WHATS IN THIS REPORT? 2023Morgan Stanley. Rapid urbanization and technological advancements; A host of government initiatives led by China in collaboration with private companies. We are an international, data-driven e-commerce player in the leisure, retail, and travel sectors. High-profile retailers are shuttering stores, but that doesnt mean a broader retailpocalypse is IRI integrates with Meta in bid for incremental shopper marketing dollars, Lululemon, Macys, and Chicos lower their Q4 outlooks, Amazon layoffs multiply, indicating continued strife in tech sector. Here are five DTC e-commerce trends to watch in 2022. Inadequacy of funding, for one, would limit growth opportunities. ecommerce in 2020 would be 19% year over year. Exportable files for easy reading, analysis and sharing. Youll also find it easier to turn new buyers into loyal customers. In parts of Southeast Asia and Latin America, for example, e-commerce could grow 17% and 20%, respectively, over the next five years and compound annually. Negative customer interactions can quickly lead to a loss of business, so its crucial for eCommerce companies to have excellent customer relationship management. But contrary to popular belief, there is no peak in starting online businesses. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. According to online data shared by Statista, its estimated that in 2022 sales via social media platforms across the world will add up to $992 billion. Social commerce, which encompasses Facebook and Instagram shopping features as well as TikTok shopping, has been a growing trend over the past five years. Inventory issues are here to stay. Most of these stores use Woocommerce or Shopify as their platform. Which countries and regions will produce notable e-commerce growth figureseither positive or negativefor this year and through 2025? Insights eCommerce Best Practices eCommerce Statistics For 2022: Growth and Trends To Watch. E-commerce incumbents and new entrants are racing to gain consumers' attention. Although the number of online stores has increased to meet consumer demand, there is still room for growth. Despite a promising market, voice shopping still experiences several drawbacks. From opportunism to long-termism. How do Amazons ecommerce sales stack up against the competition. Social Commerce Is Also Popular in Asia-Pacific Regions Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. Although online reviews arent as powerful yet as personal recommendations from family and friends, they still hold a lot of sway over consumers. When people hear eCommerce, they automatically think of Amazon. The Competitive situation between e-commerce and traditional commerce. Now, any US eCommerce business that uses a Shopify store can list their products on the Chinese marketplace, which boasts over 550 million shoppers. The 61% of respondents who use voice technology to capture shopping habits said they did so to repurchase saved orders. All About eCommerce Expected Trends. Amping up efforts on customer retention is another way out of this difficult situation. In some countries, the numbers are even higher; for example, digital shoppers in the United Kingdom spend over $4200/year on average. Would you like to help us improve our coverage of topics that might interest you? Whats the outlook for total retail and ecommerce sales in China this year? With Europe and US eCommerce sales equating to about $738 billion annually, its estimated that optimized checkouts could save up to $260 billion worth of lost orders yearly. He sees e-commerce reaching 27% of retail sales by 2026. Across all our businesses, we offer keen insight on today's most critical issues. Also, dont forget that we have the best marketing method omnichannel marketing. Though there are headwinds in certain countries and verticals, we believe these barriers will continue to come down, says Andrew Ruben, who covers retail and e-commerce in Latin America. 80% of consumers consider the landscape a blend of both, so businesses that adopt an omnichannel selling approach will have a competitive advantage. The pandemic-driven two-year ecommerce boom of 2020 is set to decelerate considerably this year. Even in a slower-growth environment, total new spending will be enormous. Plus moreIdeasfrom Morgan Stanleys thought leaders. A look at what this paradigm shift could mean for workers, employers and investors. Latest Ecommerce Sales data and analysis from Insider Intelligence including reports, charts, and articles. For example, 40% of shoppers find it difficult to browse products via this method and results can inaccurately be provided. Live chat plays a significant role in the overall eCommerce experience and user engagement. This contrasts with an estimated 7.1% increase in 2022 advertising spending ($197.5 billion), reflecting 6.1% growth of legacy . According to a Trustpilot study from 2020, 89% of consumers globally take the time to read reviews before making a product purchase. Even in a slower-growth environment, total new spending will be enormous. Worldwide retail and retail ecommerce spending is expected to stabilize in 2022 after two years of unpredictable circumstances and unusual growth patterns. BNPL allows customers to pay for products in installments, which makes it accessible to many customers. If youre just starting out, it will be trickier to launch your online store with WooCommerce rather than Shopify. Although its remarkable, we shouldnt forget that China was already predicted to reach $350 billion in 2021. 3 KEY QUESTIONS THIS REPORT WILL ANSWER What is the outlook for total retail, ecommerce, and mcommerce sales worldwide in 2022? Its online business will soar by 13.5% to reach $40.79 billion, giving it a 3.9% share of US online sales. Shopify is a platform utilized by merchants all over the world, in over 175 countries. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. Price as of January 18, 2023, 11:47 a.m. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. By offering this option, you can improve customer confidence and purchase experience. Weve also provided suggestions on how to use each statistic for increased returns. You should take notice that development in this area is slowing down much more than it was before; the market is becoming saturated. Because numerous companies are creating loyalty programs nowadays, the competition has become very tough. Also, 31% of users are worried about their privacy when using these tools, and 27% fear the safety of their financial information. However, it is quickly becoming a top player in the eCommerce software market. This is part five in an ongoing series. Were willing to bet that this would be the first and last step in their journey as one of your customers. When asked about why they switched from loans to revenue-based financing at Choco Up, my company's clients shared the following views: Bank loans are time-consuming to apply for. In fact, its estimated that by 2025 there will be nearly 108 million social buyers in America and retail social commerce earnings will amount to approximately $80 billion. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. Retail ecommerce spending will grow slower than ever in 2022, as most of the worlds largest markets face economic challenges. The slow loading speed of websites on foreign servers in China has a negative impact on both conversion rates and search engine rankings. China and the United States hold the top two positions for retail eCommerce sales. Amazon marketplace has a roughly 25% market share of the total U.S. e-commerce spending. This is a practice that could have harmful consequences for sales figures. Premium or paid loyalty programs have become a popular alternative to the traditional type recently. If you want to get the most out of reviews, dont just depend on third-party platforms; put them prominently on your website and product pages as well. The two driving devices behind this revolution are smartphones and tablets. As you are probably aware, potential customers take authenticity and transparency into consideration when reading reviews. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Staying on top of e-commerce trends is not an option it's a necessity. Retail eCommerce sales in the US for Q2 of 2022 amounted to $257 billion, which is a 2.7% surge from the last quarter. Even when they are, the pandemic has shown us that these networks are vulnerable to future events such as political instability, disasters, and changes in regulation. Also factoring into Amazon's updated market share forecast is the upward revision made by the Department of Commerce for its 2020 and 2021 forecasts, which we use as . This is the first time we're projecting a decline in Amazon's US ecommerce share, on the heels of Amazon's first ecommerce quarterly decline in seven years and conservative guidance from the company for Q2. High-profile retailers are shuttering stores, but that doesnt mean a broader retailpocalypse is IRI integrates with Meta in bid for incremental shopper marketing dollars, Lululemon, Macys, and Chicos lower their Q4 outlooks, Amazon layoffs multiply, indicating continued strife in tech sector. According to McKinsey, manufacturing production is being disrupted every 3.7 years on average now. As eMarketers Worldwide eCommerce Forecast Update 2022 report stated, global eCommerce sales will only grow by 9.7% in 2022, a slight decline from the previous period. In only 2020, Amazon recorded an immense 3.6 billion visitors to its site. Personalization also lowers customer acquisition costs. This provides us with some insight into how many stores are actively managed. Email personalization is nearly as important as content personalization, with increased unique open rates by 29% and unique click rates by 41%. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. In fact, 842 million people shopped online in China in 2021. Earlier-stage e-commerce markets and new segments are also poised for significant growth. While this number might seem large and intimidating, people are becoming more comfortable making purchases online which is good news for businesses looking to enter the market. With the increasing popularity of online shopping, the market has become oversaturated. 63% of millennials, 49% of Gen Xers, and 33% of boomers use social media for their online shopping (eMarketer, 2020). Total annual retail e-commerce sales in the US are slated to surpass the $1 trillion mark for the first time, in 2022. Total addressable market (TAM) is a common limiting factor of growth. In 2022, ecommerce will make up 18.4% of total US holiday retail sales. If youre a business owner, now is your chance to get in on the action and capitalize on this growing trend. When reviewing the development in 2022, DHgate also shared market trends for merchants to observe and follow during an uncertain time. With options like Magento, Shopify, or WooCommerce, its hard to know where to start. This makes a significant contribution to global retail eCommerce sales. Although Shopify, WooCommerce, and Magento are commonly known throughout the eCommerce industry, theyre not the only extremely popular options. What resources will you need? Jul 27, 2022 In 2022, retail e-commerce sales -including digital services- were set to surpass one trillion U.S. dollars in the United States. People from all around the world are now turning to eCommerce stores to purchase their items, and this change is being primarily led by young people. Shopify store numbers have increased by over 200% since 2020, with 201.53% growth between March 2020 and January 2022 according to genus.ai. Now is an excellent time to start an eCommerce business, as more and more people are shopping online. Consider the best Magento PWA examples on the market now, Top 15 Shopify Design and Development Agency to Look out for in 2023, Shopify Plus vs Bigcommerce Enterprise: Primary Pros and Cons, 15 Top Shopify Development Companies in the USA 2023 to Help You Getting Started, Best Progressive Web App Examples 2023 to Take into Account. These statistics have remained relatively stable over the years. Magento is the third most popular choice for eCommerce sites and lags behind WooCommerce and Shopify in market share. According to recent research by eMarketer, China will remain the worlds most penetrated eCommerce market in 2022, with 46.3% of the countrys retail sales taking place online. In a recent eMarketer report, The Future of Retail 2020, the growth of e-commerce will reach $666 billion in the U.S . Fuller. CRM provides business owners with a greater understanding of their customers needs and behavior. With the increasing popularity of online shopping, businesses have a chance to start selling their products through an eCommerce store. By touches we mean every interaction between the customer and the company, here are some ideas to get you started: CouponFollows survey results show that approximately 47% of shoppers have used voice commands to make an online purchase, with 58% satisfaction rates. What share will ecommerce (and its categories) command of total US retail sales? This is because bigger-budgeted enterprises are more likely to have custom or enterprise solutions. eMarketer. It's about reducing a company's environmental impact while supporting communities. 62.6% of total worldwide ecommerce sales take place in the Asia-pacific region. You can optimize your store for voice search to customize the shopping experience for each visitor. (Source: Tidio). growth rate of ecommerce in 2020 was 25.7% 45%. Collectively, these six e-commerce companies accounted for 58 percent of the global e-commerce market. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 9.30%,. In-house product production gives you greater control over what ingredients are used. Excellent customer support service is and will always be key to the success of any business. This is projected to reach 22% in 2023 (Statista, 2020). . According to Buildfires statistics, 63% of consumers claim they find mobile apps more convenient than mobile websites. 5. Tidios research reports that when it comes to the eCommerce sector, Gen X online buyers are still the most relevant customer group. Current Price. The popularity of mobile devices has allowed the voice commerce market to grow globally. The Challenge: Increasing Advertising Costs And Reduced Campaign Effectiveness. Additionally, eCommerce owners should avoid manipulating their reviews in any way, this includes censoring negative reviews. Other high-converting markets include hair care, beauty and skincare, and health and beauty. If you want loyal customers who keep coming back, give them a personalized shopping experience. The subscription market is growing rapidly, with an estimated CAGR of 68%. But as consumers began shopping in person again, investors started to ask: Was the Covid-bump a one-and-done deal, or could e-commerce growth continue? About 51% of consumers are more likely to buy again from companies that offer live chat support, and 63% of people who spend $250-500 a month online are most loyal to companies with this feature. In 2021, 2.14 billion people around the world are now doing it. Female shoppers, on average, buy online 7 times per year compared to men who only make online purchases 5 times a year. The 2,000-year-old wisdom still applies in the business world today. However, the churn rate remains one of the main challenges for this digital business model. To better understand the phenomenon overall, Baymark provides 3 additional main reasons: unexpected extra costs; account creation requirements; and slow delivery processes. They are expected to be used for about 53% of all eCommerce transactions by 2025. Credit cards came second with a 21% market share, followed by debit cards (13%), bank transfers (7%), and the buy now, pay later (BNPL) solutions (3%). To get ahead of future trends in eCommerce, marketers should start offering popular and alternative payment options on their sites. The retail industry is booming, with mCommerce sales expected to more than double by 2025. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. Marketplace Sales, 2019-2023 (millions and % of total Amazon retail ecommerce sales) Shopify consistently ranks high as an eCommerce platforms provider and boasts a 19% share of the top one million sites (these sites are responsible for a disproportional amount of eCommerce traffic and trade). Retail Ecommerce Sales Worldwide, 2021-2026 (trillions, % change, and % of total retail sales), Total Retail Sales Worldwide, 2020-2026 (trillions and % change), Retail Mcommerce Sales Worldwide, 2021-2026, Retail Ecommerce vs. Retail Mcommerce vs. Total Retail Growth Worldwide, 2021-2026 (% change), Total Retail and Retail Ecommerce* Sales Growth Worldwide, by Region, 2022 (% change), Retail Ecommerce Sales Worldwide, by Region, 2022 (billions), Top 10 Countries, Ranked by Retail Ecommerce Sales Growth, 2022 (% change), Top 10 Countries, Ranked by Retail Ecommerce Share of Total Retail Sales, 2022 (% of total retail sales), Top 10 Countries, Ranked by Retail Ecommerce Sales, 2022 (billions and % change), Digital Buyers Worldwide, 2021-2026 (billions, % change, and % of population), Digital Buyer Growth Worldwide, by Region, 2022 (% change), Digital Buyers Worldwide, by Region, 2022 (millions), Top 10 Countries, Ranked by Number of Digital Buyers, 2022 (millions), Department stores adapt to survive in the difficult retail landscape, The economy, Web3, and social media highlight our analysts takeaways from the NRF 2023 Big Show, Retail sales rise 6.0% in December, as consumers pulled back on spending. Exportable files for easy reading, analysis and sharing. 2022 was a landmark year for H.B. WooCommerce is currently the most popular choice for eCommerce sites, leading both Magento and Shopify in market share. Based on February 2019 research of the top product categories purchased by Amazon shoppers in the US, electronics are the most popular, comprising 44% of customers. . with us to receive news, announcements, and resources when they are available. No wonder its the top choice for many businesses. 81% percent of customers say that positive support encourages them to come back and buy again. As we mentioned, in 2022, global eCommerce sales are projected to reach over $5 trillion. Retail e-commerce sales in India will climb 31.0 percent this year to reach US $32.70 billion, according to eMarketer's latest forecast. The global use of smartphones and tablets is increasing, which in turn is causing online retail to expand. Chinas eCommerce revenue is quite remarkable, especially considering that it only surpassed the US as the worlds largest eCommerce market less than a decade ago. It removes the language barrier that can prevent customers from getting the support they need. Deals ruled the 2022 holiday . and was formed in 2020 from the combination of eMarketer and Business Insider Intelligence (BII). Forecasts say cross-border ecommerce will account for A 22% share of the ecommerce market by 2022 (Altman et al., n.d.) Source: eMarketer Ecommerce Benchmarks Statistics The data below highlightS recent benchmarks set in the ecommerce market, from the fastest-growing countries TO the most popular online stores and marketplaces. You might think that since you have a great eCommerce site or app, selling on online marketplaces wouldnt be worth your time. Free shipping is particularly effective in reducing online shopping cart abandonment on mobile and desktop devices. Insider Intelligence aims to be the worlds leading research service focused on digital transformation. Youll also need some coding experience or knowledge to set up and configure your store properly. A report found that the majority of Chinas cross-border online shoppers plan to spend more money online in 2022. Despite slowing growth, total spending will surge past $7 trillion by 2025. Social media becomes less frequently used for purchases as users age. Last year, they reported that 64% of all traffic was from mobile. A single live chat agent can simultaneously help multiple customers, which in turn decreases response time and improves customer experience. +1-646-863-8807 Though, developing effective loyalty programs takes a lot of work. With physical stores forced to close, customers started buying everything they needed online. The following metrics demonstrate why video marketing is essential to retailers in boosting sales, 92% of marketers agree that its a vital component of their strategy. There are many important eCommerce statistics that you need to know about online shopping in order to keep your customers satisfied and improve conversions. According to Invesp, by 2020, 50% of searches will be voice searches, and Voice Shopping is expected to reach $40 Billion in the US by 2022. The Jungle Scout Consumer Trends report reveals that 72% of US online shoppers seek products with the lowest shipping prices. In contrast, Gen X and Baby Boomers are less likely to browse multiple online stores than younger generations. Turning to segments, electronicswhich leads all the categories of e-commerce activityis slated to grow from 38% of retail sales to 45% of global retail sales. WooCommerce is Shopifys main rival and holds the top spot overall with 24% ownership of this profitable market (Source: Buildwith). This cuts down the time it takes for foreign brands to start selling in China from 12 months all the way down to just 3-4 weeks. Retail Ecommerce Sales in China, 2020-2026 (trillions, % change, and % of total retail sales), Retail Ecommerce Sales in China* and the US, 2020-2026 (trillions), Top 10 Countries, Ranked by Retail Ecommerce Share, 2022 (% of worldwide retail ecommerce sales), Total Retail Sales in China* and the US, 2020-2026 (trillions), Retail Sales in China, by Product Category, 2022, Livestreaming Retail Ecommerce Sales in China, 2020-2024 (billions, % change, and % of retail ecommerce sales), Grocery Retail Ecommerce Sales in China, 2020-2026 (billions, % change, and % of total grocery retail sales), Top 6 Companies in China, Ranked by Ecommerce Sales, 2022, Top 3 Companies in China, Ranked by Retail Ecommerce Sales Share, 2017-2023 (% of total retail ecommerce sales), Livestreaming Retail Ecommerce Buyers in China, 2020-2026 (millions, % change, and % of digital buyers), Top 10 Countries, Ranked by Number of Digital Buyers, 2022 (millions), Department stores adapt to survive in the difficult retail landscape, The economy, Web3, and social media highlight our analysts takeaways from the NRF 2023 Big Show, Retail sales rise 6.0% in December, as consumers pulled back on spending. The paradigm shift didn't happen for no reason. The pandemic resulted in a huge jump in. Global retail e-commerce sales 2014-2026. In other words, the e-commerce space is becoming more crowded. Amazon's . Ecwid vs Shopify Comparison: Which Solution Should You Choose? Social media usage has increased significantly in the past few years. Against this backdrop, e-commerce companies have started exploring new and unsaturated marketing channels. According to research by e-commerce expert Gary Hoover, the growth of e-commerce companies has soared over the past 14 years. However, declines in growth will be minimal over the next few years. The data, reports, and statistics presented above should be evidence enough that eCommerce is not a choice but rather a business necessity. The average daily time spent on social media is now 2 hours and 27 minutes, according to the Digital 2022 Global Overview Report. Apart from internationalization, you could also work on product development and market penetration. Even though global e-commerce amounted to $3.4 trillion in 2019, this figure is estimated to reach $6.5 trillion by 2024 as the growth in e-commerce will outpace growth in physical retail. This is because more than 2.5 million new Shopify stores were set up in the last two years, during the Covid pandemic saw a huge number of traditional offline retailers move their business online via Shopify. Furthermore, eCommerce industries in countries, like the United States, continue to grow steadily. According to eMarketer, 19 percent of online shoppers prefer minimal packaging for shipping, . And it makes sense because not only is Amazon the most well-known eCommerce marketplace, but its also the leading consumer internet and online services company in terms of revenue. Doing so will help increase sales noticeably. It is expected to reach $478 billion by 2025. The statistics of PopupSmart state that online videos will make up over 82% of all consumer internet traffic by the end of 2022, which is 15 times more than in 2017. Good communication helps build customer trust and loyalty. In the UK, ecommerce sales will make up 36.3% of total retail sales in 2022. . Regular re-evaluation of available data means the forecasts reflect the latest business developments, technology trends, and economic changes. According to Yotpos surveys, customer loyalty programs are an excellent way not only to increase conversions but also to keep customers coming back. However, live chat firms that dont provide good customer service will quickly see buyers begin to shop elsewhere. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. This is because it reads the highest-ranking content first and searchers usually ask complete questions instead of just using keywords. High-profile retailers are shuttering stores, but that doesnt mean a broader retailpocalypse is IRI integrates with Meta in bid for incremental shopper marketing dollars, Deals ruled the 2022 holiday shopping season, Lululemon, Macys, and Chicos lower their Q4 outlooks, Amazon layoffs multiply, indicating continued strife in tech sector. After analyzing some of the most significant moments in e-commerce from 2021, Feedvisor launches an in-depth report of the key predictions in 2022. The Challenge: Navigating Through Obstacles Of Foreign Expansion. KEY STAT: Around the world, ecommerce sales will increase by just 9.7% this year, by far the slowest pace of expansion since we began tracking the figure in 2011. By developing stronger relationships, businesses can create a base of loyal customers. Nevertheless, its still ranked in the top ten fastest-growing countries with regard to changes in online sales numbers. years later, eMarketer data showed that the actual. By 2022, eCommerce sales in Latin America are projected to surpass $104 billion, a 22.4% increase from just $85 billion in 2021. However, we think that this number may not be accurate. Mobile commerce keeps growing. And the growth is forecasted to continue, by 2025, 23% of all sales are estimated to be made online, which would be a 5.2 percentage point increase in five years. Having a sustainability strategy will be increasingly important to retailers in 2022, according to Andrew Lipsman, eMarketer principal analyst at Insider Intelligence. The second most amounts of Magento website users come from the United Kingdom, where 12.247 websites are active there on Magento 1 and 8.339 on Magento 2. When COVID-19 first broke and supply chains around the world were disrupted, companies began to focus on building resilience into their supply chains or ways to keep them from halting completely and restore them quickly if they did. By pairing it with WordPress, you can craft a highly effective store thats more likely to drive sales. eCommerce exploded in growth last year due to the pandemic, and even though things are returning to normal, many shoppers have no intention of going back to brick-and-mortar stores. According to a recent industry report, e-commerce will account for 20.4% of global retail sales by the end of 2022, up from only 10% five years ago. In fact, product recommendations could make up for 31% of your eCommerce stores revenue. While their total cumulative spending power is lower than Baby Boomers, they make up for it by shopping online more frequently. According to Morris Cohen, Wharton Professor of Operations, Information, and Decisions, the COVID-19 pandemics effects on supply chains were as big as an earthquake or tsunami. Hopefully, this article has helped you understand the state of the industry and where it is headed. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Good in-app shopping experiences result in customers who are more likely to return, and consequently, make purchases. According to online review statistics from Trustpilot (2020), as many as 62% of consumers say they will not support brands that engage in review censorship. Inflation continues to remain one of the many grave concerns in 2022, so there will be more enhanced distribution and fulfillment planning as an industry. Also, reply time is key when speaking with customer service when 60% of customers believe that 10 minutes or less is an acceptable response time. Amazon is currently the most valuable company in the world, with a worth of just over $1 trillion as of June 2022 (Statista, 2022). eCommerce - Worldwide Worldwide Highlights Revenue in the eCommerce market is projected to reach US$4.48tn in 2023. Reliable data in simple displays for presentations and quick decision making. Even in a slower-growth environment, total new spending will be enormous. Online retail sales amounted to 4.9 Trillion U.S dollars worldwide. (monthly active users) worldwide 2008-2022 Quarterly smartphone market share worldwide by vendor 2009-2022 . Best Practices eCommerce statistics that you need to know where to start selling their through! Numerous companies are creating loyalty programs takes a lot of work transparency into when! X27 ; s about reducing a company & # x27 ; s impact. Buy online 7 times per year compared to men who only make online 5! - worldwide worldwide Highlights revenue in the overall eCommerce experience and user engagement of total eCommerce! Sustainability issues in order to keep your customers still hold a lot sway. 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