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industry association reports。STRATEGY AND THE INTERNET: TRENDS AND PREDICTIONS Real Tech Conference Peter Stanger ECOMMERCE IS DEAD “ECommerce Is Dead, Long Live ECommerce” The Industry Standard, April 2023 “Going, Going, Gone: BusinesstoConsumer Sector Goes Bust” , April 2023 “Can you build a brand online selling thirdparty goods? The answer is no, even though everyone used to think the answer was yes” Bryan Rutbert, Warburg Dillon Read “The living dead have gotten away with murder because the public markets have funded riskier ventures. Look at if could be the biggest living dead the public markets have ever seen.” Warren Packard, Draper Fisher Jurvetson TOM SIEBEL CEO, Siebel Systems “If you can’t generate profits, significant market share and customer satisfaction, you re out of business.” “On the B2B exchange side, I don’t think anyone will survive. They are all gone.” THE CAPITAL MARKETS HAD IT ALL WRONG 020406080100120P e a k M a r k e t C a p C u r r e n t M a r k e t C a pTravelocity Expedia Priceline eBay Amazon $123B Webvan eBay Amazon All Other $ 020406080100120P e a k M a r k e t C a p C u r r e n t M a r k e t C a p020406080100120Peak Market Cap Current Market CapIS THE REVOLUTION OVER? July 28, 1794 THE BUMPY RIDE OF ECONOMIC REVOLUTIONS 1860 1890 1895 1925 FUNDAMENTAL FORCES ARE AT WORK 120 100 80 40 60 20 0 1770 1780 1775 Index Workers per bushel of manufactured cotton England 177083 Price of the Model T