Ecommerce Growth Slows but Signals Optimism for Summer Rebound
• Ecommerce sales grew 12-15% in Q1 2023, down from 20% growth in Q1 2022 due to softening demand and shrinking volumes • Growth trajectory improving month-on-month; hopeful for better outcomes in new fiscal year with summer demand uptick • Smartphone sales flat year-over-year with lower "FOMO"; offline stores matching online discounts and financing • Apparel seeing signs of improvement with end-of-season clearance sales • Online-first beauty brands bucking trend with over 25% expansion aided by winter sales and Valentine's day gifting