2023-06-12-GP_Bullhound-2023年Q1电子商务报告_26页_1mb

Digital Commerce Sector Summary

Core Content Overview

The Digital Commerce sector is experiencing significant transformation driven by technological advancements, shifting consumer behavior, and a growing emphasis on sustainability. The report highlights key trends, market dynamics, and investment activity across various sub-sectors, including online pharmacy delivery, immersive shopping experiences, and the push towards carbon neutrality.

Main Trends and Insights

1. Online Pharmacy Delivery Services are Growing

• E-prescriptions are a major driver of demand, especially post-pandemic, offering a more efficient and convenient solution for patients and healthcare providers.
• The global prescription delivery service market is projected to grow from $157.1m in 2022 to $396.5m by 2029, with a CAGR of 16.7%.
• Key players include Walgreens, CVS Health, Walmart, and startups like Alto Pharmacy and Capsule, which are competing with innovative models such as same-day delivery.
• North America holds the largest market share (55%), followed by Europe with over 23%.

2. Customer Experience and Merchandising Revolution

• Immersive shopping is on the rise, enhanced by AI, VR, and 3D visualisation, which offer a more interactive and personalised experience.
• These technologies are improving customer conversion rates and satisfaction, with Shopify reporting a 94% increase in conversion rates using AR and 3D tools.
• Sustainability benefits include a 40%+ reduction in returns and packaging waste, contributing to environmental impact reduction.

3. Pressure to Become Carbon Neutral

• E-commerce is increasingly adopting carbon-neutral practices, including offset programmes and sustainable shipping.
• Consumer demand for carbon-neutral goods and services is rising, with 69% of consumers more likely to support companies with a good environmental record and 73% expecting businesses to reduce their carbon footprint.
• Carbon-neutral shipping is becoming a standard, with companies like Shopify and Amazon investing in eco-friendly logistics.
• Transparency and reporting of carbon emissions are becoming common, enabling businesses to set reduction goals and improve their sustainability profiles.

Key Takeaways from GP Bullhound

1. Pharmacy Delivery Services

• Alto Pharmacy raised $200m in a Series E round, led by SoftBank, and has over $700m in annual revenue.
• Capsule raised $300m at a $1bn valuation, aiming to be a one-stop digital healthcare platform.
• Amazon Pharmacy is expanding its presence in the market with free two-day delivery and prescription savings.

2. Immersive Shopping & Sustainability

• Immersive technologies are revolutionising the shopping experience, leading to higher conversion and satisfaction rates.
• Sustainability impact is significant, with reduced returns and waste, and is being supported by innovations like AR and AI tools.

3. Carbon Neutrality and Economic Growth

• Carbon neutrality is not only a sustainability goal but also a driver of innovation and economic growth.
• The voluntary carbon market is expected to grow from $300m in 2005 to $50bn by 2030.
• Companies that adopt sustainable practices can attract environmentally-conscious consumers, who are willing to pay a premium for eco-friendly products.

Select Transactions and Deals

• EcoCart raised $50m from Fifth Wall, providing carbon offset solutions for businesses.
• Capsule raised $300m from Durable, expanding its digital healthcare services.
• NowRx Pharmacy secured $73m from SeedInvest, focusing on pharmacy delivery services.
• Alto Pharmacy raised $200m from SoftBank, aiming to compete with retail giants.
• Notable M&A deals include:
  • 98point6 acquired by Transparent Experience Different (Mar-23)
  • ONSite®Retail Care acquired by Sime Darby (Mar-23)
  • COLONBIER®ACQUISITION COPIE acquired by PublicSq. (Feb-23)
  • FYNDIQ® acquired by CDON (Feb-23)
  • KREAM acquired by Altos Ventures (Feb-23)
  • Spreetail raised $208m from McCarthy Capital (Feb-23)

Public Company Valuations and Performance

• Amazon remains the dominant player with a market cap of over $1.1 trillion, while Alibaba and JD.com are also significant in the market.
• Valuation trends show a decline across the sector, with EV/NTM revenue ratios below historical averages.
• Market performance for the S&P 500 Technology Sector was positive in the long term (L5Y) but negative in the last quarter (LTM).

Future IPOs and Industry Developments

• The IPO market is currently quiet due to public market volatility.
• Companies like chrono24, FAIRE, goPuff, TURO, and Rappi are potential candidates for future IPOs, operating in various sub-sectors of Digital Commerce.

Leading Companies and Their Impact

• CURE is a pharmacy delivery startup integrating telehealth and e-prescription services, with a strong focus on patient well-being.
• EcoCart is a sustainability platform helping brands reduce their carbon footprint through transparent and actionable solutions.
• Octane AI is an AI-focused company providing tools for ecommerce brands, including Generative AI products and Quiz AI personalisation, with a loyal customer base and profitability.

Public Comparables by Category

• Large Cap companies like Amazon, Alibaba, and eBay have high market caps and varying EV/revenue and EV/EBITDA multiples.
• E-commerce companies such as Zalando and VIP Shop show different valuation trends, with some experiencing declines and others showing stability.
• Online fashion and refurbished electronics sectors are also notable, with companies like The RealReal and reebelo focusing on sustainability and niche markets.

Summary of Valuation Trends

• Valuation multiples across the Digital Commerce sector have generally declined, with most companies trading below historical averages.
• EV/NTM revenue and EV/EBITDA multiples are showing a downward trend, indicating market caution.
• Gross margins and EBITDA margins are stable or improving, showing operational efficiency in the sector.

This report provides a comprehensive overview of the current state and future potential of the Digital Commerce sector, highlighting the key players, trends, and investment opportunities.