What’s Amazon’s market share: 35% or 5%? Amazon has a third of ecommerce, but is that really the competition? Amazon US market shares, 2018 40% 30% 20% 10% 0% First party share of ecommerce GMV share of ecommerce GMV + Stores share of total GMV + Stores share of Walmart share of addressable retail addressable retail retail Source: @BenedictEvans, Amazon, Walmart, US Census Benedict Evans –– January 2020 80 Addressable retail = ex. cars, car parts, gasoline, bars & restaurants