Agentic Commerce & Retail, WMT & Pricing, ORLY & GPC, Consumer Flows/Themes, Nielsen/Circana Data

研报英文原文证据摘录

Agentic Commerce & Retail, WMT & Pricing, ORLY & GPC, Consumer Flows/Themes, Nielsen/Circana Data

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales J P M O R G A N

briggs.barton@jpmorgan.com JPM | US CONSUMER DAILY:

J.P. Morgan Securities LLC Agentic Commerce & Retail, WMT &

Pricing, ORLY & GPC, Consumer

Flows/Themes, Nielsen/Circana

Data

07 July 2026

on solid footing, and W, BBY, HD, LOW, ULTA, and ASO all partnering with Google on UCP.

• An Example: BBY mgmt spoke to its depth of knowledge/data for its category to match a search to the best product as a

competitive advantage that only increases in an LLM world (e.g., best college student laptop vs. best laptop for mom, gaming,

or coding), albeit acknowledging that it (and most retailers, in our view) needs to better enable the data links between its

website and the LLMs.

• At the category level, we see the most risk in grocery given its low-consideration/commoditized products and recurring

purchase nature, with the core value proposition of “agentic” commerce centered around saving consumers time. On the gen

merch side, higher involvement purchases remain relatively low risk with branded single item products potentially seeing

accelerated e-commerce adoption as well.

“Fancy ‘googling’: AI platforms are driving <1% of web traffic across key e-commerce sites. Consumers are primarily using

LLMs for product discovery with the long-term risk of delegated automated replenishment of commodities. That said, if/when we

cross that bridge, LLMs don’t control the distribution process (a la AMZN//WMT) and many brands are reluctant to go DTC”

Company Overview

WMT, Trump, & Pricing

After the close Trump posted that the “great news” that WMT will be lowering prices by “a lot” (incl ground beef by