eCommerce has seen 10 years of growth in a matter of months eCommerce acceleration US eCommerce penetration as % of retail sales 30% 27% 25% 20% +11% 14% 16% 15% 13% 11% 12% 10% +10% 9% 10% 7% 8% 6% 5% 5% 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 April 2020 Source: Bank of America, US Department of Commerce, ShawSpringResearch via L’Orealpresentation at Deutsche Bank Access Global Consumer Conference, 9 June 2020. 21