GP.B-2020年Q1全球市场研究报告（英文）-2020.6-46页_5mb

报告摘要

2020 Q1 Marketplaces Sector Summary

Core Content

The Q1 2020 report from GP Bullhound provides insights into the marketplace sector, highlighting the sector's transformation due to the impact of the COVID-19 pandemic. The report focuses on both public and private valuations, as well as qualitative trends and CEO commentary from leading companies in the space.

Main Points

Sector Impact by Vertical

Gaming: Increased due to isolation measures, leading to higher sales of gaming equipment and peripherals.
Digital Health: Accelerated adoption due to restricted traditional healthcare access, pushing the sector towards remote healthcare solutions.
Consumer Staples: Positive shift in consumer habits, increasing online penetration and resilience to economic downturns.
Home Lifestyle: Structural change in the industry, with increased consumer appreciation for home fitness and lifestyle services.
Cars and Property: Net neutral effect due to decreased spending and increased demand for bargain deals.
Ride Sharing: Negative impact from economic slowdown, with a need for transformation towards profitability.
Jobs: Reduced demand for candidates due to furloughs and economic pressures.
Consumer Discretionary: Decline in discretionary spending, with limited recovery from "revenge spending".
Ticketing / Travel: Severe short-term impact from travel cancellations, with a medium-term net negative effect.

GP Bullhound's Key Trends

Watershed Moment for Grocery Delivery and Meal Kits: The pandemic has accelerated consumer adoption of these services.
B2B Marketplaces Outperforming B2C: Expected to grow faster, with Amazon leading the way.
Digitalising the Recruitment Value Chain: Platforms like PeoplePerHour are evolving to offer comprehensive HR solutions.
Consolidation in Restaurant Delivery: Increased competition and challenges in the sector are expected to lead to consolidation.

Transaction Trends

M&A Activity: Increased in volume, with a decrease in deal value.
Private Placement: Stable in value and volume, particularly in Asia.
Strategic Acquisitions: Notable in Q1 2020, including OfferUp by OLX Group and Uber Eats by Zomato.
Mega Rounds: Dominated by food delivery and mobility sectors, with several transactions over $100M.

Key Marketplaces

Glovo: €150M investment by GP Bullhound, Lakestar, and others.
Ontruck: €25M investment by GP Bullhound, Cathay, and Atomico.
Avito.ru: $110M investment by Accel, Baring Vostok & Vostok New Ventures.
AutoTrader SA: Acquired by OLX (Naspers).
Baltic Classifieds Group: Acquired by Apax Partners.

Public Company Analyses

Amazon continues to dominate the marketplace universe, with significant growth and market share.
Large Caps outperformed other segments, showing resilience during the pandemic.
Online Travel experienced the most severe short-term impact, with a sharp decline in share price.

Marketplaces CEO Commentary

G2A (Bartosz Skwarczek): Sees the pandemic as an opportunity for marketplaces, emphasizing the shift to online shopping and the importance of agility.
Collectiv Food (Jeremy Hibbert-Garibaldi): Adapted to the new consumer landscape by launching a DTC offering, Farmshop, and forming partnerships with delivery platforms.
PeoplePerHour (Xenios Thrasyvoulou): Highlights the digitalisation of work and the rise of the freelance economy, with the launch of TalentDesk.io to support remote workforce management.

Key Metrics

GMV / Take Rate: Measures the total value of transactions and the percentage of GMV collected as commission.
Net Revenue / Growth: Reflects revenue after deductions and includes growth metrics.
Annual Run Rate Revenue (ARRR): Annualized revenue based on a specific period, useful for forecasting.
Gross Profit / Margin: Indicates profitability after accounting for cost of goods sold and discounts.
Contribution Margin II (CMII): Reflects profitability after customer servicing costs.
Contribution Margin III (CMIII): Measures profitability after marketing and acquisition costs.
EBITDA / Margin: Shows underlying profitability after all overheads and general administrative costs.

Conclusion

The marketplace sector in Q1 2020 experienced significant transformation due to the pandemic, with some verticals seeing accelerated growth and others facing challenges. The report highlights the importance of adaptability and innovation, especially in the context of remote work and digitalisation, and anticipates continued consolidation and evolution in the sector.

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