eBay, Amazon Shine In ChannelAdvisor February Report

Raymond James analysts Aaron Kessler and Ben Cohen pour over ChannelAdvisor’s Feburary report, looking at numbers from the month of February.

eBay, Amazon Shine In ChannelAdvisor February Report

ChannelAdvisor (CA) released February same-store sales (SSS) data for Marketplaces (eBay/Amazon) as well as search data. Overall, we view the February data as positive for both eBay Inc (NASDAQ:EBAY) and, Inc. (NASDAQ:AMZN), with SSS accelerating for both. CA is a leading eCommerce platform, supporting a wide range of about 3,000 retailers and approximately $3 billion in gross merchandise value (GMV). Based on the CA data, eBay Inc (NASDAQ:EBAY) data remained solid at +15% y/y in February (vs. +12.7% y/y in January) and, Inc. (NASDAQ:AMZN) growth accelerated to 23.0% y/y in February (vs. 14% y/y in January).

eBay same-store sales improve in February led by fixed price and Motors

For February, CA indicated eBay Inc (NASDAQ:EBAY) same-store sales grew 15% y/y, a slight acceleration from 12.7% y/y in January. Fixed price (approximately two-thirds of GMV), increased 15.5% y/y (vs. +14.6% y/y in January), and eBay Motors (parts and accessories) increased 22.3% y/y (vs. +17.6% y/y in January). Auctions (approximately one-third of GMV) decreased 8.5% y/y in February (vs. -10.9% y/y in January). For 1Q QTD, eBay samestore sales according to CA have increased 13.9% y/y, an acceleration from 11.9% y/y in 4Q. We estimate eBay North America revenue growth for U.S. GMV (most comparable to CA data) of 13.2% y/y in 1Q (vs. 13.8% y/y reported in 4Q). We note that CA data skews more towards fixed price and eBay Inc (NASDAQ:EBAY) Motors, which has positively skewed recent CA data vs. reported results.

Amazon same-store sales growth accelerates in February as weather eases

According to CA,, Inc. (NASDAQ:AMZN) same-store sales for February increased 23.0% y/y, an acceleration from 14% y/y in January. CA indicated that improved weather conditions led to the m/m acceleration. Quarter to date, Amazon same-store sales have increased 18.5% y/y (vs. 18.1% y/y in 4Q). For 1Q, we estimate, Inc. (NASDAQ:AMZN) revenue growth for U.S. Electronics & Other General Merchandise (most comparable to CA data) of 26.0% y/y vs. 25.2% y/y in 4Q.

Search growth data in February

CA data indicates search same-store sales increased 4.3% y/y in February (vs. +10.3% y/y in January). Specifically, paid clicks decreased 9% y/y (vs. -4% y/y in January), while costs per click (CPCs) decreased 7% y/y (vs. -22% y/y in January). Quarter to date, search same-store sales have increased 7.3% y/y vs. +7.4% y/y in 4Q. Additionally, Google Inc (NASDAQ:GOOG) Shopping/Product Listing ads increased 48% y/y in February (vs. 63% y/y in January) and ~85% y/y in 4Q. CA indicated that GS/PLAs are experiencing “a normal aging of the program” and noted much of the low-hanging fruit has been picked.