 Hi, good evening everyone. My name is Sankal and I manage monetization for Flipkart. That was quite a discussion we just had on television, right? So, without getting into the debate, the one was the other. I am going to take the next 10 or 15 minutes to talk about what really is happening in commerce media, right? Through the session, I just want to leave you with three items perhaps, right? I will take maybe two minutes to just set up context. I will talk about what is happening in the market. I will talk about what we are doing at Flipkart to grow the ecosystem, to grow e-commerce and to grow commerce advertising. And last I will show you a couple of examples of how brands are already using commerce advertising. You know, just starting with right of the bat, you know, India is already, we already have the third largest e-commerce shopping base in the world, right? If you really think about it, there are a bunch of factors that are facilitating this growth. The first is there is, let's say, cheap and ubiquitous data, which is available to everyone now. The second is right of media class, right? 2019, 2020, give or take, they were about 180 to 200 million households that you would classify as media to households. That number is set to increase to about 300 million by 2027, right? So, that is the kind of growth that is happening. The third factor is the rise of GenC, right? So, they are part of the key consuming segment now. So, all digital natives are now slapping in the shopping funnel, right? So, that is the third thing, which actually reflects in the numbers, right? So, the market is set to grow to about 170 billion by 2027. I will stick my neck out in the same, this will happen perhaps a year or so earlier, right? So, and if you look at any geography, e-commerce follows a very predictable kind of a trajectory. So, there are three phases in e-commerce, right? The first is when there is early adoption that happens. The second phase is that of growing stickiness. And the third phase is when mass expectations are still up. We are right now in moving rapidly towards phase three. So, that is a bit about the market. Now, talking about what is happening in e-commerce media. If you really think about it, e-commerce media is the third big way, right? So, let's say around 2000, when search really started to come to the fore and that really deep frog which we are advertising. 2009-10 is when social started to come to the fore, social in video actually which added further impetus to digital advertising. And for the last three or four years, e-commerce advertising has taken center stage, right? And just look at the numbers. In China, nearly 15% of the digital addicts is not e-commerce ads. In the US, that number is about 15%. It's growing at a KGAR close to 25%. So, it's growing faster than the market. And I don't think this number reported in a lot of places, but if I were to tell you the size of e-commerce advertising in India, last year it was already not of a billion dollars. That is the size of the market as it was today, right? And it is growing at a pace which is much faster than the growth of digital, right? And why is this happening? Like, factors that are really fueling this growth. I'll just leave you with three or four points. The first is search verticalization, right? Think about us as consumers. Our search behavior has changed fundamentally. You would typically go to a horizontal search for everything a couple of years back. Now, when you're looking for food, you'll go to a tomato or a swiggy. And when you need to do product shopping, you will come to a destination such as ours, right? In the US, 70% of product queries have already migrated off horizontally, right? In India, that number is 35%. I think this year that number is going to reach 50%. The user journeys are starting with commerce destination. That verticalization is the first big factor. Second thing, you know, is the fact that today more and more users, even if they need to purchase offline, they will be coming to a destination like ours and researching online. I dare say we would be one of the largest research destinations in the country today. Just so that you understand what I'm talking about. Of the total number of smartphones that are sold in the country, I'm talking online and offline put together, we get four times the number of hits on our platform on a monthly basis, right? So anyone who's buying offline too would be coming to a destination and then making their purchase, whether they buy online or whether they buy offline. That's the second thing. Third thing really is think about it. You know, the customer is already there to shop, right? And for the longest time, advertisers have been trying to close loop or have that full funding view of what exactly is happening to their advertising dollars. And that is what commerce media facilitates, right? So all of these are factors and any geography that you look at, you see the numbers rising and which is what is mentioned on the slide. Just moving further, you know, there are a bunch of changes that we're, again, just going back to what is happening in the market. And for the sake of simplicity, I'll just leave you again with three points. The first big trend that is happening in e-commerce is micro-segmentation, right? So you see a wild cohort of customers who are coming in. So like I said, there is a stage of early adopters when there is growing stickiness and there's massification. So, you know, today you see GenC shopping on the platform. You will see tier 2, tier 3 people shopping on the platform. You'll see women shopping on the platform. And each one of them have different barriers and each one of them have different motivations, right? So micro-segmentation is the first big change that is happening. The second is there are a bunch of newer models that are emerging for e-commerce, right? So think social-led commerce, think video commerce, think quick commerce, right? All of these are things that are happening in the ecosystem. And the third thing is really around a bunch of new experiences that are getting created. You know, you will have AR, VR, you will have a bunch of other things that are happening. So these are about three, let's say, changes that are happening within the e-commerce space. And we are at the bus of, you know, trying to do multiple things for so many changes that are happening, right? So if I think about how we get newer customers into the cold, how do we get more tier 2, tier 3 customers starting to come and shop. We built out a high-profile platform called Shopsie. There are a bunch of things that we're doing in Fintech. And there are a lot of initiatives underway to bring the next 200 million customers to shop online. If I look at engagement, a bunch of things that we're doing in personalization. I won't talk through each of these points. If I look at a bunch of innovations that we're doing, so whether it is AR, VR, whether it is building an NFT marketplace or leading in video commerce, we've been doing all of that. Task was not released. A bunch of things that we are creating on advertising. Think of it in broad buckets. There are a bunch of consumer-facing innovations that are being done. And there are a bunch of things that are being done for the advertisers. And marrying the proof is what really creates value. Let me just give you some examples. On one of the slides I had mentioned that there are, or the number I think is 3 on 5. So nearly 60% of people who are new online are coming from tier 2 and tier 3. Now, most of these customers, or a large chunk of these customers from this cohort, are more comfortable with vernaculars. They have a challenge when it comes to finding content on any e-commerce platform. They need some assistance when it comes to their shopping. And they need affordability. So access in one dimension of creating success, affordability is the other dimension of creating success. And if you look at just the examples that I've put, there is gamification that we've done across the entire funnel. There is real time personalization, which means that if you're a new customer who's just starting to shop on e-commerce, typically the gateway categories for people to enter e-commerce will be fashion or electronic accessories. There are some good ones that are provided for you to start your journey. We are available in 12 languages and then we have pay later as a facility, which actually allows customers to buy now and be at a later point. So think about creating access and affordability both. If I think about driving deeper engagement, so one part of the journey is thinking about customers that are new or who are coming into the shopping fold. The other is what do you do for customers who are already on the platform? So there are a bunch of things that we have done in which we imagined our own page and for premium customers. So people who've been earlier doctors have now been using e-commerce for a long period of time. We've created a model, which means the direction that the debate here is branded and what a premium customer might want. The experience that they get on the platform also is very, very different. So there is huge amount of personalization being done. And the last bit is a bunch of future forward innovations that we're doing. So today, you know, through flip top camera, you can actually see the goods that you want to buy in your room. We've done a bunch of things around life forms and we've also built out them in an empty market place. I think these were largely the consumer facing innovations or things that we are doing that I wanted to talk about. Now for this step back, think about it, users take a lot of action on a platform. They browse through products. They do what we call as TVVs, which is product wave views. Look at multiple products before making a purchase. They might add things to cart or buy labor. They might use multiple kinds of payment instruments. They might use cash. They might use, let's say, buy an operator. They might use credit cards. They might use dookie eye. And it is our ability to understand all of these actions that allows us to build an intense spectrum. Again, if you think about it, customer intent is not really singular. On one of the end of the spectrum will be strong intent. And an example of that would be, you come onto our platform, you know you want to buy a handset. You look at the handset, you search for the handset and you make the purchase. That is strong intent. If you made a purchase for a handset, in all likelihood, you perhaps want to buy a mobile case or a product, or even a near phone. That is an example of decent intent. A labor intent can be, you know, an example could be someone who's got diapers, maybe toys at the right selection to surface to that customer. And then there is new intent. How do you create serendipity? How do you make customers discover things that they do not know exist? So, I think with all our understanding of user journeys, we are able to build an intense spectrum. And using that intense spectrum, you know, there are a bunch of scalable advertising opportunities that we've already built out. Think of anything and everything that can happen on digital, whether it is search, whether it is video, whether it is display, whether it is, you know, even sampling for that matter, right? Today, your sampling is simply spray and spray. We can hyper-personalize that, right? And tell you what exactly is happening with the customer after they've received the sample, for maybe up to six months, you can actually track consumer behavior, a bunch of other things. So, everything is available today, not just on platform, but even off-platform. So, I'll go back to my example of intent or the intense spectrum that I spoke about. In an anonymized fashion, we are able to put this intent off-platform. So, you can reach users across all of open internet and even on social. So, there is no part of digital or there is nothing that is happening on digital that you cannot utilize. And without a district base of over 450 million customers, this is as large in India that there is. Just giving you some quick examples, won't spend a lot of time, but this is something that was done for Hapilow, you know, some AR gamification, which led to massive increase far in this, numbers are concerned. This is something that was interesting, right? So, when you typically think of advertising, you think of something which is definitely slapped on the consumer space, right? But there are ways of doing it, better. And this is what we've done for Puma, right? Where the user could see a welcome message and then you would ask the user questions, right? What kind of a shoot do you want to buy? What activity do you want to buy for? What is your style or color preference? And using that, you can show them a curated selection. Not surprisingly, it performed very, very well for the brand. So, you're limited only by your imagination in terms of what you can do on a platform. And last is something that I wanted to talk about, which we've done before. I spoke about our ability to port intent off-platform too. So, imagine basis actions that users might have taken on our platform. You can reach users off-platform, bring them back to complete the purchase. So, whether it is trying to retarget customers, whether it is for new customer acquisition, whether it is to drive a high-velocity decline in funds, you can do all of that. And I think that should be it here. Globally, if you look at it, what we're seeing is that on commerce, spend is only rising. We expect 80% of the spend on commerce to be net new. 30% to 40%. I think the large belief that exists today is that commerce is meant only for bottom of the funnel. Nothing will be further from this point of time. About 40% of the dollars that we spend on commerce are actually on brand bidding. And I believe that commerce media now needs to be a part of the audience. And that's it. Thank you very much. I hope I've got a good one.