a lot better about that then their body language this time a lot of times they were kind of like this is what we're doing and we're pretty sure it's going to work now they're like it's working and people really felt relief around this because everyone there was a set of people that believed it but then you know open ai's pitches nope our lm is going to be we're spending, billions of dollars we're going to be so far ahead none of these open source things are going to keep up. If you don't have us, you're going to be so far behind, you'll be like playing with crayons and everyone's going to be playing with quill pens. Scot: [35:42] So it was really good to see that this is not what's happening, that people are embracing, enterprises are embracing these open source models. They are in the same zip code performance-wise from results and much cheaper than OpenAI's offerings. And what Amazon said specifically was very positive around what is It's kind of abbreviated Gen AI for generative AI. And it's kind of a way to encapsulate this. And they said that it already is a multi-billion dollar run rate business. And you always have to parse what they say. So multi-billion can be anywhere between 1 and 9.9, right? And you'll see why I drew 9.9 there. Scot: [36:25] And inside, as part of that big AWS number, and they believe it can be rapidly tens of billions. Billions so they're basically saying it's not double digit billions so it's a single digit million which is where i get one to nine point nine but they basically hinted that that it is growing so rapidly inside of there that it's gonna be tens of billions and this is why they saw accelerating revenue growth which made everyone happy it wasn't just people you know moving some more you know loads on or something boring loads around relational databases or something it was the juicy ai stuff so this got everyone so lathered up that three analysts did price increases and they cited that this was one of the reasons the biggest price increase was from sig susquehanna and they put the price up to 220. At the time all this happened the stock was at 175 and today it's around 185 so it's been up nicely but 220 is a pretty big big you know even. Scot: [37:20] From where they expect that's where they're thinking i think most these guys look at a year to two years as a time horizon on these prices so and that's the the high i have you know again there's a wide range some people think it's going to go down some people think it's over price so go do your research this is not a stock recommendation but i just thought it was interesting that people get really really excited by by this whole gen ai largely the body language that, and it's, Amazon doesn't pound their chest much. So the fact they were, was kind of a new, new way of managing Amazon and Jassy's pretty conservative. So he must've felt pretty good about it, but also that they needed to ally, allay, allay, allay, whatever the right word is, get rid of these competitive concerns everyone's been talking about. Jason: [38:05] Yeah. It feels like a pretty big prize out there. Jassy and the whole team always talk, Just AWS, even before you get to Gen AI, they always remind everyone, hey, 85% of the workloads are still on-prem. So like this, as big as AWS looks, if the long-term future is 85% of the workloads are on the cloud and only 15% are on-prem, there's a lot of headroom still in AWS. And then, you know, you add this new huge demand for AI on top of all that. And like this, it's almost a limitless opportunity. And I want to tie the AI back to retail, though, for just a second, because there's another bit of news that I haven't seen covered very much, but is super interesting to me. Jason: [38:51] There's a particular flavor of AI out there, a subset of generative AI that's now being called agentic AI. And that's sort of a clever amalgamation of agent-based AI. And there's a very famous AI researcher, this guy, Andrew Ng. He's the founder of Coursera. He's done a bunch of things. He was the head of Google Big Think, which was one of the first significant AI efforts. And I want to say he was like on People Magazine's 100 most interesting people list in like 2013 as an AI researcher. So the dude's been around for a long time. He is one of the biggest advocates for this agentic AI. And the premise is that if you just ask an LLM, you take the best LLM in the world, and you ask it to do something for you, that's called zero shot. You give it an assignment, and you take the first result you get. It's a zero shot. You get pretty good results. But if you... Jason: [39:53] Turn that, that LLM into multiple agents and break the task up amongst those agents and potentially agents even running on different LLMs, you get wildly better results. Jason: [40:05] And so his, his research kind of showed that, Hey, if, if Jason goes write a PowerPoint presentation for his client, explaining what's going on in commerce. And I just give that to the turbo version of ChatGBT 4, I'll get a pretty good deck. But if I say, hey, I want to create four agents. I want to create a consultant to write the deck and a copywriter to edit the deck and an editor to improve the deck and three people to pretend to be mock customers to poke holes in the deck and have all those agents work on this assignment. I could give that assignment to chat gbt 3.5 and it would actually output a better work product than the the newer more advanced model was by by breaking the job into these chunks and so in retail you think about like this is the idea of assigning higher level jobs to shopping right so instead of saying like going to amazon and saying oh now it's a ai-based search engine and i'm going to type a long form query into search and get a better result. Jason: [41:09] The agentic AI approach is I'm just going to say to Amazon, never let me run out of ingredients for my kids' school lunches. And the agent's going to figure out what is in my school lunches and what my use rate is for those things and what weeks I have off from school and don't need a school lunch. And it's just going to do all those things and magically have the food show up. And this is a long diatribe, but the reason it's relevant is is this dude, Andrew Ng, was named the newest board member at Amazon three weeks ago. Scot: [41:40] Very cool. Jason: [41:40] I did not see that myself. Yeah. And so if you're wondering where Amazon thinks this is going, like this, in my mind, ties all this tremendous opportunity in generative AI and the financial opportunity in AWS directly to the huge and growing retail business that Amazon runs. Scot: [42:02] Very cool. Oh yeah. I had not seen that. So maybe Wall Street picked up on that. I'm sure. And maybe that was another part of the excitement. Jason: [42:09] Yeah. But all of that is just peanuts compared to the real good business in Amazon, which is the ads business. So again, you know, Amazon used to, to obfuscate their ads business. They've for a number of quarters now had to report it as earnings because it's in their earnings separately, because it's so material. And it was another good quarter for the ads business. It's hard to say whether it's actually accelerating growth or not, because the ads business is very seasonal. So the ad business grew 24.3% for the quarter versus Q1 of 2023. Q4 grew faster. So Q4 grew at 27%, but the 24% growth is much faster growth than other... Q1 year-over-year growth rate. So however you slice it, it's a good, robust growth rate. If you add the last four quarters together, you get $29 billion worth of ad sales. There's lots of estimates for how profitable ad sales are, but there's no cost of goods for an ad, right? Jason: [43:13] And so it's very high margin. So if you just assume, I think 60% gross margins is a very conservative estimate. But if you assume 60% gross margins, that means the ad business spun off $29.5 billion of operating income over the last 12 months. And to put that in comparison, AWS is big and profitable as it is, twice as much revenue at over $100 billion now, but it spun off like $23 billion in operating income. So the ad business is a much more meaningful contributor to Amazon's profits than even AWS. Jason: [43:51] And another way I've been starting to think about this is what percentage of the total GMV on the Amazon platform are the ads? And they are now 6.5%. So that's a very significant new tax. You know, as Amazon has hundreds of millions of SKUs available for sale, no one's ever going to find your SKU or buy it if you don't do some marketing on the platform for that SKU. And that's this 6.5% tax that Amazon's charging. And in the same way we said, hey, AWS is a really robust business. And then there's this thing called generative AI that can make it even huger. All of this ad revenue we're talking about is really coming from their sponsored product listings, which is like basic search advertising on the retail platform. Last quarter, Amazon said, by the way, we have this huge viewership streaming video service called Amazon Prime. And we're going to start putting ads in the lowest tier version of Amazon Prime. So unless you want to pay more, you're going to start seeing ads on Amazon Prime. And that's another huge advertising opportunity that hasn't been very heavily tapped yet. So the analysts are pretty excited about the upside of Amazon potentially tacking on another $6.5 billion in Prime video ads onto the $50 billion of search ads that they already have. Jason: [45:11] And so ads are a pretty good business to be in, which is why every other retailer is trying to follow suit with their own sort of version of a retail media network. Scot: [45:22] Cool. I imagine you get a lot of calls to talk about that. Jason: [45:25] Oh, yeah. I actually, I'm sick of talking about it. So one nice thing about working at an ad agency is there are now thousands of other experts. You know, I was one of the early guys in retail media networks. Now there are thousands of other experts that are way more credible than me. So I don't have to talk about it quite as much, but it still, still comes up in every conversation. Scot: [45:43] Very cool. All right. So then that was the basic gist of the corridor from a high level. And then it came to the what's going on in Q2. So that did come in lighter than folks expected, as I said, and they guided the top line to 144 versus 149. Let's call it 146 and change at the midpoint. They always do this range kind of thing when they're doing their guide. And Wall Street was at 150 consensus. So, you know, a tidge below two or three percent below where they wanted. But the operating income guide was above Wall Street. So they're kind of, we'll take it. Como si, como sa. Scot: [46:21] So that was, you know, I think Amazon tapping things down. Yeah. Now they did talk a lot about consumers being under pressure. So they said in the, it wasn't in a Q and a, it was in the prepared remarks and Jassy said it, which is kind of like the more important stuff. And I will say it's really nice to have the CEO of Amazon back on these calls because Bezos basically ditched them after, I don't know if, I think he came the first two quarters back in 97 but i honestly can't remember but he has not gone to the calls and jassy's been to them all so it's really nice to hear from the ceo and he answers very candidly i feel you know he doesn't feel as kind of like robotic as many ceos when they get on here because it is a stressful thing that you're going to say something wrong, but there was this exchange well first of all he he in his prepared remarks he talked about. Scot: [47:12] I forgot to put the exact language, but he said, we're seeing a lot of consumers trade down. So they're seeing, you know, we're seeing this in the auto industry. Tires is this huge thing where it's under a lot of pressure right now because people are just waiting. So there's a lot of this, you know, it's not showing up in the data that I've seen, but there's, you know, maybe the inflation data, but not the GDP and some of the other unemployment data. But it feels like the consumer is under a bit of pressure here, and they talk about that a lot in the prepared remarks. So I thought our listeners would find that interesting. Jason, before I go into this longish little thing that I wanted to just cover, what do you, did you pick up on any of that consumer stuff? Are you hearing that? Jason: [47:55] Oh, yeah, that's very common. And remember, in the beginning, I mentioned that there's this weird bifurcation that some retailers, even in categories, are doing well and others aren't. And some categories are doing well and others aren't. That's super complicated to get to the why. But the most obvious why is that consumers feel like they're under a lot of economic pressure and are trading down and are deferring certain types of purchases. The easiest way to see this is own brands and private label sales going up and, you know, national brand sales stagnating, see things like chicken protein going up and beef protein going down. You know, there's lots of examples out there, but the retailers that are best able to follow the consumer as she trades down are tending to do well. And the retailers that only cater to the luxury consumer, the super luxury is still doing fine. They're somewhat insulated. But the folks that haven't been as able to cater to the value consumer as much have struggled more. And the non-mandatory categories have struggled more. So Andy's comments exactly mirror what we're seeing going on in market dynamics and what other retailers are saying in their earnings. It is slightly weird because if you just look at the macros. Jason: [49:18] It's objectively, the consumer is doing pretty well. There's actually a lot of favorable things, but there's a ton of evidence that the consumer sentiment is that they're really worried about their household budget and are making, you know, hard, hard financial decisions. Scot: [49:36] Yeah. Yeah. It's tough out there. Well, hopefully it'll get better. So one of the questions I want to just kind of pull out some tidbits, because this has been a theme on our pod for a long time and I thought it was really, really interesting. And this is going to get into the weeds of supply chain and this kind of thing. So sorry if that's not your jam. We like to talk about logistics. Scot: [49:56] Side note to you, Jason, I saw that deep dive we did on Amazon logistics is still like our number one show and all the stats and stuff, which is kind of fun. So someone cares about it. Anyway, one of the friends of the podcast, Yusuf Squally asked a question. He's one of the analysts and he said, as it relates to logistics, so he's talking to andy on the call back in september you launched amazon supply chain can you help us understand the opportunity you see there where are you in the journey to build logistics as a service on a global basis and does that require a huge increase in capex a function increase in capex which means huge so jesse said this was a very long answer so i'm going to pull out two snippets you can go read the transcripts can you put a link to that in the show notes absolutely yep yeah so so i'm just gonna give you the the snippet the whole thing is worth reading but it would be like another 20 minutes to do that. But so Jassy starts out and says, I think that it's interesting what's happening with the business we're building in third party logistics. And it's really kind of in some ways mirror some of the other businesses we've gotten involved in AWS being an example. And even though they're very different businesses, and that we realized that we had our own internal need to build and launch these capabilities. Scot: [51:01] We figured that there were probably others out there who had the same needs we did and decided to build the services out of them so this is this model that really blows the minds of traditional retailers where you know so walmart has this huge data you know capability there's this this urban legend that they know when people are pregnant before they do they can see changes in their habits or they know who all is on weight loss drugs they they see your buying habits so intricately that they can do that that's a neat capability but they view it as proprietary and And that's old school thinking. Scot: [51:32] What Amazon does is says, well, that's a cool capability. Let's certainly someone else needs it. Let's open it up. This is one of my favorite things at Amazon. And it's so counterintuitive that in my current car world, I talk about this and everyone's like, why are you, we're doing it a lot at Spiffy. And they're like, well, why are you doing that? That's like your proprietary thing. And we're like, well, that's just how it should be. And like, this is a better way to do it. And it's really interesting that still today, Amazon's built what I say, $100 billion business out of AWS, which has used this and people are, are befuzzled by the whole thing. So I, I thought that was an interesting use case. And then he, he goes into some details there that are pretty obvious for our listeners, like how this is gonna work. But then he basically kind of brings it back around and then he says he wraps up and says, I would say that supply chain with Amazon is really an abstraction on top of each individual block services. And in those services, he talked about all the things that, that, you know, FBA and last mile delivery and buy with a prime. He talks about each of those kind of and how awesome they are. So he's basically saying Amazon supply chain wraps a bow around all that. And it gives this collective set of business services is growing significantly. Scot: [52:43] It's already what I would consider a reasonable size business. I think it's early days. It's not something we anticipate being a giant capital expense driver. So it's because they've already invested in all this that doesn't require additional capex. And then he finishes and says, we have to build a lot of the capabilities anyway to handle our own business. And we think it will be a modest increase on top of that to accommodate third-party sellers. Scot: [53:05] But our, there's a typo in the thing. Our third-party sellers find very high value in us being able to manage these components for them versus having to do it themselves. And they save money in the process. So I thought that was a really interesting, interesting. So they're really leaning into this supply chain. I think that ultimately they'll open this up to more consumers where you can send Aunt Gertrude in Detroit something from Chicago for three bucks a package and just throw it in an Amazon box, maybe a return box, and it kind of makes it way cheaper than you can FedEx it. I think that's coming, but it's really interesting to see. The way they think about things and his articulation of it was very crisp, Scot: [53:45] and I really enjoyed that. I was geeking out on that when I was listening to the call. Jason: [53:50] Yeah, for sure. That actually came up in some of the conferences I was at that he, you know, Jeff Bezos famously wrote this memo a long time ago about kind of being an object oriented, company and having all these building blocks that people could easily access and use internally and externally. And, and that this was kind of Andy Jassy doubling down on that. Yeah. It's Biffy is an example of that. Like you inventing some cool products that make it your jobs easier. And then you're selling those products to, to your potential competitors. Scot: [54:20] Yeah. So two examples, we have some devices we've developed for ourselves. One is a tire tread scanner. So it does 2D and 3D tires, tire tread scans. It's called Easy Tread. And we developed it for ourselves because we touch 3,000 cars a day right now and we wanted to measure the tire treads. And the state of the art is a Bluetooth needle. And it's, you know, you have to lay on your back. The cars are on the ground for us most of the time. So you have to like get underneath there, measure three things, and then it Bluetooths to a phone. Then you have to take it, the data entry, it doesn't have an API. Then you have to like take what it measured and then now cut and paste it into something else. It's kind of, kind of redonkulous in our world. So we developed a solution for that and we're selling it externally. And then the big, the big one is from day one, this has been the plan is we've built a ton of software for Spiffy. So we're, you know, we've got 400 technicians, 250 vans doing all kinds of services across the US and there's no operating system for that. So we, there's no like Salesforce for that or Shopify. So we had to go build our own. And so we've built, you know, route optimization specific to this parts integration, fitment integration, VIN lookup, all these things that are required integration with tire suppliers, oil filter suppliers, oil suppliers, parts suppliers, all these things. So we have like 150 things we've integrated with and pulled in from all over the place. Scot: [55:44] And then labor management, all the reporting that comes along with it, all that stuff. And we're starting to license that out as its own platform to anyone that wants to do auto services. And so these dealerships and large auto service companies are coming to us and finally saying, this seems kind of obvious now that we need to provide the ability to go to our customers. They call it at their curb. They use a different language than we do. But basically what you and I would call mobile, you know, last mile delivery of the service. And we're starting to license that out. And it's a lot like AWS, right? So we had to build this for our retail business, which is doing the services and now we're licensing it out a lot AWS and we have this device business. So it's been, I would not have, it comes intuitively to me now. Cause I've been, you know, basically living this lifestyle for 20 years and watching Amazon do it, But it's been fun to kind of build a company with this mindset of we're going to take these things we build and give them to other, not give them, but sell them to other people. And then that makes them better. And they help us pay for all the R&D that we've done on it. Jason: [56:48] Yeah, that's very cool. And that gives listeners a very tangible example of why we haven't been able to podcast quite as frequently as we'd like. Scot: [56:56] Yes. Jason: [56:56] I do, at the risk of making this the world's longest episode of our show, I do have a geeky add-on to the supply chain conversation. Yeah. So a lot of these services that they're adding to specifically what they call supply chain with Amazon are around importing services, because an increasingly high percentage of all the stuff Amazon sells is. Jason: [57:20] Amazon is taking care of importing it, right? And most often from China, but from all over the world and taking care of all that logistics and getting it ready to sell and deliver via the world's most impressive last mile to consumers in America. And there's tons of complicated, high friction touch points and processes to flow all those goods. Well, the big competitors out there to Amazon at the moment that we've talked about ad nauseum on the show, like Shein and Timu, had this kind of direct from China model where they're putting all the goods on 747s, flying them over, and they're taking advantage of this loophole in the postal treaty called the de minimis provision to not pay taxes or duties or have all these goods inspected that they ship into the U.S. and U.S. Jason: [58:07] Businesses have been complaining it's unfair. There's like all kinds of talk about it. We've done shows on this and I'm sure we'll do others. So here's the new thing in supply chain. Jason: [58:15] All the people that have been complaining about this are now doing it because guess what's happened? A bunch of these companies have been born that now help every other brand in the world take advantage of the de minimis provisions to near shore their goods. So you're a footwear manufacturer, you make your shoes in Vietnam, Instead of shipping them to the U.S. On a pallet and paying taxes and duties, you ship them on a pallet to Mexico, and then you send them individual parcels across the border from Mexico into the U.S. and never have to pay taxes or duties on the stuff. So I don't know if that will last in the long run, but that's a very disruptive, significant change happening in the whole world of e-commerce supply chains as we speak. That's pretty interesting. Interesting. Had you gotten wind of that yet? Scot: [59:07] No, no. That's all new to me. Thanks for sharing. Jason: [59:09] Yeah. That's probably how you're going to have to start getting your spiffy stuff into the country now too. I won't, I won't, we won't go there. But the one other piece that did not come up in the earnings call, but a controversy around Amazon since our last show is news articles came out that Amazon was de-installing its Just Walk Out technology from its grocery stores. So Amazon had built Just Walk Out into several of these Amazon Fresh stores and they built it into Whole Foods. And if you know the history of Just Walk Out, this was the original intention of Just Walk Out was was to do it for grocery stor

Welcome to another episode of The Capitalist Investor, where your hosts Derek, Tony, and Luke dissect this week's financial happenings with a keen investor's eye. Today's episode is jam-packed with insights and discussions that tackle everything from shrinkflation and Super Bowl ad economics to the unexpected inflation rates shaking up the markets. We even dive into the unusual territory of dating apps and their financial thresholds for love.Optimism Amidst the Earnings SeasonThe market is abuzz with an 11% expected earnings growth for the year—a target it's on track to meet in the initial quarter. In this episode, the hosts discuss what this projection means for investors and how to position oneself to capitalize on this growth. They delve into whether these numbers reflect genuine growth or are a byproduct of factors such as shrinkflation and misleading corporate strategies.The Shrinkflation Phenomenon and Its ImpactShrinkflation—the tactic of reducing product size while maintaining prices—is put under the microscope after a Super Bowl ad by Timu spotlighted the issue. President Biden's critique of corporations using shrinkflation as a means to sneak in price hikes hits hard for the middle class. The hosts share their own run-ins with this sneaky pricing strategy and mull over its long-term psychological effects on consumer behavior.Super Bowl: A Cultural and Economic TouchstoneBeyond the game—which, by the way, attracted a record number of viewers as discussed—the hosts remarked on the quality and exorbitant costs of Super Bowl ads, including a political ad that stirred the pot, and the pervasive gambling adverts from platforms like DraftKings and FanDuel. Luke emphasized how these gambling ventures signaled economic desperation and hinted at broader societal issues. Add to this a spotlight on a controversial ad for a Chinese shopping app whose associations warrant caution.Navigating Inflation and Interest RatesFacing an unexpected inflation rate of 3.1%, markets are bracing for corrections. The episode discusses the Federal Reserve's possible maneuvers, such as rate cuts, in pursuit of balance and the search for high returns in shaky times. Speculations about future rate hikes and potential credit events color the conversation, offering investors insights to consider as they plan their next moves.Credit Scores and Love: Financial Knowledge in RelationshipsIn a quirky twist, the hosts debate a dating app's policy requiring a credit score over 650 for matchmaking success and ponder whether this trend points to an overemphasis on finance over romance. Additionally, they consider Tinder's rumored $500 monthly subscription, drawing parallels to high-end social clubs and what these trends say about the modern dating economy.Remember to like and subscribe for the latest episodes, and drop a comment below to share your thoughts on the topics discussed today. Follow us on social media to stay up to date with all our financial insights. Happy investing!#CapitalistInvestor #FinancialPodcast #EarningsGrowth #Shrinkflation #SuperBowlAds #Inflation #FedRates #CreditScores #LyftStock #ValentinesDay #TinderElite #InvestmentTalk #StockMarket #ConsumerBehavior #CelebritiesCommercials #Economics #RelationshipFinance

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EP317 - Amazon Q4 Results  Episode Summary: In this episode, Jason Goldberg and Scot Wingo dive deep into Amazon's fourth-quarter results for 2023, analyzing the company's performance in various segments such as retail, offline and online sales, marketplace, AWS, and advertising. They also explore the impact of AI on Amazon's business and provide insights into the company's future guidance for Q1 2024. Amazon had a strong Q4 earnings report, beating analyst expectations for revenue and income. In fact, it was Amazon's most profitable quarter ever. Retail sales were up 6%, which imputes a 2023 GMV of $515B - $660B in the US for all of 2023. The bottom end of that estimate would be a 9% growth over 2023, versus all of Core Retail in the US (x Gas and Auto) which grew 3.6% in 2023. This impressive growth was achieved while Amazon improved delivery times (6B packages delivered next day, and 1B delivered same day, same day offered in 110 metros) and reduced cost to serve by $0.45/package in the US (the first reduction in cost to serve since 2018). AWS accelerated growth but slowly declined margins. Ad revenue was again the brightest spot, growing 27% to $14.7B, resulting in $47B in revenue the last 12 months, and a $58B run rate. The income generated from that ad revenue was likely more than $27B, far in excess of the $21B Amazon earned from AWS. Once again demonstrating that Ads are Amazons biggest income generator. Amazons total GMV in the US likely falls in-between Walmart's expected 2023 GMV of $442B and Walmart plus Sam's Club total US GMV of $519B. Walmart reports it's Q4 on Feb 20. Amazon probably represented 24% of ALL retail growth in the US in 2023. Amazon, Walmart, Temu, and Shein alone likely represented 49% of all 2023 Us retail growth (leaving mostly crumbs for the rest of retail). Amazon also announced Rufus, a new Gen AI based search amenity for the e-commerce site. Don't forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 317 of the Jason & Scot show was recorded on Wednesday, February 7th, 2024. http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Transcript Jason: [0:23] Welcome to the Jason and Scott Show. This is episode 317 being recorded on Wednesday, February 7th, 2024. I'm your host, Jason Retail Geek Goldberg, and as usual, I'm here with your co-host, Scott Wingo. Scot: [0:38] Hey, Jason, and welcome back, Jason and Scott Show listeners. Jason, we've been talking about ARVR since before shop.org changed its name. And did you get a vision pro and how is it i. Jason: [0:57] Did not i feel like i've let you and our listeners down i desperately wanted to lie and say that we were recording this episode through our joint vision pros i did i did go do a demo and it it seems super cool i am sorting through my my highly poor vision to see what sort of corrective lenses i'll need to put into the thing, to pull the trigger. I heard yours has arrived though. Scot: [1:24] Yes, mine actually just came hours ago here to Jason and Scott, North Carolina headquarters. And it is sitting in a box staring at me. And I figured I would not get the show notes done if I started playing with that. So that's gonna be my weekend fun that I'm gonna work on. So I'll report back on that. Jason: [1:42] All of us that love you are slightly sad because we've seen your real eyes for probably the last time in a long while. Scot: [1:48] That is true yep yep these baby blues are going behind the goggles and i'm gonna drive the first thing i do is get in my car and drive that seems to be what everyone does on twitter so that'll be fun yeah. Jason: [1:59] That sounds wildly safe. Scot: [2:01] Yeah well you can see right through them so it's totally fun yeah. Jason: [2:05] No you can't. Scot: [2:09] Just kidding everyone do not do that at home and if you do blame jason Yeah. Jason: [2:13] But again, the Tesla is perfect self-driving anyway. So what, what would it even matter? It's like, I feel like you have multiple layers of AI overlords protecting you, Apple and Tesla. What could go wrong? Scot: [2:25] Yeah, it is not perfect by any means. Jason: [2:29] Yeah i'm glad we caught you i feel like there there's been a lot of travel and it's i know you you have kind of stepped away from the hustle bustle but i'm right in the middle of uh retail trade quarter trade yeah yeah. Scot: [2:41] How's that going you did so we haven't been able to catch up since you've done nrf i saw you were like posting like a wild man seems like you had a very active big show how was that. Jason: [2:51] Yeah it was pretty good i would big show is definitely back it was the largest attendance ever. There were over 40,000 people. So it was very robust. A lot of good, good conversations. I do have a lot of content out there. If anyone wants a deep dive recap, you can go find my recap on YouTube, but maybe we'll talk more about it later because we have such a meaty episode just talking about Amazon. But last week I got back from like, frankly, a more fun event then big show. Our friends at Commerce Next have a new show that they call their Digital Leader Conference. And it's kind of a small little gathering of like 50 digital leaders at a resort in Del Mar, California, exactly where I grew up. So I went and drank wine and talk shop with a bunch of folks and the Commerce Next team in San Diego and had a great time nice. Scot: [3:49] Did you have some say in where it was hosted you're okay i. Jason: [3:52] Did not um i think people were tired of hearing me say this but this is like a fairmont resort it's gorgeous but it was built on like what used to be like these trails behind my high school and i kept you know regaling everyone with how i probably thrown up all over this this facility from all the the runs our soccer coaches used to make us do there. Scot: [4:14] Nice that's a good pitch yeah. Jason: [4:16] Nice visual for all our good uh good podcast listeners uh and then i have two shows coming up so the end of this month is etail west which is usually a pretty good show in palm springs we'll probably be uh corralling a couple interesting podcast guests uh from that show and there's kind of a shop.org board reunion There was an actual shop.org board reunion that you and I missed that was last month, but there's like six former board members will be at ETL West. So we're going to get together and have a little catch up there. And then less than a month after that is our Shop Talk in Las Vegas. Scot: [4:59] Fun. Yeah. Have you had an opportunity to see the Sphere? Yeah, I have. Jason: [5:04] I have. I have not been in the Sphere, but I have gone by it. Hopefully, I'll be prominently featured on it for Shop Talk. Seems like that would be appropriate. Scot: [5:14] Yeah, yeah. That would be fun. Get a picture of you on this here and then go inside. Everyone says it's an amazing show inside of there. Jason: [5:20] Yeah, yeah, yeah. I definitely want to check it out when time permits. Scot: [5:23] Cool. Are you speaking at either of those or just all of you? Oh, wow. Are you seems like a part of your your 2024 New Year's resolution is to talk about Sheehan and Timu. Are you going to be doing that that whole dog and pony over there? Jason: [5:39] Neither of my sessions are specifically on that. I'm sure I'm talking about it a lot in the hallways. It's coming up a lot. It's probably spoiler alert going to come up again in this Amazon earnings call. Scot: [5:52] Yeah and we've got the super bowl this is like we're annualizing the big timu reveal and so it'll be interesting to see if they i guess they've actually said i think it's an article that said they're coming back in a big way so yeah. Jason: [6:03] They bought a second ad so. Scot: [6:04] They will they will be back on a few have you seen like a super secret version, uh i cannot say oh okay oh okay oh all right exciting well it would not be a jason scott show without some Amazon news. And this whole episode is essentially Amazon news. We are going to do a Amazon fourth quarter earnings deep dive. That's right. On February 1st, Amazon announced their fourth quarter 2023 results. The setup coming into this one was we had Microsoft announce really solid cloud results that was largely driven by AI. People are moving their workloads to Azure and they are doing that to get their data over. And due to Microsoft's partnership with OpenAI, that has been a really nice big draw for their cloud offering. Then we had Meta announced, the artist previously known as Facebook, and they had tremendous ad performance, largely driven by AI. Long-term listeners will remember Jason and I, I'm pretty sure we're some of the first to call the impact of this thing called ATT and IDFA, Am I remembering that? You nailed them. Jason: [7:24] Yeah. Scot: [7:25] Yep. And that just really, that was like, what, four years ago, three years ago? That walloped Facebook, Snap, and all these companies that their ad system relied on cookies and third-party data. data. Facebook slash Meta has kind of come back from that and they credit it to AI systems they've used that have really driven the optimization of their advertising products and made the targeting basically nearly as good as it was when they had more precise targeting. Then Google was kind of like had a bit of a rough patch there. I think it's hurting them. They don't really disclose much about youtube and it probably did okay but their ads were kind of flat and their cloud computing did not see the benefit that that microsoft did and there's a growing concern there's more and more folks and some data coming out that shows that people are starting to use ais for interesting searches versus google i do find we were talking about it before we got got on here, I am using it more and more. For example, I was telling Jason, I found OpenAI slash ChatGPT announced this little, it's not a store, but a... [8:39] Add-ons or like almost like an app store but it's called gpts and i found one that enables me to load a bunch of pdfs on a common topic and then just like ask chat gpt about it and yeah so so i found i'm using it more and more for informational queries just generally and then also for things like that like research for work and and for the pod and so i think i think there's a growing concern that google is watching this ai thing kind of like run away from them and there's There's growing talk that they're stuck in an innovator's dilemma. So that was the setup. And the market was kind of nervous coming into Amazon earnings because a big chunk of Amazon is the cloud, which is their AWS segment. And then folks, we really didn't have any great idea how their holiday sales were. And then last, that Google piece made people a little nervous about the ad business, which has become almost a third leg to the Amazon stool. tool. So, and then as you keep kind of pointing out, Timu and Sheehan are just like really on the rise and could they, you know, you also have said, I don't want to put words in your mouth, but you've said, you know, you don't think they're being impacted by it too much. That is some other folks. But, you know, there's definitely overlap there. So people worried, are those up and rising stars going to be the Grinch? So we're going to walk you through that and peel the onion. [10:01] We're then we're going to go into how the retail offline and online did and then marketplaces cloud AWS. And that's where we'll talk about AI. You can't talk about anything now without talking about AI. So we'll hit that and then Amazon ads and then kind of finish up with how Amazon guided to next quarter, which will be Q2 Q1 of 2024. Anything you want to add in that setup before we jump in? Jason: [10:28] No, I think you've queued it up well. I'm eager to hear how Amazon did. Scot: [10:32] Yeah, well, it is what in the Wall Street world we would call a beat. So they, you know, back in Q3, they set some guidance and they beat that on the top and bottom line very handily. And then I would call it a raise. It was kind of a slight raise. They raised the range. Amazon has gotten very good, especially in the Jassy era of not getting too ahead of their skis on expectations. Expectations so but now that we're you know a fair amount into the Jassy area Wall Street's starting to get his number so now Wall Street's not really believing the guidance it's kind of interesting phenomena that we'll talk about when we get to that part but that's you know if we're going to characterize it it was a win and a win so it was a win on the pass quarter which is Q4 and it was a win going into Q1 and you know Amazon historically if you've been following it as long as jason i have they go through these periods of what i call invest and harvest so they'll invest and invest and invest everyone's like gosh and then people think all right there's no way this thing's going to be either profitable at all or as profitable as it once was or whatever it is they start to lose faith and then amazon goes into a harvest phase and then they just print money and it always surprises people and they're able to do that and that's what what But this quarter really is kind of the –. [11:49] Output of focusing on that a lot in 2023 where they kind of had this post-coveted hangover they had overbuilt a bunch of stuff and now it feels like they have righted that they've stopped a lot of the things that since jesse came in that maybe were investment areas that they shouldn't have been investing in and and they've got a lot of discipline on expenses and that has turned out really well so those numbers work is revenue came in at 170 billion and wall street had 166 billion So that's a beat of a mere $4 billion, which is very good. That represents 14% year-over-year growth. Operating income came in at 6.1%, which is the highest since 2019. So they're kind of back in pre-COVID shape, if you will, and doing better than pre-COVID. So that's good to see. Operating income came in at $13.2 billion, and Wall Street had $10.4. So this was a pretty big beat. it's only three billion ish but you know that's a 30 percent beat so that's a that's a nice win when you can deliver 30 more profit than wall street's looking for so all that was really good so jason how did you think that the retail and offline online parts of the business did. Jason: [13:03] Yeah well it was certainly a good part you know reminder amazon reports their online sales which which is a global number, and Amazon's in a different set of countries than anyone else. So you almost can't compare it to any other retailer because there's no retailer that does business in the same geographies as Amazon. And that online stores has their first party sales in it, and it has just the profit from their third party sales in it. So it's not a real GMV number, but that number was over 70 billion, like 70.5 billion versus 68.6 billion. So that was up 6%. That was a beat for Wall Street. Physical stores were 5.1 billion, which is slightly down. So that was one of the few misses in there. [13:52] What I suspect most of our listeners are more interested in is if you convert all those sales into a GMV number and you strip out just the U.S. So you can kind of compare it to other U.S. retailers. What does that look like? And there's a number of different estimates out there. One that we pulled was Citibank's. So the Citibank estimate for total GMV for the year was $904 billion. billion, the US portion of that would be like $659 billion. And that implies that the third party sales were particularly profitable. So I'll call that a optimistic estimate. And then Marketplace Pulse did an estimate using a much more conservative figure for how profitable third party sales that was largely based on the one year Amazon really really told us what the numbers were, which was 2018, right? And so based on those kind of 2018 ratios, Marketplace polls estimated that global GMV is about 700 billion, US GMV would be 510 billion. So that's up, if we take that conservative number, the 510 billion, that would be up 9% from the previous year. All of retail in the United States grew 3.6%. So 9% growth for one of the largest retailers in the market is terrific. [15:20] We'll talk a little bit more about what that might mean, but they also, they had some other interesting successes in the retail business. They talked about the, it was their fastest speed of service ever. So you know, we've talked in previous quarters about how they really shifted from a national fulfillment network to these regional fulfillment models so that packages would be staged closer to the consumers that bought them. And they said this quarter that 7 billion packages, or I'm sorry, for the whole year, 7 billion packages were delivered next day or same day. A billion packages were delivered same day. And there are now 110 metro areas in the United States that get same day delivery. So I still talk to other retailers all the time that talk about competing with Amazon's offer. And they always talk about two day delivery. And the reality is that's not the Amazon offer anymore. They're same day in 110 metros, and they delivered $7 billion packages in zero to one days. So speed of service, super impressive. And while they got faster, they also got more efficient. So for the first time since 2018, they actually reduced their cost to serve, the total cost to get a package to a customer. And so in the US, they said the cost to serve went down by 45 cents a package. package. So that's a pretty meaningful cost reduction. [16:45] Volume went up, which sometimes makes it easier to be cost efficient, but, you know, to actually get better service and lower your costs at the same time is an impressive feat and a big win for Amazon, which, you know, probably contributed a lot to that particularly high operating income, which I'm not sure if you mentioned, but I think that's the highest operating income they've ever announced. Scot: [17:06] Yeah. Yep. It's pretty good. They're actually profitable now. Just saying they've been profitable a long time. Jason: [17:12] Yeah. Yeah. So for all of our, our friends that don't think Amazon's profitable, the, so overall you have to call that, that a really good quarter on the retail sales side. Scott, did you kind of do a deeper dive in how much of that was the marketplace versus 1P? Scot: [17:30] Yeah. It was interesting. You read your GMV data and Scott Devitt, he's at Wedbush now. He's a longtime friend of the pod. He also put out his number and he came in around that market pulse side. So more like the 700 billion combined. Those numbers are 1P plus 3P? Yeah. Is that right? Yeah. Okay. And global. Yeah. So he was in the same zone. And what I found was interesting is because we're heading into 24, he pushed his forecast for GMV. He's the only one I've seen that forecast GMV. And it's obviously driven from like the revenue. So he kind of takes the revenue growth rate and uses that to kind of like get to the growth rate of GMV. [18:08] But he pushed it out to 2025. And then if I push it out one more year, just kind of using the same, what I think he's doing, it crosses a trillion dollars. If you could wrap your head around that. I remember you and I, one of the first discussions we ever had was about this frustration that people didn't understand this GMV thing and they were underestimating. You know, you'd see these charts that showed maybe Amazon never catches up to Walmart. And at that point, you know, Amazon was at a hundred billion and Walmart was at 400 loosely. Maybe that's the ex-grocery. I can't remember the specifics. This is going back like seven, eight years. And now we're at a point where not only have they crossed them from GMV perspective, but even revenue is crossing Walmart or very close to it. And there's a shot at a trillion dollars of transactional flow going through Amazon between 1P and 3P. That's pretty, that's crazy. Like, and it makes sense. You drive around anywhere. All you see is Amazon last mile delivery and long haul, you know, trucks. There's just like the economic impact of what they're doing is monumental. Jason: [19:13] Yeah, it's crazy. I remember when the first e-commerce sites sort of passed the billion dollar mark and how amazing that felt. Yeah, yeah. This thing could work. Scot: [19:22] Work this thing has legs exactly they thought we were crazy yeah. Jason: [19:29] Um so you know normally the narrative is all this retail stuff loses money but that's okay because aws is so profitable and if if there was like any sort of cautionary tale in this earnings call at all i would say it was aws the growth was decent right like what the i think the the estimates were 11 to 15 and they came in right in the middle of that like 13 but the operating income actually went down slightly. So like that, that is a mild concern for some folks. If you, if you kind of convert AWS to it, the last, the trailing 12 months of revenue at, at there, I want to say it's like 24% or 24.1% gross margins. You generate about 40, $21 billion in, in operating income from AWS. So that, you know, 20 billion here, 20 billion there, it starts to add up. But as, as I quickly checked that that's significantly less income than for example, the ads business probably generated for them. So it's a good business. They are growing slower because they are the biggest player. They are growing slower than their competitor, certainly than Microsoft. And it, And their profitability did slightly tick down. [20:51] But on the exciting side, they talked about a lot of the AI workloads that were moving to AWS and what a headwind that is. And one of the workloads they announced is Rufus, which is an e-commerce search engine that runs on Amazon. So, so that, that giant text box that we're all used to for finding our products and that's helping you find what, what SKU to buy amongst the 800 million SKUs available on Amazon is now rolling out a much smarter generative AI amenity that can help, help you find products with much more sophisticated searches. Scot: [21:33] Yeah. Yeah. I have not seen any screenshots of it or anything. Have you? Jason: [21:37] I saw a demo. though. I have not seen it in the wild yet. You know, they're not the first mover here, right? Like Instacart adopted a version of OpenAI pretty early. Walmart rolled it out in their iOS app at CES a few weeks before Amazon. And so it's funny, like, you know, Amazon, there are some rumors that some of the AI tools in Amazon aren't performing as well in internal tests as people would like. So there's some concerns about that. [22:11] What we'll probably have to do a deeper dive on another show is this whole interesting thing as all the text boxes that you can enter text in and e-commerce are moving from keyword searches to these ai engines customers have to re-learn how to use them and right now they're not right and so you know you go to the walmart app and you know it's a generative ai search engine but you still type the same same you know basic keywords in that you always have and so i'm kind of interested in the long run, is that really where the AI is going to live in these e-commerce sites? Or will we have, you know, sort of a different amenity for doing these more intent based searches than we do for the keyword searches? Or will people just learn how to use them different? I don't know. It's a TBD thing as the world evolves right now. [23:02] But you also alluded to the ads business. That was definitely another bright spot. They sold 14.7 billion dollars of ads which was above the wall street estimate it's a 27 growth year over year and so if you look at the trailing 12 months that's like 30 billion dollars 27 billion in ad sales if you look at a run rate if that fourth fourth quarter number were to go four consecutive quarters it's a 58 billion dollar run rate so they are they're like a clear third largest digital ad platform in the United States and rapidly gaining ground on the other two. And the most conservative estimate I've ever seen for this business is that it's 60% gross margin. At 60% gross margin over the trailing 12 months, the ads business contributed $28 billion billion in operating income to Amazon versus the 21 billion for AWS. So ads was $7 billion more profitable than AWS over the last 12 months. Scot: [24:08] Yeah. That would be net margin, I think you meant to say. Jason: [24:11] Yeah. Sorry. And in fun fact, they also announced this little thing called Prime Video Ads, which which, you know, is a huge new source of revenue for them. And that is expected to tack on another like six and a half billion over the next 12 months or 24 months. So like there's a lot of upside still in the ad business for Amazon. Scot: [24:37] Yeah it's gonna be crazy back on marketplaces i skipped a couple data points because i was so excited about the trillion dollars the as far as the quarter they they kind of have a couple of things that they report on you know the gmv we we we talked about analysts have to kind of back into and they use this one data point to kind of triangulate the things they do tell us is there's this piece called third-party seller services and that's basically you know where they make money from prime and other things of that nature and that grew 20 percent year-over-year beat estimates it was everyone was thinking 42 billion and it came in at 43 and change and then the other thing they tell us is units and that's tricky because you don't know the relevant price of a third-party unit in a first party so you can't just assume it's 61 of revenue that that's a little trick in there that that's that's why the analysts have to do some different math to get in there but third Third party was 61% of units in the fourth quarter. Last year, you have to look at year over year because of the seasonality. It was 59. So that's up 2%. So more and more products that they're selling are third party, which is, you know, just juices their margins that much more. Jason: [25:46] Yeah. Just looking at the Citibank model for that, Scott, it would be seven globally. It would be like 71% of total GMV is third party. Scot: [25:55] Yeah. Jason: [25:55] By revenue. Scot: [25:56] Yeah. Jason: [25:57] Yeah. Scot: [25:57] Yeah, because first party, back when I was modeling this, I've since abandoned that because the Wall Street guys do a better job than I ever could. Jason: [26:04] Their spreadsheets are a lot prettier, for sure. Scot: [26:07] Yes, it was similar. It would add about 10 points because the AOV on first party is relatively low compared to third party because of all the books and digital little things that they have that are a dollar here, a dollar there kind of things. Things okay so then we go into next year with the guidance and they guided the top line 138 to 143. This was Wall Street's consensus is in the middle but they really raised the top end of this and it gives it a growth band of eight to thirteen percent and what's happened in the jassy era is it either comes in right at the top or a notch or two above so Wall Street thinks that you know While the midpoint was aligned with what they're thinking, many of them have bumped up their, models to the 143. [26:58] And then also the similar kind of situation on operating income, Amazon raised it a fair amount more. And then what that did is it increased the price targets. And the stock has been on a really nice tear since earnings, thanks to this. And I think AWS wasn't what everyone wanted to see, but. [27:16] It reaccelerated growth, which folks want to see, and it doesn't feel like they're losing AI. I do think Microsoft's got more buzz, but at least they're in the game. Whereas I think people are starting to worry Google's not really. Google's talking a good game with Bard, but they're really slow to put stuff out. Like, you know, they announced this. What is it? Ultra version. Bard has three flavors, and, you know, they're way behind on each one they've announced. They're behind weeks or months on. And then the last one is, like, really taking a long time. So everyone's like really starting to worry about Google's ability to execute quickly. And, you know, so I would say the winners of this earnings season were definitely Meta, Amazon, Microsoft up in kind of a league of their own, and then Google and some of the others. I think Snapchat, I don't follow them this close, but I think they had a really rough quarter. So there's definitely an interesting AI has thrown a whole new mix into how these big, you know, either trillion dollar mega super mega caps are doing or meta is not in that discussion. It's a little bit smaller, but these big some people call them the significant seven. And they when they say that on CNBC, they're throwing NVIDIA in there and a couple others. But, you know, AI has just changed the game in the last year. It's been amazing. Jason: [28:30] Yeah, for sure. Sure. And they, you know, along those lines, they also announced a bunch of sort of AI-driven new inventions at Amazon. So we talked a little bit about Rufus. They, they have part of that reducing that cost of service. They have a lot of smarter robots in the fulfillment centers that are like interfacing with humans more and doing more stuff like that. And I saw they had one, one AI innovation right in your space, right? Like they're using AI to inspect respect all the Amazon vans and identify any service needs before the vans break down. Scot: [29:02] Yeah yeah yeah these these last mile vans are they get pretty beat up as you can imagine sure you know being in Chicago you see how they can that can be pretty bunged up and all kinds of things happen so, you know they it's interesting I've been to tour several of these because we work on them at my day job spiffy and it's pretty wild we don't have time to go into it maybe we can do a whole pot on on it. But anyway, they, they line them up and drive them through a single area. And they have this like arch of cameras that they put them through. And I imagine that's what that system is. It's, it's using this kind of 300, almost like a ring of cameras that the vans drive through, and they must be using the AI to detect what's going on there. Jason: [29:45] Yeah it's crazy um so anything else jump out at you on specific on the amazon earnings because i wanted to take a last minute to kind of put these amazon earnings in context for the rest of us retail but i want to make sure i didn't miss anything you wanted to. Scot: [30:00] Yeah one last thing in my little auto world that i live in now they kind of made a almost you know i haven't seen a lot of buzz about it i know you work a lot with the auto company so you're you're probably getting some feedback on it which is why i'm kind of curious but they announced hyundai is going going to start selling cars on Amazon. And for a long time, everyone's thought Amazon would maybe compete with Carvana or buy Carvana, some of Carvana's used cars. So it's like e-commerce for used cars. And a lot of Carvana's competitors, Vroom and Shift, have kind of hit the skids and actually are out of business now. And some people thought Amazon would buy them, but it looks like Like they're actually going to be maybe an ad unit or a showroom and then send, you could transact on Amazon or start your transaction on Amazon and then go to the dealer. So that has been, there's a lot of buzz in my world around that. And we keep hearing many more OEMs are coming and the dealers are, the Hyundai dealers I've talked to are very excited about this and expecting kind of a different customer than they're used to. And there's some prime tie-in there too, which is kind of interesting. So it's going to be interesting to see Amazon has their eyesight on this auto category and they're doing more and more in there. And it's going to be interesting to see what they do. Jason: [31:14] Oh, for sure. I have this giant deck of industries where the leaders in the industry would say like, oh man, e-commerce is amazing in these other industries, but here's why it will never be relevant in ours. And I think the car industry is the one that this is playing out in right now that, you know, they used to all say like, oh, there's never going to be e-commerce. People want to go to the dealers and drive it. And there's three tier distribution and all these things and it'll never happen. And you know, now it's certainly happening. Scot: [31:44] Yeah. Yeah. It's going to be interesting to see that. Jason: [31:46] Fun times. So I just want to put all this in a little bit of context. So before the pandemic, retail in the United States of America grew very consistently. 4.1% a year with some very minor deviations, but that's kind of what you expected just from normal inflation and the growth in the population, 4.1% a year. So then the pandemic happens. We mail out a couple trillion dollars in economic stimulus. We lock everyone in the house so they can't spend as much money on services. And we had the three greatest years in the history of retail. We grew 7.7% in 2020. We grew 13.6% in 2021, that's the best year of all times, and we grew another 8% in 2022. So those were those three crazy outlier years. So the end of 2022 comes and everyone's like, what's 2023 going to look like? [32:37] We just had these three years that were more than double the industry average. The NREF came out early in the year and said, hey, we're forecasting 4% to 6% growth. So bottom end of their range would be average, 6% would be sort of halfway to those last three years. So we now know what actually happened and we came in at 3.6% growth. So missed the NREF estimate, missed the traditional average, it's a down year. And this is $5 trillion is the total sales. So missing by half a percent is pretty meaningful. So all of retail grew 3.6%. If you convert that into a number, that's $180 billion more stuff we sold in 2023 than we did in 2022. [33:25] And the numbers I'm using for all this are retail without auto or gas in it, just because that's what the nrf calls core retail and it's kind of amazon doesn't sell a lot of cars or gas yet right so so amazon grew nine percent if we use that conservative gmv number for the us. [33:42] That means amazon alone grew 43 percent last year 43 billion dollars last year so amazon alone was 24 of all retail growth in the united states of america and they're the first or second largest retailer in the country and they grew a quarter of all growth which is pretty phenomenal Walmart also wildly outperform the industry they grew and there they won't announce their q4 till for a couple more weeks but assuming they they have like hit the low side of all the estimates so only 4% growth in q4 though that that'll bring them in at 6% growth for the year that means they They grew by $29 billion, which is 16% of that total growth last year. Then I keep talking about Timu and Shein. Timu only grew 3,100% last year, which is a pretty good growth rate. So they contributed $9.3 billion in growth, 5% of the total. And Shein grew 30%. So they contributed another $7 billion in growth, 4% of the total. So you just take those four retailers, Amazon, Walmart, Timu, and Shein. That's half of all U.S. retail growth last year. So those four companies had a terrific year, but they essentially left crumbs, for the rest of the retail industry in what without those four companies is pretty much a Debbie Downer year. Scot: [35:09] Yeah yeah it's amazing share there it's kind of crazy. Jason: [35:13] Yeah and it's it's just so weird to see the biggest two retailers in the market amazon and walmart growing faster than like almost anyone else that that to me is a a very anomalous circumstance that you you don't normally see, there is this super interesting horse race who is the biggest retailer in the u.s and the the sort of unfortunate answer is it depends a little bit on how you count because you you've got Walmart's total US GMV which we also don't know by the way because the there now is a meaningful marketplace at Walmart not as meaningful as as Amazon but like you know Walmart doesn't disclose its actual GMV. [35:59] But Walmart also has Sam's Club. And so if you take just Walmart's GMV and shoot, I thought I had the number in front of me, but now that I'm talking about it, I of course don't. But from memory, it was about $442 billion last year would be my estimate for their GMV after they announced that's their Q4. And so that would be lower than even the conservative estimate for Amazon's US GMV. If you add Sam's GMV in the US to Walmart's GMV in the US, Walmart gets to about $520 billion. So that would be above Marketplace Pulse's estimate for Amazon and below Citibank's estimate for Amazon. So no matter how you count, these two companies are very close. A few years ago, you and I were talking about Amazon being close to Walmart if you take grocery out, which grocery is 60% of Walmart sales. But now we're in a year where Amazon may have passed Walmart, but however you count, it's very close. And they're obviously continuing to grow faster than Walmart. So if it wasn't 2023, it likely will be 2024. That's the year that Amazon actually takes the title as the largest retailer in the US. Scot: [37:18] Yeah, it's crazy. We knew the day would come and here we are. Jason: [37:22] Exactly. So Scott, I feel like we nailed it. We targeted to have a slightly shorter show to just keep the meat in there and we have succeeded. Scot: [37:33] Yeah. Yeah. Thanks everyone for joining us. Don't forget, if you have a second, leave us a review. We'd really appreciate that. And. Jason: [37:41] Until next time, happy commercing!

Saikolojia na magonjwa, Timu bora

Milli İrade Platformu üyesi 308 sivil toplum kuruluşu (STK) ve AKP Genel Başkanı ve Cumhurbaşkanı Recep Tayyip Erdoğan'ın oğlu Bilal Erdoğan'ın yöneticisi olduğu TÜGVA'nın öncülüğünde “Şehitlerimize Rahmet, Filistin'e Destek, İsrail'e Lanet” yürüyüşü düzenlendi. Mitinge katılanlar arasında elinde "Kelime-i Tevhid” bayrağı bulunan İsmail Aydemir'e Ege Akersoy isimli genç yumruk attı. Kısa sürede Türkiye'nin gündemi haline gelen olayla ilgili siyasetçiler de açıklama yaptı. Gazeteci İslam Özkan ve ceza hukukçusu Timuçin Köprülü değerlendiriyor. Editör: Aliye Altınışık 02.01.2023

Thank you very much to Kyle for commissioning this episode!These chapters are the ones where Noda Mi finally gets got, and it's the ingenuity of Timu who winds up taking him down even after death. Meanwhile, Lady Soto writes a whole treatise on the sins of Jia and distributes them to as many parties as possible.Thanks so much to you all for listening, and I will see you soon with a new episode!

EP315 - 2023 Turkey5 Recap with Salesforces Rob Garf Episode 315 is a recap of Turkey5 (The five days from Thanksgiving through Cyber Monday) 2023 with Rob Garf, Vice President and General Manager, Retail at Salesforce. This is Robs' Six time on the show, having previously been on episodes 110, 248, 282, 299, and 313. Jason and Scot discuss the "Turkey 5" with their guest Rob Garf, VP and GM for retail at Salesforce. They analyze data from various sources to provide insights into the holiday shopping season. According to the U.S. Department of Commerce, e-commerce grew 7.75% in Q3, while total retail only grew 2%. Jason emphasizes the need for e-commerce to grow at least 7.7% in Q4 to stay on track. Adobe's data shows that Black Friday sales were up 7.5% and Cyber Monday sales were up 12.4% from the previous year. The speakers also discuss data from BigCommerce, MasterCard, and Salesforce, highlighting growth in online sales on Cyber Monday and Black Friday. Rob Garf adds his observations on retail industry trends, noting an increase in demand and robust pricing. He mentions a rebound in demand in Europe, excluding the UK, and highlights retailers' focus on profitability and inventory levels. The discussion then turns to Amazon's innovative advertising approach during a Friday NFL game, where shoppable ads were displayed via QR codes. Jason believes this strategy will benefit Amazon, as it monetizes viewership and reinforces the brand. Discounting played a significant role in driving demand during Cyber Week, with retailers offering an average of 30% off. Consumers were patient, waiting for attractive deals, while retailers managed their inventory and discounting strategies well. The luxury category, however, did not perform as strongly, with only a slight increase or even a decrease in sales. The hosts touch on the resale market and the growing popularity of Buy Now, Pay Later (BNPL) options and mobile wallets. They discuss the potential impact of mobile wallets on shopping behavior and note that BNPL resonates with new consumers and has replaced layaway. Finally, the hosts mention the passing of Charlie Munger and the filing of an IPO by Xi'an, encouraging listeners to support the show and announcing more holiday shopping data and reports on Salesforce.com. 0:00:46 Introduction to the Jason and Scot Show 0:05:04 Black Friday: First Sales for Vendors 0:14:06 Softness in Consumer Electronics and Toys Market 0:14:55 Black Friday and Cyber Monday Impact on Holiday Season Shape 0:16:32 Retailers' Inventory Management and Positive Growth Forecast 0:17:47 Retailers analyzing profitability and customer profitability. 0:18:29 Increase in Demand and Robust Pricing 0:22:34 Amazon's Innovative Advertising and Potential Profitability for Holiday 0:26:27 Discount rates over Cyber Week in comparison to previous years 0:29:04 Retailers' management of inventory and transparency in discounting strategy 0:31:52 Consumer behavior and the rise of Buy Now, Pay Later (BNPL) 0:33:32 Mobile wallets and the impact on checkout process and shopping experiences 0:35:26 Buy Now, Pay Later Growing and Replacing Layaway 0:37:22 Charlie Munger's Passing and Xi'an's IPO Announcement Throughout this episode make liberal use of real-time data from Salesforce Shopping Insights HQ, which tracks how 1.5+ billion consumers are shaping shopping trends. You can see a real-time holiday dashboard, powered by Tableau so you can interact with the data yourself on the Salesforce Holiday Insights page. Episode 313 of the Jason & Scot show was recorded on Tuesday November 28th, 2023.  http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Transcript Jason: [0:23] Welcome to the Jason and Scot Show. This is episode 315 being recorded on Tuesday, November 28th. I'm your host, Jason Retail Geek Goldberg, and as usual, I'm here with your co-host, Scot Wingo. Scot: [0:39] Hey, Jason, and welcome back, Jason and Scot Show listeners. Vigilant listeners will remember that we promised you a delicious turkey five Introduction to the Jason and Scot Show [0:47] sandwich starring none other than Rob Garf, VP and GM for retail at Salesforce. And that's what we're delivering today. Rob was here way back on episode 313 on November 8th. And he is back here today to tell us what happened during the Turkey 5. Welcome back, Rob. Rob: [1:05] Thanks for having me, Jason, Scot. Always a pleasure and look forward to getting into some of this really fun data. Scot: [1:12] Yeah, this is your record sixth time. So your old hat here. Before we jump in, we do want to just kind of set the table, keeping with the post-Thanksgiving, theme with some leftovers. I saw what you did there. Yeah. And we, meaning Jason and his army of interns, have gathered a bunch of data from other sources. So we just want to give listeners that, and we know you have your own data, and we want to paint a complete picture. So, Jason, give us the quick and dirty rundown of other data that we've seen out there covering the holiday period so far. Jason: [1:46] Yeah, yeah, yeah. Let's do it. And side note, Rob, we're going to keep making you come back till you get it right. Rob: [1:50] I appreciate it. I'm here. Jason: [1:52] I'll do what you need. Awesome. So, super quick reminder, Q3 data from the U.S. Department of Commerce, e-commerce for the quarter grew 7.75%, over, the previous year. year, total retail only grew 2% from the previous year. And so if you take e-commerce out of total retail, brick and mortar in Q3 2023 only grew 1.08%, so lower than traditional. So when you come into the beginning of Q4 and holiday in particular, in my mind, e-commerce has to grow at 7.7% just to stay at par. And brick-and-mortar has to grow more than that one percent. [2:37] So, and I like to start with the lesser data and work our way up to the gold standard, very best data we have, which is, of course, the Rob Garth. So our friends at adobe which have a different data set but similar methodology and slightly different definition so you can't perfectly compare apples to apples, they said black friday sales were nine point eight billion in the us which is up seven point five percent from the year before so that would basically be right at that par i was just talking about, they said cyber monday was up to twelve point four percent and that was hot off the press so i wasn't able to do the math on what growth rate that was. They said for the whole month of November year to date, that they see November up 4.6% from last year. So kind of below that par. These are all numbers Adobe is giving for e-commerce. [3:26] And of particular note, and I know we'll talk about this more, they've seen a significant uptick in use of Buy Now, Pay Later services, and they've seen deeper discounting than we saw last year. Now, Shopify is really out there with a big news cycle. And I don't want to say they won up Salesforce, but they bought the sphere in Las Vegas and broadcast their data on the outside of the sphere, which visually is, is super cool. But their data isn't so useful because they don't report same store sales. They had a, you know, some unknown basket of merchants that sold a bunch of stuff last year, and they had some unknown basket of merchants that sold more stuff this year, and we don't know if the same merchants were here this year and last year or if they added a bunch of merchants or, or if this is true growth. So, so while the Shopify numbers are interesting, if you're investing in Shopify, they don't tell us a lot about what's happening in the e-commerce world. I did see a super interesting quote from Harley Finkelstein, who's the president of Shopify, and it's possibly, possibly that he just misworded this, but he was excited after Black Friday and he said 17.5, thousand. So $17,500. [4:41] Vendors made their first sale this Black Friday weekend. So I took that to mean, not that they launched on Friday just in time for Black Friday, but that this was their first Black Friday where they sold anything. So that's 17.5 thousand new merchants. [4:58] And then he said, in total, 55 thousand merchants set their all-time daily record on Black Friday. Black Friday: First Sales for Vendors [5:05] And while those two numbers sound impressive, if you kind of think about it for a second, you go, wait, the vast majority of merchants on Shopify that are B2C are going to sell their record. Cyber Monday hasn't happened yet, so take that out of the equation, are going to set their all-time record on Black Friday. So not surprised, you would expect the vast majority of all merchants to set their Black Friday record. And 17.5 thousand of them are new. So what that says is there's only 37 thousand merchants that are a year old on Shopify that sold more this Friday than last year on Black Friday. And that's, I guess, less than I would expect based on the usual reports we get from Shopify. So that, I'll just record that as a moment and our stock analysts that cover Shopify listening on the call can weigh in on that one. [5:58] BigCommerce, a slightly weirder data set. They saw an outlier, they saw 14% growth, but again, random, they're not trying to report at the industry, they're just reporting their clients. And then a particularly interesting one to me is MasterCard. I have a love-hate relationship with MasterCard. Unlike all the rest of you, MasterCard gets a set of data for stores and retailers, so they try to forecast what happened in retail, which is super valuable. Historically, I've seen some weird deviations from MasterCard that make me cautious about their numbers. But this year, they reported Black Friday, they did not report Cyber Monday. Their Black Friday number was up 8.5% year over year for eCommerce. [6:39] Which is at the high side of the mean for all these other datasets. And they reported that on Friday, total retail sales were up 2.5%. But if you back eCommerce out of that number, brick and mortar was only up 1.1%. So basically, I would call all those numbers par with our Q3 numbers. So, that kind of sets the table. Scot, take us through what we learned from Salesforce. Scot: [7:11] Yeah. So, a million questions, Rob. Let's start with, it seems like one of the biggest interesting battle royales is, A, why was Rob's face not on the sphere? And then B, it seems like one of the data sets is saying Cyber Monday is much bigger than Black Friday. And then in your pre-show, you had said you guys are seeing Black Friday exceed Cyber Monday. So let's start there. Which was bigger? Rob: [7:37] Yeah. Well, first of all, I lost the coin flip and Astro or Cody, which are critters in Salesforce world, won. So they got their faces along with Einstein on the sphere a couple of weeks ago during F1. So I'm still going for it next year, but we'll see what happens. But I digress. Let's get into the numbers. So yeah, we are seeing, you called it a battle royal. I appreciate any reference to 1980s wrestling, by the way. So thank you very much, but let's not go down that path. That could be a whole other podcast. But what we are seeing is, as you mentioned, a battle between Cyber Monday and Black Friday for supremacy. [8:19] And they are going back and forth. What we found in our data in 2019, Black Friday eclipsed Cyber Monday and has remained there, especially outside of the United States. And so we're seeing big growth and, you know, partly what's contributing to that is not only Alibaba, which has been in place for some time, but Timu and Xi'an, which I know you gentlemen like to talk about. So regardless what I think, two things based on all the data that you provide, and I appreciate the broad perspective that you share here, is people are actually buying. They might not be buying as much as they were in the past and throughout the pandemic, but But there is demand. And you know, I think that's important because when we look at our numbers and just to put it out there for Cyber Monday, and we can bounce around here wherever you'd like to go, is we chalked our number at 12.6. [9:13] Billion in the United States, and that's a growth of 3%. And I'll call it a healthy growth of 3%. And the reason being is, for the first time in five quarters, we saw growth being generated by increased consumer demand and not just merely higher prices, which is our indicator for inflation. And just to put it in perspective, let me talk about Black Friday here, because you mentioned the battle that's happening here. We saw 16.4 billion in online sales for Black Friday in the US, and that was up 9%. And so, as I mentioned, what this shows us is people are buying. What it's also showing is that there's a high concentration of online sales for those two days. And sure, you two gentlemen are laughing because that's been that way since Cyber Monday was coined in 2005, but there has been a smoothing out of demand, particularly around Cyber Week or cyber five for the last several years, but there's been a stark shift back to those two prominent days. Jason: [10:27] So interesting on the top line numbers, one of the, you mentioned that you're, you're seeing items increase, not just prices, right? Which kind of opens the whole specter of, of it's, we're not just seeing growth for from inflation, right? Are there any categories that you're like going into the holiday? It was like, hey, the growth was in essentials and food and things like that. And discretionary items like apparel and electronics and toys were not doing well. Did you guys see, like, are people opening their wallets on discretionary items or are sales continuing to be these kind of essentials and affordable luxuries? Rob: [11:06] Yeah, it's a mixed bag. And I do want to underscore your point, Jason, around. Growth being generated by more volume and not just higher prices. So that's exactly what we saw. 3% growth when you're seeing 9% increase in inflation is a tough equation to, be profitable and to work out in the consumer's favor. But in this case, we are seeing more demand. And the demand, as I mentioned, is a mixed bag. On one hand, we are seeing really nice growth in areas like makeup and health and beauty, skin care. We're also seeing nice growth in active apparel and active footwear as well. I categorize that actually as comfort. In uncertain times when consumers certainly are looking to really take control of their household balance sheets, oftentimes you migrate to comfort. You know, you can talk about comfort food, but this is just comfort gifting and comfort what you put on your body, both clothes and literally on your skin. And so we are seeing nice growth there where actually, if you think about it over the last 12 months, those categories have been hit a bit in terms of the growth curve. [12:20] And what you're seeing on the other side actually is luxury is softening a little bit, which which I think is important to note because for the last, I mean, gosh, through the pandemic and after, luxury was one of the most, no, not one of the most, was the most resilient categories. And we're starting to see a bit of breaking down, especially around the aspirational luxury side. So we're going to keep an eye on that. I will mention one other thing, actually, as it relates to categories that are doing well in the holiday and that is food and beverage and gifting, you know, in terms of. What people look to for comfort and experiences, they are gifting chocolate, they're gifting wine, they're gifting various gift baskets. We saw really strong growth, even starting, you know, the Tuesday before Thanksgiving and working its way through the entire holiday. Jason: [13:22] Interesting. One category or two categories that come up a lot, like coming into holiday, electronics had been in a pretty big swamp, like for the whole pandemic. And I'm curious, I've seen conflicting data about whether electronics are back or whether they're still soft. Traditionally, electronics would be one of the fastest movers for holiday. Rob: [13:43] Of course, of course. Yeah, I mean, consumer electronics, toys, right? Those two are still pretty soft. I think you really though need to put it in perspective in terms of the astronomical growth we saw on those categories over the last four years. I haven't done the math. You're really good at this, Jason. So I'm gonna put you to task maybe on your next LinkedIn post, but I am willing to wager, and I'm not a betting person, so I'm not really willing Softness in Consumer Electronics and Toys Market [14:07] to wager, but I'd love to see the CAGR of those categories over the last four years. I'm guessing they're in really strong, like high team growth, which any retailer would be happy with that on a given holiday time period. So there is a bit of softening, but I think it's really important to understand it in context with the growth that they've seen over the last several years. Scot: [14:32] Cool. Um, so, you know, with these good showings and Cyber Monday and Black Friday, what's that mean for the rest of the season? Are you guys like doubling your forecast, tripling or, and what's that mean for the shape? We talk a lot about the shape of the holiday. Any, any, any changes to your thoughts on those? Rob: [14:49] Yeah. The shape or the anatomy. I've been asked this by a lot of retail executives because they're being asked by their board, like, are you sandbagging us? Black Friday and Cyber Monday Impact on Holiday Season Shape [14:59] We need to really relook at this forecast. We crawled through the data over the last couple of days just to look through our model and see if we could see the data in different ways through different lenses. The reality is what we're seeing is that Black Friday and Cyber Monday were taking market share from the bookends of the holiday, from earlier on and later on, right before the shipping cutoff date. And so for the last five years or so, we have been seeing a smoothing out of demand for the seven days that we define as Cyber Week, Tuesday before Thanksgiving through Cyber Monday. And Thanksgiving became a really strong and important day, especially on the mobile device, especially as consumers. [15:47] Either being distracted or inspired, whichever you want to think about it, on the couch after Thanksgiving meal, looking at social. [15:54] But we've seen a snapback of the higher concentration of Black Friday and Cyber Monday. So it's not like there's incremental sales, and that's what I think you were getting at, right? I don't think there's incremental sales that we can now account for. We're still staying to our forecast of 1% growth in the US for November and December. That's how we define holiday and in the US and we're looking at 4% growth globally, really led by Europe. And I want to just put a caveat on this. Not only again, are we seeing that growth come from increased demand, but retailers have gotten smarter. Retailers' Inventory Management and Positive Growth Forecast [16:33] I don't know if it's smarter, but they were very deliberate going into this holiday starting six months ago about managing inventory levels and margins. So there's been a lot of talk about how are we going to handle shipping? How are we going to handle our return policies? And also, how are we going to think about our open to buys? And so I think most retail executives, especially on the merchandising side, are feeling pretty good because they're working their way through the inventory, which by the way, as you know, has been a big glut over the last couple of years, especially in 2021, when so many products were stuck in the port of LA. I mean, that just created this bullwhip effect that we're still just getting our arms around now and getting over the hump. And so that's my long way of saying is we're not reforecasting. We still feel positive with that 1% and 4% growth in U.S. and global, respectively, because. [17:24] Retailers are taking a very close look at overall profitability and this concept of customer profitability as well. Scot: [17:32] Yeah. You'd said, so it seems like the curve was kind of flattening out and now it's like steepening again it's like kind of coming in at the edges and in kind of like shaping up in the middle part of the bell curve which is like the that, Retailers analyzing profitability and customer profitability. [17:48] cyber week. Is that that's right. Okay. Rob: [17:51] That's really good. Yeah. It's kind of snapped back. Right. Yeah. Definitely. Yeah. Scot: [17:56] It's going to make that sound. Rob: [17:58] Where's the sound effects in turn? Are they there? Are they on call? Can we get that bullying? Jason: [18:02] I'll be adding that in post. Scot: [18:06] You had said something that kind of piqued my interest. You said people are kind of, you know, I may be rephrasing this wrong, but you said kind of demand is back. Like I knew it almost felt like you were saying before there was, you know, people were shopping, but it didn't seem like, you know, a new increase in demand. And now it is because you're seeing robustness in pricing and stuff. Is that say a little bit more about that? I'll make sure I understand what you were saying. Increase in Demand and Robust Pricing Rob: [18:32] Yeah, you got it. So yes. And I, again, and don't think retail executives are doing backflips and thinking that we're getting back to roaring double-digit, growth coming out of the holiday. But what this is an indication, and by the way, we're seeing this as a leading indicator in Europe, let's exclude the UK, which is probably in the same rebound curve as the United States and Canada, but you take continental Europe and who are about two, maybe three quarters ahead of us in terms of the rebound, we're seeing inflation settle, the average selling prices settle down and people are buying more. So we're seeing average orders volume higher. We're seeing slight uptick in units per transaction, only slight. But the order piece is super interesting. We're seeing traffic. We're seeing continued really strong traffic. People are just really being diligent and patient and shopping a lot and looking for the best deals. And we'll have to talk about that in terms of what discounting patterns we saw as well. So that's my long way of saying Scot is people are buying more, they're doing it. By still making trade-offs. So there is a sense of let's load up on some essentials while we're getting good deals. [19:57] Let's look for travel, entertainment, like experiences. And you have to also think of the adjacent categories like luggage, as an example, if you're going on a trip, do you need something new to put your clothes in? And though they are, again, increasing, as I mentioned. So as I think about the sentiment, even with a 1% in the US growth, 4% global is what we're forecasting for the full holiday, retailers are feeling good about that. They want to exit this holiday on a really good foundation of profitability, a really good foundation on inventory levels. And most every retailer I'm talking to has a growth mindset. They're thinking about customer acquisition, finding new ways to do that because customer acquisition costs are still off the charts, but also loyalty, finding new ways to create stickiness, looking for adjacent categories, adjacent services, looking for partnerships to supplement what they're doing organically. And I mean, this would take us down a whole other path, but they're leaning into data. They're leaning into AI to better understand who those consumers are and what they're likely to buy and making sure they're able to create profitable customers. How was that soapbox? I just rattled off too much, too fast. Jason: [21:13] So hopefully you were able to digest it. But you kind of, you glossed over what they're really looking at is just selling ads to brands. Rob: [21:18] That's fair. Thank you. I could have just said that. You're right. That's a very good point. And yeah, we could, I love your take actually, seriously, given that on Amazon's move for the football game on Friday. Jason: [21:31] Yeah. So that's a great point. And maybe just to catch up listeners that might not have followed it. Something very different and unique for this year is that the NFL, you know, normally they have a Thursday game and they have Sunday games and a Monday night game. On Thanksgiving, they have Thursday day games during Thanksgiving. This year, they added a Friday game for the first time. And the sponsor of that Friday game was Amazon. It was broadcast on Amazon Prime, and Amazon actually had shoppable ads via QR codes in the broadcast, all sort of innovative, cool, new stuff. [22:11] The early read is that the viewership was pretty good for the Friday game. There's no history, so we have nothing to compare it to. I would argue fewer people are going and standing in line at brick and mortar stores for door busters. You know, the little bit of data we do have on brick and mortar shows that, like, there wasn't a huge, huge spike in in-store shopping. I feel like Friday has become more of an online shopping day, Amazon's Innovative Advertising and Potential Profitability for Holiday [22:36] which means people are home more, which means there's an opportunity to watch a football game. I kind of don't imagine that the interactive ad formats, like, you know, we're high volume and really move the needle, but they're innovative. And I do think that that Friday game is likely to be a new tradition as the holiday shopping season goes from an omni-channel thing to an online thing. At least that's my POV. Rob: [23:03] Yeah, I am super interested in your point of view given how close you are to this. So I guess I'm gonna put you on the spot. Wow, look at me, I'm totally turning the table here, but this has been on my mind. And actually, interestingly enough, over the weekend at a party, somebody who's not in like retail, you know, he shops. That's the extent of it. He pointed out what Amazon did and thought it was really clever. So what did I hear? Like, did they spend a hundred million dollars for that? Regardless, do you think they made the money back going to your point, Jason, on selling ad space in there and kind of even if it's a break even and or they're gaining more prime members, it was a good day for Amazon? Jason: [23:42] Yeah, I am pretty confident it was a good day for Amazon. Like, one thing to remember is Amazon has a better model for monetizing eyeballs than anyone else, right? So, like, if you're Coca-Cola and you sponsor a football game, you're trying to get eyeballs and the only way you have to monetize those eyeballs is to get them to drink more Coke. Rob: [24:03] Right. Jason: [24:04] If you're Amazon, here's what you do. You get a bunch of eyeballs. You try to sell them something that you make money on. And after you do that, you sell ads to other people for more than you paid. And they try to sell something to that person, right? And so, you know, the combination of the ad revenue that Amazon generates and the top of funnel, and bottom of funnel benefit that Amazon gets, again, they're building their brand. Your friend that was just talking to you, he wasn't talking about a particular product he was shopping for. The brand he remembers is Amazon, right? And so you got that Amazon top of the funnel benefit, which is valuable and important. Amazon probably sold some stuff to people. So you got that Amazon bottom of funnel benefit. And then we know Amazon sold a bunch of ads, which is, you know, a huge, huge driver of incremental profit. So yeah, I definitely think we can call Amazon a winner there. I think when it all settles, we're also going to see that it was just a pretty good sales day for Amazon as well. Rob: [25:09] Yeah, I bet you're right. Yeah. The last point and then we can move on and by the way, welcome to episode one of the Rob Garf podcast, is the fact that I mean, knowing Amazon, those ads that you're getting are personalized in terms of them understanding who you are and even if it's a different size or a different brand or a different you know, whatever, even what they know about what's in your shopping cart, what you bought in the past. So anyways, it sounds like, as I would have suspected, you're pretty bullish about it and I am too. Jason: [25:37] So yeah, I do want to cover something just kind of fundamental. So, so we rebounded a little bit and we got bigger sales on, on Friday and Monday. Potentially we might've just pulled some sales in that were going to happen later in the month per your, your comments about not wanting to re-forecast. Did we partly pull those in by giving deeper discounts than we usually give? Like what, what did you see from a discounting standpoint and what does that say about potential profitability for Holiday? Rob: [26:03] Yeah, yeah. Yeah. So we actually looked at this going into the Holiday and we went back to 2019 and I have the team look at discount rates starting in November 1st for 2019, 2021, and 2023, what we had anticipated for this year. And what we saw and actually came true is we saw discount rates over Cyber Week hover just north of where they were in 2019. Discount rates over Cyber Week in comparison to previous years [26:31] Don't forget, 2021, there were the lowest discount rates that we've seen because the product just wasn't there. So retailers, it was the first time they won the game of Discount Chicken. The short answer is yes. Retailers did discount the heaviest they have all year, right around 30% on average. And I think that's important. It's on average. I mean, we've all seen discounts of 40%, 50%, really creative discounting strategies. And so that definitely drove demand. I mean, going back to the consumer, while they're buying more, they're making trade-offs and they were really diligent. [27:09] They were really patient and they waited and they waited and they ultimately saw the attractive deals starting in earnest on Black Friday. They weren't even that great on the Monday, Tuesday, I'm sorry, the Tuesday, Wednesday, and Thanksgiving, Thursday until Black Friday, and then they started to buy. So they held out and they ultimately purchased those attractive deals. In terms of margin, I think we're doing okay. And the secret here is when we looked at the data, given all the inflation that happened, And actually, consumers are still, even with these deep discounts, paying more than they were in 2019. The optics are there. They're feeling like they're getting a good deal, but the reality is they're still spending more. So I think they'll be okay. And there wasn't this protracted discounting that did happen. And because they manage their inventory well, the retailers, and their discounting strategy as well, I don't think they're going to be forced with the hail Mary discounts that you often see right before the shipping cutoff date. So I think that retailers actually managed it pretty well. I give them credit too, by the way, what we saw in our data as well is retailers were a lot more transparent around their discounting strategy. [28:23] Many were offering price match guarantees. If they saw, you know, the consumer saw the price for less, and they were also much more transparent around their return policies as well. So people felt a little more comfortable buying earlier, even if the prices weren't exactly where they wanted it. So the long of it is, or the short of it, whichever way I look at it, is there were healthy discounts. Consumers took advantage of them. I'm still feeling more positive, especially than I have from last year, about margins. Scot: [28:57] Cool. You said something I want to dig into, and then I want to pivot to be in PL. You said luxury was a little soft. What do we make of that? Retailers' management of inventory and transparency in discounting strategy Rob: [29:06] Yeah, and like I said, it's had a run, like I haven't seen before in any one category. I mean, don't get me wrong. Consumer electronics really strong and some other categories in the pandemic home looked really strong as well. But it continued after the pandemic, both in store and online. What we saw compared again, just to put in perspective, three percent increase on Cyber Monday in the U.S., nine percent increase in Black Friday in the U.S. [29:34] There was a tick low beyond flat for luxury. What it also showed is they started to. [29:41] Discount more than they typically do. You think of luxury, they're going to hold their really price and be sensitive around preserving their brand and their margins. And we were seeing that tick up as well. I think the ultra luxury is still alive and kicking, no problem. It's more of that aspirational luxury. One area that I think is really important to point out is the resale market. More and more luxury brands are playing in the luxury market game. I'm sorry, the resale market game, because they realize people are doing it anyways, and they might as well offer that in many cases on their own website. So like Coach as an example, Canada Goose as an example, have the capability to exchange product, which then allows existing customers to likely buy something at a higher price point. And then if the product is in good enough shape, they're able to resell it and allow for aspirational shoppers to actually access that brand and buy it where they might not have been able to in the past. So yeah, I'm not overly concerned about luxury. I mean, the brands are so strong and there's so much loyalty there, but it just does show that in the aspirational space, people are trading down to a degree. [30:55] You know, they're trading down for value in the resale market. In many cases, they're trading down for vintage. It's amazing to see how many, you know, sneaker brands and specific models are hot that we all remember from our high school days. And you know, even the younger generations like to save the world a little bit as well. Scot: [31:14] Yeah. So I guess what I'm getting at is, do we think the consumer's rolling over and that's kind of the BNPL question too, because one way to read BNPL increasing is people are under financial stress. So they're stretching out payments. Another way is, you know, seeing all this data and it's always sponsored by one of the BNPL providers. So I'm never sure how to take it, but it shows that, you know, millennials and Gen Zers like, they don't like open credit. And it's weird because my kids have this perspective too. I thought it was like, I thought it was totally made up and then they're like, oh no, I, you know, I hate having like these credit cards with big limits. And I'm like, well, if you don't use it, it doesn't matter. It just makes them Consumer behavior and the rise of Buy Now, Pay Later (BNPL) [31:52] nervous for some reason. And do you think it's a generational thing or is it a little sign of softness on the consumer? And maybe the luxury is another indication that it feels like the consumer is rolling over a little bit or you don't see that. Rob: [32:06] Yeah, I mean, I think it is a bit generational to your point. I don't have those data's points to substantiate what you're describing. But a lot of what I learned is from my 17-year-old and 14-year-old because they're right in the smack dab of purchasing and trends and so forth. Don't worry, we have a lot more data at Salesforce to back this up, billions and billions of shoppers. But in any case, the anecdotes definitely help provide a full commentary. But we saw an outpay later over Cyber Week increase 7%. So that's healthy. It's a little slower than we've seen in past. What we're also seeing, and it started last year, is it's on lower and lower price point merchandise. So that also speaks to the adoption as well. It's not just on the big ticket items. I think if I zoom out for a moment as well, mobile wallets were really strong. Mobile wallets were really strong. We saw about a 50% increase year over year in that. Now, of course, it's a smaller base than traditional credit cards and debit cards. But still, it's showing the adoption because it's really breaking down the friction in the checkout process. But we keep a close eye on buy now, pay later, because you're right. It could be an indication, especially as consumers look to buy lower price merchandise, that it might be a softening in the market. But we're not quite there in proclaiming that. Scot: [33:25] You said a mobile wallet. That is catnip for retail geek, so I'll get out of his way. I bet he has a million questions. Jason: [33:32] Yeah, no, Scot knows I love a good mobile wallet and I'm sure everyone's already heard this, Mobile wallets and the impact on checkout process and shopping experiences [33:37] but I have a hypothesis that some of the popular shopping behaviors we see in Asia aren't as popular here because we don't have as good a penetration of mobile wallets and that if you have mobile wallets, it makes certain experiences like shopping on social media and things like that easier because it only requires one hand instead of three hands. So I'd be curious, do you guys think you're seeing more mobile wallet users, or do you think you're seeing more transaction from the existing users, or do you have the ability to? To see between those two? I suspect I just asked you a question you're going to now have to go do research on. Rob: [34:17] Nick Neumann We may have that based on some of the primary research we do. We don't have access to personally identifiable information, so we can't see by user. But my thesis there is it's both. There are more people adopting mobile wallets because they see the convenience and the friction that's removed. And then once that happens, they're buying more. I think you go back to the Amazon example, part of why that's probably a home run for them is because it's a lot easier for somebody to buy in that form factor than let's say Roku or other Verizon user interfaces that you don't have a wallet associated with it. I didn't go through the shopping process on the Friday NFL game, but I can only imagine it was much easier than having to do it through other types of media. So I think that, yeah, I agree by the way, with your hypothesis that, you know, embedded commerce or shopping at the edge has been a bit stunted because, the wallet piece is not there or as accessible as it is in other countries. Buy Now, Pay Later Growing and Replacing Layaway Jason: [35:30] Yeah. Two things I'll just throw out there on buy now, pay later. I mean, I do, I think it, it legitimately resonates with the new crop of consumers. And so I think it's growing for all the reasons that the Buy Now Pay Later people claim it's growing. But I would, there's two accelerators that are just kind of convenient in there. Holiday used to be a big time for this payment method that the youngsters on the call wouldn't have heard of called the layaway. And almost no retailer that I'm aware of has brought back layaway, like they all retired it in the last several years, largely because Buy Now Pay Later has replaced it. And so, you know, layaway is most popular around holiday. So, you know, to the extent that buy now pay later is the digital version of layaway. It kind of makes sense that you would see a spike over a holiday. Also, digital is growing much faster than brick and mortar. Buy Now, Pay Later is disproportionately online. So that, you know, is another reason you would expect Buy Now, Pay Later to spike. One thing that's a little alarming slash interesting to me is that Buy Now, Pay Later gets used for a wider range of purchases and merchandise than LayAway did. Like, LayAway tended to be big ticket items, your kid's aspirational toys, but Buy Now Pay Later gets used for food and consumables and things that economically you would argue probably don't want to be financing something that you need to rebuy every month. Rob: [36:52] Yes. Jason: [36:53] So I'll just throw that out there on Buy Now Pay Later. We are coming up on our allotted time. I do have two other pieces of news that just kind of interrupted the Turkey Five news cycle. And one of them I'm super sad about, and it's actual breaking news that happened while we were recording this show, Charlie Munger just passed away at 99. Rob: [37:13] Oh, wow. Scot: [37:14] That's terrible. Jason: [37:15] Warren Buffett's partner, and I just, I feel like, very admirable person. I've learned a lot. He and Warren Buffett, like, are super generous with sharing Charlie Munger's Passing and Xi'an's IPO Announcement [37:23] all this thought leadership, and I just want to say best wishes to all his family and loved ones. Seems like you had an amazing life. Rob: [37:31] Yeah, I echo your sentiment. Jason: [37:33] Yep. And then in the middle of Cyber 5, you guys teased this a couple of times talking about Xi'an. and Xi'an disclosed that they filed an IPO. So that came out yesterday. It's a confidential IPO, so we won't actually see the prospectus until probably 2024 sometime. Okay. And the theory is that it's going to be, because of their not super transparent ownership structure and their Chinese ownership, it's gonna have extra regulatory scrutiny. And so the reason you'd file a confidential IPO is so you could start talking to regulators and negotiating what you're gonna do and what you're gonna disclose. And so they're probably working through all that stuff to then do the public IPO later. But it's, I'm excited for when that gets disclosed because there's a lot of speculation about how big Shein is and how profitable or unprofitable their model has been. And we're gonna be able to do away with all that speculation and get some real certified data. Rob: [38:38] I can't wait to listen to that show when you dissect that. It will be super interesting to see where they're allocating the investment and the capital. Beyond, obviously, hiring people, but what parts of the business. Jason: [38:51] I totally agree and that's going to be a great place to leave it because we have used up our allotted time. Rob, so grateful and congratulations on being our first six-time guest. And as per usual, if you enjoyed this episode or it was useful to us in any way, the two ways you can reward us are to do a giant enterprise contract for all your marketing services with Salesforce.com or, you can leave a five-star review on iTunes for Scot and I. So, you know, those are the two paths, choose whichever one makes most financial sense to you, but appreciate it if you do one or the other. Rob: [39:29] Yeah. And if I could say too, I know we're running up against time, but I want to give a big, sincere thank you. Obviously we just came out of Thanksgiving, so I want to show my gratitude. You know, it's amazing. Anytime I'm on the show, the people that reach out to me, not only talking about the show, but how much they've learned from you. And so for you to trust me and providing my perspective and Salesforce perspective means a lot and just thanks for being such good friends. Scot: [39:56] Robert Leonard Jason said, no, but I overrode him just so you know the history. I thought, you know, Jason's like, I'm the retail geek. We don't need any Garfies in here. Rob, remind us where could people go? You guys will be updating your data. I assume, you know, this is the last time you'll be on for this year, but I'm sure you'll be publishing more data as we get deeper in the holiday. Where do people go to see that? Rob: [40:19] Jason Cosper Yeah, we have our Shopping Insights HQ on salesforce.com. We will be updating the information. We'll do a mid-season report right around the shipping cutoff window, and then we'll do an all-wrapped-up just around the beginning of NRF. So keep an eye out. Scot: [40:34] Awesome. Well, thanks, everyone, and until next time... Jason: [40:38] Happy commercing!

Timu ya Somalia, imekuwa ikishiriki katika michuano ya kombe la Afrika la Kusini Australia bila mafanikio makubwa.

Timu 32 zinashiriki katika michuano ya kombe la dunia, inayo andaliwa na shirika la African Australia Football Association mjini Sydney, NSW.

Timu 32 zinashiriki katika michuano ya kombe la dunia, inayo andaliwa na shirika la African Australia Football Association mjini Sydney, NSW.

İstanbul Cumhuriyet Başsavcılığı gazeteci Tolga Şardan hakkında “MİT'in Cumhurbaşkanlığı'na sunduğu ‘yargı raporu'nda neler var?” başlıklı haberi nedeniyle “halkı yanıltıcı bilgiyi alenen yayma” suçlamasıyla soruşturma başlattı. Şardan Ankara'daki evinden gözaltına alındı. T24'ün aktardığına göre polis ekipleri Şardan'ın evinde arama işlemi uyguladı. Şardan, Ankara Adliyesi'ne götürüldü. Çağdaş Gazeteciler Derneği Genel Başkanı Kıvanç El değerlendirdi. Gezi Parkı davasından tutuklu bulunan Türkiye İşçi Partisi (TİP) Hatay Milletvekili Can Atalay'ın Anayasa Mahkemesi'nin (AYM) "hak ihlali" kararına rağmen tahliye edilmemesine tepkiler büyüyor. Mahkeme dosyayı Yargıtay 3. Ceza Dairesi'ne gönderdi. Atalay'ın avukatları Evren İşler, Akçay Taşçı, Fikret İlkiz ve Deniz Özen bu gelişmenin ardından yazılı bir açıklama yayımladı. Avukatların açıklamasında, AYM kararını uygulayacak mahkeme arandığı söylendi, “AYM kararını uygulayacak mahkeme aranmaktadır. Ancak mahkeme kararı ile değil sadece bir mahkemenin başkanı tarafından imzalanmış bir yazıyla AYM kararını uygulayacak mahkeme aranıyorsa; hukuk devleti yok demektir. Hangi Mahkeme ne zaman karar verecek? AYM kararı mahkemesini arıyor” denildi. Can Atalay'ın avukatlarından Deniz Özen Medyascope'ta dava sürecini anlattı. İsrail-Hamas savaşında 26. Gün. İsrail hava saldırıları, Cibaliye Mülteci Kampı'nı hedef aldı. Hamas yetkilileri, 50'den fazla kişinin hayatını kaybettiğini ve yaklaşık 150 kişinin yaralandığını söyledi. Uluslararası Ceza Mahkemesi taraflara yaptırım uygulayabilir mi? Uluslararası Ceza Hukukçusu Timuçin Köprülü yanıtladı. Türkiye Büyük Millet Meclisi'nde (TBMM) gündem Gazze. Medyascope Ankara Haber Müdürü Senem Büyüktanır Ankara gündemini aktardı. Editör: Aliye Altınışık 01.11.2023

Alper Tolga Akkuş'un Altın Koza Festivali Koordinatörü İsmail Timuçin'le gerçekleştirdiği söyleşiye kulak veriyoruz.

“Tunajaribu kuleta michezo na nguvu zake katika mazingira magumu sana ya watu wasiojiweza. Mchezo ni mzuri kwa kuwapa watu matumaini ya siku zijazo.” Anasema Filippo Grandi, Kamishna Mkuu wa Shirika la Umoja wa Mataifa la kuhudumia wakimbizi (UNHCR) akirejelea Timu ya mpira wa miguu ya wanawake wakimbizi wanaoishi nchini Australia baada ya kuokoa maisha yao yaliyokuwa hatarini nchini mwao Afghanistan. Anold Kayanda anasimulia zaidi. 

Hii leo jaridani tunaangazia ripoti ya UNESCO kuhusu teknolojia na pia afya ya wanawake wajawazito nchini Sudan. Makala tunakupeleka nchini Australia na mashinani Roma nchini Italia, kulikoni? Ripoti mpya iliyotolewa leo na shirika la Umoja wa Mataifa la elimu , sayansi na utamaduni UNESCO kuhusu ufuatiliaji wa teknolojia katika elimu GEM 2023 imetaka mifumo ya elimu kote duniani siku zote kuhakikisha kwamba matakwa ya wanaojifunza yanakuwa katika kitovu cha teknolojia na kwamba teknolojia zitumike kusaidia elimu inayotokana na mwingiliano wa binadamu badala ya kulenga kuwa mbadala wake.Vita nchini Sudan ambayo sasa imedumu kwa zaidi ya siku 100 imeshuhudia zaidi ya watu milioni 3 wakiyakimbaia makazi yao kwenda kusaka hifadhi katika miji mingine pamoja na nchi Jirani.Makala tunaangazia Timu ya taifa ya mpira wa miguu ya wanawake ambao wako ukimbizini Australia baada ya kuukimbia utawala wa Taliban nchini mwao Afghanistan.Na katika mashinani ikiwa mkutano wa viongozi kuhusu mifumo ya upatikanaji wa chakula unakunja jamvi leo huko Roma nchini Italia tutasikia ujumbe unaotaka jumuiya ya kimataifa kubuni njia mpya za kukabiliana na changamoto za ukosefu wa chakula.Mwenyeji wako ni Leah Mushi, karibu!

Bu bölümde konuğum psikiyatrist Prof. Dr. Timuçin Oral.Hipnozu hep merak ederim; "Biri hipnozla cinayet işleyebilir mi?", "İnsan kendi kendini hipnotize edebilir mi?" ya da "Hipnozla neler yapılabilir?" gibi soruların yanıtlarını...Tıbbi Hipnoz Derneği Başkanlığı da yapmış olan Timuçin Bey'i bu gibi meraklarımı gidermek için aklıma not etmiştim.Ancak adaletsizlik duygumuzun artışı, seçim öncesi ve sonrasında, ekonomik sıkıntılarla, toplumsal karmaşalarla yaşadığımız ruhsal çalkantılar ve tabii ki "Nasıl İyi Psikiyatrist Olunur?" sorusunun yanıtı beni Timuçin Bey ile daha geniş bir yelpazede konuşmaya yöneltti.Türkiye Psikiyatri Derneği (TPD) genel başkanlığı da yapmış olan Oral ile birkaç bölüm olması gereken bir dolu konuyu bir bölümde konuşmaya çalıştık. Merak edene zihin açıcı başlıklardan-sorulardan bazıları şöyle... * Birey olmak nedir? Nasıl birey oluruz?* Siyasetin üzerimizdeki etkileri... Nasıl daha ümitvâr oluruz?* "Çocuğumun ihtiyaçlarından kendime zaman ayıramıyorum" diyen ebeveynlerin yapması gereken...* Korkularımız neleri, nasıl şekillendiriyor?* Adaletsizlik duygusuyla nasıl başa çıkarız?* Yalnızlıkla tek başınalığın farkı nedir?* İyi terapiste nasıl ulaşılır?* Bir insani terapiyle başka bir yaşa -gençliğine ya da çocukluğuna- götürmek mümkün müdür?* Bipolar bozukluk, manik depresif, duygu durum bozukluğu nedir?* Bellek tümseği nedir?* Bir kişi hipnozla başka birini öldürebilir mi?* Hipnozla kilo verilebilir mi, sigara bırakılır mı ya da neler yapılabilir?* Herkes hipnoza uygun mudur?* Psikiyatri nedir?

Starting Season 4 off strong! I'm so glad work picked up, now I can buy more shitty Timu stickers, yes i've been buying things from it, it's basically red bubble but cheaper. Happy Birthday Grimace! I had the shake earlier, at least I went to buy it but they were out, close call I know. Drink water, it's getting hot!linktr.ee/meetwheatpodcastSong is Dee Yan-Key: He Never Said A Mumbling Word

Wanawake na wasichana wanaokimbia machafuko yanayoendelea mjini Kharthoum nchini Sudan wanakabiliwa na changamoto lukuki hususan kwa wajawazito wanaohitaji msaada wa kujifungua, kwa mujibu wa shirika la Umoja wa Mataifa la idadi ya watu na afya ya uzazi UNFPA ambalo sasa limechukua jukumu la kuhakikisha uzazi salama kwa wanawake hao. Miongoni mwa wanawake hao ni Omnia hili si jina lake halisi amepewa ili kulinda usalama wake, akiwa na ujauzito wa miezi tisa,  alilazimika kuacha nyumba yake na kila kitu alichojua ili kuepuka vita kali iliyoukumba mji mkuu wa Sudan, Khartoum kuokoa maisha yake.Kwa uchumngu mkubwa anasema "Nimepoteza kila kitu katika vita hii. Lakini sikutaka kumpoteza mtoto wangu ambaye bado hajazaliwa.”Ingawa kusafiri katika hali yake ilikuwa hatari, alihisi hakuwa na chaguo, ukosefu wa usalama, risasi zinazorindima, uporaji na uharibifu wa vituo vya afya ulimaanisha kuwa hakuweza kumuona daktari kwa wiki kadhaa, ilikuwa safari ngumu ya siku tano, hatimaye mapema Juni alifanikiwa kufika Port Sudan, kwenye ufuo wa jimbo la bahari ya Sham.Omnia alikuwa akilia njia nzima kutoka Khartoum na aliogopa kwamba angepata uchungu na kujifungulia njiani kuelekea Port Sudan.Kwa mujibu wa UNFPA Omnia ni kisa kimoja tu lakini maelfu ya wanawake na wasichana wanapitia changamoto hiyo hivi sasa Sudan. Alikuwa na bahati kwani aliwasili katika hospitali ya mafunzo ya Port Sudan ambako alianza kuumwa uchungu na kusaidiwa kujifungua salama mtoto wa kike kwa njia ya upasuaji. Hata hivyo UNFPA inasema “hiyo ni hospital pekee ya serikali inayotoa huduma za uzazi kwa watu milioni 1.6 na sasa shirika hilo la idadi ya watu na wadau wa bahari ya Sham wanaisaidia hospitali hio kwa vifaa, dawa na mafunzo kwa wahudumu ili kuhakikisha wakina mama wajawazito kama Omnia waliotawanywa na vita na kuwasili Port Sudan kutoka nchi nzima wanajifungua salama.”Mkurugenzi mkuu wa hospitali hiyo Dkt. Randa Osman anasema “Timu yetu imejitolea kikamilifu kusaidia wanawake na wasichana wanaowasili kutoka Khartoum, lakini tunahitaji vifaa zaidi vya dharura, ikiwa ni pamoja na mafuta na vifaa vya kuokoa maisha na dawa. “Kwa mujibu wa UNFPA takriban vituo 46 vya afya nchini Sudan vimeshambuliwa, na karibu theluthi mbili havifanyi kazi tena.Mpango wa hivi karibuni wa msaada wa kibinadamu Sudan unalenga kuwasaidia waty milioni 24.7 ambapo milioni 11 kati yao wanahitaji msaada wa dharura wa huduma za afya na wanawake na wasicha milioni 2.6 miongoni mwao wako katika umri wa kuzaa.

Shirika la Umoja wa Mataifa la Mpango wa Chakula Duniani (WFP) linasema hadi kufikia mwisho wa mwaka huu 2023 linahitaji dola za Marekani milioni 60 ili kutoa msaada wa chakula cha kuokoa maisha nchini Myanmar kwa watu milioni 2.1 walioathiriwa na majanga mengi na magumu kikiwemo kimbunga Mocha.Kwa mujibu wa WFP, kimbunga Mocha, dhoruba kali zaidi kuwahi kutokea katika Ghuba ya Bengal katika kipindi cha muongo mmoja, kimesababisha maafa kwa mamilioni ya watu walio tayari kwenye wakati mgumu, hasa nchini Myanmar. Kimbunga Mocha kimeacha uharibifu katika Jimbo la Rakhine kaskazini mwa Myanmar ambapo kaya katika vitongoji vingi na maeneo ya watu waliohama katika maeneo ya mabondeni wamepoteza akiba kubwa ya chakula na na vyanzo vingine vya kipato. Miundo muhimu kama hospitali na shule vimeharibiwa hasa katika mji mkuu wa jimbo la Rakhine, Sittwe. Mawasiliano na njia za umeme katika eneo hili la Myanmar zimevurugwa. Stephen Anderson ni Mkurugenzi wa WFP nchini Myanmar anaeleza wanachokifanya, "WFP tayari imeanza usambazaji wa haraka wa chakula kwa watu wenye mahitaji makubwa huko Rakhine na Magwe na iataongeza zaidi katika siku zijazo. Tunatumai kuwafikia angalau watu 800,0000 ambao wanachukuliwa kuwa wenye uhitaji mkubwa zaidi. Timu zetu ziko kwenye eneo kufanya kazi mchana na usiku kufanya lolote wawezalo ili kuongeza msaada ili kuwafikia wale wote wanaohitaji popote walipo.” Wakati wa mchana Mei 14 kimbunga kikali kilipiga Mynmar karibu na mpaka wa Bangladesh kwa upepo unaokadiriwa kuwa na kasi ya karibu kilomita 280 kwa saa na hivyo kukifanya kuwa moja ya vimbunga vikali zaidi kuwahi kutokea katika kipindi cha miaka kumi iliyopita kwenye ukanda huo. 

From humble beginnings as a teen dad in Heretaunga to heading Warren and Mahoney's Advanced Indigenous Design Unit, designer Whare Timu ( Ngāti Kahungunu, Te Arawa,  Ngāti Tuwharetoa) has come a long way.

Umoja wa Mataifa unasema robo tatu ya migogoro mikuu ya ulimwengu ina uhusiano na masuala ya kitamaduni na kwa hivyo kuziba pengo kati ya tamaduni ni jambo la haraka na la lazima kwa ajili ya amani, utulivu na maendeleo. Makaburi ya Kiyahudi huko Fez, Morocco ni ushuhuda wa utamaduni tofauti kuishi pamoja kwa amani.Wakiwa katika safari ya kikazi huko Fez, kuangazia Mkutano wa tisa wa Jukwaa la Umoja wa Mataifa la Muungano wa Ustaarabu, UNAOC, May Yacoub na Alban Mendes De Leon kutoka Timu ya Mawasiliano ya Umoja wa Mataifa walikutana na Johanna Devico Ohana, mzaliwa wa Fez, ambaye anatunza makaburi haya yenye umri wa miaka 200, akiheshimu jina la marehemu babake ambaye mwenyewe alikuwa msimamizi wa utunzaji wa makabuli haya hadi  alipoaga dunia miezi michache iliyopita. Anold Kayanda anasimulia makala hii kwa lugha ya Kiswahili.

The sports news that marked the beginning of the New Year is the transfer of Cristiano Ronaldo to the Saudi club Al Nassri. Ronaldo wants not only to make the fans in Riyadh happy but also to work on the development of women's football in Saudi Arabia, in order to change the image of this country. - Sportska vijest koja je obilježila početak Nove godine je transfer Kristijana Ronalda u saudijski klub Al Nassri. Ronaldo želi ne samo usrećiti navijače u Rijadu, već i raditi na razvoju ženskog fudbala u Saudijskoj Arabiji, kako bi se slika o ovoj zemlji promijenila.

Ben Okurum'un odağında bu kez Türkiye'de psikiyatri dendi mi ilk akla gelen isimlerden biri olan Engin Geçtan ve onun yayımlandığı 1984 yılından bu yana birçok okura ulaşmış olan kitabı İnsan Olmak var. Deniz Yüce Başarır'ın Prof Dr. Timuçin Oral ile gerçekleştirdiği sohbet, konu İnsan Olmak, konuk da psikiyatrist olunca ister istemez iyice derin sulara doğru çekiliyor. İnsanlığımıza sahip çıkmak için bulunmaz bir fırsat. 

Çok İyidir, Çok Severim'in 5. bölümünde Caner Eler ve Onur Erdem, geride bırakmak üzere olduğumuz yılda en çok dinlediklerinden oluşan Spotify Wrapped listelerini ve müzik tavsiyelerini paylaşıyor. BBC yapımı Inside Man'i çok severken Kal'ı çok iyi bulamıyoruz. Rami Malek, Denzel Washington ve Jared Leto'lu The Little Things ve Timuçin Esen'in başrolünü oynadığı Ben Gri ise övgüleri alıyor. Son olarak Balık Kraker'den Kaburgacı Cabbar'a uzanan bir lezzet yolculuğuna çıkıyoruz.

Aktivni član BH zajednice u Melbourneu gospođa Senada Ekić govori o planiranim akcijama financijske i moralne podrške mlade plivačke reprezentacije BiH na čelu sa Lanom Pudar za učešće na Svjetskom prvenstvu u Melbourneu od 13 - 18. decembra.

Mataifa ya Afrika Mashariki na Kati, yamezalisha wachezaji wengi na wenye viwango vya juu sana, ila mafanikio ni haba katika nyanja zakimataifa kwa nchi hizo.

Thank you to Kyle for commissioning this episode! These chapters are pretty rough. And though things are tinged with some hopefulness here and there, I swear to god I am going to need solid unmitigated win for human decency soon or I am going to LOSE it. We've got Timu being forced to burn priceless historical artifacts and the bodies of nuns and priests, we've got Thera being betrayed and losing BOTH her children, we've got Tanvanaki's refusal to kill a woman who is fucking ALL her shit right up...SOMEONE DO SOMETHING!Thanks for listening.

Thank you to Kyle for commissioning this episode! In these chapters, we've got Thera once again doing the thing where she assumes that Dara's way of doing everything is superior to the Agon way, and gets schooled completely by an elder as a voice painting is made for the first time. Meanwhile, Timu decides to find his spine at the exact wrong time and causes a deep division in the Lyucu, resulting in the hardliners being led by Cutanrovo to commit further atrocities. Thank you so much for listening, and I will see you soon with a new episode!