Live commerce combines the scale and convenience of the internet with the social, cultural experience of physical shopping — it's a completely different customer need from agentic commerce, not a competitor to it.

(01:07:31) don't get here before Thursday they're a no good for me kind of things like absolutely but most of commerce in America isn't actually high intent like how many years are we into ecom now like 30 years into ecom and e-commerce has never exceeded 20% of retail spend in America right the vast vast vast majority of retail shopping in the United States is still people going in person and buying things uh in the UK

(01:07:55) somewhere. It's like 7525. And it turns out actually that a lot of shopping is low intent. I I'm going to the mall. I might be because I've got a wedding coming up and I don't have anything to wear and I'm going to wander around and see what people have available because I don't actually know specifically what I want. And actually the value of stores is that that person

(01:08:18) who runs that shoe store has agency and taste and she curates a selection of shoes. She has, you know, a level of customer service. She has a window display which can show me the types of things she has. And I can wander around the mall and actually work out what it is I want to buy or be educated by it. And as it turns out, it's quite

(01:08:38) pleasant. Like there's a reason that the mall is a social thing. And so I think you know that Agentic is going to be huge. Retail is a 7.5 trillion dollar industry in the US though. So I don't think it's a like winner takes all thing. What I think live commerce does is it's the first time that we've ever managed to kind of like bring together scale and convenience of the internet