So B2B for us is some specialization that we develop in some modules at VTEX so that it works nicely with B2B. B2B also is very customizable. So we have like a customer called Pierce Manufacturing in the U.S. launching a B2B operation with us. And this case is, you will know, you can see that we have the inventory of all the sales that Pierce Manufacturing did in the past for the parts of each truck that they sold and all it’s customized in our platform. So B2B is actually a specialization of our e-commerce platform and we are investing a significant amount of energy, specializing even more on modules with features just like buying organizations, capacity to customize through master data. There’s several things that we are doing to be more competitive, but we’re very competitive already.
Leonardo Olmos: Thank you. And another question. Can you discuss a little bit the marketing in Argentina? We’ve been talking so much about Politico, but can you talk about the retail market and how are seeing things for year end? Thank you
Ricardo Camatta Sodre: Thank you. Hello, Ricardo here. Happy to take on Argentina. So, on the overall retail market, I think there was some news in the local newspapers in Brazil talking about how consumers are purchasing, accelerating their purchases in Argentina. So we see some of that happening. But more broadly regarding the country, we are closely monitoring the situation in Argentina and the uncertainties surrounding this year’s election. Argentina represents roughly 10% of all revenue. And while we have successfully navigated changing Politico and economic conditions in Argentina over the years, we are aware of the challenges and complexities that come with operating in this market. And as mentioned in the earnings release for our Q4 guidance, we are assuming that the Argentine peso will devalue in line with the FX market futures losing roughly half of its value in December.
So considering that we have part of our revenue in Argentina, U.S. dollars, this level of FX devaluation would result in a revenue impact of high single digit, roughly million dollars in 2024. And only half of that would flow through to operating income. Therefore, it’s a one-off and pretty small impact on our overall business. And having said that, we are confident that despite this potential headwind, VTEX should continue to improve its operating margin and maintain an attractive FX neutral growth rate. As we are very well-positioned in the country, we have a strong competitive position in Argentina. And the underlying growth of the country over the years could be attractive for us.
Leonardo Olmos: Yes, sounds great. Thank you very much. And sorry for my background noise. Have a good evening, everyone. Bye-bye.
Geraldo Thomaz: Thanks a lot.
Operator: Your next question will come from the line of Franco Granda with DA Davidson. Please go ahead.
Franco Granda: Hi. Good afternoon. Thank you for taking the questions. And congrats on the solid quarter here. Now, I was hoping you could share some statistics with us to highlight or maybe to better characterize the performance of some of the recent product introductions, namely the ones that you talked about back in June at VTEX’s day? Thanks.
Geraldo Thomaz: Happy to do that. Mariano can compliment me if necessary. So we are very excited with developing capabilities to empower the workforce of our customers. Live Shopping is one of them. The personal shopper is another one, the sales app. All these capabilities, the functionality of delivering from store also gives more roles to the sales person inside the physical stores. These are things that we’re very excited with and it’s very aligned with the broad range of customers that we serve. There’s a lot of our customers that can benefit from delivering from store, from integrating the stores, the sales people, the sales person into the digital experience. This is also very powerful for B2B scenarios as well, when you have sales people serving and helping the sales of the manufacturer that is doing the B2B business.
