零售技术行业报告——2023年2月

Executive Summary •Despite macro headwinds, digital transformation in retail is accelerating as hybrid shopping, SKUexpansion, supply chain resiliency, and compressing retail margins drive increased investment inretail technology ‒The Global Digital Transformation Market in Retail is growing at an 18.1% CAGR and isexpected to reach $390B by 20261 •Looking at the broader economic environment, many economists are predicting the US will likelytip into a mild recession in 2023 due to the Federal Reserve raising interest rates and unwindingits balance sheet as a response to high inflation ‒Although US retail sales have remained resilient, December saw a decrease of-1.1% asconsumers to reprioritize their spending and focus on essential goods instead ofdiscretionary goods2‒Global retail eCommerce sales are expected to slow as pandemic-driven growth in 2021subsides, slowing to 9.7% in 20223 •While both M&A and capital raise transaction volume has decreased since 2021, strong dealvolume continued into the early half of 2022 before dropping off in the latter half4 ‒There were 228 M&A transactions in 1H 2022 compared to 115 in 2H 2022. Capital raisevolume experienced a similar trend with 672 in 1H 2022 compared to 424 in 2H 2022 •Looking ahead, we expect the Retail Technology market to remain below the elevated 2021 levelsas growth subsidies and investors seek quality companies at a discounted valuation‒ However, attractive companies with good operating metrics will continue to receivestrong interest and outsized valuations Agenda Industry Overview 1 2 3 4 5 Industry Overview Retail Technology Industry Drivers & Dynamics Digital Transformation Drives Growth In Retail Tech Retail Sales Waver As Consumers Feel The Pressure From Inflation Although US retail sales have remained resilient, December saw a decrease of-1.1% asconsumers spent less on discretionary spending, including motor vehicles and homefurniture, and spent more on groceries, food services, and health & personal care Despite macro headwinds decelerating consumer spending, retail tech continues to growdriven by smart retail, social commerce, and virtual shopping as well as continuedinternet penetration and growth from emerging economies Global Retail eCommerce Sales Are Expected to Slow Pandemic-driven growth in 2021 is expected to globally subside, slowing to 9.7% in 2022,as inflation adjusted spending and diverging economic stability take hold Percent Change in USSpending2Jan 2021–Oct 2022 1Mordor Intelligence: Digital Transformation Market In Retail2U.S. Census: Advance Monthly Retail Trade Report3eMarketer: Worldwide Ecommerce Forecast Update 2022 Key Industry Trends Transforming Retail Technology Recent supply chain turbulence has caused retailers to rethink their strategy and focuson building resilient infrastructure through increased visibility and flexible fulfilment As consumers increasingly prefer eCommerce shopping and brands continue to invest indigital channels, retail executives must consider convenience, connection and privacy Online sales lead consumersto require securetransactions as well as raisingdata privacy concerns Return to Physical Stores Cost Realignment Driven by increasing demand for variety and accelerated by the pandemic, retail marginshave been compressing for nearly a decade leading to the need for a new strategy The pandemic resulted in long-term changes to consumer purchasing behavior. However,as the pandemic fades consumers have begun returning to physical stores leading to aneed for a hybrid shopping experienceImportant Factors New Business Models:brandsare going D2C to cut out retailmiddlemen and increase margins Increasing Efficiencies:with ½ ofexecutives planning to useanalytics for better decisionmaking, technology and IT spendwill play an important role Retail Technology Unicorn Births Decrease 145Driven by macro factors and recent economic uncertainty, the number of new unicorn births has plummeted as valuationsdecrease and investors deploy less capital and focus more on financial performance The billion-dollar tech unicorn is becoming rareagain. The ultimate symbol of Silicon Valley wealthbecame commonplace. Then the economy shifted–The Washington Post1 Cascadia’s Retail Technology Landscape Cascadia divides the retail technology landscape into four distinct categories. These categories all work together to provideseamless retailexperiences across both digital and physical channels Customer ExperienceEnhancement eCommerce Enablement Customer Analytics Operations Management Solutions that help retailersmanage their physical and digitalstores, inventory, operations andsupply chains Solutions that help retailersunderstand customer behavior tobetter tailor their marketing andmerchandising strategies Platforms and products thatfacilitate, streamline, or optimizeeCommerce selling Solutions that allow retailers topersonalize and target theiroutreach to customers Subsectors S