Caroline Hyde

Yeah, I mean, what I think it means is that consumers generally are somewhat geographically agnostic.

They want to buy from their favorite brands.

You know, we heard from Gymshark.

They had their biggest Black Friday sale ever online.

AG1 Athletic Greens was up 50%.

Brunt Workwear got an order every five seconds.

So if you think about where consumers are purchasing, they're buying from brands they love, the Viores, the Figs, the Aloe Yogas, the on-runnings of the world.

And I think they're agnostic to where those are coming from.

The other thing that we're seeing, which is really interesting, is that this really wasn't just about discounts this year.

People shop brands, not channels.

We're almost living in sort of a post-world channel where consumers bounce from a TikTok video to an AI agent, to a website, to a store.

Even in video games like Roblox, where Shopify powers commerce.

The brands that really won the weekend made the experience feel the same everywhere they were.

And that continues today.

Let's talk, Harley, about the inevitable AI question, because you are like the global commerce company.

You're helping people be digitally native.

How are they interacting, therefore, in this world of brands with various AI agents, whether they're their own or whether they're external, third party?

Yeah, I mean, look, it's still very, very early, but since January, we've actually seen AI-driven traffic on to Shopify stores up about 6X.

But we've been preparing for this for years.

We've been laying the rails for a Gentic.