Harley Finkelstein on Shopify's Q2 blowout: $87B GMV, 12% US e-commerce share, and agentic commerce infrastructure

next, we have Harley from Shopify coming in the temple of technology, the fortress of finance, the capital of capital. Welcome to the stream. Harley, get that gong ready, Jordy. What happened? Give us the update, Harley. How you doing? Give me the update's good. I I just finished watching you guys with uh with Mark.

It was It was an amazing interview. It was really a lot of fun. He's fantastic. Before I get into Shopify, um you guys you guys mentioned the emotion of being uh at the ICU with Figma.

uh yesterday I think right uh so we we are 41 quarters now I maybe 42 quarters post IPO I think it's emotional for anybody I mean obviously that story is incredibly emotional because of what happened with with you know with Adobe and all that but I think it's it's I think it's emotional for anyone who who goes there um although I I do think you know you'd said that is is that going to you know create some momentum for more companies to do it independently I don't know if that's going to be the main catalyst or not but I said this last time when I was on on your show I I want to say it again for those companies that are out there is this perception that like the public markets are something to avoid as much as possible.

I I I you know 42 quarters in let me just say like one of the best things Shopify did was was go public. It's it's made us a better company. It's allowed us to um to be a lot more transparent. I think there's like this hygiene thing that that these quarterly the quarterly reports do.

Um so I I don't know I don't know how to where else to do this other than a show like this.

This is my endorsement that if your company is ready, the team is ready, the business is ready, accessing the public markets should not be this thing that is like if I don't get acquired, I I guess I'll have to take the IPO route. Um, it's been an amazing experience for us. That's awesome. 41 quarters.

Yeah, amazing run. Uh, uh, advice for Dylan Field. How can he make the first 41 quarters of Figma, their public debut a success? Oh, wow. Uh I know Dylan he's an amazing founder, a great great entrepreneur.

So uh I don't know if I much to teach him other than to say that you know we looked at the um we looked at the IPO is sort of like we we actually called it game day like we were graduating from the the minor leagues to the major leagues. And I actually think that type of um that that metaphor actually works really well.

It's it's not like you're done. In fact, it it just like you're just sort of graduating to the next step. The thing that I I think I I I on the earnings call today, I spent a lot of time talking about this and get into the results in a moment.

Uh this idea of like providing these like breadcrumbs to the public to to the street to your you know you have this huge book of investors including retail but you have these 10 or 20 funds that if you're lucky and we've been lucky I assume Dylan will have the same fate.

they kind of hold your stock, you know, for a very long time and making sure you leave enough breadcrumbs so that they can anticipate where things are going to provide some consistency, I think is really really important.

Um, so uh I don't know like becoming a trusted version of Figma in the public markets is a much better way to I think do things than just becoming like a different version of Figma. I think the reason that Figma is so successful is because they understand their culture, their product, their customer base.

I think it this is just sort of the next phase for them as opposed to like okay we're done let's now change the company and become something different and in sort of this era of founder companies uh and founders being allowed and and and permissible to run their companies over the long period of time I think that works much better.

One thing that stood out to me is Figma was launching new features on the day of the IPO, which to me just sent this signal that we're still the same company that care like Dylan was replying to customer support posts on on the IPO day. It's it's amazing. I mean, look, that that is uh like we we we do the same thing.

There's there is something different about founder companies. Uh and with that, less about Figma, more about Shopify. Yes. Um okay, so uh obviously, you know, we had our results this morning. The news The news is Q2 GMV was 87 billion. That's up 31%. Revenue was 2. 7%.

Uh free cash flow was 422 million uh which is 60% of revenue. So um back to the consistency point, we've now had 11 consecutive quarters of positive free cash flow, eight consecutive quarters of double digit free cash flow. And um it's you know this is Shopify operating on all cylinders.

Um and and yeah, I think that it was it was a really good quarter.

I think there was like a a bunch of these interesting uncertainties that the street had uh tariffs dimminimous macro um but our our merchants you know did disproportionately better than the overall e-commerce market which is really cool and then I got to announce some like amazing brands uh you know Michael Kors Canada Goose Starbucks these incredible companies uh that are now coming to to shop like Burton camele came um so really cool to also be able to talk about some of the big brands that are now joining Shopfly 2.

Break down uh some of those concerns kind of one by one. I'm sure you did, but but tariffs, dimminimus, you know, the market broadly, how have you guys how how have you guys been kind of approaching that? And and uh yeah, how did you how do you think you got through it?

Is it just that it was always, you know, kind of like a lot of these a lot of these political changes, it feels like really crazy and then it rolls back and it's actually fine.

Is that the right narrative or is it the actual like adaptation and agility of both Shopify and the merchants to actually work around a changing environment? I mean it's a team effort too because each individual brand has to say hey we're facing some headwinds here and we have to figure this out.

We have to navigate this and you know just find a way. Yeah. Yeah. It it actually carries all the way to the consumer because the consumer also is like well what if I lose my job? What if I you know have have less disposable income now? Do I have to select?

Do I have to make choices and trade-offs of of what I buy, what I don't? I mean, you know, just to kind of at the high level, we we are not seeing signs of slowdown. I'll just start with that. Um, we can look at data actually through early August.

We're August 6th today, so not obviously not not half the month, but but certainly the first week of August and and generally we're not seeing any any slowdown. The factors we monitor at Shopify are as consumer spending, household savings, tariffs, uh, foreign exchange trends, and then supply chains.

And generally we're not seeing nearly what what I think a lot of us were were concerned about. Um the other thing that I think is is interesting is that I mentioned like you know Starbucks and Burton Canoose joining Shopify.

One of the interesting things that happened that I don't think we fully antic I didn't certainly didn't anticipate this is that because of this uncertainty a lot of these bigger companies were beginning to be like they were rethinking whether or not their tech stack was futurep proof.

like am I spending too much money on technology? Is my technology partner and and commerce in our case platform are they futurep proofed?

like I'm hearing all about you know you think about like um you know think about like a metaphorical board meeting uh at one of these very large retailers someone is going to raise your hand and say how are you guys think about AI inside the company and what about like agentic commerce and so I think one of the neat parts for us as act as a as a tailwind has been that a lot of the big brands that historically said we we we our stack is not great but we're fine with it are now think are now looking saying like all right this is ridiculous it's like duct taped together it's not futurep proofed we're not able to you know we don't even like our provider doesn't even know what agent commerce is and that's leading a lot of brands to to come to Shopify.

Um the thing that we've I think you know we were around in 2010 um and and so sort of at the tail end of of the of the global uh financial crisis certainly uh pandemic obviously was was was had a lot of changes too.

What we try to do is not necessarily um you know forecast what any any organization any administration is going to do uh from a policy perspective but rather figure out okay if if if if any of these things happen how do we set up merchants on Shopify so that they're better off than merchants that are not.

So in the pandemic for example like immediately we didn't know how long the pandemic was was going to last but we immediately were like okay there's a bunch of these like restaurants for example that are now going to have to do some sort of like delivery service.

We're not we don't restaurants is not one of the core uh verticals that Shopify has ever been in but like let's just make sure that we help them and perhaps they end up going to accessories later on and they'll eventually stay with Shopify or you know a bunch of physical retailers now have to move online very quickly.

What can we do to actually help them do so at this incredible clip? So that's kind of how we look at these these these times of uncertainty which is simply prepare merchants on Shopify. So maybe they don't want to do a tariff calculator.

Maybe they don't need to do a tariff calculator, but if they decide to do so and it's valuable to them, let's make sure it's embedded in the product and they can simply just just opt into it.

So that's kind of the way we we we do that as opposed to, you know, you can read all you can read as much information, you can read every paper and listen to every interview from the administration as possible. You still may not know what's happening.

And so rather than do that, let's just anticipate all these things could happen. Let's just make sure our merchants are prepared. I'm not sure if I'm like over storytelling here. Um, but uh, Burton, is that a full circle moment for the company? Tell me about that. Tell me about the significance of that.

The significance of it is that, you know, why did it take them so long? What were they doing? Oh man. Okay, so Canada Goose, Danny, uh, who's an I don't know if you know, you guys know Canada Goose, right? Yeah. Yeah. Okay.

So, Danny Ree, an incredible incredible entrepreneur, one of the greatest retail entrepreneurs on the planet. I He's a friend of mine. He's a Canadian guy. Canada Goose and Shopify are two Canadian, you know, stories, success stories. And and I've been trying to get them on for a while. They finally came on, too.

But Burden is really relevant because, uh, the history of Shopify is that when Toby moved to Canada in 2004, uh, he couldn't get a job because he was, you know, new immigrant and no one would hire him. Uh, so he ended up deciding to start a business, which was, you know, if you're an immigrant, that's okay.

and he decided he would sell snowboards on the internet because he was in Canada and he loved to snowboard and he couldn't find any good software and so he wrote uh he wrote this software to sell these snowboards the store was called Snow Devil and that software that he wrote this for Snowevil would become what is now Shopify um and so the fact that Bird one of the most important snowboard companies on the planet is now using Shopify is is really really cool uh and um but I I love the I mean I I spend if you listen to the earnings calls I spend uh quite quite a bit of time on these calls talking about some of the larger brands coming on.

Part of it is that I'm very excited by these brands like you know I I love the fact that these it's weird but like Hunter Douglas uh Birkenstock Mattel these are brands Hunter Douglas was created I think in 1919 Birkenstock was created in the 1700s uh and uh and and I think yeah so Mattel was created in 1945.

I like that these very large iconic retailers are selecting Shopify.

The other reason I like to talk about these and it's significant too because there's some certainly some people living under a rock and early on Shopify was loved by small merchants that were just starting out and I'm sure I'm sure you went through a bunch of calls with investors and things like that over the years which was yeah it's great but like you guys just have the like long tale of enterprise you're never you're never going to really dominate with the retailers that matter and like clearly that's that hasn't been true for a while, but you still kind of have to just like say it over and over and over and over and over.

Yeah. So, I'm just I'm just repeating it over and over again. The other thing that was that we announced today was that uh we now have 12% of e-commerce market share in the US. So, if you think about from a checkout perspective, um yeah, that's Thank you. That's really good advice for entrepreneurs over there.

Just go get 12% of the entire market. You probably be good. A lot of people say I just I just all I want is 1%. I'm good with one. A little bit higher. Go for 1% is pretty good. I I I think makes us the second largest checkout uh in in the US on the on the internet uh after Amazon which congratulations.

How do you um how do you think about sales cycles because for someone like a Burton I imagine the first conversations there like that feels like this whale that like is just a natural fit for the product but it's not the kind of thing that was closed in like a quarter.

So like how how do you how do you kind of even work with the team on that front to understand that like we're actually playing and you know ideally we close all the customers we want to close next quarter but realistically sometimes great partnerships take time to come together and you guys almost have the luxury of like you're 41 quarters in you're probably thinking about you know you're you're thinking you know actually able to think you know long term.

Um, but uh, in some cases it's it's it's it's actually it's not necessarily based on size or like GMV band. I mean, we have merchants on Shopify that are doing hundreds of millions of dollars of GMV and they have like I'm not joking like they have like 12 employees. Wow.

Um, and then we have merchants that have, you know, thousands of employees and are doing far less in GMV. So, it's not necessarily about the size of merchant. It has to do, I think, with two things.

One is complexity in terms of how much uh you know technical debt and baggage do they have meaning how much duct tape do they have to undo to migrate over and then the second part is like you know what h how motivated are they to move over um I remember uh when when Emily Weiss left Glossier uh Kyle Lehey replaced her um Kyle's an incredible CEO uh Kyle came in to run Glossier and um Kyle called and said you know, we're a cosmetics company.

We have this incredibly, you know, complex technology stack. We have tons of people running e-commerce. Do we need this? And we looked at like, no, we we can help you. And I think the Glossia migration, again, that was that was a that was um a homegrown stack.

And we said, well, that was at that was at an era where by the way, well, yes, but also investors at that time wanted to invest in consumer brands that had an insane CTO. You know, it was like it was a point it was a badge of honor to be like, "No, we're not using offtheshelf software.

Like we have we're running on our own tech stack. We're a technology company. Give us a technology multiple. " Well, and and exactly you got I mean, you said it right. It's a technology multiple. They're like, "Well, we're not really this. We're this other thing as well. " They're like, "Sorry, Harley.

I can't switch because if we don't have uh our own tech stack, like my multiple is going to get cut. " I talked to one CTO at a DTOC company that they didn't just build their own e-commerce stack, they built their own Salesforce. They built their own CRM and their email email management.

And the good thing good thing is that everybody realized that you can build your own tech stack and you're still not going to get a a software tech multiple way and your cost is exact and not just just not your cost. Just talk about your efficiency. I mean totally you know back to the 12% market share of e-commerce.

There is no checkout that is more performant than Shopify's checkout simply because we have more data in which to make better decisions with.

So even if you do have the most technical team building the most incredible technology stack, you still don't have the economy of scale that you can get by being part of like that. That's the weird part that people miss about about Shopify. That's the reason why the 12% number is is I think valuable.

If you sort of put together, if you were to assume for a second that we were one single retailer instead of millions of of individual stores, we would be the second largest online retailer in America. As part of that, you get you are entitled to incredible economies of scale.

So even if you can do it yourself, even if you can do it in a cost-effective way, you're still missing out on like, you know, we we announced the Agentic stuff which we just talked about yesterday.

you you can go do your own deals with every single, you know, agent like that that's available or we can just do it for you. We're already doing it for millions of others. Might as well throw in with us. Your point though on the multiple is interesting. Something shifted.

I think at some point I don't know what year it happened, but at some point the flex of oh, I built my own e-commerce stack stopped being a flex and started to look like why did you do that? I mean, write down basically start looking at it.

It's like, wait, you're spending $3 million a year on this like technology team and that is like cutting that could be cutting I don't know safely like $30 million off of your like I was running an e-commerce company in that era and I went around and I and I went and I did uh uh I I looked at all the different companies all the leading DTOC companies looked at their headcount on LinkedIn how many people do they have in their technical organization what's the average comp and I found out the amount of money that they were spending as a function of revenue and some of the companies were spending 10% of revenue on just building e-commerce software and I was like and and and so at that time I was like oh I you know we were on Shopify Plus and I was like benchmarking I was like okay so we're like an order of magnitude more efficient but we could be even more efficient we need even less people like it was just like we could we should be focusing on the marketing we should be focusing on the brand and and there's this great uh PE firm you guys probably know it called El Caterton yes latter It's amazing.

Michael Chu runs it. It's like Michael Chu and and um uh the Arno family. Bernard Arno is involved there, too. And Michael is an incredible investor. But he he's, you know, he's acquired a bunch of of of merchants uh some on Shopify, some not.

And one of the things he he's recently told me is that in some of those meetings where he's about to, you know, where where he brings sort of their first meeting once they've been acquired uh by by by them, he says, "Okay, well, now when are you migrating over to Shopify?

" Like at some point it flipped from being, oh, I can I have all this opportunity because I can build everything myself to I actually think you should be like do what you do best, which is you're an incredible cosmetics brand. Go do that really well. Yep. Totally. Did uh Stables come up on the earnings call at all?

Any any I brought them up a lot many times in the past. Yeah. Uh what what's your updated thinking? How do they fit into the kind of Shopify ecosystem in the near term, long term? Sorry, you said staples or stable coins? Sorry. Sorry. Sorry. stable coins. Oh, Staples. Staples is a merchant on Shopify. Oh, yeah.

So, you know, the big it feels like we're we're in the they're now legal. There's a public company. They're out there, but when are we going to see people paying for it? I'm sure that there's integrations.

I mean, a decade ago, you could pay for a shop, you could do a Shopify checkout with with Bitcoin, with the Coinbase integration and a couple other since two since 2012. You're 2012. I remember because that was it was when when Coinbase started in YC. Exactly. 50 Cent had had SMS by 50.

50 Cent was trying to compete with Beats by Dre. It was like it was a big battle. Anyways, we had both of I think then we had both of them on and 50 Cent actually um I think was one of the first merchants to actually accept Bitcoin. I I don't know if anyone did it.

But but look, I I think in in that era, it was really that was really about speculation, not about detail. Um the way that we think about stable coins in general, and I'll get into USDC in particular, is that anything we can do that can bring more flexibility to commerce is a very good thing.

I think uh stable coins, USDC in particular, it just gives merchants more choices, more security, and it offers much faster settlement. Now the other thing it it solves which is not getting discussed but it's important is that it solves like a real problem which is crossborder.

Crossborder is now becoming this it's not becoming a feature of of of modern retail like this like default global is how most modern the best merchants the best companies I know are default global. They they don't necessarily look at these geographic physical bounds as as different markets.

It's like, well, if you sell to the US, why wouldn't you also sell to Canada? Uh, it's effect, you know, it's it's the same continent.

And so, I think with stable coins, this idea of offering a payment method that combines like the transparency with a blockchain with the speed and a price stability of a major currency is really, really valuable.

And then in terms of like, you know, doing it with with uh with a trusted partner with us, it was Coinbase, which we we love. It means that you can actually bring all these like, you know, very familiar commerce features like a authorization and refunds. Um, but you don't actually need a new wallet there.

Like part of what I think is is scary about um this type of stable coin is like, well, do I have to now, you know, create a new account and like what is the friction involved? And I think this the way that we're looking at it is that merchants get paid in dollars. There's no new wallet created.

it there's no added friction but it's a seamless flexible safe transaction. So I again it is not about um it's not a speculation it's more about utility.

I think once I I I think it'll be a slow um sort of increase in penetration and then eventually there'll be a cohort of of consumers and a cohort of merchants that are just like this is the this is so much better. Can we shift to AI? I know that you have some stuff that we should review.

I also want to ask about uh shopping in LLMs and then how that flows through. Uh there's the potential of ads and there's potential of the checkout happening, you know, or or you know, I I send my agent out to purchase it. Just give me the updated thinking on uh how AI is change or how AI is changing commerce.

So if you think about um if you think about it from a from a sort of a model perspective, think about Shopify as being the hub in the middle.

this like retail operating system where you have your inventory, you have your analytics, you fulfill orders from there, you have your customer data, everything is sort of at this hub and you sort of think about like the main spoke off that hub is has been e-commerce for us.

And then a second spoke obviously was like point of sale like physical retail which is one of our largest growing segments and then you can sort of think about new spokes. Another spoke for example is like social commerce.

We integrate with like Instagram, we integrate with YouTube, we have a Roblox integration, a Spotify integration. So one of the things that we think a lot about is the future of retail is not going to be this weird binary online versus offline. It's going to be where every surface area where consumers spend their time.

And for most merchants most of the time you know the Roblox integration is not going to be the main thing. Although you know Fenty Beauty u one of our brands is doing really well with this Roblox integration.

They they have figured out that their consumers are spending time and there's actually a physical they have a sorry like it looks like a physical store inside of of the Roblox universe. Roblox by the way has like hundreds of millions of of monthly activives.

It's we were talking about earlier it's they have I think it's we we talked about earlier 20 plus million DAUs in the US and it's that's unbelievable 18 under 18. It's like all every everyone. Okay.

So, like think about it from like, you know, the perspective of of a direct to consumer cosmetics brand where their core demographic is that age group. Now, it's a new place and there's no competition because no one else is like like Fenty created a store inside of Roblox.

You look next door unlike their store in Soho, there's no one else. So, we think about this idea of like these different sort of spokes being different channels. Y we think that commerce is very likely going to be a new one of those spokes.

And so in the last 12 months or so we began to build infrastructure that allows these AI conversation basically to bring native shopping inside of these AI conversations. So we we we we launched three things um and I'll go through all three because you guys are technical and you have a technical crowd.

So the first one is catalog. We launched it in in this past quarter. So catalog effectively helps agents to search and and to sort of surface exactly what customers want in seconds. It looks across all of Shopify's products, every skew on Shopify.

And then it uses large language models to like categorize them based on like you know meta metadata and and and and the types of products they are. It also creates sort of this like standard product data at these massive volumes and then we package it in these like basically these search APIs.

So if you are if you if you have an agent, you simply can ingest the search API and have the entire catalog of Shopify merchants. And is this is this tech by an MCP server or is this a API that's just accessible? So you can you can do an MCP server with like UI components or you can do it through an API. Okay, got it.

Yeah, makes sense. The second piece is universal cart. This is new. So it's part of what we call checkout kit, which I'll get into a second, but effectively it holds items from multiple stores in one single spot.

So, as you're sort of having a conversation with your agent, let's say you're going on a camping trip, for example, you may want a tent, but you may want a sleeping bag. Those are different stores. You may not be ready to check out immediately, but you also you want to hold all these things in in one single cart. Mhm.

And then that all feeds back into checkout kit, which we launched last year, which lets partners embed merchants checkout directly in their agent. Uh, and it has Shopay built into it, but it it it, you know, it's the best converting checkout on the internet, which is ours.

And now we're effectively giving it to these agents. What we announced yesterday was that now partners, any any agent can actually um theme the checkout kit so that it matches the application's look and feel. So it doesn't feel like some weird, you know, iframe that pops out that looks like it's a third party.

So it actually looks natively integrated. And then, you know, merchants get the tools that they need. They'll get address verification. Uh they get fulfillment. So and and and actually in the case of checkout kit, Microsoft's co-pilot um is is already using it. So the benefit is sort of three-fold.

The first is for consumers now they can get these like personalized conversational shopping experiences. From the merchant perspective, merchants on Shopify are now going to have a new place to get discovered across all these AI platforms.

But from the partner perspective, which I think is the most interesting, is that they don't have to build the complex parts of of commerce. They get access to millions of these merchants through the this MCP catalog and they also get the best converting checkout.

And um we think I if this does become a place that is a predominant or or a popular surface area for commerce um it it it means that merchants on Shopify will be very well positioned.

And what's neat about it is if you think about how a lot of those, you know, like if you were if you if you were trying to go on a on a camping trip now, you'd probably do it in some sort of search Google or something like that, the the products you're going to find are likely going to be based on like a lot of them at least may be sponsored where where the more you pay, the more likely you are to show up.

Whereas in sort of the agent world, in sort of a commerce world, it's actually more of a relevancy. like it has all this history of everything you've ever talked to it and said to it. It knows that you're price sensitive for certain things but maybe not for other things.

Um so it may it may turn out to be a really new sort of vector for commerce and and and we want to be at the center of it. How do you uh how what's your kind of looking out into the future commerce within LLMs? Are you bullish on on paid placements? Are you bullish on referrals?

Uh I was uh obviously like in the same same thing as you know in the influencer world like consumers deserve to know what's an ad and what's kind of an organic mention and all that kind of thing. Uh there've been a debate recently around you know should ads be banned entirely from LLMs.

Um and uh I you know generally don't agree with that just because I think you know these tools should be broadly accessible and and ads are potentially a way to do that. But the other thing would be ultimately like do LLMs would LLM at some point earn referral fees from merchants?

I mean all this stuff is like extremely complicated and yeah um can have you know positive effects, negative effects, but uh what's your framework? Uh it's that that that I think is the $64 question. I I I I'm not sure.

I don't know exactly because part of the reason that I think agentic shopping is so interesting to so many people is because um it feels more democratized. Yeah. It feels more based on it has a great understanding of who you are.

Therefore, you know, you guys started the show with me today saying like I'm going to have my agent go and buy me a bunch of stuff. I want my agent to go if that is if that is how I am purchasing in the future. I want my agent to go buy things that I actually really like, not the thing that my agent is getting paid for.

Yeah. Yeah. When I when I think about the use case here is like I have certain brands and I only buy their t-shirts. And if I could just be in an LLM and say like, hey, I want to get some new t-shirts. Can you like and they're like, cool. Here's the t-shirts you normally buy. Would you like?

And I'll be like, I'll take five white t-shirts and five black t-shirts. And it's just done. Like that's amazing because I don't want to be navigating around and you know it's just like removing that friction which is kind of the I mean has been the history of Shopify.

So all these new products if you if you think about you know I think Toby told me this that like if you want to look at you look out to where technology is going look at what like rich people currently do and then everyone else will be able to get that feature. Uh so you go back to this idea of like personal shoppers.

If your personal shopper is constantly selling you the thing or trying to sell you the thing that they make the most commission on, it may work once or twice. Eventually, you'll stop going to that store. You're going to look in the mirror. You're going to look in the mirror.

You're like, "Dude, this is like this like some gold chain or like I wear a black t-shirt. Like don't, you know, like I know you're getting paid more for this gold t-shirt, but like I wear a James Purse black t-shirt every day of my life. " And James Purse uh is a great Shopify merchant and a great entrepreneur himself.

There we go. He doesn't he doesn't advertise. Doesn't advertise. So like so like he's not going to participate in that. But if it knows that I really love James Pur black t-shirts, it has to be highly contextualized. So that that is a really good question. I think the way that we look at is is like this.

There is a there is a there is um a a decent chance that aentic shopping will become very relevant for some segment of the market.

Therefore, if we want to qualify and re-qualify to be the merchant uh the retail operating system for all these incredible brands, we have to be there in the same way that we have to be in social commerce. And social commerce, you know, for some people it is a really really important channel for them.

You know, my mom is I don't think my mom has ever bought something on social commerce. She still goes into a physical store. So, we we're not going to predict like our our our job is to make it so that wherever you want to sell, you should be able to do so really easily.

It's going to be absolutely wild when you think about I mean this this experience where you're chatting with a model and it surfaces you a product and you can ask it well what do people like me think about it and it like automatically pulls you know reviews from relevant people.

It pulls what your favorite influencer thought about the product. It it surfaces other brands. Like it it's going to be incredibly powerful.

And I think at at best it's like a personal shopper that's aligned with you, not, you know, trying to maximize every purchase or a great sales rep who's if you're working with, you know, a a sales rep at at a retail store, they're not fixated on like how do I maximize this the value of this cart, right?

They're thinking about the sort of long-term relationship with the customer. So, very exciting. I'm excited to see what people build. Well, congratulations. Thank you so much for hopping on and chatting with us. Always so much fun. Fantastic work. You guys are the best. I I love your show. Love what you guys are doing.

And I I like that this is becoming a a new routine that after see you guys. We'll talk to you soon. Up next, we have uh Anton from Lovable coming in the studio. Get that gong ready, Jordy. What? Shopify. Oh, what? Up 20%. 20%. Yeah. I was trying to tell him that on the stream because I wanted the