BRAZIL ECOMMERCESports, Travel and Cheap Retail Maintain the Market’s MomentumMARCH 2013

Thiago Guimaraes

Contributors: Rahul Chadha, Osbaldo Franco, Kris Oser, Martín Utreras, Haixia Wang

BRAZIL ECOMMERCE: SPORTS, TRAVEL AND CHEAP RETAIL MAINTAIN THE MARKET’S MOMENTUM ©2013 EMARKETER INC. ALL RIGHTS RESERVED 2

EXECUTIVE SUMMARY

Ecommerce in Brazil has been climbing steadily,

powered by growing internet penetration and rising

household income. Even as Brazil’s economy slows,

the country’s B2C ecommerce should see double-

digit expansion this year and again in 2014, when

the FIFA World Cup soccer tournament is expected to

prompt a surge in domestic travel and event-related

economic activity.

Unlike Brazil’s early-stage digital buyers, who tended to come from the wealthier segments of society, Brazil’s ecommerce newcomers are largely middle-income, price-conscious consumers. Today they are making small-ticket purchases to test the waters of online shopping, but lower-price items are likely gateway products, signaling more significant purchases ahead.

Last year’s Black Friday online sales showed the market’s potential, but also its weaknesses. Shoppers in Brazil went online in droves, and many made purchases, but site outages and price trickery frustrated some would-be buyers.

This report looks at the makeup of Brazil’s growing population of online shoppers, their shopping behavior and the types of products they are and aren’t buying.

KEY QUESTIONS ■ How big is Brazil’s ecommerce market?

■ What impact will upcoming international sporting

events have on digital travel sales in Brazil?

■ How is Brazil’s growing middle class using the

internet for commerce?

■ How are digital content and mcommerce advancing

ecommerce in Brazil?

billions and % changeB2C Ecommerce Sales in Brazil, 2011-2016

2011

$13.91

32.8%

2012

$16.97

21.9%

2013

$19.76

16.5%

2014

$23.53

19.1%

2015

$25.54

8.5%

2016

$27.30

6.9%

B2C ecommerce sales % change

Note: includes travel, digital downloads and event tickets purchased viaany digital channel (including online, mobile and tablet); excludes gambling;converted at the exchange rate of US$1=BRL1.95Source: eMarketer, Jan 2013150112 www.eMarketer.com

CONTENTS3 The State of Ecommerce Sales in Brazil

4 Domestic Travel Boosting Digital Sales

5 Retail Ecommerce Sales

7 Internet Users and Digital Buyers

11 eMarketer Interviews

11 Related eMarketer Reports

11 Related Links

11 Editorial and Production Contributors

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THE STATE OF ECOMMERCE SALES IN BRAZIL

Following in the footsteps of the country’s recent

economic development, Brazil’s ecommerce segment

has expanded substantially in the past few years,

rising nearly 33% in 2011 and a further 22% in 2012,

according to eMarketer estimates.

Brazil closed 2012 with $16.97 billion in B2C ecommerce sales and is expected to record another $19.76 billion in sales this year for a 16.5% gain. Next year, the Brazil-hosted FIFA World Cup soccer tournament should again spur double-digit growth, pushing Brazil’s ecommerce tally to $23.53 billion, before annual sales gains begin to cool off.

billions and % changeB2C Ecommerce Sales in Brazil, 2011-2016

2011

$13.91

32.8%

2012

$16.97

21.9%

2013

$19.76

16.5%

2014

$23.53

19.1%

2015

$25.54

8.5%

2016

$27.30

6.9%

B2C ecommerce sales % change

Note: includes travel, digital downloads and event tickets purchased viaany digital channel (including online, mobile and tablet); excludes gambling;converted at the exchange rate of US$1=BRL1.95Source: eMarketer, Jan 2013150112 www.eMarketer.com

Because there is little comparative data for ecommerce in Brazil, eMarketer has based its estimates on data from previous years, in particular tracking ecommerce as a share of gross domestic product. In addition, we’ve looked at survey data for insights into numbers of digital buyers and the average amount they spend.

No local sources have published B2C ecommerce sales estimates for 2012, nor have there been domestic projections for the coming years. There are some estimates from non-local entities, but they are not usually updated annually. Lack of data is a symptom of a still-maturing market in which growth takes the lead while research trails behind.

As Brazil’s ecommerce market gains in size and importance, more data is likely to become available. Sao Paulo-based ecommerce research company e-bit, for one, will release its first B2C ecommerce projections for Brazil in the first half of 2013. In the meantime, eMarketer’s estimates are conservative due to limited data availability.

A final data note: In this report, B2C ecommerce includes both retail and travel sales made digitally.

MOBILE PENETRATION AND MCOMMERCE If ecommerce in Brazil is still in its early stages, then mobile commerce is in its newborn phase. But mobile internet uptake points to strong growth potential for mcommerce in Brazil. Moreover, the next two years should see increased investment in telecommunications, although it’s too early to tell how closely mcommerce will follow.

Brazil ended 2012 with 37 million mobile internet users, up from 8 million in 2010. eMarketer expects to see approximately 23% of Brazil’s population, or 49 million people, use the mobile internet at least once per month in 2013.

Mobile Internet Users and Penetration in Brazil,2010-2016

Mobile internetusers (millions)—% change

—% of mobilephone users

—% of population

2010

8.0

46.7%

8.0%

4.0%

2011

25.3

214.1%

23.0%

12.4%

2012

37.0

46.4%

31.0%

18.0%

2013

49.0

32.5%

38.0%

23.6%

2014

64.7

32.1%

47.0%

30.8%

2015

82.1

26.8%

56.0%

38.6%

2016

96.4

17.5%

62.0%

45.0%

Note: mobile phone users of any age who access the internet from amobile browser or an installed application at least once per month;excludes SMS, MMS and IMSource: eMarketer, April 2012139328 www.eMarketer.com

Brazil’s smartphone user base will follow close behind, reaching 47 million in 2013, according to eMarketer estimates. Tablet usage has also been on the rise. F/Nazca Saatchi & Saatchi estimated there were 5 million tablet users in Brazil in 2012, up from 240,000 a year earlier. [eMarketer does not yet have a comparable tablet usage estimate.]

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Câmara Brasileira de Comércio Eletrônico (Câmara-e.net), an industry group focused on ecommerce, estimates mobile commerce in Brazil doubled its share of total retail ecommerce in 2012, growing to 10%. e-bit’s more conservative view suggests a still notable jump from 0.3% in 2011 to 1.3% in 2012.

As with ecommerce estimates as a whole, the divergent assessments of mcommerce reflect how new the ecommerce and mcommerce markets are in Brazil.

DOMESTIC TRAVEL BOOSTING DIGITAL SALES

As in other countries, digital travel sales have played

a major role in the growth of ecommerce in Brazil.

Travel represented close to a third of the country’s

total ecommerce sales in 2012, eMarketer estimates.

billions and % changeDigital Travel Sales in Brazil, 2011-2016

2011

$4.33

50.0%

2012

$5.42

25.0%

2013

$6.50

20.0%

2014

$8.72

34.2%

2015

$9.44

8.2%

2016

$10.00

6.0%

Digital travel sales % change

Note: includes leisure and unmanaged business travel purchased via anydigital channel (including online, mobile and tablet); converted at theexchange rate of US$1=BRL1.95Source: eMarketer, Jan 2013150114 www.eMarketer.com

Two major sporting events to be held in Brazil are likely to spur further digital travel sales over the next two years. The 2013 FIFA Confederations Cup, a sort of warm-up for the World Cup, will be held in June across six cities in Brazil. The event’s organizing committee expects to sell more than 800,000 tickets, 74,000 of which were purchased in the first 24 hours of availability.

Brazil’s sheer size means that air travel is required to get from place to place, and airline tickets can be expensive. Using November 2012 prices, Decolar.com, an online travel agency in Brazil, projected that a sports fan in Brazil buying the cheapest airfare and hotel room for an out-of-town soccer match would spend between $208 and $508 (including a $15 match ticket). Prices are likely to rise further as this year’s event approaches.

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Another digital travel boost will come in 2014, when more than 3 million people are expected to travel to and within Brazil to watch the FIFA World Cup, possibly at even more inflated prices.

After a breather in 2015, Brazil will host the 2016 Summer Olympics. While that event will probably inspire some digital travel spending, it will be less dramatic than the World Cup because the Olympics will take place in a single city, Rio de Janeiro.

RETAIL ECOMMERCE SALES

Retail ecommerce sales in Brazil are likely to grow at

a healthy double-digit pace through 2014, but a bit

more slowly than digital travel sales, since the market

is less likely to be affected by the sporting events

powering travel sales.

billions and % changeRetail Ecommerce Sales in Brazil, 2011-2016

2011

$9.58

26.3%

2012

$11.55

20.5%

2013

$13.26

14.8%

2014

$14.81

11.7%

2015

$16.10

8.7%

2016

$17.30

7.5%

Retail ecommerce sales % change

Note: includes digital downloads and event tickets purchased via any digitalchannel (including online, mobile and tablet); excludes travel and gambling;converted at the exchange rate of US$1=BRL1.95Source: eMarketer, Jan 2013150113 www.eMarketer.com

While there is limited comparative data for overall B2C ecommerce activity in Brazil, there are a handful of estimates for the narrower retail ecommerce sector. eMarketer’s $11.6 billion estimate of 2012 retail ecommerce sales is in line with e-bit and Câmara Brasileira de Comércio Eletrônico. The Brazilian Association of Ecommerce (ABComm) puts the total a bit higher, at $12.4 billion.

billions

Comparative Estimates: Retail Ecommerce Sales in Brazil, 2011 & 2012

ABComm*, Jan 2013

eMarketer*, Jan 2013e-bit**, Aug 2012

Câmara Brasileira de Comércio Eletrônico – Câmara-e.net*,Jan 2013

2011

$9.6

$9.6$9.3

$9.6

2012

$12.4

$11.6$11.6

$11.5

Note: excludes online travel sales; *converted at the exchange rate ofUS$1=BRL1.95; **converted at the rate of $1=BRL2.0154Source: eMarketer, Jan 2013; various, as noted, 2012 & 2013152651 www.eMarketer.com

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ABComm’s number may be higher because it includes consumer-to-consumer marketplace/online auctions. MercadoLivre, for example, a marketplace for online B2C and C2C transactions, which comScore shows as the leading ecommerce platform accessed in Brazil in terms of minutes spent online, reported $1.3 billion in transactions in 2012.

BLACK FRIDAY SEES HIGHS AND LOWSAlthough Brazil does not celebrate Thanksgiving, in 2010 the price comparison website Busca Descontos created a campaign to promote a day of discounted online shopping like that of the US’s Black Friday, the symbolic start of the holiday shopping season.

For such a new and transparently commercial concept, Black Friday has achieved widespread adoption in Brazil. According to comScore Marketing Solutions data, ecommerce sales in Brazil on Black Friday 2012 were 368% higher than the average November day. Other metrics, such as the number of transactions and average order value, also showed large gains.

% change vs. average online shopping day during Nov 1-27,2012

Growth of Black Friday Ecommerce Metrics in Brazil,Nov 23, 2012

Buyers 185%

Spending per buyer 64%

Transactions 202%

Average order value 55%

Transactions per buyer 6%

Total spending 368%Note: ages 15+; excludes MercadoLivre, which also functions as amarketplace that generates many offline transactions; read as the averageorder value on Black Friday was 55% higher than the average order valueduring Nov 1-27, 2012Source: comScore Marketing Solutions as cited in press release, Dec 6,2012150327 www.eMarketer.com

ClearSale, an ecommerce authentication and fraud-prevention company, estimated online sales during Brazil’s 2012 Black Friday totaled close to $111 million, up from $51 million in the previous year, based on 541,000 purchases at an average ticket of $205. Leading categories were consumer electronics, computers, mobile phones, home appliances and games.

Black Friday has so far been successful at drawing buyers online in a market that is still reluctant to abandon brick-and-mortar shopping. Ipsos OTX and Ipsos Global @dvisor’s December 2012 “Socialogue” showed that, on average, no fewer than 66% of internet users in Brazil

ages 16 and older across all income levels preferred to buy in physical stores. Resistance to ecommerce was higher among females and older users. Brazil’s internet user segments most likely to say they preferred ecommerce were males, middle-income households and consumers ages 35 to 49.

% of respondents in each group

Preferred Purchase Methods of Internet Users in Brazil, by Demographic, Sep 2012

GenderFemale

Male

Age16-34

35-49

50-64

Household incomeLow

Medium

High

TotalNote: numbers may not add up to 100% due to roundingSource: Ipsos OTX and Ipsos Global @dvisor, "Socialogue," Dec 4, 2012148650 www.eMarketer.com

73%

58%

64%

71%

65%

76%

60%

69%

66%

In astore

23%

36%

30%

28%

29%

19%

35%

29%

29%

Oncomputer

1%

4%

3%

-

5%

3%

2%

-

3%

On mobile phone/smartphone

3%

2%

3%

1%

1%

2%

2%

2%

2%

Ontablet

The top three online retailers during Black Friday 2012 were also established brick-and-mortar discount chains. Americanas, part of B2W, Brazil’s largest B2C sales group, had the highest total sales. In second and third place were Pontofrio and Casa Bahia, respectively, both of which are managed by B2W’s closest competitor, Nova Pontocom. Wal-Mart, a relative newcomer to Brazil’s online market and the only foreign retailer on the list, saw the highest increase in sales year over year.

Leading Online Retailers on Black Friday in Brazil, Nov 23, 2012

Americanas

Pontofrio

Casas Bahia

Wal-mart

Submarino

Magazine Luiza

Netshoes

Rank bydollar sales

1

2

3

4

5

6

7

Rank by % change vs. averageonline shopping day*

5

2

3

1

6

4

7

Note: ages 15+; excludes MercadoLivre, which also functions as amarketplace that generates many offline transactions; *during Nov 1-27,2012Source: comScore Marketing Solutions as cited in press release, Dec 6, 2012

150328 www.eMarketer.com

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But all the extra shopping on Black Friday exposed weaknesses in the Brazil’s ecommerce landscape. With access rates up to seven times higher than in 2011, and up to 75,000 simultaneous hits during the first few hours, many retailers’ websites slowed to a crawl or crashed. Furthermore, seven major retailers were contacted by Sao Paulo’s consumer protection bureau, Fundação Procon-SP, on behalf of digital shoppers complaining of wrongdoing, specifically price tweaking and false advertising. Disgruntled customers also flooded social networks, especially Facebook, with negative comments.

Still, the rapid growth of Black Friday and the increasing volume of online sales in general show the growing acceptance and popularity of ecommerce in Brazil.

INTERNET USERS AND DIGITAL BUYERS

Even while still in an early stage of ecommerce

development, Brazil’s sheer size makes it a market

worth watching. eMarketer estimates that 91.5 million

people in Brazil, or 44% of the country’s population,

will be internet users in 2013.

millions, % of population and % changeInternet Users and Penetration in Brazil, 2011-2016

2011

79.3

39.0%

9.0%

2012

86.4

42.0%

8.9%

2013

91.5

44.0%

5.9%

2014

96.7

46.0%

5.7%

2015

99.8

47.0%

3.2%

2016

103.0

48.0%

3.2%

Internet users % of population % change

Note: individuals of any age who use the internet from any location via anydevice at least once per monthSource: eMarketer, Feb 2012136990 www.eMarketer.com

Breaking this down along income levels, data from Núcleo de Informação e Coordenação do Ponto BR (NIC.br) shows internet usage among Brazil’s middle—or C—class at only 54%, while near or above 90% in wealthier class A and B households.

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% of respondents in each group

Demographic Profile of Internet Users* in Brazil, Oct 2010 & Jan 2012

Oct 2010 Jan 2012

GenderMale 48% 54%

Female 48% 52%

Age10-15 75% 75%

16-24 76% 81%

25-34 62% 67%

35-44 41% 48%

45-59 23% 30%

60+ 6% 12%

Social classA 90% 94%

B 79% 83%

C 51% 54%

DE 19% 21%

Total 48% 53%Note: 2010 n=23,107; 2012 n=25,000; *ever at any locationSource: Núcleo de Informação e Coordenação do Ponto BR (NIC.BR), "TICDomicílios 2011" conducted by IBOPE Inteligência, May 31, 2012141697 www.eMarketer.com

eMarketer estimates that Brazil will have 26.7 million digital buyers in 2013, equal to 36% of internet users. That penetration level is a far cry from the US, where the figure is 73%, but Brazil outpaces Latin America as a whole, for which the average is 33.2%.

Digital Buyers in Brazil, 2011-2016

Digital buyers (millions)—% change

—% of internet users

—% of population

2011

19.133.1%

30.0%

12.4%

2012

23.724.1%

34.0%

15.2%

2013

26.712.8%

36.0%

16.9%

2014

29.711.3%

37.7%

18.5%

2015

31.97.4%

39.0%

19.6%

2016

33.96.2%

40.0%

20.5%

Note: ages 14+; internet users who have made at least one purchase viaany digital channel within the past year, including online, mobile and tabletpurchasesSource: eMarketer, Jan 2013150115 www.eMarketer.com

Compared to eMarketer, Ipsos and GlobalWebIndex show a larger share of Brazil’s internet users making internet purchases. With similar age and purchase frequency parameters, and considering the still-emerging mcommerce market in Brazil, sampling probably contributes to the differences in estimates. The online panels used by Ipsos and GlobalWebIndex tend to attract respondents who are generally more digitally-savvy and already more inclined to buy online.

% of internet users

Comparative Estimates: Online Buyers in Brazil, 2011 & 2012

GlobalWebIndex*,Feb 2013

Ipsos, Feb 2012

eMarketer, Jan 2013

F/Nazca Saatchi &Saatchi, Dec 2011

2011

-

-

30.0%

24.0%

2012

57.0%

46.0%

34.0%

-

Age

-

16-64

14+

16+

Usage

Purchased in the past monthvia any digital channel

Bought products or services online in the past 3 months

Made at least one purchase via any digital channel within the past year-

Note: *data is for Q2Source: eMarketer, Jan 2013; various, as noted, 2011-2013151335 www.eMarketer.com

THE MIDDLE CLASS AS DIGITAL DRIVERSIn Brazil, where even small percentage changes equate to tens of millions of consumers, the size of the middle class is key to ecommerce growth.

A study by Fundação Getúlio Vargas (FGV), a higher-education institution and think tank, predicts the middle class will represent 60.2% of Brazil’s population by 2014, at which point the group should include more than 120 million people.

The range of incomes encompassed in “the middle class” is wide, though, with the higher-income households in the category earning several times more than the lower-income ones. Since those at the lower end do not have enough expendable income to significantly drive total ecommerce sales, it is those at the high end who will have the greatest impact.

As more middle-income consumers go digital, online retailers can expect to see more purchases being made, but at lower price points. e-bit’s data already shows Brazil’s average ecommerce ticket size falling from $202 in 2010 to $189 in 2011 and $165 in 2012. Moreover, a 2012 Hi-mídia and M.sense study of Brazil’s online buyers indicated price was a leading motivation for purchasing online.

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% of respondents

Leading Reasons to Purchase Online According toOnline Buyers in Brazil, April 2012

Price68%

Convenience56%

Product variety31%

It's easy to pay28%

Find more info and tips on products online26%

Note: n=1,129Source: Hi-mídia and M.sense, "E-commerce: E-consumer Behavior," May31, 2012142849 www.eMarketer.com

The increasing number of middle-income online shoppers also suggests that comparison shopping, while already prevalent among consumers in Brazil, will grow even more common.

% of total

Sources that Influence the Purchase* Decisions ofOnline Buyers in Brazil, April 2012

Friends' opinions given in person42% 30% 16% 7% 4%

Opinions found on price comparison websites/reviews41% 31% 18% 5% 4%

Company websites (institutional)35% 26% 24% 10% 5%

Discussion forums28% 23% 19% 13% 17%

Comments left by friends on social networks26% 28% 22% 12% 13%

Internet ads23% 24% 31% 14% 6%

TV ads18% 20% 33% 18% 10%

Comments left by strangers on social networks12% 17% 27% 21% 26%

5—highly influences 4 3 2 1—does not influence

Note: n=1,129; numbers may not add up to 100% due to rounding; *onlineor offlineSource: Hi-mídia and M.sense, "E-commerce: E-consumer Behavior," May 31, 2012142851 www.eMarketer.com

Information which you research online57% 20% 15% 4%

3%

Pedro Eugenio, CEO of price-comparison tool and coupon service Busca Descontos (the company that brought Black Friday to Brazil), noted that with more ecommerce competition and the large selection of coupons available, digital internet buyers in Brazil—including middle-class consumers—rarely make a purchase decision before first comparing prices and searching for discounts across multiple retail sites.

Brazil’s emerging middle class is not just increasing consumption because of extra disposable income. Rather it is seeking to get the most for its hard-earned money, and to do so in the most hassle-free way. This is what consumers are after as they move purchases from the street to the screen.

Moreover, while most digital buyers are price-conscious and wary of losing money through unsuccessful online purchases, middle-income consumers new to ecommerce tend to be more risk-averse. Cheaper, easier-to-ship items represent a more manageable risk as consumers try a new purchase method. Once satisfied, these first-time online shoppers are likely to come back to spend more.

According to e-bit, among the top five most purchased product categories in Brazil in 2011 and 2012 were low-ticket, easy-to-deliver items, such as health and beauty products. But perhaps unexpectedly, appliances topped e-bit’s list. Though most of these appliances were smaller kitchen items, consumers in Brazil are going online to shop for and buy larger items like refrigerators, stoves and washing machines.

% share

Leading Categories of Retail Ecommerce in Brazil, H12012

Appliances 13%

Health & beauty 13%

Fashion & accessories 11%

Books, magazine subscriptions & newspapers 10%

Computers 9%

Source: e-bit, "WebShoppers, 26th edition," Aug 22, 2012150575 www.eMarketer.com

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Pedro Guasti, vice president of Buscapé Company, a digital commerce platform, reasoned that although products like home appliances represent a substantial investment for middle-income families, the ease of researching, reading reviews and buying all in the same place give consumers the right mix of confidence and convenience to complete a purchase. Guasti also noted that financing purchases at no interest has been a vital practice among retailers in Brazil for many years. As retailers, and even credit card companies, expand their businesses online, they have made sure to include no-interest financing among their payment methods.

Also supporting the growth of ecommerce in 2012 was the localization of major virtual bookstores—Apple’s iBookstore, Google’s Play store and Amazon.com’s Kindle Store—offering content in Portuguese and prices in the local currency.

Amazon has created a handful of physical sales points for its Kindle ereaders in Sao Paulo and Rio de Janeiro, although it has held back on selling the more advanced Kindle Fire tablet in Brazil, focusing instead on more affordable devices for the time being. Ereader brand Kobo has partnered with Livraria da Cultura, an established brick-and-mortar bookstore chain in Brazil that has now also gone digital.

WEALTHIER CLASSES STILL SPEND MOREWhile the middle class, especially those in upper end, will be a major driver of growth in ecommerce in Brazil, much of the segment’s sales will continue to come from wealthier buyers, who not only have more expendable income but also have more experience online.

FGV projects that by 2014 Brazil’s wealthier A and B social classes will grow even more rapidly than the middle class, increasing at an expected combined rate of 29%, which will boost the more affluent population to some 29 million people.

Polling firm IBOPE Inteligência’s 2012 Pyxis Consumption Index estimated that 54.3% of household consumption in Brazil in 2012 would originate from the A and B social classes, with the C class buying their way to a 38.7% share. Brazil’s D and E classes were expected to account for just 7%.

Data is not yet available showing how these consumption patterns translated into ecommerce, but is seems likely that while most new digital buyers and first-time ecommerce transactions will come from the middle class, Brazil’s wealthier income rungs will continue to spend more—and buy more expensive items.

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EMARKETER INTERVIEWS

Pedro Guasti Vice President, Marketing Intelligence

Buscapé Company Interview conducted on February 7, 2013

Bernardo Kirschner Planning Director

VML Brasil Interview conducted on February 13, 2013

Ludovino Lopes President Câmara Brasileira de Comércio Eletrônico – Câmara-e.net

Interview conducted on February 19, 2013

Cris Rother Director

e-bit Interview conducted on February 8, 2013

RELATED EMARKETER REPORTS Brazil Online: An Increasingly Mobile Market

Brazil Digital Ad Spending: A Growing Consumer Base Lures Marketers Online

RELATED LINKS Agência Nacional de Telecomunicações

Black Friday Brasil

Busca Descontos

Buscapé Company

Centro de Estudos sobre as Tecnologias da Informação e da Comunicação

Câmara Brasileira de Comérceio Eletrônico – Câmara-e.net

comScore, Inc.

e-bit

IBOPE Inteligência

IBOPE Nielsen Online

Instituto Brasileiro de Geografia e Estatística

VML Brazil

Brazilian Association of Ecommerce (ABComm)

ClearSale

Decolar.com

F/Nazca Saatchi & Saatchi

Fundação Getúlio Vargas (FGV)

Hi-mídia

Ipsos Global @dvisor

Ipsos OTX

M.sense

Núcleo de Infomação e Coordenação do Ponto BR (NIC.br)

EDITORIAL AND PRODUCTION CONTRIBUTORS

Cliff Annicelli Senior EditorKaitlin Carlin Copy EditorJoanne DiCamillo Senior Production ArtistStephanie Gehrsitz Senior Production ArtistDana Hill Director of ProductionNicole Perrin Associate Editorial DirectorAllie Smith Director of Charts