David Rosenthal: belief

Transcript context

…Fascinating. That's really interesting. I hadn't realized this as much. I was thinking there were some two pillars but there are three pillars of areas where China is way ahead here. The first one there being distribution. The second one being something we've talked about in group buying and social commerce. Social ecommerce doesn't exist in the US. There are some Shopify plugins that will show you so and so just bought this on this website to make you feel like hey, people are actually buying stuff so I should buy stuff too. There's not a multibillion-dollar company that made it work and made it an effective mechanism. You have to imagine it will. You have to imagine that coronavirus will accelerate that because shopping used to be a thing that we did for fun. Now, it's not because we can't go shopping with our friends. Let's return to that in a minute. I think there's a structural reason why this is going to be tough in the US in a way that wasn't in China. Hold that then because I want to talk about that. The third being the advancement of WeChat Pay and Alipay are so far superior to the payment mechanisms and money transfer mechanisms that we have here in the US because of the entrenched interest of the big banks where we are stuck on, not just on old technology, but just old thinking about how long money takes to clear.…

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