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1、E-Commerce Sector BriefHarris Williams|Q4 2024The e-commerce landscape continues to experience sector disruption,prompting companies to adapt their playbooks.2Q4 2024:Key Trends ObservedHappening in E-Commerce Right NowBrand Awareness is a Priority“Increasing brand awareness and consideration remain

2、s one of our single biggest opportunities in almost every market in which we operate.”Calvin McDonald,CEO of Lululemon AthleticaAugust 2024 Earnings CallHard Goods Market Stabilizing“We would characterize hard goods as having stabilized and being broadly flat on a quarter-to-quarter basis.I think th

3、e positive signals that were seeing from hard goods is that weve reached a level of stability,which is indicated to us by active customer growth sequentially Q1 to Q2 for the first time since Q1 of 23.”David Reader,CFO of ChewyAugust 2024 Earnings CallGlobal E-Commerce Opportunity“We have a fantasti

4、c marketing opportunity to go deep in high-potential countries that were going to pursue over time.We sell internationally,but we havent even come close to fully capitalizing on the potential of international.As we think about the revenue opportunity of our company,theres so much there.And the compe

5、titive set overseas is so much more limited.”Trina Spear,CEO and Co-Founder of FIGSAugust 2024 Earnings CallCapitalization on Supply Chain Management“I would like to thank our team for managing and neutralizing the ongoing risks in the dynamic supply chain environment.We anticipate that the end resu

6、lt of these efforts and the momentum we are seeing puts us on pace to deliver record-high gross margins for the full year.Our top line and gross margin execution continued to support our long-term growth and strategic investments while also delivering upside to the bottom line.Matthew Reintjes,CEO o

7、f Yeti August 2024 Earnings Call“Were seeing lower average selling prices or ASPs right now because customers continue to trade down on price when they can.More discretionary higher-ticket items like computers or electronics or TVs are growing faster for us than what we see elsewhere in the industry

8、 but more slowly than we see in a more robust economy.”Andy Jassy,CEO of AmazonAugust 2024 Earnings CallBudget-Constrained Consumers Are Moving Down the Price/Value Continuum49%(5%)(16%)130%48%(50%)-50%100%150%200%Jan-23Mar-23 May-23Jul-23Sep-23Nov-23Jan-24Mar-24 May-24Jul-24Sep-243Recent Public Com

9、pany Market PerformanceS&P 500Source:S&P Capital IQ;Earnings Transcripts;as of Oct.21,2024Digitally Native BrandsOmnichannel BrandsMarketing ChannelsMarketplacesMarket Price PerformanceLTM EBITDA PerformancePerformance since Jan-23Performance since Jan-23(7%)19%197%135%(200%)(100%)-100%200%Jan-23Mar

10、-23 May-23Jul-23Sep-23 Nov-23Jan-24 Mar-24 May-24Jul-24Sep-244Public Company Revenue Growth TrendsDigitally Native BrandsDigitally Native BrandsOmnichannel BrandsOmnichannelMarketing ChannelsMarketing ChannelsMarketplacesMarketplaces15.6%(3.7%)1.9%(10.0%)(5.0%)-5.0%10.0%15.0%20.0%202220232024E19.5%4

11、.0%6.1%-5.0%10.0%15.0%20.0%25.0%202220232024E9.2%8.8%17.6%-2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0%202220232024E9.8%9.5%6.0%-2.0%4.0%6.0%8.0%10.0%12.0%202220232024E2024E revised downward from+6.6%2024E revised upward from+15.5%Source:S&P Capital IQ;as of Oct.21,20245Public Company Valuation Me

12、tricsMedian EV/NTM RevenueSource:S&P Capital IQ;as of Oct.21,2024Median EV/NTM EBITDAForward P/E MultipleOverall Median:2.4xOverall Median:13.1xOverall Median:23.3xDigitally Native BrandsOmnichannel BrandsMarketing ChannelsMarketplaces1.1x1.7x5.3x2.8x17.3x8.9x16.6x14.0 x53.0 x15.3x23.3x31.3x(8%)(6%)

13、(4%)(2%)-2%4%6%8%10%12%20202021202220232024 YTD(30%)(20%)(10%)-10%20%30%40%20202021202220232024 YTDOnline digital consumer numbers have seen softness in 2024 compared to the same period in 2023 but remain elevated for most channels compared to pre-COVID levels.Omnichannel brands experienced the leas

14、t decline in active users,with incumbent marketplaces observing increasing pressure from new entrants,such as Temu and Shein.6Web Traffic Analytics by ChannelGrowth in Active Digital Consumers(%Change YoY)Growth in Digital Consumer Activity1Digitally Native BrandsOmnichannel BrandsRetailer WebsitesM

15、arketplacesSource:Harris Williams proprietary data analysis via Semrush analytics;YTD 2024 compares YTD Sep-24 to YTD Sep-23;CAGR time period of 4.75 years(1)Total Visits/Unique VisitorsDigital consumer activity demonstrated mild growth in 2023.YTD 2024 has experienced a softness in overall consumer

16、 activity across all channels.19-LTM 24 CAGRDTC3.3%Omni1.8%Retailer(1.3%)Marketplace2.6%GLOBAL INVESTMENT BANKLearn more about our experience in the space:Additional ContactsEd ArkusGroup Head,Managing DirectorConsumer G+44 20 7518 8905Will BainManaging DirectorConsumer G+44 20 7518 8906Kelly McPhil

17、liamyManaging DirectorConsumer Group (804)915-0114Corey BenjaminManaging Director Consumer G(804)932-1342Brant CashManaging DirectorConsumer G(612)359-2709 Zach EnglandManaging DirectorConsumer G(415)217-3429Ryan FreemanManaging DirectorConsumer G(612)359-2703Select recent transactions in the sector

18、:Tim AlexanderManaging DirectorConsumer G(612)359-2716Andreas PothManaging DirectorConsumer G+49 69 3650638 20Ryan BudlongGroup Head,Managing DirectorConsumer G(415)217-3409Bernardo VillarDirectorConsumer G(804)915-0164Brent SpillerGroup Head,Managing DirectorConsumer G(804)915-01837Tombstone hereTo

19、mbstone here8Insightful Sector ContentSelect DTC/E-Commerce ClientsE-Commerce Consumer Survey:A Glimpse Into Whats Ahead|January 2024Harris Williams Pet Sector Update|May 2024E-Commerce:5 Key Themes Driving Growth|March 2024Harris Williams:Deep DTC and E-Commerce Sector ExperienceDIGITALLY NATIVE BR

20、ANDSOMNICHANNEL BRANDSCONSUMER-FACING TECHNOLOGY MARKETING&DATA ANALYTICSE-COMMERCE ANALYTICSLink to ReadLink to ReadLink to Read9Healthcare&Life SciencesHarris Williams is a global investment bank specializing in M&A and private capital advisory services.Clients worldwide rely on us to help unlock

21、value in their business and turn ambitious goals into reality.We approach every engagement with boundless collaboration,pooling expertise and relationships across industries,service offerings,and geographies.GLOBAL INVESTMENT BANKProven ExpertiseCore Values That Drive SuccessDeep Industry Experience

22、Aerospace,Defense&Government ServicesBusiness ServicesConsumerEnergy,Power&InfrastructureTransportation&LogisticsTechnologyIndustrialsM E R G E R S&A C Q U I S I T I O N SP R I M A R Y F U N D P L A C E M E N TP R I V A T E C A P I T A L S O L U T I O N SRevenue from repeat clients75%Managing Direct

23、ors promoted from within87%Year history30+Unique Multi-Sector Coverage of E-CommerceBoston|Chicago|Cleveland|Frankfurt|London|Minneapolis|New York|Richmond|San Francisco|Washington,D.C.10Disclosures and DisclaimersSources1.S&P Capital IQ2.PitchBook3.SemrushHarris Williams LLC is a registered broker-

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