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Channel Advisor’s May Update for Alphabet Inc (GOOGL), Amazon.com, Inc., eBay Inc: Jefferies

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Sell-Side Firm Jefferies explains data from ChannelAdvisor’s May Update

ChannelAdvisor’s Same Store Sales (SSS) report for the month of May reflected mixed results, with quite deceleration for Amazon.com, Inc. (NASDAQ:AMZN), nice and sequential acceleration for Alphabet Inc (NASDAQ:GOOGL), and slight improvement for eBay Inc (NASDAQ:EBAY.) The report once again highlighted that SSS growth for Amazon was in line, or slightly better than overall eCommerce growth, in a period when eBay lagged behind slightly. According to report from ChannelAdvisor, Google Shopping’s SSS increased by over 42% on Year-over-Year (yoY) basis in May, as compared to above 34% YoY growth in April and 42% YoY growth in March.

However, PLAs conversion rates for Google declined again in month of May, this was declined for the sixth consecutive month. The decline comes as Google continues to test different configurations of Google Shopping ad unit such as increasingly showing more products in its ad units.

For Amazon, ChannelAdvisor is of the view that SSS for third party sellers of Amazon grew slightly by above 12% on YoY basis in the month of May, slightly lower than growth of 13% on YoY basis in April and around 15% in March. This was already much lower than US eCommerce growth in April and March of above 20% and 16% on YoY basis, respectively as per comScore.

For eBay, ChannelAdvisor stated that SSS growth for eBay merchants totaled to above 2.8% YoY growth in May as compared to decline of 0.6% back in April and 0.2% in March. Moreover, it also mentioned that eBay’s Sales growth in fixed price format remained negative by around 2.2% YoY basis in May, which was much lower than decline of 4.8% YoY in April and decline of 5.8% YoY in March, and was significantly below overall eCommerce growth.

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