Brick and Mortal: Retail's Hard Lessons from E-Commerce

Goldman Sachs Exchanges

Julia McGonagle

Business

4.4 • 1K Ratings

🗓️ 28 July 2016

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Heath Terry and Matt Fassler of Goldman Sachs Research discuss the explosive growth of e-commerce and how brick-and-mortar retailers are contending with changing consumer habits, generational shifts and technological disruption. This podcast was recorded on June 30, 2016. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2016 Goldman Sachs. All rights reserved.

Transcript

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0:00.0	This is exchanges at Goldman Sachs where people from our firm share their insights on developments
0:13.3	currently shaping markets, industries, and the global economy.
0:16.3	I'm Jake Stewart, global head of corporate communications here at the firm.
0:19.9	E-commerce sales continue to grow rapidly in both developed and developing markets.
0:24.0	That's putting pressure on traditional retailers to adapt their strategies, expand their offerings,
0:29.0	both of which are putting even more pressure on returns and margins.
0:33.5	To discuss how e-commerce is impacting the retail landscape, I'm joined by Heath Terry and
0:38.0	Matt Fassler of Goldman Sachs Research.
0:40.2	Heath, Matt, welcome to the program.
0:41.6	Thanks for having us.
0:42.6	Thanks so much.
0:43.6	You've recently updated your forecast for e-commerce growth globally, 22% for this year, a good
0:48.7	solid number, and highlighted China, India, and South Korea as the countries we expect to see the largest gains.
0:54.4	Obviously the fact that more and more people are entering the middle class,
0:57.3	internet connectivity is improving, are both key drivers.
1:01.2	What else is at play here though? and why are these countries that you've
1:04.2	spotlighted leading the way?
1:06.4	So on a country basis it really is the developing consumer that you've got, right?
1:11.8	Those are relatively early stage countries in terms of their consumers coming online
1:16.0	and being able to spend at a level that's more in line or increasingly more in line
1:20.4	with the Western world.
1:21.7	What's unique about those countries is they're essentially skipping a step.
	...

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