麦格理全球科技行业守门人经济去数字时代Jeeves20181010177页

Pleaserefertopage175forimportantdisclosuresandanalystcertification,oronourwebsite!4Theinternetbuyingexperienceisstillintheearlystagesofdevelopment8Theinternetbuyingexperienceisstillpoor11Consumersaretrendingtowardsconciergeservice13Vendorsneeddifferentqualitiesinaconciergeeconomy16Wherearetheopportunities?19Pricecomparisonwebsites:Revivalopportunity24Marketplaces:Increasinglyimportantchannel26Sizematters:Thetechtitans28IntroducingRetail’sDisruptiveTechframework31Telecoms:Fromproducttoservice34Fulfilmenttechnologies39Mediaandtechnology44eCommerceplatforms49Innovativepaymentandfinancingproviders50Virtualreality(VR)andaugmentedreality(AR)52Artificialintelligence(Al)/machinelearning(ML)53Networksenablementtosupportconcierge-typeservices54Focuscompanies57Appendix–USRealEstatePortals165SeeindividualcompanysectionsforTPandEPSchanges.AnalystsMacquarieCapital(Europe)LimitedBobLiao,[e-mail][e-mail],[e-mail][e-mail][e-mail](USA)[e-mail],[e-mail][e-mail]ities(Singapore)[e-mail][e-mail](Australia)LimitedAndrewLevy,[e-mail],[e-mail]digital,Jeeves!KeypointsTheinternethasbeenatoolforresearch,butwenowseetechnologydisruptingotherstagesofthebuyingprocessfromneedsawarenesstofulfilment.Weseeecommerceevolvingtowardsconciergeservices,withpersonalisation,decisionssupport,automatedexecutionandworry-freedelivery.Companieswithconsumers’trust,accesstodata,AItools,VR/ARcapabilities,integratedservicesandefficientfulfilmentshouldoutperform.eCommerce2.0Webelievetheinternetbuyingexperienceisripeforchangeandthecustomerexperienceisstillrelativelypoor.Theinternethaslargelybeenusedasatoolforproductresearchandbasicpayments,butwenowseetechnologiesdisruptingotherstagesofthebuyingprocessfromneedsawarenesstodecision-makingtofulfilment.Weseeecommerceevolvingtowardsaconciergeservicewhereservicesarepersonalised,decision-makingissimplified,executionisautomatedanddeliveryisworry-free.ThisvisionofaconciergeeconomyunderpinsMacquarie’soutlookfortheglobalconsumersector.RecommendationsConsumersincreasinglywantcompaniestoanticipateneeds,helpwithdecisions,customiseproducts,integrateadjacentservicesandautomatepurchasing,financeandfulfilment.Tomeetconsumers’needs,companiesneedcustomerdata,analytics,visualisationtechnologies,consumerfinancingandefficientdeliveryandreturnsystems.Inaconciergeeconomy,webelievecompanieswilleitherneedtohavestrongdirectcustomerrelationshipsorstrongbrandstosucceed,whileweexpectcompaniesthataredependentonplatformsforaccesstocustomersandtraditionalintermediarieswilllose.WeseevalueincreasinglymigratingtomarketplacessuchasMoneysupermarket(initiatingwithOutperform),Scout24,JustEat,AutoTrader(upgradetoNeutral),GoCompare(initiatingwithOutperform),Zalando,Asos,SeaandZillow(seeAppendixoniBuyers).Theconciergeeconomywillalsofavoursize,whichgivescompanieslarger,diversedatapools,largerITbudgetsandscaleadvantagesinlogistics.OurtoppickamongstthetechtitansisAmazon,whichispositionedtoprovidebetterpersonalisation,moreefficientdeliveryandgreatertechnologyinnovations.OurtoppicksamongretailersareInditexandCarrefour.Webelieveconciergetechnologieswillsignificantlyaccelerateonlineretailpenetrationandputpressureontraditionally-focusedretailerssuchasAholdDelhaizeandAssociatedBritishFoods.Seeaccompanyingsectorreport“Conciergeeconomyinretail,3D:Digital,Data&Delivery”,alsopublishedtoday.Weseeinvestmentopportunitiesinconcierge-enablingtechnologies,suchaslogisticsplatforms,ecommerceplatforms,AI/dataanalytics,VR/ARandpayments.OurtoppicksareOcado(initiatingwithOutperform),Lenovo,HikvisionandShopify.Wealsoseeconciergetrendschangingtheadvertisinglandscape,withadvertisersshiftingfromchannel-basedmarketingtoaudience-specificandindividually-targetedadvertising.SoftwareproviderslikeTheTradeDeskandSalesforcearepoweringthisshift,andagenciesthatcanhelpclientsmakesenseofthenewenvironment–PublicisandIPG–standtobenefit.10October20182IntroducingMacquarie’sDisruptiveEdgeAtMacquarie,westrivetouncoveropportunitiesothersmiss–disruptingourownthinkingandchallengingourclientstolookattheworldthroughadifferentlens.Ourequityresearchmodelfocusesondiscoveringthe“unknown,unknowns”–anditisthoseinsightsthatleadustobreakthroughinvestmentideasforourclients.OurAnalystsareempoweredtothinkdifferently,searchtheindustryandleverageourrealassetexperiencetoproviderea