高盛：2025年全球电商手册：在更成熟的环境中寻找机会（英文版）（70页）.pdf

1、Goldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making thei

2、r investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.EQUITYRESEARCH|July 8,2025|4:08 PM EDTFinding Opportun

3、ities in a More Mature Environment2025Global eCommerce HandbookEric Sheridan+1 917 343-Goldman Sachs&Co.LLCRonald Keung,CFA+852 2978-Goldman Sachs(Asia)L.L.CPang Vittayaamnuaykoon+65 6889-Goldman Sachs(Singapore)PteEric Cha+82 2 3788-1799 Goldman Sachs(Asia)L.L.C.,Seoul BranchLisa Yang+44 20 7552-37

4、13 Goldman Sachs Bank Europe SE-Paris BranchRichard Edwards+44 20 7051-Goldman Sachs InternationalIrma Sgarz+1 212 357-3770irma.sg comGoldman Sachs&Co.LLCManish Adukia,CFA+91 22 6616-9049manish.a comGoldman Sachs India SPLRoman Reshetnev+971 4 376-Goldman Sachs InternationalPierre Riopel+1 212 934-G

5、oldman Sachs&Co.LLCRath Raja+1 212 357-9917 Goldman Sachs&Co.LLCWe introduce the third edition of the Gol dman Sachs Gl obal eCommerce Handbook where we analyze the key trends and debates that are impacting eCommerce around the world.We update our proprietary Gol dman Sachs Gl obal eCommerce industr

6、y model (avail abl e on request)and forecast that gl obal eCommerce sal es wil l grow at a+6%CAGR between 2025 and 2030.Key Takeaways 1)$4tn Gl obal eCommerce Opportunity:+6%CAGR,Modest Onl inenPenetration Gains.We forecast+6%global eCommerce sales growth(2025-2030 CAGR)reflecting a world where onli