This document summarizes the performance of different technology sectors during the COVID-19 pandemic. It finds that ecommerce, streaming, gaming, and food delivery companies have seen rising stock prices, while travel, advertising, retail, and mobility companies have been hit hard. It also notes that video conferencing, health, and food delivery platforms are outperforming the overall market. The document discusses how the pandemic has led to an unprecedented shift to online grocery shopping in Europe. It analyzes the structural versus cyclical impacts of the crisis and finds that some sectors like food delivery are benefiting from both short and long-term trends. The challenges for online grocery delivery companies to meet skyrocketing demand are also summarized.

1. Business as Unusual
@daniel_gebler
@picnic

3. Let’s start with the big picture…

4. Amazon and Netflix outperform. Apple, Google, FB market performance.
Share price performancex
Current market cap
% change since 31 Jan
Ecommerce
Platform
$ 919B
(0.6%)
TV
Streaming
$ 146B
(3%)
Search
Advertising
$ 735B
(27%)
Electronics
$ 1.0T
(29%)
S&P500 - (32%)
Social
Advertising
$ 427B
(33%)2 dec2019 23 dec 2019 15 jan2020 6 feb2020 28 feb2019 20 mar2020
40%
20%
0%
(10%)
(20%)
(30%)
(40%)
31 January
Source: Dealroom.co, Google Finance as of March 21.

5. Travel, advertising, retail and mobility have been hit hard.
Current market cap
% change since 31 Jan
S&P500 (33%)
Real estate
Marketplace
$ 4.0B
(36%)
Mobility &
Fooddelivery
$ 37B
(42%)
Retail
Payments
$17B
(50%)
Advertising
$ 34B
(50%)
Mobility
$ 7.0B
(55%)
Travel
$ 7.0B
(56%)
Source: Dealroom.co, Google Finance as of March 21.
2 dec2019 23 dec 2019 15 jan2020 6 feb2020 28 feb2019 20 mar2020
40%
20%
0%
(20%)
(40%)
(60%)
(80%)
Share price performancex
31 January

6. Video conferencing, health and food delivery are outperforming the market.
Current market cap
% change since 31 Jan
Videoconferencing
SaaS
$ 36B
77%
Telemedicine
Health
$ 10B
37%
Food
Groceries
$ 10B
4%
Games
$ 6B
(2%)
Food
Delivery
$ 14B
(6%)
S&P500 - (33%)
2 dec2019 23 dec 2019 15 jan2020 6 feb2020 28 feb2019 20 mar2020
80%
60%
40%
20%
0%
(20%)
(40%)
(20%)
Source: Dealroom.co, Google Finance as of March 21.
Share price performancex
31 January

7. Health, streaming, gaming, ecommerce, andfood delivery rise worldwide
Market (1)
(4%)
(8%)
(13%)
(15%) (17%)
(20%) (20%)
(23%) (24%)
(26%) (26%) (27%)
(30%) (30%) (31%) (31%) (32%)
(38%) (38%) (38%) (39%) (40%)
(41%)
(45%)
(49%) (50%)
(60%)
(50%)
(40%)
(30%)
(20%)
(10%)
20%
13%
10%
–
Share price performancex
Source: Dealroom.co and Google Finance.
1) Note: Nasdaq and S&P500 dropped roughly 25% in the same period.

8. eCommerce, food and health strive in Europe
Source: Dealroom.co and Google Finance.
36%
25%
10%
(5%)
(17%)
(22%)
(27%)
(32%)
(36%) (37%)
(44%)
(53%)
(67%)
(80%)
(60%)
(40%)
(20%)
–
20%
40%
60%
Zooplus(€0.7B,eCommerce)
JustEat(€5.5B,Food)
ShopApothekee(€0.7B,Health)
ZurRose(€1.1B,Health)
HelloFresh(€4B,Food)
Ocado(€10.3B,Food)
AxelSpringer(€6.8B,Marketplaces)
Iliad(€7B,Communications)
Ericsson(€1.9B,Communications)
TeamViewer(€5.8B,Saas)
DeliveryHero(€14.1B,Food)
Spotify(€21.5B,Streaming)
Adyen(€21.3B,Fintech)
BooztFashion(€0.2B,Fashion)
Ingenico(€4.7B,Fintech)
UnitedInternet(€5.1B,Communications)
WoltersKluwer(€16.6B,SaaS)
ASML(€94B,Semiconductors)
RocketInternet(€2.4B,Diversifiedinternet)
TakeAway.com(€9.6B,Food)
DassaultSystems(€34.9B,SaaS)
Scout24(€5.2B,Marketplaces)
SAP(€118B,Saas)
Moneysupermarket(€1.4B,Fintech)
Elastic(€3.8B,Saas)
Philips(€29.5B,Diversified)
SageGroup(€6.5B,Fintech)
Worldline(€8.8B,Fintech)
GlobalFashionGroup(€0.3B,Fashion)
Nokia(€15B,Communications)
Zalando(€7.5B,Fashion)
Hexagon(€11.9B,Semiconductors)
Nexi(€5.3B,Fintech)
AvastSoftware(€3.4B,Security)
Zendesk(€6B,Communications)
AutoTrader(€3.7B,CarSales)
Yandex(€9.2B,eCommerce)
Farfetch(€2.3B,Fashion)
Kinnevik(€3.7B,Internet)
ASM(€3.8B,Semiconductors)
Rightmove(€4B,RealEstate)
WireCard(€10.5B,Fintech)
WorldPay(€8.5B,Fintech)
Temenos(€6.8B,Fintech)
Booking.com(€45B,Travel)
Boohoo.com(€2.4B,Fashion)
FundingCircle(€0.2B,Fintech)
IHSMarkit(€17.8B,Fintech)
Stmicroelectr.(€15B,Semiconductors)
Siemens(€54B,Diversified)
Capgemini(€10.2B,Consulting)
Nemetschek(€4.1B,Saas)
NXP(€19.1B,Semiconductors)
Amadeus(€19.3B,Travel)
Infineon(€14.6B,Semiconductors)
Trivago(€0.5B,Travel)
GoCompare(€0.2B,Fintech)
WPP(€36.7B,Marketing)
TheTrainline(€1.2B,Travel)
Lastminute.com(€0.2B,Travel)
Holidaycheck(€0.1B,Travel)
Purplebricks(€0.1B,Realestate)
ASOS(€1.1B,Fashion)
OnTheBeach(€0.2B,Travel)
EdreamsOdigeo(€0.2B,Travel)
Hostelworld(€0.1B,Travel)
Absolute % change

9. Structural vs. cyclical impact: a mental framework.
Source: Dealroom.co
Structural positive
Structural negative
Cyclical negative Cyclical positive
MealkitsOnline groceries
Cleantech
Ride hailing
Collaboration
software
Jobs
Discretionary
eCommerce
Sharing
economy
Carsharing
Telehealth
Passion
economy
Freelance
Gig economy
Gaming
Realestate
Travel
Restauranttech
Streaming
video/musicFintech
Telecom/
hosting
Frontier tech
Food delivery
Staples
eCommerce
Both Structural andcyclical
impact, because crisis is
accelerating a trend that
was alreadyunderway.
Will the sharing economy
bunce back fully or only
partially?
Biotech
Online eduction
Passion economy and
freelance couldbenefit from
social distancing in the long
run (morecontroversial)

10. …online food exploded

11. 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 4-Mar 11-Mar 18-Mar
Source: Google Zeitgeist “online boodschappen”
Unprecedented shift of grocery demand towards online

12. And not only more customers, but also very different demand…
30 January 2020
Top
Keywords
Conv
Adds /
Search
1 kipfilet 67% 0.8
2 eieren 71% 0.8
3 chips 76% 1.3
4 kaas 54% 0.7
5
geraspte
kaas
73% 0.8
Top
Keywords
Conv
Adds /
Search
1 wc papier 75% 1.1
2 paracetamol 74% 1.1
3 bloem 73% 1.2
4 eieren 68% 0.8
5 toiletpapier 75% 1.1
18 March 2020

13. 13CONFIDENTIAL

14. Online delivery faces similar challenges as hospitals
Health
Secure health of all
employees across all
locations
Capacity
Maintain and grow
capacity to keep food
supply running

15. Unprecedented demand grabs all capacity

16. …and infra load skyrockets

17. From…
0
20000
40000
60000
80000
100000
120000
140000
160000
6:00 10:00 14:00 18:00 22:00
Requests per minute from Picnic App to Picnic Platform

18. …To
0
20000
40000
60000
80000
100000
120000
140000
160000
6:00 10:00 14:00 18:00 22:00
15x
Requests per minute from Picnic App to Picnic Platform

19. Flattening the curve is no option

20. 20CONFIDENTIAL
Scale up as much as you can!

21. Pod scaling isn’t enough…

22. Pod scaling isn’t enough…
…advanced cluster scaling required

23. 23CONFIDENTIAL
Reinvent yourself and 10x planned initiatives…

24. Come join the team!
http://join.picnic.app