James Reinhart: Yes. And Dana on the customer segmentation piece, we’ve not seen any real material change on the budget side. We still think those customers are not spending at the same rates they were for our business, say 12 to 18 months ago. So I think that transition to that slightly more premium customers been very good for us. And I think that’s reflected in the average selling prices that we’ve been able to drive as well as kind of the margin and flow through. So I think that strategy is really working and one will continue. And so I think you should see more of that as we get into 2024. And I think as the budget shopper, as things get better in 2024 for that shopper, you could see them come back to the platform and even amplify active buyers even further than we’re seeing them today. But we think the current sweet spot that we’re in around the customer mix and the product mix is the right one.
Dana Telsey: Got it. And then you just mentioned about October being very promotional. So is that a change in cadence from what you saw in the third quarter? And are you assuming a similar level of promotionality in the November and December time period?
James Reinhart: Yes, I mean, whether it was Amazon or Walmart or Target, like, I think October was – what we were experiencing was pretty aggressive promotion across the retail space. And so we obviously responded to that through the month. And so it’s a little unclear whether there’s some normalization as you get into November and December. But I think our guidance reflects that we expect it to continue to be pretty bloody out there and that our strategy needs to be commensurate with what some of those other guys are doing. But I think what we’re really focused on, Dana, is maintaining that active buyer growth because I think ultimately that’s where the opportunity is as you get into 2024. We’d certainly rather have strong active buyer growth and incrementally weaker margins than the other way, because we think that’s how you win over time.
Sean Sobers: Hey, Dana. This is Sean. I did the math behind the theme. So I could give you a better answer on that. It’s about 60% of the products or owned goods comes from Europe, the revenue.
Dana Telsey: Got it. Thank you.
Sean Sobers: Thanks.
Operator: Thank you. And your next question comes from the line of Alexandra Steiger from Goldman Sachs. Please go ahead.
Alexandra Steiger: Great. Thank you so much for taking my questions. I do want to follow-up on the buyer growth question. Could you maybe elaborate a little bit more on the new buyer composition, either by geo or demo, and how should we think about a normalized levels of active buyer growth as we turn the page on 23 and into 24? And I know you talked a lot about, how you’re adjusting your inventory strategy to attract the more affluent buyer. What else could you do to get those customers, like on the platform, maybe, thinking about marketing or like something else? And then second question is really around, you mentioned that you’re seeing continued weakness at the lower end of your customer base. I’m wondering if there’s like some component of Asian-based e-commerce companies taking share. Thank you so much.
James Reinhart: Hey, Alexandra. Yes. I mean, I think on the active buyer side, I mean, I think, without seeing the obvious, right, I mean, part of our growth strategy, to Trevor’s question earlier, ultimately it’s 20% plus gross profit growth or net revenue growth once we are through the consignment shift, that has to be commensurate with similar high teens active buyer growth. And I think that’s the direction that we’re headed as we get through this period and then obviously trying to get those active buyers to buy more. I think what’s really important if you think about us as a marketplace is it’s a little different than a traditional pure-play because you really do need to balance both supply and demand. And so part of why there’s been a bit of a catch up throughout the year on active buyer growth is we really need to make sure we have the sellers and the product mix and pricing in the right place.
