Amir Schlachet: Hi, Brent. So absolutely, as you mentioned, the dynamics remain very positive. Although, as we mentioned, it is expected to be another year of high uncertainty and high volatility from a macro perspective. But we continue to push across all the field from growth in the existing territories where we already operate to opening additional markets and additional territories. Of course, Shopify Markets Pro, which we have mentioned a few times already on the call, is also expected to ramp up along the year and contribute further to our growth. And we are also working on value-added services, specifically demand generation. That’s going to kick in, as we mentioned, towards the back end of the year. It’s probably not going to be a accretive day one, but over the longer period, we expect that to have an additional contribution for accelerating our growth.
Operator: Our next question comes from James Faucette from Morgan Stanley. Please proceed.
James Faucette: Hi. Thanks for the question. I want to ask just in terms of customer acquisition and that kind of thing, I’m wondering how trends have been evolving with respect to your inbound interest in conversion for new merchant ads outside of Shopify. Just trying to get a sense for how we should be thinking about the percentage of new ads that are shop-related versus those that aren’t in the profile of the merchant partners.
Nir Debbi: Hi, James. It’s Nir. Thanks for the question. We have seen record bookings in 2023, and we are excited about the strength of the pipeline that is going to support our growth throughout 2024 and into 2025. Within it, we have a couple of very large merchants that are expected to launch in the back half of the year. Both of them are non-Shopify, and we expect the weight of those larger merchants, I would say, to balance out the rapid growth we expect to see in Shopify Markets Pro. Overall, when we look at 2024, we expected the mix of merchants to remain quite balanced with what we’ve seen in 2023.
James Faucette: Got it. Thank you for that.
Operator: Our next question comes from Mark Zgutowicz from Benchmark Company. Please proceed.
Mark Zgutowicz: Excuse me. Thank you. Just a question on luxury specifically. Just given the habitual interest in discounts that you mentioned, I’m curious how luxury performed in fourth quarter relative to the prior year and how that transitioned into 1Q, just given that I think that vertical is roughly 25% of your GMV. I think that vertical is roughly 25% of your GMV. And then I had a quick follow-up.
Amir Schlachet: In terms of luxury, it hasn’t been a great year for luxury. However, there was an improvement towards the last few months of the year. So it has improved compared to Q3, which was the lowest point for luxury. And I think it’s hovering around the same level since. So it’s better than it was in the lowest point. It’s not doing great, but pretty stable for now.
Operator: Our next question comes from Patrick Walravens from Citizens JMP. Please proceed.
Patrick Walravens: Oh, great. Thank you. Amir, so are you still excited about DemandGen over the sort of mid-to-longer term? And what’s the dream there?
Amir Schlachet: Yes. So I’m absolutely excited. I think it’s going to be a very unique offering. And it’s going to take time to build it. But we strongly believe in the potential to both benefit our existing merchants and also to serve as another great benefit for new merchants that are coming on board and therefore help to accelerate our sales pipeline even further. So definitely as excited, if not more than before. In terms of the dream, it’s basically to be able to offer a platform, a unique platform for demand generation, which is unlike any other offering that these merchants can have from digital agencies or other outside providers, but something that is fully aligned with their growth interests and fully integrated with the Global-e offering and with each part of it strengthening the other. We think it’s something that can be a game changer for some of these brands.
Operator: Our next question comes from Maddy Schrage from KeyBanc Capital Markets. Please proceed.
Madison Schrage: Hey, guys, and thanks for taking my question. I was just wondering if you could talk about if there’s any differences in the size of merchants coming onto the platform. There’s obviously Shopify Markets Pro coming in. And obviously you guys mentioned this last quarter too, but we also saw Wix announce the partnership. So just wondering if you’re expecting maybe some of the smaller merchants to come onto the platform versus previous years. Thanks.
