Kofi Amoo-Gottfried, the CMO at DoorDash, talks about how the retail media platform is helping drive conversion for small businesses and expanding its advertising capabilities.
00:00Yeah, I think the notion of retail media in and of itself is relatively new.
00:04I don't even think we add language for what this was even about three years ago.
00:08We announced last week we've crossed over a billion in revenue on that platform,
00:13which makes us the fastest growing retail media network in history in just three years.
00:22But we're in the space now where we're seeing that this conversion of being able to have first-party data,
00:27where we have 42 million people that come to DoorDash every month to use the product.
00:32And so we have an ability to put things in front of these customers that actually help convert that intent into action.
00:38And so we've been able to build this suite of tools in our retail media network that are really compelling for advertisers.
00:44For example, we build a sponsored listing product that really focuses on helping small businesses convert.
00:49And so that product is unique in the sense that it doesn't charge on an impression or on a click, but actually on action.
00:55So it's only if that customer ends up converting that the advertiser has to pay.
01:00So we feel really confident about this product.
01:03We're seeing that it gives advertisers incredible value.
01:06And it also helps the customer discover the things that they're looking for.
01:09And when I think about why people should invest in DoorDash and what the frictions are,
01:13I think the first thing is that people maybe don't think of DoorDash as an advertising platform.
01:16So we have a job to do around awareness, which is a big part of why we can.
01:20But it's also because this space in general is relatively new.
01:22So even if you think of like how companies invest in media dollars, historically, it's been sort of the big scale platforms,
01:29whether that's television, whether that's digital, whether that's other media platforms.
01:33And this is a net new space.
01:35So a lot of this is actually working with brands to start to think about how do you shift some of their media inventory and spend into this place.
01:41And the way you win that is actually by proving performance.
01:44And so we've been able to show that like investing in DoorDash is incremental.
01:48It's going to bring new customers to you.
01:50It's going to drive repeat purchases.
01:51And so I think that that's what a lot of the work is.
01:53We see customers on our platform all the time from large scale advertisers like Wendy's who find a lot of value in our auctions and our ads products and our promo products.
02:03Because it's not just about the ads, it's also about promos.
02:05Like how do we deliver value to that customer, particularly in this macroeconomic environment, right?
02:11We know people care a lot about savings.
02:12We can do that on our platform.
02:13So Wendy's is an example, but also at the small restaurant level, you can think of folks like Milburn Deli, which is an amazing sub shop in New Jersey, close to where I live.
02:23And they found enormous value leveraging these products to grow their business.
