But still ‘only’ 15% of addressable retail $500bn is a big number, but US addressable retail is $3.6tr US retail sales ($tr, 2019 dollars) Addressable retail* 4 Ecommerce 3 2 1 0 2000 2005 2010 2015 Source: US Census Benedict Evans –– January 2020 15 *Addressable retail = ex. cars, car parts, gasoline, restaurants & bars