硅谷银行(SVB):2023年消费者互联网状况报告(英文原版+译版)(20页).pdf

1、2023andBeyondDisruptorsEmergeintheFaceofChangeTheSlowdownSpeedsUpStateofConsumerInternet20232StartupsShiftFocusasExitPlansArePutonHoldSteppinginto2023,atoughermarketenvironmentpersists:Elevatedinflation,continuedinterestratehikes,risinggeopoliticalrisk,andfalling

2、consumersentimentdotthemap.Once-pandemic-relatedtailwindshavenowbecomeheadwinds,causingeconomicgrowthtoslow,publicmarketstofall,capitaltobecomescarceandconsumerstoscalebackonspending.Yetwhilethecurrentlandscaperemainschallenging,thisispreciselywhendisruptorsare

3、born.Today,foundershavetimetoslowdown,focusonproductmarketfitanddeveloplong-lastinginnovations.Furthermore,recenttechindustrylayoffswillprovideagreateravailabilityoftalenttofoundnewcompaniesgivenfallingopportunitycosts,fuelingthenextwaveofinnovation.Thekeyforco

4、nsumerstartupswillbetwofold.First,companieswillneedtobeagileandnimble;theabilitytoquicklycutburnandextendcashrunwaywillbeparamount.Companieswillneedtobecomegrittierandstretcheverydollar.Thiswillultimatelyforcethemtobemoreefficient,betterequippedforlong-term

5、growthandbetterpreparedtomeetthedemandsofexitmarkets.Second,startupswillneedtocapitalizeonshiftingconsumertrends.Forexample,consumersincreasinglywantamorepersonalizedexperience,yettheyexpectmoreprivacy(looknofurtherthanthedemiseofcookiesandcross-apptracking).T

6、heongoingproliferationofgaminghasledtogreaterdemandformultiplatformandon-demandgames.Corevaluesarecontinuingtoshiftamongstconsumers,especiallyasthedemographicofthemodern-dayconsumerchangesasyoungergenerationsmakeupagreaterpieceofthepie.Factorssuchassustaina

7、bilityandenvironmentalimpacthavenotcheduptheprioritylist.Thesearejustsomeofthechallengesandopportunitiesstaringdownconsumerstartups.Onlycompanieswiththebesttechnology,ideasandgo-to-marketstrategywillclearthehurdles.Luckily,thereisnoshortageofinnovativeideas.Thr

8、oughoutthisreport,wehighlightafewexamplesofnichesdisruptingtheconsumerspace,fromreverselogisticscompaniesspecializinginbrandedrecommercetoemergingsubsectorswithincommerceenablement.Withcarefulnavigation,consumerstartupscantakeadvantageofleanertimesandshiftingcons

9、umerpreferencestobuildbetterbusinesses.Thisisthemomentwhenstartupscancapitalizeontheopportunitypresentedandturnthemselvesfrommarketplayerstoamarketleaders.Webelieveinthesecompanies,andwebelieveintheinnovationeconomy.SeniorMarketManager,ConsumerInternetStateof

10、ConsumerInternet20233StateofConsumerInternet20234BrickandMortarRevivalConsumersarebackoutinthephysicalworld,butthecommercialspacesofoldneedreinventing,givenreduceddowntownofficefootprintsandpandemicclosures.This,coupledwiththeneedtocutthroughincreasinglynoisyon

11、linechannels,posesanopportunityforcompanieslookingtoreachconsumerstheanalogway.Offeringcustomersanexperienceincreasesloyalty.NotableCompaniesFormedduringtheGFC(2007-10)EntrepreneurEnablementThereshufflingoftheworkforcecoupledwithinflationarypressuresplacesgreaterimp

12、ortanceonthesidehustle,andontoolsthatcanhelpindividualentrepreneursandcreatorsefficientlymonetizetheiroutputandproductsbothinphysicalanddigitalworlds.APrescriptionforSubscriptionsMorecompaniesareleaningintopaidsubscriptionsasapredictablesourceofrevenue.Followi

13、ngAmazonsPrimemembershipmodel,Walmart,BestBuyandBarnes&Noblenowofferpaidannualmemberships.Weexpectotherstofollowsuit.Themodelresonateswithinvestorsandcompanieswhofavorthereliabilityofsubscriptionrevenueandthebenefitsitcanhaveonretention.CAConTrackWithprofitab

14、ilityinthecrosshairs,consumertechcompaniesareprioritizingacquiringfewer,higher-qualitycustomers.Customeracquisitioncosts(CAC)areunderscrutinyasinvestorswantthebiggestbangfortheirbuck.Thishasledtoadrawbackinspendingwitharound60%ofconsumertechcompaniesdecreasingth

15、eirmarketingspendYoYasofQ42022.1VerticalCommunitiesAssocialmediamigratestowardcontentforentertainment,usersareseekingnewchannelsforconnectionbasedonsharedinterests.Itsanaturalextensionthatthesemorecuratedspaceswouldinvitecommerceopportunities.Weexpectbrandsan

16、dcreatorstomonetizetheseemergingsocialspaces.Afterall,moreengagedusersaremoreengagedcustomers.M&AManiaValuationsarebeginningtoresetafterreachinghighmarksin2021.Asthebacklogoflate-stagecompaniesbuildsamidaclosedIPOmarket,pressuremaygrowforfounderstoachievean

17、exit.Withsomepublic,andmorescaledprivatecompaniesflushwithcashfromtherecentbullmarket,weexpectstrategicacquisitionstospikein2023.ThequestionisatwhatvaluationItmaynotbepretty.AIforE-commerceArtificialIntelligence(AI)tookaleapforwardinthelastsixmonths.E-comme

18、rcepresentsanidealspaceforthesenewtechnologiestotakeroot.Writingtaskssuchasadcopy,productdescriptions,andmarketingemailscanbespedup.Thetechcouldalsoimprovecustomersupportandenablemorepersonalizedmarketingandshopping.Evenreportsabout,say,ConsumerInternet,couldb

19、ewrittenwithAI.WasthisoneWellnevertell.2StreamingGetsInTheGameGamingwithstreamingandsubscriptionserviceswilllikelycontinuetogrowmorerobustthankstoanincreaseingamesthatareavailablecross-platformandimprovedinternetspeeds.Theremayalwaysbeasegmentofgamerstha

20、tprefertheperformanceofPCandconsoles,buttheaccessibilitystreamingofferscontinuestoaddvalueforgamers.RecommerceRisingMorebrandswilllikelyreclaimtheirsecondhandsupplychain.Third-partylogisticsprovidersareenablinganybrandtoestablishandorwhite-labelaresaleprogram.

21、Thisoffersbrandsanewsourceofrevenueandbrandprotection.Consumerscanbothsavemoneyandshopmoresustainably.Notes:1)Seepage9.2)Itwasnt.4.1%6.7%6.6%11.2%19.1%-4.8%-8%27%-10%0%10%20%30%2004200620082010201220142016201820202022YoYchangeNotes:1)Debtpaymentsaveraged9.7%ofdisposableinc

22、omeinQ32022downfrom13.2%inQ42007.2)Personalsavingsaveraged14.3%ofdisposableincomein2020-21,upfrom3.5%in2006-07.3)AveragemonthlyreturnsindexedtothesettlementpriceonJan3,2022.4)Ratesandyear-over-year(YoY)changebasedontheDecember(orlatest)readingforeachyear.Federal

23、FundsRateisthedefaultlendingratetobanks.5)Spendingandinflationdataexpressedasaverageannualpercentagechange.InflationistheYoYchangeintheConsumerPriceIndex(CPI).Source:St.LouisFed,MorningConsult,BureauofEconomicAnalysis,S&PCapitalIQandSVBanalysis.AverageUSInteres

24、tRatesbyType4StateofConsumerInternet20236S&P500NASDAQ-90%-80%-70%-60%-50%-40%-30%-20%-10%0%Jan22Mar22May22Jul22Sep22Nov22Jan23GFCPandemic21%8%5%1%0%-1%-9%-10%-10%-12%-14%-19%-22%DuringtheGFC,spendingondurablegoodsplungedasconsumerspostponedbig-ticketpurchases.Stimulusspen

25、dingCOVID-19lockdownYoYchangeinNov2022Forallitsintensity,thecurrenteconomicslowdownhasfailedtodeliverwidespreaddamage(yet).Yes,economicgrowthhasslowedandpublicmarketshavebeenpummeled,especiallytechstocks.However,unliketheGFC,whichwasmarredbysweepingjoblosses,fore

26、closuresandbankruptcies,thecurrentdownturnhaslargelybeenabsorbedbyshareholders.Profitsfromthepandemic-fueledbullrunhavelargelyshieldedthebroadereconomy,asfundamentalslikeemploymentandwagegrowthremainpositive.Yettheprevailingoutlookisgettingmorenegative.AJanuaryp

27、ollbyTheWallStreetJournalfoundthat61%ofeconomistsexpecttheUStoenterarecessioninthenext12months,upfrom18%ayearago.Consumertechhasnotbeenimmunetotheimpactsofthedownturn.Areversalofpandemictrendslikeonlineshoppingandremoteworkcaughtcompaniesflat-footedl

28、astyear.InJune,Shopifylaidoff1,000employees,roughly10%ofitsworkforce.CEOTobiasLtkesaidthecompanyoverestimatedthepermanenceofonlineshoppingshiftsingrowingtoorapidly.“Itsnowclearthatbetdidntpayoff,”Mr.Ltkesaid.OtherbigconsumertechcompaniesincludingMeta,Alphabet,T

29、witterandSnapfollowedwithlayoffsinH22022,insomecasesunwindinghiringspreesfrom2021.Thepullbackcomesashighinflationandrisinginterestratesaredampeningconsumerspending.Homeandautosalesneardecadelowsin2022.Householdsavingsratesfellto3.4%,downfrom7.5%ayearago,a

30、ndconsumerconfidenceishoveringneartherecordlowreachedinJune2022.Whileinflationisfinallyabating,astrongerthanexpectedJanuaryjobsreportmayconvincetheFederalReservetokeepraisingrates.However,itsnotalldoomandgloom.Consumersarebetterpreparedtoweatherarecessiont

31、odaythanpriortopastdownturns.Householdsoffloadeddebt1andsaved2duringthepandemic,andemploymentremainshighfactorsthatcouldbuoyarecovery.SelectConsumerTechStockReturns3Q42020Q42021Q42022BasisPointIncrease2021to2022InflationandUSPersonalExpendituresbyProductType5Dur

32、ableGoodsNon-DurableGoodsServicesInflationRecessionDurableGoodsNon-DurableGoodsServicesFederalFundsRateMortgage(30yr.)Auto(60mo.)Personal(24mo.)CreditCardEducationHealthcareGroceriesHousingHotelsGas/fuelHomeFurnishingsRestaurantsApparelAlcoholAutoPaymentsPersonalCareServicesAirfare40236

33、1188214456-8%-7%-6%-4%-3%WomensClothingStationeryMensClothingShoesCosmeticsFurnitureJewelryNewVehiclesRVsBicyclesUsedVehiclesSmallAppliancesHomeDcorComputersMajorAppliancesTVsFlooringBoatsDishwareMotorcyclesToolsOutdoorEquipmentAircraftCoffeeandTeaWomensClothingMensClothingFoodatRestau

34、rantsShoesSodasCosmeticsAlcoholatRestarauntsFreshProduceBeerPrescriptiondrugsStationeryWineCleaningProductsGamesandHobbiesPersonalCareProductsSpiritsMovieTicketsHealthInsurancePackageDeliveryRetailBankingStudentHousingLiveShowsDoctorVisitsHotelsMuseumsandLibrariesInternetChildcareT

35、VServiceMovingandStorageDrycleaningTailoringandAlterationsComputerSoftwareHospitalsHouseholdRepairsHigherEdStateofConsumerInternet20237Yachtdealersmaybeinforaroughyear.Whentimesaretough,luxuriesarethefirsttogo.DuringtheGFC,AmericansboughtfewerRVs,motorcycles,TVs,furn

36、iture,andevennewcarpet.Ifitcouldwait,itdid.Newvehicles,usedvehicles,jewelry,clothing,vacationshouseholdsslashedbig-ticketpurchasesacrosstheboard.Fortechfounders,thisshiftinconsumerbehaviorpresentedanopportunity.Whilelargeincumbentsstruggletoadaptquicklytochange,start

37、upscancreatestrongfootholdsinthemarginsofadownturn.In2008,BrianCheskyandhisroommatesrecognizedthattravelerswerelookingforanaffordablealternativetohotelrooms.TheystartedbyrentinganairmattressintheirSanFranciscoapartment.Today,Airbnbisoneofmanysuccessfultech

38、startupstoemergefromtheGFC.Downturnscannotonlybeagreatfoundationfromwhichnewcompaniesarespawned,buttheycanalsoserveasacceleratorsforexistingstartups.Shopify,forexample,wasatwo-year-oldcompanystrugglingtoscalein2008.Thesurgeinsmallbusinessesthatarosefromsi

39、dehustlesduringtherecessiongaveShopifyacriticalboost.Consumercompaniescanalsoleanintogrowthtrendsduringdownturnsasnoteveryspendingcategorydeclines.Consumersmaywaitonbig-ticketitems,butsplurgeonsmallerpleasureslikecoffee,restaurantsandmovies.Uberrodethiswaveby

40、offeringaffordabletransportationatatimewhenautosalesweredown.Groupondidthesamewithdiscountsonrestaurantsandentertainment.Essentialserviceslikehealthcareandeducationareresilientwhentheeconomyisstressed.Highereducationisboostedwhenunemployedworkersgobacktoscho

41、olorseekupskillingprograms.IftheUSdoesenterarecessioninthenearfuture,itsprobablethatanewroundofdisruptiveconsumertechcompanieswillbeseeded.Thatsaid,notallmarketdownturnsarethesame.Savingsfromthepandemichaveinfusedhouseholdswithmorecashthan2008.Itsreasona

42、bletoexpectthatspendingcutsmaynotbeaspronouncedthistimearound.IndexofSelectUSPersonalExpendituresDuringtheGlobalFinancialCrisis1DurableGoodsNon-DurableGoodsServicesNotes:1)Selectexpendituresplottedasanormalizeddistributionofthepercentchangeinspendingfrom2007to

43、2009onthex-axisandthetotalexpenditurein2009onthey-axis.2)Notablecompaniesarethosethatwereeitherfoundedorreceivedtheirfirstfinancingbetween2007-2009.Source:BureauofEconomicAnalysis,PitchBookandSVBanalysis.DecreaseIncreaseSmallerLargerPhoneServiceMarketSizein2009Ch

44、angeinConsumerSpending2007to2009FinanceandPayments-41%-25%-25%-21%-14%RVsBoatsNewCarsFurnitureTVs-17%-17%-10%-9%-5%HouseholdRepairsMovingandStorageRetailBankingTailoringandAlterationsHotelsNotableConsumerTechCompaniesFormed:2007-092TransportationHomeImprovementRetailandeCommerc

45、eHotelsandTravelHealthcareandFitnessEdTechRecession-ProofMass-MarketGoodsandServicesRecession-VulnerableMass-MarketGoodsandServicesOpportunityforDisruptionOpportunityforGrowthExpectedTwo-YearChangeinMarketingBudgetDuetoShiftAgainstCookies1Notes:1)Basedona2022surveyof

46、morethan175Fortune500marketingleaders.2)Shareofconsumertechcompanies,asdefinedbySVBproprietarytaxonomy,utilizingselectadplatforms.3)CPM=CostPerThousandImpressions.4)Companieswithatleast$100ofmarketingspendperquarter.Revenuebucketsarebasedon2022annualizedrevenue.So

47、urce:LoyaltyResearch/RepData,VaynerMedia,VogueBusiness,SensorTower,FinancialTimes,SVBproprietarydataandSVBanalysis.ShareofUSConsumerTechCompanieswithDecreasingMarketingSpendYoY4StateofConsumerInternet20239ShareofConsumerTechCompaniesUtilizingSelectAdPlatforms2Third-p

48、artycookieshavecrumbled.WhatstartedwithaniOSprivacyupdateinMay2021hasfundamentallychangedhowconsumercompaniesmarkettheirproductsonline.Third-partyadvertisersarenowlimitedinwhattheycanseeaboutiPhoneusersactivity.AlphabetplanstoimplementsimilarrestrictionstoAn

49、droidusersnextyear.Thenewrestrictionsimpacttheadvertisersabilitytotargetadsaswellasmeasureperformanceandattribution.Subsequently,paidsocialandsearchhavetakenahit,withmanybrandscitingincreasedcostsforlesseffectivetargetingasaresult.Butthesetwostrategiesarent

50、outoftheringjustyet.Ina2022surveyofFortune500marketingleaders,53%and47%expecttoslightlyincreasesocialmediaandpaidsearch,respectively,despitetheshiftagainstcookies.1Ascostscomesundermorescrutiny,companiesareprioritizingacquiringfewer,higher-qualitycustomers.Thissh

51、ifthasaccompaniedageneralpullbackinmarketingspend.Amongconsumertechcompanies,nearly60%aredecreasingtheirmarketingspendYoYasofQ42022upfromanaverage39%inQ12022.Lookingahead,tensionsbetweenbrandswantingtoacquirecustomersandconsumerswantingprivacycanbepartlymed

52、iatedbyofferingvalueinexchangefordata.Brandscanofferdiscountsforfriendreferralsorrewardsthroughaloyaltyprogram.Thesetechniqueshelpbrandscapturezero-partydatadataacustomerintentionallyshares.Whenitcomestoreachingconsumers,alleyesareonTikTok,literally.Theservice

53、becamethemostdownloadedappintheworldin2022.TikTokusersspendtwiceasmuchtimeperdayontheappastheydoonFacebookandInstagram,accordingtoSensorTower.Sincelaunchingtheiradplatformin2020,morecompanieshaveturnedtoTikTokdespiteanumberofinstitutionsseekingtoban

54、it.BasedonSVBproprietarydata,in2022,thenumberofconsumertechcompaniesspendingonTikTokadvertisingincreased57%YoY,whileTwitter,AlphabetandFacebooksawslightdeclines.2%8%16%12%4%14%20%27%41%35%30%24%28%23%32%41%44%43%43%32%47%53%24%17%13%12%11%9%2%4%1%1%0%PodcastsOfflineAds/Direct

55、MailProgrammaticAdNetworksOver-the-Top-AdvertisingPartnershipMarketingInfluencerMarketingEventsEmailMarketingOrganicSearchPaidSearchSocialMediaSignificantIncreaseSlightIncreaseDecreaseQ12022Q22022Q32022Q42022RevenueBand40%42%31%40%58%48%51%45%58%54%52%58%59%61%61%56%$0-$1M$1M-$15M$15M

56、-$50M$50M+0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4202020212022Between2021and2022,thenumberofcompaniesspendingonTikTokincreased57%.1.4xCPMasaproportionofTikTok31.1x1.8x2.6xSearchenginefore-commercewebsitesSalesJourneyAI-poweredvisualsearchAI-enabledconversatio

57、nalsalesforexistingcustomersCustomerloyaltyplatformPurchaseRetentionAdvocacyFulfillmentAwarenessConsiderationCommerceEnablementHypeCurveCustomerJourneyCommerceEnablementSelectExamplesMulticarriershippingplatformfore-commerceSubscriptionmanagementTurnsShopifystoresintoamobi

58、leappWhensupplychainswereatastandstillanddemandforgoodssurgedduringthepandemic,commerceenablementcompaniesseemedtohavetheMidastouch.Frommobilecommercetofulfillmentanddelivery,enablementcompanieshelpingretailersconnecttocustomersonanypointalongthecustomerjour

59、neywereinhighdemand.Fast-forwardtonowandthelandscapehaschanged.Commerceenablementcompaniesarefeelingthestrainofweakeningconsumerspending.Whilethesecompaniesaremainlybusinesstobusiness(B2B)andarethereforeshieldedfromsomevolatility,theyarefeelingthecrunchfromcos

60、t-cuttingasclientsscrutinizeeverylineitem,downtoindividualsoftwarecontracts.Giventheseheadwinds,andthebroadermarketslowdown,VCdealsforselectcommerceenablementsubsectorsdeclinedin2022,withreverselogisticsasoneofthefewbrightspots.Areassuchaslivestreaming,headlessc

61、ommerceandfulfillmentanddeliverysawsteepdeclinesamidthedrawbackinconsumerspending.However,promisingtechnologyiscreatingoptimismforthefuture.ChatGPT1tooktheinternetbystorminQ42022.OpenAIspublicchatbotreleasedafloodgateofenthusiasmandspeculationforhowgenerativeAI

62、coulddisruptcommerceenablement.ThisincludeseverythingfromwritingdescriptionsandSEOtitles,tocustomersupport,toadcopy.Emphasiswasalsoplacedinareassuchasinventorymanagement,asmanyretailersmisjudgedconsumerdemandinQ32022.Thiswasevidentbytheadjustedapparelsales-to-

63、inventoryspread,whichflippedfrompositive16%inQ32021tonegative16%inQ32022,indicatingsalesarelessthaninventorylevels.2Tohelpitscustomersbettermanageinventorycomplexity,Shopifysoughttobolsteritsinventorymanagementtoolsthroughthe$2.1BacquisitionofDeliverr.Thedealbo

64、ostsShopifyslogisticscapabilitiesaddingpredictivefeaturesandcombiningmultiplesaleschannelstogether.StateofConsumerInternet202310PointinCustomerJourneyAwarenessConsiderationPurchaseFulfillmentRetentionMultistageBackEndCustomerFacingAdvocacyOnShopifyAppStoreChangeinVentureCa

65、pitalDealCountsforSelectCommerceEnablementSubcategoriesBrandedRecommerceReachingtheplateauThisiswhenmainstreamadoptionofthetechnologystarts.Associatedrisksarereducedandbenefitfromthetechnologyisbroadlyaccepted.Marketsharegrows.ExpectationsBNPLHeadlessCommerceChatGPTIn

66、novationTriggerPeakExpectationsDisillusionmentSlopeofEnlightenmentPlateauofProductivityShoppableMediaLoyaltyandIncentivesLivestreamandSocialCommerceImmersiveCommercePersonalizationMobileCommerceAnalyticsandCDPs3PaymentInfluencerMarketingDigitalTwinAffiliateMarketingSubscriptionsRe

67、verseLogisticsInventoryManagementEnablementAlongtheCustomerJourneyE-commercecompaniesrelyonanecosystemofenablementtoolsthataddvalueandstreamlineoperationsalongthecustomerjourney.-41%-35%-33%-33%-31%-26%-26%-15%-14%-12%57%20212022ReverseLogisticsAnalyticsandCDPsMobileComm

68、erceOverallVCLoyaltyandIncentivesBNPLFulfillmentandDeliveryHeadlessCommercePersonalizationPaymentLivestreamandSocialCommerceNotes:1)GPT=GenerativePre-trainedTransformer,alanguagemodelthatusesdeeplearningtoproducehuman-liketext.2)Bloombergarticle.3)CDP=CustomerDataProfile.Sour

69、ce:PitchBook,AlphabetTrends,Shopify,BloombergandSVBanalysis.FulfillmentandDelivery$16B$17B$19B$21B$18B$21B$23B$26B$28B$30B$31B$2B$3B$5B$7B$9B$14B$20B$28B$37B$46B$51B6%7%8%9%9%11%14%16%19%21%22%20162017201820192020202120222023202420252026StartupsPracticingCircularStrategies7Notes:1)Rentthe

70、RunwayviaWallStreetJournal.2)Accordingtoa2015UKBarnardossurvey.3)TheNewYorkTimes.4)thredUP.5)Statista.6)Publiclyavailableinformationonbrandssellingtheirownpre-ownedproductsonlinetoUSshoppers.7)Konietzkoetal.2020.Source:TheCircularityGapReport,GlobalData,thredUpRecomm

71、erce100,Statista,TheWallStreetJournal,Barnardos,andSVBanalysis.ReverseLogisticsPowerRecommerceBrandsAdoptingRecommerce6StateofConsumerInternet202311USSecondhandApparelMarketRevenue4ReturntoStockLiquidateForecastWave1:P2PmarketplacesfilledthegapbeforebrandedrecommerceWave

72、2:BrandedRecommerce42009-1820192020202120225935121SelectExamplesIn-storeorDigitalTrade-InforCreditAI-AssistedInspectionSenttoRecommerceProviderResaleRepairRecycleDonateSelectExamples:TheUSapparelindustryhasbecomeahotspotforcirculartransformation.Onaverage,USshopperspurchase

73、68garments1peryearanddiscardanitemafterwearingitonlyseventimes.2Asaresultofthisconsumptionpattern,andtheincreasingpublicconcernovertheenvironmentalimpactofapparelwaste,thedemandforsecondhandclothinghassurgedinthelastdecade.Secondhandclothingsalesgrewfrom

74、6%oftotalapparelsalesin2016to11%in2021andisexpectedtoreach22%by2026.Corporationsaremovingtocapitalizeonthisshiftinconsumerpreferencesbyutilizingsecondhandmarketsoftheirowntocaptureresalerevenueaswellascontrolthenarrativesurroundingtheirbrand.Therehavebe

75、entwodistinctwavesoftech-enabledsecondhandapparel.Thefirstwavecenteredaroundpeer-to-peermarketplaces(P2P).AftertheGFC,consumerswantedtomonetizetheirclosets,andsavemoneywhilehavingaseamlesse-commerceexperience.3Twonotableresalemarketplaces,PoshmarkandthredUP,raiseda

76、combined$400Minventurefunding.Bothendedupgoingpublicatvaluationsover$1B.Thesecondwaveiscenteredaroundbrandedrecommerce.Bycontrollingtheirownsecondhandmarkets,brandsgetdoublebenefitofbrandprotectionandnewstreamsofrevenuewithminimaladditionalcosts.Consumersareloo

77、kingtobemoresustainable,butalso,inaninflationaryenvironment,remaincost-conscious.Thisispossiblethankstothird-partyreverselogisticsprovidersspecializedinrecommerce.AIcanbeusedtoidentifyagarmentandassignitattributes,setapriceusingthosegarmentsattributesandavailab

78、leresaledata,andrelistanitemforsaleswithminimallabor.QueueanotherusecaseforgenerativeAI.ThriftandDonationRecommerceSecondhandasaPercentofTotalUSApparelMarket5Brandssellingtheirownpre-ownedproductsonlinetoUSshoppers202020172021201720222022YearLaunched20172022202220

79、1120092011200920132013YearFounded200920152011IdentifyPriceClose:RecyclingMaterialsTextileRecycling$60MSlow:ProductLongevityandLifeExtensionRecommerceEnablement$130MRegenerate:Renewables+ImprovingNaturalEnvironmentMushroomLeather$256MNarrow:MinimizeResourcesperProduct3DScanned-to-FitDe

80、nim$11MStrategySelectExample,TotalRaisedandSelectInvestors2%vs.17%AveragerevenuegrowthofUSapparelmarketYoYvs.thesecondhandapparelmarket2016-2026actualandforecasted.$0B$50B$100B$150B$200B$250B20122013201420152016201720182019202020212022E$10.2B$4.4B$31.4B$6.3B$4.6B$3.2B$9.4B$34.9B$

81、27.3B$68.7B1161171511351601641843402432014201520162017201820192020202120222023*Thegamingindustryhasevolvedfromone-timepurchasesofcartridgesandconsolestoGames-as-a-Service(GaaS),anevolvingproductsupportedbysubscriptionsandin-gamepurchases.Revenuegrowthandaccesstoanincreas

82、inguserbaseattractedbigtechcompanies,whoveacquiredstudiosfortheirintellectualpropertyandbuiltstreamingplatformsAmazonLuna,NvidiaGeForceNOW,NetflixGames,andXboxCloud(Microsoft).MicrosoftsdecisiontopursueActivisionBlizzardthelargestgamingcompanybymarketcapitalization

83、ispredicatedonexpandingtheirlibraryoftitlesandbuildingastrongermobilegamesfootprint.Despitetheoptimism,someambitiousbetshavestruggled.AlphabetshutdownitscloudgamingserviceStadiainJanuary,andMetalost$13.7BonitsRealityLabsdivisionin2022.Mobilegamesrevenuehasbe

84、enlargerthanPCandconsolecombinedsince2017.Lastyear,abouthalfofrevenueformobilegamescamefromads,withtherestcomingfromin-apppurchases(IAP).1Fortniteenteredthemobilespacein2018butwaskickedoffApplesappstorein2020forcircumventingApples30%cutonIAPs.Thishasfue

85、leddebateoverthepowerthird-partyappstoreshaveoverdevelopers.InFebruary2023,theDepartmentofCommerceissuedacallforpolicychange.GamingisviewedasausecaseforWeb3andcryptoasgamerswerealreadyfamiliarwithbuyingandsellingdigitalgoods.In-gameeconomieshavelongexist

86、edEveOnline,SecondLife,Fortnite,RobloxwithoutnotablecryptoorWeb3connections.Whencryptoexplodedinpopularityin2020,therewasariseinplay-to-earngameswhereplayerscouldwincryptoornon-fungibletokens(NFTs).Asthethoselostvalue,payersloggedout.Web3sroleingamingisstillb

87、eingdefinednewblockchainbasedgamesstudiosarestillpoppingupbutimmersivein-gameeconomiesareheretostay.Notes:1)Percentageofdailyplayerswhoreturnedeachmonth,UnityGamingReport2022.2)YoYnumbersaggregatedfromNewZoo.3)GlobalTheatricalandHome/MobileEntertainmentMarket.4)I

88、FPIGlobalMusicReport.5)UnityGamingReport2022.6)BasedonpubliclydisclosedcompletedacquisitionsforcompanieswithinthePitchBookvertical“Gaming.”Source:NewZoo,TheMotionPictureAssociation,PitchBook,KonvoyVC,IFPI,UnityandSVBanalysis.GlobalGamingM&AMultiplatform5GamesReleasedbyYe

89、arperPlatformStateofConsumerInternet202312GlobalGamingRevenueperDeviceandTimeline2TotaldealsumM&A$BUSDM&AdealcountEstimateforMicrosoftsacquisitionofActivisionBlizzardannouncedin2022notyetcomplete.ConsolePCMobileAcquirerAcquisitions627112010101019161012NotableGamingAcq

90、uirers2014-2022PokmonGoreaches500Mdownloadsinoneyear.NintendoreleasesSwitch.$92B$40B$51BMicrosoft,announcesintenttoacquireActivisionBlizzardfor$68.7B.XboxlaunchesGamePass.Microsoft,Nvidia,GoogleandAmazonlaunchcloudgaming.MetaacquiresOculusfor$2B.PlayStationNowlaunchesbe

91、ta.Nvidialaunchesbetaoftheircloudgamingservice.Dota2introducesaseasonpassmodelforthefirsttime.CandyCrushSagaformobilepopularizesin-appmonetization.Fortnite,aPCandconsolegame,isportedtomobile.Itgenerates$2.4Brevenuethatyeararecordyettobebroken.ApplelaunchesA

92、ppleArcade.Netflixlaunchesgamingdivision.$185BGlobalfilmindustry3Globalmusicindustry4$100B$26BGlobalgamesrevenue202040608010020142015201620172018201920202021Growth113%MultiplatformStrategiesPersistentAccountsPCPlayStation4XboxOneMobileXboxSeriesX/SPlayStation5NintendoSwitchT

93、hedeclineinpublicmarkets,risinginterestrates,andreversalofpandemic-fueledconsumertrendsmade2022adifficultfundraisingyearformanyconsumertechfounders.Capitalinvestedfellfrom2021highsacrossmostsubsectors,withcommerceenablementandgamingandesportsbeingtheonlyexcept

94、ionstotherule.Eventhesesectorshitawallinthebackhalfoftheyear,astheprolongedslowdowncausedinvestorstopumpthebrakesandshifttoearlier,lesscapital-intensivedeals.Themoredifficultfundingenvironmentcausedvaluationstorebase.Later-stagedeals,whicharemoresusceptible

95、topublicmarketvaluationmovements,weremoreimpactedbythevaluationadjustments.Valuationsfortheselater-stagedealspeakedat2.5xtheirpre-COVID-19levelsandhavefallenbacktotheir2020levels.Furtherupthefundingfunnel,seed-stagedealsplateauedbutremainelevated.Investorsunders

96、tandearlier-stagecompanieshaveyearsaheadbeforeapotentialexit,andVCshaveshiftedpreferencetotheseearlier-stagedealsasanalternativetoriskatthelater-stage.Thisthesisisconfirmedwhenanalyzingvaluationstep-upsbetweenrounds.In2022,SeriesAcompaniesincreasedtheirvaluati

97、onsbyamedianof4.3xtheirseedroundvaluations,aslightdipfromthe2021step-upbutstillwellaheadofthe2020level,anindicationdemandstillexistsforVCdealsthatareleastexposedtopublicmarketfluctuations.SeriesBtoSeriesCstep-ups,ontheotherhand,sawadecelerationinthe

98、step-upamount,fallingbackto2020levels.Forexample,aSeriesBcompanyvaluedat$100MwouldhavebeenpricedforaSeriesCdealat$360Maccordingto2021smedianstep-up.Thesamecompanydoingthesamedealwouldhavea$250Mvaluationin2022.USVCInvestmentinConsumerTech1Notes:1)Dataasof

99、2/8/2023.VCdefinedasallseries,stagesandroundsforUS-headquarteredconsumercompanies.ConsumertechcompaniesdefinedusingSVBproprietarytaxonomy.2)Dataasof2/2/2023.ConsumertechsubsectorsbasedonSVBproprietarytaxonomy.3)Valuationstep-upsarethemedianchangeinvaluationforcomp

100、aniesgoinguparound.Doesnotincludeadd-onorextensionrounds.Source:PitchBook,SVBproprietarydataandSVBanalysis.14StateofConsumerInternet20230100200300Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4202020212022Indexedto100Later-stagevaluationshavefallentopre-COVID-19levelswhileseedstagevaluations

101、haveheldstrong.SeedRoundEarly-StageVCLate-StageVCIndexof180-DayTrailingMedianValuationforConsumerTechCompaniesMedianValuationStep-UpsforConsumerTechCompaniesbyRound3TotalVC2022$21.3B$20.5B$19.2B$45.9B$30.2B1,5481,8021,6712,4062,01620182019202020212022VCInvestmentYoYChang

102、eVCinH2202254%2%-7%-26%-40%-41%-44%-45%-54%-57%$2.7B$4.7B$2.8B$7.9B$3.6B$1.1B$0.8B$1.8B$2.6B$2.1BCommerceEnablementGamingandEsportsE-commerceManagedMarketplacesDigitalNativeVerticalBrandAdTechPeer-to-PeerSocialNetworksandMessagingMediaandEntertainmentEdTechUSVCInvestmentbySubsec

103、tor2$10.8B$11.0B$4.9B$3.5B662551423380Q1Q2Q3Q42022CapitalInvestedDealCountMiddle50%Median2.8x4.7x4.3x3.1x3.7x3.9x2.5x3.6x2.5x202020212022202020212022202020212022SeedtoSeriesASeriesAtoSeriesBSeriesBtoSeriesCThesimplestwaytowinmarketshareinadownturnistosurvivethedownturn.As

104、theeconomicslowdownpersists,consumertechfoundersaredoingwhattheycantoconservefundsandextendcashrunway.Thisincludespivotingbothsidesofthefinancialequationbycuttingcostsandmaximizingrevenue.However,fallingconsumersentimentanddecreasedconsumerspendingiscreatingh

105、eadwinds.Revenueisdownacrossmostconsumersubsectors,with61%ofVC-backedconsumercompaniespostingquarter-over-quarter(QoQ)revenuegainsinQ42022,downfrom75%lastyear.Consumercompaniesarescramblingtoaddnewincomestreams.Netflix,forexample,hasaddedad-supportedplansforthefirst

106、timeandiscrackingdownonpassword-sharing.Thechangeshelpedreverseatrendofdecliningsubscribers.Subscriptionmodelsarebecomingmorecommonascompaniesofferpremiumservicestoenticepaidusers.Twitter,underElonMusk,hasleanedintothisstrategywithapaidTwitterBluemodelofferi

107、ngspecialfeaturestosubscribers.Tocompensateforthesofterrevenue,companiesarecuttingspendtothegreatestdegreesincetheCOVID-19pandemicbegan.Thebulkofcutsarecomingfromareasliketalent.LooknofurtherthanTwitter.SincebuyingthecompanyinOctober,Muskhasaggressivelycutc

108、osts,includingdownsizingmorethanhalfthestaff.Whilecutshelpstartupsmaintainliquidity,overallrunwayisshortening.Anotherfactoreatingawayatrunwayiselevatedinflationanelementfounderscantcontrol.Astimebetweenroundscontinuestolengthen,foundersmayconsideranadd-onroundw

109、ithpreviousinvestors,explorealternativefinancingtoolssuchasventuredebtortakeadownround.PercentofConsumerTechCompanies1withIncreasingRevenue2bySubsectorNotes:1)ConsumertechcompaniesdefinedusingSVBproprietarytaxonomy.2)Basedoncurrent12-monthrevenuerun-rate.3)Basedonn

110、etcashburnand12-monthrevenuerun-rate.4)Analysisdoesnotincludeanyadd-onorextensionrounds.Source:PitchBook,SVBproprietarydataandSVBanalysis.MedianMonthsofCashRunway3forUSVC-backedConsumerTechCompanies15StateofConsumerInternet2023MedianRevenueGrowthRateYoYforUSVC-

111、backedCompaniesbySector10.415.215.915.715.014.214.414.112.911.812.911.405101520253035Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4202020212022MedianMonthsBetweenEquityRoundsforConsumerTechCompanies4Middle50%16191915162117161514151805101520253035202020212022202020212022202020212022202020212022SeedtoSeriesAS

112、eriesAtoSeriesBSeriesBtoSeriesCSeriesCtoSeriesDMedianMiddle50%Median42.2%31.6%22.9%19.8%0%20%40%60%80%100%120%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022ConsumerFintechFrontierTechEnterpriseSoftwareQ42021Q4202264%79%71%80%69%49%50%54%59%75%MarketplacesAdTechCommerc

113、eDigitalContentEdTechIndexedMedianConsumerTechBurnRate1andMentionsofCost-Cutting2Thegrowth-at-all-costsmentalityof2021hasbeenreplacedbytheneedtoconservecashandgrowefficiently.Consumertechcompaniesarefocusingonuniteconomicstogetthebiggestbangfortheirbuck.Metri

114、cslikeLifetimeValue(LTV)andCustomerAcquisitionCost(CAC)areundergreaterscrutinybyinvestorswhowanttoknowthatthetheirinvestmentwillbeputefficientlytowork.Thispriorityshiftshowsupinburnmultiples,whicharetrendingdownascompaniesattempttopivottowardprofitability.Bu

115、rnmultiplemeasurestheamountofnetspendittakestobringinnetnewrecurringrevenue.Forexample,a3xburnmultiplemeansacompanyisburning$3toearn$1ofnetnewrevenue.Whencapitalisplentiful,burnmultiplestendtoexpandascompaniesspendmoretochasehighergrowthmultiplesametr

116、icthatwasrewardedduringtheboomtimesof2021.Thetrendreversesduringadownturnasinvestorshoneinonmargins.Theresultofthismorecarefulspendingisimprovingoperatingmargins.Operatingmarginsimprovedacrossconsumertechsubsectorsandrevenuescalesin2022.InQ12022,attheheig

117、htofthegrowth-firstmentality,only22%ofconsumercompaniesexperiencedimprovingtheirearningsbeforeinterest,taxes,depreciation,andamortization(EBITDA)QoQ.ByQ42022,47%ofconsumertechcompanieshadbettermargins.The25percentagepoint(pp)jumpseenin2022intheshareconsumertechcompa

118、nieswithimprovingmarginsmirrorsasimilarjumpseenduringthepandemic.Theshareconsumertechcompanieswithimprovingmarginsjumpednearly28percentagepointsfromQ12020attheonsetofthepandemictoQ32020.Notes:1)Burnrateandcallmentionsareindexedto100atthepeak.Burnratede

119、finedasnetburndividedbynetnewrevenue.2)Callmentionsofcostcuttingbasedonaggregatedatafromproprietarycalllogs.Calllogsareintheformofwrittennotes,notrecordedconversations.3)Burnmultipledefinedasnetburnovernetnewrevenue.4)Revenuecalculatedusing12-monthrevenuer

120、unrate.5)Changeinquarter-over-quarterEBITDAmargin.Source:PitchBook,SVBproprietarydataandSVBanalysis.MedianEBITDAMarginforVC-backedConsumerTechCompaniesbyRevenue4PercentageofUSVC-BackedTechCompanieswithImprovingEBITDAMargin516StateofConsumerInternet202363%22%47%0%10%20

121、%30%40%50%60%70%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022ConsumerAllOtherSectorsMedianBurnMultiples3forVC-BackedConsumerTechCompaniesbyRevenue4CompaniescutcostsamidCOVID-19lockdowns.Growthisdeprioritized.Costsfall.02040608010020182019202020212022BurnRateCall

122、MentionsofCost-CuttingCompaniesconservecashamidCOVID-19lockdowns.Burnincreasesduring2020-21fundingfrenzy.Growthatallcosts.Growthisdeprioritized.Burnfalls.Q1Q120212022Q3Q3Q1Q120212022Q3Q3Q1Q120212022Q3Q3$0-$10MRevenue$10M-$50MRevenue$50M+Revenue-225%-200%-175%-150%-125%-100%-75%-5

123、0%-25%0%EBITDAmarginsareimprovingcomparedtothepeakofgrowth.34ppimprovement6ppimprovement9ppimprovement$0-$10MRevenue$10M-$50MRevenue$50M+Revenue0.0x0.5x1.0x1.5x2.0x2.5x3.0x3.5xQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022BurnpeakedinQ12022andhasdeclinedas

124、companiesfocusonprofitability.3.1x1.5xthredUPAllbirdsWarbyParkerRenttheRunwayBigCommerceUdemyCourseraDuolingoRobloxDoorDashNerdWalletPinterest1x1x3x1x3x2x2x8x9x3x1x6x18x11x13x11x6x15x10x7x17x8x3x9x1,8002,3002,8003,3003,8004,3004,800RevenueMultiples2forRecentIPOUSConsumerTechCompaniesIt

125、wasthebestoftimes.TheIPOwindowof2020-2021waslikenothingconsumertechhasseensincetheDot-Comera.OverthirtyUSVC-backedconsumertechcompanieswentpublicviaIPOinaspanof18monthsachievingrecordrevenuemultiplesandvaluationsintheprocess.InDecember2020,DoorDashsIPO

126、raised$3.4B.Twomonthslater,Bumbleraised$2.2B.Theimmersiveworld-buildinggameRobloxraised$13.8BdirectlistinginMarch2021.InSeptember,eyewearbrandWarbyParkertookin$3.1B.Inall,consumertechIPOsraised$30Bintheyear-and-a-halfperiodendinginJanuary2022,3.5xmorethantheprevio

127、usfouryearscombined.Withpublicmarketsindecline,thewindowonpublictechexitshasremainedfirmlyshutforoverayear.Redditscrubbedplanstolistata$15BvaluationinDecember2021.Nowtheyreoneofmanycompanieswaitingforanexit.Instacartalsoannouncedplanstogopublicattheear

128、liestopportunity.Astheslowdowndragsonandvaluationsdrop,late-stagecompaniesarefeelingthepressuretorepayinvestors.ThebacklogmeansthatasinglelargeIPOmightclearapathforotherstofollow.Somecompaniesarentwaiting.WhileM&Aactivitywasdownin2022,anumberoflargedealsd

129、idbubbleup.InJanuary,TheNewYorkTimesacquiredsportsnewssiteTheAthleticfor$550M.InJuly,ShopifyacquiredthecommercefulfillmentcompanyDeliverrfor$2.1B.ElonMuskstake-privateofTwittermaybetheexceptiontotherule.Leveragedbuyoutsarelesslikelytooccurwithinterestratescl

130、imbing.Instead,companiesmayusecashreserves,stockpiledduringtherecentbullrun,tomakestrategicacquisitions.M&Adealscouldrampupasrunwaydwindles,forcingcompaniestosellunderunfavorableconditions.Notes:1)ConsumertechcompaniesdefinedusingSVBproprietarytaxonomy.2)Revenuemulti

131、pleistheannualizedrevenuedividedbypost-valuationatthetimeoftheIPOwithcurrentrevenuedefinedastheannualizedrevenuedividedbytheenterprisevalue.Source:PitchBook,S&PCapitalIQ,SVBproprietarydataandSVBanalysis.USM&ADealsforVC-backedConsumerTechCompaniesUSVC-BackedC

132、onsumer1TechIPOsandTake-Privates17StateofConsumerInternet2023$4.9B$5.9B$4.9B$9.3B$12.1B$5.3B100116151132207146201720182019202020212022-56%$2.1B$550M$525M$400MDealSizeDealCountNotableM&Adealsin2022$0B$10B$20B$30B$40B$50B$60B$70B20162017201820192020202120222023in18monthsin31monthsJan

133、2023AtIPOS&P500IndexIPOCompletedIPODelayedTake-PrivateCompleted(Buyouts)ValuationS&P500IndexLevelStateofConsumerInternet202318AliciaFullerSeniorMarketManagerConsumerIDennisRapoportManagingDirectorConsumerILizCahillSeniorResearcherMarketIJoeWernerManagingDirectorConsumerIJos

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1."互联网+"的英文翻译是"互联网+"的英文翻译是___ A. Internet X B. Internet Plus C. Internet add D. Internet more 题目标签:互联网联网如何将EXCEL生成题库手机刷题 如何制作自己的在线小题库 > 手机使用 分享 反馈 收藏 举报 参考答案: B 复制 纠错举一反三 (推断)通过显示属性设置窗口的“桌面”选项卡,能够改变字体https://www.shuashuati.com/ti/36c2b31c87aa4df1acf7c53669e4a9e1.html?fm=bd0d1898a513b9c995409df17908f812a9
2.“互联网+”用英文怎么说?1.如果是中文直译是Internet?Plus,或Internet+。 2.如果加上少许英文语法,则可以翻译为SomethingPlushttps://www.zaoge.com/question/FO16741741967.html
3.营销术语:常见互联网营销术语英文+中文对照常见互联网营销术语英文 网红营销篇术语 Influencer Marketing: 红人营销 KOL :Key Opinion Leader 关键意见领袖,也叫网红 Engagement Rate 互动率 FB:Facebook的简称 IG:Instagram的简称 YT视频:Youtube视频 Campaign:营销系列 Branding:品牌推广 Awareness:品牌认知 https://www.infocode.com.cn/blog/9644.html
4.互联网+行动计划中英文对照翻译规范2015年3月,李克强总理在全国人大和全国政协“两会”的政府工作报告中首次提出“互联网+”行动计划。2015年7月,国务院印发的《关于积极推进“互联网+”行动的指导意见》提出,到2018年,互联网与经济社会各领域的融合发展进一步深化,基于互联网的新业态成为新的经济增长动力,互联网支撑大众创业、万众创新的作用进一步增强,https://www.fanyishang.com/content/7326.html
5.许小年批“互联网思维”新说法没有对应英文词就要怀疑6月6日,中欧国际工商学院经济学和金融学教授许小年在中欧校友班委代表大会上做演讲,对于当下流行的“互联网思维”这一名词,许教授表示“有一个很简单的评判方法,国内流行一些新的说法,如果国外没有对应的英文词,你一定要对它发生怀疑。”演讲中,他对诸如“单品海量”与“做到极致”、“羊毛出在猪身上”与“平台战https://www.guancha.cn/economy/2015_06_09_322644.shtml
6.互联网医疗英文热词解读:CBT患者可以运用电子邮件和治疗师交流,也可以加入论坛与其它患者进行互动,也可以通过互联网自行学习认知行为治疗的知识,并得到治疗师的在线指导、反馈和鼓励。互联网技术方便、省时的优点使得近年来网络认知行为治疗逐渐受到关注。 Joyable是一个基于认知行为疗法的网络在线工具,致力于帮助人们克服社交焦虑症。Joyable主要通过以http://www.360doc.com/content/20/1226/18/73088472_953610587.shtml
7.三通管件中英文对照表[互联网+]管木垫ANCHOR锚MULTITUBE多芯管STAINLESSSTEEL不锈钢STEEL钢COPPER铜AL-BRASS铝黄铜CU-NI铜镍BITETYPEUNION咬合式接头(平肩螺纹接头)BITETYPEREDUCTINGUNION异径咬合式接头BITETYPEUNIONELBOW咬合式卡套弯头BITETYPEUNIONTEE咬合式卡套三通BITETYPEMALECONNECTOR咬合式插承连接BITETYPEFEMALECONNECTOR咬合式内螺纹连接3互联网2 https://m.renrendoc.com/paper/114402977.html
8.“互联网+”背景下大学英语翻译教学模式的创新路径.pdf此种教 语翻译作为基础,增设了欧美电影赏析、 学模式诞生,正式借助了“互联网 +”时 英文报刊文章阅读等选修课程。与此同 代的科学技术优势。在“互联网 +”环 时,还定期举办了英语翻译讲座,提升 境中,教师若能将传统课堂发展模式和 了学生对于英语翻译学习的兴趣,并且 慕课模式相互结合,充分发掘出二者各 帮助https://wendang.xuehi.cn/doc/jdm15ny4c6z5xbhqbocn8h1wrn27jfbu.html
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