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Online Marketplaces: Entering the Next Phase

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Online Marketplaces: Entering the Next Phase & Online marketplaces: entering the next phase. Supported by Unveiled at the Marketplaces Conference May 2020 Disclaimer. This report (hereinafter referred to as the ”report") has been prepared by Dealroom.co The information in this report and all associated material, including but not limitedto video, blog posts and any other form of content that may be created based on the information included herein, was created by Dealroom.co. The information herein reflects prevailing conditions and Dealroom.co's views as of this date, all of which are accordingly subject to change. Dealroom.co's opinions and estimates contitute Dealroom.co's judgment andshould be regarded insuch context. In preparingthis Report, Dealroom.co has relied upon and assumed, without independent verification, the acuracy and completeness of all information available from public sources or which was provided to us by our partners. Dealroom.co's analyses are not and do not purport to be appraisals of the assets, stock or business of the companies mentioned herein. Neither Dealroom.co or any of its partners who have provided information or have otherwise been involved in the preparation of this report, makes no representation as to the opinions and estimates set forth herein. The report has been developed based based on Dealroom’s own research, expectations, estimates and projections where relevant, and does not express the opinions of any other entities mentioned herein, either as partners, sponsors, contributors or otherwise. This report contains interviews with: Building and scaling Pan-European seed stage Seed stage venture capital fund marketplaces globally venture capital fund in Europe beyond Adevinta’s venture arm 150+ new investments 143 new investments supports entrepreneurs since 2013 since 2013 financially and operationally $1.1B+ raised by portfolio since $4.5B raised by portfolio since 2013 2013 Investments & operations: Selected investments: Selected investments: Online Marketplaces: Outlook on 2020 and beyond Key takeaways. Digital adoption has been Recent months have shown By unlocking supply, the next rapidly accelerated by Covid- how online marketplaces generation of marketplaces can 19 crisis. But the big digital have become part of society’s play a role in solving some of wave is still ahead of us. critical infrastructure. society's most pressing issues. Everything was already moving online. Now this is The Covid-19 crisis has demonstrated how critical Mobility – Many European cities including Paris and London happening even faster. Online marketplaces have a online consumer services and technology are for have unveiled ambitious plans to reduce congestion. This combined value of $814 billion globally. The biggest many aspects of society and the economy. We’re means expanding mobility options for everyone consumer categories are still largely undigitised. entering a new phase in the ongoing evolution of Housing – shortages, access to home ownership and online marketplace models. sustainability are key themes Covid-19 has created short-term winners and losers. Healthcare – Consumer healthcare, heavily regulated, is But the more structural impact is that trends that Startups are colliding with the offline world, its increasingly embracing telemedicine, AI, connectivity and were already under way have been accelerated. 58% regulations and its laws of physics, which sometimes predictive diagnostics of consumer marketplaces could be well positioned impact unit economics. The crisis may also impact Work – big corporates are embracing remote work. The rise to navigate the crisis, while another 23% might funding sources for startups, leading to an increased of freelance, gig & passion workers means a growing share of experience a sharp “V-shaped” recovery. focus on profitability. workers relying on match-making and distribution platforms for income as they work from home. Page / 4 The Future of Online Marketplaces | 2020 Edition SECTION 1 Digital adoption is accelerating. Everything was already moving online. Now this is happening even faster. Online marketplaces have a combined value of $814 billion globally. But the real opportunity is still ahead of us. While segments like travel and fashion have gone digital, the biggest consumer categories are still largely undigitised. Covid-19 has created short-term winners and losers. But the more structural impact is that trends that were already under way have been accelerated Digital adoption is accelerating Nearly 90% of consumer spending goes to housing, healthcare, food, mobility and education. Most markets are still largely offline, but seeing rapid digital adoption, driven by Covid-19. Consumer spending Global startup & scaleup activity Europe Global Digital Offline Housing Already researched online but still transacted offline. New models like $3.1T Rent & mortgage 65%, Interior & $8.2T iBuying and fractional ownership could help digitise further maintenance 16%, Energy 18% Health Gov’t funded 64% (1), Insurance $1.9T $7.8T Covid-19 impact Rigid market, but Covid-19 has opened the floodgates to innovate fast premiums 22%, out-of-pocket 14% Food Groceries 53%, Alcohol & $2.4T $6.0T Covid-19 impact Was slow to migrate online (<10%) but now digitising fast tobacco 30%, Restaurants 17% Mobility Consumers still spend 90% on car ownership. The remaining 10% of $1.2T Car purchase 34%, Fuel & $5.0T mobility is mostly booked online. maintenance 56%, Public 10% Education Education still 90%+ offline but starting to digitise (1) $1.0T Covid-19 impact? Gov’t funded 87% $5.0T Lock-down could open the flood gates Out-of-pocket 13% Travel Online penetration around 50%. But even “offline” part is mostly $0.6T Flights 33%, Packaged $3.0T researched online and booked via email/phone travel 33%, Hotel 33% Online penetration around 1/3 in most developed countries. But Gone $0.6T Fashion $2.2T Covid-19 impact? digital Source: Dealroom analysis based on data from Eurostat and World Bank. 1. Government funded is added to consumer spending here since consumers still decides/influences where to buy healthcare. 2. Estimate based on top-10 most valuable companies in the sector. Combination of public and private valuations. Page / 6 The Future of Online Marketplaces | 2020 Edition Digital adoption is accelerating Online marketplaces have combined value of $814 billion globally. But the real opportunity is ahead of us. Housing, health and education are still mostly untapped. Consumer spending Global startup & scaleup activity Europe Global VC invested since ‘13 Combined market cap (2) Housing Rent & mortgage 65%, Interior & $3.1T $8.2T $15B $66B maintenance 16%, Energy 18% Health Gov’t funded 64% (1), Insurance $1.9T $7.8T $25B $46B premiums 22%, out-of-pocket 14% Food Groceries 53%, Alcohol & $2.4T $6.0T $35B $178B tobacco 30%, Restaurants 17% Mobility Car purchase 34%, Fuel & $1.2T $5.0T $65B $181B maintenance 56%, Public 10% Education Gov’t funded 87% (1) $1.0T $5.0T $1B $9B Out-of-pocket 13% Travel Flights 33%, Packaged $0.6T $3.0T $20B $168B travel 33%, Hotel 33% Fashion $0.6T $2.2T $10B $57B Source: Dealroom analysis based on data from Eurostat and World Bank. 1. Government funded is added to consumer spending here since consumers still decides/influences where to buy healthcare. 2. Estimate based on top-10 most valuable companies in the sector. Combination of public and private valuations. Page / 7 The Future of Online Marketplaces | 2020 Edition Digital adoption is accelerating Mobile app data shows user base growth in less digitized categories such as education and groceries. App downloads growth: January 2020 vs March 2020 Education Groceries & Meal kits Food delivery Neobanks Mobility 284% 266% 126% 103% 99% 79% 65% 29% 23% 21% 13% 13% 10% 8% 8% (23%) (31%) (32%) (33%) (28%) (28%) (32%) (33%) (43%) (39%) (39%) (43%) (52%) VOI Tier Lyft Bird Uber Lime Glovo Picnic Ocado Cabify Preply Monzo Brainly Remind Revolut Grubhub Uber EatsUber Deliveroo ClassDojo SnappCar DoorDash Postmaes HelloFresh Blue Apron Blue MoneyLion Share NOW Share Metro Metro bank Google ClassroomGoogle Source: Dealroom.co analysis of SimilarWeb data. Page / 8 The Future of Online Marketplaces | 2020 Edition Digital adoption is accelerating It’s not just about spending money online. The digital consumer is managing work, banking and (re)schooling also online. $17 trillion $17 trillion income expenses & savings (work and other) Income from assets Lending/Investing Net savings €35tn in assets €7tn debt (77% mortgages) Income from assets Communication Fashion Recreation Travel Services Social benefits Reschooling Remote working Education Mobility ◀ Banking & financing ▶ Gig & passion Freelance work $12 trillion Health economy expenses Food Wages Jobs marketplaces Housing Source: Eurostat (EU28) and Dealroom analysis. Page / 9 The Future of Online Marketplaces | 2020 Edition The impact of Corona virus on marketplaces Covid-19 has led to a divergence into winners and losers. Current share price as % of share price in January 31 S&P 500 -100% -75% -50% -25% 0% 25% 50% 75% 100% 125% 150% Meal kits HelloFresh ◆ ◆ Blue Apron Tele health Ping An Doctor ◆ ◆ Teladoc Pharmacy Zur Rose ◆ ◆ Shop Apothekee Pet food PetMeds ◆ ◆ Chewy ◆ Zooplus Groceries Meituan ◆ ◆ Ocado Food delivery GrubHub ◆ ◆ Delivery Hero Horizontal Alibaba ◆ ◆ Amazon ◆ Pinduoduo Freelancing Freelancer ◆ ◆ Upwork ◆ Fiverr Fashion ◆ ASOS ◆ Farfetch ◆ Boozt Fashion Furniture Lauritz ◆ ◆ Home24 Job search Recruit Holdings ◆ ◆ DHI Group ◆ Scout24 Car search CarGurus◆ AutoTrader ◆ ◆ Carvana Mobility
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