Morgan Stanley Identifies Winners and Losers in Retail from Agentic Shoppers

Morgan Stanley believes agentic commerce will revolutionize e-commerce, adding $50bn-$115bn to US e-commerce spend by 2030. Analysts led by Brian Nowak expect the e-commerce funnel to become more conversational, personalized, and interactive. Retailers such as Amazon, Walmart, and eBay are well-positioned, while Five Below and Etsy face higher margin risks. In digital advertising, Morgan Stanley expects leading performance-based reach platforms like Meta, YouTube, and AppLovin to become more valuable.