Bhaven Sheth from Mondelez International Shares About Getting to Know the Changes in Snack Shopping Dynamics

There are very few leaders who come from giant global brands that engage regularly with the insights industry, today we have Bhaven Sheth from Mondelez International who is the Global Shopper Insights Lead to speak with us. In this interview, we discuss how the consumer is changing the shopping habit of buying snacks. We look at how it is impacting the market especially living with the Covid pandemic. Bhaven will also give us an outlook for the future and where the industry is heading.

 

 

This interview has been edited for clarity.

 

Colin Wong: Hello, Bhaven. It’s good to see you again. And great to have you coming on board with GreenBook’s Expert Channel interview.

 

Bhaven Sheth: Well, thank you. Good to see you as well, Colin, and happy to be here. Thank you for inviting me.

 

Colin Wong: That’s our pleasure to invite an expert like yourself. So before we get stuck into our discussion, I wanted to take a couple of minutes to actually introduce this new portal, Expert Channel Disruptive Insights Asia-Pacific. GreenBook’s aim is really to build a local, region-specific content library that houses various content such as education, methodology, resources, innovations, and technology so that everybody can basically go to one place and find whatever information that they need to in order to help themselves.

And since we’re already helping out the regions of Europe and North America itself, we thought that we should also do the same to help the Asia-Pacific region, thus making it a global scale to help our industry. And we thought one of the ways is to basically invite a person like yourself, who has huge experience, an expert in your field, to come on board to share some of your experience, to share some of your knowledge so that everybody in our region, the Asia-Pacific, can actually learn and take something away from it.

So I guess I wanted to hand it over to you in the next couple of minutes to give our audience a bit of information about yourself by asking you to introduce who you are, what you do so that our audience can actually get to know you a little bit better.

 

Bhaven Sheth: Thank you. Thanks for that, Colin. And I’m really looking forward to this Asia-Pacific chapter of this GreenBook. I think it is going to be a good platform for us to also understand what is happening in the industry and share information as well.

Introducing myself, I am Bhaven. I’m based in Singapore. I work with Mondelez International. I have been with the company for 13 years now. And I have worked across different spectrums of insights and analytics throughout my area with Mondelez. I have led category insights. I have led analytics.

And currently, I am part of the Global Shopper Insights team, essentially managing shopper insights for Asia, Middle East, Africa, and the European countries. So I bring in the functional expertise and workload with the team on the ground in terms of building shopper insights and, of course, driving interaction as well. So that’s a little bit about me.

 

Colin Wong: Bhaven, that’s great news. Apart from North America, you basically cover the whole global scale, man. Do you need a second Barron to actually help you?

 

Bhaven Sheth: It is big geography, but yeah, we are trying to make the most of it. I have had very late evenings, and sometimes early mornings as well, and I try to not do it back-to-back. Otherwise, you are burning the candle at both ends. But yeah, getting used to it and trying to make the most of it.

 

Colin Wong:  Good to hear that you’re doing such a great job and being recognized for it. That is one of the reasons why we wanted to hear from you, to learn something from you. So in terms of shopping habits, which is our topic today, the change in shopping habits and what is actually driving the consumer needs. So what would you say if there is any shift in terms of from in-person to online, or is this just a continuation of pre-existing pattern?

 

Bhaven Sheth: It’s a good question. We have seen a significant shift. It’s almost unprecedented the way it has shaped up over the last year. We have seen online growing significantly. What you would have seen as a trend which would have shaped up over the next, let’s say, three to five years has perhaps happened in one year. So that’s something which is really quite unprecedented, and quite significant also in its scale.

People have moved online for various reasons across the board. And I’m talking more specifically about grocery shopping, which was relatively smaller but growing very fast. So we had seen that trend earlier, but I guess the trend has accelerated. And I know it has gained significant momentum. And now we see a very huge shopper base actually adapting to online shopping, and getting to that repertoire in terms of the overall shopping. So that is something which we have seen, and I think it will continue to grow as well going forward.

And also now with a bigger base so, of course, there’s going to be a new normal which will set in. Not all of it that we have seen so far, because many of this shift to online is also because of lockdown conditions, people not being able to go out, and ordering things online. When things open up, we have also seen people flocking back to the stores. They want to go out and do things which they used to do. Some bit of routine also starts setting in.

But at the same time, because of the convenience of online and because they have now got used to– not completely used to, but at least the initial barriers have been overcome, people have also going to adapt. So it may not be as much as what we have seen earlier from an overall penetration point of view and the frequency point of view of shopping online. But what we see is it is going to be definitely bigger than what it was because some people are going to stay.

And it is going to perhaps stabilize what our hypothesis is. It is going to stabilize at some level, which is then going to become the base, and then grow from that point. So yeah, a very, very interesting year last year, especially from a shopping dynamic point of view.

 

Colin Wong: Oh, absolutely.

 

Bhaven Sheth: It has been a very, very significant shift, and to a scale that we had not seen earlier. I think, with the pandemic, a lot of e-commerce actually came out very strongly. And, like I said, to a certain degree, people started to change their habits. They said, hey, instead of actually venturing out into the stores, I’ll probably use the opportunity to keep myself safe by ordering everything online. And I think the pandemic has a lot to do with it.

But not forgetting for a moment that if there was no pandemic, there would probably be a natural progression of people buying more these days online as well, simply because we are heading down that path. Would you say that to be correct? Or would you think differently?

 

Yeah, it would have grown. We had seen a lot of players. And when I say players, it is the online retailers, as well as the offline retailers, providing this omnichannel kind of service. There was some investment which was happening. And their old habits shifted towards online, and a good shift as well.

But, of course, you know the pandemic has completely changed the entire equation and has kind of accelerated the investments from the retailer side as well. And they also have to adapt to a great extent in order to ensure that they are able to provide that level of service for their own shopper base and drive it in a hard way.

So of course, it has grown. Like I said earlier, it has grown significantly, and it is here to stay. Not all of it is going to go back. A lot of people have seen the convenience which online shopping can bring in and, of course, have overcome the initial barrier of just getting used to shopping online. Because the dynamic of online shopping is very different versus offline. You can imagine. Online shopping is very positive. It is less exploratory. In offline shopping, you enter a store. You can go to the aisle. You can see various things. Sometimes some things will attract you and you’ll go and check them out. In an online scenario, you really have to browse to get that kind of experience.

 

Colin Wong: That’s right.

 

Bhaven Sheth: And most people, beyond a certain number of clicks and scrolls, stick to the first few screens which come up. And hence that exploratory aspect also becomes a bit more limited. And in that scenario, it becomes far more positive. And people will look for things which they know of or they’re comfortable with, or they may have used it in the past. And once those things are found and become part of the basket, then it kind of just focuses from category to category accordingly. And then that’s how the basket is built.

So the exploratory part is a little relatively less. And of course, for our categories for Mondelez, a large part of our categories are quite impulse-driven. So we need to also take that into consideration in terms of how do we then drive online. So those are the things which are quite challenging and, of course, exciting as well. So it’s something, from a shopper insights point of view, you want to learn and drive as well.

 

Colin Wong: That’s right. That’s right. They will say that during lockdowns in various countries people don’t venture out and they stay at home. And obviously, you just mentioned that it changed the dynamic. It means that we were probably moving towards snacking a little bit more.

Do you see that as a trend where people are kind of saying, look, I’m getting a little bit– snacking too much on my own, and therefore becoming a little bit fatter or overweight? I shouldn’t say fatter. Becoming a little bit overweight because I snacked a little bit too much during some of the lockdown times, and I’m not venturing out. Especially countries that have winters where you don’t feel like you move a lot because you tend to eat more because of the coldness of it.

So do you see that a lot, where people say, hey, we’re consuming a little bit fewer now because we just realized that during the first part of the lockdown we ate a little bit too much? And we should really be a little bit more conscious ourselves, so we should consume fewer snacks. Do you see any trends in that?

 

Bhaven Sheth: Yeah, I think it is. Of course, there is a shift. The first shift was out-of-home consumption obviously has gone down significantly, especially in countries that had stringent lockdowns. Obviously, people were not able to go out at all and spending almost their entire day at home, and hence their out-of-home consumption has gone down. And some of that consumption would shift in-home. So if people are used to having certain kinds of snacks at certain points in time during the day, then, irrespective of whether they are in the office or whether they are at home, some of that habit still continues. It’s just that the setting has changed from out-of-home to in-home.

In-home, especially if you are in-home, your choice of things which are available to you is also bigger. Because you have your pantry, you have your kitchen cabinets and all that pretty much full, for example, and you would have done your shopping. So you have that choice available in front of you.

And that also drives slightly higher consumption per occasion than what you would expect from an out-of-home kind of consumption because in an out-of-home you pretty much have to either buy it when you are outside and you basically consume what you have bought, or you might carry it with you. We have also seen people actually keeping a few snacks at their workstations. But then that choice becomes that much more limited, and hence your consumption per occasion is also limited to that aspect. So we have seen some of these things shaping up.

Overall, yes, at least from whatever we have seen so far from an overall spending habit point of view, it kind of continues from a growth trajectory point of view in the same way as we have seen in the past. Of course, some categories are different. So overall snacking, I think, pretty much continues.

Of course, there’s a shift, like I said, from where you are actually consuming versus now. But from an overall snacking habit point of view, it kind of still continues. And you still do have your key snacking occasions which you fulfill.

Some categories, of course, have got significantly impacted. The ones we know which were almost entirely impulse-driven, like chewing gum or candy, there have been significant declines. Again, as you can imagine, because they are more out-of-home, more impulse purchases, they don’t tend to become an obvious part of your normal shopping basket.

Those things need to be driven in an offline kind of a scenario. You would see some of these categories and brands being placed while you are checking out. It plays a role of a reminder. You see it while checking out, and you just pick it up. So those things have gone away, especially in the online shopping scenario, because they are much more impulse-driven.

So, yes, some categories are far more challenged than some others, like other categories of snacking like biscuits, for example. We haven’t seen significant interruption from a growth trajectory point of view. It has grown as we would have perhaps estimated, or even slightly higher, especially in certain periods of the lockdown, because biscuit is quite versatile. You can buy it in bulk. You can pretty much hold it anywhere in the house. And it is a good accompaniment for a lot of different things. So it is a true snack in that sense and hence is quite versatile.

We have seen, in some countries especially, some over-indexed growth for some time. But certain categories are doing better than others. And overall snacking habits from a consumer point of view are also pretty much still quite steady and slightly higher.

Of course, when people were adapting and it was obviously quite a stressful time as well, maybe there was an increase in consumption and some bit of consciousness seeping in a little later in the process that we are not moving as much. We need to be a bit more fit. But I guess adjustments have happened because it has been a pretty long time since we have been in this scenario. I think people have adapted.

We have also seen a lot of not only in-home consumption but also sharing consumption. So it is less of solo consumption occasions, more of sharing with kids, with your partners at home. So that has also increased. And of course, it gives you this opportunity of having that sharing moment at home where all of you connect together over a snack. So there are different dynamics.

 

Colin Wong: I am one of them.

 

Bhaven Sheth: Sorry?

 

Colin Wong: I am one of them. I have a jar of mixed nuts and dried fruits sitting just next to me. So whenever I feel like snacking, I just take some. And when you say sharing, I have to completely agree with you. When my kids come back from school, sometimes when I’m not in there they just stop in and steal some of them. I say, hey, that’s my food! Why are you eating my snacks?

 

Bhaven Sheth: At snack time you seem to have a very healthy option. I tend to keep some candies there next to me and keep on popping them. So of course, my options are not as healthy. I wish I could also go with some nuts perhaps. But I guess all of us have those things which ultimately leads to overall snacking. We tend to pop a few things in our mouth, even while working, working at home.

And of course, it also gives– there’s an extended family, not only kids but the other people also in the home. And it just allows you to get those small sharing moments, which also, in a way, drive snacking behavior.

 

Colin Wong: I’m particularly interested in one of the snack categories, the vegan snacks. As we get more healthy, a lot of people started to opt into vegan snacks instead of having our usual dairy products. Do you see that market in vegan snacks actually growing specifically? And whether or not you think this specific niche market will actually promote itself a little bit more now that especially we are in a pandemic situation. People are getting a little bit more health-conscious from both ends, that they know they need to take care of themselves, and they need to be healthy in order to fight the virus in overall health conditions.

Do you see that vegan snacks are actually moving up the ranks, maybe, say, in the next three to five years, where some of us say, hey, I need to get healthier. So maybe I shouldn’t just start a bag of salted fish skins, which is now very popular in Singapore, and eat something that is a little bit healthier, like vegan snacks.

 

Bhaven Sheth: I will take this as a slightly bigger trend. There has been a trend of well-being. I know from a food and snacking point of view that we have also seen this trend emerging, and emerging very strongly as well. So within the well-being, there are a plethora of things, vegan being one of them. But typically it falls into three buckets– more or, less of, or cleaner labels. Again, I’m loosely bucketing it, but typically anything that you put on a well-being space would kind of fit into one of these three buckets. And then, of course, as I said, it has been a growing trend.

And as snacking leaders, we also are mindful of it, and we have been launching products and brands which are leveraging this trend in a much stronger way, and also adapting our core portfolio as well. So you would see options of less sugar. So this obviously goes into the “less of” kind of a trend. So less sugar.

Also sometimes portion control, which allows you to be a bit more mindful in terms of your own snacking habits. And mindful snacking is part of our DNA. You would have seen is actually snacking made right is how we position our company as well. So it is very much there as part of our DNA, and we have been adapting our core brand and core portfolio, and at the same time bringing in this new innovation that leverages this well-being.

Of course, vegan is part of it, but it is one part of the overall well-being trend that we have been leveraging. And this is even before the pandemic hit us. If at all, it is going to continue to get stronger. Consumers and shoppers are going to get more and more conscious in terms of the choices which they are making. And as a snacking player, we would be also at the forefront of it in terms of providing those right products and right brand, and right choices which can be leveraged when people are actually driving any kind of well-being activity or diet which they would want to form a life standpoint.

 

Colin Wong: Absolutely. I have to agree with you completely because my wife is actually very much well-being conscious. And when she goes and buys chips, believe it or not, she buys organic chips. I think about — the purpose of having chips is because you want to be unhealthy and you want to taste it. What’s the point of buying organic chips?

 

Bhaven Sheth: And people are increasingly making that choice as well. They want that taste gratification. They want to get that overall texture. Chips, obviously, are kind of a guilty pleasure for many of us. But then there are options within the chips category which are more, or relatively more, healthier options. So you have all these different vegetable chips, which are there.

 

Colin Wong: Yeah, vegetable organic chips. That’s right.

 

Bhaven Sheth: Exactly. So there are things which can be, of course, less salt, less fat, and those things also. And obviously, these are things which we all are also mindful of. And like I said, we are also trying to leverage and build a core product portfolio that would be suitable when people are making choices with a well-being mindset, much more conscious of well-being.

There are ingredients, as well, that you can play with. So there are a lot of these. And I’m sure you would also know there’s the Ayurveda kind of ingredients, which is quite ingrained in India. There is this Chinese medicine, the traditional Chinese ingredients.

Again, you want to educate the shoppers. The moment you say that this has some of these ingredients, the benefits become quite obvious from the delivery point of view as well. So there are a lot of things that can be done. And I think we– as well as, I’m sure, our peer sites as well, our competitive sites– also are leveraging on some of these strengths.

 

Colin Wong: Thank you for that. One of the groups that I’m really interested in finding out about is that here in Australia we’ve seen there’s a very high aging population. I’m not too sure how Asia is actually doing, or particularly how Singapore is actually doing in terms of our aging population. Do you think with that particular group there is a significant shift or change in terms of their shopping habits or their needs towards snacking or even buying it online?

 

Bhaven Sheth: Yes, an aging population, of course, is a reality in several markets. It is a significant proportion now in markets like Japan, for example, which has the highest proportion of elderly people. Similarly in Singapore also. And there are many of these markets. You mentioned Australia as well.

They form a large group. And they do have certain very specific requirements. Obviously, they are far higher indexed when it comes to buying things that are more well-being-oriented, wholesome ingredients, things which are much more beneficial from a dietary point of view as well mental health, physical agility, and those kinds of things. Gut health is also another thing that I know many of the elderly people are very mindful of while they are buying food products. So it is something that companies like us would definitely be targeting.

We have also seen a lot of these elderly people actually getting much more comfortable with online shopping. So again, in the significant increase of online shopping, elderly people also adapted. And of course, there would have been a push initially with either the kids or someone who actually is helping them to get online, showcase how you can actually do it and how you can navigate yourself and build the basket that you are looking for. But once that initial thing is surpassed, and once they realize that it is pretty easy to do and it is far more convenient, perhaps, with people coming and delivering things.

So people have adapted. People have adapted in terms of going online and doing their shopping, not only during the pandemic. Again, as I said earlier, many of these things are going. So they are going to take online into consideration and make it part of their overall shopping repertoire. The offline is not going to go away of course. People will still go offline.

And this is also true for elderly people as well. They will still go to the stores, go back to what they are most comfortable with in terms of shopping. But there will be a little bit of cannibalization wherein some part of the offline shopping is going to be taken over by online shopping. So the adaptation is happening.

And of course, when we talk about elderly people, we always talk more about well-being, but they also have a need for indulgence. They also have a mindset that– I’m also of this– they’ve gone through– they are elderly, and they are also in that stage of life wherein they just want to just not have too much guilt and still have that moment, have that indulging moment.

 

Colin Wong: That’s it. That’s it.

Bhaven Sheth: And we have seen even those kinds of needs coming up, and people making choices and buying plans, which you will not necessarily slot into well-being. Much more on the indulging kind of space. But elderly people are also making that choice. And I’m sure are enjoying the products of it.

 

Colin Wong: Absolutely. I completely agree with you. I want to share something with you. My great aunt actually lives in Singapore and lives in the East Coast Katong area. I go to Singapore almost every year pre-COVID. When I visit her, we usually– now this year I think she’s almost between 94 and 95 somewhere, so mid-90s. A very healthy lady. And she snacks as well.

She’s not a technology person. And, as you know, most of the families in Singapore have a person who looks after the elderly, a mate of some sort to help with daily routines, to help around basically, to help them to move around, and to buy groceries for them, and to cook for them. My aunt is very much old school in the sense that she will always dictate, and the person writes down whatever she needs. And then they go and buy it at Parkway Parade, which is probably about five to seven minutes’ walk from her place.

Before that, she used to be able to go with her mates, just two of them heading down. And I went with them several times when I was there a few years ago, which she was still able to move around a little bit more conveniently. And I see that, even as the elderly, they also snack as well. It’s not like you’re elderly and you don’t snack anymore.

And I see that she picks up chips. She picks up little bits, like bite-sized chocolates that she can buy. I said, do you really eat that? And she said, yeah, I do. What, do you think I’m calling it in.

 

Bhaven Sheth: Of course. Exactly. Why should they not enjoy a piece of chocolate or some chips from time to time as well? I mean, it’s something which gives pleasure and one should have it. And many elderly, we kind of tend to slot them into — when we talk about elderlies, we immediately say well-being and wholesome kind of food and all that. And they would largely be making those choices, which, to some extent, is true. There are slightly over-indexed choices that are on that space.

But it is not that they are not enjoying themselves. Indulgence, having that my moment. And enjoying food per se is so ingrained. And I’m sure elderlies are also making their choices. And kudos to your aunt. At this age, I’m sure she’s adapting. If I talk about myself adapting to something completely new and different, I take ages. At her age, really kudos to her that she is adapting, she’s going around, and maybe doing some bit of online shopping.

 

Colin Wong: Yeah, thank you. People are actually deserting shopping centers for the local street for health reasons because it’s more convenient to buy locally instead of heading out to malls. Obviously, I don’t think Australia is too different than Singapore. Most of the time you can basically hop into your car. You drive down to your local shopping centers. And then you go and do whatever shopping set you up.

But in the last half-year, we see that with the pandemic we no longer do that. We want to go somewhere close to us locally. Do you see that trend happening where people are deserting shopping centers, and hence it leads to fewer consumption or even fewer purchases of whatever FMCG products that they usually do buy? In this instance, we’re talking about snacking. Do you see that?

 

Bhaven Sheth: Yeah. We had seen, of course, in the early stages of the pandemic people were very, very concerned. Of course, with lockdown, obviously, everything was closed. But then when the lockdowns also started opening up, their people were really concerned about going to places which have a lot of people, like malls, for example. And there was a propensity to avoid it if at all they can, by visiting more neighbor stores or mom-and-pop kind of stores as well, convenience stores.

We have seen an uptick in convenience stores as well in terms of people going and purchasing. It offers a very quick go-in, get-out, not spend too much time. Especially if you find what you are looking for, then it is pretty convenient to just do that shopping.

We have also seen, after some really stringent lockdowns when things start opening up, they will also flock into malls. So that’s also something which we have seen in many countries, because it is ultimately a point where people come together, mix with friends, and some bit of entertainment, depending on how big the mall is.

I guess if I have to think, I think it’s not like it is going to go away completely. It has a role to play in terms of the overall people going out and adapting within their own routines as well. But, of course, there will be most likely a re-definition that might be required. So rather than malls being only a shopping kind of destination and offering a lot of different choices from a shopping experience point of view– not only from a grocery or snacking, but also the other bit of shopping.

We have seen a lot of those, like Apple electronics, we have seen quite a bit of that also shifting online. It has been a trend for a number of years, and it is only going to increase now. Obviously, many of these businesses are challenged. The big shops which they would have had in the past inside a mall may not really be required. So there is going to be that re-stage of what the purpose is going to be.

And in my view, again, based on what I have seen and I’ve read, malls perhaps will become less of shopping, more sort of eating, more of entertainment. And that’s where with this re-definition of purpose and, of course, the entire setup then of the malls offering more of this eating options, more restaurants, for example, more choices of beverages, coffee shops, basically becoming almost like a social club where people can go out to meet friends, sit, have a cup of coffee, have dinner, lunch, what have you, have some good entertainment options as well, and then, of course, some bit of shopping looked into it.

So I think that re-definition perhaps will happen. And then, obviously, the malls will be here to stay. I don’t see that going away completely, but people going inside a mall might definitely go with a slightly different mindset.

Of course, from a shopping point of view, there is going to be a redefinition of the purpose of the shopping center. There’s going to be far more exploratory, discovery kind of a shopping experience, and not only– I would want to go and see what it is. I want to go and taste some things before I actually buy the bigger. And that’s where some of the stores will have to re-define what is it that they really want to sell to the shoppers. And then this entire omnichannel experience can then start coming in.

In my view, there’s going to be this big of a re-definition in terms of what is it that we want to really cater to, and what kind of services do we want to provide. And then obviously things will shift. And I don’t think they will disappear. They will stay on with perhaps a new.

 

Colin Wong: It’s actually quite good to hear, just locally for me, in Brisbane alone, because a lot of people are actually not working in the Brisbane CBD anymore. So the local council is actually working with other businesses at the moment, trying to lure back people coming back into the city to work by providing a lot of different incentives.

So I think different countries’ governments, or the local government, are doing something to say, hey, look everyone. There are shopping centers here, so we are helping people to bring people back into it by creating different events or promotions to promote so that people can once again go out and, as you say, enjoy themselves, meet with friends, have a cup of coffee, have dinners, and do some activities together. So it’s great to hear that you guys are on the same wavelength in Asia as well.

Bhaven, I think that’s all we have time for today. Again, I think it’s such an interesting to learn about different countries’ snacking habits. And I’m glad that you are able to actually share your experience, especially from the Mondelez point of view in terms of how you guys are actually being a leader, leading this category to say we’re doing our best to look after our customers. And how we are trying to put all the benefits for them and helping them to actually grow with us when they use our product. And it’s great to hear that– it’s absolutely encouraging to see that companies are actually finding the opportunity to do it.

So, yeah, thank you very, very much for coming on board with us today. I feel that even I actually learned a lot from you.

 

Bhaven Sheth: Thank you. Thank you for the opportunity. I’m really happy to be here. I hope at least you’ve got some tidbits of how things perhaps are shaping up, or at least what we think is going to be happening from here on, from a shopping point of view. But thank you very much for the opportunity. And I look forward to interacting more with you as well in the future.

 

Colin Wong: Absolutely, Bhaven. This will not be the first and last. Obviously, as I mentioned, it is an expert channel, so we will continue to invite different experts like yourself to come on board, to share their experience, to share their knowledge with everybody so that everybody can actually learn. And I am sure that down the track we would love to have you back again. Be our guest, or even, for next time, perhaps looking at contributing an article and share it from that point of view.

So again, I’m very much looking forward to that opportunity. And we can basically go from there. So again, thank you very much. And on behalf of GreenBook, it was truly a pleasure having you onboard and learned it from you. Thank you very much again.

 

Bhaven Sheth: Thank you. Thank you. Thanks for the opportunity, Colin.

 

Colin Wong: You’re most welcome, Barron. So you take care. Stay safe, and look after yourself. And we will be in touch shortly. All right?

 

Bhaven Sheth: Surely. Thank you. Take care.

 

Colin Wong: Thank you.

 

Bhaven Sheth: Bye.

 

Colin Wong: Bye.