People sometimes get confused about this simple, three-letter word, especially when using the pronoun.
It’s is short for “it is” and “it has” as in:
It’s time for us to consider a new marketing strategy.
It’s been a long time since we’ve spoken.
Its is a possessive pronoun, and has no apostrophe. (Same as for hers.)
The best part of this model is its ability to withstand high pressures.
Our building has lost its luster over the years.
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