
From Kitchen-Table To Global Sales: Hair Anatomy's Social Commerce Win
But at the heart of this booming new market segment are social-first small businesses.
Often armed with only a smartphone, these entrepreneurs are fueling growth with minimal overhead and maximum authenticity—building communities, converting personal connections into loyal customers, and redefining what it means to scale a retail brand in the digital age.
Meet Dominique Bogle, the founder and face of Hair Anatomy—a UK‑based wig brand that turned personal experience into a success story for social commerce. Her journey captures exactly what's making TikTok Shop such a potent engine for indie retailers: discoverability, community, and authentic human connection.
Turning a Personal Challenge into a Mission
At the early age of 21, Dominique Bogle began experiencing sudden, unexplained hair loss while in the middle of her undergraduate degree. A few small patches quickly became a source of daily stress and insecurity.
Like many facing hair loss for the first time, she had no roadmap but was determined to find a solution. She began researching suppliers and ordering samples, trying everything from synthetic styles to premium human hair pieces. It didn't take long to realize how difficult—and expensive—it would be to find something she could wear confidently.
'There weren't many good options available,' Bogle says. 'There were human hair wigs that would cost you … at least £2,000 for a human hair wig, and the synthetic wigs at the time were just really poor quality. You could only wear them once, and they'd look awful.'
At the time, Bogle worked in corporate banking, a world far removed from beauty retail. But the more she searched for a solution, the more she realized she wasn't alone: countless other women were quietly facing the same problem.
This gave her the idea for what would eventually become Hair Anatomy, a brand built to sell wigs and also guide customers through an often overwhelming journey with understanding and care.
The Leap to Social Commerce
For the first couple of years, Bogle kept Hair Anatomy as a side project, selling through her website and driving traffic mainly from Instagram. Traffic was steady but limited. The idea of going live on social media wasn't part of her plan—especially not on TikTok, which she initially dismissed as 'just a dancing app' and 'nothing to be taken seriously.'
But her perception changed in 2022 when she decided to give it a go.
She set up her phone in the kitchen, went live to show the small stock she had on hand, and directed viewers to her website. What happened next surprised her.
'I made … just shy of £15,000 in one month,' she says.
Within eight months, she had left her banking career to focus solely on Hair Anatomy, joining the growing wave of small business owners using TikTok Shop to sell directly to customers without ever leaving the app.
Going Live and Building a Community
Bogle goes live at least five days a week for a minimum of four hours, splitting her time between morning 'packing lives' with the fulfilment team—where customers watch orders wrapped in real time—and evening 'show-and-tell' sessions demonstrating wigs, answering questions, and engaging with viewers.
This consistency—and variety—keeps her audience engaged and helps new viewers discover the brand through TikTok's For You Page.
But for Bogle, the real magic is the personal connection that grows during those hours. She shares her experience with hair loss openly, making it easier for customers to talk about their struggles. Many are facing chemotherapy or alopecia and come to Hair Anatomy unsure where to start. Bogle guides them through options, reassures them, and shows that hair loss doesn't have to mean the end of feeling like yourself.
After buying from Hair Anatomy during her own cancer journey, one customer in particular began promoting the brand to her TikTok following—bringing a wave of new customers.
'So I try and take a negative situation and … make it as positive [as possible] for that person going through that,' Bogle explains. 'So not only are we sort of building our company on TikTok, we're really harnessing an amazing community and working very closely with customers that have now become advocates for the brand.'
It's a cycle of trust and advocacy that money can't buy.
How Social Commerce Is Reshaping Retail
Hair Anatomy's story is part of a larger shift in how consumers discover and purchase products online.
Social commerce—shopping experiences integrated directly into social media platforms—is collapsing the traditional sales funnel into a single, interactive moment. TikTok Shop is leading this transformation, offering a 'content-first' alternative to e-commerce.
Live shopping formats create immersive moments of discovery without requiring a search engine. This is especially powerful for beauty and wellness products, where performance, texture, and look matter most. TikTok's algorithm and live tools create conditions for small brands to achieve massive reach and conversion—starting from a smartphone.
For small businesses, the implications are profound: social media is rewriting traditional retail.
Instead of competing for shelf space or spending heavily on ads, founders can reach global audiences instantly through authentic, unfiltered livestreams. Community engagement—not ads—has become the currency of growth. For niche, emotionally charged categories like hair loss and beauty, livestreams offer empathy and education in real time, turning audiences into loyal advocates and allowing brands to scale quickly while keeping the personal touch today's shoppers crave.
Why Connection Is the Ultimate Growth Strategy
From the first kitchen-table livestream to shipping orders across continents, Dominique Bogle has grown Hair Anatomy into more than just a wig brand; it's become a lifeline for customers navigating one of the most personal challenges they may ever face. Her journey reflects what's driving social commerce's explosive growth: small, independent businesses using authenticity, agility, and community to compete—and win—on a global stage.
As the market accelerates toward its $100 billion milestone, Bogle believes the opportunity for other founders has never been greater.
'Authenticity sells on TikTok,' she says. 'It's not about having a big organization or having everything set up nicely. Aesthetic really isn't the thing on TikTok. It's about showing up as your true self … you will find your audience on TikTok.'
Hair Anatomy's success proves that in the era of social commerce, the most potent growth strategy may simply be connecting with people and showing up for them every day.

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Non-GAAP measures of financial performance have limitations as analytical tools in that these measures do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments; these measures do not reflect changes in, or cash requirements for, our working capital needs; these measures do not reflect our tax expense or the cash requirements to pay our taxes, and assets being depreciated and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements. Free Cash Flow is limited because it does not represent the residual cash flow available for discretionary expenditures. Free Cash Flow is not necessarily a measure of our ability to fund our cash needs. In light of these limitations, management uses these non-GAAP measures to supplement, not replace, our GAAP results. The non-GAAP measures used herein are not necessarily comparable to similarly titled captions of other companies due to different calculation methods. Non-GAAP financial measures should not be considered in isolation, as an alternative to, or superior to information prepared and presented in accordance with GAAP. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. By providing these non-GAAP measures together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. We define GMV as the gross total dollar value of orders reviewed through our AI-powered ecommerce risk intelligence platform during the period indicated, including the value of orders that we did not approve. 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Restructuring costs: We exclude costs associated with reductions in force because these costs are related to one-time severance and benefit payments and are not reflective of costs associated with our ongoing business and operating results and are viewed as unusual and infrequent. See the tables below for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Forward Looking Statements This press release and announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the U.S. Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Exchange Act. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our revenue and Adjusted EBITDA guidance for fiscal year 2025, our anticipated non-GAAP gross profit margin, expectations as to continued margin and Adjusted EBITDA expansion, future growth potential in new verticals, new geographies and from new-products, anticipated benefits of our share repurchase program and management of our dilution, internal modeling assumptions, expectations as to the macroeconomic environment, expectations as to our new merchant pipeline and geographic reach, market share and upsell opportunities, the impact of competition, pricing pressure and churn, the advancement and performance of our AI-powered multi-product platform, the benefits of our partnerships and collaborations with third-parties, our forecasted operating expenses and our business plans and strategy are forward looking statements, which reflect our current views with respect to future events and are not a guarantee of future performance. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "could," "would," "project," "forecasts," "aims," "plan," "target," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: our ability to manage our growth effectively; continued use of credit cards and other payment methods that expose merchants to the risk of payment fraud, and other changes in laws and regulations, including card scheme rules, related to the use of these payment methods, and the emergence of new alternative payments products; our ability to attract new merchants and retain existing merchants and increase sales of our products to existing merchants; our history of net losses and ability to achieve profitability; the impact of macroeconomic and geopolitical conditions on us and on the performance of our merchants; the accuracy of our estimates of market opportunity and forecasts of market growth; competition; our ability to continue to improve our machine learning models; fluctuations in our CTB Ratio and gross profit margin, including as a result of large-scale merchant fraud attacks or other security incidents; our ability to protect the information of our merchants and consumers; our ability to predict future revenue due to lengthy sales cycles; seasonal fluctuations in revenue; our merchant concentration and loss of a significant merchant; the financial condition of our merchants, particularly in challenging macroeconomic environments, and the impact of pricing pressure; our ability to increase the adoption of our products, develop and introduce new products and effectively manage the impact of new product introductions on our existing product portfolio; our ability to mitigate the risks involved with selling our products to large enterprises; changes to our pricing and pricing structures; our ability to retain the services of our executive officers, and other key personnel, including our co-founders; our ability to attract and retain highly qualified personnel, including software engineers and data scientists, particularly in Israel; our ability to manage periodic realignments of our organization, including expansion or reductions in force; our exposure to existing and potential future litigation claims; our exposure to fluctuations in currency exchange rates, including recent declines in the value of the Israeli shekel against the US dollar as a result of the ongoing conflict in Israel; our ability to obtain additional capital; our reliance on third-party providers of cloud-based infrastructure; our ability to protect our intellectual property rights; technology and infrastructure interruptions or performance problems; the efficiency and accuracy of our machine learning models and access to third-party and merchant data; our ability to comply with evolving data protection, privacy and security laws; the development of regulatory frameworks for machine learning technology and artificial intelligence; our use of open-source software; our ability to enhance and maintain our brand; our ability to execute potential acquisitions, strategic investments, partnerships, or alliances; potential claims related to the violation of the intellectual property rights of third parties; our failure to comply with anti-corruption, trade compliance, and economic sanctions laws and regulations; disruption, instability and volatility in global markets and industries; our ability to enforce non-compete agreements entered into with our employees; our ability to maintain effective systems of disclosure controls and financial reporting; our ability to accurately estimate or judgements relating to our critical accounting policies; our business in China; changes in tax laws or regulations; increasing scrutiny of, and expectations for, environmental, social and governance initiatives; potential future requirements to collect sales or other taxes; potential future changes in the taxation of international business and corporate tax reform; changes in and application of insurance laws or regulations; conditions in Israel that may affect our operations; the impact of the dual class structure of our ordinary shares; risks associated with our share repurchase program, including the risk that the program could increase volatility and fail to enhance shareholder value; our status as a foreign private issuer; and other risk factors set forth in Item 3.D - "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as filed with the SEC on March 6, 2025, and other documents filed with or furnished to the SEC. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. About Riskified Riskified (NYSE:RSKD) empowers businesses to unleash ecommerce growth by outsmarting risk. Many of the world's biggest brands and publicly traded companies selling online rely on Riskified for guaranteed protection against chargebacks, to fight fraud and policy abuse at scale, and to improve customer retention. Developed and managed by the largest team of ecommerce risk analysts, data scientists, and researchers, Riskified's AI-powered fraud and risk intelligence platform analyzes the individual behind each interaction to provide real-time decisions and robust identity-based insights. Learn more at RISKIFIED LTD. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) As of June 30, 2025 As of December 31, 2024 (unaudited) Assets Current assets: Cash and cash equivalents $ 265,032 $ 371,063 Short-term deposits 5,000 5,000 Accounts receivable, net 33,365 47,803 Prepaid expenses and other current assets 14,624 9,830 Short-term investments 69,093 — Total current assets 387,114 433,696 Property and equipment, net 11,856 12,704 Operating lease right-of-use assets 23,285 25,310 Deferred contract acquisition costs 15,767 16,558 Other assets, noncurrent 7,466 7,593 Total assets $ 445,488 $ 495,861 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 1,435 $ 2,309 Accrued compensation and benefits 21,808 26,365 Guarantee obligations 8,478 13,061 Provision for chargebacks, net 7,843 9,434 Operating lease liabilities, current 5,863 5,590 Accrued expenses and other current liabilities 16,562 13,780 Total current liabilities 61,989 70,539 Operating lease liabilities, noncurrent 20,691 21,940 Other liabilities, noncurrent 24,383 21,078 Total liabilities 107,063 113,557 Shareholders' equity: Class A ordinary shares, no par value; 900,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 110,424,051 and 112,306,279 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — — Class B ordinary shares, no par value; 232,500,000 shares authorized as of June 30, 2025 and December 31, 2024; 46,413,468 and 48,902,840 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — — Treasury shares at cost, 39,065,223 and 30,049,351 ordinary shares as of June 30, 2025 and December 31, 2024, respectively (198,174 ) (154,223 ) Additional paid-in capital 1,007,632 982,131 Accumulated other comprehensive profit (loss) 977 887 Accumulated deficit (472,010 ) (446,491 ) Total shareholders' equity 338,425 382,304 Total liabilities and shareholders' equity $ 445,488 $ 495,861 RISKIFIED LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited) (unaudited) Revenue $ 81,060 $ 78,730 $ 163,447 $ 155,138 Cost of revenue 41,310 37,728 83,243 72,016 Gross profit 39,750 41,002 80,204 83,122 Operating expenses: Research and development 17,167 17,079 35,244 34,851 Sales and marketing 21,452 22,468 44,234 45,682 General and administrative 14,137 15,650 30,790 32,697 Total operating expenses 52,756 55,197 110,268 113,230 Operating profit (loss) (13,006 ) (14,195 ) (30,064 ) (30,108 ) Interest income (expense), net 3,569 5,398 7,294 11,139 Other income (expense), net (471 ) 337 373 177 Profit (loss) before income taxes (9,908 ) (8,460 ) (22,397 ) (18,792 ) Provision for (benefit from) income taxes 1,725 1,049 3,122 2,347 Net profit (loss) $ (11,633 ) $ (9,509 ) $ (25,519 ) $ (21,139 ) Other comprehensive profit (loss), net of tax: Other comprehensive profit (loss) 1,247 (169 ) 90 (372 ) Comprehensive profit (loss) $ (10,386 ) $ (9,678 ) $ (25,429 ) $ (21,511 ) Net profit (loss) per share attributable to Class A and B ordinary shareholders, basic and diluted $ (0.07 ) $ (0.05 ) $ (0.16 ) $ (0.12 ) Weighted-average shares used in computing net profit (loss) per share attributable to Class A and B ordinary shareholders, basic and diluted 159,112,218 173,687,773 160,349,927 175,374,045 RISKIFIED LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited) (unaudited) Cash flows from operating activities: Net profit (loss) $ (11,633 ) $ (9,509 ) $ (25,519 ) $ (21,139 ) Adjustments to reconcile net profit (loss) to net cash provided by (used in) operating activities: Unrealized loss (gain) on foreign currency 1,741 (431 ) 716 (443 ) Provision for (benefit from) account receivable allowances 29 154 295 365 Depreciation and amortization 614 872 1,268 1,754 Amortization of capitalized internal-use software costs 261 383 563 766 Amortization of deferred contract costs 3,291 2,641 6,098 5,348 Share-based compensation expense 12,859 15,035 27,175 30,557 Non-cash right-of-use asset changes 1,019 1,204 2,025 2,334 Changes in accrued interest (597 ) 1,317 (657 ) 944 Ordinary share warrants issued to a customer — 384 — 767 Other 31 51 113 137 Changes in operating assets and liabilities: Accounts receivable (1,244 ) (6,561 ) 14,525 6,308 Deferred contract acquisition costs (2,217 ) (1,547 ) (4,112 ) (3,132 ) Prepaid expenses and other assets (1,809 ) (427 ) (3,474 ) (1,321 ) Accounts payable (562 ) (386 ) (861 ) (718 ) Accrued compensation and benefits 2,761 (2,584 ) (5,085 ) (4,145 ) Guarantee obligations (16 ) 677 (4,583 ) (2,879 ) Provision for chargebacks, net (1,635 ) 1,330 (1,591 ) (1,027 ) Operating lease liabilities (1,121 ) (1,029 ) (2,238 ) (2,204 ) Accrued expenses and other liabilities 3,820 2,758 4,778 2,721 Net cash provided by (used in) operating activities 5,592 ... 4,332 9,436 14,993 Cash flows from investing activities: Purchases of investments (13,858 ) — (92,015 ) — Maturities of investments 9,477 — 21,972 — Purchases of property and equipment (252 ) (224 ) (460 ) (402 ) Proceeds from sale of fixed assets 12 — 28 — Net cash provided by (used in) investing activities (4,621 ) (224 ) (70,475 ) (402 ) Cash flows from financing activities: Proceeds from exercise of share options 2,220 2,098 2,852 3,128 Taxes paid related to net share settlement of equity awards (2,270 ) — (4,526 ) — Purchases of treasury shares (23,265 ) (39,000 ) (43,951 ) (69,429 ) Net cash provided by (used in) financing activities (23,315 ) (36,902 ) (45,625 ) (66,301 ) Effects of exchange rates on cash and cash equivalents 518 (46 ) 633 (434 ) Net increase (decrease) in cash and cash equivalents (21,826 ) (32,840 ) (106,031 ) (52,144 ) Cash and cash equivalents—beginning of period 286,858 421,534 371,063 440,838 Cash and cash equivalents—end of period $ 265,032 $ 388,694 $ 265,032 $ 388,694 Reconciliation of GAAP to Non-GAAP Measures The following tables reconcile non-GAAP measures to the most directly comparable GAAP measure and are presented in thousands except for share and per share amounts. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited) (unaudited) Net profit (loss) $ (11,633 ) $ (9,509 ) $ (25,519 ) $ (21,139 ) Provision for (benefit from) income taxes 1,725 1,049 3,122 2,347 Interest (income) expense, net (3,569 ) (5,398 ) (7,294 ) (11,139 ) Other (income) expense, net 471 (337 ) (373 ) (177 ) Depreciation and amortization 875 1,255 1,831 2,520 Share-based compensation expense 12,859 15,035 27,175 30,557 Payroll taxes related to share-based compensation 138 150 399 351 Legal-related and other expenses — 1 236 1 Restructuring costs 1,268 94 3,876 1,770 Adjusted EBITDA $ 2,134 $ 2,340 $ 3,453 $ 5,091 Net profit (loss) margin (14 )% (12 )% (16 )% (14 )% Adjusted EBITDA Margin 3 % 3 % 2 % 3 % Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited) (unaudited) GAAP gross profit $ 39,750 $ 41,002 $ 80,204 $ 83,122 Plus: depreciation and amortization 283 423 608 850 Plus: share-based compensation expense 179 200 371 411 Plus: payroll taxes related to share-based compensation 6 6 10 11 Plus: restructuring costs 129 17 263 156 Non-GAAP gross profit $ 40,347 $ 41,648 $ 81,456 $ 84,550 Gross profit margin 49 % 52 % 49 % 54 % Non-GAAP gross profit margin 50 % 53 % 50 % 54 % Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited) (unaudited) GAAP cost of revenue $ 41,310 $ 37,728 $ 83,243 $ 72,016 Less: depreciation and amortization 283 423 608 850 Less: share-based compensation expense 179 200 371 411 Less: payroll taxes related to share-based compensation 6 6 10 11 Less: restructuring costs 129 17 263 156 Non-GAAP cost of revenue $ 40,713 $ 37,082 $ 81,991 $ 70,588 GAAP research and development $ 17,167 $ 17,079 $ 35,244 $ 34,851 Less: depreciation and amortization 267 386 548 773 Less: share-based compensation expense 3,176 3,403 6,591 6,825 Less: payroll taxes related to share-based compensation 2 2 3 3 Less: restructuring costs 232 — 864 555 Non-GAAP research and development $ 13,490 $ 13,288 $ 27,238 $ 26,695 GAAP sales and marketing $ 21,452 $ 22,468 $ 44,234 $ 45,682 Less: depreciation and amortization 192 248 372 499 Less: share-based compensation expense 4,017 5,001 8,314 9,940 Less: payroll taxes related to share-based compensation 84 93 223 199 Less: restructuring costs 645 34 2,055 563 Non-GAAP sales and marketing $ 16,514 $ 17,092 $ 33,270 $ 34,481 GAAP general and administrative $ 14,137 $ 15,650 $ 30,790 $ 32,697 Less: depreciation and amortization 133 198 303 398 Less: share-based compensation expense 5,487 6,431 11,899 13,381 Less: payroll taxes related to share-based compensation 46 49 163 138 Less: legal-related and other expenses — 1 236 1 Less: restructuring costs 262 43 694 496 Non-GAAP general and administrative $ 8,209 $ 8,928 $ 17,495 $ 18,283 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited) (unaudited) Net cash provided by (used in) operating activities $ 5,592 $ 4,332 $ 9,436 $ 14,993 Purchases of property and equipment (252 ) (224 ) (460 ) (402 ) Free Cash Flow $ 5,340 $ 4,108 $ 8,976 $ 14,591 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited) (unaudited) Net profit (loss) $ (11,633 ) $ (9,509 ) $ (25,519 ) $ (21,139 ) Depreciation and amortization 875 1,255 1,831 2,520 Share-based compensation expense 12,859 15,035 27,175 30,557 Payroll taxes related to share-based compensation 138 150 399 351 Legal-related and other expenses — 1 236 1 Restructuring costs 1,268 94 3,876 1,770 Non-GAAP net profit (loss) $ 3,507 $ 7,026 $ 7,998 $ 14,060 Weighted-average shares used in computing net profit (loss) and non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, basic 159,112,218 173,687,773 160,349,927 175,374,045 Add: Dilutive Class A and B ordinary share equivalents 5,286,735 8,878,042 5,754,177 7,163,918 Weighted-average shares used in computing non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted 164,398,953 182,565,815 166,104,104 182,537,963 Net profit (loss) per share attributable to Class A and B ordinary shareholders, basic and diluted $ (0.07 ) $ (0.05 ) $ (0.16 ) $ (0.12 ) Non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, basic and diluted $ 0.02 $ 0.04 $ 0.05 $ 0.08 View source version on Contacts Investor Relations: Chett Mandel, Head of Investor Relations | ir@ Corporate Communications: Cristina Dinozo, Senior Director of Communications | press@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data