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analyst reports Note: Excludes financial brokerage North American Businessto Consumer Revenues ($B) +132% +66% +46% Online channel 10% share in several categories CATALOGUERS ARE WINNING 6 713 4 4 9 4 3 612 1 5 1 8 1 2 0 0 1 5 0 1 0 0 5 0050100W e b B a s e dR e t a i l e r sS t o r e B a s e dR e t a i l e r sC a t a l o g B a s e dR e t a i l e r sA l l C o m p a n i e s EBIT Margin in % of Revenues 1999 2023 Source: The State of Online Retailing , , 。 Media Metrix and Harris Interactive data。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