Debra Wasser: Thanks, Josh. The next one, I’m going to start with Rachel, and I think Josh might want to add on to this one a little bit. It’s from Laura Champine of Loop Capital. What was the margin impact in Q4 of Etsy Purchase Protection? And then how do you expect it to impact the first quarter? And then maybe, Josh, we can have come back to you, and you can talk about Etsy Purchase Protection a little bit. Rachel?
Rachel Glaser: Hi, Laura, thank you for the question. So, we’ve said in the past that we expected Etsy Purchase Protection to be about a $25 million expense on an annualized basis. We launched Etsy Purchase Protection in early August. So Q4 was our first full quarter of that $25 million that is — so it’s a small portion of the $25 million. We’re trending well within that envelope that we had previously quoted. The — it’s really early days yet to see how much GMS lift this might ultimately have, how much increase in trust that this initiative might have. We’re not promoting it separately to a large extent. We’re promoting it is on checkout. There is a reference there, and that comes to us at no extra cost. So, I feel — we feel good about the cost. We didn’t break out any margin impact, specifically, but I’m giving you a range of magnitude on the impact to our P&L.
Debra Wasser: Josh, did you want to add anything else on Etsy Purchase Protection?
Josh Silverman: Yes. Just that when we look at the opportunity in frequency, when we ask people, do you intend to come back soon, and for the people who say they don’t intend to come back soon, why not? Etsy has my back is a leading indicator, where they aren’t confident that Etsy will have their back. And so that’s why we think that leaning into trust is so important. We’re really proud of the fact that, as Rachel said, Etsy Purchase Protection is coming in right around our cost estimates, maybe even a little less. And that suggests that our sellers are doing a great job. They are shipping on time. The item is as described. It is arriving not damaged to the vast majority of the time. So we don’t have as many chances to prove that we have your back because of the fact that sellers are generally doing a great job.
But the fact that the time to fix an issue has gone down so dramatically just in the past few months as a result of the Etsy Purchase Protection Program, we think is really powerful. We’ve gone from days to hours in terms of how long it takes to resolve an issue. And as a customer, that’s a great experience. You have an issue, you contact customer support. And in the first contact, it’s resolved, we give you a refund, and you move on. We think that over time, it’s not like that’s a light switch that flips and suddenly your brand is perceived differently. But the next day, you go to coffee with your friends and you say, “Look, what happened to me, it was a great experience on Etsy.” And over time, you build that brand. So, we’re very excited about the early performance of the purchase protection and want to keep investing in having our customers back, both buyers and sellers because we think it’s really important.
Debra Wasser: Great. Thanks, both of you. I’m going to start this next one with Rachel, just to give us some stats, and then I’ll turn it to Josh a little bit as well. From Lee Horowitz at Deutsche Bank. Now that we are through what is presumably the last COVID comp, should the expectation be that habitual buyers can grow from here? And what do you see as the key areas of product improvement in 2023 that you expect to drive cross-category shopping in habitual buyer growth? Maybe, Rachel, you want to start by just kind of reiterating what we said about habitual buyers.
