Hampleton：2022年下半年数字商务并购市场报告（英文版）（12页）.pdf

1、1|10 Digital Commerce M&A Overview 2H 20222022:a challenging year for Digital CommerceSeismic shifts in Digital CommerceToday,e-commerce accounts for almost$1 trillion in annual retail sales in the US,or 13%of the total retail industry.On a global level,e-commerce is now worth$5 trillion.Beyond well

2、-known market hegemons like Amazon and Alibaba,tremendous growth in e-commerce throughout the 2010s propelled the rise of many big winners in the tech stock market.Then,in 2020,Covid-19 caused seismic shifts in digital commerce,forcing near-total reliance on digital and online retail.This exacerbate

3、d the existing shift to digital commerce,driving tech stock growth.It also drove a wave of mega capital raises,as venture capital and growth equity firms were flooded with large amounts of dry powder to spend on high-growth,highly successful Covid plays.Evolution of the Global Online Retail“GLORE50”

4、index share price,2016-present80.00130.00180.00230.00280.00330.00380.00430.00Sep 16Sep 17Sep 18Sep 19Sep 20Sep 21Sep 22-56%What does this mean for Digital Commerce M&A?Between 2020 and 2021,market conditions mean that many successful Digital Commerce startups were faced with four options:(1)go publi

5、c;(2)go public via SPAC;(3)raise another$500m;or(4)exit through M&A.Now that the first three options have dried up lower market confidence means hesitant public markets and cautious financial sponsors we believe we will see a vivid but transformed digital commerce M&A market.Mid-year market correcti

6、ons?The year 2022 has seen huge changes in the Digital Commerce market.As Covid-19 restrictions loosened,spending patterns shifted away from online retail and back to brick-and-mortar stores and services.More broadly,Q1 2022 saw several geopolitical and macroeconomic events make the headlines,includ