sed - replace text with different delimiter

Question:
Replace all occurrences of string #%$2jh//238720//31223 with $2//23872031223 in the /home/bob/data.txt file

Answer:

sed -i 's|#%$2jh//238720//31223|$2//23872031223|g' /home/bob/data.txt

or

sed -i 's~#%$2jh//238720//31223~$2//23872031223~g' /home/bob/data.txt