00:00Yeah, I think the notion of retail media in and of itself is relatively new.
00:04I don't even think we add language for what this was even about three years ago.
00:08We announced last week we've crossed over a billion in revenue on that platform,
00:13which makes us the fastest growing retail media network in history in just three years.
00:22But we're in the space now where we're seeing that this conversion of being able to have first-party data,
00:27where we have 42 million people that come to DoorDash every month to use the product.
00:32And so we have an ability to put things in front of these customers that actually help convert that intent into action.
00:38And so we've been able to build this suite of tools in our retail media network that are really compelling for advertisers.
00:44For example, we build a sponsored listing product that really focuses on helping small businesses convert.
00:49And so that product is unique in the sense that it doesn't charge on an impression or on a click, but actually on action.
00:55So it's only if that customer ends up converting that the advertiser has to pay.
01:00So we feel really confident about this product.
01:03We're seeing that it gives advertisers incredible value.
01:06And it also helps the customer discover the things that they're looking for.
01:09And when I think about why people should invest in DoorDash and what the frictions are,
01:13I think the first thing is that people maybe don't think of DoorDash as an advertising platform.
01:16So we have a job to do around awareness, which is a big part of why we can.
01:20But it's also because this space in general is relatively new.
01:22So even if you think of like how companies invest in media dollars, historically, it's been sort of the big scale platforms,
01:29whether that's television, whether that's digital, whether that's other media platforms.
01:33And this is a net new space.
01:35So a lot of this is actually working with brands to start to think about how do you shift some of their media inventory and spend into this place.
01:41And the way you win that is actually by proving performance.
01:44And so we've been able to show that like investing in DoorDash is incremental.
01:48It's going to bring new customers to you.
01:50It's going to drive repeat purchases.
01:51And so I think that that's what a lot of the work is.
01:53We see customers on our platform all the time from large scale advertisers like Wendy's who find a lot of value in our auctions and our ads products and our promo products.
02:03Because it's not just about the ads.
02:04It's also about promos.
02:05Like how do we deliver value to that customer, particularly in this macroeconomic environment?
02:10Right.
02:11We know people care a lot about savings.
02:12We can do that on our platform.
02:13So Wendy's is an example.
02:15But also at the small restaurant level, you can think of folks like Milburn Deli, which is an amazing sub shop in New Jersey close to where I live.
02:23And they found enormous value leveraging these products to grow their business.
02:26We know people care a lot of different things.
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