I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."

Everybody is looking at their base business and saying, "What else is it? Sure, we do this, but while we're doing that, what else do we know about our customer, and what does that enable us to do?" That comes from the access to information and the ability to analyze it with a speed they never had. I think everybody is thinking that way.

I find it is happening in different ways to every industry in the world, and positioning yourself for that, and trying to get ahead of that, is a big conversation right now.

It is a very interesting world. I'm excited. It is much more optimistic than people think, and there is going to be huge job creation from all these things, and there are going to be huge life improvements.

I want to be clear. Who knows if [ Donald Trump] will be a vessel that people will get behind, it might not be, but there is a movement out there.

Do people have confidence? I think the real confidence you need is the confidence in your outlook, and I think people are pretty confident it is a low-growth world.

As a whole, [changing] is deflation force that is being underestimated. Whether each person thinks of it in the context of the word deflation ... what they think of it is, "Hard to hold my margin. I'm under margin pressure. I'm under sales pressure. I'm under cost pressure."