Proposal for today's meeting is to have q and a session. And on our side, we are 5, including 4 board members and Magda, leading our investor relations at Schopper. So I propose to start with your question. We have, of course, a presentation containing official quarterly results for the 1st 3 months of 2022. And if you want, it will be helpful.
Of course, we can show some slides, but I guess it will be more convenient to There's one more. Yes. But the name is quite difficult to recognize. So let's start. So if someone has any question, please raise your hand and we are happy to answer your questions.
We can also spend together this time. Hi.
Hi. So Hi. Good morning. Afternoon, maybe for you guys. Can you hear me fine?
I guess we have some struggles with quality of connection, but we can try to start this session.
Oh, I can if you because I'm connected to time to Tovir Pago from Consilium, but I'm not able to send maybe the questions to the chat. Maybe the connection is going to be better. Yes,
we can I just changed settings? Then I will just send my question
there because even I cannot hear you lying from here.
Absolutely. But go ahead.
Okay. I will go mute it. Okay. Thank you.
So, Gorgi, would you like to open the discussion?
Yes. Yes, that will be great. So we haven't really spoken much about categories of merchants in the past couple of months. And maybe you can update us on what categories of shops are you seeing that are joining as gross adds and maybe which categories are maybe going out of fashion. I remember that when we first engaged, there was a discussion about Chopper over indexing on, let's say, non commoditized types of products.
So products that have a bit more of an emotional decision like cosmetics or apparel shoes, these types of things that also coincidentally Allegro charges high commissions for. Is this still still a strong category for you? How is it in developing that sort of thing?
Pavel, go ahead.
Yes. So of course, handmade gules and some maybe original stuff is also is still something that is very popular to sell on platforms like Shopper, and we see that many people come here because Allego is too expensive to sell it. But the whole, I would say, ecosystem of merchants, it's relatively similar to what it was, I don't know, a year ago. So we have lots of stores in fashion, home decor. And so it didn't change the COVID times and war times didn't change the percentage share of those stores that would be statistically significant.
So the same with new stores coming to our platform, the same with some churn that we see didn't change in any direction, I would say, in last month. So I would say business as usual from the perspective, maybe a little bit of some cheaper goods that we see a turnover. We did integrate with Shopee platform recently to enable additional sales for our merchants. So, but nothing that would be statistically significant changed since a couple of months.
Yes. Just to summarize this topic, what Pavel mentioned about, no significant changes if we compare Q1 to Q1 or even to the whole last year. Again, we are quite active in some parts of the market like fashion, home and garden, some things connected with hobbies, for example. There is no, you know, let's say, dramatic change. So so so businesses like as usual.
Understood. The other, I guess, it's a bit of a holistic topic, so you can you can choose how to how to reply. But it seems like Allegro, I mean, they're going through some leadership changes. We don't know who the new CEO will be. We don't know, who else will be leaving or joining.
But it seems like they just took too much on their plate at one time and it ended up backfiring. They wanted to become Amazon in this space for a few months and then they did an acquisition, they did a bunch of other initiatives. What are you seeing in terms of any changes of direction in this period while they're searching for a new CEO? Do you see any changes or how and how do you see this unfolding a year or 2 from now? Do you think they'll have to stand back on their ambitions?
This is very interesting question, but I'm not sure if we should answer to so sensitive topic like replacement of CEO at Allegro. But I think that what we can share on our side or from our side, Pavel, maybe a couple of words about Shopee and their invasion on the Polymer market because they are very, very active.
Yeah. So from the perspective of Allegro, it's what you've said. There is a turnover around top management. We see some people, you know, even, going to shopper from Allegro. So there is something going on, but we are not, you know, eligible to tell what's really inside.
It's, Allegro's management duty. But from the market perspective, we see a huge shift, at least from the number of parcels being sent from Shopee and a platform that they had a premier couple of months ago, but they are now advertising in Poland very aggressively. And for the time being, we see that the GMV is relatively small, but the number of packages that being sent to Shopee is very, very high. So
there
are like a year ago, Allegro was like a they did have a monopolistic position. Nowadays, you know, we have Amazon, we have Shopee. OLX is, they announced that they are starting their own marketplace. We have also
eBay just announced also.
Just announced. So there is this is very good for us actually from perspective of shopper if there is no monopolistic position of Allegro. So I think, you know, the market will be still with, you know, huge advantage, like bigger position of Allegro for next future of years, for sure, but they will not be that strong, I would say that they used to be because of the competition.
Yeah. But what we see, the market is more and more crowded if we're talking about marketplaces, because what what Papa mentioned, till q1 of 2022 2021, it was just a lag on the market. And and then we we we see from this date Amazon, then Shopee, some local challengers like early or Cisco. Olegics probably will be the, you know, full marketplace operating in this market till end of this year. EBay decided to announce and to, let's say, reenter the Polish market.
So we can say that we see rising competition between marketplaces. For shopper, this is good information because we see their investments, in onboarding of merchants or consumers. So, so it should fuel us, in the next couple of quarters.
Understood. And just I guess I'm only asking about Allegro
in
terms of it being an alternative to Shopper for merchant.
This is completely different sales channel. It's not competitive. This is something like what every merchant should be equipped with some sales channel by marketplace, but also or mainly having own store as an independent solution.
Do you think this equation will change dramatically if Allegro was to lower commissions? Do you think it's the commission is a big determinant in the merchant decision?
Again, we shouldn't speculate. I guess, the results of Allegro are under high pressure. This is my personal opinion. I don't expect to decrease any commissions on Allegro, but this is not our knowledge. This is our view.
But for the time being, Shopee is being offered for free with free shipments. And we see some shift from Allegro to Shopee maybe with some very inexpensive goods. But from the shopper perspective, we actually see some interest to connect shopper to Shopee, but also many newcomers to start the business. So we don't see it like they will lower this commission if even they lower this commission that it would anyhow threaten the shopper's position. Actually, we are kind of agnostic whenever our customer sells.
If they are on shopper, we help selling Allegro, we help selling on Shopee. We even acquired a company that's an omnichannel connector. So, and we also can stick a little bit to any kind of GMV that's being generated in this ecosystem. For the time being, it's more merchants. They build 2nd leg close to the Allegro business because they see that they don't have this direct relationship with end customer and so on.
Understood. And have you seen I know you don't talk about this in that way, but have you seen any change in merchant acquisition costs? I know that you do various types of advertising, including quite a bit of brand advertising. So has anything changed in terms of post COVID finding it more expensive to acquire the marginal merchant or less expensive or anything like that?
Well, during the beginning of the war and a couple of weeks afterwards, it was many things stopped for a while, even with advertising. But now they come back to the normal and, you know, cost of acquisitions are relatively similar that they were before. We had some, you know, COVID bonus, but it was in 2020 that it was many people interested in our services, but then it went back to normal, which has a very reasonable cost of acquisition. But still, we need to look up for new opportunities. We've introduced drop shipping for very, very small customers that they don't have an idea what to sell and we help to do it.
We actually enabled for premium customers multi storage technology plus 20 fourseven service. So we also are expanding our target addressable market to small customers, very, very small customers with even without an idea what to sell but willing to sell and to more mature customers with more needs. And we expand our shopper premium offer. We did raise our prices on this shopper premium offer. So that's how we also react what's going on, on this market.
So to answer your question, the cost of acquisition, they didn't change anyhow. No raise, no lowering.
Understood. Oh, shut up for now. Thank you.
Okay. So maybe we're going to take the questions because they were next from the chat. So first question, the decrease in net income was driven by higher taxes and interest expenses. Should we expect some impact going forward?
Spirot, this is a question for you.
Could you repeat the question?
You can see the first question on chat.
Let's chat. Yeah. Yeah. Yeah. Okay.
Actually, the Netkem, of course, higher taxes, we have their compound effect of deferred tax and current tax, of course. In terms of interest expenses, we don't have any financial debt now and interest there are connected with valuation of leasing under IFRS 16. So basically, after acquiring after moving to new head office in Krakow, of course, this impact on the results on quotas will be there consistent. And of course, now we also announced new agreement with Atman for data centers. So there will be also some additional leasing on servers and also here we'll see some interest expenses presented in the same manner based on IFRS 16.
Okay. So next question is for me. How has your shareholder base changed? Could that be a relevant factor for the stock performance? So first of all, we do not have such a data.
We exactly we don't know how the shareholders are changing right now. And only comment that we can do right now is very obvious comment that maybe some investors are simply a little bit scared because of a war that is next to our border in Ukraine. So that's the only comment. We don't have any other data.
But I think we can add that there is still a 1 year lockup. So the investors that have over 10% of the shares, they didn't change it up. So the private equity company, we foresee they still have 25 and there are 4 individual owners that they still keep 11 something of the shares each one.
Yes. So like I was wanted to comment free float, not with our base investors. Okay, next question. What should we expect in terms of headcount for the year? Anna, for you.
Okay. Good morning, everyone. As you know, we don't publish any KPIs connected with our budget. So in this case, it's the same situation. But we mentioned that in the Q1, we hired nearly 50 new specialists in shopper, but it doesn't mean obviously that we will continue this dynamic in the coming quarters.
I would like to stress that we are very careful considering the new hires. We always check new employees or new hires, how they correspondent with our business needs, business results. And, of course, we treat new employee as a crucial investment because we are going to increase the number of our customers. So we are going to introduce new services, and probably we will increase employment as well, but as an investment. And I think the last thing is worth to notice that, especially in Poland, in IT recruitment and labor market, we have very excellent track record in recruitment IT specialists.
And we are very proud of that because it's not easy. But our culture, our management team, or our industry is very appealing for IT specialists. And thanks to that, we have very talented employees on the board.
Maybe I will add something that, of course, in comparison to Q1 of 2021, we have and we can show very high growth in number of employees at Schopper. That's good because what Anna mentioned, if we decide to hire new staff to the company, it means that we still see some space to grow faster in the market. And if you see pace of growth connected to or related to revenue or EBITDA or GMP, it's significantly higher than any other player from the Polish market. And of course, it's partly driven by new staff because we expand sales team, but of course, we also hired IT specialists to have better development of our applications for the platform. So we, of course, in the long run, we want to earn money on every single employee in the company.
But on this stage, we perceive this like fuel to grow faster, and that's the explanation.
And of course, it's worth to add that it requires time because this is not the kind of business where putting additional people into the team will give results next quarter. In some cases, of course, it will work like that like sales people all partly customer care, but especially in development side of development of the products, it will last a bit longer because we hire them to cover some market needs, some products that are not representing our offer or are not in the way and not so developed as we wish to have. So for such kind of activities, of course, this return on those employees will have to wait a bit longer.
Yeah. And additionally, typically, if we present our presentation, Pavel describes the portfolio of products we have at Srober. And you can find there doses of great products and a huge part of them are relatively new in our portfolio. So it means that we are at the quite early stage of development, and we should be focused how we can increase quality of these services, products, how we can extend functionalities of these products. And, of course, it's driven by people.
So, what also Piot mentioned that, in some cases, of course, we in the company, but also our investors, should be a bit more patient to see return from these investments.
Okay. And last question from the chart from Otillo. Have you not the last one. Have you seen any traction with Ukraine merchants that are now in Poland?
It's starting, yes. It's starting. It's not a lot for the time being. It's couple up to 10 new merchants that started their own store on the platform. So it's, you know, we announced it just a couple of days, weeks ago.
So it's rolling out. They still, you know, they are 2 months here in Poland and accommodating. So starting a new business, it will take a little bit of time, but we see that Polish merchants are very interested in Ukrainian version of their stores. So this is a kind of a business opportunity also from from us because they want to promote to Ukrainian people, so they will sell more. And with the people who become merchants and are from Ukraine, it's starting very slowly.
We don't have for the time being that particular measurement because they can just log in, buy and start their own store without our physical contact, I would say, or phone contact.
Yeah. And, additionally, I guess, we have over 3,000,000 Ukrainians came to Poland after February 24th. But the news from the last week is that the very first time, the outflow of Ukrainians to Ukraine was higher than inflow of Ukrainians to Poland. So of course, they have impact on the Polish economy. And what you're asking about, some of them decided to start business in Poland.
But I guess, of course, this is just expectation. The majority will decide to go back to Ukrainian. And this is their homeland. And what we see and what we feel, in the majority, we don't expect that they decide to stay in Poland.
Okay. And last question from the chat. Does your expectation for growth and the potential that you see in the market have not changed due to war or inflation impact on the positive or negative?
I can start with the focus. We are still, I would say, optimistic in the hard times in Poland. So inflation, it goes, you know, on one hand, it's an opportunity to earn more because we know when when there is inflation, most of our services are, you know, in the model of pay as you grow. So, you know, the more the prices of the goods are, the more commission we get from GMV and turnover. So that that's a good one.
But, you know, from the perspective of salary expectations, there is also some, you know, pressures that Anya can tell you a little bit more. And in the market, you know, after the times of, you know, when there there was an outbreak of war. There was, you know, some freeze that we've seen that, you know, some potential merchants or our actual merchants, they, you know, just maybe stop their decisions for some time. And for the time being, we see that, you know, the it's still, you know, some kind of, you know, unsureness what will happen in in economy, but more and more merchants decides to invest more to buy the stores, start the new business with online stores. So we are relatively optimistic towards the future.
But as I said before, we also expand our target addressable markets to grow as fast as possible in these times.
Okay. Thank you as well. And now, the questions from the mysterious investor, please.
Yes, sir. Hi, this is Betty from TRG. Sorry. It didn't show up on the on the on the title here. I have a couple of questions.
I'll start from just, trying to understand a little bit more about how the increasing complexity, increasing diversification of marketplace players. How does that contribute to your business? You mentioned before, and I heard that, you know, you're quite agnostic, in terms of where your merchant sells to. But on the other hand, is there any positive effects from from this more complex complexity in the market? And then can you maybe either use data or anecdotes to to explain that?
On the other hand, you know with shopee, for example, targeting more long tail products and maybe smaller merchants, how does that affect the clients that maybe come to you and maybe how does that affect your ability to charge your clients for some services, for example, shipping and logistic, for example. Are you are you seeing some pushback on that? And then maybe people think this is more for some clients as more economical just to stay with shop, these things everything's free. So, to start with that, if if I may.
So I will start maybe Martin, you can continue from your perspective, but from the commercial perspective, we see that appearance of Shopee actually created like 100 of 1000 new people that buy online. That's, you know, the beauty. So it's, it's an opportunity that they started with Shopee, but we see that, you know, they if they, you know, first time use their, you know, phone to buy something or so so that they they are more, you know, used to this service. And, you know, Shopee, they offer, you know, free shipments from their platform. So, you know, they are burning money for the time being because, you know, the product, business that's only on marketplaces.
That's kind of risky because the provisions can change, the rules can change, the positioning of the particular marketplace can change in a moment and you don't have a direct relationship with, the merchants. So it's, most of the, you know, merchants, they tend to realize, especially nowadays, that it's better, you know, when you sell on marketplaces, they're very good, but also having, you know, the, the, their own, like, own, you know, having own store, you know, emails to the merchants numbers, telephone numbers and such. That's a huge advantage, especially that you pay for acquiring a new customer once and then you can make additional upsell, cross sell after when somebody uses the product again. So now it's relatively good that the marketplace ecosystem gets a little bit fuzzy because it's in Poland, it's a saying when 2 people fight, the third one is benefiting. So it's kind of a
situation. So so fair to say that is it fair to say that given how they're positioned right now, probably there's very little overlap between the merchants, that list on Shopee versus the merchants that use shopper. But in some way, in the medium to long term, it does help to grow the market as maybe these merchants will have a chance later on to grow and mature. Is that a fair assessment?
We don't see any kind of overlap because we never recognize marketplaces as our competitors. We never try to position ourselves as a competitive solution to marketplaces. It's both parts of the whole ecommerce ecosystem. And we are happy if we see new marketplaces in the market or on the horizon coming to Poland because we know that they will invest 1,000,000 in onboarding of new merchants or new consumers to purchase something online. And finally, each or almost each merchant, he wants to have own store as a fully independent space channel.
So so it's, you know, shopper is absolutely not competitive solution or platform to marketplaces. It's something different. And we meet other expectations or other needs of marketplaces. But you also asked about if we benefited, for example, by players indirectly, of course, like like Shopee? Yes.
We do, because we have in our group, omnichannel platform called Apeelo. And this platform allows to be connected with many marketplaces and to manage the whole sales process from the one place in the same time, for example, Amazon, Allegro, Shopee and others. So we have substitution there, of course, but we also have some fees per events. So if we see any kind of order, for example, on shopping, made through Apillow, we can earn money.
I see. I see. So, if a merchants connect through you to a marketplace in Shopee, in addition to other marketplace, you charge you charge the merchants a a take rate even though they sell sell this through, the 3rd party marketplace.
We shop.
No. No. No. It's for if they sell directly on Shopee, we can charge for connection like the tool that you can sell on Shopee and Shopee in one convenient environment. And if we do advertising, for example, on for this merchant, it's not available not yet in on Shopee, but we, for example, help selling on Allegro, which is an alternative.
And if we help, you know, advertising their products on Allegro, we charge commission fee similar that we charged on, you know, shopper campaigns, for example. So, you know, we have a percentage of the turnover then.
I see. So you help them, advertise on this marketplace, optimize
their Yeah. Yeah. Every every every platform like Google, like Facebook, like TikTok, for example, we help advertising and each of this platform has their own system that you really need to know and know how to advertise and perform well. Then, we take, you know, commission when the sales is done. So that's that's that's that's our business model.
So we even help selling on Allegro and very soon probably on other marketplaces and take a commission out of it as well.
Got it. Got it. And my second question is related to the subscription fee increase. I think in January, when we talked last, you increased by 10%,
maybe
a little bit more. Mhmm. And I read today that I think you're planning for more increases in April. Can you talk a little bit about that? I think the April increase, is it only for the premium subscription?
If so, what percentage of your premium subscription is versus your total subscription revenue right now?
So, yes, we did raise our price of premium services at the beginning of April. And we don't disclose this particular data differentiation between shopper premium and shopper standard, I would say. And well, the race was in percentage. It sounds high that it was raised of 25%, but it's SEK 100 per month. And what's more, we really developed the service.
We have now 20 fourseven service. We have multiple warehouses, many new apps that you can add to your store when you're a premium customer. So, it goes with, you know, big rays of functionality and quality of the service.
Right. And have you seen any turnover client churn after your 2 price increases since the beginning of the year?
No. No. No. It's a churn is still relatively standard. We did introduce this add ons to premium service to make it really, really competitive from the price perspective, but also from the level of services that you get in this price.
So we tend to now really push to upsell to from standard services to premium because then you have another phone call that you can talk with professionals, shorter waiting list to fix any kind of tickets you give or when you call, you wait much, much shorter. So there are many, many benefits with professionals that we enable to premium customers. So nowadays, we want to push to premium from standard services, very, very low number of down sells for for we call it down sells from from premium to standard services. We've seen because, you know, we are SaaS, so we need to we have obligation to inform 10 days before the price rise that the price will change and merchant can generate an invoice and pay upfront for next 6 months, 12 months. So we've seen that lots of merchants, they generated invoices for themselves to pay upfront in the lower price before.
But it's good because we don't have to take care about churn and such for a longer time across premium customers.
Yes. How would you characterize
And maybe sorry, I will add something, because the only comment we received from our customer base was that they were a bit surprised by only 10% increase because it was below the inflation. And what else, Piotr, maybe you will add one sentence, how is the mechanism of subscription over the time?
Yes, it's important to know that if you take into consideration the price increases and their impact on revenues, you need to keep in mind that according to IFRS they are deferred. So every single sales is deferred for the periods of the subscription. So the change starting in the change of prices deployed in January, it doesn't mean that it will have full impact on all 2022 revenues because a bunch of revenues of 2022 was generated by sales in previous years on subscription actually in 2021 in the same manner. So we can assume that in terms of this 11% increase of basic subscription, it should have an impact of revenue around 5% this year. In case of this 25%, it will be like 13%, 14% marks.
Yes. I do understand. Thank you so much for quantifying that for me. And on the investment in personnel, can you maybe help us understand a little bit on any kind of specific areas that you are investing? Is it more from a customer acquisition and servicing or is it more from a product development?
If it's the latter, is there a specific area that you are focusing on that you're seeing high demand and missing from the market?
I think
go ahead, Anna.
I will start and you, Martin, will continue. As I mentioned, in the Q1, we did the biggest investment in development team. And I think that now we are on the good level of this employment and we are going to start to work on the new products and services and concentrate on our actual employees to cooperate with them. New hires connected with sales on customer service will be directly connected with the number of our customers. So when we noticed that the number is higher than we expect, for example, we will talk about new hires.
So this is the model of hiring.
Yes. But the truth is that we invest in every single department in the company. So what Anna mentioned, of course, in the Q1, mainly, we decided to invest in IT development because of new services, because of implementing new functionalities to the platform. But equally, we also invested in new or stronger accounting team or HR or sales operations. So so if we see the whole company, I guess every single place is stronger after the Q1 because we still see huge demand from the market.
And we want to have, of course, the strongest team on the market. The good thing is that, Shoppers today recognize as a very cool place to work. And we have some transfers for significantly larger companies from the from the industry. And people joined us because they see ambitious pipeline of new projects. They see that the company is growing significantly faster than the competitors.
So many reasons.
I just have a follow-up on this and then that's my last question. And just to in terms of the area of investment, I know that now the effort of upselling to premium subscribers, what about some of the larger enterprise solutions? Are you seeing any opportunities there? Because I think for some of the international players, this really is kind of where a lot of take rate can started to diverge. Right?
So kind of a more holistic consulting turnkey solutions for these enterprises. Is this something that you are working on? And do you see demand?
Our merchants or we together with our merchants, we we of course invest to have, more matured solutions for each part of the market. But this is not so easy. This is not so simple to cover because solutions to for enterprises, mainly, it's only the platform, only the software without ability to add additional services like payments or financial products or logistics because they are so strong that they have own contracts with logistic companies or payment gateways. So, of course, our ambition is to have broader coverage in the market, but in the same time to keep high margin selling our products. So we try to build optimum business model to have, of course, larger merchants in our base, but in the same time, to provide to them the full range of services, not only software, because, you know, we are from time to time in discussion with many agencies or producers of e commerce software.
And we see that they have absolutely great portfolio of big brands. But in the same time, the profitability of this company is extremely low, because they can, they are able to provide only software without any kind of value added services. And if you see and if you compare growth in subscription segment at shopper and and and solutions segment at shopper, you see that we grow mainly thanks to services based on pay as you grow model. So we provide to them much more services than only subscription as online store.
But it's also worth to mention that, of course, we develop our platform and we introduce products and services that are needed by Ledger Messers as well, like, multi warehouse, for instance, what we introduced early this year. So that also means that we go a bit higher with services for a bit bigger merchants to also enlarge our address market here. So, we also have, like, a development internally to go up also on step by step basis.
Indeed, we do it. But just for you know, you know, these huge enterprise customers, they need a very individual approach. We create our products and our software, you know, to be replicable in 1,000. So this is, you know, the idea when we actually, you know, can multiplicate some kind of a business model, even advisory services that we we we create. We we push it in some kind of a procedures to to to make it, you know, automated as much as possible.
So and the large enterprise customers, they need a software house to build a big business store. If they have complicated products or millions of products, that's where they need probably some additional software. But for very big companies, what we start to see that they have when they launch a new product, for example, and they want to have a very quick, you know, go to market proof of concept, Shopper is a perfect platform to start to to to go with. So, you know, if a brand has a new product or a new book or something like that, it's, they they they tend to use our software to to to to, you know, have a very quick lunch because, you know, with shopper, if you are pretty motivated, you can start selling, you know, from scratch, you know, by buying, you know, SaaS license. Next day, you can sell stuff.
So that's that's the beauty of our software.
I see. I see. But but they're but they're not so basically, they will use your regular service. It's not a separate enterprise service. It's just maybe a premium subscription service.
The thing is much more complicated because, we provide services products in the box, let's say, and, doing business with enterprises, it means that we are, or we should be more integrator than the platform, because they mainly expect some specific integrations or, you know, connections with some internal systems, and and and, providing services for enterprises. Of course, the challenge is always how to build the scale, because you can rely on 2 or 3 or even 4 big contracts. But the beauty of ours, our platform, our company is that the the the revenues are perfectly divided into, you know, 30,000 of small contracts. And thanks to that, we can add additional services. We implement something new because we see huge demand from the whole base.
And thanks to that, we can increase our revenues. We can increase ARPU. We can promote some new services and do not rely on some specific expectations of 1 or 2 merchants.
Okay. We've got one more question from Ovi on the chat. You mentioned that Shopper is a cool place to work and have gained traction, but how competitive are your salaries versus peers? How difficult is to maintain low earn and gain talent?
Okay. So, yes, of course, we keep an eye on salary with our peers. That's obvious. But to be honest, of course, we are our salary is interesting for the candidates, but we strongly believe that money is not only thing which decide that someone is working in shopper and stay with us for a longer time.
Because the most important factor is if people
develop themselves, is if people develop themselves during the work, how looks the culture or communication between employees. So, we strongly believe that this is very important as well. So, for example, we develop or define the development program, which we call shopper app, where our employees can gain totally new skills connected, for example, with PHP programming. And we, as an employer, give them opportunity to learn these skills and support them during 1 or even 3 years. And this is our idea how to maintain a low churn, for example, among our employees.
So the salary is on the good level, let's say, but also we put a lot of pay a lot of attention to other things as communication, as a culture, as an opportunity to have real impact on the products and on our merchants.
Yeah. But the shortest answer is yes. We try to be competitive on the labor market, of course. We in the same time, we don't want to overpay employees because what Anna said, it's always mix of many factors and working at and doing cool projects and having impact on implementation or some functionalities. And we have so many great projects opened in the company that people, they want to be proud of doing something.
And they want to see or to have, like, connection with merchants. They they are able to meet with consumers. They can design some new functionalities. And after a couple of couple of weeks, they they see implemented functionalities provided to dozens of thousands of merchants. So so that's the reason why people want to work at shopper.
And, of course, we should stay as a competitive employer. But, when we're talking about salaries, but this is just one factor.
Thank you as well. So do we have any other questions? Please raise the yellow hand. Okay, one more.
So this is the final question. So we are
Sorry, that's the final question. In terms of any new thoughts on international expansion?
I was mentioning many times that we have open discussion with the company. We want to decide till end of June. So I guess on the next meeting, we will be able to say something in this letter. But today, we are fully focused on the Polish market, and the market is quite unstable. Of course, you see that all economies, they have some, let's say, fight against inflation.
So we are very careful this year, but we didn't decide it.
Got it. Thank you.
Thank you.
Okay. So that was the final question. I can only add the 3 going to be available, me and the Board on some conferences that are organized by some brokers. So if you would like to meet us in person, please sign up. And if you have any additional questions, please write to us, call us.
We are always open to discussion.
Yes. So thank you and see you next time.
Thank you. Bye bye. Thank you.
Bye bye. Thank you. Bye bye.