GPBullhound：2022年第三季度电子商务报告_25页_1mb

Q3 2022 Digital Commerce Sector Summary

Core Content

Q3 2022 highlights key trends and developments in the Digital Commerce sector, focusing on the transformation of the agri sector, the growing popularity of gamification in education, and the increasing importance of personalisation in consumer experiences. The report also covers significant M&A activity, valuation benchmarks, and IPO activity, providing a comprehensive overview of the market dynamics.

Main Trends and Insights

The Agri Sector is Transforming Thanks to Digital Adoption

• Over 85% of farmers are now selling and buying online in 2022, representing a 790% increase from a decade ago.
• Digital platforms improve market efficiency, reduce waste, and increase margins, while also promoting higher-quality produce and fair trade.
• The online agriculture market was valued at $11bn in 2021, with a projected 8.2% CAGR through 2026.
• Pinduoduo, Agriconomie, Frubana, and Kisaan Trade are examples of platforms driving this transformation.

Gamification of Education is Increasingly Popular

• The Game-Based Learning Market is expected to reach $62bn by 2030, growing at a 21% CAGR from 2022.
• Gamification improves student engagement and performance, with 67% of students finding it more motivating than traditional methods and a 35% increase in performance with challenge-based gamification.
• In the workplace, gamification increases learning engagement by 30% and desire to be engaged by 30%.
• As the market matures, M&A activity is expected to rise as key players consolidate their positions.

Personalisation is Becoming an Increasingly Important CX Differentiator

• 75% of consumers experienced new shopping methods during the pandemic.
• 80% of consumers are more likely to make a purchase if offered a personalised experience.
• 75% of retailers plan to increase investment in personalisation over the next three years.
• Personalisation leads to 40% higher spending and 110% more basket additions.

Key Transactions and News

• Mega Deals in Q3 22 included:

  • Delierr acquired by Shopify for $2.5bn
  • Lazada acquired by Alibaba.com for $379m
  • ifood acquired by Prosus for $1,774m
  • MERCELL acquired by THOMABRAVO for $333m
  • Wag acquired by CHW Acquisition Corp for $350m
  • 邮乐 acquired by 中国邮政 for $128m
  • YOUR PARKING SPACE acquired by FLOWBIRD for $146m
  • urbvan transit acquired by SWI for $82m
  • WUsmile acquired by eurazeo for $125m

• Selected IPOs in Q3 22:

  • zamaz listed on 02-Sep with $5m offering and $80m market cap
  • J-FFSBRANDS listed on 26-Aug with $16m offering and $9m market cap
  • TREASURE GLOBAL INC listed on 22-Aug with $8m offering and $34m market cap
  • SOCAR listed on 22-Aug with $78m offering and $384m market cap
  • GIGACLoudLOGISTICS listed on 18-Aug with $36m offering and $411m market cap
  • deezer listed on 05-Jul with $1,160m offering and $415m market cap

Valuation Trends

• Digital Commerce valuations are significantly below historical averages, with EV/NTM revenue declining across sectors.

• Large cap companies:

  • Amazon: Market cap $1.15 trillion, EV $1.25 trillion, EV/Revenues 2.7x in 2021, 2.4x in 2022, 2.1x in 2023
  • Alibaba: Market cap $211.78 billion, EV $188.55 billion, EV/Revenues 1.6x in 2021, 1.5x in 2022, 1.4x in 2023
  • Pinduoduo: Market cap $79.13 billion, EV $63.67 billion, EV/Revenues 4.8x in 2021, 3.7x in 2022, 3.0x in 2023
  • JD.com: Market cap $76.85 billion, EV $63.22 billion, EV/Revenues 0.5x in 2021, 0.4x in 2022, 0.4x in 2023
  • Prosus: Market cap $72.68 billion, EV $75.07 billion, EV/Revenues 11.7x in 2021, 10.1x in 2022, 7.1x in 2023
  • eBay: Market cap $20.22 billion, EV $25.31 billion, EV/Revenues 2.4x in 2021, 2.6x in 2022, 2.5x in 2023
  • Pinterest: Market cap $15.69 billion, EV $13.23 billion, EV/Revenues 5.1x in 2021, 4.7x in 2022, 4.1x in 2023

• Ecommerce valuations:

  • VIP Shop: Market cap $5.35 billion, EV $2.88 billion, EV/Revenues 0.2x
  • Zalando: Market cap $5.09 billion, EV $5.17 billion, EV/Revenues 0.5x
  • The RealReal: Market cap $1.59 billion, EV $1.37 billion, EV/Revenues 1.5x
  • About You: Market cap $819 million, EV $514 million, EV/Revenues 0.3x
  • ASOS: Market cap $632 million, EV $1.09 billion, EV/Revenues 0.2x
  • The Hut Group: Market cap $524 million, EV $1.19 billion, EV/Revenues 0.5x
  • boohoo.com: Market cap $502 million, EV $583 million, EV/Revenues 0.3x
  • Stitch Fix: Market cap $438 million, EV $395 million, EV/Revenues 0.2x

• Marketplaces valuations:

  • Allegro: Market cap $1.2 billion, EV $1.3 billion, EV/Revenues 1.9x
  • DoorDash: Market cap $1.2 billion, EV $1.3 billion, EV/Revenues 1.9x
  • Delivery Hero: Market cap $1.2 billion, EV $1.3 billion, EV/Revenues 1.9x
  • fiverr: Market cap $1.2 billion, EV $1.3 billion, EV/Revenues 1.9x
  • Takeaway.com: Market cap $1.2 billion, EV $1.3 billion, EV/Revenues 1.9x
  • Uber: Market cap $1.2 billion, EV $1.3 billion, EV/Revenues 1.9x

Future Outlook

• Emerging technologies such as VR and the metaverse are expected to play a key role in the future of learning.
• M&A activity is likely to increase as companies seek to consolidate and expand their capabilities.
• IPO activity remains muted, but a few companies are still going public despite market conditions.

Selected Companies

• Agri Marketplace: A digital B2B platform that connects farmers with industrial buyers, aiming to improve transparency and traceability in the agricultural supply chain.
• Fenix Family: A marketplace offering funeral and estate services, aiming to make these services more transparent and accessible.
• Learning Pool: A UK-based online learning company focusing on compliance, onboarding, and upskilling.

Investors

• Portugal Ventures
• THRIVE by SVG VENTURES
• ZAAL
• BlackRock
• CRSAEGIS
• LINE|GIC
• Accel
• SEQU0IA®SoftBank
• Legal & General

Summary

The Digital Commerce sector in Q3 2022 continues to evolve with digital adoption transforming the agri sector, gamification gaining popularity in education, and personalisation becoming a key differentiator in retail. Despite market challenges, significant M&A activity and IPOs have occurred, with valuations remaining below historical averages. The future outlook suggests continued growth in emerging technologies and increased M&A activity.