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Online Retailing - Europe - July 2015

Mintel’s Online Retailing – Europe - July 2015 focuses on the five major economies in Europe, though we do also include estimates for 13 smaller, but important economies in the Executive Summary – the Market section. In total these countries account for around 95% of all European retail sales, excluding Russia. E-commerce is developing at different rates around Europe. Germany and the UK lead the way, but even in some of the major economies, notably Italy, it is still remarkably underdeveloped.

The report provides market size data and forecasts for 18 European countries, 2010-20, and includes profiles of 21 major online/multichannel retailers.

The five major economies are looked at in detail: the UK, Germany, France, Italy and Spain are each covered in separate country sections, which are also available for purchase as individual reports. These countries include extensive consumer research commissioned exclusively for our report(s).

In each of these markets, we asked a representative sample of internet users:

  • Which devices (laptop/desktop, tablet or smartphone) respondents had used to buy products online in the last 12 months
  • Which retailers they had bought from
  • If they agreed with certain attitudinal statements

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Table of contents

  1. Introduction and Report Scope

    • Coverage
      • Consumer research
        • Market definition
          • Methodology
            • Financial definitions
              • VAT rates
                • Figure 1: Europe: VAT rates, 2010-15
              • Abbreviations
              • Executive Summary Europe – The E-commerce Market

                • Key points
                  • The European e-commerce market
                    • Figure 2: Europe: Estimated online retail sales, 2007-20f
                    • Figure 3: Europe: Online retail sales, inc VAT, 2010-14
                    • Figure 4: Europe: Forecast online retail sales, inc. VAT, 2015-20
                  • Online share of retail sales
                    • Figure 5: E-commerce share of all retail sales (exc fuel), 2010-14
                  • Online sales per capita
                    • Figure 6: Europe: Online sales per capita, 2010-14
                  • Leading retailers
                    • Figure 7: Europe: Leading e-commerce retailers, 2013-14
                    • Figure 8: Europe: Leading online retailers estimated share of all online retail sales, 2013-14
                  • What we think
                    • France
                      • Germany
                        • Italy
                          • Spain
                            • UK
                            • Executive Summary Europe – The Consumer

                              • Key points
                                • The research
                                    • Figure 9: Europe: Proportion of the population who have bought products online in the last 3 months, 2014
                                  • Devices used
                                    • Figure 10: Europe: Devices used to purchase goods online, May 2015
                                  • Retailers used
                                      • Figure 11: Major European economies: Leading sites for online purchase, May 2015
                                    • Attitudes
                                        • Figure 12: Europe: Relative positive responses to attitude statements, May 2015
                                    • Executive Summary Europe – Innovation

                                      • Delivery options
                                        • Streamlining the shopping experience
                                          • Mixing the online with the offline experience
                                            • Virtual pop-up stores
                                              • Digital tools
                                                • Personalising the online shopping experience
                                                • France

                                                  • Executive summary
                                                    • The market environment
                                                      • Figure 13: Europe: Broadband penetration, 2014 (As % all households)
                                                      • Figure 14: Europe: Numbers saying they have bought online in the last year, 2014
                                                      • Figure 15: Europe: Devices used to shop online in last 12 months, May 2015
                                                    • Market size and forecast
                                                      • Leading online retailers
                                                          • Figure 16: France: Leading online retailers, market shares, 2014
                                                        • The consumer: Shopping online by device used
                                                          • The consumer: Where they shop online
                                                            • Figure 17: France: Websites used for online shopping in the last 12 months, May 2015
                                                          • The consumer: Online shopping habits and attitudes
                                                            • Figure 18: France – The consumer: Attitudes to online shopping, % agreeing, May 2015
                                                          • What we think
                                                            • Issues and insights
                                                              • The Drive phenomenon – the end of the golden age?
                                                                • Is Amazon stifling or driving growth?
                                                                  • The market environment
                                                                    • Key points
                                                                      • Broadband connections reach 77% of households
                                                                        • Figure 19: Europe: Broadband penetration, 2014 (As % all households)
                                                                        • Figure 20: France: Broadband penetration, 2007-14 (As % all households)
                                                                      • Device access
                                                                        • Figure 21: Europe: Technology products personally owned, January 2015
                                                                        • Figure 22: Europe: Devices used to access the internet in the last three months, January 2015
                                                                      • Online shopping levels: 73% have bought online
                                                                        • Figure 23: Europe: Numbers saying they have bought online in the last year, 2014
                                                                        • Figure 24: France: Devices used to shop online in last 12 months, May 2015
                                                                        • Figure 25: Europe: Devices used to shop online in last 12 months, May 2015
                                                                        • Figure 26: Europe: Numbers saying they have bought online in the last year, 2014
                                                                        • Figure 27: France: Numbers saying they have bought online in the last year, 2007-14
                                                                      • Online shopping: what they bought
                                                                        • Figure 28: France: Products and services bought online, 2013-14
                                                                        • Figure 29: France: Products and services bought online, 2014
                                                                      • Market size and forecast
                                                                        • Key points
                                                                            • Figure 30: France: Online sales (incl. VAT), 2010-14
                                                                            • Figure 31: France: Forecast online sales, 2015-20
                                                                          • Segmentation
                                                                            • Figure 32: France: Online sales penetration by leading sectors, 2013
                                                                          • Leading online retailers
                                                                            • Key points
                                                                              • Amazon leads
                                                                                • Cdiscount expanding
                                                                                  • Drive dominates the food category
                                                                                    • Carrefour waking up?
                                                                                      • Website visitors
                                                                                        • Figure 33: France: Top retail sites by number of unique visitors, Jan-March 2015
                                                                                        • Figure 34: France: Top 5 Drive sites by number of unique visitors, Jan-March 2015
                                                                                      • Leading retailers by sales
                                                                                        • Figure 35: France: Leading online retailers by sales, 2013-14
                                                                                      • Leading online retailers – Market shares
                                                                                          • Figure 36: France: Leading online retailers, market shares, 2014
                                                                                        • The consumer: Shopping online by device used
                                                                                          • Key points
                                                                                            • What we asked
                                                                                                • Figure 37: France – The consumer: Devices used to shop online in last 12 months, May 2015
                                                                                                • Figure 38: France: The consumer: Profile of online buyers by device used, May 2015
                                                                                              • The consumer: Where they buy online
                                                                                                • What we asked
                                                                                                    • Figure 39: France: Websites used for online shopping in the last 12 months, May 2015
                                                                                                    • Figure 40: France: The consumer: Leading online retailers: Profile of shoppers, May 2015
                                                                                                  • The consumer: Online shopping habits and attitudes
                                                                                                    • What we asked
                                                                                                        • Figure 41: France – The consumer: Attitudes to online shopping, % agreeing, May 2015
                                                                                                        • Figure 42: France: The consumer: Attitudes to online shopping: profile of shoppers, May 2015
                                                                                                    • Germany

                                                                                                      • Executive summary
                                                                                                        • The market environment
                                                                                                          • Figure 43: Europe: Broadband penetration, 2014 (As % all households)
                                                                                                          • Figure 44: Europe: Numbers saying they have bought online in the last year, 2014
                                                                                                          • Figure 45: Europe: Devices used to shop online in last 12 months, May 2015
                                                                                                        • Market size and forecast
                                                                                                          • Leading online retailers
                                                                                                            • Figure 46: Germany: Leading online retailers, market shares, 2014
                                                                                                          • The consumer: Shopping online by device used
                                                                                                            • The consumer: Where they shop online
                                                                                                              • Figure 47: Germany: Websites used for online shopping in the last 12 months, May 2015
                                                                                                            • The consumer: Online shopping habits and attitudes
                                                                                                              • Figure 48: Germany: The consumer: Attitudes to online shopping, % agreeing, May 2015
                                                                                                            • What we think
                                                                                                              • Issues and insights
                                                                                                                • Is it time for an online food market to develop in Germany?
                                                                                                                  • Pureplayers – multichannel – where next?
                                                                                                                    • The facts
                                                                                                                      • The implications
                                                                                                                        • The market environment
                                                                                                                          • Key points
                                                                                                                            • Broadband connections reach 87% of households
                                                                                                                              • Figure 49: Europe: Broadband penetration, 2014 (As % all households)
                                                                                                                              • Figure 50: Germany: Broadband penetration, 2007-14 (As % all households)
                                                                                                                            • Device access
                                                                                                                              • Figure 51: Europe: Technology products personally owned, January 2015
                                                                                                                              • Figure 52: Europe: Devices used to access the internet in the last three months, January 2015
                                                                                                                            • Online shopping levels: 82% have bought online
                                                                                                                              • Figure 53: Europe: Numbers saying they have bought online in the last year, 2014
                                                                                                                              • Figure 54: Germany: Devices used to shop online in last 12 months, May 2015
                                                                                                                              • Figure 55: Europe: Devices used to shop online in last 12 months, May 2015
                                                                                                                              • Figure 56: Europe: Numbers saying they have bought online in the last year, 2014
                                                                                                                              • Figure 57: Germany: Numbers saying they have bought online in the last year, 2007-14
                                                                                                                            • Online shopping: what they bought
                                                                                                                              • Figure 58: Germany: Products bought online, 2014
                                                                                                                            • Market size and forecast
                                                                                                                              • Key points
                                                                                                                                • 2014 economic growth
                                                                                                                                  • Online still vibrant, but growth slightly slowing
                                                                                                                                      • Figure 59: Germany: Online sales (incl. Vat), 2010-2014
                                                                                                                                      • Figure 60: Germany: Forecast online sales, 2015-20
                                                                                                                                    • Segmentation
                                                                                                                                        • Figure 62: Germany: Online sales by category, 2014
                                                                                                                                      • Leading online retailers
                                                                                                                                        • Key points
                                                                                                                                          • Amazon leads
                                                                                                                                            • Zalando
                                                                                                                                              • Media Saturn waking up
                                                                                                                                                • Online food retailers
                                                                                                                                                    • Figure 63: Germany: Leading grocers’ online offers, July 2015
                                                                                                                                                  • Leading retailers by sales
                                                                                                                                                    • Figure 64: Germany: Leading online retailers by sales (excl, VAT) (part estimated), 2012-2014
                                                                                                                                                  • Leading retail sites by visitor numbers
                                                                                                                                                    • Figure 65: Germany – Leading retail websites, by visitor numbers, September 2014
                                                                                                                                                  • Leading online retailers – Market shares
                                                                                                                                                    • Figure 66: Germany: Leading online retailers, market shares, 2014
                                                                                                                                                  • The consumer: Shopping online by device used
                                                                                                                                                    • Key points
                                                                                                                                                      • What we asked
                                                                                                                                                        • Laptops and PCs most popular
                                                                                                                                                          • Figure 67: Germany: The consumer: Devices used to shop online in last 12 months, May 2015
                                                                                                                                                        • Men more likely to shop online and to use mobile devices
                                                                                                                                                          • Figure 68: Germany: The consumer – Devices used to buy products online in the last 12 months by gender, May 2015
                                                                                                                                                        • Younger people use mobile devices most
                                                                                                                                                          • Figure 69: Germany: The consumer – Devices used to buy products online in the last 12 months by age, May 2015
                                                                                                                                                          • Figure 70: Germany: The consumer: Profile of online buyers by device used, May 2015
                                                                                                                                                        • The consumer: Where they buy online
                                                                                                                                                          • Key points
                                                                                                                                                            • What we asked
                                                                                                                                                              • Amazon leads
                                                                                                                                                                • Figure 71: Germany: Websites used for online shopping in the last 12 months, May 2015
                                                                                                                                                                • Figure 72: Germany: Websites used for online shopping in the last 12 months, by gender, May 2015
                                                                                                                                                                • Figure 73: Germany: The consumer: Leading online retailers: profile of shoppers, May 2015
                                                                                                                                                              • The consumer: Online shopping habits and attitudes
                                                                                                                                                                • Key points
                                                                                                                                                                  • What we asked
                                                                                                                                                                      • Figure 74: Germany: The consumer: Attitudes to online shopping, % agreeing, May 2015
                                                                                                                                                                      • Figure 75: Germany: The consumer: Attitudes to online shopping: profile of shoppers, May 2015
                                                                                                                                                                  • Italy

                                                                                                                                                                    • Executive summary
                                                                                                                                                                      • The market environment
                                                                                                                                                                        • Figure 76: Europe: Broadband penetration (As % all households), 2014
                                                                                                                                                                        • Figure 77: Europe: Numbers saying they have bought online in the last year, 2014
                                                                                                                                                                        • Figure 78: Europe: Devices used to access the internet in the last three months, January 2015
                                                                                                                                                                      • Market size and forecast
                                                                                                                                                                        • Leading online retailers
                                                                                                                                                                          • The consumer: shopping online by device used
                                                                                                                                                                            • The consumer: where they buy online
                                                                                                                                                                              • The consumer: online shopping habits and attitudes
                                                                                                                                                                                • What we think
                                                                                                                                                                                  • Issues and insights
                                                                                                                                                                                    • Italian online shoppers reach for their phones
                                                                                                                                                                                      • Amazon sets the standard
                                                                                                                                                                                        • The market environment
                                                                                                                                                                                          • Key points
                                                                                                                                                                                            • Internet access
                                                                                                                                                                                              • Figure 79: Europe: Broadband penetration, (As % all households), 2014
                                                                                                                                                                                              • Figure 80: Italy: Broadband penetration, (As % all households), 2007-14
                                                                                                                                                                                            • Online shopping: 81% have bought online
                                                                                                                                                                                              • Figure 81: Europe: Numbers saying they have bought online in the last year, 2014
                                                                                                                                                                                            • Device access: smartphone access high in Italy
                                                                                                                                                                                              • Figure 82: Europe: Technology products personally owned, January 2015
                                                                                                                                                                                              • Figure 83: Europe: Devices used to access the internet in the last three months, January 2015
                                                                                                                                                                                              • Figure 84: Italy: Devices used to shop online in last 12 months, May 2015
                                                                                                                                                                                              • Figure 85: Europe: Devices used to shop online in last 12 months, May 2015
                                                                                                                                                                                              • Figure 86: Europe: Numbers saying they have bought online in the last year, 2014
                                                                                                                                                                                              • Figure 87: Italy: Numbers saying they have bought online in the last year, 2007-14
                                                                                                                                                                                              • Figure 88: Italy: Categories bought online in the last year, 2014
                                                                                                                                                                                            • Market size and forecast
                                                                                                                                                                                              • Italy, still a small e-commerce market
                                                                                                                                                                                                • Slow to develop
                                                                                                                                                                                                  • Potential ahead
                                                                                                                                                                                                      • Figure 89: Italy: Online retail sales (incl. VAT), 2010-15
                                                                                                                                                                                                      • Figure 90: Italy: Online retail sales forecasts (incl. VAT), 2015-20
                                                                                                                                                                                                    • Segmentation by major categories
                                                                                                                                                                                                      • Leading online retailers
                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                          • Leading retailers by sales
                                                                                                                                                                                                            • Food online starting to see more developments
                                                                                                                                                                                                              • Electricals retailers ahead of the game
                                                                                                                                                                                                                • Yoox and Net-a-Porter join forces
                                                                                                                                                                                                                  • Personal service at Supermercato 24
                                                                                                                                                                                                                    • Figure 91: Italy: Leading online retailers, 2014
                                                                                                                                                                                                                  • Leading retail sites by visitor numbers
                                                                                                                                                                                                                    • Figure 92: Italy: Top 20 sites by number of unique visitors, September 2014
                                                                                                                                                                                                                    • Figure 93: Italy: Top 20 sites by number of pages viewed, September 2014
                                                                                                                                                                                                                  • Leading online retailers – Market shares
                                                                                                                                                                                                                    • Figure 94: Italy - Leading online retailers, estimated market shares, 2014
                                                                                                                                                                                                                  • The consumer - Shopping online by device used
                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                        • Laptops and desktops dominate
                                                                                                                                                                                                                          • Figure 95: Italy - The consumer: Devices used to shop online in last 12 months, May 2015
                                                                                                                                                                                                                          • Figure 96: Italy – Shopping online via any device and via smartphone by gender, May 2015
                                                                                                                                                                                                                          • Figure 97: Italy – Shopping online via any device and via smartphone by working status, May 2015
                                                                                                                                                                                                                          • Figure 98: Italy – The consumer: Profile of online buyers by device used, May 2015
                                                                                                                                                                                                                        • The consumer – Where they buy online
                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                            • What we asked
                                                                                                                                                                                                                              • Amazon in the lead
                                                                                                                                                                                                                                • Zalando ahead in fashion
                                                                                                                                                                                                                                  • Electricals retailers prominent online
                                                                                                                                                                                                                                    • Figure 99: Italy: Websites used for online shopping in the last 12 months, May 2015
                                                                                                                                                                                                                                    • Figure 100: Italy: The consumer: Leading online retailers: profile of shoppers, May 2015
                                                                                                                                                                                                                                  • The consumer – Online shopping habits and attitudes
                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                                          • Figure 101: Italy – The consumer: Attitudes towards online shopping, % agreeing, May 2015
                                                                                                                                                                                                                                          • Figure 102: Italy – The consumer: Attitudes towards online shopping, by gender, % agreeing, May 2015
                                                                                                                                                                                                                                          • Figure 103: Italy: The consumer: Attitudes towards online shopping: profile of shoppers, May 2015
                                                                                                                                                                                                                                      • Spain

                                                                                                                                                                                                                                        • Executive summary
                                                                                                                                                                                                                                          • The market environment
                                                                                                                                                                                                                                            • Figure 104: Europe: Broadband penetration, 2014 (as % of households)
                                                                                                                                                                                                                                            • Figure 105: Europe: Devices used to access the internet in the last three months, Nov 2014-Jan 2015
                                                                                                                                                                                                                                          • Market size and forecast
                                                                                                                                                                                                                                            • Leading online retailers
                                                                                                                                                                                                                                              • The consumer: shopping online by device used
                                                                                                                                                                                                                                                • The consumer: where they buy online
                                                                                                                                                                                                                                                  • The consumer: online shopping habits and attitudes
                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                      • Issues and insights
                                                                                                                                                                                                                                                        • Where next for grocery retailers?
                                                                                                                                                                                                                                                          • Payment – the new battleground
                                                                                                                                                                                                                                                            • The market environment
                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                • Broadband connections reach 73% of households
                                                                                                                                                                                                                                                                  • Figure 106: Europe: Broadband penetration, 2014 (as % of households)
                                                                                                                                                                                                                                                                  • Figure 107: Spain: Percentage of households with a broadband internet connection, 2007-14
                                                                                                                                                                                                                                                                • Device access: smartphone access higher in Spain
                                                                                                                                                                                                                                                                  • Figure 108: Europe: Devices used to access the internet in the last three months, Nov 2014-Jan 2015
                                                                                                                                                                                                                                                                  • Figure 109: Europe: % of individuals buying online in the last year, 2014
                                                                                                                                                                                                                                                                  • Figure 110: Spain: % of individuals buying online, 2007-14
                                                                                                                                                                                                                                                                  • Figure 111: Spain: Product categories bought online in the last year, 2014
                                                                                                                                                                                                                                                                • Market size and forecast
                                                                                                                                                                                                                                                                  • Online’s relative importance is low at 2.9% of all retail sales
                                                                                                                                                                                                                                                                      • Figure 112: Spain: Online retail sales (incl. VAT), 2010-15
                                                                                                                                                                                                                                                                    • But the channel will continue to grow its share of all retail sales
                                                                                                                                                                                                                                                                      • Figure 113: Spain: Online retail sales forecasts (incl. VAT), 2015-20
                                                                                                                                                                                                                                                                    • Segmentation by major categories
                                                                                                                                                                                                                                                                      • Figure 114: Spain: Online retail sales, segmentation by major categories, 2014
                                                                                                                                                                                                                                                                      • Figure 115: Spain: Estimated online retail sales, by major categories, 2014
                                                                                                                                                                                                                                                                    • Leading online retailers
                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                        • Amazon moving towards to pole position
                                                                                                                                                                                                                                                                          • Pioneering - El Corte Inglés
                                                                                                                                                                                                                                                                            • Flash sales sites move in early
                                                                                                                                                                                                                                                                              • Fashion pureplayers popular
                                                                                                                                                                                                                                                                                • Store based fashion retailers building multi-channel capability
                                                                                                                                                                                                                                                                                  • Media Markt steps up in the electricals sector
                                                                                                                                                                                                                                                                                    • Consumers not engaging with online grocery shopping
                                                                                                                                                                                                                                                                                      • Figure 116: Spain: Major online retailers by net online revenues, 2012-14
                                                                                                                                                                                                                                                                                    • Leading retail sites by visitor numbers
                                                                                                                                                                                                                                                                                      • Figure 117: Spain: Leading retail websites, by visitor numbers, September 2014
                                                                                                                                                                                                                                                                                    • Leading online retailers - Market shares
                                                                                                                                                                                                                                                                                      • Figure 118: Spain: Leading retailers shares of online sales, 2012-14
                                                                                                                                                                                                                                                                                    • The consumer – Shopping online by device used
                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                                                                                                          • Laptops and desktops dominate
                                                                                                                                                                                                                                                                                            • Figure 119: The consumer – Devices used to buy products online in the last 12 months, May 2015
                                                                                                                                                                                                                                                                                          • Men more likely to shop online
                                                                                                                                                                                                                                                                                            • Figure 120: Spain: The consumer – devices used to buy products online in the last 12 months by gender, May 2015
                                                                                                                                                                                                                                                                                          • Young people much more likely to use mobile devices
                                                                                                                                                                                                                                                                                            • Figure 121: Spain: The consumer – devices used to buy products online in the last 12 months by age, May 2015
                                                                                                                                                                                                                                                                                          • The consumer – Where they buy online
                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                                                                • Amazon dominates
                                                                                                                                                                                                                                                                                                  • Online marketplaces appeal to Spanish consumers
                                                                                                                                                                                                                                                                                                    • Figure 122: Spain: The consumer – Where they bought online in the last 12 months, May 2015
                                                                                                                                                                                                                                                                                                  • Buying drops off sharply among the over 65s
                                                                                                                                                                                                                                                                                                    • Figure 123: Spain: The consumer – El Corte Inglés shoppers by age, May 2015
                                                                                                                                                                                                                                                                                                  • Buying is skewed to the affluent
                                                                                                                                                                                                                                                                                                    • Figure 124: Spain: The consumer – where they shop, by household income, May 2015
                                                                                                                                                                                                                                                                                                  • The consumer – Online shopping habits and attitudes
                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                                                                                                        • Payment a key issue
                                                                                                                                                                                                                                                                                                          • Figure 125: Spain: The consumer – online shopping habits and attitudes, May 2015
                                                                                                                                                                                                                                                                                                        • Cost-conscious shoppers
                                                                                                                                                                                                                                                                                                          • Delivery and returns – key battlegrounds
                                                                                                                                                                                                                                                                                                            • Figure 126: Spain: The consumer – those willing to pay more for same day delivery by age and household income, May 2015
                                                                                                                                                                                                                                                                                                        • UK

                                                                                                                                                                                                                                                                                                          • Overview
                                                                                                                                                                                                                                                                                                            • What you need to know
                                                                                                                                                                                                                                                                                                              • Areas covered in this report
                                                                                                                                                                                                                                                                                                                • Executive Summary
                                                                                                                                                                                                                                                                                                                  • The market
                                                                                                                                                                                                                                                                                                                    • Online sales growth slows in 2014
                                                                                                                                                                                                                                                                                                                      • Figure 127: Internet retail sales (incl. VAT), 2010-20
                                                                                                                                                                                                                                                                                                                    • Share of the retail market
                                                                                                                                                                                                                                                                                                                      • Figure 128: Internet retail sales as % of all retail sales, 2010-20
                                                                                                                                                                                                                                                                                                                    • Store-based retailers catching up with market
                                                                                                                                                                                                                                                                                                                      • Market segmentation
                                                                                                                                                                                                                                                                                                                        • Figure 129: Breakdown of online retail sales by major category, 2015 (est)
                                                                                                                                                                                                                                                                                                                        • Figure 130: Online sales as % of total category sales, 2013-15
                                                                                                                                                                                                                                                                                                                      • Companies and market shares
                                                                                                                                                                                                                                                                                                                        • Figure 131: Leading online retailers: share of all online retail sales, 2014
                                                                                                                                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                                                                                                                                        • Devices used for online shopping
                                                                                                                                                                                                                                                                                                                          • Figure 132: Online shopping in last 12 months, by device used, May 2015
                                                                                                                                                                                                                                                                                                                        • Product categories purchased
                                                                                                                                                                                                                                                                                                                          • Figure 133: Products bought online, May 2015
                                                                                                                                                                                                                                                                                                                          • Figure 134: Products bought by device used, May 2015
                                                                                                                                                                                                                                                                                                                        • Where they shopped
                                                                                                                                                                                                                                                                                                                          • Figure 135: Websites bought from in the last 12 months, May 2015
                                                                                                                                                                                                                                                                                                                        • Who shops where
                                                                                                                                                                                                                                                                                                                          • Figure 136: Profile of online shoppers, by retailer used, May 2015
                                                                                                                                                                                                                                                                                                                        • Attitudes towards buying online
                                                                                                                                                                                                                                                                                                                          • Figure 137: Attitudes towards buying online, May 2015
                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                        • Issues and Insights

                                                                                                                                                                                                                                                                                                                          • It is who people buy from, not how, that matters
                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                • So is there a ceiling to online sales?
                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                      • But aren’t some pureplays already opening stores?
                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                            • Does it really matter which device is used?
                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                  • The Market – What You Need To Know
                                                                                                                                                                                                                                                                                                                                                    • Online shopping peaks for Black Friday
                                                                                                                                                                                                                                                                                                                                                      • Tablets becoming the device of choice
                                                                                                                                                                                                                                                                                                                                                        • Online market will rise to £71.2 billion by 2020
                                                                                                                                                                                                                                                                                                                                                          • Market growth is slowing
                                                                                                                                                                                                                                                                                                                                                            • Impact of m-commerce will diminish
                                                                                                                                                                                                                                                                                                                                                              • Non-store channel still nudging ahead
                                                                                                                                                                                                                                                                                                                                                                • Three major product categories
                                                                                                                                                                                                                                                                                                                                                                  • Sales of digital entertainment products exceed £2 billion in 2014
                                                                                                                                                                                                                                                                                                                                                                    • Market Drivers
                                                                                                                                                                                                                                                                                                                                                                      • Who’s shopping online?
                                                                                                                                                                                                                                                                                                                                                                        • Figure 138: Proportion of people who have shopped online in the past three months by age group, April 2014-15
                                                                                                                                                                                                                                                                                                                                                                      • Devices used to shop online
                                                                                                                                                                                                                                                                                                                                                                        • Figure 139: Devices used to shop online in the past year, May 2015
                                                                                                                                                                                                                                                                                                                                                                      • Device ownership
                                                                                                                                                                                                                                                                                                                                                                        • Figure 140: Internet-enabled technology products personally owned, April 2014-15
                                                                                                                                                                                                                                                                                                                                                                        • Figure 141: Internet-enabled technology products in the household, June 2013-November 2014
                                                                                                                                                                                                                                                                                                                                                                      • Broadband access
                                                                                                                                                                                                                                                                                                                                                                        • Figure 142: Percentage of households with broadband access, 2011-14
                                                                                                                                                                                                                                                                                                                                                                      • Consumer context
                                                                                                                                                                                                                                                                                                                                                                        • Figure 143: Consumer confidence levels, March 2011-15
                                                                                                                                                                                                                                                                                                                                                                        • Figure 144: Annual % change in average weekly earnings versus annual % change in consumer prices, January 2011-April 2015
                                                                                                                                                                                                                                                                                                                                                                      • Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                        • Growth slows in 2014
                                                                                                                                                                                                                                                                                                                                                                          • But picks up again in 2015 first quarter
                                                                                                                                                                                                                                                                                                                                                                            • Figure 145: Internet retail sales (incl. VAT), 2010-20
                                                                                                                                                                                                                                                                                                                                                                            • Figure 146: Internet retail sales as % of all retail sales, 2010-20
                                                                                                                                                                                                                                                                                                                                                                            • Figure 147: Internet retail sales (incl. VAT), in current and constant prices, 2010-20
                                                                                                                                                                                                                                                                                                                                                                          • Segmentation: store-based growth starts to move in line with market total
                                                                                                                                                                                                                                                                                                                                                                            • Figure 148: Internet retail sales by store-based retailers (incl. VAT), 2010-20
                                                                                                                                                                                                                                                                                                                                                                            • Figure 149: Internet retail sales by store-based retailers (incl. VAT), in current and constant prices, 2010-20
                                                                                                                                                                                                                                                                                                                                                                          • Segmentation: non-store retailers still nudging ahead
                                                                                                                                                                                                                                                                                                                                                                            • Figure 150: Internet retail sales by retailers without stores (incl. VAT), 2010-20
                                                                                                                                                                                                                                                                                                                                                                            • Figure 151: Internet retail sales by retailers without stores (incl. VAT), in current and constant prices, 2010-20
                                                                                                                                                                                                                                                                                                                                                                          • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                            • The fan chart
                                                                                                                                                                                                                                                                                                                                                                              • Market Segmentation
                                                                                                                                                                                                                                                                                                                                                                                • Electricals, clothing and grocery dominate online
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 152: Breakdown of online retail sales by major category (incl. VAT where applicable), 2013-15 (est)
                                                                                                                                                                                                                                                                                                                                                                                • Proportion of sales online by category
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 153: Online sales as % of total category sales, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                • Review of major product categories
                                                                                                                                                                                                                                                                                                                                                                                  • Electrical goods
                                                                                                                                                                                                                                                                                                                                                                                    • Clothing and footwear
                                                                                                                                                                                                                                                                                                                                                                                      • Grocery
                                                                                                                                                                                                                                                                                                                                                                                        • Digital Spending
                                                                                                                                                                                                                                                                                                                                                                                          • Digital sales exceed £2.4 billion in 2014
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: Breakdown of estimated spending on digital entertainment products, 2014
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 155: Digital sales – music, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 156: Digital sales – video, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 157: Digital sales – e-books, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 158: Digital sales – computer/console games, 2013 -15
                                                                                                                                                                                                                                                                                                                                                                                          • Key Players – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                            • Amazon’s growth slows
                                                                                                                                                                                                                                                                                                                                                                                              • Store-based retailers catching up
                                                                                                                                                                                                                                                                                                                                                                                                • Grocers still see the lowest proportion of their sales generated online
                                                                                                                                                                                                                                                                                                                                                                                                  • Buy it now
                                                                                                                                                                                                                                                                                                                                                                                                    • Flexible delivery options
                                                                                                                                                                                                                                                                                                                                                                                                      • Online retail advertising spend returns to growth
                                                                                                                                                                                                                                                                                                                                                                                                        • TV dominates advertising spend but eBay favours the internet
                                                                                                                                                                                                                                                                                                                                                                                                          • Leading Online Retailers
                                                                                                                                                                                                                                                                                                                                                                                                            • The top 25 online retailers
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 159: Leading online retailers’ net online revenues, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                            • Top 25: Pureplays versus multichannel
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 160: Distribution of the revenues of the top 25 online retailers (as ranked in 2014) by type of retailer, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                            • Top 25: Proportion of sales generated online
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 161: Top 25 online retailers: Proportion of total sales transacted online, 2014
                                                                                                                                                                                                                                                                                                                                                                                                            • Top 25: By major product category
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 162: Top 25 retailer, by major product category, 2014
                                                                                                                                                                                                                                                                                                                                                                                                            • Market Shares
                                                                                                                                                                                                                                                                                                                                                                                                              • Top 25 retailers increase their share of total spending
                                                                                                                                                                                                                                                                                                                                                                                                                • Store-based retailers are the biggest winners
                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon drops share for two years running
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 163: Top 25 online retailers: Share of all online retail sales, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                  • Innovation
                                                                                                                                                                                                                                                                                                                                                                                                                    • Buy now
                                                                                                                                                                                                                                                                                                                                                                                                                      • Flexible delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 164: An artist’s impression of an Argos digital store within Sainsbury's
                                                                                                                                                                                                                                                                                                                                                                                                                        • Unlocking the potential of social commerce
                                                                                                                                                                                                                                                                                                                                                                                                                          • Personalised digital stores
                                                                                                                                                                                                                                                                                                                                                                                                                            • Option to buy non-groceries that can be delivered with a grocery order
                                                                                                                                                                                                                                                                                                                                                                                                                              • Access all areas
                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand Communication and Promotion
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online retail advertising spend up in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online marketplace operators are the biggest ad spenders
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Specialist pure play online retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 165: Recorded above-the-line, online display and direct mail total advertising expenditure on online retail by leading UK pure play online retail operators, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                      • TV dominates
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 166: Recorded above-the-line, online display and direct mail total advertising expenditure on online retail by leading UK pure play online retail operators, by media type, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                      • eBay favours the internet over TV
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 167: Main media ad spend by leading UK Pure Play online retail operators, by media type, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand Research
                                                                                                                                                                                                                                                                                                                                                                                                                                        • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 168: Attitudes towards and usage of selected brands, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 169: Key metrics for selected brands, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand attitudes: Consumers see Amazon.co.uk and eBay.co.uk as providing a strong, innovative service for good value
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 170: Attitudes, by brand, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand personality: Currys PC World and Tesco have closest association with negative traits
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 171: Brand personality – macro image, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis, Marks & Spencer and Next are most likely to be seen as stylish, but have prices that may deter some
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 172: Brand personality – micro image, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon.co.uk has a very strong performance
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 173: User profile of Amazon.co.uk, December 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                            • eBay.co.uk also scores highly on recommendation
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 174: User profile of eBay.co.uk, June 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Argos lacks some glamour, but has a reliable, trustworthy image that encourages consideration
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 175: User profile of Argos, December 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Next sits in the middle of both ends of the market
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 176: User profile of Next, January 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                            • John Lewis has exclusive and expensive brand image that limits usage
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 177: User profile of John Lewis, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer’s wider availability helps to create more usage than John Lewis
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 178: User profile of Marks & Spencer, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Currys PC World lags behind other brands on a number of traits
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 179: User profile of Currys PC World, December 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco has high penetration despite certain negative traits
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 180: User profile of Tesco, September 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                            • The Consumer – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mobile devices still only a small part of the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clothing the most bought product online
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon dominant by frequency of use
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Satisfaction high
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • People like reviews, but concerns over security won’t go away
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer - Devices Used For Online Shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 181: Online shopping in last 12 months, by device used, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 182: Profile of those who shop, by device and location, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 183: Use of mobile devices for shopping, regional profile, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – Products Bought Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 184: Products bought online, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 185: Products bought by device used, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 186: Products bought by device used, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Who buys what?
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 187: Profile of shoppers by product on a laptop/desktop, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 188: Smartphone buyers by product, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Number of products bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 189: Number of different types of product bought online, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 190: Profile of online shoppers by the number of products bought, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – Who Shops Where
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 191: Websites bought from in the last 12 months, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Who shops where?
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 192: Profile of online shoppers, by retailer used, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 193: Number of different retailers bought from in the last 12 months, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 194: Profile of online shoppers by the number of retailers bought from, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 195: Retailers bought from by the number of retailers used, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail Consumer Comparisons
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Regional differences
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 196: Leading online retailers, relative strength, by region, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Location
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 197: Leading online retailers, relative strength, by location, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Education
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 198: Leading online retailers, relative strength, by education, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Size of household
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 199: Leading online retailers, relative strength, by number of people in household, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online retailer used most recently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 200: Websites bought from most recently, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who bought what from where?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online Consumer Satisfaction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 201: Overall satisfaction with the last website bought from, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 202: Profile of those who are satisfied or indifferent, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Satisfaction by retailer last used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 203: Overall satisfaction by retailer, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key Driver Analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Service lacking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 204: Key drivers of overall satisfaction with Amazon, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 205: Overall satisfaction with Amazon – key driver output, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – Attitudes Towards Buying Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 206: Attitudes towards buying online, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: Profile of those agreeing with attitudinal statements, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix: Key Driver Analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Interpretation of results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 208: Overall satisfaction with Amazon – key driver output, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 209: Satisfaction with Amazon, May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Appendix – Data Sources and Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fan chart forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • VAT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Profitability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Making the most of online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 210: Amazon.com Inc: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 211: Amazon UK: Estimated sales mix, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 212: Amazon: Product mix by item count, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • AO World

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New product categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Building brand awareness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Eyeing further expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Carphone threat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 213: AO World Plc: Group financial performance, 2012/13-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Argos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ‘GET SET GO ARGOS’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Customers being won over by the new-look digital stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Digital enhancements driving traffic to Argos’ digital channels and online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store network advantage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fulfilment partnerships
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Concession opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New hub-and-spoke distribution model
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Same-day delivery service coming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • More product choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 214: Argos: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 215: Argos: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ASOS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A comprehensive product offering that caters to all its target audience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expanded fulfilment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Adjusting prices for different territories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Innovative customer engagement feature
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Website enhancements
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 216: ASOS: Group financial performance, 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Stepping up domestic in-store pick-up service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Starts selling online in China
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Enhanced payment initiatives demonstrate commitment to e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Streamlining the shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Making online shopping more convenient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-coupon technology reinforces low pricing policy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Connected stores offering customers a new shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bolstering non-food offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 217: Carrefour: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 218: Carrefour: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Cdiscount

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 219: Cdiscount: Financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Darty Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Connected shops enhancing multichannel offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ramping up click & collect and home delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marketplace extends product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • ‘First to market’ product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Customer service offerings a key differentiator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Black Friday and January Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 220: Darty Group: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 221: Darty Group: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Speedier online delivery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New stores support multi-channel service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Targeted promotions through single customer view
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Enhanced online experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Meeting the demand for increased international online orders
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Unique product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Record online sales in the week leading up to Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 222: Debenhams: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Dixons Carphone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online and in-store working together
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Integration of the brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • International
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Longer term threats remain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Dixons
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Carphone Warehouse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Carphone
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 223: Dixons Carphone: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 224: Dixons Carphone: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Upward turn in operating profits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Change at the top hails a new era
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online performing well…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 225: El Corte Inglés group: Retail financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 226: El Corte Inglés group: Estimated online sales, 2012/13-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fnac

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Multichannel offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Proximity format stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Expanding the range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 227: Fnac: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 228: Fnac: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Johnlewis.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Click & collect boosted by increase in the number of collection pick-up points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New £95m distribution site to fulfil growing demand for click & collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New ways to help customers shop across multiple channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Asian store expansion opens up multichannel growth possibilities in the region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Added value services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 229: John Lewis Partnership: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • La Redoute

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pillars of revival
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Modernising logistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A focus on fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Building brand awareness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 230: La Redoute: Group sales performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Media Markt/Saturn

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Catching up on e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dominant in Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 231: Media Markt/Saturn: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 232: Media Markt/Saturn: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next Directory

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Extended last ordering times
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • “New In” catalogues ensures “weather appropriate” fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New premium branded business, LABEL expands product breadth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Overseas online sales growth expected to slow, but China holds potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Regional hub and overseas delivery lead times
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 233: Next Directory: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ocado

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Website interface enhancements encouraging customer retention
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Physical pick-up collection points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Expanded product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market-leading IP potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 234: Ocado Ltd: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Otto Group (Multichannel Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Innovation at its core
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Transformation of 3SI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Russian troubles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 235: Otto Group (multichannel retail): Group sales performance 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 236: Otto group main brands, June 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shop Direct Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Credit remains important
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Looking forward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 237: Shop Direct Group: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 238: Shop Direct: Estimated sales breakdown, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco Direct

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online and stores working hand-in-hand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Streamlining to succeed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Direct maintains wider offer as stores focus on key ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A broad appeal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 239: Tesco Plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 240: Tesco Plc: Estimated net internet revenues, 2012/13-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • vente-privee.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 241: Vente Privee: Group sales performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Successful IPO
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Technology at its heart
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Underwhelming expansion in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 242: Zalando: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Online Retailing - Europe - July 2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  US $3,843.69 (Excl.Tax)