September 6, 2017 Global Internet Raising global eCommerce forecasts on fast growing countries & categories Equity Research eCommerce’s virtuous cycle continues as store closures push more online Raising growth estimates on share gains Store closures & voice major themes Heath P. Terry, CFA We are raising our global eCommerce forecasts to The growing impact of retail store closures, (212) 357-1849
[email protected] reflect the increasing weight of faster growing particularly in the US, and the impact of emerging Goldman Sachs & Co. LLC earlier-stage markets (China, Brazil, India) and technologies like AI-driven voice commerce join categories (Apparel, Grocery) in the mix, as well more mature themes like mobile commerce, and Matthew J. Fassler as the impact of retail store closures (Exhibit 14), fulfillment and logistics in being the primary (212) 902-6740
[email protected] better logistics, and new buying models in more drivers of category growth and competitive Goldman Sachs & Co. LLC mature markets and categories driving continued positioning in eCommerce share gains globally. share gains. Our estimated CAGR over the next Across individual regions, shipping programs, Lindsay Drucker Mann, CFA three years goes from 17% to 21%, compared to promotional/loyalty activity, and improving (212) 357-4993
[email protected] 22% over the last three years, as growth rates in international economies play crucial roles in Goldman Sachs & Co. LLC large markets like the US, Europe, and China slow determining the pace of eCommerce adoption. gradually as they mature. Piyush Mubayi GS global top picks +852-2978-1677
[email protected] Regional snapshots Across global coverage we believe the best Goldman Sachs (Asia) L.L.C.