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Reinventing the Future of Consumer Commerce
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00:00Bonjour.
00:04Vous êtes en train de se sentir ?
00:07Comment était le jour?
00:12Oh, il me semble que c'est l'heure de la naissance.
00:15Je vois que vous êtes un peu plus tard.
00:20Je l'ai commencé à l'hier, il était à 4h.
00:23Je finis après la nuit.
00:27Et je pense que je vais avoir une naissance avec vous.
00:32OK.
00:34Nous avons un fantastique guest aujourd'hui.
00:39C'est quelqu'un qui est part de votre vie quotidienne.
00:43Et juste pour vous présenter un petit peu avant ça,
00:48je pense que c'est bon de voir un short vidéo.
00:51Pouvez-nous faire le vidéo, s'il vous plaît ?
00:58Bienvenue à l'Economie,
00:59notre vision de l'économie
01:01qui n'est pas limité par les frontières,
01:03la currency ou la géographie.
01:06Ici, le monde est un playground
01:09où les gens peuvent acheter globalement à la maison
01:12ou acheter localement à l'économie.
01:15Ou acheter localement à l'économie.
01:16Le PAL economy ne s'arrête pas dans les vieux
01:18de faire des choses de faire.
01:20Et ça change tout.
01:22C'est tout.
01:23C'est tout.
01:26C'est tout.
01:27C'est tout.
01:29C'est tout.
01:32C'est tout.
01:33C'est tout.
01:39C'est tout.
01:52C'est tout.
01:55C'est tout.
01:57C'est un grand plaisir et un joyeux de recevoir Diego Scotti.
02:07Diego, il est l'executive VP de Tepal et le général manager de la consommation.
02:18Bonjour, monsieur.
02:20Bonjour.
02:20Et merci.
02:21C'est ça.
02:22C'est ça.
02:22C'est ça.
02:23C'est ça.
02:23C'est ça.
02:25C'est ça.
02:28OK.
02:29Perfecto.
02:31Non nous va a gustar.
02:32Non nous will understand.
02:37Digo, before we start speaking about PayPal and what you are doing, I would like that
02:43Je vais vous parler un peu de vous, de vous, de vous, parce que dans chaque position que vous avez,
02:52vous avez transformé la société, ou vous avez transformé la communication, transformé la relation avec la consommation, et en particulier
03:02pour un long period de temps à Verizon, vous avez vraiment transformé la way Verizon was doing marketing et la
03:12relation avec la consommation.
03:14Et maintenant, vous avez transformé à PayPal, et vous avez transformé la même chose, encore plus parce que PayPal n
03:23'est pas seulement un business que c'est, et que tout le monde dans ce monde sait, mais c'est
03:35plus loin de cela.
03:36What's driving you?
03:39Well, first, thank you for having me, and I appreciate the question because, you know, we're living in a world
03:46in which everything is disposable, everything happens so fast, and also what gets disposable and fast is brands and businesses.
03:55So, one of the things that I love the most, and that's why in my career I've been in brands
04:00like American Express, J.Crew, Verizon, Vogue, and then now PayPal, is because I think there is value, a lot
04:08of value, in these brands that maybe they need a little bit of tune-up
04:13and a new relationship with the consumer for reinvention, but that when you do that, they rise to the top
04:19again, versus constantly creating, you know, new brands and new relations that not only is more difficult, but it's also
04:25more expensive.
04:27So, I find tremendous pressure on that, and now with PayPal, you know, it's an incredible, incredible brand, 200 countries
04:35around the world.
04:36I was doing my research when I was joining two years ago, and the number one attribute that everybody around
04:42the world, consumers would say, was trust.
04:46Trust.
04:46Number one, trust.
04:48Absolutely.
04:48And think about where the world is going now, with the topic of this conversation, which is AI, commerce, technology.
04:56If you don't have trust, especially when you think about data and the use of data, you have nothing.
05:04Verizon is a telco.
05:07Telco is about infrastructure, heavy organization.
05:13PayPal is something brand new.
05:16It's about income, it's about intangible and digital economy.
05:22When you get into these two so different kind of company, what has been the most important things that struck
05:33you?
05:35Well, first of all, is that if you look at those two examples, but in general in technology, a lot
05:41of these companies are so central to the way we live our lives every day.
05:46That they're very important.
05:48But sometimes, and telco is a good example, we take it for granted, right?
05:53If your phone works all the time, you probably don't think that much about it.
05:58But if your phone doesn't work or your call doesn't go through, you're probably going to blame Orange or Verizon
06:04or whomever.
06:06So you had to make that relationship very, very strong.
06:09Now with payments and PayPal, think about it.
06:12When PayPal started 25 years ago, there weren't any options.
06:16The only way was to shop online was you put that button in merchants all over the world, you bought
06:23through that button, and you're off.
06:24Now, how many options do you have?
06:28So we have an amazing opportunity because especially in the current world that we live in, there's a huge transformation
06:37happening in commerce right before our eyes.
06:40A lot of the conversation throughout the day has been about AI.
06:45AI is changing commerce as we speak.
06:49A lot of the younger generations are using now agents to shop.
06:54What AI needs to work on those agents, it needs data.
06:58Then a lot of these experiences that today you have to do yourself, like tap to pay or touch a
07:04button on a website, they're going to happen behind the scenes automatically.
07:08And then personalization, I'll tell you this, how many of you have been hearing about personalization coming, true personalization coming
07:17very soon, for years, since we've been doing business together?
07:21Personalization now is coming because the combination of data and AI are going to make that happen.
07:27So to make all that work, what you need is, number one, you need trust.
07:32So we got that.
07:34You need global scale.
07:35PayPal, I don't know if you knew this, but it has 500 million customers all over the world.
07:41It grew recently.
07:43500 million.
07:44I thought it was only 450.
07:46Well, it just grew from yesterday to today.
07:48Yeah, exactly.
07:48It's just me being in France.
07:49They're all in France.
07:51You also need the two-sided network that is very unique to PayPal.
07:55You need the consumers, but you also need the merchants, and the data flows between the two.
08:02You see, a lot of commerce companies, and a lot of you probably that are in that business, the first
08:06question that you're asking yourself is, where is the data going to come from?
08:09Because if you don't have the data of the consumer, you can't do anything about it.
08:13And then there are two other things that I love about PayPal.
08:15That's what I'm so excited about, the reinvention of the company, is that one, with us, you don't need to
08:20pick between iOS or Android.
08:23We are platform agnostic.
08:25And then I bet that you didn't know this.
08:28We are the number one, the biggest install app-based in the world of any financial services company.
08:35That's where the next generation is going to be doing business, and that's where we're going to be.
08:40So, not only are you running the brand and what the brand has to be and the marketing, etc., but
08:50you are running the consumer business.
08:54What that does mean?
08:56Because for everyone, PayPal is a payment system.
09:01It's a little bit like a card, but without a card.
09:04But this goes back to what we were saying before.
09:07In a world of choices now, right, when we started, put the button in every merchant, in every website around
09:14the world.
09:15People come.
09:16They didn't have any other choices.
09:17So, the focus was, let's get the button on those merchants as much as possible.
09:23Now, with so much options out there, we need the consumer to make the choice every day when you go
09:30to buy in-store or online to use PayPal.
09:34And I'll tell you, we are saying that we want to be the smartest way to pay because, again, we
09:39can be given the data that we have.
09:42So, number one is online, and now you can buy in-store with PayPal.
09:46We just launched in Germany, NFC, our own wallet.
09:50You can have all payment options, meaning defer payments, pay now.
09:54Even you can pay with crypto.
09:56So, you can use your crypto account that you have with PayPal and use that to pay directly with merchants.
10:03And then, rewards.
10:05Again, imagine that we're able to connect all of the rewards programs that you have with merchants into the PayPal
10:12rewards program.
10:13So, every time that you buy to, you go to Starbucks and you get a coffee, you earn points there
10:18and you earn points with PayPal.
10:20We can only do that because we have that double relationship between consumer and the merchant.
10:24So, you had a relationship which was relatively simple with the consumer and the competition was relatively mild or even
10:38quiet at the beginning, at least,
10:41because all this was digital and all this was online.
10:46Now that you are going to physical and that people can pay in the stores, you are facing a different
10:54kind of competition.
10:56And, in fact, you are against American Express that you served in the past, Visa or MasterCard or cash.
11:09The good and the bad news for us is that everybody is our competition.
11:15From Cash App to American Express to banks to Apple Pay.
11:20But, more and more, and this is what is so exciting about this industry in these days, is that we're
11:25all competing with each other, but we're also partnering with each other.
11:29Right?
11:31PayPal is a wallet.
11:32So, in PayPal, you can choose to use your credit cards, your bank account, or you can use PayPal's own
11:38financial instruments that obviously give you more benefits, but it's your choice.
11:42Choice is very important for us.
11:44So, we need to obviously partner with the networks of the banks and, at the same time, make sure that
11:50we are delivering on the needs of our consumers with our own instruments.
11:53And, that's a lot of fun, because we need to flex a lot and, at the same time, create differentiation.
12:00As you know, in the past, I was an admin.
12:03I had a few small knowledge about how this was working.
12:09But, if I understand well, you have a wealth of information and data, and you must be able to predict
12:21the behavior of the consumers.
12:24But, I'll tell you, it's not only to predict, but this is a good example.
12:29We have the data that goes to the SQ level of what each of you buy in any website.
12:39The banks or any of the credit card networks, they know that you've been in a Nike store and that
12:44you bought something for $100.
12:46What we know is that you bought for $100, you bought a pair of shoes, that it was a size
12:528 American, and it was in color red.
12:55So, imagine that we're going to use the data for the benefit of our consumers, in the sense of, like,
13:03if I know all of that, when I send you the smart receipt at the end of the purchase,
13:08I'm going to be able to say to you, here are a few other products from this merchant that you
13:12want to get, or here's another color that you might get,
13:17or I might be able to, based on your purchase history, when you go to the PayPal app, recommend other
13:24products that you can get.
13:25based on the whole information that we have.
13:28For the merchants, the value proposition is incredible.
13:32What does every merchant, every website in the world want?
13:35They want more customers.
13:36They want new customers.
13:37So, that's the power of this double-sided network working together.
13:40This is what I thought.
13:42And I think you have a wealth of information, which can really change the life of the merchants, as well
13:52as being a good help to the consumer.
13:55Exactly.
13:56Because they can choose what they have to buy, and you can direct them.
14:01I would like that we, in this audience, you have people from all over the world, and there is one
14:08brand that you have in the U.S.
14:09that is not very well known outside the U.S., which is Venmo.
14:14Venmo.
14:15What the hell Venmo is all about?
14:18Well, have you heard about Venmo?
14:21We don't know.
14:21No.
14:22Have you heard about Venmo?
14:23Okay, there's one there.
14:25Oh, I hear one.
14:26Ten.
14:27Ten.
14:27Twelve.
14:28Well, Venmo is only in the U.S., that's why maybe you haven't heard about it.
14:31But I tell you this statistic.
14:33Every nine seconds, there is a mention in social media in the U.S. about Venmo.
14:38And one of the things that is great about Venmo, it started as a peer-to-peer app to send
14:45money.
14:46But it's more than that.
14:48It has become a social network for payments in which you can see what your friends shop, for example.
14:55We can say that the both of us are going to pull money together to maybe make a trip during
15:01the summer.
15:02We can go for dinner and then pay the bill and split the bill through Venmo with the people that
15:07are on the table.
15:08And it has almost 100 million customers in the U.S.
15:13No kidding.
15:14Between 18 to 29 and very affluent.
15:18Very affluent.
15:19So it's very exciting because we are now going to take the next step, which is a lot about turning
15:25the social network of payments into, for example,
15:29you're going to be able to use your balance in Venmo to pay in stores, to pay online.
15:34You want to bring more funds in so you can then spend it with your crypto or just with your
15:40credit card?
15:41You're going to be able to do so.
15:42With the center of gravity being in your experiences that people want to share.
15:47So imagine, you're paying your rent, you're young, you're in the university, you're paying your rent.
15:52Okay, you can pay rent.
15:54Everybody pulling together through Venmo and have amazing value from landlords that will give you a discount when you pay
16:01with Venmo.
16:02So we're building this ecosystem that is very exciting.
16:05We are monetizing it.
16:07It's a great driver of growth.
16:09I mean, Venmo is growing in gunbusters right now.
16:11And we're very excited about the future.
16:13Yes, but you can maybe extend a little bit because if I see that my friend has bought that kind
16:22of shoes at that store,
16:24maybe I can just click and buy the same.
16:27And buy it too.
16:28That's a great idea.
16:29I think you have a future in advertising, marketing.
16:33I'm trying to be accepted by Arthur, but, you know, it's tough.
16:39He's very tough.
16:39He is extremely selective when it comes to candidates.
16:44And he considers that I'm not yet at the age where I can be of some use.
16:49I can serve the coffee.
16:51And I do it.
16:52You have to interview every day with Arthur.
16:54Yes, yes.
16:55I know he's very, very difficult with me.
16:58But, okay, I hope that one day we'll be able to convince him.
17:02Before we leave, personalization.
17:07We discussed a lot about personalization, as well as with Venmo, as well as with PayPal and all the various
17:14opportunities.
17:18Can tomorrow PayPal become a marketing company?
17:24Well, yeah.
17:26And I would say...
17:26A data marketing company.
17:28I would say we are already.
17:31We announced a big partnership with Perplexity two weeks ago in that we are going to become the enabler of
17:41their AI commerce through PayPal because of the data that we have.
17:47And imagine in all of these new companies that are agent-based with AI, what you do is you ask
17:53a question of a product that you want to buy.
17:55And then you get a whole bunch of links of the stuff that you can click and go and buy.
18:00Now with PayPal, because of the data that we know about you, we're not going to give you a bunch
18:03of links.
18:04We're going to give you a nice list of recommendations of products that fit your profile combined with the answer
18:10to your question.
18:12And then you're going to be able to shop for them right there on the agent, right?
18:17All of the payment that needs to happen and the management of the packages and all of that is going
18:22to happen on the background.
18:24And then you're going to be able to buy more of that with other recommendations as the agent learns more
18:30and more and more and more about you.
18:31So my point is PayPal is in the middle of this rebirth after 25 years of having revolutionized commerce.
18:40We are now in this moment and that we're going to do it again because none of these other things,
18:46personalization, AI, all of this stuff that is happening in the background works without the data and without the trust
18:53going back to that that we need.
18:55So, you know, Digo, I think you have a future in marketing.
18:59Thank you.
19:00Thank you very much.
19:01Thank you.
19:01Thank you.
19:02Thank you.
19:02Thank you.
19:03Thank you.
19:04Thank you.
19:04Thank you.
19:04Thank you.
19:04Thank you.
19:04Thank you.
19:04Thank you.
19:05Thank you.
19:08Thank you.
19:09Merci.
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