$Amazon (AMZN.US)$ We size global eCommerce sales at $3.6tn ...

$Amazon(AMZN.US)$ We size global eCommerce sales at $3.6tn in 2023 growing +8% YoY to $3.9tn in 2024. We model eCommerce growing at a +7% CAGR (2023-2028) towards $5.0tn in 2028 supported by the growth of overall retail sales and increases in eCommerce penetration rates as eCommerce continues to gain share. We see eCommerce penetration reaching 34% of global core retail sales (excluding food, auto, gas) in 2028, up from 30% in 2023 - $Goldman Sachs(GS.US)$ PT $225