 Well, after that intro, I can skip whatever I had planned to say, but I'm super excited to be here today with all of you guys. It's my first work camp. And as you heard, I've been in payments a really long time. So what I'm going to talk about today, we'll have a payments bend to it. So with that, I will jump right in, assuming that I can get the clicker of correct here. So we'll talk about the state of e-commerce and some of the themes that we see that are impacting it. And how we see those changing. And in particular, payments as an enabler to those. And then finally, how you or your merchants that you may support and help enable how they can win. So probably an understatement to say that commerce is a constantly changing landscape. But I think at no point has that probably been more true than in the last few years. And we would all agree with that. The lines of physical and digital were converging long before. But the rate at which we saw that convergence happen, I think over the last three years, has probably been unprecedented to say the least. And we see that as a result, shopping experiences for consumers have changed rapidly. And what they consider as the benchmark for what a great experience should and can be, I think has changed drastically in that period of time. And really what I believe is that COVID obviously just accelerated this change that was already happening. But again, at an unprecedented pace of change that we've never really seen before. And I'll give maybe an example of that in a bit. So the obvious physical and digital world have obviously converged. I'm going to put my glasses on here just for a bit. So consumers want to be able to shop from anywhere in the world, be able to have access to inventory probably more rapidly than ever expected before. And for the most part, technology has delivered on that. They expect to be able to shop across mobile, social, digital, physical, and even geographic channels. Those checkout experiences are expected to be what I call relevant and efficient. And while that's not sort of language that a consumer would probably use to describe why it is that they like or don't like an experience, I think it's sort of at the heart of a lot of the things that we are seeing that are increasing in popularity. Buyers have more choice than ever in how they shop, how they pay. Options that are increasing flexibility for them and convenience are really the ones that I see gaining a lot of traction. And I'll talk a little bit about that. So throughout these slides, we'll try to kind of orient around three key points. The first around access, the ability to shop across multiple channels and multiple touch points. And then the next on relevance and efficiency and the flexibility and convenience. So shopping expected to be accessible anytime, anywhere. And like I said, technology largely has allowed us to do that. We hit a few hiccups with COVID. And I think we all saw supply chains converge and delivery times take a little bit longer and our patients changed. But we have a short memory and I think we're coming right back to those really heightened expectation levels. And again, that convergence across physical and digital. And it's not just that convergence that I think of that, but I think about the flywheel effect that builds. So we all saw that wallet adoption, the use of something like an Apple Pay or a Google Pay pre-pandemic was really quite small at the point of sale. We all began to use it at the point of sale. And then what we saw was that flywheel effect that actually transcended back online into buyer behaviors. And so we're seeing this sort of reinforcing behavior between digital and physical. And then social, the rise of social, no surprise, it's part of everyone's everyday life. But I don't know about you guys. I sort of remember five years ago, 10 years ago, maybe 10 is too long. But like at what point was commerce actually going to happen on social? And it sort of wasn't really happening. And then lo and behold, it seems to have sort of exploded and we'll double click on that one a little bit more. And then I think really underpinning everything is really mobile and that that has become the technology that has enabled this convergence of physical and digital, the rise of social and some of the other trends that I'll talk about. So we all knew pre-COVID these were converging physical and digital. Just how much? I think obviously accelerated 73% of shoppers now preferring to shop across multiple touch points. And that acceleration, I believe, is really sort of, we always had early adopters, folks that were going to use multiple channels, that were going to use wallets, that were using these enabling technologies. But what COVID brought was those sort of late adopters, the last use cases, the folks that were reluctant to shop online. It brought the everyday spend, groceries, gas. It brought things that traditionally would not have been used in an online context. And through that time, muscle memory gets created. And so again, we have that convergence or that flywheel between offline and online, helping to sort of drive those behaviors. I'll cite here from Digital Commerce 360 and they said, obviously e-commerce going fast before COVID-19 hit but the pandemic pushed more consumers to spend online, more frequently, and to spend more. And then I think what we're also seeing is that these customers that shop across channels are some of the most valuable and some of the most highly engaged. Google says that omnichannel shoppers have a 30% higher lifetime value than those that use one channel. And customer retention is 90% higher for omnichannel. So omnichannel may not transcend for every business and for every use case. But what probably does transcend and for us all to think about is how can we drive engagement with our customers across different interaction points and different channels for communication. And for some of us, and for some businesses, obviously there is that both retail and online and how we can help facilitate that more. And where that is not applicable, definitely looking at just how we drive engagement across different methodologies. So we mentioned social commerce on the rise and data shows us that this is already at 45.7 billion dollars in the U.S. And it's expected to grow at a compound annual rate there pretty quick. And that's just in the U.S. Actually internationally it's expected to grow much, much faster or much larger. By 2025 globally it's supposed to be $1.2 trillion that'll be enabled on social. So it is happening and it's happening quickly. And some of the things that I find interesting here, not at all surprised that, what is it, that 67% or 55% of social media users ages 18 to 24 made a purchase, not surprising. I have one of those in my household. I make lots of purchases on social. But I was stunned to see one third aged 65 and plus are also shopping on social. So I found that one kind of surprising. Couple stats around here that I think are interesting. So U.S. users on average 30 minutes a day, Facebook, Twitter, TikTok, Instagram, Snapchat. Not collectively each, 30 minutes each, that's a lot of time. Instagram says that their survey, 60% of people found out about their products on Instagram now, that's pretty big, 60%. People are not going to the mall anymore. Facebook survey, 62% of respondents said that they were, and I think we all saw supply chains converge and delivery times take a little bit longer and our patients changed. But we have a short memory and I think we're coming right back to those really heightened expectation levels. And again, that convergence across physical and digital. And it's not just that convergence that I think of that, but I think about the flywheel effect that builds. So we all saw that wallet adoption, the use of something like an Apple Pay or a Google Pay pre-pandemic was really quite small at the point of sale. We all began to use it at the point of sale. And then what we saw was that flywheel effect, that actually transcends back online into buyer behaviors. And so we're seeing this sort of reinforcing behavior between digital and physical. And then social, the rise of social, no surprise, it's part of everyone's everyday life. But I don't know about you guys, I sort of remember five years ago, 10 years ago, maybe 10 is too long, but like at what point was commerce actually going to happen on social? And it sort of wasn't really happening. And then lo and behold, it seems to have sort of exploded and we'll double click on that one a little bit more. And then I think really underpinning everything is really mobile. And that has become the technology that has enabled this convergence of physical and digital, the rise of social and some of the other trends that I'll talk about. So we all knew pre COVID, these were converging physical and digital, just how much I think obviously accelerated 73% of shoppers now preferring to shop across multiple touch points. And that acceleration I believe is really sort of, we always had early adopters, folks that were going to use multiple channels, that were going to use wallets, that were using these enabling technologies. But what COVID brought was those sort of late adopters, the last use cases, the folks that were reluctant to shop online, it brought the everyday spend groceries, gas, it brought things that traditionally would not have been used in an online context. And through that time, muscle memory gets created. And so again, we have that convergence or that flywheel between offline and online, helping to sort of drive those behaviors. I'll cite here from Digital Commerce 360, and they said, obviously e-commerce going fast before COVID-19 hit, but the pandemic pushed more consumers to spend online, to spend online more frequently, and to spend more. And then I think what we're also seeing is that these customers that shop across channels are some of the most valuable and some of the most highly engaged. Google says that omnichannel shoppers have a 30% higher lifetime value than those that use one channel. And customer retention is 90% higher for omnichannel. So omnichannel may not transcend for every business and for every use case, but what probably does transcend and for us all to think about is how can we drive engagement with our customers across different interaction points and different channels for communication. And for some of us, and for some businesses, obviously there is that both retail and online and how we can help facilitate that more. And then where that is not applicable, definitely looking at just how we drive engagement across different methodologies. So we mentioned social commerce on the rise, and data shows us that this is already at 45.7 billion dollars in the U.S. And it's expected to grow at a compound annual rate there pretty quick. And that's just in the U.S. Actually internationally it's expected to grow much, much faster or much larger. By 2025 globally it's supposed to be 1.2 trillion dollars that'll be enabled on social. So it is happening and it's happening quickly. And some of the things that I find interesting here, not at all surprised that, what is it, that 67% or 55% of social media users ages 18 to 24 have made a purchase, not surprising. I have one of those in my household. They make lots of purchases on social. But I was stunned to see one third, age 65 and plus, are also shopping on social. So I found that one kind of surprising. Couple stats around here that I think are interesting. So U.S. users on average 30 minutes a day. Facebook, Twitter, TikTok, Instagram, Snapchat. Not collectively each, 30 minutes each. That's a lot of time. Instagram says that their survey, 60% of people found out about their products on Instagram now. That's pretty big, 60%. People are not going to the mall anymore. Facebook survey, 62% of respondents said that they were more interested in a brand after seeing it in stories. I don't even watch stories, but apparently that's a thing. So for those of us, as I mentioned, that may have kids or teenagers in the house, I think these are probably underrepresented. And it'll be really interesting to reflect back on and see if the predictions hold true or if they outpace and exactly how things evolve here. But no doubt it's moving fast. And probably a good indicator of how fast we expected to move is mobile. And I kind of date myself when I was thinking back to when did mobile really take off? Like I remember, I don't know, in 2005, I don't really think it was a thing. 2012, I went and did some research. 11% of US e-commerce was happening on mobile in 2012. And then by 2016 here, we see now these are global numbers, that those numbers started to rise significantly. And we sort of hit this critical mass at which point it went from being something we were afraid to do, we rarely did. The interfaces weren't great. You had to enter all of this data. You weren't really sure if it was secure to now. It's the de facto way. And in many, many cases, the mobile experiences actually are far better than the desktop experiences. And I don't know when that happened exactly, but it used to be that the desktop experience was the better experience and you sort of had your mobile experience. And now it's almost completely switched. So really interesting to sort of look back on that growth of mobile. And I think that when we look forward as to what that would be an indicator of the things to come, I don't know what they might be, but we have crypto, we have NFTs, wherever Web 3 takes us. There's wearables, personal assistance, voice initiated commerce, virtual reality. I'd be very curious to see five years from now standing up here, what those trends are, where we start to see nuggets of slow adoption and where that adoption starts to really accelerate and when it hits critical mass and just sort of becomes a new norm. So moving into what shoppers need, and I'm gonna talk about relevancy and efficiency and again, knowing that that's not language that consumers probably use. But I think it's sort of the root of and underpins some of the trends that we're seeing why they're so popular. So check out, expect it to be relevant and efficient. And we know that cart abandonment has many drivers, but at the heart of those, it's the experience relevant to me as a buyer. My device, my location, my currency, the forms of payment I wanna use, is it relevant to the item that I'm buying? Is it a high-priced item? Is it a low-priced item? Is it a service? Is it a physical good? Has that experience really been adopted the whole way through? And when we think about that even a little bit further, thinking about digital or service experiences, many people here have registered a car at the DMV. And you get asked to add your registration to the cart and then to like, are you sure you wanna check out? Yes, I wanna check out and then you go through and you pay, but it's a very physical item experience that's been sort of shoehorned into registering my car, which should just be petty. So when I think about relevancy, I think about relevancy from all of those perspectives and how those can help actually create better experiences that again, a user wouldn't think about as being efficient or inefficient, but certainly play a role. In this data here, we see from Baymard Institute and I'm sure there's lots of studies on lots of numbers on cart abandonment, but some of the themes will be the same. In this one, it was 24% of the users stated that the site wanted them to create an account, which I think we would all argue could be inefficient. 18% said that the checkout process was too long or too complicated, again, inefficient. 7%, there weren't enough payment methods for them, or at least probably the ones they wanted. It wasn't relevant to them. So I think these are some of the underpinnings for what relevancy and efficiency means. There's other drivers, of course, transparency is the shipping and the tax and everything presented up front to me, but moving further into this notion of relevancy and efficiency, I've started to think about what is it that makes a very efficient checkout efficient? And for me, I weren't interested in a brand after seeing it in stories. I don't even watch stories, but apparently that's a thing. So for those of us, as I mentioned, that may have kids or teenagers in the house, I think these are probably underrepresented and it'll be really interesting to reflect back on and see if the predictions hold true or if they outpace and exactly how things evolve here, but no doubt it's moving fast. And probably a good indicator of how fast we expected to move is mobile. And I kind of date myself when I was thinking back to when did mobile really take off? Like I remember, I don't know, in 2005, I don't really think it was a thing. 2012, I went and did some research, 11% of U.S. e-commerce was happening on mobile in 2012. And then by 2016 here, we see now these are global numbers, that those numbers started to rise significantly. And we sort of hit this critical mass, at which point it went from being something we were afraid to do, we rarely did, the interfaces weren't great, you had to enter all of this data. You weren't really sure if it was secure to now, it's the de facto way and in many, many cases, the mobile experiences actually are far better than the desktop experiences. And I don't know when that happened exactly, but it used to be that the desktop experience was the better experience and you sort of had your mobile experience. And now it's almost completely switched. So really interesting to sort of look back on that growth of mobile. And I think that when we look forward as to what that would be an indicator of the things to come, I don't know what they might be, but we have crypto, we have NFTs, wherever Web 3 takes us. There's wearables, personal assistance, voice initiated commerce, virtual reality. Be very curious to see five years from now, standing up here, what those trends are, where we start to see nuggets of slow adoption and where that adoption starts to really accelerate and when it hits critical mass and just sort of becomes a new norm. So moving into what shoppers need and I'm gonna talk about relevancy and efficiency and again, knowing that that's not language that consumers probably use, but I think it's sort of the root of and underpins some of the trends that we're seeing why they're so popular. So check out, expected to be relevant and efficient. And we know that cart abandonment has many drivers, but at the heart of those is the experience relevant to me as a buyer, my device, my location, my currency, the forms of payment I wanna use. Is it relevant to the item that I'm buying? Is it a high priced item? Is it a low priced item? Is it a service? Is it a physical good? Has that experience really been adopted the whole way through? And when we think about that even a little bit further, thinking about digital or service experiences, many people here have registered a car at the DMV and you get asked to add your registration to the cart and then to like, are you sure you wanna check out? Yes, I wanna check out and then you go through and you pay, but it's a very physical item experience that's been sort of shoehorned into registering my car, which should just be petty. So when I think about relevancy, I think about relevancy from all of those perspectives and how those can help actually create better experiences that again, a user wouldn't think about as being efficient or inefficient, but certainly play a role. In this data here we see from Baymard Institute and I'm sure there's lots of studies on, lots of numbers on cart abandonment, but some of the themes will be the same. In this one, it was 24% of the users stated they, the site wanted them to create an account, which I think we would all argue might be inefficient. 18% said that the checkout process was too long or too complicated, again, inefficient. 7%, there weren't enough payment methods for them or at least probably the ones they wanted, it wasn't relevant to them. So I think these are some of the underpinnings for what relevancy and efficiency means. There's other drivers, of course, transparency is the shipping and the tax and everything presented up front to me, but moving further into this notion of relevancy and efficiency, I've started to think about what is it that makes a very efficient checkout efficient? And for me it sort of centers on these three things and authentication, acceleration and adaptation. So authentication, and this was really a key one, we think about, again, that history of mobile. We think about PayPal during that period of time. Many of us remember that they solved a very unique problem at that point in time, which was now I could just log in. All my information would be prefilled. I didn't have to shame their payment information and I could keep going and that sort of converged really nicely as mobile was coming up. When we add authentication to that, now that necessity to log in is potentially removed through the two factor authentication, the device, SMS, again, mobile sort of enabling this coupling together of the notion of authentication, identity with the wallet and your payment credentials. And I think it's the sort of marriage of those two things that's actually really helped to fuel the acceleration of checkout. So then moving into adaptation, again, is the checkout completely adapted for not only the user and their location, but also the type of item that they're buying. And then I think that obviously leads to what we're seeing, which is this growing preference for mobile and digital wallets. And we've seen it happen and be reinforced at the physical point of sale, permeating online, again, creating that flywheel effect, but online now, this merging of identity, of wallet, prefilling all of my data, making me feel secure. The usage is going up quite exponentially. And I think, again, here, probably underestimated, would be interesting to see, but going from 29% in 2021 to anticipated to be 33% in 2025, that seems like a fairly small amount of growth for what I think many of us are becoming much deeply embedded habits. True story, I left my wallet at home for this trip. It was a little bit of a problem with checking into the hotel. I did not have a physical ID, but I had my phone and I had a picture and luckily they took pity on me and let me check in with a picture of my passport. And I don't have a card, but I have an Apple Pay loaded and a card in there. And so if I had to, I could probably buy gas. I was able to order room service. So I'm eight hours from home, no wallet, and didn't even occur to me until about eight hours into my trip that I didn't have a wallet with me. So behaviors are changing fast and they're changing probably faster than any of us will anticipate. Again, here COVID obviously played a role. And one of the things that we're seeing in some of the research is 69% of the retailers said that they saw an increase in contact with those payments during the pandemic. Not surprising, but 94% of those retailers expect that to continue over the next 18 months. So again, laying muscle memory, these behaviors are forever changed and that in-store proximity for mobile payments grew 29%. Think about how hard it is to change behaviors. And we see this adoption, yes, they're convenient. But underlying that, it's so hard to change behaviors. And I thought about when's the last time we saw like the behavior shift in payments. How many people here, EMV, do you know what that is? The chip on the card. You remember going to the terminals and seeing the little cardboard on there of like not ready yet. They started trying to drive chip pinned in the US. It's just chip in Europe, it's chip and pin. We couldn't 100% get it right, but started that project in 2015 to try to drive adoption. Now you have to drive adoption through the card issuers, the hardware suppliers, the merchant account providers, the processors in between. Everybody's got to support it. They started that it was going to be a mandate that kept rolling it back, rolling it back. It was taking too long. Went and did some research in 2016. It was estimated that it was going to take another 18 months to three years to get full scale adoption. It was finally mandated in 2021, and now broadly everyone has it. This is a thing that we all knew was bad. The MagStrop strike data was insecure. It was creating fraud. Cards were being compromised. And yet as a country, it took us seven years to implement chips on cards. And then I look back over the last three years of how quickly behaviors changed. You go to any retailer now. There are point of see sort of centers on these three things. And authentication, acceleration, and adaptation. So authentication, and this was really a key one. If we think about, again, that history of mobile, we think about PayPal during that period of time. Many of us remember that they solved a very unique problem at that point in time, which was now I could just log in. All my information would be prefilled. I didn't have to shame their payment information and I could keep going. And that sort of converged really nicely as mobile was coming up. When we add authentication to that, now that necessity to log in is potentially removed through two factor authentication, the device, SMS. Again, mobile sort of enabling this coupling together of the notion of authentication, identity with the wallet and your payment credentials. And I think it's the sort of marriage of those two things that's actually really helped to fuel the acceleration of checkout. So then moving into adaptation, again, is the checkout completely adapted for not only the user and their location, but also the type of item that they're buying. And then I think that obviously leads to what we're seeing, which is this growing preference for mobile and digital wallets. And we've seen it happen and be reinforced at the physical point of sale, permeating online, again, creating that flywheel effect, but online now this merging of identity, of wallet, pre-filling all of my data, making me feel secure. The usage is going up quite exponentially. And I think, again, here probably underestimated. It'd be interesting to see, but going from 29% in 2021 to anticipated to be 33% in 2025, that seems like a fairly small amount of growth for what I think many of us are becoming much deeply embedded habits. True story, I left my wallet at home for this trip. It was a little bit of a problem with checking into the hotel, I did not have a physical ID. But I had my phone and I had a picture and luckily they took pity on me and let me check in with a picture of my passport. And I don't have a card, but I have an Apple Pay loaded and a card in there. And so if I had to, I could probably buy gas. I was able to order room service. So I'm eight hours from home, no wallet, and didn't even occur to me until about eight hours into my trip that I didn't have a wallet with me. So behaviors are changing fast and they're changing probably faster than any of us will anticipate. Again, here COVID obviously played a role. And one of the things that we're seeing in some of the research is 69% of the retailers said that they saw an increase in contact with payments during the pandemic, not surprising. But 94% of those retailers expect that to continue over the next 18 months. So again, laying muscle memory, these behaviors are forever changed and that in store proximity for mobile payments grew 29%. Think about how hard it is to change behaviors. And we see this adoption, yes, they're convenient. Underlying that, it's so hard to change behaviors. And I thought about once the last time we saw the behavior shift in payments. How many people here are EMV? Do you know what that is? The chip on the card? You remember going to the terminals and seeing the little cardboard on there of not ready yet? They started trying to drive chip pinned in the US. It's just chip in Europe. It's chip and pin. We couldn't 100% get it right. But it started that project in 2015 to try to drive adoption. Now you have to drive adoption through the card issuers, the hardware suppliers, the merchant account providers, the processors in between. So everybody's got to support it. They started that. It was going to be a mandate. They kept rolling it back, rolling it back. It was taking too long. Went and did some research in 2016. It was estimated that it was going to take another 18 months to three years to get full scale adoption. It was finally mandated in 2021. And now broadly everyone has it. This is a thing that we all knew was bad. The megstrap strike data was insecure. It was creating fraud. Cards were being compromised. And yet as a country, it took us seven years to implement chips on cards. And I look back over the last three years of how quickly behaviors changed. You go to any retailer now. Their point of sale system is enabled for contactless. Merchants did a massive upgrade on all of their hardware. The hardware is all now smart. So that lays this foundation for being able to now use digital forms of payment at a physical device, again, creating that flywheel effect, but at an unprecedented pace. And I'm kind of a payment geek. So I like to look back at when's the last time we saw something like this happen? We haven't. So moving into what shoppers need, flexibility and convenience. And I talked about convenience quite a bit in terms of efficiency. But I think our expectations on flexibility are changing as well. So we saw supply chains constrain with COVID long before COVID. They've been going global. Increasingly, the barriers to cross border have actually been reduced. And again, I'll take this from a payments perspective. It used to be when I started in payments in 2000, what it required to sell online was you had to go to your bank. You had to get a merchant account. Took maybe a couple of weeks. Only some banks offered online merchant accounts because not everybody wanted to touch the risk. And God forbid you were gonna process anywhere besides your home domicile. So if you're in the US, you're processing in the US and US dollars. We fast forward to now. And by the way, it was incredibly difficult to do anything internationally. And now cross border commerce is enabled quite readily. You can accept payments in currencies all over the world, local forms of payment. We have technologies that are doing things like making currency conversion on the site, localized payment options, all quite accessible. This does a couple of things that I think give flexibility. One, again, supply chain, it's global, but our buyers are changing as well. So you've got as a merchant, the ability to sort of offset and diversify the risk of where do I have inventory and where are there buyers that need that inventory and who's willing to sort of pay the best price. And at the same time, now buyers have the ability to sort of say, I don't care if it's located in another country, it's available, it's at the price that I want and I'm gonna buy it. You add all of those together and cross border just becomes a huge opportunity that I don't think as many people are tapped into as they should be. I did a little survey before I came here. I asked my son and his girlfriend, 18 and 23 year olds, have you bought anything from a seller that's not in the US? Yes, they both had Australia, England, Canada. And did you have any trepidation about buying online? I said, well, I wanna know that the return policy is maybe the same. Okay, and was it presented in US dollars or was it presented in Australian dollars? And I got a mix of answers. And I said, what did you do when it was in Australian dollars? I looked it up on Google. So the buyer behaviors for what used to be really uncomfortable shopping from anything other than your own home currency and emergent in the US are changing and they're changing rapidly to I like the item, it's available, I don't care what currency it is and I don't care that it's shipping internationally. Assuming that those things can all be done sort of frictionlessly and it can get here in a reasonable period of time. So long story short, I think cross-border is a huge opportunity to drive increased growth from merchants and also to de-risk sort of that concentration of where is your buyer base and how you can adapt as inventory changes as well. And then buy now, pay later. And this one is an adoption, one that we're seeing really, really gain traction quickly. And it's connected to cross-border because it actually started to gain popularity in countries where card use is not dominant. The buy now, pay later options that we see and notably, Klarna really began in Germany where the predominant way to pay is with a bank. These are not credit dominant, credit card dominant markets. And so now what we see with the rise of buy now, pay later is a couple of things. Flexibility for buyers gives them a lot more optionality in how they shop. It opens up new segments. So customers who historically either didn't have a credit card, wouldn't use a credit card or in a country where credit cards are not sort of the norm. Buy now, pay later is quite literally exploding. The sale system is enabled for contactless. Merchants did a massive upgrade on all of their hardware. The hardware is all now smart. So that lays this foundation for being able to now use digital forms of payment at a physical device. Again, creating that flywheel effect, but at an unprecedented pace. And I'm kind of a payment geek. So I like to look back at when's the last time we saw something like this happen? We haven't. So moving into what shoppers need, flexibility and convenience. And I talked about convenience quite a bit in terms of efficiency, but I think our expectations on flexibility are changing as well. So we saw supply chains constrain with COVID long before COVID. They've been going global. Increasingly the barriers to cross border have actually been reduced. And again, I'll take this from a payments perspective. It used to be when I started in payments in 2000, what it required to sell online was you had to go to your bank. You had to get a merchant account. Took maybe a couple of weeks. Only some banks offered online merchant accounts because not everybody wanted to touch the risk. And God forbid you were gonna process anywhere besides your home domicile. So if you're in the US, you're processing in the US in US dollars. We fast forward to now. And by the way, it was incredibly difficult to do anything internationally. And now cross border commerce is enabled quite readily. You can accept payments in currencies all over the world, local forms of payment. We have technologies that are doing things like making currency conversion on the site, localized payment options, all quite accessible. This does a couple of things that I think give flexibility. One, again, supply chain, it's global, but our buyers are changing as well. So you've got, as a merchant, the ability to sort of offset and diversify the risk of, where do I have inventory and where are there buyers that need that inventory and who's willing to sort of pay the best price. And at the same time, now buyers have the ability to sort of say, I don't care if it's located in another country, it's available, it's at the price that I want and I'm gonna buy it. You add all of those together and a cross border just becomes a huge opportunity that I don't think as many people are tapped into as they should be. I did a little survey before I came here. I asked my son and his girlfriend, 18 and 23 year olds, have you bought anything from a seller that's not in the US? Yes, they both had Australia, England, Canada. And did you have any trepidation about buying online? And I said, well, like, I wanna know that the return policy is maybe the same. Okay, was it presented in US dollars or was it presented in Australian dollars? And I got a mix of answers. And I said, what did you do when it was in Australian dollars? I looked it up on Google. So the buyer behaviors for what used to be really uncomfortable shopping from anything other than your own home currency in a merchant in the US are changing rapidly to I like the item, it's available, I don't care what currency it is and I don't care that it's shipping internationally. Assuming that those things can all be done sort of frictionlessly and it can get here in a reasonable period of time. So long story short, I think cross border is a huge opportunity to drive increased growth from merchants and also to de-risk sort of that concentration of where is your buyer base and how you can adapt as inventory changes as well. And then buy now pay later. And this one is an adoption, one that we're seeing really, really gain traction quickly. And it's connected to cross border because it actually started to gain popularity in countries where card use is not dominant. The buy now pay later options that we see and notably Klarna really began in Germany where the predominant way to pay is with a bank. These are not credit dominant, credit card dominant markets. And so now what we see with the rise of buy now pay later is a couple of things. Flexibility for buyers, it gives them a lot more optionality in how they shop. It opens up new segments. So customers who historically either didn't have a credit card, wouldn't use a credit card or in a country where credit cards are not sort of the norm. Buy now pay later is quite literally exploding. There's definitely some negative press out there about is it being used in ways that people can't afford. Very similar to what we saw with credit cards in the early years or people getting themselves into financial trouble. And there's a whole new generation of folks that younger folks even in the US that do not use credit cards, don't wanna use credit and yet are using buy now pay later. It's just an interesting different mental model shift for sort of something quite similar, but yet different. So new commerce models is what I wanted to cover. And the fact that those are actually at the heart of most of those is enabled by payments. Mobile wallet usage, expediting the adoption of contactless payments, smart terminals that can take wallets. The linking of authentication, your payment credentials to your identity, making checkout more efficient in ways that I don't think most people probably decompose in those ways. And then alternative payment options, giving shoppers flexibility in how they fund their transactions. And this is kind of an interesting notion. So when I talk about funding a transaction, what I mean is the way that we pay using a wallet is actually not the same way that we might fund a transaction for anyone who's used PayPal. Hopefully that rings true. You can fund your balance via bank, via balance, via card. Someone can send you money on Venmo, right? The way that you fund a transaction could be quite different from the way that you're actually spending those dollars. And so what this builds is a deliberate disconnect between the act of shopping, which people like and the act of paying, which nobody likes. And the further you disassociate those two, the higher you actually drive conversion and repeat usage and the good psychology around shopping with the bad psychology around paying. So alternative payment options, not only give flexibility, but they do create a separation between the act of shopping and the act of paying, which is an important one. And then local payment methods. Again, tapping into cross-border and making sure that buyers around the globe who are increasingly new, new consumer markets, which I didn't talk about, emerging markets coming online, shopping, wanting US goods, and then US shoppers buying, sourcing inventory overseas, making sure that regardless of that use case that people have the most relevant way to pay for them in the currency that's local to them and hopefully with an adapted experience. And then finally pay later options and really expanding buyer purchasing power and flexibility and tapping into markets and segments where credit card usage is maybe not dominant or not even available. So all of these things for me are fundamentally new ways engaging with a customer through checkout, but they're enabled by payments. So how do you win? And for me, I think that's around enabling access across physical, card present, digital, online, social, mobile, optimized wallets and experiences, making sure that however a shopper is coming to you, that they have a consistent and relevant experience and that relevancy is about them and their personalized preferences, their country, their device, their currency, the form of payment that they wanna use. And again, the experience adapted to the actual item that they're buying as well. Is it inexpensive? Is it a service? Is it a physical good? And then efficiency, how fast and frictionless can that checkout process be? And how many steps can we remove? Can we remove additional steps by tethering together identity and authentication with a wallet and financial credentials and the notion of pre-filling financial information and clubbing even further? What are your preferences? My preference in the wallet. I have forms of payment that are default. I have currency preferences, shipping preferences. All of these help make the checkout process much more efficient. And then finally, flexibility. Are you offering me all of the choices that I want? Do I have things like buy now, pay later? Other installment options. And those are most relevant obviously in a retail e-com scenario in a B2B use case that might be something like invoicing. It might be something like net 30. But is that flexibility there and adopted locally for them? So payment providers and the ones that you choose really do play a big role in across all of these and which access relevancy efficient. There's definitely some negative press out there about is it being used in ways that people can't afford. Very similar to what we saw with credit cards in the early years or people getting themselves into financial trouble. And there's a whole new generation of folks that younger folks even in the US that do not use credit cards, don't want to use credit and yet are using buy now, pay later. It's just an interesting different mental model shift for sort of something quite similar, but yet different. So new commerce models is what I wanted to cover and the fact that those are actually at the heart of most of those is enabled by payments. Mobile wallet usage, expediting the adoption of contactless payments, smart terminals that can take wallets, the linking of authentication, your payment credentials to your identity, making checkout more efficient in ways that I don't think most people probably decompose in those ways. And then alternative payment options, giving shoppers flexibility in how they fund their transactions. And this is kind of an interesting notion. So when I talk about funding a transaction, what I mean is the way that we pay using a wallet is actually not the same way that we might fund a transaction and for anyone who's used PayPal, hopefully that rings true. You can fund your balance via bank, via balance, via card. Someone can send you money on Venmo, right? The way that you fund a transaction could be quite different from the way that you're actually spending those dollars. And so what this builds is a deliberate disconnect between the act of shopping, which people like, and the act of paying, which nobody likes. And the further you disassociate those two, the higher you actually drive conversion and repeat usage and the good psychology around shopping with the bad psychology around paying. So alternative payment options, not only give flexibility, but they do create a separation between the act of shopping and the act of paying, which is an important one. And then local payment methods, again, tapping into cross-border and making sure that buyers around the globe who are increasingly new consumer markets, which I didn't talk about, emerging markets coming online, shopping, wanting US goods, and then US shoppers buying, sourcing inventory overseas, making sure that regardless of that use case that people have the most relevant way to pay for them in the currency that's local to them, and hopefully with an adapted experience. And then finally, pay later options and really expanding buyer purchasing power and flexibility and tapping into markets and segments where credit card usage is maybe not dominant or not even available. So all of these things, for me, are fundamentally new ways of engaging with a customer through checkout, but they're enabled by payments. So how do you win? For me, I think that's around enabling access across physical, card present, digital, online, social, mobile, optimized wallets and experiences, making sure that however a shopper is coming to you, that they have a consistent and relevant experience, and that relevancy is about them and their personalized preferences, their country, their device, their currency, the form of payment that they wanna use. And again, the experience adapted to the actual item that they're buying as well. Is it inexpensive? Is it a service? Is it a physical good? And then efficiency, how fast and frictionless can that checkout process be? How many steps can we remove? Can we remove additional steps by tethering together identity and authentication with a wallet and financial credentials and the notion of pre-filling financial information and clubbing even further, what are your preferences? My preference in the wallet, I have forms of payment that are default. I have currency preferences, shipping preferences. All of these help make the checkout process much more efficient. And then finally, flexibility. Are you offering all of the choices that I want? Do I have things like buy now, pay later? Other installment options. And those are most relevant, obviously, in a retail e-com scenario, in a B2B use case, that might be something like invoicing. It might be something like net 30. But is that flexibility there and adopted locally for them? So, payment providers and the ones that you choose really do play a big role across all of these and which access, relevancy, efficiency, flexibility. You choose the wrong provider and those things may not be available to you when you need. You would choose the right provider. And those things, I think, will be more addressable and allow people to adapt so that when we have major changes and we need to be able to react really, really quickly, as we all just saw in the last three years, changes to business model, that you have flexible systems that permeate all the way into your payment provider and your e-commerce system to help you be able to grow, respond, and react and participate as the changing commerce landscape continues to evolve quite rapidly. So, with that, I think that I'm wrapped up. Of course, we have time for questions or comments so if anybody would like. Hi, great to talk. Hi. I was wondering, do you see in the future for Woo, the buy now pay later model being an offering? And I just wanted to kind of get your perspective on how do you see payments playing a role in the metaverse and the rise of that? Yeah. So, specific to Woo, buy now pay later is an option. We support a variety of choices via extension and so there's, you know, Klarna, Affirm, Afterpay, I'm probably forgetting a few, but those are choices that are available today and we're actually seeing increased adoption of those and like I said, on the buyer side, we're seeing quite a bit of increased traction there and all of the research that I've done are that they absolutely drive incremental spend, higher order basket size, repeat usage. So, and then in the metaverse, I'm going to just say that's so far out of my realm, but I do think this notion of linking of payment to identity and that in the metaverse, you're perpetually in sort of a logged in state and where you have your identity known, even if it's anonymized, but you have payment and other data appended to that now, you're able to sort of transact seamlessly in a way that feels probably a lot less different, a lot more different than sort of the legacy E-Com state of I'm going to log in, I'm going to specifically pay. I think, again, where we start to see emerging of financial information with identity information, we can remove steps from the process and we're seeing some of that with token gated wallets and some of the Web3 wallets where you get access to a whole new experience, but you're in a authenticated state already. Hi, as a fellow data nerd, I'm really excited about this talk. You've done a beautiful job at lining out, making a case of what we need to be considering while we are configuring these transaction experiences. Do you have any insight on the actual user testing and how organizations can work with their customers to ensure that they are getting that information back from them and getting those feedback loops to make those right choices? Specific to payments or just in general? Specific to setting up the carts and the payment environment. AB testing can be quite difficult, especially in a live environment for payments. One of the ways that I've done it in the past is to throttle volume. So we would take every fifth user would see a different checkout experience, that type of thing. One would have forms of payment available. Sometimes same forms of payment, but maybe they're presented in a different way. They're sequenced in a different way. Those things actually drive more behavior shift than one might imagine. Just the ordering of things on the page and what's sort of available first, and then add additional forms of payment and test adoption. Yeah. What is Woo doing to make the checkout experience more relevant and less frictional these days? Less frictional. Well, I think one of the things we're doing would be to see flexibility. You choose the wrong provider and those things may not be available to you when you need. You would choose the right provider and those things I think will be more addressable and allow people to adapt, so that when we have major changes and we need to be able to react really, really quickly, as we all just saw in the last three years, changes to business model, that you have flexible systems that permeate all the way into your payment provider and your e-commerce system to help you be able to grow, respond, and react and participate as the changing commerce landscape continues to evolve quite rapidly. With that, I think that I'm wrapped up. Of course, we have time for questions or comments if anybody would like. Hi, great to talk. I was wondering, do you see in the future for Woo the buy-now-pay-later model being an offering? And I just wanted to kind of get your perspective on how do you see payments playing a role in the metaverse and the rise of that. Yeah. So specific to Woo, buy-now-pay-later is an option. We support a variety of choices via extension, and so there's, you know, Klarna, Affirm, Afterpay, I'm probably forgetting a few, but those are choices that are available today, and we're actually seeing increased adoption of those. And like I said, on the buyer side, we're seeing quite a bit of increased traction there, and all of the research that I've done are that they absolutely drive incremental spend, higher order basket size, repeat usage. So, and then in the metaverse, I'm going to just say that's so far out of my realm, but I do think this notion of linking of payment to identity and that in the metaverse, you're perpetually in sort of a logged in state and where you have your identity known, even if it's anonymized, but you have payment and other data appended to that. Now, you're able to sort of transact seamlessly in a way that feels probably a lot less different, a lot more different than sort of the legacy E-coms data that I'm going to log in, I'm going to specifically pay. I think, again, where we start to see emerging of financial information with identity information, we can remove steps from the process, and we're seeing some of that with token gated wallets and some of the Web3 wallets where you get access to a whole new experience, but you're in a authenticated state already. Hi. As a fellow data nerd, I'm really excited about this talk. You've done a beautiful job at lining out, making a case of what we need to be considering while we are configuring these transaction experiences. Do you have any insight on the actual user testing and how organizations can work with their customers to ensure that they are getting that information back from them and getting those feedback loops to make those right choices? Specific to payments or just in general? Specific to setting up the carts and the payment environment. Yeah. AB testing is obviously, it can be quite difficult, especially in a live environment for payments. One of the ways that I've done it in the past is to throttle volume. So we would take every fifth user would see a different checkout experience, that type of thing. One would have forms of payment available. Sometimes same forms of payment, but maybe they're presented in a different way. They're sequenced in a different way. Those things actually drive more behavior shift than one might imagine. Just the ordering of things on the page and what's sort of available first, and then add additional forms of payment and test adoption. Yeah. What is Woo doing to make the checkout experience more relevant and less frictional these days? Less frictional. Well, I think one of the things we're doing would be around checkout blocks and making sure that we are really doing what just happened there. Really simplified and the best experiences. At the end of the day, the more we know about a user and what country they're coming from and the type of item that they're buying, the more that we will be able to present more tailored experiences. So I think there's a balance there in how much we know about a customer. But that's the path that we are going down, which is how can we enable either you to tell us more about that transaction so that we can adapt the experience. Hi. I wanted to know about the incidence of fraud and whether fraud is a user's digital wallet, is the less fraud perpetuated than maybe through credit cards or by now paid later? I know that was mentioned as well because the burden is often on the retailer to do that, right? It's a really interesting question actually because the user is authenticated into the wallet. Generally what you see is that the wallet, and it depends on the wallet, so I should unpack that a little bit, but in the case of like a PayPal, the wallet provider is actually responsible for the buyer side fraud there. Now there's a couple ways that a transaction goes bad, but if it was a case of stolen account takeover or stolen identity rate, like I didn't make this transaction, then in that instance the wallet provider would be the one responsible for that transaction. So they do and can add an additional sort of protection because the merchant has been sort of removed from the authentication process, if you will. I'm trying to think through on an Apple Pay transaction which really works quite different because it's just a tokenization of a credit card versus a full sort of logged in and wallet, but again there you would have had sort of did the user biometrically authenticated and so there is a lower instance of fraud there not to say that it can't happen. On this topic of fraud also, do you have any suggestions or solutions for repeated fraudulent transactions where people are trying to guess credit cards? We have this trouble a lot with the merchant accounts. Fraud's a big topic. I think your question is specific to carding which is the testing of credit cards and often those are sort of scripted attacks so you'll want to do things to try to mitigate velocity and having a lot of detections and rules sort of upfront of hopefully even being able to get to the point where a credit card transaction would be coming through. So there's how you checkpoint a user through the site so that you understand who they are and their identity or device fingerprinting has been used along the way. So I think there's how much mitigation can you do in advance of ever getting to the checkout and then once you get to checkout hopefully there's some rules in place that are trying to mitigate how rapid a particular user is velocity based on the number of times that I've seen this user, this device to the extent that you can tell this IP, etc. A lot of times they'll be bouncing IPs but to the extent that you can tell that it's the same user maybe it's the same card number maybe it's the same email address there's something about it that has a profile that tells you this might be the same user repeatedly and then building in blocks so that when you see those patterns you're mitigating them down to a very narrow band. What do you think is going to happen to the brands and the payment providers that maybe are built on older technology and aren't up to speed nowadays with digital wallets or better APIs for integrations? How are they going to fit into the market for the future? Do you see them failing or do you think they'll adapt? Around checkout blocks and making sure that we are really... I don't know what just happened there. Really simplified and the best experiences. At the end of the day the more we know about a user and what country they're coming from and the type of item that they're buying the more that we will be able to present more tailored experiences. So there's a balance there in how much we know about a customer but that's the path that we are going down which is how can we enable either you to tell us more about that transaction and adapt the experience. Hi. I wanted to know about the incidence of fraud and whether fraud would use a digital wallet is the less fraud perpetuated than maybe through credit cards or by now paid later? I know that was mentioned as well because the burden is often on the retailer to do that, right? It's a really interesting question actually because the user is authenticated into the wallet generally what you see is that the wallet and it depends on the wallet so I should unpack that a little bit but in the case of like a PayPal the wallet provider is actually is actually responsible for the buyer side fraud there now there's a couple ways that a transaction goes bad but if it was a case of stolen account takeover or stolen identity rate to make this transaction then in that instance the wallet provider would be the one responsible for that transaction so they do and can add an additional sort of protection because the merchant has been sort of removed from the authentication process if you will I'm trying to think through on an Apple Pay transaction which really works quite different because it's just a tokenization of a credit card which is a full sort of logged in wallet but again there you would have had sort of did the user biometrically authenticated and so there is a lower instance of fraud there not to say that it can't happen On this topic of fraud also do you have any suggestions or solutions for repeated fraudulent transactions where people are trying to guess credit cards we have this trouble a lot with merchant accounts Fraud is a big topic I think your question is specific to carding which is the testing of credit cards and often those are sort of scripted attacks so you'll want to do things to try to mitigate velocity and having a lot of detections and rules sort of upfront of hopefully even being able to get to the point where a credit card transaction would be coming through so there's how you checkpoint a user through the site so that you understand who they are and their identity or device fingerprinting that's been used along the way so I think there's how much mitigation can you do in advance of ever getting to the checkout and then once you get to checkout hopefully there's some rules in place that are trying to mitigate how rapid a particular user is it velocity based on the number of times that I've seen this user this device to the extent that you can tell this IP etc a lot of times they'll be bouncing IPs but to the extent that you can tell that it's the same user maybe it's the same card number or the same email address there's something about it that has a profile that tells you this might be the same user repeatedly and then building in blocks so that when you see those patterns you're mitigating them down to a very narrow band what do you think is going to happen to the brands and the payment providers that maybe are built on older technology and aren't up to speed nowadays with digital wallets or better APIs for integrations going to fit into the market for the future do you see them failing or do you think they'll adapt the brands being like card brands like Visa Mastercard the PSP so an example in the UK Opaio which is formerly SagePaid some of their gateways are older technology how do you think the market is going to shift with those older technology those brands compared to the more modern integrations these days I think there's I don't know that I 100% understand the question but I think it's standalone payment brands and PSPs versus more embedded solutions and it's going to it comes down a little bit to flexibility and having a standalone payment relationship can make a lot of sense if you're using many disparate systems or channels and you need that payment system to be able to cut across those if most of your business can be conducted within a single system then having a fully embedded payment system that can make reconciliation and have full integration into all aspects of that system is actually more efficient so it's really around I think for an individual merchant how they run their business and the extent to which my source of truth or my system of record can be all in one place versus the extent to which it's disparate and when it's disparate that having a standalone payment service provider can make a lot of sense Thanks Hi, great talk so you had also talked about like linking your identity and authenticating like some type of payment so I see this like with like shop pay or some other like one click checkout solutions what's your take on like some successful ones like shop pay and there's been some like failed ones like fast failed do you feel like people aren't ready quite yet for like one click checkout or where do you think that will go I think we're seeing evidence that people are ready and they're using it we have the ones that we've seen that are not I guess you said failed some of the ones that didn't see success I think it's really around their channel strategy and their integration strategy there was also quite a bit in the monetization model so at the end of the day it's sort of who's providing the service are they providing it at an extra fee or not and is that extra fee then worth it to a merchant or a platform to integrate it to the extent that it's included and it's free I think we'll see greater adoption where we see adoption from a merchant perspective than the question is will consumers use it and I think we are seeing that consumers will use it and in fact really like the ability to not have to create an account to have things sort of remembered for them again that linkage of identity to payment credential so I think in the ones that have not been successful that it isn't because of the technology or the use case and it's more a function of broader distribution economics and integration strategy awesome thank you that's pretty much it we all have time for so thank you Kayla and everyone break for lunch