Dr. Mark Grether, SVP and General Manager of PayPal Ads, joins Phillip from PayPal's Manhattan offices to argue that the merchant storefront is migrating off owned websites and into LLMs. This may make the mechanics of customer experience and loyalty a bit murky, but Mark explains how PayPal's "transaction graph,” built on real purchases across 30 million merchants and 400 million consumers, acts as the deterministic identity layer that the post-cookie ad world has been missing. We also cover the evolving world of commerce media, from zero-click commerce and CTV attribution to PayPal Ads’ newest product, Storefront Ads, which transforms the creative into the checkout.