Okay, good morning, everyone. Thank you for joining us. It's my pleasure to introduce Walmart and to moderate this fireside chat. We're very excited to have with us Manish Joneja today, Senior Vice President of Walmart U.S. Marketplace and Walmart Fulfillment Services. Manish joined Walmart in 2022, having previously served as the CEO of Bark, and prior to that, a leader at Amazon in the Worldwide Operations division and at eBay. Manish, thank you so much for joining us today. Thanks for having me. Before we start, I just wanted to give two seconds of thanks for coming today, because I do think when it comes to the alternative revenue streams that Walmart has talked about now for the last- I mean, for a while- Mm-hmm. In earnest, really, I feel like the April Analyst Day of 2023 was a real turning point in terms of people understanding what this second P&L is for Walmart. Right. So appreciate that we can drill down now on some of these businesses. Mm-hmm. And so we appreciate your time and walking us through it. Thank you. So maybe to start, it would help, I think, to learn a little bit more about your background and what your current role is at Walmart. Sure. Hey, everybody, my name is Manish Joneja. I'll start with a disclaimer. I'm super passionate about e-commerce and marketplace. I've been told when I talk about passion subjects, I speak fast, my action kicks in. So if somebody wants to stop me, please stop me. I started my career as an engineer in the Y2K days when the world was ending. Thankfully, it did not. And for the first ten years, I focused on omnichannel commerce, so helping different brands like Nordstrom, Victoria's Secret, Polo, Gap, also Microsoft, connect offline and online consumers. And then for the next ten years, I focused on marketplaces and global growth, so with eBay and with Amazon. Then somewhere along the line, I fell in love with dogs, so I decided to take on the opportunity for the dog company and took them public, and then decided to not move to New York and stay in Seattle and other areas, West Coast. So we came across Walmart, met the leaders, loved the humility and the humble nature the leaders have, understanding, you know, the opportunities ahead of them, thinking about big, seeing opportunities, what's right for the customer, customer obsession, and decided to take over this role. So I'm leading the marketplace business as well as fulfillment service business, and super excited to be here. That's great. Just given the marketplace at Walmart has changed a lot, over the last few years, can you maybe walk us through a quick history of the evolution of marketplace and where we are today? Yeah, so I really believe that Walmart Marketplace is one of the biggest opportunities in the retail landscape today, and I'll, I'll tell you why. We are just a few years old, so even though we set up marketplaces in probably two thousand and nine, we opened up the marketplace to more sellers and an open marketplace to more countries about three years ago. That includes Walmart Fulfillment Services, building all the ancillary efforts I've been working on. So when you think about a marketplace that's so young in its stage, that is seller-obsessed as well as customer-obsessed, the only path is forward growth, and we've seen that happen across our customer base by unlocking new customer cohorts, by unlocking new seller segments that are bringing on board new assortment. That's been our journey so far, and as we look in the future, we see more and more of that happening, especially as we think about growing Walmart Fulfillment Services, Walmart ads, when we think about it, data, and our omnichannel efforts. So when, you know, you look across the industry, you know, what are some of the key changes you've seen in the retail marketplaces over time? What is Walmart doing to differentiate itself among the other marketplaces, and how do you position yourself as a preferred partner to help navigate this? Yeah. So the first would be changing customer perception. Customers are now more and more open to marketplaces. They are open to that wider assortment, might discover new products, or you might have the same product in different flavor, different style, you know, different colors that you discover in marketplaces. The key difference for a successful marketplace and not so successful will be, can you keep your promises? Right? So that's what people are looking at, is do I have wider assortment, and do we bring the convenience to the table? And that's what something we're building and we're good at. Second, is it's becoming increasingly omnichannel, right? So when you're a customer, there's no longer, "I only want to shop at store," "I only want to shop online." You only want to work with one piece of merchandise. You want that wide assortment that you can buy at the convenience that you've become used to. We've been building our retail business for decades, and we are basically really good at thinking about fulfillment solutions and everything else that we built to fire up in the retail marketplace as such. So we've seen that increased omnichannel penetration and sellers wanting to be successful. So give an example that is unique to us. So we last year, we fired up 3P sellers with tires. So those of you who have cars, you know, you get tires installed. I haven't been able to do it myself. I think it's super complex. What we've done is, we fired up the entire 3P assortment online, connected them to over 2,300 Walmart Supercenters that have full-service Auto Care Centers. So now what you can do is third-party merchandise powered by first-party capabilities. So whatever we've built in the past 60 years, all those LEGO blocks, we're stacking up on top to fire up this marketplace for sellers, right? So that's an omnichannel advantage. Second would be returns. So you can walk into more than 4,000 Walmart stores for most of the assortment and return the item right there. No need to pack or do anything else. That's a unique advantage that we can offer. Another one to think about is store penetration. So our shelves are the most valuable shelves in retail. We've had a lot of sellers come in with the merchandise that have performed really well, worked with our merchants, and put them in stores. So there's a store injection. Fourth, more important part becomes is we are working on a platform that's equitable. It's a level playing field. We work on behalf of the customer. It does not matter whether we own the merchandise or a seller owns the merchandise. As long as it's the right merchandise, we sell that merchandise, and we power that up. So it's a fair, level playing field for all of our sellers. The third point of the question becomes, like, change. Marketplaces are evolving. Commerce is evolving. You're becoming content commerce, social commerce, no longer about listing an item once and hoping it sells. It's about local stores that'll get fired up essentially with these assortments. How do you connect that with the Walmart traffic? So we also announced Local Finds in Atlanta and Dallas, where we have florists basically going to list their products on our platform and drive that, right? So, that navigation of evolutionary change, like, sellers want to work with people who have navigated such complex changes before, and that's what we've been really good at. We lead it. That's great. I guess, you know, the brick-and-mortar piece of it really does make a big difference. Huge. So when you think about Marketplace and how quick it's growing, I think there was 30% growth each of the last four quarters. Can you talk about what you prioritize in terms of your strategic initiatives, and what are the bigger drivers of that 30% growth right now? We've delivered 30% growth four quarters in a row, and e-commerce has grown more than 20%. That's last report that we did. What we obsess about is what customers want, right? There's no arbitrary SKU number or seller number when it comes to like, "Hey, it should be a billion SKUs or 10 billion SKUs." You might have a trillion items on site, may not be good enough, so it won't sell. So what we obsess over is having the right inventory at the right price, with the right experience, with the right content. So if you're able to find those, that's what we obsess about. So what you could have seen in our assortment growth is very precise growth in terms of getting the inventory that people want and going after that. So we have teams that go and do inventory acquisition. But then, if you're a seller with long-tail inventory who wants to come on board, we welcome you as well, provided you pass our checks and balances, right? That's how we focus on inventory and assortment growth. It's all about what customers want. So one example would be StockX. We announced this morning, right? So we announced that in last week's Seller Summit, we did a Seller Summit in San Francisco. We talked about category growth. We talked about Premium Beauty that we grew. That's Marketplace. You can find the brands that you love on Marketplace, an experience that you love, because you don't shop for Premium Beauty the way you shop for household products. It's a different experience. We announced collectibles. We also announced Resold. So, collectibles: today morning, we announced StockX is going to be using us as the first third-party marketplace to list the products. Buy these from them. So you can actually get some cool kicks out of Walmart.com that you typically never got, right? So the place to get that wider assortment from all the partners. With more examples like StockX, we're seeing more and more brands coming on board, serving our customers, which brings a wider and deeper assortment. Our North Star is, and I could say this is like, we want to sell our customers what they need, want, and love. There's stuff that you buy, that you want; there's stuff that you need, but there's stuff that you want to discover. You bring all these different brands on board, so you can actually come and, you know, discover the items that will resonate with you. On the seller side, it's about fair playing field, low cost, profitable platform. We want our sellers to come on board. We make it easy for them to come on board, but we also want them to make money. They should be profitable business with us in a partnership model. That's what we're working with on the seller side, when you think about, like, buy side and sell side, both on the customer and seller side. What we heard from sellers is they look at us as a win-win platform, not a win-lose platform. I'll tell you what that means. First, they look at us as a smart path for growth. We already have the customer reach. There's hundreds of millions of customers that buy from us every week in stores and online, so they have the eyeballs. They're looking for the products that our sellers are bringing on board, right? That's one. Second is, we've now made it easy for these sellers to sell multi-country. So we are present like Mexico, Canada, U.S., and Chile, where the marketplaces exist. We've now made it easy that it's more like, welcome to Walmart. You list once, we'll take your item, we'll translate it, we'll help you list and sell in other places, including from Walmart Fulfillment Services to power that for you. And that makes it super easy for you, versus think about listing it four different times and figuring out what your price should be. You just manage one listing, and that's how you actually go and, you know, translate to other countries. That's a really important one. And we know winning seasons. So last holiday season, and from last year onwards, Walmart+ event, holiday events, all these events were predominantly run by sellers. That's where the inventory was, and that was really cool thing to see such sellers win and sustain momentum, right? So that's how our sellers view us, and we're building what I call more than a marketplace. It's marketplace about listing items, but think about connecting the dots between marketplace, fulfillment, ads, and omnichannel. Mm-hmm. I talked about the tires example, the returns example. We happen to be the largest omnichannel retailer, and we've done this before. That's what we are unlocking for all our sellers and customers. They think about creating, you know, the compelling value proposition for both of them, and it's always about working backwards. I think part of the question was about, you know, 1P, 3P. Yep. We always work back from the customer. We are agnostic to 1P and 3P. When I say we, not just me, the entire company, including our awesome merchants, to make sure we surface the best product and sell the best product to our customers. And within that, you know, I think it's pretty clear, you know, the value that you're providing for the sellers, you know, what the sellers are doing for your customers. Is it wrong to ask or to think about the process by which you vet sellers? Is that still very important? Mm-hmm. The 1P versus 3P experience for the shopper, I think in other examples, maybe you've noticed a difference. How are you making that a little bit more uniform? Yeah. So we always, our sellers have to pass a bar for them to be able to list items. So I talked about Resold, for example, right? There's a vetting process that has to be done for them to be able to list items. You want trust. So trust for us is paramount. We've earned trust from our customers for the past six decades. We want to make sure we maintain that trust. The trust is a reason people have started searching for wider assortment on our site. They used to search for it, didn't find it, but now that we have the assortment, that's where they buy. So our sellers have not just to pass the bar when they come in, but we have lifecycle risk management for our sellers to make sure we can differentiate between sellers and bad actors. There's a daily process, like an hourly and real-time process, that we run on that. On the second part, which I was talking about, was experience for our customer. Mm-hmm. Right? So think of this. I was talking to somebody about this, was when you go to a Walmart store, you go and talk to a store associate or a store manager to find the items that you want. Like, let's say I want a TV, like that's the reason, how they narrow down based on your purchasing expectations. Search is a store associate for web for us. So it always works backward from a customer intent. It does not look at 1P or 3P, so we ignored that. So everything that we do is all about obsessing what customers and making sure the right customer, the right item wins. That's how we operate on. So if you search for, let's say, a Samsung TV, I'm making it up, right, or a restored item, we surface for you the item that matches your intent, that matches the speed expectation and the quality expectation. It's irrelevant whether it's 1P or 3P. You mentioned the Marketplace Seller Summit last week, and there, for those of you that haven't seen it, there's a press release on Walmart.com. It's a laundry list. It's a very intense list of things that you are, Mm-hmm Introducing, and some of which you talked to before. But how are you thinking about category expansion in general when it comes to Walmart Marketplace? How much is maybe too much? Mm-hmm. How much is too little? How do you know when is the right time to roll some of these initiatives out? So everything we do with respect to our expansion plans is based on our customer demand. So we launched Premium Beauty, so you can find COSRX and other elements now, brands on the platform that you can buy on Walmart. We launched Resold, which is quality goods that come at a lower price. So I have twin boys, they're about eight years old. I bought new iPads for them, which was not a wise decision. They probably broke it within a few weeks. Now, I can actually buy similar quality goods because they don't care about the processing speed of the iPad. They care about having an iPad, being able to finish their, you know, homework and everything else on that. I can buy it for half the price on Walmart and use the other half to possibly buy them a Switch or something else. Right? We're providing that option to our customers. What Walmart Marketplace does is gives you the choice of making a decision that did not exist before. And that's very important for us. Same thing, collectibles. I talked about StockX, but you can buy collectible cards. People have been buying collectibles on Walmart stores for decades. You can buy your cards, you can buy licensed merchandise. Now, that's online. And we're also launching a capability to think about pre-ordering collectibles before they come out. You can place an order before the item is listed, essentially in stock, and you can get that delivered once the item is in stock. We're very careful about the planning of these feature sets so that we can actually meet our customer demand. Now, think about launching speed and the volume. So since we are still new, technologies has evolved in the past 15 years to an extent where I can do in one year what I could have done in 10 years, 15 years ago, right? So we're ramping up really rapidly to make sure we can short-circuit the entire thing and give our sellers and customers what they want much faster. And that's working out really well. It's one of the key functions of why we are able to hit those numbers. And you mentioned before, the interplay of Marketplace with other businesses, and there are probably some sellers who can or won't sell on Marketplace until you're able to maybe handle their fulfillment. Yeah. So can you maybe walk us through the relationship between Walmart Marketplace and Walmart Fulfillment Services, and then even the interplay for some of the other businesses like Walmart Connect? Yeah. So think about fulfillment as one of the most challenging aspect of running a business. It is not easy to ship product from Asia or a production factories to U.S. and fulfill it. We are really good at it. We've been doing it for six decades. We have all these Lego blocks that we've built that we are now extending to our customers. So when I say it's more than a marketplace, we want our sellers to come on board, list the item, fulfill the item, and then basically sell the items through Sponsored Search if they want to. They have that option. It just makes it easy for them because then they can focus on the customer, or they can focus on product development. When you build all those assets for a seller, the feedback we see is that helps them focus on the customer and product more. As we do that, we see growth. I'll give you an example. Our sellers who use Walmart Fulfillment Services, on average, sometimes see 50%+ conversion uplift. Two out of three, you know, sellers are right on Walmart Fulfillment Services. That's how these are tied together, so our customers can operate better. Another example of that would be OPD, Online Pickup and Delivery. If you bought from Walmart store, you would have experienced that. We can deliver in an hour. That's a capability that we built that has been awesome for our customers, to be able to buy, you know, grocery, fresh item, general merchandise, that can get delivered at a much faster rate than from anywhere else. We had that capability, and what we heard a lot of neighborhood stores ask is: Can we get that capability? So we announced at the Seller Summit that One 800 Flowers is the first partner that we are onboarding in Austin and Dallas, where we can have florists list their items just like a regular seller. So when you search, you can see a neighborhood store, and you can get delivered through our own Spark drivers, which are our own network. That gives tremendous opportunity to this entirely new assortment that's not the same day delivery, it's like a few hours delivery, and that helps them win the small neighborhood stores, and it helps our customers win. When it does come to fulfillment, can you walk us through the build-out, including local, multi-channel, and then even cross-border fulfillment? Yeah. Is there still a build-out phase of this? We will continue building out. Walmart Fulfillment Services, think about it, like I said, it's the most challenging aspect is fulfillment. We're really good at it. What we did was, WFS is a low-cost, end-to-end solution that we've enabled for our sellers on the backbone of the world-class supply chain that we have. We have an amazing supply chain and transportation team that's been doing this for a long time. What we've done is made it extensible to our customers. It's on average 15% cheaper than our competition. We see 50% conversion uplift when you're enrolled in that. Those customers, you know, that creates trust for the customers. About 40% of our sellers are adopted into it. We see more and more sellers increasingly adopt, especially the top sellers that come on board. One of the things that our sellers have asked for us is: Can we use those services for non-Walmart orders, my own business, and direct-to-consumer site or non-site orders? So last week, we announced that it's gonna happen this year. Next month onward, we're gonna actually allow our sellers to use the Walmart Fulfillment Services to do Brown Box fulfillment, which means we'll accept orders from not Walmart, they don't have to worry about it, and we fulfill. So we're seeing sellers move their inventory into fulfillment centers so they can actually go and fulfill their orders. Second thing we asked, our sellers asked us was: Can you pick up the inventory from a production factory, like in China, for example, Asia? So we fired up three ports. There'll be more coming, where now, on your behalf, we can pick up the inventory from Asia. We can cross-dock it directly to our fulfillment centers. We know where the heat demand is, so we can move and mirror the inventory around and then fulfill it. So what that does is, it just makes it easy for a seller to focus again on the customers more than anybody else. And the Local Finds example is another example, right? So when you think about, take a step back. Fulfillment is a challenge. How do we use the assets that we build to enable growth for our sellers to power the inventory that our customers want? So that's creating the width and the depth of inventory, if we can do that for our sellers, and that's, you know, we've received really positive feedback. But again, we'll continue to build out and bolster our capabilities. When it comes to the value proposition, you know, how are you using Marketplace to reinforce Walmart's value proposition and everyday low prices through this broader assortment? Yeah. So Walmart is in a category of its own. You know, we are omnichannel, more than a marketplace. So when you think about what our customers have come to trust us is for assortment, for value, for convenience. What Walmart Marketplace does is, it adds hundreds of millions of products that you didn't have in a store or online before, so it extends the assortment. And as a customer, now I can find items that I had no idea about, right? So, I bought some Resold items for my wife, for example. I bought this. There's a seller who came on the platform, and they sell amazing jewelry, and it ranges from $15-$50. And they started at, I think, $50,000 about four or five years ago. They were doing $20 million this year, right? So it's because we could actually expose the traffic to this awesome inventory that the seller brought, that, you know, our customers are searching for. So you get that wide assortment of you're looking for a collectible item, you're looking for a, you know, sneaker, like I said, you're looking for Resold for your kids, if you wanna do and focus on that, looking back to school, back to college, or looking for groceries. You can find everything in one place. That wide assortment creates an entirely new differentiator when it becomes omnichannel. That's very different, and it includes both 1P and 3P, right? So that's the beauty of Walmart, is you can have those hundreds of millions of products delivered in the way that you want, at the price that basically connects with you. How are you supporting Marketplace from a marketing perspective? How are you letting your customers know that this is something you're offering? Yeah, that's, s o our marketing team focuses again on customer backwards. When I think about back to school, when you work backwards, is not about whether I have the merchandise as a seller or Walmart has it 1P. It's again, agnostic. We wanna make sure we can serve the right item. So if you go to walmart.com, you'll start seeing more general merchandise pop up in your app or on.com. You'll see that'll be a mix of 3P and 1P. Last holiday season, starting last, actually, last year, you'll see majority of the items are coming from really amazing sellers who are selling, o ne of the hot-selling products last year was a pink Lamborghini. When the Barbie movie came out, pink was a hot color, and that sold out. These sellers are really fast in acquiring inventory, so that shortens the go-to-market signal for us, right? And they bring the inventory on and sell it. So that's what marketing does, is pink Lamborghini was one of the part of the marketing initiatives that we did. So our marketing team, like us, focuses on customer first, increase the consideration set for general merchandise, so you can order, you know, your guacamole with LEGO and everything else that you want, with an iPhone cover, and get delivered to your home. I think one of the, you know, the most intriguing parts of Marketplace when it comes to investor consideration is just what it's contributing to the top line, but also how we should think about it from a margin standpoint. Yeah. So I wondered if you could talk to that a little bit. Yeah. So our objective is to make and continue being the first place to shop for Walmart. And for that, we have to sell our customers what they need, want, and love, and we cannot buy every single item that's made in the world. That's where Walmart Marketplace comes in, is it extends that. It complements the already awesome assortment that we have in 1P, with this 3P deep assortment that brings to the table. And part of that is, it deepens the relationship with the customers. So what we're seeing is more customers come more often and buy more often across different categories. So it's not just groceries, it's toys, it's electronics, it's fashion, it's hardlines, it's home goods. And what we are realizing is that our customers already wanted this merchandise that we did not have, and so they were bringing the merchandise on that's connecting with the sellers, with the customers. But see, it happened across our segment, so it's not just one category. And Premium Beauty, for example, right? That's how we figured out was there's a demand for it. How do we go and unlock the demand to serve our customers better? Same thing with tires. We connected online, offline. Local Finds is gonna be in the same path, and that's more about connecting demand with supply, right? And as you do that, the sellers come on board, and the suite of services we've created for them to connect with the customers more, fulfillment services, ads, data, and more, that creates this ecosystem that actually helps our P&L as well. In the end, it's about if our sellers win, which means the customer winning, that's when we win. So we only succeed when our ecosystem of, you know, sellers and customers win. And as a percentage of overall e-commerce, I mean, even with the growth that we've seen, you know, the last couple of quarters, I think, e-commerce is still driven primarily by 1P. So what does the evolution of Marketplace ultimately look like in terms of its contribution to e-commerce in the future? So the thing about e-commerce or omnichannel commerce for us, right? What we wanna do again is be there for our customers for the items that they search. And as you look in the future, you'll see more and more penetration of Marketplace items come in, so more sellers coming on board. You'll see more models evolve. You're seeing people come and sell in bulk, for example. We have B2B marketplace. So sellers can sell in bulk to small businesses, right? That's a new model that we are ramping up. You'll see local Marketplace ramp up. You'll see cross-border more happen. So we have the right merchandise. If you're in one of these markets, you tend to gravitate towards brands that we might have. We're gonna enable that transaction as well. You'll see higher penetration come, but what we'll never compromise is on trust. We wanna make sure we have the right sellers, the right assortment, and we enable them to sell across all the countries and the cohorts. There are more models that I can't think of right now that will pop up, but we wanna be ahead of the game and lead that through change. That's how we see e-commerce and Marketplace penetration grow. Okay, and then when it comes to Walmart as a company working to grow operating income faster than sales, how does Marketplace play a role in that? Yeah, so think about Marketplace as a, I think John David Rainey used the right word. He said it's a linchpin, right? So basically, for our future rev mix. If we get the right assortment, we see our customers come in more and buy more and more frequently. We see sellers come and buy more frequently, sell more frequently, especially when it's a low-cost, profitable platform. And that's despite all the fees and everything else that we have in place, right? As we expand that, you'll see a larger penetration come towards e-commerce and Marketplace, and we'll see more revenue mix happen through our sellers. So that's why we focus a lot on getting the right merchandise, right? It's not about getting just an arbitrary number of sellers and SKUs. It's about the right merchandise at the right time and the right place. And if you can get that, we see higher conversion. We see sellers sticking, bringing more merchandise. And I'll give you an example. Last holiday season, Black Friday and Cyber Monday were one of the top selling days for a lot of our sellers. They set records. A lot of sellers ran out of stock, so they had to rush inventory because there was high demand. They ran out of stock again. So we've seen sales. We get sales, so these sellers are coming in asking us like: "Hey, what are the projections we can do?" So we're seeing inventory hit our FCs right now for the upcoming events that we have. So we're seeing that if we can connect the dots well for these customers and sellers, we're seeing the flywheel kick off, and that's what's really exciting. That example I took about a seller who was fifty thousand, twenty million. There are so many success stories that we had in Seller Summit. We had a line out the door for Walmart merchants talking to us. They really appreciate the, it's not quantifiable, but the humanity factor of it. Like, every seller we worked with knew the name of an account manager or customer service agent that helped them, and that you don't get anywhere. So I thought sort of the humility aspect that I basically found in my interview when I was trying to join. I figured out Walmart. That's just, you know, innate or organic in a culture that's called out by sellers, and we really appreciate them for that, and we wanna make sure we can be there as a human partner to them as they grow. Can you just talk a little bit about, you know, some of the risks that you're managing with regards to this? As it sounds like everything is moving in the right direction. You're seeing this double digit, very strong growth, but what risks do you have to manage in the process? There's,s o we have a roadmap planned for the entire year, and so, like, forward, and think about long-range planning. We have to make sure we can deliver on promises, right? So I talked about trust, which is a really important factor. The risks that I look at is: Are we executing our plans at the right time? There's a time for everything. We could have done some of these initiatives early last year, but again, there's a sell side and a buy side, right? I can bring the assortment, but a customer has to be able to buy it in the way that they're used to, the way that they shop Premium Beauty, the way that they shop Resold, the way that they shop collectibles. So we have to time it right, and that's one of the things that we work internally really well as Walmart is. It's all our teams. It's a company-wide initiative versus just a Marketplace initiative to slot it in the right time so we can maximize the growth. The last thing we'd want is bring assortment online that doesn't sell, and then basically it sticks around, becomes dead inventory. So we work with our sellers very closely to make sure it's the right time for the right inventory. And then, for our last question, one thing that you mentioned was we've talked about all of kind of the interconnectedness between fulfillment- Mm-hmm. - and Connect, and, there is even within the store, which you mentioned before. So I think, we've seen digital signage in the store, able to showcase items that people can get on Marketplace through a QR code, for example. How are you envisioning that evolution of the store assortment with Marketplace? Yeah, I think omnichannel is one of the biggest superpower we have that nobody can replicate, right? So when you think about the broad customer reach we have, that combined with our combination of digital and physical experiences and our stores, 90% of the U.S. population being within 10 miles of a store, that's a really powerful combination that nobody can compete with. That's one of the reasons we could figure out tires, returns, signage you're talking about, right? There are more tests in play right now as you think about, like, blurring the boundaries between our assortment before stores and online, and that's where I saw e-commerce, we are at 100 billion, right? We're growing at 20% comp, Marketplace, 30%+ comp. We're gonna keep on doing these tests and find new ideas to serve our store customers with digital assortment and same with digital to-do through OPD. That's our kind of approach, and again, it goes backwards, works backwards from, we want to be the first place to shop for our customers. They're looking for what they need. They're looking for what they want. They're looking for new inventory. By adding all these things together with the power of omnichannel that nobody else has, like, think about being in a, in a Walmart store, right? Shelf. What we're also seeing is sellers are becoming suppliers, like I said, right? So RTIC Coolers, when they launched the entire assortment, they saw the right SKUs of the merchants of what was selling. We moved those assortments to our stores. That's a new kind of avenue for revenue for them. But we're also seeing suppliers bringing their extended assortment on Marketplace. That gives them, like, it's a no-regret model. You list your items, you see what's selling, you're able to set the right prices, you can ship it yourself, or you can ship it to Walmart Fulfillment Services. That helps us become the first place to shop for our customers and the first consideration for our sellers.