“Since it launched in Europe, Amazon has evolved from primarily an online book retailer into a retail-based ecosystem, the online equivalent of a department store but with added video, music, gaming and reading services. Its relentless focus on price and service/fulfilment has proved a popular proposition for Italian consumers and it continues to add products and services to its portfolio, using Prime membership benefits as a key driver. Our research finds it is ubiquitous in Italy now but that there are concerns among some consumers that shopping with Amazon may contribute to physical stores closing. We believe there are still opportunities for Amazon to grow its revenues in the country by introducing complementary services and at the same time to partner with store-based retailers to tap into their offline inventories and help to alleviate shoppers’ concerns about the consequences to the high street of shopping online.”
– Michael Oliver, Senior Retail Analyst, February 2023
This Report will look at the following areas:
- The impact of the cost of living crisis on Amazon’s business
- An overview of the global Amazon business, including revenues and performance of key business units
- Amazon’s position within each market, including market share
- A profile of Amazon shoppers, by key demographics
- Products purchased via Amazon in the past year by key category
- Amazon Prime membership, including a profile of members and services used
- Attitudes to price and convenience of shopping with Amazon as well as ethical and environmental considerations of shopping with the business.
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Overview
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- Key issues covered in this Report
- Products covered in this Report
- Definitions and technical notes
- Financial definitions
- Consumer research coverage
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Executive summary
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- Market context
- The online market
- Technology
- Figure 1: Italy: most important factors when shopping online*, 2022
- The economy
- Figure 2: Italy: key economic indicators, 2021-24
- Amazon: An overview
- Sales ease off after boost from pandemic
- Figure 3: Amazon, total global net sales, 2017-22
- Services now the heart of the business?
- Figure 4: breakdown of Amazon net sales by business segment, as a % of total sales, 2019-22
- Amazon in Europe
- Figure 5: Amazon Europe big 5: GTV (gross transactional sales, inc Marketplace) (excluding vat), 2020-22
- Amazon in Italy
- Sales
- Figure 6: Italy: Amazon estimated net retail revenues and gross transaction values (GTV), 2020-22
- Website visits
- Market share
- Figure 7: Italy: online retailing market shares, 2021
- The consumer
- Who shops at Amazon?
- Figure 8: Italy: products and services bought from Amazon in the last 12 months, 2022
- Amazon Prime membership
- Figure 9: Italy: Prime membership status, 2022
- Amazon Prime services used
- Figure 10: Italy: Amazon Prime services used regularly, 2022
- Attitudes towards shopping with Amazon
- Figure 11: Italy: attitudes towards shopping with Amazon, 2022
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Issues and Insights
- Amazon is not immune to the cost of living crisis
- Impacts are being felt by customers and the Amazon business itself
- The benchmark on price
- Prime and ecosystem give it a strong position
- Position Prime Video, Amazon Music and Prime Gaming as the smart way to save money
- Capitalise on desire for occasional treats and luxuries
- Where are the opportunities for growth for Amazon in Italy?
- Use fashion to drive increased engagement among women
- Generation X and Baby Boomers: future opportunity?
- Potential to work more closely with high street shops?
- Tap into Italy the sporting nation
- Amazon is not immune to the cost of living crisis
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Amazon: An Overview
- Growth slows as Amazon annualises COVID boost
- Figure 12: Amazon, total global net sales, 2017-22
- Profits hit record highs during the pandemic
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- Figure 13: Amazon profits, 2016-22
- Services now the heart of the business?
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- Figure 14: breakdown of Amazon net sales by business segment, as a % of total sales, 2019-22
- Figure 15: Amazon quarterly net sales growth, by business segment, 2020-22
- Strong dollar weakens Amazon’s returns in Europe
- Figure 16: Geographic breakdown of Amazon revenues, 2019-22
- Amazon in Europe
- Figure 17: Amazon Europe big 5: Net retail revenues, excluding. AWS, and GTV (gross transactional sales, including Marketplace) (excluding vat), 2017-22
- Growth slows as Amazon annualises COVID boost
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Market drivers
- The online market in Italy
- Figure 18: Italy: Estimated online spending (including VAT), 2017-22
- Technology market drivers
- Device ownership
- Devices used for online shopping
- Figure 19: Italy: activities done on household computers and smartphones in last three months*, 2022
- Most important factors when shopping online
- Importance of product price plays to Amazon’s traditional strengths
- Free shipping/delivery is another strong area for Amazon
- Free returns – retailers take a position but trend is towards charging
- Convenient delivery/pick-up options – Lockers provide alternative to delivery
- Convenient return options – Amazon collects from a specified address
- Figure 20: Italy: most important factors when shopping online*, 2022
- Economic market drivers
- The economy
- Figure 21: Italy: key economic indicators, 2021-24
- Inflation
- Figure 22: Italy: annual average consumer prices* of food and drink, annual % change, 2018-22
- Figure 23: Italy: monthly average consumer prices* by broad product category, annual % change, 2021-22
- Consumer confidence bounces back after reaching record lows
- Figure 24: ITALY: TRENDS IN LEVELS OF CONSUMER CONFIDENCE*, 2022
- The impact of the cost of living crisis
- Figure 25: Italy: financial situation of Italian consumers, 2022-23
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- Figure 26: Italy: consumers’ financial situation compared to a year ago, 2023
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- Figure 27: Italy: issues affecting Italian consumers in the past two months, 2023
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- Figure 28: Italy: consumers’ expectations of their financial situation in the next year, 2023
- Interest rate rises will further exacerbate cost of living pressures
- The online market in Italy
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Amazon: In the Italian market
- Amazon’s sales in Italy
- Figure 29: Amazon Italy: estimated net revenues, excluding AWS, and GTV (gross transactional sales, including Marketplace) (excluding vat), 2020-22
- Amazon’s website visitor numbers
- Amazon’s market share
- Figure 30: Italy: online retailing market shares, 2021
- Amazon’s sales in Italy
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Investing in operations to satisfy increased demand
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- Figure 31: Amazon Italy: key locations, January 2023
- Growing the workforce
- Expanding sellers on its marketplace
- Building up grocery
- Sustainability
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Who shops with Amazon?
- Any products bought
- Figure 32: Italy: Amazon’s consumer penetration*, 2022
- Demographic profile of Amazon shoppers
- Figure 33: Italy: Amazon’s consumer penetration*, age and generation group, 2022
- Any products bought
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Products purchased via Amazon
- Electricals lead the way
- Physical items such as books still important
- Fashion is a strategic priority for Amazon
- Beauty builds on pandemic boost
- DIY another area to have benefitted from a pandemic bounce
- Figure 34: Italy: products and services bought from Amazon in the last 12 months, % of respondents purchasing, 2022
- Clear gender differences in purchasing by product category
- Figure 35: Italy: products and services bought from Amazon in the last 12 months, by gender, % of respondents purchasing, 2022
- Amazon electrical goods buyer demographics
- Figure 36: Italy: buyers of electrical goods from Amazon in the past year, by age and generation group, % of respondents purchasing, 2022
- Amazon hardcopy books, DVDs or video games buyer demographics
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- Figure 37: Italy: buyers of hardcopy books, DVDs or video games from Amazon in the past year, by age and generation group, % of respondents purchasing, 2022
- Amazon clothing, shoes or jewellery buyer demographics
- Figure 38: Italy: buyers of clothing, shoes or jewellery from Amazon in the past year, by age and generation group, % of respondents purchasing, 2022
- Amazon beauty product buyer demographics
- Figure 39: Italy: buyers of beauty products from Amazon in the past year, by age and generation group, % of respondents purchasing, 2022
- Amazon DIY product buyer demographics
- Figure 40: Italy: buyers of DIY products from Amazon in the past year, by age and generation group, % of respondents purchasing, 2022
- Product category repertoires
- Figure 41: Italy: Amazon shoppers’ product category repertoires, 2022
- Electricals lead the way
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Amazon Prime membership
- Three-quarters of Italians have access to Prime
- Lapsed Amazon Prime members
- Non-Prime members
- Figure 42: Italy: Prime membership status, 2022
- Prime and its influence on purchasing from Amazon
- Figure 43: Italy: whether bought from Amazon in the last 12 months, by Prime membership status, 2022
- Prime and its influence on product category purchasing
- Figure 44: Italy: products and services bought from Amazon in the last 12 months, by Prime membership status, 2022
- Three-quarters of Italians have access to Prime
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Amazon Prime services used
- Video and delivery are the main drivers of Prime membership
- Figure 45: Italy: Amazon Prime services used regularly, 2022
- Prime service demographics
- Prime service repertoires
- Figure 46: Amazon Prime services repertoires, 2022
- Video and delivery are the main drivers of Prime membership
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Attitudes towards shopping with Amazon
- The price benchmark
- Amazon and the environment/sustainability
- Amazon delivery speed is a major draw
- Perceived downsides of shopping with Amazon
- Prescription medication: an opportunity for Amazon?
- Figure 47: Italy: attitudes towards shopping with Amazon, 2022
- The price benchmark
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Appendix – Data sources, consumer research methodology and abbreviations
- Abbreviations
- Consumer research methodology
- Data sources
- Abbreviations
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