Broadlines & Hardlines Retailing: Agentic Commerce - More Opportunity than Risk

研报英文原文证据摘录

Broadlines & Hardlines Retailing: Agentic Commerce - More Opportunity than Risk

J P M O R G A N North America Equity Research

07 July 2026

Broadlines & Hardlines Retailing

Agentic Commerce - More Opportunity than Risk

Following up on our recently published Episode 14: Retail vs. AMZN in an Retailing – Broadlines & Hardlines /

Agentic World report we published with JPM Internet Analysts Doug Leisure

Anmuth & Bryan Smilek (see the slides and webinar replay), this note takes Christopher Horvers, CFA AC

a deeper look at the opportunities and risks ahead in the world of AI and (1-212) 622-1316

agentic commerce. Team Internet believes that AI will ultimately serve as an christopher.horvers@jpmorgan.com

incremental discovery channel and help expand the e-commerce TAM. From our Christian Carlino, CFA

perspective, we also see agentic as more of an opportunity at this point, albeit with (1-212) 622-9145

puts/takes by category. Simplistically, LLMs represent a more potent version of christian.carlino@jpmorgan.com

“googling” and follow “threats” posed by other customer acquisition venues (e.g., Jolie Wasserman

(1-212) 622-1961

TikTok, Pinterest, and Shopify). Despite high investor anxiety as these platforms jolie.wasserman@jpmchase.com

emerged, all of these channels simply became another entry point to retailers’ J.P. Morgan Securities LLC

respective categories that companies needed to embrace. As such, we echo the need

for our companies to invest to win with the large LLMs, while harnessing their own

agents “on platform” (i.e., their own websites/apps) to drive customer acquisition/

retention, product discovery, basket building, and conversion. Investments in both

areas can optimize proprietary data collection, an important sales and advertising

revenue consideration.