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Clipperton Finance Sectorial Newsletter n° 1: e-commerce
It will not come as a surprise to anyone interested in new ventures: e-commerce is a hot sector. Clipperton Finance has provided transaction services to European High Tech and Media companies since its inception in 2 and over the past  months we have oserved a wave o investor interest in European e-commerce players that shows little sign o aating.  numer o undamental trends eplain this interest: — n estalished segment growing  at around  per year e-commerce  is supported y macro-trends such  as increased roadand penetration  and consumer “online education”  and willingness to uy online —  undamental understanding  o reuired core competencies  and growth and profit drivers  needed to construct strong usinesses  have een attained — roven value realiation through  liuidity events including Is  e.g. oo and M e.g. appos  net-a-porter and more recently  riceMinister is occurring —  continuous flow o innovative  usiness models and practices  rom touchless e-commerce to  mass customiation to retargeting  is powering individual company growth
— otential up-coming leaders o pure   e-commerce are emerging in segments  where online penetration has een  historically low or eample automotive. Many European e-commerce usinesses have een successul at uilding national leaders. However these European companies which have captured strong maret positions at a national level are acing a new maor challenge: will they e ale to lead the dance at the regional level and uild the scale reuired to achieve venture-level returns or investors e elieve that the sector oers ongoing opportunities or investors who can identiy the eceptional management teams that are ale to create value through innovative usiness practices and flawless eecution especially at an international level. The purpose o this paper is to riefly ocus on the trends that mae this maret so attractive to understand the remaining challenges and to evaluate uture developments. This paper concentrates on the maret or physical goods ecluding su-segments such as travel event ticeting and digital media – adacent marets with similar value drivers ut distinct characteristics.
1. european  e -commerce : a  very  attractive  market  1.1 An establised channel with ongoing, above-maret growth Online sales of physical goods in Western Europe are forecast to continue to grow at 11% per year to 2013, albeit with significant variation at the national see section 2 and vertical levels or instance, while autootive is epected to outpace aret growth, spend on traditional edia s, s etc will held bac by the increase in ‘all you can eat’ subscription based odels and electronic delivery
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Clipperton Finance – Sectorial Newsletter n°1: e-commerce