Thank you very much. Hello, everyone. Welcome to this very first quarter earnings call for CDON, a separately listed company. This is a big day. It's a big moment for me personally, and I'd like to start by thanking you all for your interest in CDON and our journey. My name is Kristoffer Väliharju. I'm the CEO of CDON since a few years back. With me in the meeting, I have our CFO, Niclas Szieger. He's also been with me during the last couple of years, where we have been working to transform a 20-year-old retailer into a marketplace and a tech provider. For me personally, throughout my career, it's always been about how to make the meeting between a buyer and a seller as smooth and as convenient as possible. Why is this important? Well, it's important because it generates value for everyone involved. The buyer will get his or her problem solved, and the seller will sell more, and everyone is happy. I joined CDON in 2017. That's a little bit over three years ago, and I was amazed because I saw a rare opportunity to actually go and build a company that could improve this meeting between the buyer and the seller. I joined CDON in an age where there was available technology and the right competency to go and do this. In 2017, CDON was just a shell. It wasn't really much to me because it was retail. It was a business model that I had tried for 20 years, and I failed so many times. I also saw that there were strong assets in the company that could be used to create this vision of the perfect meeting. CDON had a very strong and known brand since many years in all of our markets. May well be that we were known for being CD records online, but it was very well known in every market that we operate. We also had a huge amount of in-house competency about e-commerce, and I was actually shocked about this fact. That was one of the first things I talked about with my friends after joining CDON. I came from Dustin, which is a very strong Nordic e-tailer. When I came to CDON, pretty much everyone knew a lot about e-commerce, and that impressed me. We also had a lot of active customers in attractive categories. We had existing product sales volumes, and those gave us insights on customer behavior and product mix trends. We had this fantastic four-letter domain that had been worked on for 20 years, C-D-O-N. Those short domains are not easy to get these days. What we didn't have back then was a profitable business model. We didn't have the sufficient technological foundation. It was an old platform from 2008, built for retail. We didn't have the right culture. It was very hierarchic. Few people took many of the decisions. Many people made work dictated by few people, and we didn't have the optimal ways of working. This is where we started. This is what we started to change. If we fast forward three years, we have accomplished a lot. We've turned the business model. We have improved the financials. We've changed much of the technology, and we have improved our culture and ways of working. Now the real work begins. If we move to the next slide, please. Slide three. Today at CDON, we have over 1,600 merchants selling their assortment on our platform. The majority of these retailers or merchants are local Nordic retailers. Some are smaller, some are bigger, and they come to us for different reasons and with different needs. To give you a couple of examples, we have a partnership with a major Danish retailer called ComputerSalg. They needed support in their presence and reach in the Swedish market. They're very strong in Denmark, but they needed to get out further into the Swedish market. Another example is Inet. I've known them for years. I worked in IT. They're very strong in IT, specifically surrounding gaming. When they joined our platform, they didn't need to reach a new geographical market. They just wanted to reach new customer groups outside of the specific gaming niche that's in their core market. We have different merchants with different needs, and our job is to serve these merchants the best we can with our technology and our people. They can trust us in this, and when we develop our future offering of technology and commercially, we do this in collaboration with our merchants. It's a constant dialogue. Going forward, I expect higher inflow of European merchants as we're looking to more partnerships with different European marketplaces to secure a wider and more relevant assortment. The reason for this is because we want to be more relevant for the Nordic consumers. If we move to the customer side on next slide, which is slide four. During the year, we've seen strong growth in the number of active customers. For us, active customers are customers that have made a purchase with CDON in the last 12 months. Right now, more than 10% of the Nordic population of buying age have made a purchase with CDON during this year. This is something that makes me extremely proud. We also saw strong number of merchants joining our platform. This indicates to me that we have a compelling merchant offer and that we can't be too large for the market. These customers, they come to CDON as we offer the widest selection of local products combined with unique offers from Europe at compelling prices. They can compare prices on the product from different merchants. They can get an email when something new is back in stock. They can review price development over time, and they can give trust in what to buy by looking at ratings from other users and also leaving their own rating on these products across the board. All of these functions are actually functions we have added since we launched our new platform in October, and here is an area where we see great opportunity in further developing our own buying experience and customer experience moving forward. If we move to the next slide, which is slide five. As I mentioned, we have seen strong number of new customers joining our platform, strong number of merchants joining our platform. These merchants and our customers, they met in commerce as they should, which grew our gross merchandise value in the platform by 60% in Q4. This, in turn, generated an increase in adjusted EBIT by 21% to SEK 28 million. This year has been a year of strong transformation for us at CDON. The biggest event for us was obviously the launch of the technical platform that I mentioned before. We launched it in the end of October. Yeah, that's right before peak season. I get often questioned whether we're suicidal, but the trick with this new platform is to feed it with a maximum amount of data, and during the peak season, our data amount is high. The platform which we developed ourselves is built specifically for our marketplace rather than the old legacy platform we had since 2008 that was built for a retail model. This new platform is very scalable. It's highly automated, and it's the right technical foundation for us to grow on in the coming years. That's why we prioritized to put this in during the peak season. When we look back at Q4 and 2020, I am so proud of the team because we are putting a very strong year for CDON behind. If we move to the next slide number six. We talked about marketplace when I joined CDON in 2017. It was on the PowerPoints, but we didn't really go for it. During the last couple of years, we really went for it, and we have established ourselves as the leading Nordic marketplace at scale. During the last couple of years, it went much faster than many anticipated, but we're super determined because we see a great opportunity here. If you're looking at global trends or even European trends, marketplaces account for over 50% of the total e-commerce revenue globally and has a much higher penetration in more mature markets. We saw with this business model in a virtually undisrupted market, we could make a real change and take a leadership position. We're building this on 20 years of knowledge and mistakes, and we build this on 20 years of knowing our market. We are willing to tailor our solutions to meet the local needs, and we take the merchant need as well as the consumer need seriously because we want to take the experience for Nordic consumers and merchants to the next level. If we move to slide seven, I'd like to talk a little bit about market position. The Nordic market is a promising one, but it's a tricky one to operate. We're not that many people, 28 million, and those 28 million are spread across four nationalities and cultures, four different legislation. It's a logistical nightmare. You have mountains in Norway, you have rivers, you have sea. It's far distances. We are the fifth largest economy in the EU, and it's a perfect market for e-commerce because the internet penetration is over 90%. We inhabit some of the richest people in the world, and we are known to be fast adopters of new trends. Despite all of this, the online penetration or online sales penetration is actually lagging behind many other European markets. When it comes to marketplace penetration, we're even more far behind. In my belief, this will change over the years to come as it has done in most other mature markets, and we at CDON would like to take a prominent position in this change. If we move to slide eight. If there's one word to summarize 2020 for Nordic retail, it's got to be change. I think everyone can feel it. COVID-19 pushed a massive change on our retail industry. It demanded agility at an unparalleled level. The quickest ones to adopt to new conditions were the ones that made it the best. It was a rapid change of sectors. Travel died instantly, and some sectors boomed, like do-it-yourself and near home products. Everyone started to look after their castles, decorating their homes, building that decking that they've been dreaming of for the last couple of years. All of a sudden, they had money to do it because no one could travel. All of a sudden, e-commerce wasn't just a convenience, it was a necessity. Because of the social distancing, you had to buy online, which meant that new customer groups were forced to go online. We could see in our data that elder groups were picking up, because all of a sudden, they had to adopt this new technology and this new way of shopping. Another major impact for us during the year was also the launch of Amazon.se. That has been a big unknown, rumored since 2018, and finally they entered to show their true nature. All of a sudden, every single retailer in the Nordics had to ask themselves the question, "Should marketplaces be part of my go-to-market strategy?" The other question they must have asked themselves was, "How do I become more digitally capable, fast enough, and what should my role be in this new environment?" We have a purpose, and it became more important than ever during this year in trying to help the customers emerge and dealing with this change by utilizing our position, technology, and experience. If you look at the marketplace flywheel on this image, it is an elegant business model because it's asset-light, it's capital efficient, and it can handle scalable growth with less risk, much better than traditional retail. We know it because we've tried it. We've tried both. It's also able to generate true customer and merchant value if it's executed correctly. Instead of purchasers managing aging stock, administrational staff that handles product content and pricing, we can now employ some of the best developers in the market, and we do. We put that attention to helping our merchants and customers instead. We have large volume, more volume than our merchants, so we can drive traffic to them at competitive costs compared to other channels they use. We have many products. We have millions of products, 10 times the assortment of the local retailers. With so many different products and offers in one place, we can serve the customers more efficiently and we can be more accurate in doing this because we get all the insights and the data from all those products and all those customers. With that said, there's a lot to be done. This year is going to be a specific focus on customer experience because as I said before, it's a new platform. We still have a lot to do to trim and optimize it, but the focus will be on the consumer experience on the platform. We also need to work with things related to that, like operational improvements. How do we obtain structure, utilize available data in a more efficient way? The technical foundation, sure, it's established, but we need to trim and optimize. When it comes to added value creation, this flywheel or business model, it has some interesting avenues left to explore. We're looking at advertising. We want to build more merchant insights to help them sell even more, and we want to look at further integrations to support our merchants, because we know that this is an area where they're struggling right now. These services are requested by our merchants, and these services they're willing to pay for. We have also the benefit of being fairly late in the game. We can observe others, larger players, more mature players than us, and see what they have learned and pick the smartest options. We can avoid the pitfalls, and we can invent solutions that not only solves the problem, but solves it smarter than the current solutions in the market. Taking the unimaginable and making it common, that's where I would like us to be as an organization. Those are my words. I'd like to hand over now to Niclas Szieger, our CFO, to talk a little bit about the numbers that we've generated. Thank you, Kristoffer. Starting on slide 10. On this slide, we can see the transformation that CDON has done in the past years. Not only have we built a marketplace with third-party sales that have grown very, very fast, we have also successfully phased out our CDON Retail business. Looking at the quarter, we can see a continued strong growth, GMV growth from CDON Marketplace amounting to 60%, or total SEK 641 million. CDON Retail further accelerated outphasing during the quarter and declined GMV with 48%. Moving to slide 11. The strong GMV growth of 60% from CDON Marketplace resulted in a net sales of SEK 75 million, an increase of 41%, and a gross profit that increased with 45%. The commission for merchant grew nicely with 76%. Lower advertising revenue is the main reason for gross profit not growing as fast as GMV. Full year GMV growth from third-party sellers amounted to 86%. This growth is mainly driven by successful integration and onboarding of new merchants during, I would say, the second half of 2019 and 2020, and of course, favorable market conditions. CDON Retail declined with 50% net sales, but we saw an increase in gross margin as the remaining of the business have a higher margin structure. As a result of the rapid change in business model, total net sales declined with 38% in the quarter and 28% for a full year. This, of course, also impact our gross margin as we see increasing very high margin third-party volumes, and we reduce the lower margin retail business. This resulted in a gross margin that increased with 15 percentage points and amounted to 35%. We are very pleased to see a continued positive profitability development. We now have 11 quarters in a row with improved profitability compared to the same quarter the year before in terms of EBITDA. Looking at the quarter, EBITDA grew with 21%, amounting to SEK 28 million. For full year 2020, adjusted EBITDA grew 126% to SEK 34 million. The costs adjusted for are related to our Nasdaq listing and incentive program to management, which in total amounted to SEK 10.1 million. Adjusted EBIT was SEK 23 million in quarter, and for full year EBIT was SEK 4 million, which includes a write-down of intangible assets of approximately SEK 7 million during Q1 2020. If we move on to slide number 12, and we look at some of the drivers of our business. We saw a continued high inflow of visits during the quarter, which is following the same pattern as we've seen throughout the year. Lower conversion rates resulted in a 16% growth of number of orders. During the quarter, we also saw a decline in average order value, which is mainly related to lack of supply within certain high-value item categories during Christmas period. We are very pleased to continue to see high inflow of new customers to our platform. By the end of the quarter, we had 2.25 million active customers, which is a net increase of approximately 500,000. Moving on to the next slide, the cash flow and the balance sheet. As a result of Retail being phased out, we continue to decrease our inventory, and for the end of December, it amounted to SEK 25 million, which is a decrease of 76% versus last year. The cash flow from operations during the seasonally strong quarter amounted to SEK 130 million, which is mainly driven by working capital. For full year, cash flow from operations amounted to SEK 30 million. In the year, we continued to invest in our platform, total investment amounted to SEK 23 million compared to SEK 29 million in 2019. This results in a total fixed asset of SEK 62 million, which almost all is related to intangibles and our technology. We had an ending cash balance of SEK 170 million, which we believe gives us the resources to continue to invest in profitable growth. We are in a solid financial position. We are very asset light, which reduces the risk and capital needed for our day-to-day business. With that, I hand over back to you, Kristoffer. Thanks. We're now at the final slide 14. Where are we now? First of all, CDON is the leading Nordic marketplace in the Nordics. We lead. Really proud to do that. We're also leading in a very favorable market. It's been super favorable during 2020, but we think it's going to be favorable going forward as well because the low penetration of marketplaces and that this trend is picking up because the internet penetration, the online sales penetration is still increasing. We're really positive about that. We see strong demand from our merchants. We see strong demand from our customers for better solutions, and we feel that with our technological platform in place, we can go and execute on that and deliver a stellar customer and merchant experience. As mentioned, we will focus on the customer experience, and with customers, I mean both consumers and merchants. We're going to continue to grow our assortment in order to become more relevant for the consumers, but also because it drives growth. We will do this with a lot of new merchants, but also with a lot of new partnerships. We will go and strengthen our operations and also add new services relevant for our merchants. When it comes to operations, we still have room to improve on marketing efficiency. We have room to improve on way we work with data, and we have room to improve in the way of operating our company. When it comes to new services, I'm super interested about integrations. I'm super interested regarding insights that we can help our merchants with, and I'm very positive towards the opportunities around advertising. We had to suspend advertising for a short while during the platform change, which impacted us slightly, but we see great opportunity in getting back on that track with much more advanced solutions, and driving further opportunity in this area. With that said, that's all from us. I hope you enjoyed listening to us, and I hope you enjoyed understanding a little bit more about CDON. Now we would like to open up for questions from the audience. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question is from Adam Wyden. Please go ahead. Your line is open. Hi, this is Adam Wyden. I don't know if I got my name right, terrific quarter, guys. Really impressive. Really liked, for me being an American investor, getting the story and how you're looking at the business. I think you guys are looking at it the exactly the right way, and we've had terrific experience of investing in tech turnarounds, and it looks like you guys are well into it. Just qualitatively, as Americans, we're not consumers of CDON, and obviously all we have to rely on is stuff we read on Twitter and stuff that we talk about with people. There is this perception that CDON is this old company that sells CDs. It was public. It was not very successful. It merged in this holding company, spun it out. How do you think about changing the perception locally such that millennials and younger people start consuming it, and they know of it more as a 3P marketplace as opposed to a book reseller? Domino's did an interesting thing several years ago, and they basically came out and said, "Look, our pizza was crap. We've invested enormously in technology," similar to CDON. They've developed their own in-house tech platform, which was best in class. They improved the quality of the food, and now Domino's is the fastest growing franchisor. How do you think about coming out and saying, "Hey, this is what we were, this is what we are now," and doing a rebrand from a marketing perception point, because there's a flywheel, right? When people understand what it is, it grows sales, they have a good customer experience, they keep going, and the thing goes. How do you think about changing that perception locally about what new CDON is? First of all, I think that your example regarding Domino's is a very good example because they approached it the way that I'd like to approach it, which means that basically, first of all, I need to lay the foundation. I need to have the foundation in place in order to be delivering a great customer experience. That is exactly what we've done. That is exactly why we have invested in a new platform that is built around being a marketplace rather than trying to put lipstick on an old platform that was built for retail. That is the first step. The second step is actually to do all the good stuff that you can do when you have the foundation in place. That is improving the customer journey, improving the features needed from customers of today, listening to your customers, analyzing your customers, and understanding what exactly are they missing and what exactly are they loving with the current experience of CDON, and then build on that and go and have something that is above market. On top of that, you need to, in parallel, educate the market and the consumers regarding what are the benefits of what we're doing right now. I don't want to just do education. I want to make sure that if we tell a customer, "Come to CDON, it's a great experience," it has to be a great experience. I hope that answers your question. That is really how I see that. Yeah. No, that's wonderful. Look, there's a wonderful book that we like and for you to read and maybe others to read, which is basically about Vernon Hill and Vernon Hill's journey at Commerce Bank, and he sold it to TD Bank. Commerce Bank is a banking commodity business, right? Everyone has money. Anyone can buy products. Basically, Vernon thesis was, if we're open 24/7, and we have dog treats, and we have the cash machines, and all this stuff, effectively, you're creating fans, not customers, right? You're creating people that love your products, right? If people love the product, if they love the experience, you can make something commoditized have a very, very large moat. I think you have a very large moat to begin with. I totally get what you're talking about. I think you guys are doing wonderful things. I'm very happy to be a 7% shareholder in the company. We've followed many marketplace businesses, MercadoLibre, Sea. Once you get that tailwind and people-- the flywheel is crazy, for you guys to be able to do this so early and profitably, it's super interesting. Let me keep going for a minute. If I just think about where this company can be in the intermediate term. Right now you did SEK 2.4 billion of GMV. If your sales growth is effectively constant in 2021, you're looking at something that's going to do close to SEK 4 billion of GMV. Today, you trade at a fraction of that. You trade at, like, 0.64 times GMV, just kind of back of the envelope math. Most marketplace businesses that are not even profitable and they have sales worth a fraction of what you have trade at three or four times, five times GMV. In our mind, you guys could grow much faster if you guys were to burn capital, but you don't have that cost of capital. What do you think the process is to getting your valuation in line with the peer group such that you have a cost of capital that allows you to invest for growth? You guys could do all types of converts. Software companies in the U.S. do all types of converts. If you were able to get your cost of capital in line with your peer group, we're looking at a stock that's several multiples higher than what it's trading at now. How do you think about that valuation convergence and your valuation relative to your peers? It's very hard for me to comment on valuation. I'm super focused on where we are, and we're super interested in listening to your input regarding how to invest in going forward. I can't tell you which levels we're going to be at. I can tell you that we have invested in our technology in the last couple of years. We have invested in building the right organization to become a marketplace, and many other things. We will continue to invest because we will not give up. We want to truly revolutionize Nordic e-commerce with something that is up and beyond where we are. Where will this lead in terms of market growth, et cetera? That's very hard to say, but we should be better than market, I can tell you that. If the market is growing X, we need to grow X plus, for sure. Capitalization and all that, let's see how this plays out. That's as specific as I can be at this point. That's wonderful. Can we talk a little bit about take rate? I know you guys slowed down advertising. If we look at 3P marketplaces, I think one of the things you mentioned in your comments is that you're able to observe successful 3P, and you have many to work from, Etsy, MELI, Sea. All these companies have take rates probably approximating 15%. Obviously, you want to deliver value to your merchants and customers. How do you think about share of wallet expanding in the near term as it relates to take rate, and obviously the advertising platform as you ramp it back up? First of all, today, our take rate is mainly comprised of the actual marketplace commission. Right. Advertising and anything else would be added on top of that. There's lots of room on take rate, for sure. There's lots of room. I mean, improvement. Yeah. Perfect. Okay, last question then I'll get back into the queue. Obviously as an investor, when you're kind of thinking about a steady state, you're looking at TAM, right? What the TAM is and what your penetration is. In your mind, is there any reason why CDON can't get over SEK 10 billion of GMV? We've spoken to many former employees and people in Sweden, and they basically laugh at us when we say, "SEK 10 billion of GMV." They're like, "We can be much, much bigger than that." How do you think about the total addressable market in kind of SEK GMV terms, and how do you think about kind of getting there, and obviously from a marketplace perspective, you don't have the supply chain and logistics necessarily underneath it. Now, in Sweden, you probably can do that stuff to get close to the customer, but how do you think about kind of broader European penetration beyond just the Nordics once you kind of have your sea legs under you? Let me first start off saying that I love your ambition, because I hear that you're so ambitious, and I am ambitious as well, but I'm also very occupied of taking it in the right steps, building something that is solid and that is sustainable. I'm a carpenter originally. When someone comes to me and say, "I'm going to build the nicest house ever." You need to know how to build, otherwise it's just a dream. We are good at building, and we have started building now, but keep in mind that despite the fact that we're over 20 years as a company, we're only a few years as a marketplace. This is really early days, and we have so much left to be done. Right now, the focus will be on improving the customer experience to take care of our customers a little bit more. We're going to continue to expand our assortment to be more relevant, and we have a lot of operational and commercial avenues left to explore. Will that take us to 10, to something else? We will see. Let us work on this, and we'll see where we get. Just from our perspective, the Nordic total e-commerce spend is SEK 1 trillion, right? If you think about Amazon got into grocery. SEK 1 trillion in Nordics, not including beyond Europe, you got a lot of money to work with. Look, I love your ambitiousness. I see you're on LinkedIn. Many of the guys are young. You've got great shareholders and Rite Ventures. Look, I'm all about innovation and energy, and constantly evolving the customer experience. Look, this is music to my ears, and I look forward to building our position from here. Thank you very much. Thank you very much for the confidence and all. Our next question is from Brad Hathaway of Far View Capital Management. Please go ahead. Hi, Kristoffer and Niclas. Thank you for a very helpful presentation. Just had a couple of questions I was curious about. First off, you kind of mentioned, you talked a little bit about this, but I'd love to hear more about some of the, I guess, the headwinds that the technology transition created in the business in the fourth quarter, as well as also, I guess, some of the headwinds you saw from lack of supply in the fourth quarter. Well, first of all, I don't know if you've changed the platform, a platform change it's always hard to anticipate exactly what's going to happen. We launched a new platform in the end of October, the new platform is fully automated. It's automated on personalization recommendations and many things like that. Just getting everything trimmed in in the beginning has been a lot of work for us. We are making real progress here, sometimes, it's very hard to anticipate exactly what's going to happen, that's the situation we've been in. Not to say that it's negative, because I don't think so, I think it's been a good period for us because we could pour so much data into this, as I mentioned. The more data we feed it with, the better it works. If we're looking at. Supply of products. It's been a pressurized market for many. Not everything has been available due to the pandemic, so some of the supply in Asia hasn't been available, and maybe those allocations of supply have been given to more major markets than the Nordics. Some players were able to absorb more early on, where some players weren't. This has affected many, including us. Okay, great. You spoke a lot, I guess, about the opportunities you see ahead of you. I just love to hear about some, I guess, the lowest hanging fruit you see in terms of improving the platform so you can kind of delight the consumer and also be a really strong partner for the merchants. Yeah. We're working on a lot of things here, but one of the things that we need to get better is the data structure. We need to improve on the data structure, the way we absorb data from our merchants, structure that data, and use that data to create relevance in the platform. That's an area that we're going to go and work with. Another area that we need to work with, which still remains, is the whole checkout flow. We have a checkout flow that is very much the same checkout flow that we had in the old platform, and now we need to go and work on that checkout flow to optimize it, because we can see that it would be a great benefit for us and for the customer experience. That is things like delivery options. Today, we offer very few delivery options, but there are actually more delivery options available behind the curtain, but those are not reflected on the platform. Being able to offer, for instance, last mile deliveries and things like that are super important for our customers. We do deliver with last mile today, but it's not visible on the platform. Things like that are super important for us to kind of get done during this year. Got it. Great. No, I love the focus on kind of all the things you improved. That's very helpful. In terms of penetration, you have 1,500 merchants currently, and if memory serves, there's something like 60,000 in Sweden alone. Obviously your penetration among merchants is incredibly low, and that partially I think explains why marketplaces have such a small share of the total e-commerce GMV. I guess, can you talk a little bit about what you're seeing from the merchant community in terms of their awareness of marketplaces and their interest and potential willingness to move over to a marketplace solution? Well, first of all, the overall awareness and interest has increased. I think it's partially driven by the fact that Amazon entered, all of a sudden, everyone has to start thinking about marketplaces. That was very hard for us to drive on our own, we got a good help from Amazon on that. Secondly, also, we see that our work on PR branding and kind of repositioning of CDON has led to some interest in the market. We've seen greater inflow from Nordic retailers, we've also seen greater inflow and interest from merchants and retailers outside of the Nordics. We still have a lot to do here. There's a lot of aggregation happening in the market through different kinds of partners, other marketplaces, et cetera. We're early stages, I would say. Got it. Final question, and then I'll cede. Obviously, as you mentioned Amazon, everyone's worried about Amazon, but in terms of the rest of the competitive environment, do you see other players doing competing 3P marketplace in the Nordics? I think that the overall interest and awareness for marketplaces as a business model will increase, and I think that more and more players would look into this to see if they can get something going. We've seen this during the last couple of years, and it will probably continue. With that said, I don't necessarily see these other marketplaces or players using a marketplace business model as competitors. I see them as potential collaborators with us as well, because ultimately, in the end if we can collaborate to serve the customers better or more efficiently, that's something we're interested in. Yeah. Got it. Understood. Well, thank you for all the thoughts and really excited to see what you build in the years ahead. Thank you. Thanks, Brad. Have a great day. Our next question is from David Reed of Lizard Investors. Please go ahead. Hey, guys. Thanks for taking my questions. Can you just talk a little bit about the 3P GMV slowdown in the last quarter, in the fourth quarter, versus triple digits in the previous three? I'm just kind of curious, how much is it driven by sort of the slow Christmas or sort of the new launch of your platform and reentering of the Amazon? Can you just talk a little bit about that? Did it surprise you of seeing 60% year-over-year, or are there some external factors that kind of impact it? We got some numbers on the market growth yesterday, and it seems like the market overall is growing something around 30% this year. Doing 60% now, I think that's a fantastic result. We're beating the market by 2X or something. For me, obviously, as we mentioned before with Brad, the technical platform has surely impacted some. The lack of supply in certain areas of some goods has maybe impacted some. I can't relate much of this to anything regarding Amazon. I don't have any indications on that. That one, I can't comment on. Overall, we're really happy about Q4. We're really happy about 60%. Keep in mind that the growth numbers, they are much larger volumes. We had tremendous growth in the year before, in Q4, in the marketplace, so now we're needing larger volumes when we talk about growth here. For me, this is a fantastic result. Okay. Maybe just going back on the launch of the new platform. Did you guys see the impact? Obviously you've said this in the past, right? You're able to track every transaction down to every step of the way, right? Just, would you say if you didn't relaunch the new platform, did it impact 20 points, 15 points? I'm just kind of curious. Did it seem rather dramatic, right? Especially, even versus some of the other peers you've seen in the online space in general, just the delta on a sequential basis seems significant. Yeah. It's very hard for me to comment on specifics. Our ambition is to outgrow the market, and we've done that throughout the entire year. We did that even in Q4 on higher volume. I think, for me, it's about continuing developing our offer, continuing to develop the consumer experience on the platform and the merchant experience on the platform. We took a bet and launched a new platform that is required in order for us to grow going forward. If that impacted on X or Y, for me, it doesn't matter. I think it's the right choice. Understood. We need to go for it. Yeah. Interesting. Maybe talk a little about since you've launched the platform. For the month of, let’s say, January or February or even maybe December, how are they comparing on a year-on-year basis on a 3P side, versus the previous quarters prior to relaunching the platform? Have they normalized already? Have you seen that coming back so you can at least get a sense that, "Oh, okay, it did really impact you. Now the growth is coming back"? Well, I can say that we're going to continue to outgrow the market, and we're going to continue to outgrow the market in 2021 as well. Do I expect the same level of growth as we've seen in 2020, over 100%? No, I don't think so, because we're growing on larger volumes. Okay. Just on gross margin for the 3P GMV side, terrific obviously improvement on the gross margin side. Can you just talk a little bit about specifics in terms of obviously it's very high? It's mostly gross margin. What are the tweaks and takes and puts? Like what drove the one point improvement again this quarter? What about some of the initiatives you talked about previously, like advertising, et cetera? What were the specific drivers behind it? Could you. Sorry. On the 3P. Can you simplify the question or just can you rephrase the question regarding gross margin? Yeah. The gross margin on the 3P GMV improved by, I think, over a point year-on-year. Can you just talk a little about the drivers for this quarter? Yeah. For this quarter, as I mentioned, we had a higher commission from our sellers compared to previous quarters. We did also in Q4 started with the monthly fees from our merchants. I'd say that is the main driver for that. Okay. Maybe talk a little bit about sort of the unbundling of the, maybe, I don't want to call the word unbundling of the take rate, but if you look obviously at how Amazon have done it or how some of the other players have done it, right? You start out with a very generic, and then they unbundle over the years. Just the opportunity to unbundle here, clearly you can probably take pricing up, right, on a base level as you introduce more other services. Just the opportunity on the overall blended take rate on a 3P side, what's the opportunity here? Can you give us some sort of sense on what will be for a seller if they're doing advertising versus not doing advertising? Just give a sense, like what's the opportunity as you kind of introducing more products for the sellers, offering better services, like how that will increase the take rate coming to you? Well, first of all, I think that we're on the start of a journey here. As mentioned before, the take rate is mainly marketplace commission right now, and that is kind of the success fee, if you like. Having said that, we need to add more services. We need to add more things that we can offer the merchants that they're willing to pay for. Being specific on that development is too soon, because we're still investigating some of it, and some of it we're further. We see great opportunity in this because there are services like advertising that is required. There are services like further integrational support that we can offer. I think that the merchants are willing to understand more about what's going on in the platform and in market in general. I think we have an opportunity to go and work with that. Exactly how that's going to pan out. It's very early days. It's very hard to say. We're focusing on this, we're investigating this, and we're looking at ways of improving this. Okay. You're right in mentioning the way we disclose it. Today it summed up. You probably saw in the report what is included. If we see that there's value in starting to split it up to be more specific, we will most surely do so, but that is a decision we will take as we go. Sure. Just touching on the cash flow for the year and maybe even for the quarter. Obviously, working capital continues to be terrific, but just maybe comment a little bit about, obviously, the working capital improvement wasn't as significant as previously. Can you just talk about what happened on the payable side? Obviously, it was a significant outflow for the whole year. How much of it was it impacted by maybe the spin-off or something like that? Can you just talk a little bit about that? Absolutely. The spin-off itself did not really affect it. On the payable side, we have the retail business, those payables are decreasing. As we are increasing the marketplace GMV, the debt to our merchants is increasing. That is the driver there, on the debt side. I'm looking at the cash flow statement, the operating liabilities was down significantly, right? Was this driven by maybe you guys pushed that pretty hard the year before, creating difficult comps? Just because the delta seems quite significant, I'm just kind of curious what that is. Yeah. Last year, we had a much larger retail business. Going out of the year from peak season, the payables related to the retail business was, of course, a lot higher, and that is the main reason. Oh, okay. That's terrific. Maybe just talk about, going forward, in terms of the CapEx, obviously, further building out the platform. Are you guys doing anything on the fulfillment side, or is this going to be continuously asset-light? Are you guys doing in terms of supply chain, warehouse logistics, and et cetera, to stimulate more sellers coming to the platform or making it easier for them? I'm just kind of curious, because CapEx, obviously, down again this year, just kind of thoughts on that in terms of what are you guys spending and what more could you spend to really drive or even accelerate growth for 3P business? Well, first of all, as I said, for us, it's important to build solutions and capacities that are needed by our customers. If we take the merchant side, we have engaged in new collaborations during this year and the year before. One of those collaborations was a collaboration with a French marketplace called Cdiscount, where we operate together. They have a very strong assortment, very strong pricing, super relevant for the Nordic consumers. The problem is that they're in France. That's pretty far away, which means that they don't have the ability with next day delivery, which would be kind of the standard in the Nordics, right? That kind of spawns a need for some kind of fulfillment offering towards them. We have other merchants that are requesting similar solutions, but with different needs. This is something we are investigating right now to see how can we put together some kind of fulfillment offer to improve the customer experience on the delivery side with these partners that doesn't have the capabilities themselves. This is definitely an area that we're looking into. Are we going to go and build our own supply chain? No, I don't think so. I don't think you're going to see CDON lorries going on the streets anytime soon. We're looking at partnerships where we can kind of partner up with some of the leading actors in the market and create the value proposition together that we can offer to the consumers and to the merchant. Okay. Just maybe, just one last question off on my end. On the Amazon situation, the launch, because I was reading somewhere like Amazon's launch actually might could have had an impact. Maybe just talk about why aren't you seeing any impact from Amazon or maybe even from your sellers, because you don't have millions of sellers, right? It's a small market. It's only thousands of number of sellers. Just kind of curious, why aren't you seeing any impact at all, or is there any product category where you might have seen some impact? Is there any key or anything that you can talk about regarding the impact of Amazon other than you don't feel like there is any? Well, Amazon, they're a fantastic company. When they go for something, they really go for something. I admire them tremendously. They have a scale-out model. They're pretty much scaling what they have. That's the way they operate, or at least had been operating up until now. That means that they've launched in Sweden, mainly with kind of German assortment and German product. I can't say whether that's going to be compelling or not to the consumers in the Nordic. I'm sure they will build their value proposition over time. If you take it, we have a strong local assortment at hand that helps us a lot. We also have a very trusted brand. We're in times of turmoil right now. When it's turmoiling, you go to the people that you trust. Yes, CDON isn't the perfect brand. The customer doesn't understand exactly what we're doing right now, and we have so many flaws in the way we operate. Still, they know CDON since 20 years back, and that's worth something. We're focusing on our platform development now to improve the customer experience. We do that, and we listen to our customers. We have these 20 years of experience on what the Nordic customers want. I think those are the strongholds that we use in order to mitigate any competition from Amazon. If you then go to the merchant side of things, it was very hard to anticipate how they would attack this. What I'm hearing is that their penetration isn't that high yet. For us, we don't really care about that because we want to make sure that we're easier than Amazon to work with. We know for a fact that we're cheaper, and one of the things that the merchants really value with CDON in the Nordics is that we don't compete with them in their categories. We don't sell our own 1P stuff anymore. That's why you see it so rapidly declining, the retail side of CDON, because we want to truly be there for the merchants, right? And with that broader assortment, it's going to be something that the Nordic customers are going to value. What are the things that you guys are, if we speak to, let's say, a couple hundred of your merchants, what are the things that you guys have done to make it so that it's distinctively cheaper or easier? I know it's cheaper takeaway, but how much is it easier for you guys to work with the sellers? How visibly easy or convenient are you guys from the seller's perspective? I'm not sure if I understand that question. I'm just saying, what are the options that you're offering to the sellers where it makes them much easier to work with CDON than, say, Amazon? Okay. Well, if you take the easiness, if you look at the way we integrate. If you try to put your product on Amazon, and you try to put your product on CDON, you will find that the integration flow is easier. For instance, we launched a technology which we call Imza]. It's a scraper, but basically, the only thing we need from the merchant is that they send us their URL and say www.myhomepage.se. We will- Sure. Put into crawl their page, we will crawl in their content, we will crawl in all their products and their stock information and all their pricing and everything, and we will put that into our interface. The only thing they need to do is to go in, validate whether it looks okay, and then push publish. That means that a merchant can join CDON on Thursday and start selling on Friday. We try to be easy. Got it. That's really what we try to do. Looking at our APIs, they're super simple. We've talked to some of the other marketplaces in Europe, they said, "Wow, you guys have the easiest integration we've seen. That's amazing." We've put a lot of pride behind making it easy. When it comes to pricing, we didn't start off with kind of a global model or building it off Germany or something. We looked at what are the market dynamics in the Nordic and what is the appropriate take rate per category in order for us to be relevant in order for the merchant to survive profitability-wise. We built our entire model around that. Got it. Okay. All right. Great. Terrific. This is all the questions I have. Thanks. Our next question is from Nicklas Fhärm of SEB Equities. Please go ahead. Good morning, everybody. I'll try to be quick, but I'll fire away a few questions, please. Let's start with one thing in Q4 results as such. You write specifically on the developments of sort of commission income being up 76%, while CDON Connect service and advertising income is down about a third. Would you care to share how much of revenue is actually generated from these two categories in the quarter? Should we expect that you will disclose that going forward? Nick, are you asking for a category breakdown? Is that the question? Yeah. How much of sales are CDON Connect and how much of sales is 3P take rates? As Kristoffer said it before, we don't split out that. As we did say, we did see a decrease in the advertising income that we do. Just to give some flavor around that, because we talk also about the opportunity going forward, the advertising we have today is the traditional banner advertising on sale on the site. Yeah. Which is not what you refer to as the Connect part. That's the decrease in the quarter. We don't disclose. As for the entire market, I would say. Yeah. That is a free-for everyone. Yeah. Well, we don't- All right. You don't disclose the actual sales. Okay. Can I ask you, are there any thoughts on sort of a target retail GMV development for 2021 at this stage? Or for that matter, when do you expect it to be zero? We will continue to entertain the retail part of our business. This is a question we get a lot. Are you going to close it down? Why are you keeping it? For us, it's important because it's value to the customers, and it's still value to CDON. It's not burning us. It's not hurting us. We have many customers who have been customers with CDON for 20 years. Keep in mind that retail for us right now is just media. It's some games, it's music, and it's movies. If we find a merchant that can cater and serve the customers that we have in a similar way to us or even better, then it will go into marketplace immediately. The problem has been that when we try to transition this, we found that it was very hard to find another retailer that was strong in this area. That's why we had to keep it ourselves, not to let our customers down. Will it be zero at some point? That depends on whether there's interest from the customers. It's been declining, but in some quarters and some months, it's even been growing because there are enthusiasts out there who want this. We'll see where it goes. I can't give you a specific date. I wish I could, but that is impossible. I can assure you that we will only operate it as long as it doesn't burden us, which it doesn't today. Okay. Let's move on. In terms of 3P GMV developments in this year, let's say you grow your business by 50% or 100% or whatever percentage rate it actually turns out to be. Could you just elaborate a little bit on what will actually drive that growth in terms of the split between growth in active customers, growth in AOV, growth in number of orders? To what extent will these three different drivers impact the results in 3P GMV growth in 2021, please? As you probably can pick out from the presentation, I hope that is clear, is that we want to take care of our customers a lot better than we have done. That's definitely a growth lever for me. I want to make sure that all those customers who didn't really understand our transformation now understand our transformation and falls in love with the kind of customer offering that we're putting together for them right now. That is definitely one of them. The second thing that will drive growth is obviously the ability we have to aggregate relevant assortment to have the kind of the retail basics in place. We want to make sure that we have not only the widest assortment, but the most relevant assortment, maybe also the most price-worthy assortment and many things like that. There's plenty of opportunity left to trim that going forward. As I said, 20 years in the making, only a few years as a marketplace, we have so much headroom, or sorry, room to grow here. Of course, working with AOV, sure. Working with conversion, sure. All of it. I agree with you. I would say that the biggest single opportunity now is to improve the customer experience in order to serve our customers more efficiently, if you ask me to put one ahead of the others. Yeah. Just so I get this right, average spend is probably going to be the main driver of the GMV growth in this year rather than new customers. Yeah? We saw strong customer growth during this year. I think some of it was probably driven by the pandemic. I'd like to cater our customers better, if you ask me. I want to make sure that when they come to CDON, they are met with something that they find really attractive, which makes them loyal and want them to come back and buy more, obviously. Final question, in the interest of time. You don't have any financial targets. What's the sort of discussion between you and the management team or for that matter, on the board or director level, and when could we expect that you would be announcing any objectives, any financial objectives for CDON? Yeah, that is a good question. We will see how we play that. We haven't made a decision on that yet. What I can tell you is that we want to beat the market growth, and we're pretty hard on ourselves because that market growth, if you talk about the e-commerce markets in the Nordic, that's also including food online, pharmacies online. I mean, we're looking at growing faster than the market, I can tell you that. Kind of a final question. Whatever growth you achieve, and I'm sure it's going to be quite decent, will that be sort of trying to maintain a, quote, "decent profitability," or is it going to be at the expense of the bottom line, generally speaking? Well, this is always the million-dollar question. For me, profitability can be regulated by two things. Either you have leakage or you make investments. I'm always for investments, but I hate leakage. When we haven't optimized something and we're leaking profitability due to it, that annoys me. If we're taking money, putting it against something that we're really betting on in order to gain something, I'm happy with that. I think that's where I am. Perfect. Thank you so much, guys, for taking all these questions. Thank you, Nicklas. Have a great day. Our next question is from [Matt Sayar] of Mary Capital Management. Please go ahead. Hi, guys. Thank you for taking my question. Impressive on growing 2X this fast e-commerce growth during the platform transition. I have two questions. The first is, can you talk about the Cdiscount integration, which appears to be using the leading Nordic marketplace brand, CDON, to connect customers to the rest of Europe and vice versa? How has that partnership progressed thus far, and has it opened up conversations for further integration opportunities? That's a very good question. Thank you very much for that, Matt. We are super proud about the collaboration because we gain so much from this. First of all, we gain knowledge. That is the most important thing. We are so impressed with Cdiscount, the way they operate, and the matureness of their business compared to ours, and we have a lot of learnings to be made there. Secondly, I think that Cdiscount, I know you will, so call them and ask them if they're happy. They didn't have that high anticipation when we started this collaboration. I can see in the discussions we're having with them, they're really happy now. They're really happy to see that we can help them and that they can help us. We've seen an uptick in this business over the year, and we have great hopes for this going forward. What they do is that they sell their very strong assortment with us. As you said, it's a great combination because we take the customer first line, so to speak, so that if the customer buys, they know they're buying from CDON. They know that someone is going to be able to respond if something happens, because that's one of the fears of buying from foreign players. Oh, can I really handle this with a French player. Now they know that CDON is always there to help when something goes wrong. That adds trust with the customers. With that said, what we get from Cdiscount is the access to new assortment and access to new product groups, access to new price points, et cetera. We see this as a perfect fit. Is this possible to expand to other marketplaces? Sure. For me, it's an opportunity. I'd like to work with many marketplaces. For me, the trick is to offer something that is of value to the Nordic consumers. That is our job. If that means collaborating with non-Nordic players to support them, we will go in and look at that. Marketplaces is one avenue. A second avenue could be aggregators. There are aggregators or merchants out there in Europe that we haven't yet worked with that we're interested in working with. This is an exciting area for us moving forward. Great. That's really helpful. Okay, my second question is, it's interesting that your advertising revenues are almost, it seems like almost nil today as a percentage of your total revenues, but are quite meaningful in some of your marketplace peers around the world. It sounds like there are some platform transition reasons why advertising declined this past quarter. Could you give us an example of the size in terms of revenues of that advertising opportunity that is still completely in front of you guys? Yeah. That is the million-dollar question, I agree with you. We have been looking at other marketplaces, and we do see that the absolute leader in this is obviously Amazon in the U.S. Their last quarterly results show that the advertising for them is becoming super significant. We also see that other strong players like Allegro in Poland have a very strong business going, and then you have a scale of different marketplaces who have explored this avenue and reached certain stages of success. Where are we going to place ourselves in this? It's, again, very early. What we need to do now is to put the foundation in place in order to go and execute on this, and then we will monitor and guide it closely to ensure that we get as high as possible. I can't tell you right now how high that's going to be, because it's a, how should I say, an ecosystem of many components that need to work in our favor. What we're looking at now is basically programmatic advertising, where we allow our merchants to bid on search words for products similar to other marketplaces. That is the solution that we haven't had in place before, and that is super exciting. Great. Thank you for doing the call, and it was really helpful. All right, that's it for me. Thank you, everyone. Our next question is from Assaf Nathan from Eden Alpha. Please go ahead. Hello, guys. Calling from Israel here. Thank you for a very good quarter. Actually, most of my questions were already answered, but I have one that is still unanswered. It may be a little bit sensitive, but I wish to ask it anyway. From conversations I had with local guys in Sweden, I understood that you have Qliro as a payment option, much like I think eBay once had only PayPal. I was wondering, why do you only offer Qliro, and would you consider also offering Klarna, for instance? I think it will be a great positive for you if you will also offer Klarna. Keep in mind that we used to be sister and brother, Qliro and CDON. We've been sitting together- Yeah. ...in the same group for many years. We have a contractual obligation to stick with Qliro. Having said that, we love Qliro. We think that Qliro is a very strong payment partner for us. We have a rev share model with them, where we get kickback based on the volume that we create for them. We're super excited about being together with Qliro. Will we be with Qliro forever? Who knows. Will I be the CEO for CDON forever? Who knows. No one can predict the future. What I'm saying is that right now, we're super happy about Qliro. We're working together with them, and we get a level of flexibility. They're listening to our needs, and they're working together with us in building the best solutions available. I don't have any complaints about Qliro, to be honest. Could we get more out of Qliro? I don't know. Would it be possible to offer them in parallel? No. Okay. Thank you. That's all from me. Thank you. We have another question from David Reed of Lizard Investors. Please go ahead. Hey, guys. Just last one from me. I think I remember we talked about in the past your cash operating expenses been coming down, obviously demonstrating incredible scalability in the business. Your OpEx is coming up a little bit last couple quarters. Can you just talk a little bit about how you guys sort of manage that, obviously, while investing significantly ahead, widening your positioning, how your thoughts are, is this still going to be around SEK 200 million? I think just 2020 was about a little over SEK 200 million. How do you guys think about that in terms of, do you guys feel like you need to increase that dramatically over time? Just how much of that is really kind of growth related, and how much more room and flexibility for you to keep driving more operating leverage as you continue to drive this repeat business? Yeah, first of all, if you look at the 2020 numbers and we take out the marketing spend, you can see that the underlying OPEX, that is the personnel and the resources needed to just run the day-to-day business was quite flat, excluding the listing and the incentive program for the year. We have, of course, the marketing spend that is variable in terms of it's a tool for us to accelerate growth. That is a variable cost which will grow. If you look at the OPEX part or the personnel part, we have throughout the year invested in new personnel, and we will do that as well going forward. It will be, I would say, a lot of specialists instead of more generalist people. There will be an increase in that kind of resources going forward as well. It's fewer rather than many. If you understand what I mean. Fewer specialists and more generalists. Yeah. Okay, great. Thanks. Our last question is from Adam Wyden. Please go ahead. Hey, guys. Sorry to jump back in, but I wanted to kind of build on Brad's question. He pointed out that there are 60,000 merchants and we're only penetrated in 1,500. Given your marketplace business, we look at Amazon Webstore, and we look at some of these things, Etsy and stuff, it doesn't seem to be a huge amount of frictional cost as a merchant to be on multiple platforms. Can you talk to me about how you view the 60,000? There is duplication. Even if they're selling on their own website, is there any reason why that all of these guys can't be on CDON as it relates to merchants? Everyone's trying to maximize their revenue and their wallet share. Don't you think that all 60,000 merchants are technically up for grab? How do you think about that? What's the incremental cost to you to onboard a merchant, and what are the frictional costs for them? It doesn't seem like they're very high. Wow. Yeah, that is a very good question. Keep in mind that like in any market, those 60,000, which by the way is the Swedish number, it's not the Nordic number. I think you have another 50,000, 60,000 in Norway, 25,000 in Denmark, and I don't know the number for Sweden. Finland. Yeah, sorry, for Finland. There's plenty of them. These are different groups. Some of them are services related, and we're not services yet. We're products mainly. You will have some boundaries where we can't be. We're not super strong on fashion, for instance. If you're in fashion, right now, CDON is not the best place to go. We're good in other categories. We're great at beauty, for instance, have plenty of merchants in the beauty sector. If we take that sector of the market, we should be applicable to many. In some sectors, we're not applicable to many. The second factor you need to consider is where are they maturity wise? Some of them, they may be at a size or a position where they don't even have the ability to technically integrate to marketplace or anything. They may be low on digital competency. In order for us to gain them as merchants on our platform, we need to help them by offering them maybe integration services or something else that enables them more and more, right? That is also kind of a parameter that needs to be taken into consideration. Obviously you have the kind of, should I go on CDON? Should I go on Amazon? Should I go anywhere? That is a commercial discussion that they need to have. I think marketplaces is a phenomenon that has created tremendous value in most markets, and it will do in the Nordic market as well as soon as people get the hang of it. They also need to understand the dynamics behind it, because it's not as easy as just uploading a few products and then you will revolutionize your business. You need to work with the marketplace the same way you work with Google, the same way you work with any other channel to the customer. You need to kind of serve the customers with the right amount of content, the right prices in order to be competitive. You need to honor your delivery times and things like that. Depending on the capability of the merchant, some will go faster than others. Over time, I think that marketplaces will be a very valuable contribution to many retailers' business. Our job is to listen to these retailers, understand their needs, and provide them with solutions that enables more and more of those 60,000 to join on. Got it. Quickly, again, I don't know how the payment networks work in Sweden. I certainly know how they work in the United States. I assume they're similar. It sounds like you have a referral agreement with Qliro and they're your merchant acquirer. Assuming the unit economics are somewhat similar, if you look at Sea and Etsy and all these other companies, these guys are effectively payment facilitators and they take underwriting risk, but they're capturing a much higher wallet share for payments. Perhaps the previous caller was asking in a more benign way, but I don't do things benign. If Qliro doesn't substantiate better margins from referral, what is stopping you from becoming a payment facilitator? That seems to be a very large take rate opportunity for basically every other marketplace business. We've seen this path being explored by larger marketplaces in other markets. If this is an area that we need to explore, it's too soon to say. As I said, we switched the platform in October. I have many other priorities than going and building just that right now. Will it be something for the future? Maybe, but right now, I have other things to prioritize. Yeah. Look, obviously at this valuation and the sales growth, this is kind of my last question. We talked a little bit about Domino's and kind of the new CDON. How do you think about investing in sales and marketing? When I think about growing a technology company, and I think many of the people on this call know that I was invested in PAR Technology, which was in many ways, much more screwed up than this company. They went through a heavy R&D investment phase so they could solve their tech debt to serve the customer, which sounds like what you're doing. Yeah. Investing in sales and marketing materially to basically now sell the scalable platform. That's an enterprise solution. It's a lot less local than what this is. How do you think about whether it's television advertising or search or how do you feel, I call it almost like a coming out party. How do you feel you're going to communicate the new CDON to the customer so they know next time to order from you and not go to the store or whatever? What types of things are you guys thinking about to kind of do that coming out party? You see what I'm saying? Again, you're asking questions that are not fully detailed yet. We have plans for working on this, but I'll let you know that, as I said before, we need to get the customer offering straight. That is super important. I don't just want to articulate, "Oh, CDON is great. Come to us." I want to be able to tell why we're great. In order to tell why we're great, I need to have the proof that we are great. I'm going to go focus on making sure that when you go to CDON and you search for product, you get what you need. When you want to filter and stuff, you find the filters you need. If you want to check out with CDON, we have a super cool checkout. If you want to choose delivery one way or another, you are able to choose that delivery. When you call our customer service, or email our customer service, or chat with our customer service, or do something else with customer service, we're going to be there for you. We're going to deliver what you expect. That is the customer offering we need to go and build now based on this new technological foundation. If you look at one of the slides, we've released a lot already since October, and we're going to continue to develop on this going forward. In parallel with that, we need to kind of iron out where we see value of this and start articulating this to the market. We want to be super clear to the market why they should come to CDON, not just because we're CDON, but because we add some significant value to their customer journey. We want to make their life easier when they go in and go shopping online. We can't be just any. We need to be more. What's great about businesses like this is because the incremental margins on marketplace are so high, there is this flywheel effect where if your sales go 100, you invest in sales and marketing, that gives you more gross margin dollars to continue to improve the customer experience. I can promise you Amazon's customer experience- Yeah. ...in 2021 will not be customer experience in 2000, right? No. When everyone said Jeff Bezos was crazy, that basically he had his working capital feeding all this loss. Yeah. Was building effectively AWS and everything else. Look, I totally get it. It's a balancing act, right? You need that gross margin dollar to continue to improve the customer experience, right? You also want to make sure that the product you're selling to people is good enough such that they come back, right? I totally get it. Good. Okay. Well, look, that's it for me. That's it. Thank you. Thank you very much. Thank you. All right. We do have one further question, if you have time to take it from Assaf Nathan from Eden Alpha. Please go ahead. Please go ahead. Okay. Yeah. Thank you. Thank you so much. Sorry for delaying the end of the call, just a quick question. I've noticed that CDON does not have any application for mobile purchases. I personally, mostly 90% of my purchases online, I guess most of the other marketplaces around the world, most of the purchases are done via mobile phone. I was wondering if you have any plans about issuing an application for mobile phones during this year. There is a major change there. The previous platform, that was desktop optimized. This one is mobile optimized, and we're constantly monitoring the mobile share of the total traffic in the Nordics, and it's very high, and we have a very high percentage of customers who buy through mobile. We made sure that the new platform is more relevant for the customers when shopping mobile. Apps, I've done some analysis on marketplaces across the world. Some have it, some haven't got it. I think it's an interesting one, and we do have a progressive web app that kind of takes the online page and puts it in an app form, so you can use it that way. With that said, we're looking into apps as one of the possible avenues of creating a larger, how should I say, connection with the customer. I can't say when and how at this stage. Okay. It's interesting, I agree. Yeah. Especially in Asia. Yeah, I think. When you have an app in Asia. Yeah. When you have an app, just go to the phone, click on the app, and then just you can go online. When you need to surf, open a browser, and then go to cdon.se, I think there is an extra hurdle that you actually lose the customer. You're hitting a spot with me here because I don't like waste. I think I said it before, I don't like waste. Having to go somewhere else in order to go to CDON, that is waste in my opinion. If we can solve that problem and make sure that we put CDON exactly where the customer is in some shape or form, that is interesting. I want to make the customer experience as smooth as possible. Yeah. Another thing is that an application can send a notification. For instance, a product that you are following, a price drop or a new listing from a seller that you are following too. It can actually very increase the customer engagement. No, we know. Okay. Push notifications are great too. Yeah. There are no further questions at this time. Please go ahead, speakers. Sorry, we didn't get that? There are no further questions at this time, so I'll hand over to the speakers for any closing remarks. All right. We have received some questions within email, and I think we have covered some of them, but let's see here. We are just going through the questions received by email here, trying to see if we haven't covered anything. I think we covered- I think we covered all of it, yeah. We have. Right. Well, unless there are no further questions, we would like to sincerely thank you all for both the questions and the great input, and for listening in to us today on this very first earnings call for CDON. It was a great thing for us. I hope you enjoyed it as well, and have a great day.