Live commerce represents 30-40% of all commerce in China but single digits in the US, and this gap is clearly going to close because live commerce is a richer, more efficient way to sell and build a business.

15:12this is and how big whatnot actually is so you know you talked about Asia live commerce I think the latest is it's over a third of all commerce in Asia is that right >> yeah I've heard anywhere about 30 to 40% of all commerce is is live commerce in in China >> yeah and then what is what is it in the US today? >> Oh, I I mean sing single digits. Really?

15:34>> Single digits. And do you think there's any is there any reason why you don't think that that gap could close over time? >> No, I think it's it's clearly going to close. Um it's just a richer way in which to to sell and build a business. Um and it's it's just more efficient. So, you know, um if you're a fashion brand or store, you could go and

15:59set up a brick-andmortar shop on, I don't know, pick a famous streetth Fifth Avenue that cost you millions of dollars and and rent >> and you're restricted to a set of people who come to your shop at a, you know, 9 to5 on >> um whoever is in New York City. [snorts] Um and like that's a great experience. You can feel it. You can talk to people.

16:17You can discover things one whatnot. you can set up for $0 and you can have an entirely global audience that is, you know, unbounded. >> Yeah. >> And so I think that that value prop means if you're a business um you know selling consumer goods, uh I think you're eventually going to get into live commerce. I don't think you're going to be able to ignore it. I think you're

16:37going to be able to bring in lots of audience and that's why you see that 30 or 40% number uh in China. >> Yeah. So it's like the if you think about just sort of marketplace dynamics and the network effect the supply side is so compelling because it's zero it's effectively zero cost and with a very compelling supply uh dynamic lots of sellers that that drives demand right

17:00>> yeah it makes total sense I mean the numbers are just staggering you said it's about a trillion dollars in in Asia um that's a huge number I looked it up before this so uh I think US e-commerce is about a trillion too if I have that roughly right. Um, and one of the historical knocks I've heard people say about whatnot is well, you know, Etsy is

17:23only so big or eBay is only so big. Uh, and I always find it funny when people mention that, you know, e eBay was actually, if you go back something like 10 years, it was like 15% of the overall market. And it's 80 billion of volume still, by the way. it was like 15% of the overall market. Now it's less than 1% of the market. So the big change