Is the food delivery landscape of Brazil going to completely change? Bouncing back from a failed launch in 2019, Didi is back in Brazil as 99 Food. In this episode, we explore Didi’s reentry into Brazils food delivery market. What went wrong the first time? Why is Didi confident enough now for a comeback? Can they take a bite out of iFood’s massive 80% market share? At the same time, we also received news that Meituan is entering Brazil under Keeta. What will this mean for the food delivery l Stay tuned as we see how Chinese platforms are reshaping global food delivery dynamics.
Also available on Spotify and Apple Podcast.
[AI-generated Transcript] [00:00:00] Jianggan: Orlando is tiny.[00:00:04] Sabrina: Is it in? It’s
[00:00:05] Jianggan: not even as big as Singapore.
[00:00:10] Sabrina: Hello everyone and welcome to the Impost Podcast by Momentum Works. So it’s been a while since we’ve been in the office or actually recorded a podcast, right? We’ve been on a very long. Business trip.
[00:00:22] Jianggan: I have been on the road from the 8th of March to the 2nd of April, so that’s about almost a month, almost a month.
You have
[00:00:28] Sabrina: a lot of cities.
[00:00:28] Jianggan: I check lots of hotels. I mean hotels are, can be very nice.
[00:00:32] Sabrina: I don’t like staying in hotels. Well, I was so glad to come back to be in my in my own home. Anyways, today we’re going to be talking about, not a country that we visited, but something exciting that’s been happening in the news, which is that Didi China’s right healing app.
Has announced that they didn’t announce. Sorry? Didn’t
[00:00:52] Jianggan: announce. Oh,
[00:00:53] Sabrina: they did announce.
[00:00:53] Jianggan: They announced. Oh, yeah.
[00:00:54] Sabrina: They announced that to
[00:00:56] Jianggan: Chinese media.
[00:00:57] Sabrina: They announced to the Chinese media that they would relaunch its food delivery operations in Brazil.
[00:01:03] Jianggan: Have you used Didi before?
[00:01:05] Sabrina: I use Didi every time when I’m in China.
[00:01:06] Jianggan: Use Didi app or use the didi. Which hack?
[00:01:08] Sabrina: No, we use, I use DD in Alipay.
[00:01:10] Jianggan: So that’s dd, right?
[00:01:11] Sabrina: Yes. Yeah. It is the mini program.
[00:01:13] Jianggan: Yes. Yes. How’s that?
[00:01:15] Sabrina: Okay, now it’s just, it gets me my car. I put in the wrong address one. Mm-hmm. And then I went to the wrong place. Okay. But the driver was really nice, so he brought me to the correct hotel.
[00:01:25] Jianggan: I feel that the DD in China has managed to sort of segment the drivers. So when take the premium car, it’s really premium. Ah, yeah. Yeah. So they’ll make sure that they go out wearing gloves, I mean, help you sort of load down all the luggage and give you water, give you wifi, no, not wifi, the, the cable charging, et cetera.
But when you get the fast service, it’s really fast,
[00:01:45] Sabrina: but it’s not, sometimes they smoke in the car. They don’t smoke in the car, but you can smell the, the car smells if you,
[00:01:50] Jianggan: if you use premium, you’ll not see that. Because I think, I think the Chinese consumers are quite particular if that, that they see that in, in premium they will make a complaint.
[00:01:57] Sabrina: Oh
[00:01:57] Jianggan: yeah.
[00:01:58] Sabrina: Didi is quite big in Brazil as well. Right.
[00:02:00] Jianggan: Didd has been in Latin America since 2018, I remember. Mm-hmm. So they acquired this company in Brazil called 99 Tax or 99. And they launched their own operations in Mexico. So I, some of our friends were actually in the talks back then and, and people were saying that, okay, why would they go so far?
But you kind of understand because, ’cause that’s a market where the only viable competitor is Uber. And they believe that in markets, in emerging markets, they could beat Uber.
[00:02:31] Phyllis: Is Brazil the only country that Titi is in apart from China? No, no, no. I just said Mexico.
[00:02:39] Sabrina: Uber’s not in Brazil anymore.
[00:02:40] Jianggan: I’m not quite sure. I’m not quite sure. I don’t think Uber is bigger than, than did in Brazil.
[00:02:44] Sabrina: But Uber Eats exited Brazil, right? I
[00:02:46] Jianggan: dunno.
[00:02:47] Sabrina: The right healing is. In Brazil, I saw a chart from measurable ai. I think they are in terms of value,
[00:02:53] Jianggan: so I do remember that in 2017, the three largest cities of Uber in terms of a number of orders.
Guess which three?
[00:03:02] Phyllis: Taiwan.
[00:03:04] Jianggan: Taiwan is not a city.
[00:03:06] Sabrina: Taipei, that
[00:03:08] Jianggan: is tiny Orlando. Orlando is tiny. It is not even as big as Singapore.
[00:03:19] Sabrina: A Mexico City.
[00:03:20] Jianggan: Yeah, that’s number two. Okay. Okay. What’s number one?
[00:03:24] Sabrina: Is it in Brazil?
[00:03:25] Jianggan: Yeah. Sao Paulo Sa. Paulo was the largest city for Uber in terms of number of rides. Okay. The third largest test, which is A, which is not a city.
Which one? Argentina. Argentina. Aina is small.
[00:03:39] Sabrina: Okay. Gimme a hint. It’s
[00:03:40] Jianggan: a market which DD is also in, but it’s not in Asia. It’s not in Latin America.
[00:03:46] Sabrina: Saudi Arabia. I scroll down. Show me what markets they’re in
[00:03:52] Jianggan: the Australia, not Australia. No, Australia is not big. I mean, the whole country is the same population as Taiwan.
[00:03:59] Sabrina: Where
[00:03:59] Jianggan: are they in, is the Middle Eastern country? Yes, it’s the Middle Eastern country. Dubai. No, Dubai is not a country. And the second is not Dubai. And by the, we’re talking about city, not country. What is that? What’s the biggest city in, in the Middle East?
I dunno. Do you, do they teach you geography? Denise, do you know what’s the biggest, that’s the biggest city in the Middle East. Middle East.
[00:04:26] Sabrina: Who knows? What’s the biggest city in the Middle East?
[00:04:28] Jianggan: Okay,
[00:04:28] Sabrina: it’s Qatar City.
[00:04:30] Jianggan: Qatar is not the city across the country. The capitalist Doha and the whole country is the 20,000 people.
[00:04:34] Sabrina: Oh, today we dunno. Don’t see this. Okay, so who’s that?
[00:04:38] Jianggan: Carol?
[00:04:39] Sabrina: Where is Cairo? Like
[00:04:41] Jianggan: Egypt? Cairo.
[00:04:41] Sabrina: Egypt.
[00:04:42] Jianggan: Oh, did is also in Egypt? Yeah.
[00:04:44] Phyllis: Did is in Egypt. Oh, we, we wrote article about it before. I,
[00:04:49] Jianggan: I feel like we did. Yes, we did. We did. Okay. If you think about that, did is now in all these three markets, I mean, it doesn’t mean that, that they’re the most lucrative, but they are definitely, I mean big, I mean 20 plus million people.
Pretty inadequate public transporting infrastructure. Lots of costs on the road and lots of demand for right hailing and lots of demand for safety as well. So these are good markets for right hailing. But today we’re talking about food delivery.
[00:05:13] Sabrina: Yes. So, I mean, we know that TV’s ride-hailing, that’s has been doing well in Brazil.
Right. And then they’ve recently announced that they’re going to be entering food delivery under the similar brand as their ride-hailing, which is. 90, so it’s called 99 Fruit.
[00:05:29] Jianggan: Yeah, it’s a, it’s a company that acquired, I mean, the whole brand name DD uses in Brazil is 99. Some people might not know how big Didi international business is.
It’s, I think we have some numbers here, right? So Q3, last year it exhibited 10 million orders a day. So to put that in perspective, they do about 30 million in China a day. So, which means that international business only one third Yeah. Of the China’s business, which, which is actually significant.
[00:05:56] Sabrina: And most of it comes from right healing.
Right?
[00:05:58] Jianggan: Most of it come from right healing, and most of this come from Latin America. So I think the addition to Mexican, Brazil, they’re also in other countries like Costa Rica, Chile.
[00:06:09] Sabrina: But in for ride healing or for food delivery, because most of the countries that they’re operating in, they are only operating in the ride healing space.
Yes. Right. Haven’t really entered food delivery. They
[00:06:18] Jianggan: started food I think 2018 or 2019, probably 20 19, 20 18. They started in Mexico. Mm-hmm. Uh, and people who did that with that part of that process, I used to to work for Easy Taxi, which which was headquartered in Brazil, and they also hired some of our ex-colleagues in Mexico.
I remember that the first days of launch of their food delivery operations in the city of Guadalajara, which is where many drug laws are, they literally went to like every restaurant that Uber Eats had business, and they observed and they tried to post a restaurant,
[00:06:52] Sabrina: interesting business. So in 2018, they started food delivery, and then of course in 2019 they kind of tried entering food delivery in Brazil.
Yes, that was their first attempt.
[00:07:02] Jianggan: That’s their first attempt in Brazil and in December, 2019 I think. I think back then they also had a debate of whether they should focus more resources to make Mexico really big or they should like enter another market, the bigger market of Brazil. So I think the operative on ground managed to convince the management that they should try Brazil.
But December, 2019, very interesting timing.
[00:07:25] Sabrina: Yes, it’s been a lot of things happened. So a lot of things happened. Technically Covid was when. Food delivery really picked up as well. Yeah.
[00:07:33] Jianggan: Yes. But if you wanna start in December, 2019, you haven’t
[00:07:37] Sabrina: built the infrastructure. Chances are,
[00:07:39] Jianggan: yeah. By, by the time all the search comes, you are not able to catch it because you don’t have the infrastructure, you don’t have enough riders, you don’t have enough restaurants.
[00:07:46] Sabrina: And I guess that’s kind of why it didn’t work out for food delivery’s, food delivery in Brazil, right. In 2022, they kind of. Exit at the market.
[00:07:54] Jianggan: I, I think the bigger issue is that, and, and, and of course you see the media reports in China saying that it’s because I food and that’s the leading player in Brazil.
They had more than 80% market share and that they had exclusive with all the large restaurant chains and they told restaurant, Hey, don’t work with 99 food. But I spoke with some people involved in operations of, um, of DD back then. They point out a bigger issue is that they, they didn’t know how much resources they should commit.
I. Mm. They didn’t know who are the right people to hire and, and then Covid happened, right? Lots of things were in flux, so they couldn’t capture that.
[00:08:27] Phyllis: Then they kind of put
[00:08:28] Sabrina: a cost on
[00:08:28] Phyllis: it. I saw that actually had contracts with about 350,000 plus restaurants. In Brazil? Yeah. In Brazil. Mm. Like exclusive contracts.
[00:08:37] Jianggan: I personally think that, I mean, when I was running for Panda, we tried to enforce the exclusive contract. It works when you are the dominant player. It doesn’t work when somebody else has, I dunno, like a market share. That’s within the same magnitude. So for instance, if you are 80%, the other one’s 5%, then you can enforce exclusive.
Unless the government comes in saying that, Hey, you can’t do this, but when you have like 40%, the other one has 20%, it’s very hard for you to enforce.
[00:09:04] Sabrina: I would think so. So, ’cause as a merchant, why would I? Yeah, why? Why would I only wanna work with you?
[00:09:09] Jianggan: Yes. Especially when you have alternative. But if the other party has like 5% market share, that’s not a viable alternative.
[00:09:15] Sabrina: But I guess in Brazil it’s different. ’cause I mean I, food has a pretty big market share. Or more than 80%, right? It does.
[00:09:23] Jianggan: So before they started Latin America, Didi actually tried food in China. They tried to challenge me fine and didn’t work out. So because everywhere you go, the situation in China is kind of interesting, right?
They tried to launch food delivery in one city. Then Matan could send reinforcement from the nearby cities to, to defend the city. So I, I presume that when they, when they go to Brazil, I mean the resources that are required are different. Right. So I think it’s was kind of easy for I to, to defend back then.
[00:09:54] Sabrina: But now I guess. DD feels a lot more comfortable in the position that they’re at, right? Mm-hmm. Especially in Brazil that they’ve decided to reenter. And of course we wrote an article about this today. It’ll be linked down below in the show notes if you guys wanna check it out. But we talked a little bit about obviously, how Didi’s first attempt in food delivery in Brazil and why they are a lot more confident now.
In launching?
[00:10:17] Jianggan: Yeah, a couple of things, right? So first they have effectively built a two-wheeler sort of a mobility platform. It’s called 99 Model. Yeah. And according to their numbers, they have 700,000 active riders. I. And across like 3000, more than 3000 cities and towns. So that’s, that’s pretty sizable fulfillment workforce that could be used for food delivery if they choose to.
Part of,
[00:10:42] Sabrina: especially because this is two wheel mobility. Yeah. Yeah, it is. Totally. It’s not like a car.
[00:10:46] Jianggan: Yeah. Cars will not be efficient. Yeah. So they already have that, that two wheeler network and, uh, these people theoretically could be quite easily repositioned to do food delivery. Mm-hmm. Speak of which I just had a very interesting chat with a couple of like Brazil executives visiting Singapore like earlier this week.
Yes, last week. So they were telling me that somehow they have formed the mentality that they will use live food delivery. They will use Rapid, or they call Happy. Yeah. R-A-P-P-I-R-A-P-I, the Colombian company for delivery of groceries and for errands. I said technically, but they use the same. The same infrastructure, right?
Mm-hmm. And he said, yeah, I dunno why, but when we think about food delivery, we think about eye food. When we think about the rest, we use happy. So in that way, I think amongst the premium customers, some kind of mindset I. Has already been built. So for DD to challenge that, it will probably take some resources.
[00:11:44] Sabrina: But that’s interesting to think about. Right? So again, obviously TD themselves feel that they’re in a much better position to be entering the Brazilian food delivery market now. Mm-hmm. But I think the question is what would their strategy be? Are they going to come directly for the premium customers, which I would holds a large market share, or are they going to be targeting lower tier cities?
Are they going to be targeting people who.
[00:12:07] Jianggan: I think not
[00:12:08] Sabrina: for delivery yet.
[00:12:09] Jianggan: I think you, I mean, if you look at the strategy of all the Chinese big tech companies, they will always start with, with the masses and they slowly filter out the, the premium customers. So if you go straight to, I mean, it’s the same for e-commerce as well, right?
When Shopee and, and Temo went into Brazil, they didn’t target the core of, for Libre, they actually go for the masses and then they, they feel filter out. I mean, who are the low cost customers and who are the premium customers? So I think it’s the same strategy here. They’ll probably go for the basis, and I think this time around they feel more prepared, not only because of the infrastructure that they have built.
They also have a fairly large FinTech operations there.
[00:12:48] Sabrina: Yes. 19. They have this like. Debit card called 99 cards or something.
[00:12:53] Jianggan: Yes. I have some friends who used to process payments for, for, for dd and initially was, was a system for them to, to pay the drivers, right? I mean, because you need to send money to the drivers, but the, but now they have expanded this into payment, consumer credit, et cetera.
So. We do have some friends who, who are in the FinTech in industry and they, they were telling us that of course, in terms of number of users, it’s still far behind Nubank, but it’s, it’s not that there’s one of the leading players and I think far ahead of Shopee and
[00:13:25] Sabrina: I think this kind of also gives Didi and Edge over its other competitors like iPhone and all.
’cause obviously when you do a like platform operations like that, it’s always good to have synergy between your different. Your whole ecosystem essentially. And now they have healing, they have food delivery and then they have the payment integrated within all of it as well.
[00:13:44] Jianggan: Yeah. I
[00:13:44] Phyllis: food also has a financial pago or something like that.
The
[00:13:48] Jianggan: payment, I’m, I’m not sure exactly what’s included. If you look at what did has been doing with their digital financial services in Mexico, that could potentially be a blueprint of what they would do in, in Brazil. So. We did a study about a year and a half ago about why Mayan didn’t get into digital financial services big time in China.
It’s because when you try to do that, everything was already dominated by Alipay and WeChat. But once we go to those like other markets, you don’t have that dominance, which means that you can still have the potential build that yourself. And you have the playbook from China.
[00:14:23] Sabrina: And I think another reason as well, why Didi feels a lot more confident now also is called, they’ve kind of already established themselves in Mexico.
[00:14:30] Jianggan: Yes.
[00:14:30] Sabrina: So Mexico is one of the markets where it’s also a pretty big market for Titi, and it’s also one of the markets where they are in food delivery.
[00:14:37] Jianggan: They do about like
[00:14:38] Sabrina: 300,000 orders
[00:14:40] Jianggan: a day. What I heard is reliably above 300,000 and at times they can reach half a million a day, a day in Mexico. So it’s a fairly sizable volume.
Yeah.
[00:14:49] Sabrina: I order so much food delivery these days.
[00:14:52] Jianggan: Yes. And I guess
[00:14:52] Sabrina: that kind of, that was something that you mentioned, right? Initially when they first entered for delivery in Brazil, they were kind of confused on how much. To invest in focusing in Brazil or Mexico.
[00:15:04] Jianggan: Yeah. You don’t know how much you should usually invest, and also how much you should invest in the sort of the time and the mind space of the top executives.
[00:15:14] Sabrina: Well, I guess now that Mexico is kind of a little more established than the top executives have more. Brain space? No brain space, mind space, time, long time. And like you can focus on the country, right? Yeah. But why Brazil? So obviously we know that Titi is in 14 different markets, but this is for their ride-hailing, right?
For food delivery. They’re only in a couple of markets. So Mexico is one.
[00:15:36] Jianggan: I think they tried Chile, but somehow didn’t succeed. I remember like somebody in Chile was telling me about them entering the exit team. But Chile, obviously it’s much smaller market.
[00:15:44] Sabrina: So why did they pick Brazil as the next market for them to enter in food delivery?
[00:15:49] Jianggan: It’s a large market and it has a profitable incumbent. Which owns 80%. So, and I think that if you do some kind of consumer studies, you’ll find some gaps in customer experience, which they feel that they could actually tap into. And of course with the infrastructure there, they have some advantage over say Semitone, right?
If iFit town wants to enter Brazil, they need to build everything from scratch locally. Didi already has a fairly. Good infrastructure in terms of riders, in terms of customer base, in terms of payment systems and in terms of the sort of the existing dispatching system with the two wheelers.
[00:16:26] Sabrina: Mm.
Interesting that you brought up. ’cause in the article, this is also something we talked about, right? That the reason why Didi kind of. Launch this whole food delivery in Brazil. In the article we said that the urgency of this food delivery launch is to stay ahead of Meean. Yeah. Even though Meean hasn’t announced any plans to expand into.
[00:16:49] Jianggan: They haven’t announced any plans to explain, but a few weeks ago they posted a social media post on WeChat saying that they are actively recruiting country managers. So I suspect they already have a few markets, but by the study in mind. But they need to have the right team to be able to execute that.
So I suspect Brazil is probably on that list based on the criteria that we mentioned just now. And, and, but, but, but of course to do Brazil effectively, they will need a lot of investments and dedicated re resources. Mm.
[00:17:20] Sabrina: And of course they also need someone who knows the market well. Right? Yeah. Which is interesting because the guy leading Kitas overseas expansion is Tony Chu.
[00:17:29] Jianggan: Okay,
[00:17:31] Sabrina: Chu. Who was the one who led Didi’s expansion into Latin America.
[00:17:36] Jianggan: Yes. I’m amazed that after so many years, he’s still in the trenches actually actually leaving oppressions. Because I mean, lots of people during that time who I knew have already sort of transition into investors or, or bloggers.
[00:17:49] Sabrina: Maybe he likes the.
[00:17:51] Jianggan: The thrill. The thrill of running operations like
[00:17:53] Sabrina: the busyness and all.
[00:17:55] Jianggan: So Kitta is now in Hong Kong, Saudi Arabia. Yeah. They have the drones in UAE and the, but definitely for them to build a separate sort of app and separate infrastructure and just this market will not be enough for them. Mm-hmm. So they will continue the expansion.
And from Didi’s point of view, they have all these advantages in Brazil. And if one day Midland decides to enter. And here’s the thing, right? Matan doesn’t decide to enter market lightly. Once they enter market, they go full force. And that’s probably the reason why they decided not to do Southeast Asia because at this.
Moment is just not attractive enough. So with all this, they probably, I mean, Didi probably calculates that, okay, they need to build this up before MI has any chance.
[00:18:37] Sabrina: So this kind of on Didis and just a preemptive strike, right? I mean, they already have the fulfillment network. Yes. They have the ecosystem in Brazil, they
[00:18:45] Jianggan: have the consumers, they have the payment, they have like all these things ready.
Yeah.
[00:18:49] Sabrina: It’s interesting how kind of the person they’re most concerned about, or their competitor that they’re worried about is someone who hasn’t entered the market yet. So, and not the person who is leading the market.
[00:18:58] Jianggan: That was interesting, right? I mean, over the last few years I’ve met like a number of Brazilian executives in e-commerce.
So everywhere’s puzzled, right? They ask me, Hey. Um, I just talked to Alex Express. They’re not worried about Meca Libre, they worried about Shoppy. I just talked to Shoppi. Shop is not worried about Meca Libre. They’re worried about, so there’s either something wrong with this Chinese players, or there’s something that I think the local players don’t know yet.
[00:19:24] Sabrina: I don’t think it’s something wrong, right? I think it’s just that all the Chinese or Chinese players are aware of. The capability and the of each other, efficiency of each other, which a Chinese player can operate
[00:19:35] Phyllis: if they were to enter. I think they’re more afraid of the potential because like for example, I, food is already there, so they know like what they’re doing.
But
[00:19:43] Jianggan: yeah. So you can look at ood? Yeah.
[00:19:44] Phyllis: Certainty. Scare them probably a bit more.
[00:19:46] Jianggan: You can, I don’t think it’s much about uncertainty, but if a player is already there and you, you can’t sort of know, I mean for incumbent. Who is already big. We talked a lot about how Pindo broke, broke into Alibaba dominance in China, right?
When they look at you, look at incumbent who’s big. You know that which are the things they’re good at and which are the things they’re not comfortable with. But if someone who you know that has not been there, and if that that player is committed you, you don’t know what they would do.
[00:20:17] Sabrina: Yeah, it’s not, you know, what
[00:20:18] Jianggan: they’re capable of, but they are, they’re very nimble.
[00:20:21] Sabrina: You know what their strategy is when they, if they were to enter the market as well.
[00:20:25] Jianggan: I think lead come is more flexible compared to incumbent incumbent. Quite often they have built some expectations. Mm-hmm. They’ve built some business model. They’ve optimized a lot of things, so for them to change course, it’s actually quite difficult.
Yeah, that’s true. But that said, I think incumbents theoretically should be at a good position to defend because they already have the establishment in the market. So the question is, I mean, same for how Alibaba should have defended against Dodo back in 20 17, 20 18, China, I think this is what I mean.
Mecado Libre I 40, et cetera, in Brazil. They should look at the lessons there, right? I mean, how do you defend against. Up surgeon who would play the game very differently.
[00:21:05] Sabrina: And I think don’t just brush them off as a small competitor. Right. ’cause you don’t know how fast they will grow.
[00:21:09] Jianggan: No, I think, I think, I think back then when I, when I look at Alibaba, they took Pinto very seriously at the top level.
I mean, mid-levels were probably not so concerned because they didn’t know. But top that level took them very, very seriously. But it’s just from organizational point of view, it’s very hard to mobilize the resources to play the game that Pindo was playing. Yeah.
[00:21:28] Sabrina: So I guess we’ll see how if food it plans to defend itself against 99 foot.
[00:21:33] Jianggan: I think for both of you, you need to make trip to Brazil. It’s very nice place. We should
[00:21:36] Sabrina: gonna say we go to Brazil. If my love, I sponsor me to go to Brazil, I’ll go. You need
[00:21:41] Jianggan: to create a like opportunity for a business trip in, if
[00:21:43] Sabrina: anybody out there wants to invite to do a sharing slash Mexico,
[00:21:48] Jianggan: no, but we do have lots of businesses in China who want to go to Brazil.
And who also wanted to go to go to Mexico, which another topic we need to talk about at some point in time. I think lots of businesses from China, when they go to the market, they don’t interact. Sufficiently enough with the local ecosystem, I think DD is somehow managed to adapt well, because when I look at their management in Brazil, most of them are locals.
[00:22:10] Sabrina: They managed to hire a lot of locals to do their management. Yes,
[00:22:13] Jianggan: yes. They managed to do that. I think there were lots of lessons learned along the way, but they, I think they’ve managed to find that pace. Mm. So this is also a lot of lessons for, for other companies who are expanding across the continent to do
[00:22:25] Sabrina: you need to know the local market?
And local people usually know the local market a lot better
[00:22:31] Jianggan: and put a flag. We’ll find a way to go to Brazil this year.
[00:22:33] Sabrina: Yes, and we will go to Brazil this year. That’s the plan. So thank you guys for tuning into another episode of the Impost podcast. We hope that you guys enjoyed today’s episode, and if you did, do like and subscribe to our channel to stay up to date on the latest happenings and trends in tech, new retail, and the broader digital economy.
Thank you, and bye-bye.
[00:22:50] Jianggan: Bye-bye. Bye-bye.
