Q1 2023 E-Commerce Industry Update

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GCG’s Q1 2023 E-Commerce Industry Update provides an overview of the latest trends in the sector, including recent performance, valuation multiples, and the state of the middle-market M&A environment.

Key findings include the following:

  • In Q1 2023, there were 53 announced E-Commerce transactions, down from 55 in Q4 and down from 117 in the prior year’s Q1. Both deal volume and average deal value decreased in Q1; the average deal value was $42 million in Q1, down from $365 million in Q4 2022.
  • The market is highly fragmented due to the presence of many players and is expected to face extreme competition in the coming years.
  • United States Direct-to-Consumer (“D2C”) E-commerce sales are expected to reach $213 billion in 2024, sustaining the growth driven by the pandemic beginning in 2020.

Click here for the full update.


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