The second topic I wanted to discuss was the experience during Covid. However, based on what you mentioned, I wonder if we should jump straight to topic number three. This is the high-level overview of the Manchester Warehouse and the logistics therein. What I'd like to understand is how different THG and Ingenuity's warehousing and fulfillment are, particularly regarding the automation they offer. How does it differ from what's available in the market elsewhere? The company portrays it as a significant point of difference, suggesting that onboarding for Ingenuity's external clients is much smoother than if they opted for an alternative solution. Any insights or discussion on that would be very helpful.

DHL recently launched the DHL Fulfillment Network (DFN). Previously, companies like DHL and DSV would secure large clients, build warehouses for them, and manage operations, often collaborating with major players like Amazon. They operated as either 3PL or 4PL sites, using their own or outsourced tools, but only for large contracts.

The second topic I wanted to discuss was the experience during Covid. However, based on what you mentioned, I wonder if we should jump straight to topic number three. This is the high-level overview of the Manchester Warehouse and the logistics therein. What I'd like to understand is how different THG and Ingenuity's warehousing and fulfillment are, particularly regarding the automation they offer. How does it differ from what's available in the market elsewhere? The company portrays it as a significant point of difference, suggesting that onboarding for Ingenuity's external clients is much smoother than if they opted for an alternative solution. Any insights or discussion on that would be very helpful.

However, the big clients now have the resources to build their own automation. Ten or twenty years ago, automation was a significant investment, but now, with under $5 million in capex, you can achieve impressive automation for basic needs. The major players lack expertise in e-commerce and understanding company needs isn't their strong suit.