Asit Sharma

It's just that I think we are exercising more selectivity.

That's what I'm seeing in the marketplace.

Sure, buy now, pay later is increasing as a funding source for strapped consumers.

When we think about selectivity as a phenomenon, that may be what's driving a K-shaped destiny for retailers.

For example, better results from Walmart, symbol WMT, that we saw earlier in the season.

They exercise broad-based pricing.

They can attract affluent shoppers who are

dripping down, and they also keep appealing to those of us who have less to spend.

TJX Companies, they have the selection, and they're really great at getting their inventory from distribution centers into stores on almost a weekly basis.

And Shopify,

SHOP, Shopify is great at choice.

If you have less to spend as a consumer, where will you find the place you will spend your dollars?

Well, with your specific niche interest.

That often comes from a Shopify-based store.

Speaking of larger trends, when you look out at Cyber Week, I saw the data that you did, Emily, and I also looked at some other data, maybe more online commerce-specific from Adobe Analytics.

That seems to suggest that the mega retailers like Walmart, think of Target, Best Buy, Symbol BBY, and Amazon, Symbol AMZN, have been focused this season on moving big-ticket items.

They're going straight to those affluent customers.

They have deals to bring them in.

Put that together with what the higher-end consumers are doing.

They're power users of AI tools.