Latest / Selling on Giants: The eCommerce Marketplace Podcast / Selling on Giants: Benefits of Buy with Prime for Online Retailers with Martina Prencipe
Transcript
- 0:23SPEAKER_00: And we're excited to have a conversation about Pi with Prime and how you can use it to elevate sales.
- 0:28SPEAKER_00: We're here at the Amazon Accelerate event.
- 0:31SPEAKER_00: It's in uh September, and we're learning a lot about some of the new rollouts and features.
- 0:36SPEAKER_00: So I think this conversation is going to be very timely for our sellers that are considering different logistics solutions and may want to consider using a BioWith Prime or NCF.
- 0:47SPEAKER_00: So, Martina, before we jump into the main topic, can you tell me a bit about yourself and how you kind of got into this space working with sellers on Amazon and helping with the BioWith Prime program?
- 0:59SPEAKER_01: Absolutely.
- 1:00SPEAKER_01: Thanks for hosting me.
- 1:03SPEAKER_01: And my name is Martina.
- 1:05SPEAKER_01: I'm a partner manager on the BioBit Prime team here at Amazon.
- 1:09SPEAKER_01: And actually, my journey is starting in a completely different field.
- 1:13SPEAKER_01: I studied industrial engineering and management.
- 1:17SPEAKER_01: So my first role was in the automotive industry in toing.
- 1:21SPEAKER_01: I live in New York, but as you can tell, I'm Italian from my accent.
- 1:26SPEAKER_01: And so my first role was all about technical sales.
- 1:32SPEAKER_01: And it was great, it was a great experience where I saw new technology being developed in that specific field.
- 1:41SPEAKER_01: And I could see very a lot of synergies between what I was doing and my university field.
- 1:47SPEAKER_01: So how to combine technology and business.
- 1:51SPEAKER_01: But then at that time, it was 2017, I became very interested in how the internet was changing the way to do business.
- 2:01SPEAKER_01: And Amazon was hiring.
- 2:03SPEAKER_01: So it felt I I mean it was the great next step to grow my skills on a larger scale.
- 2:11SPEAKER_01: And this is my seventh year at Amazon.
- 2:13SPEAKER_00: Seventh year, that's amazing.
- 2:15SPEAKER_00: So you've always been in the technology space and you've always been kind of in the sales aspect as well.
- 2:21SPEAKER_01: I um actually started uh in the market in a marketing role um seven years ago in the retail uh department.
- 2:30SPEAKER_01: And uh it was a great experience.
- 2:32SPEAKER_01: I learned a lot about consumer behavior and I work with great European brands.
- 2:37SPEAKER_01: And then I moved after three years uh to Amazon Pay in the sales team.
- 2:42SPEAKER_01: Uh and I think the most interesting thing about Amazon Pay, uh, it was my first experience talking to brands uh for their DTC site.
- 2:53SPEAKER_01: Um so I was able to explore the digital payment uh trends, and yeah, for the first time I was able to help brands be on Amazon uh directly on their DTC sites.
- 3:06SPEAKER_01: And this is why actually I'm in on Bible Prime.
- 3:09SPEAKER_01: Uh so there are a lot of synergies, both roles empower merchants to grow their online uh DTC site, um and this has been incredibly rewarding so far.
- 3:20SPEAKER_01: That's cool.
- 3:21SPEAKER_00: How has your customer been different from your automotive uh business experience to the now the Amazon customer that you service now?
- 3:29SPEAKER_01: Um consumers have different expectations, uh, of course, when it comes to the online journey.
- 3:39SPEAKER_01: Um and I mean this is also how Amazon comes into play.
- 3:43SPEAKER_01: Um so Amazon has over 200 million Amazon Prime members worldwide that expect fast and free degree.
- 3:51SPEAKER_01: Uh so exactly, so definitely customer expectations shift.
- 3:55SPEAKER_01: Uh so customers need more uh customer service, outstanding customer experience.
- 4:02SPEAKER_01: So uh it's a it's a different word, um, and it's very dynamic.
- 4:06SPEAKER_01: Uh, if I compare my experience in the automotive space, uh definitely, I mean, uh every six months something is changing.
- 4:14SPEAKER_01: Yeah, so there's always a new trend going on.
- 4:18SPEAKER_01: Uh AI.
- 4:19SPEAKER_01: I mean, uh so we are all working uh at the AI space now.
- 4:23SPEAKER_01: Um but yeah, definitely it's a different space, super dynamic.
- 4:26SPEAKER_00: That's exciting, and it is.
- 4:28SPEAKER_00: It's great for people with ADD because it's always changing.
- 4:31SPEAKER_00: So you know you can keep chasing that shiny object.
- 4:34SPEAKER_00: Absolutely.
- 4:34SPEAKER_00: Very cool.
- 4:35SPEAKER_00: Well, let's dive in to chat a little bit about BioWith Prime and some of the features.
- 4:39SPEAKER_00: As an agency, we work together and we represent brands on the Biowith Prime, and it's definitely exciting technology.
- 4:46SPEAKER_00: And it seems like the theme from this event is about letting Amazon take over your logistics to help with that end-to-end consumer because it seems like you guys have really got the process down, reliable, fast, consistent.
- 4:58SPEAKER_00: So, with that being said, I'm gonna sneak over here to look at the questions.
- 5:02SPEAKER_01: So, in in layman terms, can you just explain exactly what buy with Prime is and how you interact with sellers, whether it be on their website or through Yeah, um, short answer Buy with Prime empower merchants to grow their uh direct-to-consumer channel uh by offering the trust of Prime.
- 5:22SPEAKER_01: Uh it means Prime members are able to use their Prime benefits, uh like free, fast shipping, free returns, um, transparent delivery times directly on the brand website.
- 5:35SPEAKER_01: Um and the long answer is Amazon has invested uh time and effort over the past 15 years in our fulfillment network with hundreds of fulfillment centers, sort of centers, delivery stations around the globe.
- 5:50SPEAKER_01: Um, and um there is um um so Andy Jesse uh uh stated uh during the 2022 letter to shareholder that there are many merchants selling on Amazon successfully, but there are also a lot of merchants uh who have their own e-commerce channel and they are all facing different challenges.
- 6:10SPEAKER_01: And one of these challenges is how to drive conversion from views to purchase.
- 6:16SPEAKER_01: Um and this is the merchant angle.
- 6:19SPEAKER_01: There is also the shopper angle.
- 6:20SPEAKER_01: I mean, we talked about this earlier about this earlier.
- 6:23SPEAKER_01: Um shoppers need more, they want more, so they expect extending customer service and customer experience.
- 6:32SPEAKER_01: Um, and this is why Biobi Prime comes into play.
- 6:35SPEAKER_01: Um so we try we are trying to make the e-commerce grow up easier.
- 6:40SPEAKER_01: And when you add Bi-Weat Prime, you're passing off sort of workload, like fulfillment, uh packaging, storage, and shipments of your Biwi Prime orders to Amazon so that you can really spend more time to focus on your uh customer and your brand strategy.
- 6:58SPEAKER_01: I think this is the more than a long answer.
- 7:00SPEAKER_01: Yeah, yeah.
- 7:01SPEAKER_00: Well that's okay, and it's a pretty loaded, so like the biggest takeaway and what we've seen at this event and what we're seeing data-wise is that a faster shipping time leads to better conversion rates.
- 7:11SPEAKER_00: Okay.
- 7:12SPEAKER_00: So tell me more about the uh the features uh of the BioWet Prime program and how it helps sellers make more money on the platform.
- 7:20SPEAKER_01: Yeah, I think one of my favorite features is uh Reviews from Amazon.
- 7:24SPEAKER_01: Reviews from Amazon is a product that allows merchants to who have registered their brands with Amazon Brand Registry um to display their Amazon trusted product reviews uh directly on their DTC channel when Barbit Prime is an available option.
- 7:40SPEAKER_01: And the look is very it's like Amazon.com, so uh it's a familiar experience uh for our shoppers.
- 7:49SPEAKER_01: And um merchants who adopted uh uh the products have experienced um an increasing conversion rate by 38%.
- 7:59SPEAKER_01: And this study comes from a sample of eight Bobby Prime merchants with an average monthly uh site traffic between um 10k and 1 million.
- 8:10SPEAKER_01: And we compare um how many shoppers place the order when uh reviews from Amazon was an available options versus it was not during the same amount of period.
- 8:20SPEAKER_01: So definitely something that I invite any everyone um to um to consider.
- 8:26SPEAKER_01: And reviews matter.
- 8:28SPEAKER_01: Reviews, I mean, I don't buy if I don't see at least one review at least.
- 8:32SPEAKER_01: And reviews really help to keep the customer engaged, they announce the credibility of the brand.
- 8:38SPEAKER_01: Um, so definitely something that uh everyone should explore.
- 8:42SPEAKER_00: 100%.
- 8:43SPEAKER_00: I agree.
- 8:43SPEAKER_00: And anybody who's an Amazon first brand, so they they built their enterprise on Amazon and now they're moving over to your direct consumer.
- 8:51SPEAKER_00: You know, Amazon, to your point, has authority.
- 8:54SPEAKER_00: It's a trusted source for shoppers to go and check out reviews.
- 8:57SPEAKER_00: They consistently police bad actors who um go through black hat tactics to get reviews, um, but they're they're constantly removed from there.
- 9:07SPEAKER_00: So being able to take those reviews directly from your Amazon listings and migrate them over seems like it would help tremendously.
- 9:14SPEAKER_00: Are there any other badge or features that are being rolled out with BiWik Prime that you're seeing helps with the shopper experience on their D2C website?
- 9:23SPEAKER_01: Um maybe let's go back to the customer experience or the flow.
- 9:27SPEAKER_01: Um so BiWIT Prime, um, so let's say a merchant signs up for BiWick Prime, uh, they can pick and choose the SKUs uh where they want to offer it, and then they add the BiB Prime button to their site.
- 9:40SPEAKER_01: Uh then the shopper views one of these products, a Bi-Week Prime enabled, and they are able to see the Prime logo, uh the delivery promise uh very clear, so the shopper can really see when they can receive the products right away.
- 9:55SPEAKER_01: And if they decide to check out with Bybut Prime, among the other available um checkout options, um, they um should log in with their Amazon accounts using their Amazon credentials.
- 10:06SPEAKER_01: So payment details, shipping details are automatically filled in to make the checkout quick and easy.
- 10:14SPEAKER_01: Uh last step is to place the order, and Amazon goes next.
- 10:18SPEAKER_01: Um so we pack, pick the products, and ship it to the final customer.
- 10:22SPEAKER_01: Uh the customer will receive um a confirmation email where they can track the um the order uh in real time.
- 10:30SPEAKER_01: Uh and yeah, so this is very straightforward, a few steps.
- 10:35SPEAKER_01: And um as I said before, when you add Public Prime, you're passing off a lot of this workload to Amazon when it comes to fulfillment, uh, payment processing, yeah, shipments, uh, and storage and packaging, and um so all these headaches sometimes that merchants should navigate into the into their space.
- 10:57SPEAKER_00: Yeah, it's good to give Amazon the headache for a change, and it sounds like you guys are welcoming some of these challenges.
- 11:02SPEAKER_02: Yeah.
- 11:03SPEAKER_00: Uh a big thing we hear from brands who are hesitant to adopt the Bioith Prime program is what happens to the customer data.
- 11:10SPEAKER_00: So, uh, from your perspective, we know that when people purchase on Amazon, we don't necessarily get access to that data, so we're not able to do retention marketing and all that other fun stuff.
- 11:20SPEAKER_00: How is BioWith Prime different from the shopper who buys on the website leveraging BioWith Prime?
- 11:28SPEAKER_01: This is a great point.
- 11:29SPEAKER_01: Um, so with Bywith Prime, merchants are able to receive other shopper deals, including email addresses.
- 11:36SPEAKER_02: Beautiful.
- 11:36SPEAKER_01: Um, so this is great to start nurturing uh uh your relationship with Prime members and using different tools like CLEDU, for example.
- 11:44SPEAKER_01: We have an integration with CLEDIO.
- 11:46SPEAKER_01: Uh so for uh post uh purchase email or uh marketing campaigns, um, this is something very cool to start, really nurturing for the first time the relationship with prime members uh on your DTC insight.
- 12:02SPEAKER_00: Beautiful.
- 12:02SPEAKER_01: Yeah.
- 12:03SPEAKER_00: Alright, so on that note, we're we heard about some of the features around logistics and kind of the delivery promise, which I'm actually most excited about.
- 12:11SPEAKER_00: I think that's gonna be a great selling feature.
- 12:13SPEAKER_00: What are other some what are some other data points or features that you could share about BioWith Prime for those sellers considering implementing it on their website?
- 12:22SPEAKER_01: Bywith Prime can help with conversion rates.
- 12:26SPEAKER_01: Um so uh Biwid Prime merchants on average experience a 25% increase in conversion rates and a 12% increase in uh revenue uplet.
- 12:37SPEAKER_01: Um and the data comes from a 2023 study with 37 merchants across different categories and with an average monthly traffic between 5k and 3 million.
- 12:48SPEAKER_01: Um so we have observed um with A-B testing, of course, um the conversion outlets and the revenue uplets when private prime was an available options versus it was not during the same period.
- 13:01SPEAKER_01: Um so definitely conversion rate is a key uh layer, and we have a lot of case studies.
- 13:07SPEAKER_01: Maybe we can talk about one layer that are available uh online and they can indicate the experiences of our uh merchants.
- 13:16SPEAKER_00: Beautiful.
- 13:16SPEAKER_00: Well, conversion rates and sales are super important, and it seems like it's just a matter of integrating this feature you guys pick and pack from the FBA inventory.
- 13:24SPEAKER_00: Um, so it sounds like it's a really similar, seamless process.
- 13:28SPEAKER_00: So if I love doing scenarios, so Martina, if you can humor me, let's say I'm a brand and I'm saying let's rock and roll, I love what I hear.
- 13:36SPEAKER_00: What do the first 30 days look like of coming on with Biowith Prime and working with your team to create a cohesive user experience between the brand website and the logistical checkout features that BioWith Prime offers?
- 13:49SPEAKER_01: Yeah, so first of all, I want to mention that if you already have your uh products in one of our Amazon fulfillment centers, um, it's gonna be very straightforward.
- 14:00SPEAKER_01: Um so you can just authorize uh uh Amazon to fulfill your Biobit Prime products of Amazon.
- 14:07SPEAKER_01: Um so for I mean you can have one pool of inventory to serve different channels.
- 14:12SPEAKER_01: And BiWit Prime orders are fulfilled by the MCF, so the multi-channel fulfillment, uh which is our underlying engine, and it's also standalone service, it's our 3PL.
- 14:23SPEAKER_01: Um, and um, so as soon as you decide which products you wanna offer BAWIT Prime on, um we have a sales team and a marketing team.
- 14:33SPEAKER_01: So we for example we have uh something we call Babit Prime marketing toolkit, uh, where you can learn how to promote the delivery promise, the prime badge, how you can maximize the trust of prime across your channels.
- 14:47SPEAKER_01: Uh we have an interesting app called Social Ads for Babit Prime, where the merchants can engage uh with their audience on Instagram and Facebook and use um social ads uh featuring the Prime badge.
- 15:01SPEAKER_01: Um again the trust of Prime to enhance the brand credibility and uh boost the conversion rate.
- 15:08SPEAKER_01: Uh and as I said, we have PLEDIO um so for uh remarketing um campaigns, uh and uh our marketing team uh is working on uh high velocity events.
- 15:22SPEAKER_01: Okay.
- 15:23SPEAKER_01: Um so as of Amazon, so we have our own Prime Day, like Friday, and any other events um so for uh yeah, additional uh visibility opportunity and for uh BioWick Prime specific deals.
- 15:37SPEAKER_00: That sounds amazing.
- 15:38SPEAKER_00: So it sounds like as a seller, if I come on board, there's some additional support through apps to do email marketing, there's social advertising.
- 15:45SPEAKER_00: So you guys are really helping to coach these uh brands in order to best leverage the BioWick Prime technology to kind of hit those conversion rates and sales goals.
- 15:55SPEAKER_01: Yes, and when it comes to the integration, I think this is also something important to touch on.
- 16:01SPEAKER_01: Um so if you are on Shopify, we have uh an app for Shopify.
- 16:06SPEAKER_01: Um if you're on Salesforce Commerce Cloud, we release our cartridge uh 12 merchants of the integration process.
- 16:14SPEAKER_01: And uh if you're on a custom platform, we have our hosted widget solution, uh, but we also have released our API set.
- 16:23SPEAKER_01: Um so it really depends on who you are and what you are looking for.
- 16:28SPEAKER_01: Uh our team will try to accommodate uh I mean your expectation.
- 16:32SPEAKER_00: Sounds pretty awesome.
- 16:33SPEAKER_00: So it's nice to get that level of support.
- 16:35SPEAKER_00: And Martinez team does a really great job in managing some of the great brands.
- 16:40SPEAKER_00: Well, I happen to be a big fan of Dr.
- 16:42SPEAKER_00: Squash.
- 16:42SPEAKER_00: I'm saying that right, Dr.
- 16:43SPEAKER_00: Squash, right.
- 16:44SPEAKER_00: Okay.
- 16:44SPEAKER_00: Uh they do soaps and sanitizing products.
- 16:47SPEAKER_00: And what I like that they did that I think a lot of sellers can mimic, is they have a Biouth Prime sub page on their website, and they're featuring all the Biowith Prime products.
- 16:57SPEAKER_00: So it's clear for any shoppers who visit the website, there's a banner, you know, come check it out.
- 17:03SPEAKER_00: And these are the type of products that you can get that Amazon delivery promise and that Amazon you know customer experience from the Dr.
- 17:11SPEAKER_00: Squash website.
- 17:12SPEAKER_00: So that's our story with Dr.
- 17:15SPEAKER_00: Squash, and like I said, as a as an agency, when we were originally vetting it out, we looked into brands that were using it and who we thought about is using it really well.
- 17:25SPEAKER_00: Do you have any uh case studies or brands that you'd like to showcase that is really just crushing it with the Biouth Prime technology?
- 17:32SPEAKER_01: Uh we have many case studies available.
- 17:34SPEAKER_01: One of my favorite ones is about Verminals.
- 17:38SPEAKER_01: Um we all know Bare Minerals, they are cool cosmetic brands, uh, and um they were looking for new ways to enhance their customer experience, and they have adopted Biowick Prime, they have enabled more than 50 SKUs, and we interviewed their VP of e-commerce and the payment uh digital experience, and uh they um had seen an increase, they were able to add this extra level of confidence and credibility uh that results in more conversion rate and sales per visitor, and uh they call out 60% um increase in shopper conversion, 40% in sales um per visitor, and between five to seven business days of selling uh times, extra time during the holiday period, uh I think this is key for Bible Prime as um I mean we have uh we have the Prime promise, so we can read release ship one or two days earlier, uh like before Christmas, Mother's Day, uh Father's Day, Black Friday.
- 18:44SPEAKER_01: So I think this is also a key uh point to consider.
- 18:48SPEAKER_00: So for all of us procrastinators who wait to the last minute to do our holiday shopping, for example, uh the Bioworth Prime gives us a few extra days to get our orders in and make it look like we took weeks and months to plan and buy some of these gifts for our loved ones.
- 19:02SPEAKER_01: Absolutely.
- 19:05SPEAKER_00: Awesome, beautiful.
- 19:06SPEAKER_00: Before we jump into the last segment where we talk about the future of e-commerce, and I get your take on uh some of the innovations happening in this space.
- 19:14SPEAKER_00: I do want to talk about MCF.
- 19:16SPEAKER_00: I think MCF is a powerful tool that works in conjunction with ByWith Prime, and it gives uh e-commerce brands the ability to fulfill any order, their D2C, other marketplaces, and social media from a fulfillment, an Amazon fulfillment center.
- 19:33SPEAKER_00: So uh Martina, can you briefly tell us a bit about MCF and just generally how it works for those who may not be familiar with the technology?
- 19:41SPEAKER_01: Yeah, so um MCF, as I said, is uh is the engine uh for Bobby Prime, but it's also a standalone service, is our 3PL, and it works uh beyond Amazon, but also beyond your site, beyond the DDC sites.
- 19:56SPEAKER_01: So it can you can use MCF for uh social platforms like TikTok, uh in other marketplaces, and the the beauty is that you can use the uh the best in-class Amazon capabilities when it comes to fulfillment.
- 20:10SPEAKER_01: So being able to use one single pool of inventory to serve so many different channels.
- 20:15SPEAKER_01: Uh, if you're uh uh looking uh to explore an omni-channel solution, uh, this is something that they really invite to explore.
- 20:23SPEAKER_01: And we have our MCF team here.
- 20:26SPEAKER_01: So if you have any question, I'm happy to connect with some of some of them.
- 20:30SPEAKER_00: Beautiful.
- 20:31SPEAKER_00: Just so everybody knows, we have uh links about MCF, BioWith Prime, and I believe we have your LinkedIn page all linked in the show notes.
- 20:39SPEAKER_00: So if any of you guys are wondering how to reach Martina or you're interested in any of these programs, you can find more information in the show notes below.
- 20:47SPEAKER_00: So don't hesitate to click there.
- 20:49SPEAKER_00: So, Martina, it's been really great getting to know you and getting to know the BioWithPrime program.
- 20:53SPEAKER_00: Uh, in all transparency, Bellavics, which is uh the agency that I own.
- 20:58SPEAKER_00: We're a proud Biowith Prime affiliate, and we we definitely recommend the program to the brands that we work with.
- 21:06SPEAKER_00: Um as mentioned, you guys can find all of information in the show notes below, so feel free to check that out.
- 21:11SPEAKER_00: We'll have more of the MCF, the Biowith Prime, and Martinez information.
- 21:16SPEAKER_00: Now we have a tradition here where I'm gonna ask you to pull out your crystal ball and tell us a bit about your perspective on what the future of e-commerce holds.
- 21:23SPEAKER_00: So, as it pertains to your area of expertise, how do you see whether it's AI or just technology or even Amazon in general changing over the next three to five years in terms of logistics and really that last mile delivery, which is probably the most expensive aspect of selling online?
- 21:41SPEAKER_01: Yeah, I mean it's not easy to answer to this question.
- 21:44SPEAKER_01: Uh but as a consumer, as a shopper, I also listen to different podcasts about different e-commerce trends.
- 21:52SPEAKER_01: I think social platforms, social, social like selling um is gonna be huge.
- 21:58SPEAKER_01: Uh if you think about TikTok and I mean, as I said before, NCF uh can fulfill TikTok order, so it's something that we are seeing growing more and more.
- 22:09SPEAKER_01: Um, but TikTok, Instagram, they have massive uh user pages and with a high engagement level.
- 22:16SPEAKER_01: Um, so it's definitely the way to see to look if you're looking for a reaching new audience and new customer.
- 22:24SPEAKER_01: And now with AI, I mean uh you're able to integrate a lot of shopping features.
- 22:29SPEAKER_01: Yeah.
- 22:30SPEAKER_01: Um and so influencers also play a good I mean a very great uh great role.
- 22:35SPEAKER_01: Like creators, influencers, being able to create that partnership uh uh also helps.
- 22:40SPEAKER_01: Um but stay tuned because we have many features uh in Brookmap.
- 22:45SPEAKER_01: So I will tell you more as soon as I heard it.
- 22:48SPEAKER_00: I can't that's exciting, and I totally agree.
- 22:52SPEAKER_00: Our experience with uh getting new to brands, sure, streaming TV is definitely an option, and there's some programmatic tools that Amazon already has built that, which is great to get exposure, but uh we find there's nothing better than working with influencers, whether it be affiliate marketing or just straight TikTok and meta or Instagram uh advertising and working with those influencers.
- 23:14SPEAKER_00: So it's exciting to see how this evolves over time.
- 23:17SPEAKER_00: Uh Martina, thanks so much for being with us.
- 23:20SPEAKER_00: Before we close out, uh I'll give you the floor.
- 23:22SPEAKER_00: Is there anything you want to let the audience know where they could find you or anything along those terms?
- 23:29SPEAKER_01: I I am I'm based in New York.
- 23:31SPEAKER_01: Um so if you're in New York, I'm happy to host you uh in our new Amazon office.
- 23:35SPEAKER_01: Uh we're a wonderful uh new cafe with an amazing view.
- 23:40SPEAKER_01: Uh otherwise we are always available to give more information about Bobby Prime and MCF.
- 23:46SPEAKER_01: Uh so as I said, we have a large sales team and marketing team, um, and there are some cool uh activities that I'm working on.
- 23:55SPEAKER_01: Uh Black Friday is coming up, um, so feel free to reach out.
- 24:00SPEAKER_00: Awesome.
- 24:00SPEAKER_00: Martina, thanks so much for being here.
- 24:02SPEAKER_00: This was really informative.
- 24:04SPEAKER_00: Uh, we'll have more information in the show notes below.
- 24:06SPEAKER_00: Thanks for tuning in.
- 24:07SPEAKER_01: Thank you.