Evolution of Commerce Drivers (1890s -> 2010s) = Demographic -> Brand -> Utility -> Data 1890s - 1940s 1940s - 1990s 1990s - 2010s 2010s - … Demographic Brand Utility Data Catalogs DepartmentStores / E-Commerce – E-Commerce – Malls Transactional Personalized Limited product Rising product Massive product Curated product selection + selection + selection + 24x7 discovery + 24x7 shopping moments shoppingmoments shopping moments recommendations • Macy’s • Amazon • Sears Roebuck • Amazon • GAP • Facebook • MontgomeryWard • eBay • Nike • Stitch Fix Source: Eric Feng @ Kleiner Perkins Wikimedia, eBay, Stitch Fix. 79