Whatnot is analogous to visiting a shopping mall—you have a vague sense of wanting something but don't know exactly what, and most people (80%+) don't purchase anything on a given day; they're just watching and having fun.

12:58think um [clears throat] whatnot is sort of like analogous to visiting a store. >> Yeah. >> Um which is I don't know if I go to the mall or I go to set of retail shops. >> I'm sort of like I I kind of know I want a thing but I don't know exactly what that thing is. I'm going to go walk in that shop. I'm going to go browse

13:17around. And so >> I don't what have I what have I bought recent? I bought some some new shoes. And so I I went on to go get some new sneakers. I was like, "Okay, I need some sneakers. I'm going to type in the website and I'm going to go like I spent 30 minutes browsing. Didn't know what I wanted. I came away on the other side.

13:32And that's sort of the whatnot journey. Whereas if you look at a lot of the e-commerce um companies that have been built in the past, you know, prior to us, you sort of know exactly what you want. It's not really great for discovery. It's not really great for experiential or having fun or being entertained. Uh so I think that's that's sort of the the analog with whatnot.

13:52Maybe you know you want a thing, but you don't know what that exact thing is. you're going to come on whatnot. Um, you're going to look for it. You're going to have some fun along the way. >> Yeah, that's awesome. So, there's all of those elements embedded in the product. So, watching, chatting, bidding, buying, returning. Are there pieces that I'm missing? >> Um, you mean just generally discovery?

14:14>> Yeah, I think Yeah, I think you've covered a lot. I mean the the the one of one of the reasons why whatnot has worked so well to to date is that there's a lot of value because it's such a you can do so many different things. Sometimes you're going to look for a great deal. Um a lot of times you're going to just have an experience and be entertained. So on any

14:35[snorts] given day most people on whatnot don't purchase anything. The vast majority of people don't purchase anything on whatnot. They're just going and they're watching and they're talking with people. Yeah. >> Yeah. Um, and so that's that's why I I continue like it's not a perfect analog, but I I like the sort of analog of like going to the shopping mall. Like you'd go to the shopping mall, I hang out with

14:52your friend, at least, you know, when I was growing up, hang out with my friends, walk around the mall, have some fun. You know, many times I wouldn't purchase something, just go there for an experience. I am struck by obviously we're longtime investors with you and so you know this is this is not new news to us but it is striking when I describe it to other people how big the market for

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?