GROWTH THEMES | THEME 2 CONNECTED COMMERCE

1. EditGenetics

2. Connected Commerce

3. Digital Reality

4. Conservation Capitalism

5. The Future of Manufacturing

2

GROWTH THEME

Connected Commerce

Beyond Bricks and Clicks

There used to be two discrete experiences, offline and online. They’ve now come together in an omnichannel world. But the world is not just being recreated click-by-click instead of brick-by-brick; it’s being reimagined.

In this installment of our Convergence series, we explain what we call “connected commerce”—a totally integrated shopping experience that combines the best of offline and online

experiences, then connects them in a way that allows them to share insights about what a consumer likes.

We’re now moving into a new level of connected commerce, where merchants or ecosystems can track a consumer’s journey. They see your past behavior, and use predictive analytics to help enhance your future experience.

In this installment of our Convergence series, we explain what we call “connected commerce”—a totally integrated shopping experience that combines the best of offline and online >experiences, then connects them in a way that allows them to share insights about what a consumer likes.

We’re still in the early innings of omnichannel penetration of the commerce opportunity. The current environment accelerated the pace of consumers transacting online. Still, less than a fourth or a fifth of global commerce is conducted over the internet.

Jayesh Kannan, CFA
Global Research Analyst

THE RISE OF OMNICHANNEL MARKETING

Average return for
$1 spent on email
marketing

Average return for $1 spent on email marketing

Higher customer
lifetime value when
a cross-channel
approach is adopted

Higher customer lifetime value when a cross-channel approach is adopted

Of in-store purchases
are influenced by
digital transactions

Of in-store purchases are influenced by digital transactions

Of consumers
shop on more than
one channel

Of consumers shop on more than one channel

Source: dotdigital Group PLC, as of 2020.

Anticipation and Analysis—
Essential to Active Investing

As active growth investors, we seek to anticipate and analyze possible outcomes in a way other investment approaches cannot.

We are ultimately betting against the very powerful reality of mean reversion. The adage that “the more things change, the more they may stay the same” is powerful, and is often true.

But in reality things do change. Consumer behaviors evolve. Humans innovate and create new solutions. Corporate profit pools shift. And new winners emerge. Just think about some of the things the world was predicting at the turn of the last decade.

And for now, the ability to predict changes is still the domain of humans. It is our job, then, to develop a practice of forecasting, which involves observing, learning, and anticipating the future.

Creating a framework for forecasting helps us decrease the variability around predicted outcomes, improve accuracy, and act on investment ideas earlier and with greater conviction.

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Glossary

INDICES
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities, and commercial mortgage backed securities.

The MSCI ACWI IMI Index is a free float-adjusted, market capitalization-weighted index that captures large, mid, and small cap representation across developed and emerging markets.

The MSCI ACWI ex-US IMI Index is a free float-adjusted, market capitalization-weighted index that captures large, mid, and small cap representation across developed and emerging markets, excluding the U.S. The Value and Growth Indices are a subset of the Index that adopt a framework for style segmentation in which value and growth securities are characterized using different attributes. Multiple factors are used to identify value and growth characteristics.

The MSCI ACWI Small Cap Index is a free float-adjusted, market capitalization-weighted index that captures small cap representation across developed and emerging markets.

The MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of emerging markets.

The MSCI World Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets.

The Russell 2000 Index is a market capitalization-weighted index designed to represent the small cap segment of the U.S. equity universe.

Index performance is for illustrative purposes only. The indices are unmanaged, do not incur fees or expenses, and cannot be invested in directly.

TERMS
Alpha is a measure of an investment’s return in excess of the market’s return, after both have been adjusted for risk.

Beta is a measure of the volatility of an investment relative to the overall market, represented by a comparable benchmark.

Half-life is a statistical measure of the time required for the discrepancy between price and value to contract by half of its starting value. Fundamental value estimates are based on the Dynamic Allocation Strategies team’s proprietary research.

P/E Ratio is a measure of valuation which compares share price to earnings per share, calculated using estimates for the next twelve months.

Standard deviation is a statistical measurement of variations from the average.

QUANTITATIVE MODELS – FACTOR DEFINITIONS
The William Blair Earnings Trend Model captures information about short- and medium-term changes in analyst estimates in an attempt to anticipate future estimate changes and stock performance. The score combines measurements of earnings revisions, momentum, and earnings surprise.

The William Blair Valuation Model combines varying metrics used to characterize the relationship between the stock’s trading price and its intrinsic value. By going beyond using only one or two measures, the model attempts to build a more holistic version of a stock’s worth vis-a-vis the market. The score combines measurements of earnings/cash flow based, asset-based, and model-based factors.

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2

Connected Commerce

We’re still in the early innings of omnichannel penetration of the commerce opportunity. The current environment accelerated the pace of consumers transacting online. Still, less than a fourth or a fifth of global commerce is conducted over the internet.

Anticipation and Analysis—
Essential to Active Investing

William Blair Strategies

William Blair Strategies

Blog

Gain insights on the economy and the investment landscape.

Banking Turmoil: Outlook and Investment Implications

Are Microchips the New Oil?

Blog

Gain insights on the economy, and the investment landscape.

Banking Turmoil: Outlook and Investment Implications

Are Microchips the New Oil?

Gain More Insights

Create an
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IMPORTANT INFORMATION

FEATURED TOPICS

U.S. EQUITY

GLOBAL EQUITY

EMERGING MARKETS DEBT

SELECT ANOTHER GROWTH THEME

2

Connected Commerce

We’re still in the early innings of omnichannel penetration of the commerce opportunity. The current environment accelerated the pace of consumers transacting online. Still, less than a fourth or a fifth of global commerce is conducted over the internet.

Anticipation and Analysis— Essential to Active Investing

William Blair Strategies

William Blair Strategies

Blog

Gain insights on the economy and the investment landscape.

Banking Turmoil: Outlook and Investment Implications

Are Microchips the New Oil?

Blog

Gain insights on the economy, and the investment landscape.

Banking Turmoil: Outlook and Investment Implications

Are Microchips the New Oil?

Gain More Insights

Create an Enduring Partnership

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Glossary

Anticipation and Analysis—
Essential to Active Investing

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