The Changing Landscape of Global E-Commerce

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@cbinsights #globalecomm www.cbinsights.com

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About Our Presenter – Michael Dempsey . @mhdempsey mdempsey@cbinsights.com • Research Analyst, CB Insights • Published research and data analysis have been featured in The New York Times, Wall Street Journal, Financial Times, Bloomberg, and CNBC, among other major media outlets. • Graduate of New York University with B.A. in Economics @cbinsights @cbinsights #globalecomm www.cbinsights.com 4

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Changing Landscape Of Global E-Commerce New winners, mounting brick and mortar casualties, & emerging financing trends @cbinsights @cbinsights #globalecomm www.cbinsights.com 5

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IN THE NEXT 30-45 MINUTES, WE’LL COVER… 1 The changing commerce landscape 2 The booming physical goods e-commerce funding environment Shifting infrastructure and moving online Financing trends, top investors 3 Momentum within e-commerce – areas & companies Which companies have traction? 4 Case study – Nordstrom 5 Where is e-commerce headed next? Seeing around corners. How has Nordstrom moved strategically within e-commerce? Where are the next innovations and growth going to come from within e-commerce? @cbinsights #globalecomm www.cbinsights.com 9

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WHAT IS PHYSICAL GOODS E-COMMERCE? Any startup/company focused on the sale or facilitation of a sale of a physical good. This includes apparel, food, electronics, multi-product marketplaces, and more. Startups selling services, such as many in ondemand space, are not included. @cbinsights #globalecomm www.cbinsights.com 10

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THE CHANGING PHYSICAL GOODS COMMERCE MARKET Shifting infrastructure and moving online. @cbinsights #globalecomm www.cbinsights.com 11

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ARE INCUMBENTS BEING HURT BY E-COMMERCE? "Retail guys are going to go out of business and ecommerce will become the place everyone buys. You are not going to have a choice," he says. "We're still pre-death of retail, and we're already seeing a huge wave of growth. The best in class are going to get better and better. We view this as a long term opportunity.“ - Marc Andreessen, 2013 Source: Pando @cbinsights #globalecomm www.cbinsights.com 12

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SHORT ANSWER – YES. Source: About.com @cbinsights #globalecomm www.cbinsights.com 13

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SOME MAJOR PLAYERS HAVE UNDERPERFORMED Best Buy, Staples, JCPenney, Sears all significantly lag the S&P 500 in returns over last 5 years Source: Google Finance @cbinsights #globalecomm www.cbinsights.com 14

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HOWEVER SOME HAVE WEATHERED THE STORM OR BENEFITTED FROM ECONOMIC SHIFTS While Walmart and Target still lag the S&P 500 over the last 5 years, both have seen stock price growth of over 25%. TJX, which owns discount retailers T.J.Maxx and Marshalls has thrived, with the stock up over 240% over the last 5 years. Source: Google Finance @cbinsights #globalecomm www.cbinsights.com 15

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BUT INCUMBENT E-COMMERCE GIANTS HAVE SEEN ASTRONOMIC GROWTH Ebay and Amazon both saw stock prices grow over 150% in the last 5 years -- outperforming both the S&P 500 and the NASDAQ -- with eBay’s recent drop only coming due to the Paypal spinoff. Source: Google Finance @cbinsights #globalecomm www.cbinsights.com 16

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THE PRIVATE MARKET LANDSCAPE @cbinsights #globalecomm www.cbinsights.com 17

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GLOBAL INVESTMENT ACTIVITY PEAKING From $300M in Q1’10 to $4.9B in Q2’15. YoY funding to private VC-backed companies grew 238% from $4.7B in 2013 to $11.2B in 2014. Source: https://www.cbinsights.com/blog/fe-commerce-startup-growth-and-funding-trends/ @cbinsights #globalecomm www.cbinsights.com 18

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HOW HAS THE FUNDING BEEN SPREAD OUT? Asia leads US and India with 28% of all physical goods e-commerce funding since 2010 at $9.97B. US dominates in deals at 45% share since 2010. Source: https://www.cbinsights.com/blog/funding-activity-us-china-india-e-commerce-mega-players/ @cbinsights #globalecomm www.cbinsights.com 19

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ASIA: OVER $1B IN FUNDING FOR SIX STRAIGHT QUARTERS An increase of mega-rounds and deals have led to multiple $1B+ quarters in Asia. Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 20

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NORTH AMERICA: Q2’15 IS FIRST $1B+ QUARTER Large rounds to ContextLogic ($500M Series C), Blue Apron ($135M Series D) and Warby Parker ($100M Series C) accounted for over half of the quarter’s funding. Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 21

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EUROPE ACTIVITY DRIVEN BY FOOD & GROCERY Europe’s financing activity remains modest, however food & grocery related startups continue to be the main receivers of funding with 7 of the 10 largest deals since 2013 going to startups such as Delivery Hero, HelloFresh, and Foodpanda. Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 22

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WHERE ARE THE UNICORNS? As of the end of Q2’15 there were 22 physical goods e-commerce Unicorns. Asia leads with 9, with North America (8) and Europe (5) trailing. North America Asia Europe Source: https://www.cbinsights.com/blog/unicorn-companies-e-commerce/ @cbinsights #globalecomm www.cbinsights.com 23

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UNICORNS BY COUNTRY United States, China, and India account for 68% of all unicorns. Source: https://www.cbinsights.com/blog/unicorn-companies-e-commerce/ @cbinsights #globalecomm www.cbinsights.com 24

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E-COMMERCE INVESTOR ANALYSIS Who is most active, who are the unusual suspects @cbinsights #globalecomm www.cbinsights.com 25

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AN ATTRACTIVE MARKET MEANS THE SMART MONEY IS INCREASINGLY ACTIVE Some VC investors (top decile funds) are good at seeing around corners Source: https://www.cbinsights.com/blog/e-commerce-investments-top-venture-capital-firms/ @cbinsights #globalecomm www.cbinsights.com 26

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THE SMART MONEY SOCIAL GRAPH A visual representation of some of the smart money VCs and their investments in physical goods e-commerce companies. Source: https://www.cbinsights.com/blog/e-commerce-investments-top-venture-capital-firms/ @cbinsights #globalecomm www.cbinsights.com 27

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CORPORATES HAVE ALSO GOTTEN ACTIVE Corporates and corporate venture groups have been increasingly active, with 20+ deals per quarter for 9 straight quarters and rounds participated in topping $1B in 4 of the last 6 quarters. Source: https://www.cbinsights.com/blog/corporate-investments-in-e-commerce-statistics/ @cbinsights #globalecomm www.cbinsights.com 28

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CHINA CAPTURING BULK OF CORPORATE FUNDING Large rounds to Jingdong, Dianping, Ele.me have all featured corporate investors and have accounted for over $3B in funding alone since 2010. Source: https://www.cbinsights.com/blog/corporate-investments-in-e-commerce-statistics/ @cbinsights #globalecomm www.cbinsights.com 29

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CORPORATE ACTIVITY IS SPREAD ACROSS MULTIPLE VERTICALS This includes on-demand, food delivery, apparel, home furnishings, multi-product commerce, and more. A few of the most active corporates below Corporate Investor E-Commerce Investments Source: https://www.cbinsights.com/blog/corporate-investments-in-e-commerce-statistics/ @cbinsights #globalecomm www.cbinsights.com 30

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LARGE ENTRENCHED PLAYERS ARE INVESTING IN E-COMMERCE Company 2013 E-Commerce Sales Country HQ Amazon $74B United States JD.com $11B China Walmart $10B United States eBay $9B United States Otto Group $8B Germany Alibaba (non wholesale) $4B China Groupe Casino (Cnova) $4B France Tesco $4B United Kingdom Rakuten $3B Japan Best Buy $3B United States Source: http://www.slideshare.net/divanteltd/ecommerce-trends-from-2014-to-2015 @cbinsights #globalecomm www.cbinsights.com 31

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MAJOR PLAYERS ARE INVESTING AND ACQUIRING TO STAY AHEAD Recent E-Commerce Investments / Acquisitions Company Description Round Yummy77 Chinese online food vendor Corp Minority // $20M (May 2014) Recent E-Commerce Tech Investments / Acquisitions Company Description Round Mojio Telematics Series A (June 2015) ShoeFitr Online shoe fitting Acquisition (April 2015) UK parcel delivery Corp Minority // $14.4M (March 2015) Yodel Delivery Network Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 32

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MAJOR PLAYERS ARE INVESTING AND ACQUIRING TO STAY AHEAD Recent E-Commerce Investments / Acquisitions Company Description Online food ordering site Fruitday.com Daojia SMS-based mobile retailer Series D // Undisclosed (July 2015) Series C // $70M (May 2015) Online food ordering site targeting middle class Maimaibao Information Technology Series F // $630M (August 2015) Online fruit shopping Ele.me Round Series D // $50M (September 2014) Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 33

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MAJOR PLAYERS ARE INVESTING AND ACQUIRING TO STAY AHEAD Recent E-Commerce Investments / Acquisitions Company Description Round Giosis Multi-product online marketplace targeting Asia Series A // $82.1M (July 2015) Rumgr Location based marketplace for secondhand goods Acquired (October 2014) Online classifieds site Series G // $60M (September 2014) Multi-product daily deals Series D // $133.7M (February 2014) Quikr Snapdeal Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 34

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MAJOR PLAYERS ARE INVESTING AND ACQUIRING TO STAY AHEAD Recent E-Commerce Investments / Acquisitions Company Description Round Online and mobile food delivery Corporate Minority // $42M (August 2015) Snapdeal Multi-product daily deals Corporate Minority // $500M (August 2015) Mei.com Online flash sales for luxury goods Corporate Minority // Undisclosed (July 2015) Jet.com Multi-product discount ecommerce Convertible Note // $140M (February 2015) Shenghuo Banjin Information Technology Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 35

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PACK OF HEDGE FUNDS AND MUTUAL FUNDS ALSO MOVING IN AT THE LATE-STAGE And in the cases of investors like Tiger Global and Dragoneer, among others, even earlier. Source: https://www.cbinsights.com/blog/crossover-investors-quadruple-funding-e-commerce-companies-2014/ @cbinsights #globalecomm www.cbinsights.com 36

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SOME OF THE TOP CROSSOVER INVESTORS IN PHYSICAL GOODS E-COMMERCE Crossover Investor @cbinsights #globalecomm Physical Goods E-Commerce Investments www.cbinsights.com 37

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THE MOST ACTIVE VC INVESTORS IN PHYSICAL GOODS E-COMMERCE SINCE 2010 VC Investor @cbinsights Select Physical Goods E-Commerce Investments #globalecomm www.cbinsights.com 38

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THE MOST ACTIVE VC INVESTORS IN PHYSICAL GOODS E-COMMERCE SINCE 2010 Select Physical Goods E-Commerce Investments VC Investor @cbinsights #globalecomm www.cbinsights.com 39

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THE STARTUP CHALLENGERS Emerging companies with momentum @cbinsights #globalecomm www.cbinsights.com 40

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COMPANY MOSAIC – ILLIQUID DOESN’T HAVE TO MEAN OPAQUE Assessing the health of opaque private companies using public data. The National Science Foundation has funded the development of Company Mosaic. What is Company Mosaic? Quantitative framework to algorithmically measure the overall health and growth potential of private companies. Companies scored on a 0 to 1000 scale. It tracks 3 Ms for each company based on nontraditional signals such as: • • @cbinsights #globalecomm Market – Uses Market Mosaic to assess health of industry the company competes in • @cbinsights Momentum – Uses signals ranging from hiring growth, exec turnover, news volume and sentiment, customer & partner signings, product development velocity, web traffic, mobile app data, and social media chatter Money – Financial strength and viability of company based on burn rate, financing history and investor quality www.cbinsights.com 41

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COMPANY MOSAIC IN PRACTICE Source: CB Insights Honest Company Profile @cbinsights #globalecomm www.cbinsights.com 42

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HIGH COMPANY MOSAIC SCORES - MARKETPLACES These marketplace companies have a strong Mosaic trend. They’re in the top 10% of all private tech companies based on their Company Mosaic scores. Company Mosaic Score Company Recent Headlines / Highlights 900 890 880 880 @cbinsights #globalecomm www.cbinsights.com 43

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HIGH COMPANY MOSAIC SCORES – BRANDS These brands have demonstrated consistent Mosaic strength. They’re in the top 10% of all private tech companies based on their Company Mosaic scores. Company Mosaic Score Company Recent Headlines / Highlights 920 910 800 780 @cbinsights #globalecomm www.cbinsights.com 44

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HIGH COMPANY MOSAIC SCORES – ON-DEMAND These on-demand companies have demonstrated consistent Mosaic strength. They’re in the top 10% of all private tech companies based on their Company Mosaic scores. Company Mosaic Score Company Recent Headlines / Highlights 930 910 910 890 @cbinsights #globalecomm www.cbinsights.com 45

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E-COMMERCE STARTUP WATCHLIST Using CB Insights company search, we identified a few startups that haven’t raised funding in more than a year and who may be worth keeping an eye on for hiring/M&A purposes. Last funding date Company Description Oct 2011 Online high-end wine marketplace. Downsized and shutdown UK operations in July 2012. Dec 2012 Shut down multiple international offices in November 2013. Co-founder Bridgitte Wittekind also left. Recently claimed profitability. Has raised $72M disclosed to date. May 2014 On-demand prepared meals app. Rivals Sprig and Munchery have each raised $45M+ rounds in recent months. Shut down in Seattle only 4 months after launch. Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 46

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CASE STUDY: A MULTI-CHANNEL RETAILER’S MOVE TO E-COMMERCE @cbinsights #ondemandnext www.cbinsights.com 47

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2009: NORDSTROM INTEGRATES E-COMMERCE AND STORE INVENTORY SYSTEMS “We can sell more without having to buy more inventory. That plays through to margins and, ultimately, earnings.” - Jamie Nordstrom, President of Stores, Nordstrom Source: New York Times @cbinsights #globalecomm www.cbinsights.com 48

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FEBRUARY 2011: NORDSTROM ACQUIRES FLASH SALES SITE HAUTELOOK FOR $270M “While our focus on providing a superior instore shopping experience is our roots, continuing to find ways to use technology to serve customers the way they want to be served is critical. This partnership gives Nordstrom and HauteLook shared growth opportunities as online shopping evolves." - Blake Nordstrom, CoPresident, Nordstrom February 17, 2011 Source: Nordstrom @cbinsights #globalecomm www.cbinsights.com 49

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NORDSTROM FORMS NOTABLE E-COMMERCE PARTNERSHIPS OVER TIME Nordstrom innovates with e-commerce & retail partnerships Jan 2011 @cbinsights Jan 2012 Jan 2013 Jan 2014 Jan 2015 Date of Partnership @cbinsights #globalecomm www.cbinsights.com 50

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NORDSTROM PARTNERSHIPS Company Date Description August 2015 Warby Parker agrees to first national department store deal to sell select frames in “pop-in” test. February 2015 Nordstrom agrees to be the sole seller of Madewell clothing outside of parent co. J. Crew. April 2014 Nordstrom begins selling jewelry from Baublebar in 35 stores and online. February 2014 Nordstrom integrates trending products from Wanelo onto wall displays and online. March 2013 Etsy agrees to pilot Etsy Wholesale in Nordstrom stores in At Home department. April 2012 @cbinsights #globalecomm Nordstrom invests in Bonobos and partners as first retailer to stock Bonobos clothing for sale. www.cbinsights.com 51

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NORDSTROM’S INVESTMENTS & ACQUISITIONS Company Round Details Description $8M // Series B (07/15) Lifestyle brand of women’s shoes, bags, and accessories Acquired // $350M (08/14) Trunk Club offers a curated selection of casual clothing via delivery $30M // Series C-III Online clothing brand focused on men’s (03/13) fitted shirts, suits, and pants Corporate Minority (06/13) Acquired // $270M (02/11) @cbinsights #globalecomm Online gift-giving marketplace. Shut down in September 2013. Flash sales website for fashion, accessories, and home brands. www.cbinsights.com 52

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2015: NORDSTROM’S INVESTMENTS AND ACQUISITIONS IN E-COMMERCE PAY OFF ““We continued to see the ongoing evolution of retail with the accelerated growth in e-commerce, the continuing importance of stores and the increasing customer interaction between them…Customers increasingly expect a personalized experience that merges the richness of stores with the convenience of online.” - Blake Nordstrom, Nordstrom CoPresident on FY 2014 earnings call Source: Fox Business @cbinsights #globalecomm www.cbinsights.com 53

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THE FASTER PACE OF DISRUPTION Why incumbent players need to move quickly @cbinsights #globalecomm www.cbinsights.com 54

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IT’S HARDER THAN EVER TO STAY ON TOP… The lifespan of an S&P 500 company is shorter and shorter. @cbinsights #globalecomm www.cbinsights.com 55

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TODAY’S EMERGING BUSINESS MODELS & STARTUPS BECOME TOMORROW’S PROBLEMS Source: Clay Christensen Disruptive Innovation Framework @cbinsights #globalecomm www.cbinsights.com 56

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INCUMBENTS ARE VALIDATING NEW E-COMMERCE MODELS Matt Maloney, CEO of GrubHub, said new nonrestaurant kitchen food delivery models a la Munchery and Sprig are a new opportunity for the $3B company. Maloney said orders from delivery-only kitchens comprise somewhere in the low-single digits of current orders but “expects the segment to grow exponentially in the near future.” Source: WSJ @cbinsights #globalecomm www.cbinsights.com 57

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THERE IS PLENTY OF ROOM FOR OPPORTUNITY, EVEN IN THE US Source: Rocket Internet @cbinsights #globalecomm www.cbinsights.com 58

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AND STARTUPS ARE TRYING TO CAPITALIZE ON THOSE OPPORTUNITIES Maybe too many… Source: https://www.cbinsights.com/blog/food-delivery-startups-crowded-market/ @cbinsights #globalecomm www.cbinsights.com 59

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EMERGING BUSINESS MODELS Direct-to-Consumer On-Demand Subscription Commerce Secondhand products Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 60

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CONSUMER FACING BRANDS CAN REACH CONSUMERS EASIER THAN EVER BEFORE Startups are invading the domain Procter & Gamble Source: https://www.cbinsights.com/blog/disrupting-procter-gamble-cpg-startups/ @cbinsights #globalecomm www.cbinsights.com 61

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THIS EXTENDS TO FASHION AS WELL A new crop of direct-to-consumer or plain e-commerce brands are attacking major fashion retailers. Source: https://www.cbinsights.com/blog/startup-fashion-brands/ @cbinsights #globalecomm www.cbinsights.com 62

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…AND FUNDING IS FOLLOWING Funding thus far in 2015 has topped $200M and already surpassed all of 2014. Source: https://www.cbinsights.com/blog/startup-fashion-brands/ @cbinsights #globalecomm www.cbinsights.com 63

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STARTUPS ARE EVEN GOING BRICK AND MORTAR What’s old is new again. Many startups have either opened pop-up or full scale brick and mortar shops. "A lot of people see Internet as next-generation and brick-and-mortar as being traditional. The way we see it is as a physical space that we can leverage to communicate our brand value,“ - Ethan Song, Founder, Frank & Oak “Most people in retail think the instant gratification of walking out with the product is a core part of the retail experience…“It’s not. It has been astonishing how little our customer cares.” - Andy Dunn, Founder, Bonobos Image Sources: Birchbox Quote Source: CNBC, Sparksheet @cbinsights #globalecomm www.cbinsights.com 64

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OTHER TRENDS • 70% of US E-Commerce shipments during 2014 included free shipping. • Cyber Monday Sales reached $2.3B, up 29% year before. • Next frontier is free shipping on returns • Mobile e-commerce sees higher sales share in emerging economies (India at ~42%+, China at ~33%) Source: http://www.slideshare.net/divanteltd/ecommerce-trends-from-2014-to-2015 @cbinsights #globalecomm www.cbinsights.com 65

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WHAT’S NEXT IN E-COMMERCE? @cbinsights #globalecomm www.cbinsights.com 66

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RETAIL E-COMMERCE SHARE CONTINUES TO INCREASE E-commerce now accounts for over 6% of all quarterly retail sales Source: US Department of Commerce @cbinsights #globalecomm www.cbinsights.com 67

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GLOBAL E-COMMERCE SALES EXPECTED TO TOP $2 TRILLION IN 2017 Growth of 60% from 2012 to 2015, and 39% from 2015 to 2018. Source: http://www.slideshare.net/divanteltd/ecommerce-trends-from-2014-to-2015 @cbinsights #globalecomm www.cbinsights.com 68

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DIGITAL BUYER PENETRATION IS RISING GLOBALLY China and India continue to drive growth in Asia, while more developed markets like Japan rival US, UK, and Western Europe in penetration and average order value. Source: eMarketer @cbinsights #globalecomm www.cbinsights.com 69

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ASIA CONTINUES TO STEAL E-COMMERCE SALES SHARE The US continues to lose share of global e-commerce sales as Asia is expected to go from 31.2% in 2014 to 37.4% in 2018. Source: eMarketer @cbinsights #globalecomm www.cbinsights.com 70

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EXITS ARE BOOMING E-Commerce exits hit highs in 2014. Included many large exits such as Alibaba, Jingdong, Zalando, and Zulily. Source: https://www.cbinsights.com/blog/e-commerce-ipos-acquisitions-exits-data/ @cbinsights #globalecomm www.cbinsights.com 71

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…BUT PUBLIC MARKETS HAVE NOT BEEN KIND TO RECENT IPOs @cbinsights #globalecomm www.cbinsights.com 72

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COULD POOR PUBLIC MARKET PERFORMANCE LEAD TO CONSOLIDATION? A few relevant examples @cbinsights #globalecomm www.cbinsights.com 73

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WILL WE SEE INCREASED STRATEGIC M&A? Rocket Internet’s Global Online Takeaway Group is a perfect example of this. Source: Rocket Internet @cbinsights #globalecomm www.cbinsights.com 74

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WHAT WILL DRIVE THE GROWTH IN THE REST OF THE WORLD? @cbinsights #globalecomm www.cbinsights.com 75

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ECONOMIC CATALYSTS LEAVE INVESTORS POURING MONEY INTO ASIAN STARTUPS $100M+ financings to Asian startups nearly tripled, growing from 7 in 2013 to 20 in 2014. Source: CB Insights @cbinsights #globalecomm www.cbinsights.com 76

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AND THE GROWTH IS CERTAINLY THERE Alibaba scaled its GMV to Amazon’s level in just 6 years and has seen explosive growth since 2011. JD.com has nearly reached $50B in GMV in just 4 years. Source: http://www.kpcb.com/internet-trends @cbinsights #globalecomm www.cbinsights.com 77

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INTERNET USER PENETRATION IS ONE DRIVER China has surpassed 40% on drastic growth. Experts see the next few years as India’s potential breakout moment. Source: http://www.kpcb.com/internet-trends @cbinsights #globalecomm www.cbinsights.com 78

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BUT IS ALL THE GROWTH SUSTAINABLE? Take rates are incredibly low for these high growth services, but this isn’t the first time tech has sacrificed economics for growth. Source: http://www.kpcb.com/internet-trends @cbinsights #globalecomm www.cbinsights.com 79

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QUESTIONS, GETTING UNDERLYING DATA & HELPFUL LINKS @cbinsights #globalecomm www.cbinsights.com 80

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HAVE QUESTIONS / WANT ACCESS TO THE UNDERLYING DATA? The underlying financing, acquisition, etc data in this presentation is available on CB Insights. Our Customer Success Team Reach out to your manager. If unsure, email myself or Jonathan McKenna jmckenna@cbinsights.com anand.sanwal@cbinsights.com Not a Customer? Reach out to Anand anand.sanwal@cbinsights.com or Set up a free trial account Existing Customer? @cbinsights #globalecomm www.cbinsights.com 81

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INVESTOR / ACQUIRER PROFILES Investor/Acquirer Profile Link 500 Startups Investor Profile Accel Partners Investor Profile SV Angel Investor Profile @cbinsights #globalecomm www.cbinsights.com 82

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INVESTOR / ACQUIRER PROFILES Investor/Acquirer Profile Link BoxGroup Investor Profile Andreessen Horowitz Investor Profile @cbinsights #globalecomm www.cbinsights.com 83

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COMPANY PROFILES – HIGH MOSAIC SCORES Company Company Mosaic Score Company profile page 900 890 Wish Company Profile Page 880 #globalecomm Poshmark Company Profile Page 880 @cbinsights The Honest Company Profile Page Flipkart Company Profile Page www.cbinsights.com 84

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COMPANY PROFILES – HIGH MOSAIC SCORES Company Company Mosaic Score Company profile page 920 910 Frank & Oak Company Profile Page 780 #globalecomm Warby Parker Company Profile Page 800 @cbinsights Dollar Shave Club Company Profile Page Harry’s Company Profile Page www.cbinsights.com 85

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COMPANY PROFILES – HIGH MOSAIC SCORES Company Company Mosaic Score Recent Headlines / Highlights 930 910 Instacart Company Profile Page 890 #globalecomm Munchery Company Profile Page 910 @cbinsights Deliveroo Company Profile Page DoorDash Company Profile Page www.cbinsights.com 86

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About Our Presenter – Michael Dempsey . @mhdempsey mdempsey@cbinsights.com • Research Analyst, CB Insights • Published research and data analysis have been featured in The New York Times, Wall Street Journal, Financial Times, Bloomberg, and CNBC, among other major media outlets. • Graduate of New York University with B.A. in Economics @cbinsights @cbinsights #globalecomm www.cbinsights.com 87

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Web | www.cbinsights.com Twitter | @cbinsights Tel | 212.292.3148 @cbinsights #globalecomm www.cbinsights.com

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