Startup Model – Discount Ecommerce

THE MODEL: A platform which offers its users the best prices on fashion and lifestyle merchandise by tying up directly with the best producers and manufacturers all over the world. It sources in demand products from factories and provides the same to customers at discounted rates.

STARTUP: Lesara (German startup)

WHAT I LIKE

Core Idea – Providing users with better prices by cutting the middlemen.

Benefits for Customers – Customers get the best prices and a secured transaction platform. Also the startup offers easy returns within 30 days.

Curation – The startup select the best products offered at the best prices and offers them to customers.

CONCERNS

Business Model – Ecommerce is a difficult model to sustain. Also buying directly from factories will require more capital and will tend to increase logistics costs in purchasing.

Competition – Big ecommerce players have existing relationships with a lot of companies and can implement this as an extension of their existing businesses.

Learning from Failure – Sustaining in Businesses with Delayed Revenue

A lot of businesses have a particular characteristic associated with them, i.e. they take a lot of time to start generating revenue. One such business is the News Business. This is a business which requires a lot of investment of time, skill and money in order to build a brand and a product which can engage its users. Revenue starts once it is able to do so.

Circa News was a news startup which tried to atomize content to deliver the latest news. Its mission was to create a news company where unbiased and concise information could be found. Though the team realized that generating the first revenues would take some time, they tried to raise venture funding to last out the initial phase which they were unable to do so and hence had to close down eventually.

Advice – News startup should realize the nature of the business they are entering and should make their plans accordingly.

Startup Model – Simplifying Reading News

THE MODEL: An app which tries to reduce the information overload in news stories. It does so by summarizing the news in bullet points and highlighting its timelines.

STARTUP: NewsBytes (Indian startup)

WHAT I LIKE

Core Idea – Making reading news easier for users is an upcoming space.

Value Addition – The app using its back end engine and editorial team summarizes news stories and makes it very easy to read and understand.

CONCERNS

Business Model – A team is required to summarize different news stories, which will prove a big cost for the startup and may impact its scaling potential. This will need to be addressed either by outsourcing, tying up with different agencies or by incentivizing individuals to do so.

Competition – I have seen a few startups who are entering this space of simplifying news stories. Also newspapers can implement this service in a much faster and cost effective way as they already have editorial teams working on the news.

Startup Model – Second Hand Fashion Marketplace

THE MODEL: A C2C platform for users to buy and sell second hand luxury fashion articles. Users can upload their goods which other users can view and purchase. Businesses are also allowed to upload their products.  

STARTUP: Privategriffe (Italian startup)

WHAT I LIKE

Core Idea – Second hand marketplace is great as sellers can get some value for their old articles and buyers can make purchases at lower prices.

Value Additions for Customers – For Buyers, the startup checks the product, ensures that the product is as per specification and then delivers the product. For sellers, the startup organizes all logistics.

CONCERNS

Profitability – As in first hand ecommerce as well, profitability will remain a concern for the startup. Logistics, packaging and other overhead costs tend to eat up margins.

Learning from Failure – Avoid Being Over-Optimistic

The Optimism Bias of entrepreneurs is a common problem which can seriously affect the way the entrepreneur thinks about a startup, thereby affecting the startup as well. As the name suggests, it is a cognitive bias which impacts a person’s judgement about a particular event (startup in this case) and makes him/her feel that the chances of a negative outcome are very low.  An entrepreneur, at all times, should think about the startup without having a bias. Only then can the entrepreneur assess the startup’s progress correctly and plan accordingly.

Tale of Tales was a startup which used to create narrative based video games. It was making a video game called ‘Sunset’, which the team felt was very good and would be a success. With this bias, they ended up investing much more time and money then they had initially planned. As a team member said “Surely we can make that amount back in the first month of sales!” This did not happen though and there was barely any income to keep the company afloat.

Advice – Think reasonably and practically about your startup. Biases affect judgement and hence the business itself.

Startup Model – Online Estate Agent

THE MODEL: A platform for real estate owners where they can get their property valued and offer for sale/letting out. The valuation is free and the platform charges a fixed fee for allocating a dedicated expert who will assist and execute the entire process.

STARTUP: PurpleBricks (British startup)

WHAT I LIKE

Core Idea – A good product offering for property owners.

Time & Money Savings – A fixed fee saves money for the owners and a dedicated expert ensures that the transaction happens smoothly and in a short frame of time.

Value Additions for Customers – Allocating experts adds a lot of value for property owners. They help in assessing the property, creating adverts, finding buyers and in the final contract.

CONCERNS

Competition – The real estate market is filled with brokers. Also online marketplaces and brokers result in intense competition in this space.

Business Model – These experts work exclusively with Purple Bricks. Hiring experts as you grow may impact profitability as well as scaling potential of the startup.

Startup Model – Digital Banking

THE MODEL: A digital banking platform for those who do not have a credit rating. ‘Underbanked’ users are given a credit score using big data analytics which is updated every second. Over 20,000 data points are assessed in arriving at the score. Based on this, loans are given using algorithms almost instantaneously. Other than this, users are given a host of services which banks offer such as tailored financial products, personal finance management solutions, an e-wallet and so on.

STARTUP: Kreditech (German startup)

WHAT I LIKE

Core Idea – Solving the problem with existing banks is a big and untapped market. The large target market of people not having a credit score is neglected by the banking system as of now.

Addressing Serious Flaws – The startup is built on some flaws in the existing system. People without credit scores are not considered by banks for loans, credit ratings are static and based on limited factors, long loan approval and disbursement cycles etc.

End-to-End Services – The startup has expanded to offer a gamut of banking services such as personal finance, digital wallet, financial products etc.

CONCERNS

Competition – Banks will always pose a threat to the startup as they have more resources and influence and a big customer database.

Learning from Failure – Being a Single Founder is Difficult

As the title suggests, starting a company alone is very difficult. First of all, you may not have all the skills required for running the company in the most efficient manner. You start hiring for or outsourcing some parts of your business. Then comes managing these people/vendors, ensuring that the product is built as per your vision, making a marketing plan, doing sales, managing the finances etc. It all tends to become a bit overwhelming for the entrepreneur at times. This can cause burnout in several cases. If not, the startup does tend to suffer in various areas which are not catered to in the best way.

Cusoy was a curated restaurant finder for people having food allergies. It was started by Melissa Tsang, the single founder who was solving a big pain point she faced herself. Even though she has a non-technical background, she was able to create 3 MVPs for her startup. Also she designed and conducted marketing research, in-person usability tests and also pitched to investors to raise money. Juggling between all these tasks, it became extremely difficult for her as she was just not able to find a like-minded and interested co-founder for the startup. Eventually she was mentally, physically and emotionally exhausted and this was a big reason for her closing down the startup.

Advice – Single founders often find it increasingly difficult to sustain a startup after the initial stage. Finding a co-founder who is like-minded, has the same vision and passion and has the requisite skill sets becomes key to keep the company going.

Startup Model – Card Reader Plug in For Accepting Payments

THE MODEL: A card reader which can be plugged into a smartphone or a tablet to enable businesses to receive payments. The startup has now added an app and sales overview tools to make the smartphone/tablet a complete Point of Sale (POS) solution.

STARTUP: iZettle (Swedish startup)

WHAT I LIKE

Core Idea – Converting a smartphone into a POS solution is valuable for a lot of small businesses.

Complete Integration of Services – Adding an app and other tools to ensure that the user gets a complete POS solution makes the product more complete and desirable.

Money Saving for Businesses – Small businesses, especially, can save money by not having to invest in a sales software and payment processing machines. 

Startup Model – Cloud Storage for Large Businesses

THE MODEL: An app which lets large companies save, share and collaborate on documents online, and control who has access to them.  

STARTUP: Huddle (British startup)

WHAT I LIKE

Core Idea – A Dropbox for large companies, offering services which are oriented towards them. In larger companies, this service becomes very important owing to the large number of projects and teams.

Ease of Use – The platform is very easy to use with a clean interface. Also the app offers integration with popular tools like Microsoft Office, Sharepoint etc., thereby ensuring that users can get the most out of their data.

CONCERNS

Competition – There are competitors in this space. Also startups like Dropbox, which offer a similar service to smaller teams and are more individually focused, can extend their target market to include large companies going forward.

Learning from Failure – Pricing is Key

As important as it is to build a good product, pricing it well is key in the long term. Being in a competitive world, young entrepreneurs feel wary of asking customers ‘too much’ for their product. The rule of pricing is – Price the product not based on how much you have worked for it, you price it at what it is worth to the customer. Pricing right becomes critical in a product’s sales. Under-pricing directly hits at your revenue and brand, over-pricing can result in lower sales.

BitShuva was a Pandora like music service for niche genres. The startup built such music services for a host of music niches. When they were approached by their first clients, they had no idea how much to charge. They charged a very nominal fee for offering the service initially. On realizing that the charge was very low, they did try to increase their fee from time to time. However, the startup eventually closed down due to the low revenues of the company, when compared with the opportunity costs of the founders.

Advice – Spend time on pricing your product right. Pricing should be based on the value the product is able to create for a customer.

Startup Model – Computing Device for Cars

THE MODEL: A computing device which can help users concentrate on the road even while accessing music, navigation, calls, texts and more. The product is free and is compatible with any car. Also additional features and apps for safety, entertainment etc. can be downloaded into the app.

STARTUP: Drivemode (Japanese startup)

WHAT I LIKE

Core Idea – Solving the problem of talking on the phone while driving is the main USP of this product.

Ease of Use – The device is easy to use through swipes and taps and the user does not have to look at his/her phone.

Compatibility – The device is compatible for all cars and can be upgraded with latest apps and other services.

CONCERNS

Competition – Since the biggest differentiator lies in the interface and ease of use, mobile phone companies can alter their existing products to include such features and result in difficult competition for the startup.

Startup Model – Mobile Ecommerce Marketplace

THE MODEL: A C2C mobile only ecommerce marketplace. Buyers can search for products, chat with sellers to get the best deals and make a purchase by paying online itself. The money is transferred to the seller only after the buyer receives the product.

STARTUP: Shopee (Singapore startup)

WHAT I LIKE

Core Idea – An ecommerce marketplace focusing on mobile hold s good value for users.

High User Engagement – Being on the mobile, the app uses features like personalized recommendations and a chat to enhance user experience and engagement.

Buyer Protection – Payment is only transferred to the seller once the buyer receives the goods purchased.

Seller Support – Sellers can set up shop within a few minutes by simply creating an account and uploading products. There are no listing fees/commissions. Also the startup has started offering logistics support by offering a delivery service for sellers at a minimal charge (of $2).

CONCERNS

Competition – Competing with the apps of established ecommerce players like Amazon will be a big challenge for the startup. 

Startup Model – Social Networking for Singles

THE MODEL: A platform for single to find and make new friends. Users can search using filters like age, education, sex etc. Users can browse invisibly and once paired can send messages and gifts on the app.

STARTUP: Paktor (Singapore startup)

WHAT I LIKE

Core Idea – Social networking with a definite goal (of making friends) holds good value for the users.

Easy Usage – Users can sign up and start using the app within 30 seconds. Also the interface is great and easy to use as users can like or dislike a profile by simply swiping the profile.

High User Engagement – Tools like anonymous browsing and good filters for browsing profiles ensure that users are more engaged with the product. Also the app is locality centric, i.e. users can find interesting people close to their location. This again increases the probability of a user finding someone interesting to them.

CONCERNS

Competition – The app has been able to scale well in South East Asia. With strong competitors like Tinder in the global market, scaling beyond might be difficult for the startup.

Revenue Model – The startup is still not looking to monetize. Building a revenue model which is substantial and sustainable in such apps is difficult.

Startup Model – Last Mile Logistics

THE MODEL: A B2B service offering innovative and scalable logistic solutions. Ninja Van offers its customers a load of features including real time tracking, cutting edge technology to ensure same/next day deliveries and competitive pricing.

STARTUP: NinjaVan (Singapore startup)

WHAT I LIKE

Core Idea – Last mile logistics holds a great future due to the rise in ecommerce.

End to End Solution – Businesses require an end-to-end logistics solution including tracking, payment collection options, returns execution, customer support etc.

CONCERNS

Competition – As they say, the real profits in online retail lie in logistics. A lot of startups have emerged owing to this and the space has become very competitive. Also existing courier companies have shifted their focus on providing a comprehensive solution for e-businesses and offline businesses alike.

Startup Model – Restaurant Discovery & Reservations

THE MODEL: A platform for users to find and reserve restaurants in a city. Restaurants profiles have complete details about it, its location, a reservation tool and reviews by customers.

STARTUP: Chope (Singapore startup)

WHAT I LIKE

Core Idea – A clear and simple solution for users, i.e. restaurant discovery and reservation tool.

Clean Interface – The app is extremely clean and easy to use. Discovery apps need to have an interface which is user friendly.

Successful Business Model – Chope has a business model which as been successful with other startups in this space. It charges restaurants a monthly fee for the booking software and also a cut for every diner sent through the app.

CONCERNS

Competition – Several startups in the same space with the same model have scaled up all over the world. Without a significant differentiator, the startup will face competition in scaling up in different geographies.

Learning from Failure – Passion Drives a Startup

You must realize that starting a company is a long and tiring process. You start a company, face obstacles, pivot, then scale, then fail, pivot and so on. So with some many challenges along the way, what drives you? Passion & the excitement you feel when you talk about your startup. The day this passion starts going down, you are bound to give up.

Jeanette Cajide is a great example of an entrepreneur burning out. She started Blurtt, an app for creating and sharing digital expressions through photos. She started the app on 2009 with a very different concept, curated photography for creating and sending out postcards from your phone. On not being able to scale up, she pivoted to another model in 2010, and another one in 2011 and finally the final model in 2012. She was trying to reach a model which was scalable and which was ‘investor friendly’. She then realized that she was probably not doing what she had set out to do and was feeling burnt out as a result of this roller coaster journey. She finally closed down the startup in February 2014.

Advice – An entrepreneur’s passion is the energy which drives a startup. This energy helps you find the right path and keeps you going. The day you feel the energy is going down, it might be time to close down.

Startup Model – Travel Packages & Inspiration

THE MODEL: A platform for users to find the best tour packages and deals and book them online. Also packages based on events and fairs are listed on the portal. These packages are sourced from the leading travel agencies in Singapore.

STARTUP: TripZilla (Singapore startup)

WHAT I LIKE

Core Idea – Customers want solutions. Travel packages are complete solutions.

Data Representation – Clear categorization of packages, on the basis of themes and destinations, will ensure that a user can browse easily and find the most suitable package for himself/herself.

CONCERNS

Competition – It is relatively easier for existing travel portals to create a section for packages as they already have relationships with vendors and agencies. Curated packages can help the startup differentiate it in the longer term.

Learning from Failure – Plan your Cash Requirement

Running out of money is a common cause of startups failing. You may be building a great product, but money in the bank is what can keep you going. Planning your cash requirements accurately upfront itself ensures that you do not get into a position where money, or the lack of it, blocks the path to reach your goals.

Drawquest was a startup looking to create a drawing community online. The product got great traction. It was downloaded more than 1.4 million times in a year and had more than 25,000 people using it on a daily basis. What the business was not able to do was to monetize this traffic.  The startup could not raise investment as well and eventually ran out of cash.

Advice – Financial planning is crucial for any startup. Planning out a requirement of cash helps the entrepreneur thinking about arranging the same, without having to run out of money.

Life Hack – Have a Dream

Nil Battey Sannata, meaning ‘a big zero’, is a Bollywood film about a mother’s struggle to motivate her daughter to have a dream and ambition for her life. The daughter is a confused and spoilt child. Though the mother works as a maid, she wants to give her daughter the best of education to ensure that she does not follow the same path as her mother.

The biggest learning from the movie is that each one of us needs to have a dream which is clear, precise and big. This is similar to having a clear vision for a startup. We would face challenges along the way. If you are passionate about your dream/vision, you would be able to overcome all obstacles and will one day reach where you want to. 

Startup Model – Connecting Travelers with Locals

THE MODEL: A platform for users to find and book local experiences in a place offered by locals themselves. A traveler can browse through the different experiences offered in any travel destination and make a booking online itself.

STARTUP: VeryLocal Trip (Singapore startup)

WHAT I LIKE

Core Idea – Connecting travelers to locals ensures that the former get a very different and authentic experience while the latter are able to make some money.  

Business Model – The service is totally free for travelers. All they need to pay is for the experience they wish to book. The startup shares the revenue with the local (80%). Locals do not have to pay any amount for listing experiences on the platform.

Scalable – The model is one which can be scaled globally.

CONCERNS

Safety – Ensuring traveler safety will be a concern for the startup. Bad experiences can create a bad image which can force some travelers to rethink about using this service.

Learning from Failure – Keep an Eye on Competition

A major reason for a lot of startups failing is that they fail to keep an eye on their competition. In a highly competitive world, it is very important for a startup to identify trends, assess them and implement the promising ones before a competitor does. Startups which are not agile and don’t adapt fast enough find it difficult to survive.

My first startup Bitequest was one of the first restaurant discovery cum reservation tools in India. Being the first , we were able to get a good foothold into the market. The biggest problem we faced was within our team, we took too much time to make any decisions. There were suddenly a host of startups which entered this market. Our team, since we were the market leader at that time, paid no attention to them. Suddenly, owing to scalable business models, a couple of the new startups were able to raise money and scale up tremendously. We were still doing what we were doing earlier and eventually became a very small competitor in the restaurant space.

Advice – As important as it is to look within, it is also very important to look outside of your startup. Observing, learning and then adapting is key in sustaining your startup.

Startup Model – Last Minute Hotel Discounts

THE MODEL: A platform for users to find and book last minute hotel stays at unbeatable prices.

STARTUP: HotelQuickly (Hong Kong startup)

WHAT I LIKE

Core Idea – Lot of users book hotels at the last minute. This app can make their lives easier and help them save money also.  

Value for Hotels & Customers – Hotels get to offload their unsold room inventory. Users get discounted rates. Bookings cannot be cancelled.

CONCERNS

Competition – Established players have existing relationship with hotels and a strong user base. Entry into last minute bookings is relatively easier and more cost effective for them.

Revenue Model – Coursera

Coursera is an edtech startup which offers massive open online courses (MOOCs). The startup works with Universities and Institutes to offer some of their courses online.

REVENUE MODELS

Signature Track – Students pay a flat fee of $49 to take up a course which lands them a verified certificate. This is the oldest and most significant revenue model of Coursera. Coursera shares the revenue (typically between 6-15%) with the University which has produced the course.

Specializations – Students pay for specializations, i.e. a sequence of courses with a capstone project which leads to the grant of a certificate upon completion. The fee ranges between USD 300-600.

Purchase Course – Students pay a fee to get access to graded assignments.

Other models such as paid on-demand classes are also being looked at by the startup.

CONCERNS

Competition – Coursera has been experimenting with a number of revenue models since inception. With the startup failing to monetize its strong user base and with a host of strong competitors entering the market now, Coursera will need to find the right model to generate substantial revenue to be able to stay ahead of the pack.

Startup Model – Marketplace of Doctors

THE MODEL: A platform for patients to discover doctors. Users can find doctors in different areas, read complete details like fee, opening times, description, services offered, recommendations by other users and so on. Users can also book an appointment. Also the startup has launched a cloud-based practice management service for doctors.

STARTUP: Practo (Indian startup)

WHAT I LIKE

Core Idea – The startup has entered a sector which is big and highly unorganized.

Interface – The user interface is very clean and easy to browse. The mobile app, especially, has been designed to ensure that a user can complete an action in the least number of clicks.

Business Model – The discovery marketplace model is the best to scale in such a big market. The startup is already in 5 countries.

Learning from Failure – Identify a Real Audience

The first step for an entrepreneur after identifying a business idea is to identify and validate is the idea has a certain audience and target market. Having a few group discussions or surveys of potential customers is a good way to do so. Working purely on a hunch may result in an entrepreneur realizing certain facts and trends later on and facing difficulties along the way.

Travelll was a startup which was trying to leverage the power of social media to the travel space and ended up creating a travel inspiration portal. The team felt that this was a model which was successful in a lot of other spaces and should be replicated for travel as well. Despite a reasonable start, they realized that the audience for this space was very limited. People travelled only 1-2 times a year, as against other activities such as fashion, photography which were more engaging and regularly used by customers. The startup tried to pivot along the way, but eventually closed down.

Advice – A ‘real and substantial market’ is required to build a scalable business.

Startup Model – Payment Gateway

THE MODEL: A payment gateway for businesses which gives full control to the latter. A host of features for customers include a strong security and fraud detection system, easy transfer of funds and refunds, easy checkout process without any redirect, compatibility on web and mobile etc.

STARTUP: Omise (Thai startup)

WHAT I LIKE

Core Idea – A payment gateway forms the backbone of any ecommerce transaction.

Simple Pricing – No hidden fees ensures customers know exactly how much they have to pay. The rate is fixed for a country, unless transaction volumes become very big.

CONCERNS

Competition – Established players pose a big threat to new entrants like Omise. Scaling across geographies will be tough.

Startup Model – Platform for Ecommerce Support

THE MODEL: A platform for entrepreneurs looking to start an ecommerce store. A bundle of back-end services are provided to ensure smooth functioning of the store. Services include legal formalities, sales and promotion assistance, payments and security infrastructure, customer service modules and an accounting system.

STARTUP: Incir (Turkish startup)

WHAT I LIKE

Core Idea – With a rapid rise in ecommerce stores, a support platform is a good business model.

End to End – Providing a comprehensive list of services is key to ensure the best experience for the customer and higher retention for the startup.

CONCERNS

Competition – Established players pose a big threat to local players like Incir. Certain services like legal and accounting formalities cannot serve as a sustainable differentiator.

Learning from Failure – Marketing Drives Growth

A lot of entrepreneurs tend to get so focused on the product that they forget to focus on putting it in front of the target audience. No matter how great your product, it means nothing unless customers get to know about it. Right from the very beginning, an entrepreneur must plan who the product is good for and how the business can reach the target audience in the most effective way at the minimum cost. Not planning for marketing can prove disastrous for a business.

Kinly was a startup which was trying to be a ‘Facebook for your family’. Given the dislike of a lot of users for Facebook, the product got a good initial review from its earl users around and got selected into an incubator as well. The mistake made by the startup was that because of this irrational optimism, the founders decided not to take on any investment, which they required to market the product. The product eventually died a slow death.

Advice – No matter how good a product, it cannot succeed if not visible to customers. Scaling beyond a certain level requires investment in marketing.

Startup Model – Islamic Fashion E-Commerce

THE MODEL: An ecommerce platform for women offering the latest in Islamic fashion. All products are selected by the startup before being added to the portal. The portal has over 300 brands offering more than 30,000 different items. The startup also has a few trials stores for customers in Istanbul.

STARTUP: Modanisa (Turkish startup)

WHAT I LIKE

Core Idea – An Islamic fashion ecommerce portal targets a niche audience.

Niche with Curation – A curated ecommerce platform around a niche is a good and differentiated offering for customers.  

Trial Stores – Offering a physical place to try the products ensures more customer confidence, though it somewhat dilutes the benefits of purchasing online.

CONCERNS

Competition – Horizontal ecommerce players post a big challenge to niche ecommerce players.

Entrepreneurs ALWAYS Find a Way!

Startup Model – Prepaid Cash Cards

THE MODEL: A payments card for users to transact both offline and online. Users can buy one or recharge from multiple points of sale. The card can be used for online purchases and in stores in Turkey and abroad.

STARTUP: Ininal (Turkish startup)

WHAT I LIKE

Core Idea – In a country where only half the population has access to debit cards or bank accounts, 

Ininal addresses a big problem.

Network – The startup has been able to tie up with a big network of stores, online and offline. The bigger the network the startup is able to build, the more the value for a customer it is able to generate.

Early Mover Advantage – The startup is one of the first prepaid card startups and has been able to scale well, having more than 1 million users.

CONCERNS

Competition – Banks will identify this space and move in with larger resources to back them.

Regulation – Regulation will remain a tricky point because retail customers and their money are involved.

Startup Model – Ride Sharing

THE MODEL: A ride sharing platform for users in Istanbul. A user can search for and travel with different car owners going on the same route and share the ride costs in the process.

STARTUP: Volt (Turkish startup)

WHAT I LIKE

Core Idea – Ride sharing is a great concept owing to the fact that most cars (nearly 80%) have only the driver in it. It helps save cost and reduces the number of cars on the road.

Win-Win – The owner gets to share the costs of the ride and the passenger gets to travel in the comfort of a car for much less.

Trust – Trust is an issue for car owners especially. The app has built in some features to tackle this – all users have verified phone numbers, all users can see how they are connected with others and who their mutual friends are and also users are not bound and can accept or decline any offer.

CONCERNS

Competition – Taxi apps are also focusing on this sharing concept and have introduced a cab sharing service to offer lower costs to customers.

Regulation – Such a sharing model has some serious safety concerns attached to it and will tend to be regulated in many parts of the world.