{"id":1760,"date":"2022-05-05T21:27:48","date_gmt":"2022-05-05T21:27:48","guid":{"rendered":"http:\/\/velocity-group.com\/juice\/how-to-increase-the-probability-of-repeat-purchasing\/"},"modified":"2022-10-14T16:06:46","modified_gmt":"2022-10-14T16:06:46","slug":"how-to-increase-repeat-purchase-rate","status":"publish","type":"post","link":"https:\/\/www.velocity-group.com\/capital\/how-to-increase-repeat-purchase-rate\/","title":{"rendered":"5 Ways You Can Increase Repeat Purchase Rate"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1760\" class=\"elementor elementor-1760\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-445302cd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"445302cd\" data-element_type=\"section\" data-settings=\"{&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-edd0777\" data-id=\"edd0777\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-425244e1 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"425244e1\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 28-02-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<h2><span style=\"font-weight: 400;\">What is repeat purchasing?<\/span><\/h2><p><span style=\"font-weight: 400;\">Put simply, a repeat purchase is when an existing customer makes a purchase again. Repeat purchasing can apply to both B2C, B2B, product and service-based businesses.<\/span><\/p><figure id=\"attachment_4038\" aria-describedby=\"caption-attachment-4038\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-4038 size-full\" src=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-1.jpg\" alt=\"a customer repeat purchasing\" width=\"810\" height=\"450\" srcset=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-1.jpg 810w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-1-300x167.jpg 300w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-1-768x427.jpg 768w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><figcaption id=\"caption-attachment-4038\" class=\"wp-caption-text\">Repeat purchasing is important for all businesses.<\/figcaption><\/figure><h3><span style=\"font-weight: 400;\">Why is Repeat Purchasing Important?<\/span><\/h3><p><span style=\"font-weight: 400;\">Repeat purchasing rate is an essential KPI (key performance indicator) to measure and improve at all stages of your business. This is because it is less expensive to encourage a customer to purchase again than advertising and acquiring new customers.\u00a0<\/span><\/p><h4><span style=\"font-weight: 400;\">Repeat purchasing is essential during the turbulent times<\/span><\/h4><p><span style=\"font-weight: 400;\">Repeat purchasing is even more valuable during turbulent times in your business journey whether that be external factors like rising costs, or internal factors like high labour turnover.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/smallbiztrends.com\/2016\/10\/customer-retention-statistics.html\"><span style=\"font-weight: 400;\">probability of selling to an existing customer<\/span><\/a><span style=\"font-weight: 400;\"> is 60 to 70%, whilst the probability of converting a new customer is around 5 to 20%. When cash flow is delicate and your <a href=\"https:\/\/www.velocity-group.com\/capital\/how-to-manage-your-advertising-budget\/\">advertising budget<\/a> becomes more sensitive, having a reliable base of loyal repeat customers will ensure your business remains afloat year round.<\/span><\/p><h3><span style=\"font-weight: 400;\">How to Measure Repeat Purchasing Rate<\/span><\/h3><p><span style=\"font-weight: 400;\">There are a range of equations one can use to measure customer loyalty and repeat purchase rate. For eCommerce businesses using <\/span><a href=\"https:\/\/www.shopify.com\/uk\"><span style=\"font-weight: 400;\">Shopify<\/span><\/a><span style=\"font-weight: 400;\">, a repeat purchase KPI is often calculated and displayed automatically on your dashboard.<\/span><\/p><h4><span style=\"font-weight: 400;\">Use Churn Rate to identify how many customers you are losing<\/span><\/h4><p><span style=\"font-weight: 400;\">However, one figure not often used by small businesses is <\/span><b>churn rate<\/b><span style=\"font-weight: 400;\">. Churn rate allows you to measure the proportion of customers who have stopped being a customer during a specific period, and therefore have not become a repeat purchaser.<\/span><\/p><p><span style=\"font-weight: 400;\">Churn rate is relevant to both product and service businesses and the goal is to keep it as low as possible.<\/span><\/p><h4><span style=\"font-weight: 400;\">Churn Rate Equation<\/span><\/h4><p><span style=\"font-weight: 400;\">Churn rate is a simple equation and can be adapted to suit a specific length of time, depending on your product or service.<\/span><\/p><p><span style=\"font-weight: 400;\">The measure churn rate using the following equation:<\/span><\/p><figure id=\"attachment_4035\" aria-describedby=\"caption-attachment-4035\" style=\"width: 2245px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-4035 size-full\" src=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/Repeat-customer-measurement-churn-rate.jpg\" alt=\"Repeat customer measurement churn rate\" width=\"2245\" height=\"1587\" srcset=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/Repeat-customer-measurement-churn-rate.jpg 2245w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/Repeat-customer-measurement-churn-rate-300x212.jpg 300w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/Repeat-customer-measurement-churn-rate-1024x724.jpg 1024w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/Repeat-customer-measurement-churn-rate-768x543.jpg 768w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/Repeat-customer-measurement-churn-rate-1536x1086.jpg 1536w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/Repeat-customer-measurement-churn-rate-2048x1448.jpg 2048w\" sizes=\"(max-width: 2245px) 100vw, 2245px\" \/><figcaption id=\"caption-attachment-4035\" class=\"wp-caption-text\">Use the churn rate formula to work out how well your business is retaining customers.<\/figcaption><\/figure><p><span style=\"font-weight: 400;\">It\u2019s important in this equation that you use a period of time that makes sense for your business depending on the lifetime of your product or service. For example, a car wash business may choose anywhere between 3 to 4 weeks, whereas a car retailer is more likely to choose between 2 to 3 years.<\/span><\/p><h2><span style=\"font-weight: 400;\">5 Ways to Increase Repeat Purchase Rate<\/span><\/h2><p><span style=\"font-weight: 400;\">The following five methods of increasing repeat purchase rate apply to both B2C and B2B businesses. Our recommendation is to test three or four that apply most to your business and measure the results, committing to the method which reduces churn rate the most.<\/span><\/p><p><span style=\"font-weight: 400;\">Five ways you can increase repeat purchase rate include:<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ad retargeting<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Discounts and promotions<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loyalty programmes<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Email marketing<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Collect and implement customer feedback<\/span><\/li><\/ol><p><span style=\"font-weight: 400;\">Let\u2019s take a deeper look at those five methods, and identify which applies most to your business and your product or service.<\/span><\/p><h3><span style=\"font-weight: 400;\">1. Ad Re-targeting<\/span><\/h3><p><span style=\"font-weight: 400;\">Engaging customers post-purchase via targeted advertisement is equally important for repeat buying behaviour. Many brands fall into the trap of ceasing their targeted messaging activities after the initial purchase despite the fact <\/span><a href=\"https:\/\/smallbiztrends.com\/2016\/10\/customer-retention-statistics.html\"><span style=\"font-weight: 400;\">conversion rate can be up to 40% higher<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">These targeted advertisements can be placed, tested and measured through Facebook Ads, Google Ads or TikTok ads most commonly. Furthermore, patterns in buying behaviour and customer journey can be observed at different stages of the purchase.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">For example, a subscription cooking business targeting young millennials could use Facebook pixels to track purchasers of their taster boxes. Once the taster box has been used after one week of cooking, an ad can then be re-targeted, advertising the larger more cost-effective boxes. Not only is this consumer statistically more likely to convert, but they are also <\/span><a href=\"https:\/\/smallbiztrends.com\/2016\/10\/customer-retention-statistics.html\"><span style=\"font-weight: 400;\">likely to spend 33% more<\/span><\/a><span style=\"font-weight: 400;\"> following their more tentative first order.<\/span><\/p><h3><span style=\"font-weight: 400;\">2. Discounts and Promotions<\/span><\/h3><p><span style=\"font-weight: 400;\">An effective strategy of increasing repeat purchase rate can be the use of promo codes, discounts, and coupons. Rewarding customers on their purchases encourages them to make their purchases again from the same seller.<\/span><\/p><p><span style=\"font-weight: 400;\">This is a strategy used by sustainable clothing brand <\/span><a href=\"https:\/\/bambooclothing.co.uk\/\"><span style=\"font-weight: 400;\">BAM<\/span><\/a><span style=\"font-weight: 400;\">. Every order is packed with a unique discount code for that purchaser. Not only does this encourage the purchase whilst a customer is trying on their new product for the first time, but the unique code allows the brand to track the specific purchase habits of that particular customer. This in turn allows them to target the customer with email, physical mail and social media ads with products which feature their favourite designs and colours.<\/span><\/p><p><span style=\"font-weight: 400;\">With the customer likely to spend 33% more on their repeat order, the difference in profit margin made by the discount code is more than accounted for by the higher purchase value.<\/span><\/p><h4><span style=\"font-weight: 400;\">Avoid overuse of discount and promotions<\/span><\/h4><p><span style=\"font-weight: 400;\">Particularly when it comes to luxury or high-end brands, discounts and promotions can often be damaging to the perceived value of your product. Therefore using discounts with caution is advised for any brand who seeks to be perceived this way.<\/span><\/p><figure id=\"attachment_4047\" aria-describedby=\"caption-attachment-4047\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-4047 size-full\" src=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-2.jpg\" alt=\"discounts in window to gain repeat purchase\" width=\"810\" height=\"450\" srcset=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-2.jpg 810w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-2-300x167.jpg 300w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-2-768x427.jpg 768w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><figcaption id=\"caption-attachment-4047\" class=\"wp-caption-text\">Avoid the over-use of discounts as this can have a negative impact on your brand value.<\/figcaption><\/figure><h3><span style=\"font-weight: 400;\">3. Loyalty Programmes<\/span><\/h3><p><span style=\"font-weight: 400;\">Loyalty programmes encourage customers to be loyal to their specific brand or seller, increasing repeat purchase rate. This can often be favoured over discount and promotions as the potential damage to perceived value is reduced.<\/span><\/p><p><span style=\"font-weight: 400;\">There are three ways in which your business can integrate a loyalty programme:<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A gamified repeat purchase incentive &#8211; eg spin the wheel.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A points system &#8211; eg get your 10th coffee free.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Early access to new products or beta versions of your platform.<\/span><\/li><\/ol><p><span style=\"font-weight: 400;\">Loyalty programmes like the ones above are an especially effective strategy in the case of replenishable goods, where the time between purchase can often be short like food and drink for example.<\/span><\/p><h3><span style=\"font-weight: 400;\">4. Email Marketing<\/span><\/h3><p><span style=\"font-weight: 400;\">In the age of social media and video ads, email marketing has picked up a reputation for being old fashioned in the marketing world. However, this could not be further from the truth with <\/span><a href=\"https:\/\/blog.hubspot.com\/marketing\/email-marketing-stats\"><span style=\"font-weight: 400;\">77% of marketers<\/span><\/a><span style=\"font-weight: 400;\"> seeing an increase in email engagement over the past 12 months.<\/span><\/p><p><span style=\"font-weight: 400;\">Email marketing is particularly suited to repeat purchasing as email information can easily be acquired at the initial purchase stage, and therefore makes email marketing suitable further down the conversion funnel.<\/span><\/p><h4><span style=\"font-weight: 400;\">Tailor your emails<\/span><\/h4><p><span style=\"font-weight: 400;\">It\u2019s absolutely essential that emails sent to past customers differ from emails sent to newsletter subscribers.<\/span><\/p><p><span style=\"font-weight: 400;\">What to include in a past customer email:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loyalty programmes<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Brand story<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ethical values<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Brand engagement opportunities such as events or feedback forms<\/span><\/li><\/ul><figure id=\"attachment_4037\" aria-describedby=\"caption-attachment-4037\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4037 size-full\" src=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate.jpg\" alt=\"increase repeat purchase with email\" width=\"810\" height=\"450\" srcset=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate.jpg 810w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-300x167.jpg 300w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/10\/How-to-Increase-Repeat-Purchase-Rate-768x427.jpg 768w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><figcaption id=\"caption-attachment-4037\" class=\"wp-caption-text\">Platforms like Shopify and Mailchimp allow you to measure and improve your email marketing with performance metrics.<\/figcaption><\/figure><p><span style=\"font-weight: 400;\">In the case of a past customer, this person already knows about you, they have tested your products or service, and they are more likely to purchase more on their second purchase. For this reason, offering product add-ons or upgrades in your emails to past customers offer more value than gateway products.<\/span><\/p><h3><span style=\"font-weight: 400;\">5. Collect and Implement Customer Feedback<\/span><\/h3><p><span style=\"font-weight: 400;\">Using customer feedback offers not only a chance to improve your product or service, but also with it a chance to make your customers and stakeholders feel heard and valued. Both incentives can have a measurable impact on your repeat customer rate.<\/span><\/p><p><span style=\"font-weight: 400;\">In the case of CRM tool <\/span><a href=\"https:\/\/www.salesforce.com\/\"><span style=\"font-weight: 400;\">Salesforce<\/span><\/a><span style=\"font-weight: 400;\">, customer feedback became a core part of their product development with the creation of their IdeaExchange, a dedicated online space where customers can submit suggested improvements anf features which users and engage with by upvoting and commenting.<\/span><\/p><p><span style=\"font-weight: 400;\">Using an online feedback system like the IdeaExchange requires little management internally whilst at the same time automatically prioritising which improvements and products their current customers value most.<\/span><\/p><p><span style=\"font-weight: 400;\">&#8211;<\/span><\/p><p><span style=\"font-weight: 400;\">At Velocity Capital, we invest in digital-first direct to consumer companies with unstoppable founders. Does this sound like you? Get in <\/span><a href=\"https:\/\/www.velocity-group.com\/capital\/contact\/\"><span style=\"font-weight: 400;\">contact<\/span><\/a><span style=\"font-weight: 400;\"> with us to find out how we can provide early stage capital funding to your business, and view our<\/span> <a href=\"https:\/\/www.velocity-group.com\/capital\/investments\/\"><span style=\"font-weight: 400;\">current investments<\/span><\/a><span style=\"font-weight: 400;\"> to see who we\u2019ve worked with so far.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>When an existing customer makes a purchase again, this is called repeat purchase, and retaining these existing customers is less expensive than acquiring new customers. Several reports have also shown that existing customers make a promising profit to a seller in comparison to new customers. To inspire a customer for making its second or third purchase, several strategies can be opted by businesses:Engaging customers post-purchase by targeted messaging is equally important for repeat buying behavior. Usually, brands cease their targeted messaging activities after the initial purchase is made which makes a negative impression in the mind of consumers. These targeted messages can be sent using emails, in-app notifications, and pop-ups, and so\u00a0on.Different patterns in buying behavior and intent of customers can be observed at different stages of the purchase. For instance, in the case of replenishable items, it is important for businesses to use their marketing automation strategies in real-time. By sending relevant reminders on time can re-engage customers in making their purchases.An effective strategy can be the use of promo codes, discounts, and coupons. Rewarding customers on their purchases encourages them to make their purchases again from the same seller. For this strategy, one should also have a solid strategy for promotional events behind such incentive programs because too much use of such programs can spoil the purpose by creating a negative brand perception that will ultimately result in a loss of\u00a0revenue.Advertising your stuff for customers who visit your site without making a purchase can bring them back for purchasing action. This is done through the use of a code snippet to see a customer\u2019s interests. Now the customer\u2019s preferences and interests can be noted by the content they watch on social media. Catching the customers through their content searching can make a seller or brand identify their target customers more easily to provide them with the right advertising content to motivate them for purchases.Also, loyalty programs make customers loyal to their specific brand or seller. The gamified points system, discounts, and offering early access to your new products and services can also make customers coming back to the same store. This is especially an effective strategy in the case of replenishable goods.<\/p>\n","protected":false},"author":9,"featured_media":1412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[8,7],"tags":[24,26,25,23],"class_list":["post-1760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-marketing","tag-advertising","tag-customer-loyalty","tag-marketing","tag-repeat-purchasing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Ways to Increase Repeat Purchase Rate | Velocity Capital<\/title>\n<meta name=\"description\" content=\"Five tried and tested ways your business can increase its repeat purchase rate. 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