Amazon = E-Commerce Share Gains Continue @ 28% vs. 20% in 2013 E-Commerce Gross Merchandise Value (GMV) – Amazon vs. Other Other 100% 2013 80% USA 2017 , e rc 60% mme Amazon Co - E 40% of re 2017 ha $129B GMV = 28% Share S 20% 2013 $52B GMV = 20% Share 0% $0 $100B $200B $300B $400B $500B GMV Source: St. Louis Federal Reserve FRED database, Brian Nowak @ Morgan Stanley (5/18). Morgan Stanley Amazon USA GMV estimates exclude in-store GMV and assume 90% of 47 North American GMV is USA. Market share calculated using FRED E-Commerce sales data.