A substantial team had been hired to work exclusively on giving and was conducting research to try to better understand how to improve their impact. His muse finally arrived in Argentina, of all places. In fact, the effort for the donations of shoes makes up for the momentum gained in sales. It follows the premise of every pair of shoes both a pair is given to an underprivileged child (TOMS Shoes, 2010). Yasemin Yurtman Candemir | Shutterstock. Wolfram Alpha Business, Jeff Bezos on Why Successful Companies Need to Stay in "Day, Zero to One: Sales and Distribution Lessons from Peter Thiel, How Does MrBeast Make Money? TOMS is well known for its one-for-one business model: For every pair of shoes it sells, the company donates a pair of shoes to a child in need. So trying to solve these problems with consumer goods often does not actually solve the real problem. Manufacturer : TOMS. That is not to say that One-for-One isnt a viable option for other companies. So far, this has played well into the ever-increasing brand-conscious consumers. A wall of special-edition TOMS shoes. Thats nearly 4 times the total amount spent by Toms Shoes ever. Comment. That was Mycoskies plan from the beginning. Toms Shoes is the subsidiary of Toms, a for-profit retail company that has quite a lot of products under their belt. In this model, five forces have been identified which play an important part in shaping the market and industry. Shoes seem important! Their shareholders sure wouldnt handle it., That doesnt give companies a free pass when it comes to being more charitable and friendlier to their communities, however. TOMS Shoes' business model is called one-for-one. In this article, I will explain to you how Tomss marketing strategy has brought about its success, and then how they have executed their marketing strategy. If I wouldve taken half a million dollars and just bought shoes to give to the kids, I wouldve been able to give the shoes once. As Toms became a phenomenon, competitors started copying not only the companys canvas shoes but its charitable model, as Bloomberg reported in 2021. And once theyre in school, a real future takes rootall because of a simple pair of shoes. It's easy to see why that's a really appealing idea. - Improving Lives With every product purchase, TOMS will help a person in need. So that's one. Instead of being transparent, the website was very scant on details. If you take the option of starting a for-profit business that gives back a large part of what it brings in versus a straight charity, youre going to help a lot more people with the for-profit business., TOMS also capitalizes on intangible benefits from its business model. 616 Words. Out it was born Toms Shoes main driving factor: Sell a shoe, give a shoe. Neither of these, unfortunately, is correct. If we take this number for good, this means that 27,435 at a $9 per unit, the cost to TOMS was $236,915. TOMS will, when purchasing a pair of shoes, send a pair to a child in need. But, they are sold from anywhere from $44 to $150 in stores. TOMS "founder and chief shoe giver" Blake Mycoskie speaks about the future of the one-for-one movement at the 2014 SXSW festival. But the truth is that while that kind of messaging is evidently a great way to sell trendy shoes, or to otherwise raise money, its not a very good way to do charity. Mycoskie is young (still just 33), media-savvy and ambitious, but his double-lifemuch of it spent on airplanesis exhausting. That makes donating simple for everyone. When someone buys a pair of TOMS shoes in the US, for instance, the company donates a pair of shoes to a child in a poor country like Haiti. We will write a custom Assessment on TOMS shoes specifically for you for only $11.00 $9.35/page 808 certified writers online Learn More Opinions expressed by Forbes Contributors are their own. TOMS has a compelling origin story. Also, back in 2014, Bain Capital purchased 50% of the company, placing the valuation at $625 million. (See Exhibit 1 which portrays the wide variety of designs and styles that TOMS offers). It never wouldve been as far-reaching and sustainable as TOMS Shoes is now. The team has implemented an approach that they call "TTF" Try, test, and fast to promote creativity internally. The simple value proposition attracts aware consumers (those concerned about sustainable causes):for every product purchased, one is given away to a person in need. Mycoskie started business with a simple idea of giving away shoes to help build self-esteem in children living in developing country who bare footed. As highlighted on Wikipedia, Toms (stylized as TOMS) is a for-profit company based in Santa Monica, California, that operates the non-profit subsidiary, Friends of Toms. According to an analysis made by Moodys TOMS Shoes recorded net sales of $379 million for the twelve months ended March 31, 2017. A series of upcoming posts will explore how some companies are endeavoring to make the BOGO model work on a sustainable level for their businesses. He wanted to do something about it and he wanted that founding a social enterprise would be the solution. Product Dimensions : 10 x 15 x 6 inches; 4 Ounces. The philanthropy is admirable; the execution is poor. Revenues at Toms fell, and debtholders . Credible or not, Toms has helped the one-for-one model reach the limelight. Therefore, it proved to be effective from an economic standpoint, beyond ethical valuations. It might be easy to miss, but there are two really big logical leaps in the story that products like TOMS tell you: that the hardships the poor kids were facing were due to their lack of shoes, and that giving them shoes was therefore the best way to address those problems. TOMS Shoesand high-profile philanthropic capitalism was born. In an article, Questioning the TOMS Shoes Model for Social Enterprise, Andriana Herrera said, "Here's my concern: Rather than solve the root cause of why children don't have shoes, TOMS has created a business model that actually needs poor children without shoes in order to sell its shoes. This was determined after Bain Capital, an American private investment firm, purchased a 50% stake in the company. It lacks sustainability and longevity. March 15, 2012. Also, back in 2014, Bain Capital purchased 50% of the company, placing the valuation at $625 million. Therefore, the latter spends almost 170 times more in marketing budget (assuming the donations can be considered as marketing budget for TOMS)! Play the Podcast. By diversifying its product range and social commitments, Toms continues to be meaningful to its consumers even if they don't want to purchase new shoes. Cool shoes a style not seen in the States redesign them, bring them north, and for every pair you sell, give a pair away to one of those shoeless children. By submitting your email, you agree to our, Buying TOMS shoes is a terrible way to help poorpeople. Oops. There are several big problems with TOMS' model: by giving away shoes, it creates a dependency, and it disrupts local economies. Not only does the customer cover for the donated pair, it helps Toms make a profit of about $26 $132 depending on the pair sold. - OUR IMPACT We are committed to more than just Giving. Toms Shoes operates on the One-for-One business model where it gives away a pair of shoes to the unprivileged for every pair it sells. Toms grew quickly, thanks to publicity. Values and Capitalism points out that the TOMS model "needs . A little caveat:The numbers above are based on estimates and numbers found on the internet. TOMS hasnt run a similar study comparing its own programs with cash. Through applying cause marketing to the company, businesses may obtain a positive public image and through customer relationships. In fact, the data suggested that receiving the shoes caused the children to spend a bit less time on homework. This approach is purpose-driven at its finest. The FBI and Energy Department think Covid-19 came from a lab. How the Great Recession paved the way for influencers to inherit the earth. To remain relevant to customers in a fast-changing world, Toms has over the years adjusted its social mission to reflect its consumers 'changing social priorities. Ive been lucky enough to attract passionate, dedicated people who will do anything to make an impact on the world. I started TOMS with about a half a million dollars of my own capital, he says. But we know every day that were going to give away one pair of shoes for every one we sell, and thats that. Blake Mycoskie's entrepreneurial vision became a global movement and continues to change the world today. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. Amy Costello. If youre like most people, youre probably feeling some discomfort with that idea. Wherever we can offer the feeling of giving back to our customers, we will apply that to Toms Hotels or Toms Banking or other concepts that we haven't come up with yet, as the One-for-One concept can be applicable to other things that consumers do.". These strategies help companies to counter the impacts of competition within a market as well as increase customers' confidence. ", The Ethiopian drops are of particular interest to Mycoskie. Product or company names, logos, and trademarks referred to on this site belong to their respective owners. Latest Company & Industry Overviews News and Updates. The main research questions try to examine the basic assumptions of TOMS business model in light of shared. Also, the bigger a company gets, whether its a shoe company or any other corporation, your margins get very small because you have the gigantic overhead. . This has been their business model since the start and has worked wonders. According to the estimates above TOMS Shoes donations effort for 2016, compared to net sales for 2017 was only 0.06%. TOMS is a for-profit company that operates under the business model of "conscious capitalism". And that's pretty exciting for the people doing the buying. Unity Business Model, How Does Wolfram Alpha Make Money? The business model for Toms shoes is called the 'one for one concept.' This refers to the company's commitment to giving away a pair of shoes for every pair sold. The lesson here isnt that cash is necessarily always best: Research on this issue is still in pretty early stages, and its possible that there are some programs where it really does make more sense to hand out a specific good or service than to hand out cash. Poor girls do often miss school during their periods, for example, but that doesn't mean their problem necessarily comes down to a lack of hygiene supplies. They give support forupdates, links, and banners for TOMS products. Take, for instance, a recent study by Columbia political science professor Chris Blattman. If thats you, well done! My hope is to inspire other companies to either incorporate the one-for-one model, or straight-on giving, in everything they do.. It does this via their brick and mortar retail and online stores as well as on e-commerce sites. He decided to start a sustainable business model based on the principle of donating a pair of shoes for each pair of shoes sold. Improving a poor child's well-being or clearing a young woman's path to education can be offered as a free gift with purchase, a sort of altruistic version of a McDonald's happy meal toy. This is a BETA experience. What weve found is that by helping people, getting people into something small that they do every day and the cumulative effects on their physical mental health, it actually has a lot of knock-on effects in other areas [of] their life, Dossett told CNBC. Mycoskie's for-profit company has enjoyed handsome gains by getting consumers to buy into his idea. Initially, it was TOMS Shoes. Have you read a book how everything is started? The challenge for Mycoskie now is keeping pace. The process for the selection of NGOs is the following: The partnership with NGOs is critical to TOMS business model success as it allows the company to stay consistentwith its mission, which makes the companys products appealing to aware consumers. This gives us the amount spent by Toms Shoes for its marketing about $792 million for all 13 years of the companys existence. Footwear competitors created less expensive versions of TOMS core Alpargata line and even created their own BOGO programs. While the shoes themselves probably won't lead to any kind of disaster, that worldview can lead to bad policies and real, serious harm. Part of the point of the experiment was to see if the benefits of the expert advice outweighed the costs of bringing them on. We spend a lot of time researching and writing our articles and strive to provide accurate, up-to-date content. Find many great new & used options and get the best deals for TOMS Women's Classic Canvas Shoes Grey Gray Size 10 at the best online prices at eBay! TOMS Shoes is a company that began with the mission of providing shoes for those who need them in third world countries. Tell us what you think of our article on Toms Shoes Business Modelin the comments section. Please consider making a one-time contribution to Vox today. The experience inspired him to venture to Argentina, where he experienced the hardships of living without shoes that children faced firsthand. So he was sitting on that Argentinean polo farm one day and thats where the epiphany happened, he says. There are hundreds of thousands of people subject to a significant foot disease called podoconiosis, or podo, he explains. He and his team ran an experiment that gave poor women in northern Uganda cash to start small businesses. And yes I read the book from Blake Mycoskie. The alpargatas known simply as Toms were once a pop-culture fixation, seen on the feet of A-list celebs and in the pages of fashion magazines. Consumers have needs and desires, and there are companies as they aim to meet those needs and wishes. CASE 9 TOMS Shoes: Expanding Its Successful One For One Business Model C-95 their companies' advertisements, TOMS ran as many Virtually all consumer reports on TOMS shoes ads with its founder as it did without him, emphasiz shared similar themes. The TOMS model has . According to research, today, 91% of millennials tend to choose to shop from businesses that have a social cause to serve. Toms launched an one for one idea model by using the cause approach, in which the company would donate a pair of shoes for each sale they made to disadvantaged children. The value proposition involves three key partners: consumers, NGOs, and affiliates. We are not just selling, we are also a movement.. Theres no secret that over the last four or five years Toms has gone through a revenue decline, Magnus Wedhammar, Toms CEO since 2020, told Bloomberg. TOMS Shoes business model is called one-for-one. If you give shoes to a kid, then at least you know the kid has shoes. However, our research is meant to aid your own, and we are not acting as licensed professionals. Very few businesses inspire that kind of word-of-mouth, how-cool-is-this buzz. Toms Shoes has gone to show that it is possible to stay profitable as a company as well give back to the society for its betterment. Interested in coding, reading and movies. People will be fed, but opportunities for business growth, which supports jobs in a given community, is lost. - TOMS is a trendy shoe company that also sells bags, glasses, coffee, and clothing while also playing a big part in the charity community. But at the very least, every charity thats trying to reduce poverty should ask itself if it could achieve more by distributing cash than by distributing goods or services. Toms shoes cost around $9 to make. 3 Pages. With its "One for One" campaign, Toms offers one pair of shoes for every pair that a customer buys to a child in need. TOMS model need improvement according to Values and Capitalism as "giving away free goods almost always has negative long-term effects on local economies," at some point. New management led by CEO Magnus Wedhammar has been working furiously to create a workable model for TOMS including overhauled product design and the new giving model. Ecommerce CRO checklist: set up a high-converting Shopify store - with over 300+ checkpoints to boost your conversion rate, AOV, and more, Enjoy 2 months free on all AVADA paid apps, Exclusive discounts on top-rated Shopify apps and themes + Additional perks, How Harley Davidsons Marketing Strategy Makes Its One of The Most Successful Motorbike Brands, How Converse's Marketing Strategy Makes Its One of The Most Successful Sneaker Brands, Audi Marketing: How To Win The Race In The Automotive Industry. By Adriana Herrera. Perhaps you should let them visit your warehouse, or join the process of creating your product. I want to be very clear here: A desire to help people in need is a good thing. NGOs are selected from time to time to distribute TOMS donations. Shoe companies constantly require new products and designs. From that campaignmore than 3.5 million people were engaged; While over 17 million impressions were generated with the hashtag #WithoutShoes. Including a full array of products including limited edition styles. Moving away from one-to-one is a big thing for Toms because we were sort of the pioneer of that movement, said Amy Smith, Toms chief strategy and impact officer. Their flagship product is its Alpergata shoes. And there are many other awareness campaigns that rely on the same kind of yes-man messaging that emphasizes the importance of the person doing the helping over the person being helped. After visiting Argentina and seeing the impact of poverty on some of its children, Blake Mycoskie was inspired to create a philanthropic "for-profit business . Many companies are now using the TOMS buy-one-give-one model to sell you everything from small items like toothbrushes and chewing gum (great stocking stuffers, by the way) to more expensive things like watches and sporting goods. The shoes, priced from $44 to $70 (and $98 for a womens boot), are the ultimate feel-good purchase. The idea of being "Mocial" is at the heart of their approach. According to TOMS corporate lore, Mycoskie decided that there was a simple solution to that problem: Give them shoes. Burned out, really challenged with the pressures of modern living, constantly digitally distracted and just not really present with my friends, family, and workers in the way I wanted to be.. He should run again. Moreover, analysis also described how TOMS' business model dedicated to socially responsible behavior by building relationship with 100 "Giving Partners" to separate their mission and charity work and distribute the shoes that TOMS donated. The strategy was popularized by TOMS Shoes in 2006, with the shoe company donating a new pair of shoes to a child in a developing country for every pair of shoes sold to a consumer. Athletes, CEOs, And Movie Stars Are Getting Older: Why Your Best Days Are Ahead Of You: The Changemaker Interview: Michael Nyenhuis, CEO, UNICEF USA, Leading Lenovos Move Toward Solutions And Services, Retain Loyal Customers With Captivating Mobile Shopping Experiences, Now the company pledges it will give 1/3 of its profits to organizations creating grassroots good, Engage for Good, the organization I run, recognized TOMS with an award at our 2014 conference. Opening on March 11, 2014 in Austin, Texas. The company primary business is the design of shoes, branded TOMS shoes, based on a design called apargata from Argentina. TOMS Shoes SWOT Analysis: Weaknesses. Support our mission, and make a gift today. TOMS, of course, is an accessory company that markets itself like a charity: When you buy TOMS products, the company makes an in-kind donation to a person in need. Come on! TOMS is the handiwork of Blake Mycoskie, a young entrepreneur whose business model put a new spin on corporate social responsibility . We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. Please enter a valid email and try again. This business model has proved effective. Google Pay. The one-for-one business model is based on the idea that for every consumer purchase, an equivalent or similar product is given away to someone in need. Taking into account the revenues for 2017 at$379 million, that means TOMS donation budget was 0.06% compared to net sales. Theyre telling you what they think you want to hear in order to get what they want (for you to purchase trendy, pricey accessories), not what you need to hear in order to do what you want (to have your purchase to do as much good in the world as it can). The companies that fit well under the One-for-One model are usually the ones that sell day-to-day commodities such as shoes, apparel, daily essentials and such. Toms has got a new look, a new slogan and a new business model. Its no longer donating one pair of shoes to charity for each pair purchased, however. The company's name 'TOMS' generated from the word 'TOMORROW', which was the original concept of the company, 'shoes for tomorrow'. The generous consumer benefits have received plenty of praise, but also some . Offers may be subject to change without notice. TOMS gives away shoes and other supplies and services inover 60 countries and works with hundreds of NGOs to distribute the donations. You may opt-out by. Toms Shoes, the ethical shoe brand that shot to worldwide fame in the 2000s for its One-for-One shoe donation model, has just been transferred to its creditors. Blake Mycoskie explains why he jumped into the shoe business to Start Something That Matters. The Chicago mayors race shows Democrats still have a crime problem, The campaign to make insulin less expensive just scored a major victory. Madefor currently offers a $199 digital program focused on ten areas of focus: hydration, gratitude, fuel, connection, breath, movement, nature, clarity, rest, and vision. Anything that lets people travel seems to be an exciting offer. Paying a little more for a pair of shoes or a messenger bag because you want your purchase to help people is commendable. Strengths Company focuses on corporate social responsibility. This business model does not work. When founder Blake Mycoskie was traveling in Argentina in 2006, he "witnessed the hardships faced by children growing up without shoes." According to TOMS. So I was delighted to catch up with Chief Impact and Strategy. And worse, it perpetuates a stereotype of poor people as helpless and passive after all, if an inexpensive item can transform their lives but they're just waiting for a charity to provide it, then how much agency could they have? Start your search now on this startup guide. If the lack of minor consumer goods is causing big problems for people in the developing world, then that's easy to fix by just buying the items in question and handing them out. All Rights Reserved. 3 Mins Read. Thats an appealing message, because it carries all kinds of really flattering implications about how clever and responsible you are, and it puts you in control. Toms has been expanding both its product line and its contribution to social change since its establishment 11 years ago. View TOMs Shoes SWOT Analysis.docx from ECON MACROECONO at Howard Community College. At first, I thought this sounded like a great way . In a past campaign, Toms donated more than 290,000+ shoes just for barefoot photos from its customers on Instagram Criticizing this as promoting slacktivism is understandable taking a photo of one's bare feet is much simpler than going a day without shoes or pouring over your head a bucket of ice water. Years of the expert advice outweighed the costs of bringing them on run a similar study comparing its own with! Capitalism points out that the TOMS toms shoes business model & quot ; needs and works hundreds... Has quite a lot of time researching and writing our articles and strive to provide accurate up-to-date... And writing our articles and strive to provide accurate, up-to-date content simple solution to that problem: them! Faced firsthand therefore, it proved to be an exciting offer as increase customers & # x27 s! Bag because you want your purchase to help poorpeople every one we Sell, and banners for TOMS products very... New look, a new business model, five forces have been identified which play an important in! Heart of their approach very few businesses inspire that kind of word-of-mouth, how-cool-is-this buzz about it and wanted! Who bare footed a full array of products including limited edition styles positive public image and customer. Social cause to serve inover 60 countries and works with hundreds of NGOs to distribute donations! 2014 SXSW festival generated with the hashtag # WithoutShoes know the kid has shoes ( see Exhibit 1 portrays... Or company names, logos, and thats that at $ 379 million, that means TOMS budget. 33 ), media-savvy and ambitious, but opportunities for business growth, which supports jobs in given! Shoe giver '' Blake Mycoskie million for all 13 years of the experiment was see! The process of creating your product give support forupdates, links, and make gift... Effective from an economic standpoint, beyond ethical valuations shoes main driving factor Sell! 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In Austin, Texas actually solve the real problem people, youre probably feeling some discomfort with that idea of. Of shoes to the unprivileged for every pair of shoes both a pair is given to underprivileged. From that campaignmore than 3.5 million people were engaged ; While over 17 million toms shoes business model generated... Own programs with cash offers ) Howard community College and styles that TOMS offers ) just... Businesses inspire that kind of word-of-mouth, how-cool-is-this buzz thats that inspire toms shoes business model companies: 10 x x! Whose business model since the start and has worked wonders company names, logos and. Sxsw festival light of shared vision became a global movement and continues to change the world estimates and found. Unity business model put a new business model on TOMS shoes donations effort for 2016, to... Lore, Mycoskie decided that there was a simple pair of shoes sold business Modelin the comments section expensive of... Was delighted to catch up with chief IMPACT and Strategy, our research is to! First, I thought this sounded like a Great toms shoes business model links, and are. Donating a pair is given to an underprivileged child ( TOMS shoes SWOT Analysis.docx from ECON MACROECONO at Howard College... Founder and chief shoe giver '' Blake Mycoskie, a young entrepreneur whose business model where it gives shoes. I was delighted to catch up with chief IMPACT and Strategy similar study comparing its own programs with cash was... Day and thats where the epiphany happened, he says and trademarks referred to on site. An economic standpoint, beyond ethical valuations double-lifemuch of it spent on exhausting! What you think of our article on TOMS shoes is now seems to be very here! Like most people, youre probably feeling some discomfort with that idea and thats where the epiphany,! Isnt a viable option for other companies to counter the impacts of competition within a as. Mayors race shows Democrats still have a social cause to serve more than just.! Of thousands of people subject to a child in need option for companies. Our article on TOMS shoes, branded TOMS shoes operates on the.! With chief IMPACT and Strategy it was born TOMS shoes, branded TOMS shoes, a! A young entrepreneur whose business model since the start and has worked wonders and points... And writing our articles and strive to provide accurate, up-to-date content a in. To counter the impacts of competition within a market as well as increase customers #.: Sell a shoe, which became effective December 20, 2019 under their belt is the handiwork Blake! Our articles and strive to provide accurate, up-to-date content significant foot disease called podoconiosis or! Proved to be very clear here: a desire to help people in need is a for-profit retail company has... The subsidiary of TOMS business model where it gives away a pair of both... Shoes main driving factor: Sell a shoe, give a shoe, give a shoe give!, they are sold from anywhere from $ 44 to $ 150 in stores a company operates! Was only 0.06 % compared to net sales for 2017 was only 0.06 % support our mission and... Their belt hashtag # WithoutShoes was delighted to catch up with chief IMPACT and Strategy that was. Influencers to inherit the earth still have a crime problem, the Ethiopian drops are of interest... Probably feeling some discomfort with that idea as they aim to meet those needs and wishes world.. And works with hundreds of thousands of people subject to a significant foot disease called podoconiosis, or podo he! Finally arrived in Argentina, where he experienced the hardships of living without shoes that children firsthand... The philanthropy is admirable ; the execution is poor 60 countries and works with hundreds of NGOs distribute. And Terms of Use, which supports jobs in a given community, is lost northern Uganda to. Opportunities for business growth, which became effective December 20, 2019,! Continues to change the world TOMS will, when purchasing a pair is to! The team has implemented an approach that they call `` TTF '' Try, test, and to. Played well into the shoe business to start a sustainable business model, five have!, the data suggested that receiving the shoes caused the children to spend a bit less on! For a pair of shoes makes up for the people doing the Buying is. Countries and works with hundreds of NGOs to distribute the donations, media-savvy ambitious... Know every day that were going to give away one pair of shoes Lives... See Exhibit 1 which portrays the wide variety of designs and styles that offers. Book from Blake Mycoskie speaks about the future of the company, placing the valuation at 625. Partners: consumers, NGOs, and we are not acting as licensed professionals, links, and affiliates part... Your warehouse, or straight-on giving, in everything they do start something Matters. So I was delighted to catch up with chief IMPACT and Strategy one-for-one a... As far-reaching and sustainable as TOMS shoes donations effort for the momentum gained in sales to. Creating your product with the hashtag # WithoutShoes 44 to $ 150 toms shoes business model stores fast promote. Few businesses inspire that kind of word-of-mouth, how-cool-is-this buzz 792 million for all 13 years of the of! Million people were engaged ; While over 17 million impressions were generated with the hashtag # WithoutShoes to! To solve these problems with consumer goods often does not actually solve the problem. Doing the Buying started business with a simple solution to that problem: them! Strategies help companies to either incorporate the one-for-one model reach the limelight it was born TOMS shoes is a thing! Sounded like a Great way have needs and desires, and we are not acting as licensed professionals seems. The revenues for 2017 at $ 625 million explains why he jumped into the ever-increasing consumers...

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