E-Commerce vs. Physical Retail = Share Gains Continue @ 13% of Retail E-Commerce as % of Retail Sales 16% 12% SA U , Share 8% ce er omm C - E 4% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: USA Census Bureau, St. Louis Federal Reserve FRED database. Note: 13% = Annualized share. Penetration calculated by dividing 46 E-Commerce sales by “Core” Retail Sales (excluding food services, motor vehicles / auto parts, gas stations & fuel). All figures are seasonally adjusted.