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Online Retailing - Europe - July 2016

“Online is growing everywhere, although Northern Europe leads Southern Europe. All the Mintel consumer research points to its continued popularity and even in the most developed countries we expect considerable further progress over the next few years. The limiting factors are broadband access, the number of retailers with an online offer and the standards of delivery. Going forward we think that it is the multichannel strategy which is best. Stores and online complement and reinforce each other because they can give customers the best aspects of both. To operate without one or the other is immediately to put oneself at a disadvantage.”

– Richard Perks, Director of Retail Research

This report series covers the five large Western European countries – the UK, France, Germany, Italy, and Spain.

The data in its entirety is contained in the single copy five-country report. Single country reports are available too.

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. Overview

    • Coverage
      • Consumer research
        • Market definition
          • Methodology
            • Financial definitions
              • VAT rates
                • Figure 1: VAT rates around Europe, 2011-16
              • Abbreviations
              • Executive Summary - Europe – The Market

                  • Online shopping – The data
                    • How many shoppers
                      • Online retail sales
                        • The data
                          • European online sales
                            • Figure 2: Europe: Estimated online retail sales, inc VAT, 2011-15
                            • Figure 3: Europe: Estimated online retail sales, inc VAT, 2016-21
                          • Online in perspective
                            • Figure 4: Online sales as % all retail sales, excluding fuel, 2011-15
                            • Figure 5: Online sales as % all retail sales, excluding fuel, 2016-21
                          • Leading players
                            • eBay and other marketplaces
                              • Amazon the biggest
                                • Figure 6: Europe: Top 25 online retailers, 2015
                              • Market shares
                                • Figure 7: Leading online retailers share of all European online sales, 2015
                            • Executive Summary – Europe – The Consumer

                                • Last online purchase
                                    • Figure 8: Europe: Numbers saying they have bought online in the last year, 2015
                                  • Online buying by internet users, by device
                                      • Figure 9: Europe: Devices used for online purchasing, May 2016
                                    • Most used retailers
                                      • Figure 10: Europe: Top 3 sites by the number of people who have bought from them, May 2016
                                    • Market places
                                        • Figure 11: Europe: Proportion of online buyers who use marketplaces, May 2016
                                      • Zalando
                                        • Figure 12: Europe: Proportion of online buyers who bought from Zalando, May 2016
                                      • Department stores
                                        • Attitudes to shopping online
                                          • Attitudes to social media
                                              • Figure 13: Europe: Attitudes to Social media, May 2016
                                            • Attitudes to personalisation
                                                • Figure 14: Europe: Attitudes to personalisation, May 2016
                                              • Attitudes to service
                                                  • Figure 15: Europe: Attitudes to Service, May 2016
                                              • Executive Summary – Europe – What We Think

                                                  • Limits to growth?
                                                    • Store-based vs pureplayers
                                                      • Drawbacks
                                                        • Multichannel the way forward
                                                        • Executive Summary – Europe - Launch Activity and Innovation

                                                          • Curated shopping service
                                                            • Delivery options
                                                              • Time-saving digital shopping solutions
                                                                • Easier payment options
                                                                • France

                                                                  • Overview
                                                                    • What you need to know
                                                                      • Areas covered in this report
                                                                        • Executive summary
                                                                          • The market environment
                                                                            • Device ownership and internet access
                                                                              • Shopping online
                                                                                • Online sales sector size and forecast
                                                                                  • Figure 16: France: Online sales (incl. VAT), 2010-21
                                                                                • Leading players
                                                                                  • Key metrics
                                                                                    • Market shares
                                                                                      • Figure 17: France: Leading online retailers, market shares, 2015
                                                                                    • The consumer
                                                                                      • How they shop online
                                                                                        • Old style devices dominate but mobile is growing
                                                                                          • Figure 18: France: Devices used to shop online in last 12 months by gender, May 2016
                                                                                        • Where they shop online
                                                                                          • Figure 19: France: Websites used for online shopping in the last 12 months, May 2016
                                                                                        • Online shopping habits and attitudes
                                                                                          • Figure 20: France – The consumer: Attitudes to online shopping, % agreeing, May 2015
                                                                                        • What we think
                                                                                          • Issues and insights
                                                                                            • Price becoming less important as the online and offline worlds converge
                                                                                              • The facts
                                                                                                • The implications
                                                                                                  • A consolidating market
                                                                                                    • The facts
                                                                                                      • The implications
                                                                                                        • Grocery home delivery evolving
                                                                                                          • The facts
                                                                                                            • The implications
                                                                                                              • Figure 21: France: Reasons for shopping for groceries online, Q1 2016
                                                                                                              • Figure 22: France: Interest in ordering online for home delivery, Q1 2016
                                                                                                            • The market – What you need to know
                                                                                                              • Broadband plateauing
                                                                                                                • Smartphone ownership behind Germany, Italy and Spain
                                                                                                                  • Shopping online growing
                                                                                                                    • Online sales
                                                                                                                      • Market drivers
                                                                                                                        • Broadband access
                                                                                                                          • Figure 23: France: Broadband penetration, 2008-15 (As % all households)
                                                                                                                        • Device ownership and internet access
                                                                                                                          • Figure 24: France: Technology products personally owned, Q1 2016
                                                                                                                          • Figure 25: France: Devices used to access the internet in the last three months, Q1 2016
                                                                                                                        • Online shopping
                                                                                                                            • Figure 26: France: Numbers saying they have bought online in the last year, 2010-15
                                                                                                                          • Online shopping: What they buy
                                                                                                                            • Figure 27: France: Products bought online, 2010 and 2015
                                                                                                                          • Sector size and forecast
                                                                                                                            • Online sales
                                                                                                                                • Figure 28: France: Online sales (incl. VAT), 2011-15
                                                                                                                                • Figure 29: France: Forecast online sales, 2016-21
                                                                                                                              • FEVAD data
                                                                                                                                • Segmentation
                                                                                                                                  • Electricals
                                                                                                                                    • Clothing
                                                                                                                                      • Food & grocery
                                                                                                                                        • DIY
                                                                                                                                          • Leading players – What you need to know
                                                                                                                                            • Amazon leads
                                                                                                                                              • Leclerc dominates Drive
                                                                                                                                                • Marketplaces driving growth
                                                                                                                                                  • Market shares
                                                                                                                                                    • Leading players
                                                                                                                                                      • What’s new?
                                                                                                                                                        • Amazon increasingly dominant but not always welcome
                                                                                                                                                          • Store-based retailers rank highly
                                                                                                                                                            • Marketplaces a key driver of growth
                                                                                                                                                              • Drive dominates grocery segment
                                                                                                                                                                • Figure 30: France: Top 5 Drive sites by number of unique visitors, Jan-March 2016
                                                                                                                                                              • Website visitors
                                                                                                                                                                • Figure 31: France: Top retail sites by number of unique visitors, Jan-March 2016
                                                                                                                                                                • Figure 32: France: Leading online retailers by sales, ex VAT, 2013-15
                                                                                                                                                              • Market shares
                                                                                                                                                                • Figure 33: France: Leading online retailers, market shares, 2015
                                                                                                                                                              • The Consumer – What you need to know
                                                                                                                                                                • Three quarters have shopped online, but less than Germany, Italy or Spain
                                                                                                                                                                  • Old style devices dominate but mobile is growing
                                                                                                                                                                    • Amazon pulling ahead
                                                                                                                                                                      • Store-based retailers rank highly
                                                                                                                                                                        • Online security is key
                                                                                                                                                                          • Online shoppers want advice
                                                                                                                                                                            • Personalisation
                                                                                                                                                                              • How they shop online
                                                                                                                                                                                • Three-quarters have shopped online, but less than in Germany, Italy or Spain
                                                                                                                                                                                  • Old style devices dominate but mobile growing
                                                                                                                                                                                    • Figure 34: France: Devices used to shop online in last 12 months, May 2016
                                                                                                                                                                                  • Men and women similar
                                                                                                                                                                                    • Figure 35: France: Devices used to shop online in last 12 months by gender, May 2016
                                                                                                                                                                                  • Younger groups use mobile more
                                                                                                                                                                                    • Figure 36: France: Devices used to shop online in last 12 months by age, May 2016
                                                                                                                                                                                    • Figure 37: France: The consumer: Profile of online buyers by device used, May 2016
                                                                                                                                                                                  • Where they shop online
                                                                                                                                                                                    • Amazon pulling ahead
                                                                                                                                                                                      • Multi-category retailers significant
                                                                                                                                                                                        • Store based retailers rank highly
                                                                                                                                                                                          • Figure 38: France: Websites used for online shopping in the last 12 months, May 2016
                                                                                                                                                                                          • Figure 39: France: Websites used for online shopping in the last 12 months by gender, May 2016
                                                                                                                                                                                          • Figure 40: France: The consumer: Leading online retailers: Profile of shoppers, May 2016
                                                                                                                                                                                        • Attitudes to shopping online
                                                                                                                                                                                          • Online security is key
                                                                                                                                                                                            • Technical improvements could ease customer experience
                                                                                                                                                                                              • Online shoppers still want advice
                                                                                                                                                                                                • Personalisation
                                                                                                                                                                                                  • Figure 41: France – The consumer: Attitudes to online shopping, % agreeing, May 2016
                                                                                                                                                                                                  • Figure 42: France – The consumer: Attitudes to online shopping by gender, % agreeing, May 2016
                                                                                                                                                                                                  • Figure 43: France: The consumer: Attitudes towards online shopping: Profile of shoppers, May 2016
                                                                                                                                                                                                • Appendix: Data sources, abbreviations and supporting information
                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                    • Data sources
                                                                                                                                                                                                    • Germany

                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                        • What you need to know
                                                                                                                                                                                                          • Areas covered in this report
                                                                                                                                                                                                            • Executive summary
                                                                                                                                                                                                              • The market environment
                                                                                                                                                                                                                • Broadband access
                                                                                                                                                                                                                  • Device ownership and internet access
                                                                                                                                                                                                                    • Online shopping
                                                                                                                                                                                                                      • Online sector size and forecast
                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                          • Key metrics
                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                              • Figure 44: Germany: Leading online retailers, market shares, 2015
                                                                                                                                                                                                                            • The consumer
                                                                                                                                                                                                                              • How they shop online
                                                                                                                                                                                                                                • Figure 45: Germany: How they shop online, May 2015/May 2016
                                                                                                                                                                                                                              • Where they shop online
                                                                                                                                                                                                                                • Figure 46: Germany: Where they shop online, May 2016
                                                                                                                                                                                                                              • Attitudes to shopping online
                                                                                                                                                                                                                                • Figure 47: Germany: Online shopping habits and attitudes, May 2016
                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                • Issues and insights
                                                                                                                                                                                                                                  • Is online food retailing finally gaining traction?
                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                        • Is faster delivery really what consumers want?
                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                              • The Market – What you need to know
                                                                                                                                                                                                                                                • Broadband access nearing 90%
                                                                                                                                                                                                                                                  • Smartphone ownership is high
                                                                                                                                                                                                                                                    • Smartphones remained underused for shopping
                                                                                                                                                                                                                                                      • Clothing most commonly purchased
                                                                                                                                                                                                                                                        • Market drivers
                                                                                                                                                                                                                                                          • Broadband access
                                                                                                                                                                                                                                                            • Figure 48: Europe: Broadband penetration, 2015 (as a % of all households)
                                                                                                                                                                                                                                                            • Figure 49: Germany: Broadband penetration, 2010-15 (as a % of all households)
                                                                                                                                                                                                                                                          • Device ownership and internet access
                                                                                                                                                                                                                                                            • Figure 50: Germany: Technology products personally owned, Q1 2016
                                                                                                                                                                                                                                                            • Figure 51: Germany: Device used to access the internet in the last 3 months, Q1 2016
                                                                                                                                                                                                                                                            • Figure 52: Germany: Devices used to access the internet in the last 3 months, by age group, March 2016
                                                                                                                                                                                                                                                          • Online shopping
                                                                                                                                                                                                                                                            • Figure 53: Germany: Devices used to shop online in the last 12 months, April 2016
                                                                                                                                                                                                                                                            • Figure 54: Germany: Proportion saying they have shopped online in the last year, 2010-15
                                                                                                                                                                                                                                                          • Online shopping: What they buy
                                                                                                                                                                                                                                                            • Figure 55: Germany: Products bought online in the last 12 months, 2010 and 2015
                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                            • Online sales
                                                                                                                                                                                                                                                              • Figure 56: Germany: Online sales (incl. VAT), 2011-15
                                                                                                                                                                                                                                                              • Figure 57: Germany: Online sales forecast (incl. VAT), 2016-21
                                                                                                                                                                                                                                                            • Segmentation
                                                                                                                                                                                                                                                              • Figure 58: Germany: Online sales by category, incl. VAT, 2015
                                                                                                                                                                                                                                                            • Leading players – What you need to know
                                                                                                                                                                                                                                                              • Pureplays dominate…
                                                                                                                                                                                                                                                                • ...led by Amazon
                                                                                                                                                                                                                                                                  • Marketplaces
                                                                                                                                                                                                                                                                    • Leading players
                                                                                                                                                                                                                                                                      • Pureplays dominate German e-commerce
                                                                                                                                                                                                                                                                        • Amazon extends its dominance
                                                                                                                                                                                                                                                                          • Otto.de celebrates its birthday
                                                                                                                                                                                                                                                                            • Zalando growth maintained
                                                                                                                                                                                                                                                                              • Media-Saturn leads on multichannel
                                                                                                                                                                                                                                                                                • Marketplaces
                                                                                                                                                                                                                                                                                  • Figure 59: Germany: Leading online retailers sales, 2013-15
                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                  • Figure 60: Germany: Leading retailers online, market shares, 2013-15
                                                                                                                                                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                                                                                                                                                  • Smartphones growing in importance
                                                                                                                                                                                                                                                                                    • Amazon dominates, Media Saturn grows
                                                                                                                                                                                                                                                                                      • Security vs efficiency
                                                                                                                                                                                                                                                                                        • How they shop online
                                                                                                                                                                                                                                                                                          • PC/Laptops continue to dominate
                                                                                                                                                                                                                                                                                            • Figure 61: Germany: How they shop online, May 2016
                                                                                                                                                                                                                                                                                          • Smartphones grow in importance
                                                                                                                                                                                                                                                                                            • Figure 62: Germany: How they shop online, May 2015/May 2016
                                                                                                                                                                                                                                                                                          • Men more likely to go mobile
                                                                                                                                                                                                                                                                                            • Figure 63: Germany: How they shop online, by gender, May 2016
                                                                                                                                                                                                                                                                                          • Smartphones favoured by the young
                                                                                                                                                                                                                                                                                            • Figure 64: Germany: How they shop online, by age and average income, May 2016
                                                                                                                                                                                                                                                                                          • Broad appeal of PCs and laptops
                                                                                                                                                                                                                                                                                            • Figure 65: Germany: Online shoppers using a PC/laptop, by age, May 2016
                                                                                                                                                                                                                                                                                          • Where they shop online
                                                                                                                                                                                                                                                                                            • Amazon in the lead
                                                                                                                                                                                                                                                                                              • Pureplays dominate e-commerce
                                                                                                                                                                                                                                                                                                • Figure 66: Germany: Where they shop online, May 2016
                                                                                                                                                                                                                                                                                              • Media Saturn reaches new consumers
                                                                                                                                                                                                                                                                                                • Figure 67: Germany: Where they shop online compared to last year, May 2015/May 2016
                                                                                                                                                                                                                                                                                              • Amazon’s appeal extends across the board
                                                                                                                                                                                                                                                                                                • Figure 68: Germany: Where they shop online, by age and affluence, May 2016
                                                                                                                                                                                                                                                                                              • Attitudes to shopping online
                                                                                                                                                                                                                                                                                                • Security concerns dominate
                                                                                                                                                                                                                                                                                                  • Figure 69: Germany: Online shopping habits and attitudes, May 2016
                                                                                                                                                                                                                                                                                                • Unconvinced by Click & Collect
                                                                                                                                                                                                                                                                                                  • Figure 70: Germany: Usage of and attitudes towards grocery purchasing services: Click & Collect, Q1 2016
                                                                                                                                                                                                                                                                                                • Older women most concerned about security
                                                                                                                                                                                                                                                                                                  • Figure 71: Germany: Online shopping habits and attitudes, by age and gender, May 2016
                                                                                                                                                                                                                                                                                                • Young more willing to pay for speed
                                                                                                                                                                                                                                                                                                    • Figure 72: Germany: Online shopping habits and attitudes, by age and gender, May 2016
                                                                                                                                                                                                                                                                                                  • Affluence dictates attitudes
                                                                                                                                                                                                                                                                                                      • Figure 73: Germany: Online shopping habits and attitudes, by gender, May 2016
                                                                                                                                                                                                                                                                                                    • Appendix: Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                        • Data sources
                                                                                                                                                                                                                                                                                                        • Italy

                                                                                                                                                                                                                                                                                                          • Overview
                                                                                                                                                                                                                                                                                                            • What you need to know
                                                                                                                                                                                                                                                                                                              • Areas covered in this report
                                                                                                                                                                                                                                                                                                                • Executive summary
                                                                                                                                                                                                                                                                                                                  • The market
                                                                                                                                                                                                                                                                                                                    • Broadband access
                                                                                                                                                                                                                                                                                                                      • Device ownership and internet access
                                                                                                                                                                                                                                                                                                                        • Shopping online
                                                                                                                                                                                                                                                                                                                          • Online sales sector size and forecast
                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                              • Key metrics
                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                  • Figure 74: Italy: Identified online retailers, market shares, 2015
                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                  • How they shop online
                                                                                                                                                                                                                                                                                                                                    • Figure 75: Italy - The consumer: Devices used to shop online in last 12 months, May 2015 and May 2016
                                                                                                                                                                                                                                                                                                                                  • Where they shop online
                                                                                                                                                                                                                                                                                                                                    • Figure 76: Italy: Websites used for online shopping in the last 12 months, May 2016
                                                                                                                                                                                                                                                                                                                                  • Attitudes to shopping online
                                                                                                                                                                                                                                                                                                                                    • Figure 77: Italy: The consumer: Attitudes towards online shopping, % agreeing, May 2016
                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                                                                                                                                                                      • Amazon acts as a trailblazer but others step up to the challenge
                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                            • Italian online shoppers are keen to interact with retailers
                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                    • Broadband access low but climbing
                                                                                                                                                                                                                                                                                                                                                      • Smartphone ownership high
                                                                                                                                                                                                                                                                                                                                                        • Online shopping via smartphone gaining ground
                                                                                                                                                                                                                                                                                                                                                          • Clothing most commonly bought online
                                                                                                                                                                                                                                                                                                                                                            • Market drivers
                                                                                                                                                                                                                                                                                                                                                              • Broadband access
                                                                                                                                                                                                                                                                                                                                                                • Figure 78: Italy: Broadband penetration, (As % all households), 2008-15
                                                                                                                                                                                                                                                                                                                                                              • Device ownership and internet access
                                                                                                                                                                                                                                                                                                                                                                • Figure 79: Italy: Technology products owned by household, Q1 2016
                                                                                                                                                                                                                                                                                                                                                                • Figure 80: Italy: Devices used to access the internet in the last three months, Q1 2016
                                                                                                                                                                                                                                                                                                                                                              • Online shopping
                                                                                                                                                                                                                                                                                                                                                                • Figure 81: Italy: Devices used to shop online in last 12 months, April 2015 and May 2016
                                                                                                                                                                                                                                                                                                                                                                • Figure 82: Italy: Numbers saying they have bought online in the last year, 2008-15
                                                                                                                                                                                                                                                                                                                                                              • Online shopping: What they buy
                                                                                                                                                                                                                                                                                                                                                                • Figure 83: Italy: Categories bought online in the last year, 2015
                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                • Online sales
                                                                                                                                                                                                                                                                                                                                                                  • Figure 84: Italy: Online retail sales (incl. VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                  • Figure 85: Italy: Online retail sales forecasts (incl. VAT), 2016-21
                                                                                                                                                                                                                                                                                                                                                                • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                  • Amazon is the runaway leader
                                                                                                                                                                                                                                                                                                                                                                    • eBay an important player
                                                                                                                                                                                                                                                                                                                                                                      • Amazon leads and Zalando is gaining ground.
                                                                                                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                                                                                                          • Leading retailers by sales
                                                                                                                                                                                                                                                                                                                                                                            • Food online developing slowly
                                                                                                                                                                                                                                                                                                                                                                              • Electricals retailers face stiff competition from Amazon
                                                                                                                                                                                                                                                                                                                                                                                • Fashion retailers moving forward online
                                                                                                                                                                                                                                                                                                                                                                                  • eBay and marketplaces
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 86: Italy: Identified online retailers, 2015
                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                    • Amazon leads and is gaining share
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 87: Italy – Identified online retailers, estimated market shares, 2015
                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                      • Buying via smartphone popular in Italy
                                                                                                                                                                                                                                                                                                                                                                                        • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                          • Italian shoppers want to interact with online retailers
                                                                                                                                                                                                                                                                                                                                                                                            • How they shop online
                                                                                                                                                                                                                                                                                                                                                                                              • Laptops and desktops dominate
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 88: Italy – The consumer: Devices used to shop online in last 12 months, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 89: Italy – The consumer: Devices used to shop online in last 12 months, May 2015 and May 2016
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 90: Italy – Shopping online by device, by gender, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 91: Italy – Shopping online by device, by age, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 92: Italy – Shopping online by device, by annual income, May 2016
                                                                                                                                                                                                                                                                                                                                                                                              • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                                • Amazon in the lead
                                                                                                                                                                                                                                                                                                                                                                                                  • Zalando continues to gain ground
                                                                                                                                                                                                                                                                                                                                                                                                    • Electricals retailers prominent online
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 93: Italy: Websites used for online shopping in the last 12 months, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 94: Italy: Websites used for online shopping in the last 12 months, by gender, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 95: Italy: The consumer: Leading online retailers: profile of shoppers, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping online
                                                                                                                                                                                                                                                                                                                                                                                                      • Italians keen to communicate with online retailers
                                                                                                                                                                                                                                                                                                                                                                                                        • Potential for growth of click & collect
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 96: Italy – The consumer: Attitudes towards online shopping, % agreeing, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Men more interested in delivery and collection options
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 97: Italy – The consumer: Attitudes towards online shopping, by gender, % agreeing, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Customer profile by attitude statements
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 98: Italy: The consumer: Attitudes towards online shopping: Profile of shoppers, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix: Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                            • Spain

                                                                                                                                                                                                                                                                                                                                                                                                              • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                  • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                    • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                      • The market environment
                                                                                                                                                                                                                                                                                                                                                                                                                        • Device ownership and internet access
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 99: Spain: EU broadband connections, 2008-15 (As % all households)
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 100: Spain: Ways in which internet was accessed in the last three months, March 2016, September 2012
                                                                                                                                                                                                                                                                                                                                                                                                                        • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 101: Spain: Numbers saying they have bought online in the last year, 2006-15
                                                                                                                                                                                                                                                                                                                                                                                                                        • What they bought
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 102: Spain: Estimated online sales by category, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                        • Online sales sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 103: Spain: Online retail sales, 2012-21
                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                          • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 104: Spain: Online retailers’ shares of all online retail sales, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                            • Who shops online
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 105: Online shoppers by age group, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                            • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 106: Spain: Online retailers bought from in the last 12 months, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 107: Spain: Attitudes to online shopping, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                • Is Spain always going to lag behind in e-commerce?
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                      • What part can social media play in e-commerce?
                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Broadband access rising
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Device ownership high
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online shopping growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What they bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rapid growth in online sales continues
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Broadband access
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 108: Spain: EU broadband connections, 2008-15 (As % all households)
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 109: Spain: Broadband penetration, 2008-15 (As % all households)
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Device ownership and internet access
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 110: Spain: Device ownership, by household, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 111: Spain: Devices personally owned, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 112: Spain, Ways in which the internet was accessed in the last three months, March 2016, September 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 113: Spain: Devices used to shop online in last 12 months, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 114: Spain: Numbers saying they have bought online in the last year, 2006-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online shopping: What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 115: Spain: Products bought online, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 116: Spain: Products bought online, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 117: Spain: Online sales (incl. VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 118: Spain: Online sales (incl. VAT), 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sales by product
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 119: Spain: Estimated online sales by product category, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés in the lead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leaders take half of online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • eBay and other marketplaces
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 120: Spain: Leading online retailers by estimated sales, ex VAT, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 121: Spain: Leading online retailers market shares, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who shops online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • How they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Who shops online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 122: Online shoppers by age group, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Devices used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 123: Spain: Devices used to shop online in last 12 months, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 124: Spain: Profile of online buyers by device used, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 125: Spain: Online retailers bought from in the last 12 months, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Profile of who shops where
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 126: Spain: profile of who shops where by age and income, April 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 127: Spain: Attitudes to online shopping, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 128: Spain: Profile of attitudes to personalisation, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Social media and messaging services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 129: Spain: Profile of holders of attitudes to social media and messaging services, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 130: Spain: Profile of holders of attitudes to service, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix: Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Products covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Steady, though marginally slowing growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 131: Online sales as % all retailing, 2007-2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 132: Online sales by type of retailer, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 133: All online sales, 2011-2021
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product mix – Electricals the biggest product
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 134: Online sales by category, 2016 (est)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer outlook positive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A strong year for pureplays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 135: Distribution of the revenues of the leading 25 online retailers (as ranked in 2015) by type of retailer, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Share of total online spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 136: Share of all online retail sales for the leading online retailers, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 137: UK online retail: Recorded above-the-line, online display and direct mail total advertising expenditure, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 138: Attitudes towards and usage of selected retailers, August 2015 - June 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online shopping is now almost universal – for internet users
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 139: Devices used for online buying, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing is the most bought product online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 140: Buyers of products online, by proportion of device owners, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon most used site
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 141: Retailers used, May 2014, May 2015, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Little enthusiasm for personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 142: Attitudes to personalisation and social media, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • But people don’t want brands in their social space either
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 83% of people opt for the cheapest delivery option.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 143: Attitudes towards using click & collect services, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Excellent service is essential for a successful online business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 144: Other attitudes towards buying online, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The perception that prices are lower online is still very strong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • There is evidence that people who shop online spend less
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 145: The online shopping journey, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Are there limits to growth for the pure players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What should the pure players compete on?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online in the retail scene
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online and social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Steady, though marginally slowing growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product mix – Electricals the biggest product
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer outlook positive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The source data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online share of all retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 146: Online sales as % all retailing, 2007-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The peak month
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Total online sales and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 147: All online sales, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 148: All online sales, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market segmentation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store based vs pure player
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 149: Store based and pure plyer share of all online sales, 2008-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 150: Online sales by type of retailer, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pure players and all home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 151: Pure player share of all home shopping sales, 2008-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 152: Online retail sales, (including VAT), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pure players and store based retailers, sales and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store based retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 153: Store based retailers: Online sales, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 154: Store based retailers: Online sales, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pure players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 155: Online pure players, sales, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 156: Online pure players, sales, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market segmentation by product
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 157: Breakdown of online retail sales by major category (including. VAT), 2013-16 (est)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 158: Online sales by category, 2016 (est)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Digital spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • EBooks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 159: The Book market, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Music and video
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Games
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Total market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 160: Downloads and streaming, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Total online market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Broadband access
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 161: Households with broadband access, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Devices used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 162: Devices used to access the internet in the last three months, June 2014, April 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 163: Device ownership, April 2014 and April 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 164: Consumer confidence, 2009-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 165: Inflation and earnings growth, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Innovation drives Amazon sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • eBay losing market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A strong year for pureplays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online increasingly important to multichannel retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares change little
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Growth in payment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Expert assistance by video
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online advertising spend increases 20.5%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon stands out for trust and differentiation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading online retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon’s shifting strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco moves to a single website
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Next poor performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • eBay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 166: Leading online retailer’s net online revenues, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pureplayers gain ground on multichannel retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Reclassifying catalogue companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 167: Distribution of the revenues of the leading 25 online retailers (as ranked in 2015) by type of retailer, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online is increasingly important to multichannel retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 168: Top 25 online retailers: proportion of total sales transacted online for the multichannel retailers, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Small changes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon grabs share again
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 169: Top 25 online retailers: share of all online retail sales, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Launch activity and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Text for wine service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • More online payment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online size comparison tool
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Smart shoppers rewarded with bigger discounts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Video assistance while browsing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Last-mile fulfilment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 170: Samsung Family Hub refrigerator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Championing home-grown local food producers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tinder-like app for a more customised fashion product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Three-quarters are Facebook users
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 171: Usage of social and media networks in the last three months, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand interactions remain limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 172: Interactions with brands on social/media networks, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lack of trust inhibits direct interactions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 173: Attitudes to brand interactions on social/media networks, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harnessing the power of ‘Influentials’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Could app-convergence spell the end for websites?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What they’re talking about
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 174: Number of mentions for selected leading clothing retailers, June 2015-May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 175: What they are saying online in relation to H&M, June 2015 to May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 176: What they are saying online in relation to Primark, June 2015 to May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 177: What they are saying online in relation to M&S, June 2015 to May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: What they are saying online in relation to Topshop/Topman, June 2015 to May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 179: What they are saying online in relation to ASOS, June 2015 to May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Up-and-coming social media networks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online retail advertising spend up 20.5% in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 180: UK online retail: Recorded above-the-line, online display and direct mail total advertising expenditure, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon.co.uk is the biggest advertising spender
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 181: Recorded above-the-line, online display and direct mail total advertising expenditure by leading UK online retail operators, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • 59.4% of total advertising spend channelled through TV
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 182: UK online retail: Recorded above-the-line, online display and direct mail total advertising expenditure, by media type, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Nielsen Media Research coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 183: Attitudes towards and usage of selected retailers, August 2015 - June 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 184: Key metrics for selected retailers, August 2015 - June 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand attitudes: Online pureplays lead on innovation and value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 185: Attitudes, by retailer, August 2015 - June 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand personality: Littlewoods struggles with a tired image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 186: Brand personality – Macro image, August 2015 - June 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Boohoo and ASOS trendsetting and cutting-edge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 187: Brand personality – Micro image, August 2015 - June 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon and eBay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online only retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Multichannel fashion retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Multichannel GM retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online shopping is now almost universal – for internet users
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing is the most bought product online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon most used site
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Little enthusiasm for personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • But people don’t want brands in their social space either
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 83% of people opt for the cheapest delivery option.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Excellent service is essential for a successful online business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The perception that prices are lower online is still very strong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • There is evidence that people who shop online spend less
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Devices used for online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 188: Devices used for online buying, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 189: Profile of online buyers by device used and where it is used, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: Buyers of products online, by proportion of device owners, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 191: Buyers of products online by device, by proportion of total sample, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who buys what
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 192: Age and socio-economic profile of product buyers, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Numbers of products bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 193: Numbers of different products bought on a laptop or home computer, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 194: Numbers of different products bought on a smartphone or tablet, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retailers used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 195: Retailers used, May 2014, May 2015, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 196: Profile of online shoppers through any device, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Number of shops used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 197: Number of different retailers bought from in the last 12 months, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Personalisation and social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 198: Attitudes to personalisation and social media, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 199: Influence of social media by age, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 200: Profile of those who agree with the personalisation and social media attitude statements, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Click & collect and shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • How important is click & collect?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cost vs convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 201: Attitudes towards using click & collect services, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 202: Profile of attitudes to Click & Collect, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Multi-channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 203: Other attitudes to buying online, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Prices and online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Price matching
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Profits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • How people shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Passing trade
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 204: The online shopping journey, May 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Credit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fan chart forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • VAT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appendix – Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Forecast Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marketplace
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • AWS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 205: Amazon.com Inc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • AO World

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dutch online store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ao.de sales building momentum, but loss-making
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Web enhancements aimed at making shopping online for electricals simpler
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Partners with CollectPlus to widen delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Targeting the computer market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 206: AO World Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Argos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What the Sainsbury’s deal means for Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fast Track market-leading home delivery and store collection service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product availability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Partnerships helping attract new customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 207: Argos: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 208: Argos: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ASOS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Click-and-collect and next-day delivery options extended
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Investment in distribution to meet increased order demand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Updated app driving m-commerce orders
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rewarding loyal customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Customised shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Engagement through increased social media activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A smart new way to shop ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tailored product range with on-trend appeal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 209: ASOS: Group financial performance, 2011/12-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Time-saving digital shopping solutions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expanded delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bolstering non-food e-commerce offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Simplifying and speeding up the checkout process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Launches online shopping site in Poland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Stepping up Chinese online expansion to revive weak store sales in the region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 210: Carrefour: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cdiscount

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Parent Cnova refocusing only on France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Cdiscount a credible competitor to Amazon in France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Profitability low
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marketplace a key driver
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A shift upmarket
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A move into food taking on Amazon Prime Now
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 211: CDiscount France: Financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • First quarter 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Darty Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Enhanced order fulfilment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A more personalised shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Customers benefiting from broadened marketplace product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Refreshed mobile site to drive conversion rate and average basket spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mistergoodeal.com integration now complete
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New online hone services offering can help attract more web traffic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 212: Darty Group: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Local content and local currency payment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Improved website design
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Driving incremental in-store sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New chief executive brings a wealth of online experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Acceleration in online sales via mobile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 213: Debenhams: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 214: Debenhams: Outlets, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Carphone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Using stores to support online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Website consolidation less obvious
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Destination of choice for independent advice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 215: Dixons Carphone: Group financial performance, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 216: Dixons Carphone: Outlet data, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • eBay

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 217: eBay Inc.: Group financial performance, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Department store online performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online grocery performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sfera and Bricor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The broader view
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 218: El Corte Inglés group: Retail financial performance, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 219: El Corte Inglés group: Estimated online sales, 2012/13-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 220: El Corte Inglés: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fnac

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Steady growth in Marketplace sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New Connect store format introduced
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Darty deal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 221: Fnac: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 222: Fnac: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 223: Fnac: Revenue breakdown, 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 224: Fnac: Store network by format and region, 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Investing £500m in its online shopping service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store presence driving online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Click-and-collect fee
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New app loaded with digital loyalty scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Plans to roll out e-commerce website to more international markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 225: John Lewis: Financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 226: John Lewis: UK outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • La Redoute

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Expanding the Home range with physical stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Improving service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 227: La Redoute Group sales performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Media-Saturn

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Loyalty brings everything together
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Investing in international multichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 228: Media Markt/Saturn: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 229: Media Markt/Saturn: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Next Directory

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Extended delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent m-commerce enhancements boost sales conversion by mobile devices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retaining and recruiting new customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Overseas order fulfilment speeded up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 230: Next Group: Financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 231: Next Group: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ocado Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sales per customer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 232: Ocado: Sales per customer, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Cash flow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 233: Ocado Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Otto Group (Multichannel Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 20 years of Otto.de
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 234: Otto.de 20th birthday promotions, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Implementing a new IT system
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Streamlining the portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Kulturwandel strategy introduced
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 235: Otto Group (Multichannel Retail): Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 236: Otto Group main brands, June 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shop Direct Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Very
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Littlewoods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Looking forward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 237: Shop Direct Group: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco.com/Tesco Direct

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Simplifying the online shopping process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Click-and-collect fee
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Same-day click & collect grocery products trial
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hybrid superstore/dotcom centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 238: Tesco: Estimated UK online revenue, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • vente-privee

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • A return to strong growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ambitions for Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • And to diversify
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • In a market ripe for consolidation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 239: Vente-Privee: Group sales performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 240: Vente-Privee: Recent acquisitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Same-day deliveries and possible Uber tie-up to speed up order dispatch times
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Wide range of global and local brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More personalised shopping experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Among the first fashion e-tailers to accept Apple Pay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mobile and app development driving web traffic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Integrating the online and offline shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 241: Zalando: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Online Retailing - Europe - July 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        £2,895.00 (Excl.Tax)