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Online Retailing - Europe - July 2017

“Online retailing has only played a role in the retail sector for about 15 years and rather less than that in many countries. Retailers, whether store-based or online pureplayers, are still feeling their way in many respects. It is becoming clear that online retailers cannot compete on price, they need to concentrate on convenience and breadth of range. But, as Amazon is showing with Prime, there will be many other things that they can do to stand out. Online has been growing fast and while it must plateau at some stage, there are very few signs that we are reaching a first stage of maturity yet. But it is also becoming clear that for store-based retailers the distinction between online and in-store sales is artificial and it is only for the pureplayers that online is an independent channel of distribution.”
– Richard Perks, Director of Retail Research

This Report discusses the following key issues:

  • Which devices consumers used to shop online in the last 12 months
  • Membership of Amazon Prime
  • Retailers used for online shopping in the last 12 months.
  • Responses to a series of attitudinal statements relating to online retailers in general
  • Reasons for not shopping online.

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Table of contents

  1. Overview

    • Coverage
      • Consumer research
        • Market definition
          • Market sizes
            • Methodology
              • Financial definitions
                • VAT rates
                  • Figure 1: Europe: VAT rates, 2012-17
                • Abbreviations
                • Executive Summary – Europe – The Market

                    • Online sales
                      • Retail only
                        • Total online sales
                          • Figure 2: Europe: leading 18 economies: estimated total online sales (inc VAT), 2009-22
                          • Figure 3: Europe: leading 18 economies: online sales as % all retail sales (excl fuel), 2009-22
                        • Forecasts
                          • Sales by country
                            • Figure 4: Europe: online retail sales (inc VAT) by country, 2012-17
                            • Figure 5: Europe: online retail sales (inc VAT) by country, forecasts, 2018-22
                          • Online as a share of all retail sales
                            • Figure 6: Europe: online retail sales as % all retail sales, 2012-17
                          • Leading players
                            • Amazon vs eBay
                              • Mail order
                                • Fashion
                                  • Food retailers
                                    • Alibaba – AliExpress
                                        • Figure 7: Europe: leading online retailers, sales (excl. VAT), 2014-16
                                      • Market shares
                                        • Figure 8: Europe: leading online retailers’ shares of all online sales, 2014-16
                                      • What we think
                                        • Still growing
                                          • Amazon dominant
                                            • Stores fighting back
                                              • Young management
                                                • Where next?
                                                • Executive Summary – Europe – The Consumer

                                                    • Last online purchase
                                                      • Figure 9: Europe: percentage saying they have bought online in the last 12 months, 2016
                                                    • Devices used
                                                        • Figure 10: Europe: devices used for online purchasing, June 2017
                                                      • Amazon and Prime
                                                          • Figure 11: Europe: membership of Amazon Prime, 2017
                                                        • Leading retailers
                                                            • Figure 12: Europe: top three online retailers by proportion of shoppers, by country, June 2017
                                                          • Leading store-based retailers
                                                              • Figure 13: Europe: leading store-based retailers by proportion of shoppers, by country, June 2017
                                                            • Zalando a success across Europe
                                                                • Figure 14: Europe: ranking of the leading fashion pureplayer by proportion of shoppers, by country, June 2017
                                                              • Mail order retailers
                                                                • Figure 15: Europe: ranking of the leading former mail order companies by proportion of shoppers, by country, June 2017
                                                              • Why people shop online
                                                                  • Figure 16: Europe: what do online shoppers like about shopping online, by country, June 2017
                                                                • Disadvantages of shopping online
                                                                • Executive Summary – Europe – Launch Activity and Innovation

                                                                  • Help in the decision-making process
                                                                    • Order fulfilment and delivery options
                                                                      • Lidl experiments with grocery click-and-collect service in Germany
                                                                        • Aldi launches e-book service
                                                                          • Buy now, pay later
                                                                            • Store without products
                                                                              • Apps and social media
                                                                              • France

                                                                                • Overview
                                                                                  • What you need to know
                                                                                    • Areas covered in this report
                                                                                      • Executive summary
                                                                                        • The market
                                                                                          • The economy
                                                                                            • Online sales
                                                                                              • Figure 17: France: online sales (incl. VAT), 2012-22
                                                                                            • Segmentation/What they buy online
                                                                                              • Broadband access
                                                                                                • Device ownership and internet access
                                                                                                  • Online shopping
                                                                                                    • Leading players
                                                                                                      • Key metrics
                                                                                                        • Market shares
                                                                                                          • Figure 18: France: leading online retailers’ estimated shares of all online sales, 2016
                                                                                                        • The consumer
                                                                                                          • How they shop online
                                                                                                            • Figure 19: France: devices used to shop online in last 12 months, May 2016 and June 2017
                                                                                                          • Where they shop online
                                                                                                            • Figure 20: France: retailers bought from online in the last 12 months, June 2017
                                                                                                          • Online shopping habits and attitudes
                                                                                                            • Figure 21: France: what do online shoppers like about shopping online, % agreeing, June 2017
                                                                                                          • What we think
                                                                                                            • Issues and insights
                                                                                                              • Opportunities for growth
                                                                                                                • The facts
                                                                                                                  • The implications
                                                                                                                    • The impact of Amazon on online grocery
                                                                                                                      • The facts
                                                                                                                        • The implications
                                                                                                                          • The market – What you need to know
                                                                                                                            • Economy weak, but on the up
                                                                                                                              • Online growing steadily
                                                                                                                                • Drive is the largest area of spending, followed by clothing
                                                                                                                                  • Broadband access plateauing
                                                                                                                                    • Smartphone ownership rising, but still low compared to other countries
                                                                                                                                      • But traditional devices still used most for shopping
                                                                                                                                        • Market size
                                                                                                                                          • France a weak spot in the European economy
                                                                                                                                            • Online sales and forecasts
                                                                                                                                              • Figure 22: France: estimated online sales (incl. VAT), 2012-17
                                                                                                                                              • Figure 23: France: online sales (incl. VAT), forecasts, 2017-22
                                                                                                                                            • More details from FEVAD
                                                                                                                                              • Segmentation/what they buy online
                                                                                                                                                • Figure 24: France: products and services bought online in the last 12 months, 2016
                                                                                                                                              • Grocery
                                                                                                                                                • Figure 25: France: grocery shopping habits: percentage agreeing “I do more of my grocery shopping online”, Q1 2017
                                                                                                                                                • Figure 26: France: grocery home delivery services, 2017
                                                                                                                                              • Clothing
                                                                                                                                                • Footwear
                                                                                                                                                  • DIY
                                                                                                                                                    • Electricals
                                                                                                                                                      • Beauty
                                                                                                                                                        • Market drivers
                                                                                                                                                          • Broadband access
                                                                                                                                                            • Figure 27: France: broadband penetration (As % all households), 2009-16
                                                                                                                                                          • Device ownership and internet access
                                                                                                                                                            • Figure 28: France: technology products personally owned, Q1 2017
                                                                                                                                                            • Figure 29: France: devices used to access the internet in the last three months, Q1 2017
                                                                                                                                                          • Online shopping
                                                                                                                                                            • Figure 30: France: devices used to shop online in last 12 months, June 2017
                                                                                                                                                            • Figure 31: France: percentage saying they have bought online in the 12 months, 2008-16
                                                                                                                                                          • Leading players – What you need to know
                                                                                                                                                            • Amazon twice as large as its closest rival
                                                                                                                                                              • Signs of consolidation
                                                                                                                                                                • Grocers building scale
                                                                                                                                                                  • Flash sales model growing and consolidating internationally
                                                                                                                                                                    • Amazon leads, and a long tail
                                                                                                                                                                      • Leading players
                                                                                                                                                                        • Amazon dominates
                                                                                                                                                                          • Cdiscount playing catch up
                                                                                                                                                                            • Consolidation and partnerships emerging in response to Amazon
                                                                                                                                                                              • Grocers developing the Drive concept further
                                                                                                                                                                                • Carrefour buying in scale
                                                                                                                                                                                  • The flash sales model growing and consolidating internationally
                                                                                                                                                                                    • A note on marketplaces
                                                                                                                                                                                      • Figure 32: France: leading online retailers, sales, excl. VAT, 2013-16
                                                                                                                                                                                    • Website visitors
                                                                                                                                                                                        • Figure 33: France: top retail sites by number of unique visitors, Jan-March 2017
                                                                                                                                                                                      • Market shares
                                                                                                                                                                                        • Amazon leads, but there is a long tail
                                                                                                                                                                                          • Figure 34: France: leading online retailers’ estimated shares of all online sales, 2016
                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                          • French online shopping at a medium stage of development
                                                                                                                                                                                            • Amazon dominant and extending its lead
                                                                                                                                                                                              • Multi-category retailers significant
                                                                                                                                                                                                • Store-based retailers’ usage down
                                                                                                                                                                                                  • Choice and convenience are the most important advantages of online shopping
                                                                                                                                                                                                    • Lack of physical contact is the main barrier to shopping online
                                                                                                                                                                                                      • How they shop online
                                                                                                                                                                                                        • Popularity of online shopping below Germany and UK
                                                                                                                                                                                                          • Figure 35: France: devices used to shop online in last 12 months, May 2016 and June 2017
                                                                                                                                                                                                          • Figure 36: France: profile of online buyers by device used, June 2017
                                                                                                                                                                                                        • Where they shop online
                                                                                                                                                                                                          • Amazon leads by a wide margin
                                                                                                                                                                                                            • Multi-category retailers significant
                                                                                                                                                                                                              • Store-based retailers’ usage down
                                                                                                                                                                                                                • Figure 37: France: retailers bought from online in the last 12 months, June 2017
                                                                                                                                                                                                                • Figure 38: France: profile of shoppers by retailer bought from online in the last 12 months, June 2017
                                                                                                                                                                                                              • Membership of Amazon Prime
                                                                                                                                                                                                                • Figure 39: France: membership of Amazon Prime, by age and gender, June 2017
                                                                                                                                                                                                              • Online shopping habits and attitudes
                                                                                                                                                                                                                • Choice and convenience are the key advantages of online shopping
                                                                                                                                                                                                                  • Figure 40: France: what do online shoppers like about shopping online, % agreeing, June 2017
                                                                                                                                                                                                                  • Figure 41: France: profile of online shoppers by reasons for buying online, June 2017
                                                                                                                                                                                                                • Reasons for not shopping online
                                                                                                                                                                                                                    • Figure 42: France: reasons for not shopping online, June 2017
                                                                                                                                                                                                                  • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                      • Data sources
                                                                                                                                                                                                                        • INSTITUT NATIONALE DE LA STATISTIQUE ET DES ÉTUDES ÉCONOMIQUES (INSEE) – Paris
                                                                                                                                                                                                                          • EUROSTAT – Luxembourg
                                                                                                                                                                                                                            • FEVAD – La Fédération du e-commerce et de la vente à distance - Paris
                                                                                                                                                                                                                              • EDITIONS DAUVERS – Rennes
                                                                                                                                                                                                                              • Germany

                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                                                    • Areas covered in this report
                                                                                                                                                                                                                                      • Executive summary
                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                          • The economy
                                                                                                                                                                                                                                            • Online sales
                                                                                                                                                                                                                                              • Figure 43: Germany: online sales (incl.VAT), 2012-17
                                                                                                                                                                                                                                            • Segmentation/What they buy online
                                                                                                                                                                                                                                              • Figure 44: Germany: online sales by category, 2016
                                                                                                                                                                                                                                            • Broadband access
                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                • Key metrics
                                                                                                                                                                                                                                                  • Figure 45: Germany: leading online retailers’ shares of online sales, 2016
                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                  • How they shop online
                                                                                                                                                                                                                                                    • Figure 46: Germany: devices used to shop online in last 12 months, May 2016 and June 2017
                                                                                                                                                                                                                                                  • Where they shop online
                                                                                                                                                                                                                                                    • Figure 47: Germany: retailers bought from online in the last 12 months, June 2017
                                                                                                                                                                                                                                                  • Membership of Amazon Prime
                                                                                                                                                                                                                                                    • Figure 48: Germany: membership of Amazon Prime, June 2017
                                                                                                                                                                                                                                                  • Attitudes to online shopping
                                                                                                                                                                                                                                                    • Figure 49: Germany: what do online shoppers like about shopping online, % agreeing, June 2017
                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                                                                                      • Amazon’s dominance set to grow further
                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                            • Could it be now or never for online grocery retailing?
                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                    • Online sales reach €52.7 billion in 2016
                                                                                                                                                                                                                                                                      • Clothing and consumer electronics the biggest categories
                                                                                                                                                                                                                                                                        • Broadband access hits 90%
                                                                                                                                                                                                                                                                          • Smartphone ownership hits a new high
                                                                                                                                                                                                                                                                            • Market size
                                                                                                                                                                                                                                                                              • Economy growing modestly
                                                                                                                                                                                                                                                                                • Online sales and forecasts
                                                                                                                                                                                                                                                                                  • Figure 50: Germany: online sales (incl.VAT), 2012-17
                                                                                                                                                                                                                                                                                  • Figure 51: Germany: online sales (incl.VAT), forecasts, 2017-22
                                                                                                                                                                                                                                                                                • Segmentation/what they buy online
                                                                                                                                                                                                                                                                                  • Clothing the largest category by value
                                                                                                                                                                                                                                                                                    • Consumer electronics follows on
                                                                                                                                                                                                                                                                                      • Food underdeveloped but growing
                                                                                                                                                                                                                                                                                        • DIY small but growing
                                                                                                                                                                                                                                                                                          • Drugstores growing sales steadily
                                                                                                                                                                                                                                                                                              • Figure 52: Germany: online sales by category, incl. VAT, 2016
                                                                                                                                                                                                                                                                                            • Market drivers
                                                                                                                                                                                                                                                                                              • Broadband access
                                                                                                                                                                                                                                                                                                • Figure 53: Germany: broadband penetration (as % all households), 2009-16
                                                                                                                                                                                                                                                                                              • Device ownership and internet access
                                                                                                                                                                                                                                                                                                • Figure 54: Germany: technology products personally owned, Q1 2017
                                                                                                                                                                                                                                                                                                • Figure 55: Germany: devices used to access the internet in the last three months, Q1 2017
                                                                                                                                                                                                                                                                                              • Online shopping
                                                                                                                                                                                                                                                                                                • Figure 56: Germany: percentage saying they have bought online in the last 12 months, 2012-16
                                                                                                                                                                                                                                                                                              • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                • Media-Saturn enjoys rapid growth
                                                                                                                                                                                                                                                                                                  • Amazon cements its dominance
                                                                                                                                                                                                                                                                                                    • Leading players
                                                                                                                                                                                                                                                                                                      • Amazon dominates the sector
                                                                                                                                                                                                                                                                                                        • Electrical retailers dominate leading retailers
                                                                                                                                                                                                                                                                                                          • Otto Group expands through specialist shops
                                                                                                                                                                                                                                                                                                            • Zalando continues its impressive growth
                                                                                                                                                                                                                                                                                                              • Media-Saturn leverages its multichannel structure for growth
                                                                                                                                                                                                                                                                                                                • A note on marketplaces
                                                                                                                                                                                                                                                                                                                  • Figure 57: Germany: leading online retailers, sales, 2014-16
                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                  • A good year for Amazon
                                                                                                                                                                                                                                                                                                                    • eBay continues to lose market share
                                                                                                                                                                                                                                                                                                                      • Growth in less-developed sectors is fragmenting the market
                                                                                                                                                                                                                                                                                                                        • Figure 58: Germany: leading online retailers’ shares of all online sales, 2014-16
                                                                                                                                                                                                                                                                                                                      • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                        • 93% have shopped online
                                                                                                                                                                                                                                                                                                                          • Online pureplays dominate
                                                                                                                                                                                                                                                                                                                            • 29% have an Amazon Prime subscription
                                                                                                                                                                                                                                                                                                                              • Wider range is the main reason for shopping online
                                                                                                                                                                                                                                                                                                                                • Those not shopping online prefer to touch products
                                                                                                                                                                                                                                                                                                                                  • How they shop online
                                                                                                                                                                                                                                                                                                                                    • PC/laptops favoured for online shopping
                                                                                                                                                                                                                                                                                                                                      • Figure 59: Germany: devices used to shop online in last 12 months, May 2016 and June 2017
                                                                                                                                                                                                                                                                                                                                    • Young consumers shift towards devices
                                                                                                                                                                                                                                                                                                                                      • Figure 60: Germany: profile of online shoppers by device used, May 2016 and June 2017
                                                                                                                                                                                                                                                                                                                                    • Where they shop online
                                                                                                                                                                                                                                                                                                                                      • Online-only retailers dominate
                                                                                                                                                                                                                                                                                                                                        • Figure 61: Germany: retailers bought from online in the last 12 months, June 2017
                                                                                                                                                                                                                                                                                                                                      • Broad spectrum shop online
                                                                                                                                                                                                                                                                                                                                        • Figure 62: Germany: profile of shoppers by retailer bought from online in the last 12 months, June 2017
                                                                                                                                                                                                                                                                                                                                      • Smartphone use peaks among fashion specialists
                                                                                                                                                                                                                                                                                                                                        • Figure 63: Germany: percentage that shopped online using a smartphone, by retailer, June 2017
                                                                                                                                                                                                                                                                                                                                      • Membership of Amazon Prime
                                                                                                                                                                                                                                                                                                                                        • Figure 64: Germany: membership of Amazon Prime, June 2017
                                                                                                                                                                                                                                                                                                                                      • Half of Amazon shoppers have never been a member
                                                                                                                                                                                                                                                                                                                                        • Figure 65: Germany: Amazon shoppers, by Prime membership status, June 2017
                                                                                                                                                                                                                                                                                                                                      • Young men most likely to be Prime members
                                                                                                                                                                                                                                                                                                                                        • Figure 66: Germany: membership of Amazon Prime, by age and gender, June 2017
                                                                                                                                                                                                                                                                                                                                      • Prime membership increases with income
                                                                                                                                                                                                                                                                                                                                        • Figure 67: Germany: membership of Amazon Prime, by household income, June 2017
                                                                                                                                                                                                                                                                                                                                      • Online shopping habits and attitudes
                                                                                                                                                                                                                                                                                                                                        • Reasons for shopping online
                                                                                                                                                                                                                                                                                                                                          • Wider range
                                                                                                                                                                                                                                                                                                                                            • Price differential less important
                                                                                                                                                                                                                                                                                                                                              • Figure 68: Germany: what do online shoppers like about shopping online, % agreeing, June 2017
                                                                                                                                                                                                                                                                                                                                            • Different age groups shop online for different reasons
                                                                                                                                                                                                                                                                                                                                              • Figure 69: Germany: profile of online shoppers by reasons for buying online, June 2017
                                                                                                                                                                                                                                                                                                                                            • Reasons for not shopping online
                                                                                                                                                                                                                                                                                                                                              • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                • Abbreviations
                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                    • STATISTISCHES BUNDESAMT – Wiesbaden
                                                                                                                                                                                                                                                                                                                                                      • EUROSTAT – Luxembourg
                                                                                                                                                                                                                                                                                                                                                        • EHI Retail Institute
                                                                                                                                                                                                                                                                                                                                                          • BEVH
                                                                                                                                                                                                                                                                                                                                                          • Italy

                                                                                                                                                                                                                                                                                                                                                            • Overview
                                                                                                                                                                                                                                                                                                                                                              • What you need to know
                                                                                                                                                                                                                                                                                                                                                                • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                  • Executive summary
                                                                                                                                                                                                                                                                                                                                                                    • The market
                                                                                                                                                                                                                                                                                                                                                                      • The economy
                                                                                                                                                                                                                                                                                                                                                                        • Online sales and forecasts
                                                                                                                                                                                                                                                                                                                                                                          • Figure 70: Italy: online sales (incl. VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                        • Segmentation/what they buy online
                                                                                                                                                                                                                                                                                                                                                                          • Broadband access
                                                                                                                                                                                                                                                                                                                                                                            • Device ownership and internet access
                                                                                                                                                                                                                                                                                                                                                                              • Online shopping
                                                                                                                                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                                                                                                                                  • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 71: Italy: leading online retailers’ shares of all online sales, 2016
                                                                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                                                                      • How they shop online
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 72: Italy: devices used to shop online in last 12 months, May 2016 and June 2017
                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 73: Italy: retailers bought from online in the last 12 months, June 2017
                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to online shopping
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 74: Italy: what do online shoppers like about shopping online, % agreeing, June 2017
                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                          • The digital world has the potential to drive change in Italian retailing
                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                • Opportunities in cross-border e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                      • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                        • Economy growing slowly
                                                                                                                                                                                                                                                                                                                                                                                                          • Online underdeveloped but growing rapidly
                                                                                                                                                                                                                                                                                                                                                                                                            • Electricals the largest area of spending, followed by clothing
                                                                                                                                                                                                                                                                                                                                                                                                              • Broadband access low, but increasing
                                                                                                                                                                                                                                                                                                                                                                                                                • Italians love their smartphones
                                                                                                                                                                                                                                                                                                                                                                                                                  • …and 42% of Italians use them for shopping
                                                                                                                                                                                                                                                                                                                                                                                                                    • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                      • Economy growing modestly
                                                                                                                                                                                                                                                                                                                                                                                                                        • Online sales and forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 75: Italy: estimated online sales (incl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 76: Italy: forecast online sales, 2017-22
                                                                                                                                                                                                                                                                                                                                                                                                                          • Segmentation/What they buy online
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 77: Italy: products and services bought online in the last 12 months, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 78: Italy: online sales, breakdown by product type, 2016-17
                                                                                                                                                                                                                                                                                                                                                                                                                          • Grocery
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 79: Italy: grocery shopping habits: those agreeing “I do more of my grocery shopping online”, Q1 2017
                                                                                                                                                                                                                                                                                                                                                                                                                          • Electricals
                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing & footwear
                                                                                                                                                                                                                                                                                                                                                                                                                              • DIY
                                                                                                                                                                                                                                                                                                                                                                                                                                • Beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Broadband access
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 80: Italy: broadband penetration (as % all households), 2009-16
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Device ownership and internet access
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 81: Italy: technology products personally owned, Q1 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 82: Italy: devices used to access the internet in the last three months, Q1 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 83: Italy: devices used to shop online in last 12 months, April 2016 and June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 84: Italy: percentage saying they have bought online in the last 12 months, 2008-16
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon sees the potential and is investing heavily
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Increasing amounts of m&a activity
                                                                                                                                                                                                                                                                                                                                                                                                                                          • A fragmented market
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon leads the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                • ePrice is focusing on core business
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • French flash sales companies buying into Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Showroomprive/Saldiprivati
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • vente-privee/Privalia
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Unieuro has acquired Monclick
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Yoox Net-a-Porter
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 85: Italy: leading online retailers, sales, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A fragmented market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 86: Italy: leading online retailers’ shares of all online sales, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Almost 90% of internet users shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Traditional computers most used, but smartphones growing strongest
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • International pureplayers dominate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A third are members of Amazon Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Price, convenience and wide ranges the top reasons for shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lack of physical contact is the main barrier to shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • How they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shopping online is widespread amongst internet users
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 87: Italy: devices used to shop online in last 12 months, May 2016 and June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 88: Italy: profile of online buyers by device used, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • International pureplayers dominate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 89: Italy: retailers bought from online in the last 12 months, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 90: Italy: profile of shoppers by retailer bought from online in the last 12 months, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Membership of Amazon Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 91: Italy: membership of Amazon Prime, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 92: Italy: membership of Amazon Prime, by age and gender, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online shopping habits and attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Reasons for shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Price still top in Italy but convenience ranking highly
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wider range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 93: Italy: what do online shoppers like about shopping online, % agreeing, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 94: Italy: profile of online shoppers by reasons for buying online, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Reasons for not shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Desire for physical contact the main barrier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ISTAT – Rome
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • NETCOMM (CONSORZIO DEL COMMERCIO ELETTRONICO ITALIANO) - Milan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • EUROSTAT – Luxembourg
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Spain

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online sales and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 95: Spain: online retail sales, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Segmentation/what they buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 96: Spain: online sales by type of retailer, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Broadband access
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 97: Spain: broadband penetration (as % all households), 2009-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 98: Spain: percentage saying they have bought online in the last year, 2007-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 99: Spain: leading online retailers’ shares of all online sales, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • How they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 100: Spain: devices used to shop online in the last 12 months, May 2016 and June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 101: Spain: retailers bought from online in the last 12 months, May 2016, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Membership of Amazon Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 102: Spain: profile of Amazon Prime members, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 103: Spain: what do online shoppers like about shopping online, % agreeing, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Spain approaching the tipping point
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Home grown retailers increasingly important
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Economy recovering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online growing fast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More people shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Broadband access growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online sales and forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 104: Spain: online sales (incl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 105: Spain: forecast online sales (incl. VAT), 2018-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Segmentation/what they buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 106: Spain: products and services bought online in the last 12 months, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 107: Spain: online sales by type of retailer, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Grocery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 108: Spain: grocery shopping habits, percentage agreeing “I do more of my grocery shopping online”, Q1 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing & footwear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • DIY
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Broadband access
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 109: Spain: broadband penetration (as % all households), 2009-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Device ownership and internet access
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 110: Spain: technology products personally owned, Q1 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 111: Spain: devices used to access the internet in the last three months, Q1 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 112: Spain: devices used to shop online in the last 12 months, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 113: Spain: percentage saying they have bought online in the last 12 months, 2008-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon leads
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • eBay faltering, AliExpress growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fashion growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon takes almost 14% of online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • eBay, Amazon and marketplaces
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon in the lead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • vente-privee absorbing Privalia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Food retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 114: Spain: leading online retailers, sales, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fast growing market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 115: Spain: leading online retailers’ shares of all online sales, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • PC/laptop the device of choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon by far the most-used site
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • All leading retailers are up on last year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon Prime tying customers in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Convenience and price drive online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • How they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Enthusiastic online shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • PC/laptop device of choice, but signs of a switch away
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 116: Spain: devices used to shop online in the last 12 months, May 2016 and June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 117: Spain: profile of online shoppers by device used, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon dominates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 118: Spain: retailers bought from online in the last 12 months, May 2016, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 119: Spain: profile of shoppers by retailer bought from online in the last 12 months, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Membership of Amazon Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 120: Spain: membership of Amazon Prime, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 121: Spain: profile of Amazon Prime members, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online shopping habits and attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Reasons for shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 122: Spain: what do online shoppers like about shopping online, % agreeing, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 123: Spain: profile of online shoppers by reasons for buying online, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Reasons for not shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 124: Spain: why people chose not to shop online, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • CNMC (Comision Nacional de los Mercados y la Competencia)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • INSTITUTO NACIONAL DE ESTADISTICA (INE) – Madrid
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • EUROSTAT – Luxembourg
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Products covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Internet access at near universal levels and device ownership high
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Real incomes falling and confidence wavering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 125: Real wage growth: average weekly earnings vs inflation, Jan 2012-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online sales growth accelerating
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 126: All online sales and forecast, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pureplayers growing faster
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 127: Online pureplayers and store-based retailers share of all online sales, 2009-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothing the largest sector online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 128: Online sales, by product category, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Digital spending also growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Innovation is driving Amazon’s success
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 129: Online retailing, market shares, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Same-day delivery taking off?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon scores highly on trust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 130: Attitudes towards and usage of selected brands, August 2016-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 91% of consumers have bought online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 131: Products purchased online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Desktop and laptops remain the devices of choice for online shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 132: Devices used to buy goods online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A majority of purchases still come from home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 133: Where consumers made purchases in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon by far the most popular retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 134: Retailers used to purchase non-food and drink products online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Almost a quarter have Amazon Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 135: Membership of Amazon Prime, April 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail credit shows low usage but potentially big promise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 136: Payment options used to buy goods online, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cashback sites are a popular tool when purchasing online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Social media can inspire purchasing, but entertainment must come first
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 137: Attitudes to buying online, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Is Amazon right to focus on Prime?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • How can retailers best leverage social channels?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Is there a need for greater curation and personalisation online?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Internet access at near universal levels and device ownership high
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Real incomes falling and confidence wavering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online sales growth accelerating
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pureplayers growing faster
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing the largest sector online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Digital spending also growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Internet access nearing universal levels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 138: UK household internet access, 2007-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • More personally own a smartphone than a laptop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 139: Personal ownership of core devices used for online shopping, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Confidence is wavering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 140: Consumers’ future financial confidence, Jan 16-Jun 17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Real incomes are now falling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 141: Real wage growth: average weekly earnings vs inflation, Jan 2012-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Volume growth slowing in the retail industry
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 142: Annual % change in all UK retail sales (ex-fuel), by value and volume, Jan 2016-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online retailing throughout the year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 143: Average weekly value of retail sales online, non-seasonally adjusted, Nov 2014-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 144: Online retail sales as a % of all retail sales, non-seasonally adjusted, Nov 2014-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The source data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online share of all retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online sales growth is accelerating
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 145: Online sales as % all retail sales, (exc fuel), 2007-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Total online sales and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 146: All online sales and forecast, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 147: All online sales, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market segmentation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Stores’ online sales vs pureplayers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 148: Online pureplayers and store-based retailers share of all online sales, 2009-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online by type of retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 149: Online sales by type of retailer, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 150: Online share of major retail sectors sales, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 151: Online share of all non-store retailers sales, 2008-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pureplayer and stores forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 152: Pureplayer sales, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 153: Pureplayer sales, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store-based retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 154: Online sales of store-based retailers, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 155: Online sales of store-based retailers, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market segmentation by product
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 156: Online sales, by product category, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 157: Online sales by product category, 2014-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Digital spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 158: The book market, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 159: Spending on e-books as % all spending on books, 2009-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Video – Streaming set to overtake hard copy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 160: UK video market by format, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Music – Still growing fast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 161: Share of digital spending on Music, 2011-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Games – Downloading not always practical
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The total download market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 162: The digital download market, 2016 and 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 91% of consumers have bought online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Desktops and laptops remain the device of choice for online shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • A majority of purchases still come from home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon is by far the most popular retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Almost a quarter have Amazon Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail credit shows low usage but potentially big promise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Cashback sites a popular tool when purchasing online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Social media can inspire purchasing, but entertainment must come first
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Undermining price integrity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What they buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 91% of consumers have bought online in the past year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 163: Online purchasing levels in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing the most popular item to purchase online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 164: Products purchased online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Repertoire of products purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 165: Repertoire of product categories purchased from in the past 12 months, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Devices used to buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Desktops and laptops remain the devices of choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 166: Devices used to buy goods online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Over half of 16-34s have purchased via smartphones
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 167: Devices used to buy goods online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Repertoire of devices used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 168: Repertoire of devices used to purchase online in the last 12 months, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where consumers buy and browse online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A majority of purchases still come from home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 169: Where consumers made purchases in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 170: Where consumers made purchases in the past year, by devices used to purchase online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Younger and more affluent consumers most likely to purchase when out of home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 171: Where consumers made purchases in the past year, by age group, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 172: Where consumers made purchases in the past year, by socio-economic group, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • More browsing than purchasing is done out of the home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 173: Where consumers have browsed for goods online in the past 12 months, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Younger consumers are again more likely to browse outside of the home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 174: Where consumers have browsed for goods online in the past 12 months, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retailers used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon still on top
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 175: Retailers used to purchase non-food and drink products online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 176: Trend data – Retailers used to buy online, May 2014-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online shopper profiles match those of in-store shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 177: Retailers used to purchase non-food and drink products online in the past year, by age and socio-economic group, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Repertoire of online retailers used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: Repertoire of retailers used to purchase non-food and drink products online in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 179: Repertoire of retailers used to purchase non-food and drink products online in the past year, by retailers used in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon Prime and subscription services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Almost a quarter have Amazon Prime…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 180: Membership of Amazon Prime, April 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • … and just over half of 16-34 year olds have had some experience with Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 181: Membership of Amazon Prime, April 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Other similar services have lower membership but are growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 182: Ownership of other membership schemes, by total sample and by % of those who have shopped with the retailer in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Why is Amazon Prime so much more popular?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 183: Use of Amazon Prime services, April 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Why offer a scheme at all?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 184: Products purchased via Amazon in the past year, by membership of Amazon Prime, April 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Use of payment options, credit and cashback sites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail credit still a niche option
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 185: Payment options used to buy goods online, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • PayPal usage skews older
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 186: Payment options used to buy goods online, by age, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Despite low usage there is demand for credit terms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Interest in payment options not used in the past year, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Cashback sites a popular option online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 188: Cashback site usage, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Half of 25-34s have used a cashback site
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 189: Cashback site usage, by age, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes to social media and product recommendations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Social media and online retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: Attitudes to buying online and social media, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Younger consumers happier to share information and communicate through instant messaging
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 191: Agreement to attitudes to buying online and social media, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A need for curation and personalisation online?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 192: Attitudes to discoverability in shopping online, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to discounts, promotions and joint accounts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • High levels of promotional activity may be undermining price integrity online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 193: Attitudes to promotions and pricing online, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Do retailers need to evolve customer accounts?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 194: Attitudes to joint accounts online, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Those in larger households far more interested in splitting costs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 195: Agreement to attitudes to joint accounts online, by household size, May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon innovation driving its success
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online retailers trying to tie in customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store-based vs pureplayers: pureplayers growing faster
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Stores and online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Same-day delivery taking off?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon scores highly on trust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading online retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon outperforming eBay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • eBay marketplace
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shop Direct gaining momentum
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store-based retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fashion – Key area for online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 196: Leading online retailers, 2014/15-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 197: Leading online retailers, market shares, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 198: Online retailing, market shares, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Launch activity and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Enhanced delivery options…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …Tesco deliveries within-the-hour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …John Lewis trialling direct-to-customer's car trunk shopping delivery service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …drone deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 199: Amazon Prime Air, Test Launch 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …Matches Fashion 90-minute delivery service across London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …Amazon launches free one-hour restaurant delivery service in London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • M&S to trial online grocery shopping service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Chat-style interface platforms for customer service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • ‘Buy British’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Buying from sellers who live nearby
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ‘Buy now pay later’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Is Amazon preparing to launch its checkout-free supermarket concept in the UK?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • App that makes choosing healthier options easier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ASOS testing beauty app
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Real-time, in-app retail experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Facebook most popular social media site
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 200: Usage of social and media networks in the last three months, 2014-March 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Family and friends most trusted news source
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 201: Sources of content shared on social and media network other than users’ own content, march 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Why do people follow companies?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 202: Attitudes towards social and media networks, March 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Who is being talked about?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 203: Number of mentions for selected retailers, 3 July 2016-30 June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco topics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 204: Topic cloud around online mentions of Tesco, July 2016-June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon topics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 205: Topic cloud around mentions of Amazon online, July 2016-June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • eBay topics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 206: Topic cloud around mentions of eBay online, July 2016-June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • ASOS topics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 207: Topic cloud around mentions of ASOS online, July 2016-June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Total online retail advertising spend up 16.1% year-on-year in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 208: UK online retail – Recorded above-the-line, online display and direct mail total advertising expenditure, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online marketplace Amazon.co.uk is the biggest advertising spender
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ebay targets young shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Notonthehighstreet.com ‘Magic is Real’ campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Very.co.uk £3m autumn fashion collection campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Littlewoods.com rebranding campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Iceland Frozen Foods drops celebrity-focused advertising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Boohoo first dedicated menswear campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Net-A-Porter and Mr Porter emphasise the luxury shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 209: Leading UK online retailers – Recorded above-the-line, online display and direct mail total advertising expenditure, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A fifth of total advertising spend channelled through digital medium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 210: UK online retail – Recorded above-the-line, online display and direct mail total advertising expenditure, by media type, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 211: Attitudes towards and usage of selected brands, August 2016-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 212: Key metrics for selected brands, August 2016-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand attitudes – John Lewis is worth paying more for, but pureplayers are innovative and provide a great service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 213: Attitudes, by brand, August 2016-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand personality – Pureplayers are vibrant and fun, M&S is unappealing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 214: Brand personality – Macro image, August 2016-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pureplayers are exciting, Very is aspirational, M&S is overrated
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 215: Brand personality – Micro image, August 2016-May 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • eBay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fashion retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Supermarkets and Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • VAT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The focus on Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The fostering of the next generation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The white whale(s)?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon gets physical
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The threats?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 216: Amazon.com Inc: group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 217: Amazon: estimated total retail sales, by European country (excl. VAT), 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • AO World Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 4Cs strategy is working
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Still work to do with mobile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Smoothing the customer journey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New distribution centre provides platform for further European expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opening up new revenue streams
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 218: AO World Plc – Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 219: AO World Plc – Group turnover breakdown by segment, 2015/16 and 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 220: AO World Plc – UK turnover breakdown by segment, 2015/16 and 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Argos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Digitally-led in-store Sainsbury’s concessions deliver positive results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Own brand drive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market-leading order fulfilment proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 221: Argos – Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 222: Argos – Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ASOS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ASOS to launch its own sportswear range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tapping into the growing demand for plus-size menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mobile-first approach
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Relevant content and customer engagement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Convenient delivery and return options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 223: ASOS – Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Cdiscount

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Domestic focus post-restructure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Building stronger customer relationships
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Increased mobile focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Click-and-collect strength
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 224: Cdiscount: group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 225: Cdiscount: key metrics, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dixons Carphone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Connectivity is the big idea
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ruling price out of the online/offline equation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Improving the online proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mobile becoming a greater priority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Monthly membership scheme to ‘redefine retail’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 226: Dixons Carphone – Brands, by country, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 227: Dixons Carphone – Group financial performance, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 228: Dixons Carphone – Outlet data, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • eBay

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What has gone wrong?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Not a retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 229: eBay – Gross merchandise volume, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fnac Darty

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Enhanced web presence, wider choice of products and improved online experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expanded order fulfilment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shortcuts to aid the online decision-making process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Personalised web-only offers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shared marketing initiative to facilitate seamless purchasing from either brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 230: Fnac Darty: pro forma group financial performance, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 231: Fnac Darty: store network, pro forma, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Improving the customer experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mobile use increases for online ordering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Staying at the forefront of online innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stores play an important role in supporting online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Gradual shift towards delivery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Growing own brand and exclusives
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Modest international expansion focuses on e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 232: John Lewis (department store) – Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 233: John Lewis (department store) – Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next Directory

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Third-party parcel shop collection and return option
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • More convenient home delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New m-commerce websites and upgraded apps driving UK conversion rate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New distribution hubs and planned mobile sites to boost overseas sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Reducing buying friction with streamlined registration and check-out process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Website personalisation for a more engaging online shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 234: Next Group – Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 235: Next Retail – UK outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ocado Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Development dependent on depot coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Managing capacity is key to profitability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Average orders falling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The future of the Waitrose agreement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Smart Platform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 236: Ocado Group plc – Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Otto Group (Multichannel Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Why buy?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Targeting new customer groups with specialist online shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • First German company to test robot-delivered packages
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Problem-solving virtual assistance tool extended to more products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 237: Otto Product Assistant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Shortcuts to make the choosing process faster, more relevant and more personal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • On-trend own brand strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • More personalised and dynamic marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 238: Otto Group (Multichannel Retail): group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 239: Otto Group: major brands within the Multichannel Retail segment, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Shop Direct Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The inheritance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The future – Credit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The future – Personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • High sales per customer.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The strategy is working
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 240: Very, Littlewoods – Sales, 2014/15, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 241: Shop Direct Group – Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Making choosing healthier options easier online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Smart home ordering capability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Making it faster and simpler for customers to pay for their shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Extended click-and-collect and home delivery options give customers more choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New monthly unlimited deliveries scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 242: Tesco Plc – Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 243: Tesco Plc – Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • vente-privee

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Highly acquisitive, mainly in fashion…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • … but also other sectors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • … and entertainment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rapid expansion brings potential downsides
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mobile first
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Incubator projects potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 244: vente-privee: group sales performance, excluding VAT, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Mobile is at the heart of the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Prioritising delivery to drive customer loyalty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Geo-localised delivery being trialled
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Moving from following to leading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Integrated commerce links up online and offline channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fulfilment service reaches out to brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 245: Zalando: group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 246: Zalando: key metrics, 2015-Q1 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Conforama
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Showroomprive.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Online Retailing - Europe - July 2017

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          US $3,748.74 (Excl.Tax)