We can capture lots of efficiency with many detailed measures across our business lines. One very simple and basic example is our use of packaging material. That varies a lot across different countries, and we can just many countries towards the best benchmark that we have. That was for logistics. We can also generate significant savings in marketing where we also have countries that show better practices is average, and we can learn from those countries to drive way greater efficiency. So, we do really believe that we have efficiency and cost cutting capture pretty much across the whole P&L and we’re confident we can achieve it with the team and the plan that we have.
Aaron Kessler: Great. Thank you.
Operator: Your next question for today is coming from Catherine O’Neill at Citi
Catherine O’Neill: Great. Thank you. I just wanted to ask you if you could comment in a bit more detail on one of the things you mentioned in the release about seeing softer usage trends towards the back of the third quarter, which you expect to persist in the fourth quarter. Could you maybe just provide a bit more detail on what you’re seeing if that varies by market? And how much you saw that sort of deteriorate as we went through the third quarter? The other thing I wanted to ask about was the product mix. I think you said you’re moving away from FMCG, I might have misheard that, but you seem to be sort of emphasizing consumer electronics, fashion, beauty, et cetera. So, how should we think about the sort of take rate or margins if you’re moving perhaps towards back towards consumer electronics, which tend to be sort of lower take rate.
And then the other thing I wanted to ask about was the cash burn. So, it looks like it was similar in 3Q and Q2 about $70 million each quarter. I just wondered if you could give us any sort of idea on when you think this should start to reduce when do some of your initiatives start to kick in on the cash side?
Francis Dufay: Okay. So, let me — hi Catherine, let me take the first two questions, and then I’ll ask Antoine move into cash burn. Regarding softening usage trends that you mentioned well, you see that in the quarterly report, we pay 1% GMV growth year-on-year over the quarter. So, you can — I guess everyone can draw their own conclusion best plan what something means here. But obviously, we’ve been dealing with volatile and difficult macroeconomic context, significant local currency depreciation and volatility, which led particularly, and that’s a great example of how it can impact us. It led to many governments taking measures to protect their currencies and, for example, restricting imports, which directly impacted our ability to get supply on the platform.
So, this is the kind of headwind that we have to fight again. And this is very much something that we see across all the markets. There are some differences, of course, the markets are more affected by the time measures, but this is something that we see happening across Africa at the moment. However, we are very confident that our plan to focus on supply and distributors and increasing our relevance to the biggest and main suppliers in the market can mitigate those impacts and is the right one — in this case is microeconomic context. Then on your second question, when it comes to the mix of categories, — so as I mentioned, we’re scaling back first-party growth in some geographies, not all of them, by the way. We want to make sure that we keep pushing and we keep investing in that segment in selected geographies where it makes sense.
