GP Bullhound年第2季度市场洞察（英）

Marketplaces sector update Important disclosures appear at the end of this reportGP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Hong Kong Limited is authorised and regulated by the Securities & Futures CommissionQ2 2021Qualitative insights into broader Marketplaces trends and public and private valuations across the transaction spectrum, and interviews with today’s leaders transforming the sector. 2THE VIEWQ2 Marketplaces perspectives from GP Bullhound▪ Many small and medium-sized retailers previously did not prioritise selling online due to their focus on niche products and / or local markets▪ These businesses do not typically have the knowledge, experience, time or budget to set up and manage successful online channels▪ There has been an increase in the number of platforms that provide end-to-end solutions for SME retailers who are unable to develop or maintain online capabilities in-house▪ Large-scale Enterprise has been slower to adopt marketplaces en-masse in their supply chains▪ A generational shift of those in charge of purchasing within Enterprises has acted as a catalyst in the growth of B2B marketplaces▪ In 2021, B2B sales in industry marketplaces is expected to grow by 130%, equating to $56.5bn▪ Macro-economic environment and consumer conscience have catalysed the pre-owned electronics market▪ The refurbished electronics marketplaces play a key part in the value chain, converting ‘waste’ into items with a new product life▪ Increasing investor appetite for companies such as Back Market and musicMagpie, which have attracted significant funding this yearPRE-OWNEDELECTRONICS CONNECTED COMMERCE ENABLING SMESVERTICAL B2B MARKETPLACESTakeaways3▪Even before the COVID-19 pandemic, consumers were increasingly looking towards resale marketplaces for value and accessibility, and we saw strong traction in pre-owned goods marketplaces with companies like Depop or Vinted increasing their market share in the previous years.▪There are three main drivers behind the success of resale marketplaces: 1.Sustainability: there is an increased awareness from consumers, particularly around environmental issues. With over 1 billion smartphones manufactured each year, consumers realise the need to reduce this footprint.2.Price: consumers have become more price-sensitive due to the number of pre-owned marketplaces and the ability to compare goods on different platforms. At the same time, the economic downturn has increased the need to reduce spending.3.Quality: platforms have invested in customer experience, authentication and protection; thereby increasing the willingness of consumers to use second-hand online platforms to purchase high value goods, like smartphones.▪Unlike other sectors, refurbished electronics marketplaces add further value beyond connecting buyers and sellers. They play a key part in the value chain, converting ‘waste’ into items with a new product life, as well