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The first quarter of 2018 showed strong online growth in retail, emerging as the first Q1 ever with over $100 billion in online retail revenue in the U.S. This level represents a strong 14.1% growth over 2017Q1 and a close pace of growth relative to the 2017 holiday season, which Adobe Digital Insights recorded at 14.7% year-over- year. Adobe’s own Michael Klein, Director of Industry Strategy for Retail says, “The first quarter of the calendar year is a time of transition for most retailers. Many are wrapping up their books on the fiscal year, attempt- ing to liquidate any excess inventory from the holidays. While simultaneously, brands are introducing fresh assortments and campaigns that capitalize on the key shopping events in the first three months of the year; MLK, Valentine’s, President’s Day and Easter. On both of these fronts; ‘out with the old, and in with the new’, eCommerce continues to help consumers efficiently find what they want, when they want at the price they’d like to pay. The YoY double-digital growth of Q1 eCommerce sales is evidence of this”. DIGITAL DOLLAR: RETAIL AND ECONOMICS UPDATE 2018Q1

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