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20192 iResearch I 2018 1613.4 45.7%3 iResearch I IT ERP CRM 1 23 B2C B2C B2C C2C 4 1 2 3 4 552019.6 iResearch I 34 22 2017-2019 62019.6 iResearch I 2018 38.1 2019 8.1%40 2014-2018 2019-2021 27.2 30.1 33.2 36.6 38.1 41.2 44.2 46.9 10.7%10.4%10.2%4.0%8.1%7.3%6.1%2014 2015 2016 2017 2018 2019E 2020E 2021E2014-2021 社会消费品零售总额(万亿元)增速(%)72019.6 iResearch I 2018 8.0 28.2%2018 20%2.8 3.8 4.7 6.2 8.0 9.7 11.3 12.8 36.9%23.1%33.3%28.2%21.0%16.2%13.4%10.2%12.6%14.1%17.0%21.0%23.5%25.5%27.2%2014 2015 2016 2017 2018 2019E 2020E 2021E2014-2021%82019.6 iResearch I 2019.6 iResearch IB2C2018 B2C 4.4 2021 7 B2C55.5%2015 B2C C2C C2C B2C C2C 1.3 2.0 2.6 3.5 4.4 5.3 6.2 7.1 57.9%30.0%36.9%26.1%19.7%16.6%14.1%2014 2015 2016 2017 2018 2019E 2020E 2021E2014-2021 B2C B2C 交易规模(万亿元)增速(%)45.1%52.0%54.9%56.4%55.5%54.9%55.1%55.4%54.9%48.0%45.1%43.6%44.5%45.1%44.9%44.6%0%20%40%60%80%100%2014 2015 2016 2017 2018 2019E 2020E 2021E2014-2021 B2C C2C C2C 占比(%)B2C 占比(%)9 1 2 3 4 510 iResearch I 11 iResearch I 2018 1613.4 45.7%B2C B2C B2C C2C 261.6 434.2 710.3 1107.3 1613.4 2151.0 2765.6 3473.6 67.9%66.0%63.6%55.9%45.7%33.3%28.6%25.6%2014 2015 2016 2017 2018 2019e 2020e 2021e2014-2021%122019.6 iResearch I 2019.6 iResearch I0%40%80%2016 2017 20182016-2019%0%20%40%2016 2017 20182016-2019%2016 25%-35%2018 40%2015 13 iResearch I0%10%20%30%40%2016 2017 20182016-2018 GMV GMV%32.1%31.5%36.4%2018 2018 GMV GMV 32.1%B2C B2C B2C C2C GMV 32.1%14 iResearch I 15 iResearch I 3C IT 16 iResearch I 2019 20%-30%80%-90%2019 172019.6 iResearch I 2019.6 iResearch I 20.9%18.9%3C 17.2%10.2%8.2%7.8%6.1%6.9%2.2%1.6%2019(1/2 3C 100%3C 0%20%40%60%80%100%120%140%160%2016-2019%182019.6 iResearch I 2019.6 iResearch I(2/2 3C 3C 3C 10%-20%20%-30%3C 50%-60%2019 2019 2%-10%10%-15%3C 15%-20%19 iResearch ITP TEP B2C B2C TP TEP TP(Tmall Partner)TEP(Tmall Ecological Partner)1.2.BD 3.4.1.2.3.4.5.6.7.TP TEP TEP 2019 2 933 31020 21 iResearch I 80 90 22 iResearch I 20/40-50/23 iResearch I O2O IT 24 iResearch I/WMS ERP CRM 2526 iResearch I 2017 1.2.3.1.2.3.27 iResearch I IT 2015-2019 1 2018 2 A 2018 9 B1 2019 1 B+TPG2 2018 10 2019 4 Pre-A SIG 3 2018 8 600 4 2018 7 A 1000 DCM 5 2017 3 2018 7 6 2018 1 2018 5 Pre-A 7 2016 5 2016 12 Pre-A 1400 2017 9 A 2018 8 B DCM 2019 2 C 5000 Tiger()DCM 8 2015 8 100 2016 6 A DCM BAI 2017 11 B 28 iResearch I 2018 900 E 2019 E29 1 2 3 4 530 iResearch I 8 1 2017 152 2018 185 2 2018 GMV 290 54.0%2018 AI O2O 8 B2C B2B 31 iResearch II.T I.T I.T 2011 10-.T I.T O2O O2O I.T OMS I.T ERP CRM CRM O2O AI B2C O2O32 iResearch I CRM 100 colourmix BD-2017 33 iResearch I(Naturelab.Co.,Ltd.)Naturelab Naturelab ERP 2017 7-IT ERP ERP 2018 3200 2017 40 618 11 0 1 Naturelab 34 iResearch I 2011 AI IBP ISO9001 2018+DMP 7*24+70%60%1.5-+35 iResearch I+AIPL+AIPL AIPL 1.4+5000W+200%+1000%+PV 500%+UV 1800%+36 iResearch I 2019 30%10 70%TOP3 TP 70%TOP3 5 30 37 iResearch I CRM 6000 online No.1 2010 10-No.1 30-40 38 iResearch I O2O 2019 6000 2017 2019 5 1200 240 GMV 5 10 2019 70%2018 2 3 TPG 20 20%-25%i 6-10 i 10 39 iResearch I7 8 9 10 11 12 2018 7-11 1.2.3.I RFM ROI/GMV 9.3 260%40 1 2 3 4 541 iResearch I 42 iResearch I 1.2.3.IT 43 iResearch I 2017 63.2%2016 1.5%2018 N=623 442019.6 iResearch I 2019.6 iResearch I zara U U 1-3 10-15 Zara2018 2 1.2 123 1-2 100-500/200-600/45 1 2 3 4 546 iResearch I 47 iResearch I 48 iResearch I 3C/GMV 49 Keep Learning 400-026-2099 50
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