E-Commerce Growth = Solid +12.4% vs. +12.1% (Y/Y – Q1 vs. Q4) E-Commerce Sales vs. Y/Y Growth, USA $140B 20% ar) B ) ue e l n B i ( L es d Re al ( S $70B 10% e th w o erc r G m /Y Com Y - E $0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: St. Louis Federal Reserve FRED database. Note: Historic data (Pre-2016) adjusted / back-casted in 2017 by USA Census Bureau to better align with Annual Retail Trade + Monthly Retail Trade Survey data. Seasonally adjusted. Internet Trends 18 2019