Kunal Madhukar: Great. Thanks, Joe. And thanks, Vivian. Quick follow up if I could. One of the things you mentioned Vivian was — and you discussed it in the in the opening remarks also is the highest search categories health and beauty, fashion, refurb and home essentials. What percentage of your GMV comes from these four categories?
Vivian Liu: Yes, so we don’t report GMV like a category level but those are very major categories already on the platform. So they are in the general state, they accounted for more than 50% of the total GMV on the platform. What we highlighted as the four high touch category, their subset of the bigger home and garden category or fashion. So there are subsets under the bigger categories where we see additional growth opportunity if we double down and manage the subcategories properly, we can drive a lot more growth. To answer your question those four major categories are accounted for a very large portion for GMV. What we selected are the subcategories under the four bigger categories to drive additional growth. Again, women’s fashion, refurbished electronics home essential and beauty and health.
Kunal Madhukar: Got it. Thank you so much.
Vivian Liu: My pleasure.
Operator: [Operator Instructions] Our next question comes from line. Laura Champine from Loop Capital. Your question, please.
Laura Champine : Thanks for taking my question. It’s really about the restructuring. I know that the — there was a significant number of staff laid off of I think it’s 34% of the total. But are there certain areas where that was concentrated certain functions? And are there certain things that you did not touch maybe just a little more visibility into what you did there?
Joe Yan: Yes, thanks a lot. This is Joe. So looking ahead to the remainder of this year 2023, we’ve recognize the macroeconomic uncertainties and the competitive pressure will likely persist. So in response to this dynamic environment and to position Wish to thrive over the longer term, so we are taking aggressive action, as you mentioned, to significantly lower our cost structure and improve our operational efficiency. So as part of this efforts, we are restructuring our workforce and optimizing for top strategic priorities. So can make us more laser focused on executing the top priority things within the company. So we are able to maintain the major investment that we have with what we have planned for this year, and the lowest card will taken into account.
So that’s your question, right? So this reduction didn’t across a deep cut across different areas of the company. And there are a number of factors that were included in the decision making process. However, our priority was really making sure that we have the full funding for what we consider are the key strategic priorities both on the product and operations side.
Laura Champine: Got it. And then a second question, how do you expect a trend your own advertising expense, which I know is dwarfed right now by some competitors? But how do you expect it? Do you expect to increase? Or does it not make sense to grow ad spend at this time?
Vivian Liu: Yes, thank you for the question. Our ad spend will fluctuate based on the seasonality for users. During the holiday season, we tend to spend a little more to capture the purchase power from the customers. But generally speaking, we will be more focused, we will take a very disciplined approach with our ad spend, meaning we set a threshold for the rule, so the return on ad spend. And we won’t spend additional dollars until — unless we see the thresholds requirement being met. So I think the between spending a lot of dollars trying to compete head to head with deeper pockets and just for user acquisition, versus spending wisely and in a disciplined manner to make sure we get a proper investment on the added dollars, we choose the second part.
