2025年健康手表-ABC健身洞察报告 -The AI x Ecommerce Revolution How AI is shaping the Future of Online Marketplaces

TheAIxEcommerceRevolution

HowAIisshapingtheFutureofOnlineMarketplaces

February2025

InvestingintheAI-enabledFuture

ofEcommerce.

Prosusisaglobaltechnologycompany,unlockinganAI-firstworldforits2billioncustomers.Withinvestmentsinmorethan100companiesacrosstheworld,Prosusbuildslocalecommercechampionsingrowthmarkets.

WithleadingpositionsinFoodDelivery,ClassifiedsandFintech,Prosushascreateditsownuniquetechnologyecosystem,drivinginnovation,knowledgesharingandgrowthacrossitsportfolio.

ThroughtheProsusVenturesteam,theGroupinvestsinnewtechnologygrowthopportunitieswithinAI,socialandecommerceplatforms,fintech,B2B

software,logistics,health,blockchain,agricultureandmore.

Theteamactivelybacksexceptionalentrepreneurswhoareusingtechnologytoimprovepeople’severydaylives.

Globalstartupandventurecapitalintelligenceplatform.

Dealroom.coisaglobalintelligenceplatformfor

discoveringandtrackingthemostpromising

companies,technologiesandecosystems.Clientsincludemanyoftheworld’sforemostorganizationssuchasSequoia,Accel,IndexVentures,McKinsey,BCG,Deloitte,Google,AWS,Microsoft,Stripe.

Dealroompartnerscloselywithlocaltech

ecosystemdevelopmentagenciesandenablers,to

createacomprehensivemulti-dimensional

blueprintofthetechecosystem,includingcapital,talent,innovation,entrepreneurshipandoveralleconomicdynamism.

dealroom.co

Page/2

“WelcometoTheFutureofEcommerceintheAgeofAI.

Thiscomprehensivereportoffersadata-drivenanalysisofthetransformativetrends,challenges,andopportunitiesshapingecommerceinthenextdecade.

Marketplaceplatformshaveemergedasadominanteconomicforceglobally,

revolutionisinghowbusinessesandconsumersinteract.Now,artificialintelligencerepresentsaseismictechnologicalshift,poisedtoreshufflethedeckonceagain.

FabricioBloisi

Inthisrapidlyevolvinglandscape,AIadoptionisnolongeroptional—it'simperative.CompaniesleveragingAIareacceleratingtheirrelevancetoconsumers,enhancingpersonalisation,anddrivingunprecedentedgrowth.

CEO

AtProsus,we'recommittedtoleadingthisAI-driventransformation.WeinviteyoutojoinusonthisexcitingjourneyasweexplorethelimitlesspossibilitiesAIbringstotheworldofecommerce.”

Page/3

Page/4

TheDeepSeekmomentforEcommerce-KeyTakeaways

DeepSeeklaunchwilldriveacceleratedvaluecreationattheapplicationlayer

OneofthebiggestimplicationsoftheDeepSeekreleaseisthatwe'reclosertothevalueaccrualinversionbetweenapps<>infrastructurethan

manyexpected.

DeepSeekhasshownthatmodelsand

infrastructurearealreadyrapidlycommoditizing.

Mostvaluecreationwilloccurintheapplicationanddatalayer.Theworldshouldgetreadyforawholenewgenerationofappstoemerge

ThefutureofecommerceisAgentic

NewAIapplicationshelpssuperchargemarketplacenetworkeffects.AIhelps

driveliquiditywithmorelistings,higherconversionstotransaction,andmore

repeatpurchases

IntheAgeofAI,onlythebiggestplatformswillhavethe(data)scalerequiredtowin

Thenextfrontier:AgenticAIwillmake

autonomouspurchasingdecisionsforus

Ecosystemsbestpositionedtowin

Thetruevalueofanyapplicationliesinitsdataandmetadata—theoxygenfueling

AI’spotential.

Ecosystemplaysunlockuniquesetof

vast,interconnecteddataatscale,primedforAIinnovation.

TothriveinthiseraofagenticAI,

companiesmustadapttheirtechstacksaccordingly.

1.StateofMarketplaces

Page/5

Onlinemarketplacesarebigbusiness

$4

Trillion

Enterprise

Valueofall

globalonline

marketplaces

(public)

$1.3

Revenuesof

allglobal

online

marketplaces

(public)

Trillion

Page/6Source:AdaptedfromForerunner;Dealroom.codealroom.co

Why?Marketplacesaregreatatsolvingbigconsumerneeds

Imaginehavingimmediateaccessto…

upwork

18m

workers

7m

cars

uber

8m

12m

products

负airbnb

houses

400k

restaurants

Page/7Source:AdaptedfromForerunner;Dealroom.codealroom.co

RelevanceofMarketplacesisreflectedbyalltimehighvaluations

GlobalcombinedMarketplaceEnterpriseValuebyownership

▊PublicEV▊PrivateEV

Page/8Source:Dealroom.coDataasofDec19th2024.dealroom.co

Onlinemarketplaceshavecreatedsomeofthebiggestoutcomes

Numberof

Valuation($)companiesExamplecompanies

1Trillion+

1

100Billion+4

Booking.comuber

50Billion+

6

Aairbnbooonorsn.seeG身

10Billion+

21

ebayzonato团Expedia

会zillow

5Billion+

17

.zalando:AutoTrader

1Billion+

36

MERCARi

upwork

Page/9Source:Dealroom.coDataasofDec19th2024.dealroom.co

TopPerforming*Marketplaces(Global,privatecompaniesonly)

NameWebsiteTypeHQ

Anyvan

Couriers

avito.ru

Classifieds

Avito

Bolt

Ridehailing

bolt.eu

Groceries

Breadfast

Carro

carro.sg

Cars

Health

Cera

Cookunity

Chefs

EquipmentShare

Equipment

Fever

Events

Dieticians

Foodsmart

Travel

Fora

headway.co

Therapists

Headway

NameWebsiteTypeHQ

iFood

.br

FoodDelivery

Ridehailing

inDrive

Meesho

Ninja

Commerce

Delivery

Ovoko

Carparts

Safi

safi.co

Waste

UrbanCompany

Freelancelabor

UrbanSportsClub

Sports

Fashion

.

Vinted

Whatnot

Liveshopping

Teachers

ZenEducate

Zepto

Groceries

Page/10

Source:Dealroom.co

Note:*RankingofbestperformingmarketplacesbasedonDealroomsignalscorefromJanuary20,2025.

Signalisacompositerelativescorerankingbasedonongrowthmomentumandqualityoffoundingteam.Orderedalphabetically.

=Prosusportfoliocompany

dealroom.co

Inmostindustries,Marketplacesarestillintheirearlyinnings

Sector

Consumerspending

Globalstartup&scaleupactivity

▊.Digital▊.Offline

Alreadyresearchedonlinebutstilltransactedoffline.New

modelslikeiBuyingandfractionalownershipcouldhelpdigitisefurther

Housing

Rent&mortgage65%,Interior&maintenance16%,Energy18%

Health

Gov’tfunded64%(1),Insurance

premiums22%,out-of-pocket14%

Rigidmarket,butCovid-19hasopenedthefloodgatestoinnovatefast

Food

Groceries53%,Alcohol&

Wasslowtomigrateonline(<10%)butnowdigitisingfast

tobacco30%,Restaurants17%

Mobility

Carpurchase34%,Fuel&

maintenance56%,Public10%

Consumersstillspend90%oncarownership.Theremaining10%

ofmobilityismostlybookedonline.

Education

Gov’tfunded87%(1)Out-of-pocket13%

Educationstill90%+offlinebutstartingtodigitiseLockdowncouldinstigaterapidsystemicchange

Onlinepenetrationaround50%.Buteven“offline”partismostlyresearchedonlineandbookedviaemail/phone

Travel

Flights33%,Packagedtravel33%,Hotel33%

Fashion

Onlinepenetrationaround1/3inmostdevelopedcountries.Butsocialdistancinghasmovedbusinessonline

Page/11

Source:DealroomanalysisbasedondatafromEurostatandWorldBank

1.Governmentfundedisaddedtoconsumerspendingheresinceconsumersstilldecides/influenceswheretobuyhealthcare

2.Estimatebasedontop-10mostvaluablecompaniesinthesector.Combinationofpublicandprivatevaluations

dealroom.co

TheUSleads

withmorethan40%oftotal

marketplacefunding.

India'simpressivegrowthcanbe

attributedtoafewmega-roundsraisedthisyear.

Page/12Source:Dealroom.coDataasofDec19th2024.

TopMarketplacesregionsbyFundingfor2024andyear-over-yeargrowth

Y-o-Ygrowth

2024

Regions

-44%

-43%

Averagemarketplacedrop-37%

dealroom.co

dealroom.co

Riseofsocialcommerceisunbundling

thetraditionalmarketplacemodel

IndexedUSquarterlyspendingatTikTokShop,Shein,Sephora&Qurate

150

TikTokshop

Shein

Sephora

Qurate(HSN&QVC)

100

50

200

2020Q1

2021Q1

2022Q1

2023Q1

2024Q1

2024Q3

“TikTokmademebuyit…”

Page/13Source:Dealroom.co;OrionTransactionData(100indexedtoTikTokSpendinQ12024)

Marketplacesarebecomingmediacompanies

Advertisingrevenue,%ofRevenue(2023)

5.0%

3.6%

3.5%

3.5%

2.5%

2.5%

1.5%

6.0%

zoato

Deliveryhero

Page/14Source:Dealroom.co;dealroom.co

2.TheDeepSeekmoment:HowAIshapesecommerce

Page/15

Ubiquityofcomputing

AIisthenextplatformshift

1970’s

Mainframecomputers

1980’s

DesktopPC’s

1990’s

Portablecomputers

2000’s

Internet

2010’s

Mobile&Cloud

2020’s

Artificial

intelligence

Time

Page/16Source:AdaptedfromCuriosity;Dealroom.codealroom.co

AIdrives>50%ofallVCfundingalready;

mostlyininfrastructureandLLMs

%ofSoftwareVCfundinggoingtoAI-Global

Page/17Source:Dealroom.co

GlobalAIVCfundingbylayer,2024

AIcomputinginfrastructure

AIoperationallayer($13B)

($7B)

AIapplication

($51B)

3%

13%

48%

35%

AIfoundational

layer($37B)

dealroom.co

RestofworldwellbehindtheUS,but

doingbetterinapplications

AllAIFunding

RestofWorld

0.4%

LatAm0.3%

RestofAsia

2.1%

India0.8%

Europe

13%

MEA

2.8%

China

7%

US+Canada

74%

Page/18Source:Dealroom.co

Bylayer(2023-2024)

AIapplications

AIoperationlayer

AImodelmakers

AIcomputinginfrastructure

▊US▊China▊India▊MEA▊RestofAsia▊Europe▊LatAm▊RoW

92%

82%

76%

63%

13%

19%

8%

dealroom.co

Wehaveseenthismoviebefore…

⃞HuggingFace

nvIDIA.

Infrastructure

?

Apps

2000

2024

2024

2034

GoogleCMeta

InfrastructureApps

Page/19Source:AdaptedfromMerantix,Dealroomdealroom.co

Oneofthebigimplicationsofopensourceisthatwe'reclosertothevalue

accrualinversionbetweenapps<>infrastructurethanmanyexpected

Estimatedannualrevenuesbystack

Apps

VAAdobe

Infra

$400B

$200B

Semi

ΔAzure

$50B

intel.

Cloud

ceepseel

ΔAzure

$5B

$10B

$75B

GenerativeAI

ALTIMETER

Page/20Source:ApoorvAgrawal,Altimeter,X.com/apoorv03dealroom.co

AIadoptionin

ecommerceisstillinitsveryearlydays

Page/21Source:Analystreport

ShareofUSfirmsusingAIbySector(%)

▊October2023▊September2024▊Nextsixmonths

5%10%15%20%25%

Information

Professional,ScientificandTechnical EducationalServicesFinanceandInsuranceRealEstateandRental

HealthcareandSocialAssistanceArts,Entertainment,andRecreation

AllIndustriesAdmin/Support/WasteManagement

RetailTrade

Manufacturing

OtherServicesAccommodationandFoodServicesConstruction

TransportationandWarehousing

dealroom.co

dealroom.co

TheDeepSeekmoment:

Implicationsforthe

FutureofMarketplaces

Bymakinghigh-qualityAImodelsmoreaccessiblethroughopen-sourcereleases,DeepSeekallowsfor:

●LowerbarrierstointegrationforAIapplications

●Enhanceduserexperience

●Increasedefficiencyinoperations

●Asurgeininnovation

●Shiftingcompetitivedynamicsfrombeingpurelyaboutscaleto

innovation

Page/22

SomefirstAIenabledecommerce

applicationsareemerging

VCfundinginAIxecommerceapplications

▊$0-1m(pre-seed)▊$1-4m(seed)▊$4-15m(seriesA)

▊$15-40m(seriesB)▊$40-100m(seriesC)▊$100-250m(megarounds)▊$250m+(mega+)

$250m$340m$322m

$367m

$147m$82.7m $11.6m

RelevantAIapplicationswithecommercerelatedapplicationsthatraisedalargeSeriesA/B*

Pricing

Fetcherr

BeyondpricingBuynomics

Inventorymanagement

Syrup

Autotone

Pensa

Dexory

Marketingmix

Datarize

Prescient

KYC/AML/transactionmonitoring

Fourthline

Sardine

Sumsub

Hawk

ToolsforeCommercegrowth

Carbon6

Topsort

Cimulate

Page/23

Note:*SelectionofAI-Drivenecommerceenablersthatraised>$10mSeriesA/Broundsin2022-2024andFTEgrowthof>15%overthelast12months

Source:Dealroom.co

dealroom.co

AIapplicationscan

helpsuperchargemarketplace

networkeffects

Page/24

Product

recommendations

Pricingandpromotions

Channeloptimization

ArtificialIntelligence

Inventory

management

Warehouseandlogisticsprocessautomation

Customized

productdesign

AIoffersmarketplaceusers

newwaysofsearching

OLXMagiccreatesanewbuyingexperiencebasedonaconversationalinterface

Unlockneeds

(searchfora

solutionnotonly

foraproduct)

Expandbeyondclassifieds

Improve

experience

comparedto

traditionalsearch

Attractyounger

audiencewith

featurescommon

insocialmedia

Tryitnow

Page/25

AIisalreadymakingmarketplaceoperationssignificantlymoreefficient

ProvenAIapplicationsfromacrosstheProsusecosystem

Readmore

Logistics

●AIhassimulateddecadesworthofroutetesting

●30mordersaredeliveredusing25mAIgenerated

'mostefficient'routespermonth

●Costtodeliverhasbeenreductionby16%

Trust&Safety

●AImoderates95%ofthe2millionlistingsperday

●AIprocessesmorethan7millionimagesdaily,athumanlevel

accuracy

●GenAIfurtherreducedcostfordetectingbadcontentbyan

additional15%

Marketing&Growth

●75%ofbudgetinvestedusingAI

●30%reductioninre-

acquisitioncosts(atnoconversionimpact)

●19%inmonthlysavings

●2xthenumberofmanagedvariantexperiments

CustomerSupport

●Morethan56%ofallsupportautomatedforcustomers,

74%fordriversand14%forPartners

●40%reductioninsupportcosts

●Customersatisfactionup5percentagepoints

FraudPrevention

●AIresponsiblefor60%ofallpaymentdecisions

●Reached0.1%chargebacksand97%approvalrate

●Saving4%permonthinabusivevouchers

●Saving5%permonthinabusiverefunds

Page/26Source:ProsusGroup

dealroom.co

Theendresult?AIshoulddrive

moreliquidmarketplaces

Page/27Source:DoorDashS1;Prosus

AIshoulddrivemoreliquidmarketplaces—withmorelistings,

higherconversionstotransaction,and

morerepeat

purchases

AIwilltransformcompetitive

landscapesevenmoreintoapowerlaw

AIwilltransformeveryindustry,butsomewillmovefasterthanothers.IntheAgeofAI,onlythebiggestplatformswillhavethedatascalerequiredtowin

Allglobalmarketplaces

Winningmarketplaceswillwinbigger

Thetailofmarketplaceswillbelonger

●Networkeffectsinmarketplacesfavorscale

●Benefitsofscaledrivetowardstoindustryconsolidation

●AIwillonlyreinforcenetworkeffects

●EcosystemswillbecomeevenmoreprevalentasAIbenefitsfrommoredata

●GenerativeAIisloweringbarrierstoentry

●Neverbeeneasierandcheapertolaunchanewmarketplace

Page/28

Thenextfrontier:ThefutureofEcommerceisAgenticCommerce

Page/29

AgentLedEcommerce

AISuperchargedEcommerce

TraditionalEcommerce

Source:Prosus,Dealroom.co

{

{

Doitforme

prosus

“Buymeapairofnewshoesformyracenextmonth”

Assist/Advice

“WhatshoesdoIneedfora12krun?”

Personalize

Showrunningshoesofmysize(basedonmyshoppinghistory)

craigslist④

Find

Searchfor:“ONrunningshoes,size10”

dealroom.co

AgenticAIwillmakeautonomouspurchasingdecisionsforus

From

To

Queries&requests

●Discovery:findingoptions

●Evaluation:tryingoptions

●Purchase:pickoption,makingapurchase

●Delivery:gettingitdelivered

●YourAIChiefofStaff

●Constellationofmillionsof

agents

Compute-constrainedactor

Infinitediscovery

Deeperproductevaluation

Optimalpurchasing

Time-constrainedactor

Limiteddiscovery

Shallowproductevaluation

Suboptimalpurchasing

Page/30

3.Ecosystems:TheroadtoUS$100bn+platforms

Page/31

Tencentshowedthatwhenyouhavesomethingthatworks,

youcanbuildmanythingsontop

Page/32Source:Tencent(adaptedbyDealroom.co)

UsersthroughWelxin

PaymentsthroughWeixinPay

Travel

TrafficfromTencentUsersthroughMiniProgram

PaymentsthroughWeixinPay

Bikes

UsersthroughMiniProgram

PaymentsthroughWeixinPay

UsersthroughMiniTencent

ProfitstoTencent

OrdersfromTencent

PaymentsthroughWeixinPay

eTaileTail

Onlineadvertisingrevenues

(Pinduo

duo)

TrafficfromTencent

Taxi

PaymentsthroughWeixinPay

TrafficfromTencent

Food

PaymentsthroughWeixinPay

58同城

UsersthroughMiniProgram

Bank

Trade

Onlineadvertisingrevenues

dealroom.co

Marketplacesareagreatfoundationfor

acompoundingecosystemsplay

Manyhighfrequencyusecases

Compoundingvalueincombiningthesupplyanddemandfromtwomarketplaces

Transactionalcomponentoffers

naturalfoundationforFinTechplay

Page/33

BusinessModel

AverageOrderValue

CarsJobs

RealEstate

Hotels($200+)

Grocery($100)

Mealkits($40)

Food

Delivery

($20)

Doctor’s

appointment

Car

pooling

Mobility($8)

Handyman

Ecosystemsthrivearoundhighfrequencyusecases

HighordervaluexLoworderfrequency

Highorderfrequency

Highordervalue

Wellness&Beauty

Challengingforsupply&forcustomeracquisition

xLowordervalue

Highorderfrequency

OrderFrequency

Page/34Source:FabriceGrinda(adaptedbyDealroom.co)dealroom.co

Varioustypesofecommerceplatforms

areincreasinglymorphingintoone

Food

delivery

Financialservices

Mutli-

categorydelivery

B2C/C2Cecommerce

Grocerydelivery

Travel

Page/35

●Transactional

platformatcore

●Highfrequency

consumptionpatterns

●Stronglocal/logistical

component

dealroom.co

Thepowerofecosystems-MercadoLibreexample

MercadoLibreFintechvCommerceRevenue

▊

▊

5

FintechRevenue(in$Billions)Totalchange:+706%

MeLihasbuiltoperatingsegmentscomparabletoglobalpeers

么zillow'

CommerceRevenue(in$Billions)Totalchange:+662%5.3

ClassifiedsGrocery

HealthcareShops

5.0

2.9

4.44.34.0

2.4

2.5

4

2.2

3.6

2.0

3.2

3.0

1.7

lwealthfront

Robinhoodp

3.1

3

1.7

2.7

2.6

1.4

1.4

2.2

2.1

1.3

2.1

1.3

2.1

1.71.8

2

1.9

1.2

1.8

1.8

InvestingTradingBNPL

1.1

1.4

1.5

1.3

boxABrexkmonae

MoreFintech

0.9

1.1

1.3

0.9

1.2

1.2

0.7

0.9

1

1.0

0.70.6

0.6

0.8

0.4

0.6

0.4

0.6

1.6

0.5

0.4

0.4

0.3

0.2

0.3

Metasearch/discovery

Q1Q3

Q42019

Q32024

Q1Q3Q1Q3Q1Q3Q1Q2

2020

2021202220232024

dealroom.co

Page/36

Source:Generalist;FinChat;Dealroom.co

Thepowerofecosystems-ridehailingexample

Ridesharingecosystems

Sum-of-the-partsValuationbyCompany,2024

605

400

Other

FinancialServices

235

Minorities

eCommerce

FinancialServices

Minorities

FoodDelivery

Freight

FoodDelivery

Ridehailing

FoodDelivery

100%

Ridehailing

Ridehailing

Itisimpressivetoseewhatsomeoftheridehailingcompanieshavemanagedtobuildontopoftheircore.

Valueofthebroaderecosystemis2-6xtheoriginalridehailingcore.Clearlylotsofnuanceshere,butimpressivenonetheless....

Ecosystemplaysaremorevaluable

Valuationmultiplesofride-sharingcompanies(EV/Revenues2024)

4.1

3.7

3.5

2.2

0.9

0.6

Ecosystemplayersareleveragingnumerousnetworkeffects,includinginM&Atransactions.

TheirhighersharepricecanserveasvaluablecurrencyinstrategicM&Aactivitiesfurtherreinforcingtheiralreadystrongecosystem.

Page/37Source:AnalystreportsSource:Analystreportsdealroom.co

EcosystemplaysofferauniquedatascaletodeployAI

Food

Delivery

Flights

AccomodationsTicketingEventsPharmaeCommerceFreightGroceryRides

Identity

Unifiedlogin,

authorization,personalization

CRM

Transactionhistory,

behaviors,preferences,churnprediction,

segmentation

Trust

Risk,KYC,Fraud,AML

Page/38Source:Uber;Prosus

Product

Catalogue,descriptions,copy,merchandising,

bundling

Inventory

Inv.Levels,servicelevels,distribution

Datainfra

Storage,search,

frameworks,configs,pipeline,labeling

Pricing

Dynamicpricing/surge,bundling,discounting,subscriptions

Payments

Unifiedwallet,checkoutconfig,localpayment

methods,pay-in/pay-out

Supplychain

Storagelocationandcapacity,logistical

network

Maps

Routing/navigation,

pickup/drop-offpoints,ETA

Localization

Language,tax,compliance

Marketing

Campaignoptimization,channelmanagement,promotions

Dispatching

Assignment,queuing,batching,positioning,fulfillment,shipping

Service

Agentnetwork,

automation,multi-channel

Advertising

Channelmix,copy,retargeting

Personalization

Recommendations,UX,language

Ordering

On-demand,scheduling,multi-job

Lifecycle

Errormanagement,receipts,returns,

dealroom.co

4.ImplicationsforProsus

Page/39

Page/40dealroom.co

ProsusAIStrategyinfourpillars

Amplifywork

EveryoneinProsus

tobecomemoreproductiveintheirjobusingAl.

InnovateFaster

Everycompanyin

thegrouptobecomebestinclassin

Alandinnovation

InvestAI-First

Buildaportfolio

ofinvestments

thataccelerate

radicalinnovation.

Buildecosystem

Leveragedata,

knowledge,insights,Al,

customers,tobuildandaccelerateourwholeecosystems.

Towardsanewunbundledtechstack

toenableaWorldofAgenticAI

Backe