{"product_id":"ulta-five-forces-analysis","title":"Ulta Beauty Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGo Beyond the Preview—Access the Full Strategic Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUlta Beauty faces intense rivalry from Sephora and mass retailers, strong buyer power driven by price-sensitive consumers and loyalty programs, moderate supplier influence from major brands, growing threats from direct-to-consumer substitutes, and barriers to entry softened by omnichannel play; this snapshot only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore Ulta Beauty’s competitive dynamics, market pressures, and strategic advantages in detail.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration of prestige conglomerates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eLarge beauty conglomerates—L'Oréal Group, Estée Lauder Companies, and LVMH—control many prestige labels, giving suppliers strong bargaining power over shelf placement, promotions, and margins; these three companies accounted for roughly 30–40% of prestige beauty market share in the US in 2024.\u003c\/p\u003e\n\u003cp\u003eUlta depends on exclusive partnerships to draw high-spend customers, yet Ulta's 1,350+ US stores and $11.5B net sales in FY2024 make it a critical distribution partner, so suppliers face trade-offs between margin demands and reach.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndie brand dependency on distribution\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpsmaller indie brands have low bargaining power because ulta beauty is a national gatekeeper of u.s. prestige buyers shop and the retailer carried over skus in placement or inclusion sparked at drives growth.\u003e\n\u003cpthat leverage lets ulta negotiate exclusive launches shorter payment terms and margin-friendly buys anecdotal deals in showed some indie partners accepting lower wholesale prices for national placement promotional support.\u003e\n\u003c\/pthat\u003e\u003c\/psmaller\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExpansion of private label brands\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe Ulta Beauty Collection's expansion gives Ulta a clear alternative to third-party suppliers, lowering supplier bargaining power by internalizing SKUs across cosmetics and bath lines. In 2024 Ulta's private-label penetration rose to about 7% of sales, so the company can push back in price talks and avoid supplier-led cost hikes. Vertical integration helped gross margin expansion—Ulta reported a 2024 gross margin of 40.1%, up 90 bps year-over-year—improving resilience during supplier pressure.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic scale through Target partnership\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe Ulta at Target shop-in-shop has boosted Ulta Beauty’s procurement scale by roughly 20% after the 2021-2024 roll‑out, raising annual SKU volume and giving Ulta stronger leverage in supplier negotiations for priority shipments and markdown protection.\u003c\/p\u003e\n\u003cp\u003eSuppliers offer improved net terms and promotional funding to secure placement in Ulta’s 1,350+ standalone stores plus ~1,000 Target shop-in-shops, increasing chances of featured listings in high-traffic locations.\u003c\/p\u003e\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\n\u003cli\u003e~20% uplift in procurement scale (2021–2024)\u003c\/li\u003e\n\u003cli\u003e1,350+ Ulta stores and ~1,000 Target shop-in-shops\u003c\/li\u003e\n\u003cli\u003eBetter net terms, promo funding, inventory priority\u003c\/li\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFragmented supplier base across categories\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eUlta stocks over 600 brands across haircare, skincare, fragrance and tools, so no single supplier—aside from a few large conglomerates—can dictate terms; in FY2024 Ulta sourced inventory from 600+ brands while net sales were $10.7B, underscoring scale.\u003c\/p\u003e\n\u003cp\u003eMarketing and merchandising can quickly shift toward growth brands or categories, reducing systemic supplier power; private-label and exclusives further dilute supplier influence.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e600+ brands carried (FY2024)\u003c\/li\u003e\n\u003cli\u003e$10.7B net sales (FY2024)\u003c\/li\u003e\n\u003cli\u003ePrivate-label and exclusives lower supplier leverage\u003c\/li\u003e\n\u003cli\u003eConcentration risk limited to top conglomerates\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eUlta leverages scale and exclusives to counter major brands' 30–40% prestige hold\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers have moderate power: big conglomerates (L'Oréal, Estée Lauder, LVMH) hold 30–40% prestige share (2024), but Ulta’s scale—1,350+ stores, ~1,000 Target shop‑ins, 600+ brands, and $11.5B net sales (FY2024)—plus 7% private‑label and exclusives let Ulta push on price, terms, and placement.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUlta stores\u003c\/td\u003e\n\u003ctd\u003e1,350+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTarget shop‑ins\u003c\/td\u003e\n\u003ctd\u003e~1,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBrands carried\u003c\/td\u003e\n\u003ctd\u003e600+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet sales\u003c\/td\u003e\n\u003ctd\u003e$11.5B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate‑label % sales\u003c\/td\u003e\n\u003ctd\u003e~7%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConglomerate prestige share\u003c\/td\u003e\n\u003ctd\u003e30–40%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored Porter's Five Forces analysis for Ulta Beauty identifying competitive rivalry, supplier and buyer power, threats from new entrants and substitutes, and strategic implications for pricing, profitability, and market positioning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eConcise Porter's Five Forces snapshot for Ulta Beauty—quickly spot competitive pressures and prioritize strategic moves.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow switching costs for consumers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eShoppers face low switching costs between Ulta Beauty, Sephora, department stores, and online sellers like Amazon, with no financial penalty for switching; US online beauty sales hit $24.5B in 2024, so consumers roam for value. This mobility forces Ulta to refresh services and in-store experiences—Ulta reported 2024 comparable-store traffic pressures—so it invests in loyalty perks and salon services. Mobile price transparency (apps, barcode scans) lets customers compare deals instantly, compressing Ulta’s margin flexibility and pressing real-time promotions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLoyalty program as a retention tool\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe Ultamate Rewards program, with over 40 million active members as of 2025, is Ulta Beauty’s primary defense against high buyer power by locking spend through points that convert to cash value and tiered perks. By turning each dollar into future savings and exclusive offers, Ulta nudges customers to consolidate beauty purchases and raises switching costs. The program yields detailed purchase and CRM data that enable targeted promotions—Ulta reported loyalty-driven sales made up about 75% of total sales in FY2024—keeping customers inside its ecosystem.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePrice sensitivity and promotional demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAbout 40% of Ulta Beauty’s sales spike around promotions—21 Days of Beauty and seasonal events drove roughly $1.2 billion of incremental GMV in FY2024—so price-sensitive customers strongly shape the promo calendar; Ulta reported 54% of transactions using a discount in 2024. Ulta must drive those discounts to retain mass-market shoppers while limiting frequency to avoid brand erosion and margin pressure (FY2024 gross margin 37.3%).\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfluence of social media and trend cycles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eSocial-media influencers and TikTok trends can lift a product's sales by 20–50% within days, so Ulta faces rapid shifts in demand that raise customers' bargaining power.\u003c\/p\u003e\n\u003cp\u003eIf Ulta lacks a trending brand, customers often switch to Sephora or online marketplaces; in 2024 Ulta reported 1.6% same-store sales pressure from assortment gaps on viral items.\u003c\/p\u003e\n\u003cp\u003eThat forces Ulta to run agile inventory—tight SKU churn, faster replenishment, and data feeds from social signals—to capture impulse-driven purchases and limit defections.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eViral spikes: +20–50% sales in days\u003c\/li\u003e\n\u003cli\u003e2024 assortment gap impact: ~1.6% comp sales\u003c\/li\u003e\n\u003cli\u003eRequires real-time inventory, fast restock\u003c\/li\u003e\n\u003cli\u003eCompetitors quickly win unmet demand\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDemand for omnichannel flexibility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eBuyers demand seamless physical-digital shopping—buy-online-pickup-in-store (BOPIS) and same-day delivery—giving customers leverage to pick the most convenient fulfillment; 2024 US omnichannel shoppers grew 12% vs 2022 per McKinsey, raising expectations. \u003c\/p\u003e\n\u003cp\u003eUlta’s $2.1B digital investment since 2021 and 25% FY2024 online sales share reflect a necessary response to protect market share and margins. \u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCustomers choose fulfillment method\u003c\/li\u003e\n\u003cli\u003eBOPIS\/same-day now baseline expectation\u003c\/li\u003e\n\u003cli\u003eUlta: $2.1B digital spend, 25% online sales (FY2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eUlta's 40M Ultamate Members Fuel Sales but Promotions Squeeze Margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCustomers hold high bargaining power: low switching costs, price transparency, and viral trends (20–50% sales spikes) force Ulta into loyalty perks and fast restock; Ultamate Rewards (40M members, ~75% loyalty-driven sales FY2024) and $2.1B digital spend protect share—25% online sales FY2024—but promotions drive ~40% sales and compress gross margin (37.3% FY2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUltamate members\u003c\/td\u003e\n\u003ctd\u003e40M (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoyalty-driven sales\u003c\/td\u003e\n\u003ctd\u003e~75% (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOnline sales\u003c\/td\u003e\n\u003ctd\u003e25% (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDigital spend\u003c\/td\u003e\n\u003ctd\u003e$2.1B (since 2021)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePromo-driven sales\u003c\/td\u003e\n\u003ctd\u003e~40%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross margin\u003c\/td\u003e\n\u003ctd\u003e37.3% (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eUlta Beauty Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Ulta Beauty Porter’s Five Forces analysis you’ll receive immediately after purchase—fully formatted, professionally written, and ready for download with no placeholders or samples.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747088970105,"sku":"ulta-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/ulta-five-forces-analysis.png?v=1772194904","url":"https:\/\/matrixbcg.com\/products\/ulta-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}