ChannelAdvisor May Update (GOOGL) (AMZN) (EBAY) - Jefferies

ChannelAdvisor's May SSS report showed mixed results – nice sequential acceleration for Google, slight deceleration for Amazon and some improvement for eBay, Jefferies Brian Pitz noted. However, once again SSS growth for Amazon and PLAs were in-line or better than overall eCommerce growth while eBay came in below.

According to ChannelAdvisor, Google (NASDAQ: GOOGL) Shopping (GS) / PLAs same-store-sales (SSS) grew +42% Y/Y in May vs. +34% Y/Y in April and +42% Y/Y in March. PLAs conversion rates declined again in May (sixth month in a row) as Google keeps testing different configurations of the GS ad unit (e.g. increasingly showing more products in the ad units).

According to ChannelAdvisor, SSS for third-party sellers on the Amazon (NASDAQ: AMZN) platform were up +12% Y/Y in May, slight deceleration from +13% Y/Y in April and +15% Y/Y in March. This compares to n/a, +20% Y/Y and +16% Y/Y growth for US eCommerce (excluding Travel) in May, April and March, respectively, per comScore.

According to ChannelAdvisor, SSS growth for eBay (NASDAQ: EBAY) merchants was +2.8% Y/Y in May vs. -0.6% Y/Y in April and -0.2% Y/Y in March. This compares to n/a, +20% Y/Y and +16% Y/Y, respectively, for US eCommerce growth (excluding Travel), per comScore. Sales growth in eBay's Fixed-Price format, however, remained in negative territory at -2.2% Y/Y in May (vs. -4.8% Y/Y in April and -5.8% Y/Y in March), materially below overall eCommerce growth.

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