Exhibit 99.1

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(logo GSI Commerce tm) The outsource solution for e-commerce

GSI Commerce, Inc.

CIBC

Third Annual Consumer Growth Conference

July 8, 2003

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(logo GSI Commerce tm) The outsource solution for e-commerce

Forward-Looking Statements

All statements made in this presentation, other than statements of historical fact, are forward-looking statements. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “would”, “should”, “guidance”, “potential”, “continue”, “project”, “forecast”, “confident”, “prospects” and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of GSI Commerce and the industry and markets in which GSIC operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by those forward-looking statements. Factors which may affect GSI Commerce’s business, financial condition and operating results include the effects of changes in the economy, consumer spending, the stock market and the industries in which GSI Commerce operates, changes affecting the Internet and e-commerce, the ability of GSIC to maintain relationships with strategic partners and suppliers, the ability of GSIC to timely and successfully develop, maintain and protect its technology and product and service offerings and execute operationally, the ability of GSIC to attract and retain qualified personnel and the ability of GSIC to successfully integrate its acquisitions of other businesses, and the performance of acquired businesses. More information about potential factors that could affect GSI Commerce can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by GSI Commerce with the Securities and Exchange Commission. GSI Commerce expressly disclaims any intent or obligation to update these forward-looking statements, except as otherwise specifically stated by GSI Commerce.

EBITDA represents earnings or loss before interest income and expense, taxes, depreciation and amortization, and stock-based compensation. For reconciliation of non-GAAP to GAAP financial measures, see Appendix A.

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(logo GSI Commerce tm) The outsource solution for e-commerce

GSI Commerce is a Leading eCommerce Services Provider

NASDAQ: GSIC

728 employees

Headquarters in King of Prussia, PA

Fulfillment center in Louisville, KY

Call center in Melbourne, FL

Partnered with more than 40 leading retailers, consumer brands, media properties and professional sports organizations

Owned Inventory Model: GSI records sales & pays revenue share to partner

Consignment Model: GSI compensated with fixed fees and/or % of sales

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Selected GSI Partners

Comp & Cons Elec.	(logos) Palm, Tweeter
Home Products	(logos)Linens ‘n Things, Ace
Apparel, Footwear, Acc.	(logos)Reebok, The Athlete’s Foot, Rockport
General Merchandise	(logos)Kmart
Health & Beauty	(logos)Estee Lauder Companies, Bobbie Brown, Clinique, Gloss, Estee Lauder, Origins
Sporting Goods	(logos)The Sports Authority, Gart Sports, Modell’s, MC Sports, Dick’s, Dunham’s, Denver Broncos, NASCAR, Atlanta Falcons, Rawlings, Russell Athletic
Entertainment/Media	(logos)Nick.com, Fox Sports, Comedy Central, TV Land, Lifetime, PAX, The Golf Channel, CBS Sportsline

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U.S. Online General Merchandise Market Will Reach $55BN in ‘03

US Online Retail Sales (billions)

	2003E
Computer Hardware & Consumer Electronics	$	14.7
Home Products	$	12.5
Books, Music & Video	$	8.8
Apparel, Footwear & Accessories	$	7.9
Toys & Video Games	$	2.7

Jewelry & Luxury Goods	$	1.7
Sporting Goods	$	1.5
Flowers, Cards & Gifts	$	1.4
Health & Beauty	$	1.2
Other	$	3.2
	$	55.6

General merchandise excludes travel, financial services, tickets, job listings, real estate and autos

Source: Forrester Research

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U.S. Online General Merchandise Market Is Expected to Grow to Nearly $140BN in ‘07

(billions)

2003E	$	59.2
2004E	$	77.4
2005E	$	98.5
2006E	$	122.1
2007E	$	146.2

26% net revenue CAGR as compared to 2-3% for overall retail

Source: Forrester Research

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eCommerce Growth Drivers

Increased Internet Users/Usage

Improving Customer Experience

Deepening Integration Between Online and Offline

Migration of Catalog, Direct Mail and DRTV Revenue

Broadband

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Broad Universe of Participants in the U.S. Online General Merchandise Market

Retailers

Pure Plays

Manufacturers/Brands

Catalogers

Media Companies

Professional & Amateur Sports Organizations

Source: Shop.org, Forrester Research

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GSI Has A Substantial Market Opportunity

eCommerce is too large for major companies to ignore; online sales will account for 4.5% of total retail sales in 2003

Multi-channel retailers will contribute 75% of online retail sales in 2003 but . . .

Multi-channel retailers derive the large majority of their revenue offline – online selling is not a core competency

A significant opportunity exists to ‘ENABLE’ these companies to maximize their eCommerce business

Source: Shop.org, Forrester Research

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Enabling eCommerce

en•a’•ble	1a) To supply with the means or opportunity
	b) To make feasible or possible
	c) To make operational

tr.v. en·a·bled, en·a·bling, en·a·bles

Enable eCommerce: Software

Hosting/Managed Infrastructure

Professional Services

Fulfillment Services

Customer Contact Services

Marketing Services

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Software

Components:	Web Server
	Application Server
	Shopping Platform
	Content Management

	Search Engine
	Web Analytics
	CRM
	Database
	Order Management
	Fraud Screening
	Warehouse Management
	Financial Management
	Merch Management/Planning
Participants:	BEA, IBM, Microsoft, Oracle, Siebel

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Hosting/Managed Infrastructure

Components:	Hardware
	Hardware Maintenance
	Hosting (storage & data communication)
	Security
	Monitoring
	Caching
	Load Balancing
	Systems Administration
	Database Administration
Participants:	AT&T, Computer Associates, IBM, Sun Microsystems

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Professional Services

Components:	Software Selection
	Integration
	Site Design
	Site Development
	Site Evaluation/Usability Testing
	Industry Expertise/General Consulting
	Product Photography
	Copywriting
Participants:	Accenture, EDS, IBM, PWC Consulting

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Fulfillment Services

Components:	Receiving/Put Away
	Storage
	Pick/Pack/Ship
	Returns Processing
	Inventory Control
	Value Added Services
	Drop-Ship Management
	Shipping Management
Participants:	FedEx, UPS

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Customer Contact Services

Components:	24/7 Phone
	24/7 Email Response
	Sales (Cross-/Up-Sell)
	Training
	Remote Monitoring
	Skills-Based Routing
	Voice Communication
	Event Management
Participants:	Convergys, Precision Response, West Communications

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Marketing Services

Components:	Online Media Buying
.	Affiliate Program Management
	List Management
	Email Delivery
	Search Optimization
	Paid Search
	Catalog & DRTV Services
	CRM—Lifetime Value Optimization
Participants	DoubleClick, Grey Digital Marketing, Ogilvy Interactive

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(logo GSI Commerce tm) The outsource solution for e-commerce

GSI Provides Solutions That Encompass Every Aspect of Enabling eCommerce

Integrated eCommerce software platform centered on proprietary shopping application

Hosted/managed hardware infrastructure

Fulfillment center

Call center

Online marketing/email campaign management

Site design, usability and integration

Multi-channel integration (catalog, DRTV)

Content creation/management

Reporting and analytics

Fulfillment Svcs

Customer Contact Svcs

HOSTED ECOMMERCE TECHNOLOGY PLATFORM

Marketing Svcs

Professional Svcs

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(logo GSI Commerce tm) The outsource solution for e-commerce

GSI Value Proposition to Partners

Comprehensive suite of eCommerce products and services

Customized solution with full partner branding

Scale to provide a superior shopping experience and justify ongoing technology and operational infrastructure investment

Proven track record of transitioning and growing significant online businesses

Ability to reduce costs associated with eCommerce and focus resources on core business

Opportunity to avoid capital investment and/or long-term risk

Economic structure that creates financial predictability and makes GSI vested in the success of partner’s eCommerce business

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Partner Assets

Brand Equity

Marketing

Merchandise Assortment

GSI Solution

Fulfillment Svcs

Customer Contact Svsc

HOSTED ECOMMERCE TECHNOLOGY PLATFORM

Marketing Svcs

Professional Svcs

Partner Benefits

Revenue Growth

Improved Economics

Enhanced Enterprise Value

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(logo GSI Commerce tm) The outsource solution for e-commerce

Selected GSI Partners

Computer Hardware & Consumer Electronics (U.S. Online 2003: $14.7BN)

(logo) Palm, Inc. is a pioneer in mobile and wireless Internet solutions and the world leader in handheld computing with 2002 fiscal year revenues of $1.03 billion.

(logo)Tweeter Home Entertainment Group is a leading consumer electronics retailer with 161 stores and 2002 fiscal year revenues of $794 million.

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(logo GSI Commerce tm) The outsource solution for e-commerce

Selected GSI Partners

Home Products (U.S. Online 2003: $12.5BN)

(logo)Linens ‘n Things is a leading retailer of home textiles and housewares with 400 stores and 2002 fiscal year revenues of $2.2 billion.

(logo)ACE Hardware Corporation is the largest hardware cooperative in the U.S. with more than 5,100 stores and 2002 fiscal year revenues of more than $3 billion.

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(logo GSI Commerce tm) The outsource solution for e-commerce

Selected GSI Partners

Apparel, Footwear & Accessories (U.S. Online 2003: $7.9BN)

(logo)Reebok is a leading designer and marketer of footwear, apparel and accessories with 2002 fiscal year revenues of $3.1 billion.

(Rockport logo)A subsidiary of Reebok, Rockport is a designer, manufacturer and marketer of comfort footwear with 2002 fiscal year sales of $386 million.

(logo)The Athlete’s Foot is the world’s largest franchisor of athletic footwear with 750+ stores and 2001 fiscal year revenues of $209 million.

(logo)Shoe Carnival is a leading family footwear retailer with more than 200 stores in 23 states and 2002 fiscal year revenues of $520 million.

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(logo GSI Commerce tm) The outsource solution for e-commerce

Selected GSI Partners

General Merchandise (includes jewelry, toys, furniture, books/music/video)

(logo)Kmart is a leading discount retailer with roughly 1,500 stores and 2002 fiscal year revenues of $31 billion.

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(logo GSI Commerce tm) The outsource solution for e-commerce

Selected GSI Partners

Sporting Goods (U.S. Online 2003: $1.5BN)

(logo)The Sports Authority is the largest full-line sporting goods retailer with 200+ stores and 2002 fiscal year revenues of $1.4 billion. ($2.5 billion in annualized revenue following completion of pending merger with Gart Sports.)

(logo)Dick’s Sporting Goods is a leading full-line sporting goods retailer with 140 stores and 2002 fiscal year revenues of $1.3 billion.

(logo)NASCAR is a leading professional sports organization with more than 75 million fans and 2002 worldwide licensed merchandise sales of $2 billion.

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(logo GSI Commerce tm) The outsource solution for e-commerce

Selected GSI Partners

Health & Beauty (U.S. Online 2003: $1.2BN)

(logo Estee Lauder Companies)One of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products with 2002 fiscal year revenues of $4.7 billion.

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(logo GSI Commerce tm) The outsource solution for e-commerce

Selected GSI Partners

Licensed Entertainment

(logos)Viacom/Nickelodeon The #1 entertainment brand for kids with 2002 worldwide licensed merchandise sales of $2.6 billion.

(logo)Comedy Central The only all-comedy network available in over 78 million U.S. homes and 2002 worldwide licensed merchandise sales of $98 million.

(logo)TV Land A 24-hour spin-off channel offers classic programs in over 61 million households.

(logo)Lifetime The #1 basic cable channel in primetime is in 85 million U.S. households.

(logo)PBS Owned and operated by the nations 350 Public Television Stations. Serving nearly 100 million people each week.

Source: License! Magazine, April 2003

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Financial Drivers

Revenue Growth

New Partners

Growth of Existing Partners

Variable Operating Efficiency

Cost Per Package

Cost Per Contact

Contacts Per Order

Fixed Expense Leverage

Scalable Technology Platform

Available Capacity

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Revenue Growth

GSI Net Revenue (MM)
2000 2001 2002 2003E	$42.8 $102.6 $172.6 $210.0

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Variable Operating Efficiency

Sales & Marketing Expense / Net Revenue
2000 2001 2002 1Q02 1Q03	88% 32% 29% 28.8% 26.0%

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Fixed Expense Leverage

Product Development and G&A / Net Revenue
2000 2003 2004 1Q02 1Q03	37% 19% 16% 17.7% 14.7%

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Income Statement Trend ($ Millions)

	2001			2002			2003E
Net Revenue	$	102.6		$	172.6		$	205-215
EBITDA*	$	(16.1	)	$	(23.5	)	$	(5-1	)
Net Income	$	(30.6	)	$	(33.8	)	$	(17-13	)

*For a reconciliation of this non-GAAP financial measure, see Appendix A.

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Strong Balance Sheet (March 29, 2003)
Cash*	$51MM
Debt	$ 0MM
Cash* Net of Debt	$51MM
Total Assets	$163MM
Shareholder’s Equity	$115MM

* Cash and cash equivalents, short-term investments and marketable securities

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Moderating Capital Expenditures
2000:	initial platform development, technology market still hot
2001:	leveraged investments, strong revenue growth
2002:	fulfillment center expansion/purchase, call center purchase, 2nd data center, substantial software/development
2003:	leveraging investments, expect strong revenue growth

2000	$13.7
2001	$8.4
2002	$29.0
2003E	$10-$15

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(logo GSI Commerce tm) The outsource solution for e-commerce

Summary

Strong business momentum

Significant growth opportunities

Compelling value proposition

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(logo GSI Commerce tm) The outsource solution for e-commerce

GSI Commerce, Inc.

CIBC

Third Annual Consumer Conference

July 8, 2003

Appendix A

GSI COMMERCE, INC. AND SUBSIDIARIES

EBITDA AND RECONCILIATION TO GAAP RESULTS

(in thousands, expect per share data)

(unaudited)

	Fiscal Year Ended
	December 29, 2001			December 28, 2002			January 3, 2004E
Reconciliation of EBITDA to GAAP results:
EBITDA	$	(16,092	)	$	(23,527	)		$    (5,000)-$(1,000	)
Interest expense		608			749			—
Interest income		(3,049	)		(1,377	)		(700)-(1,000	)
Taxes		—			—			—
Stock-based compensation		10,282			401			1,500-2,200
Depreciation and amortization		6,662			10,509			10,500-11,500
Net loss	$	(30,595	)	$	(33,809	)		$(17,000)-$(13,000	)