Amazon (AMZN) turns 25 next year - a striking reminder that the e-commerce industry is no longer in its infancy. Yet, despite decades of growth, we believe e-commerce still has ample opportunities to expand, and 2020 is giving us a glimpse of that growth potential. E-commerce has become the de facto shopping solution for many consumers amid the COVID-19 pandemic. Approximately 16% of retail sales in the second quarter happened online, a robust 44.5% increase from Q2 last year.1
In the medium term, e-commerce's next wave of growth is likely to come from greater