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Retail isn’t as binary as ‘online’ and ‘offline’ Online, yes, but also rent, distance to customer, service, selection, staff costs, urgency, margin, inventory, etc, etc US retail sales by retailer category, 2018 100% 75% Non-addressable 50% Addressable 25% 0% Ecommerce 'Online versus offline' 'Retail' Source: US Census, @BenedictEvans Benedict Evans –– January 2020 33 *Addressable retail = ex. cars, car parts, gasoline, restaurants & bars.

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