I think this drives at a more fundamental failing by Brandless in particular, that is likely true broadly: the company’s cost structure was completely unsuited for DTC. My strong suspicion — admittedly biased, given Stratechery’s business model — is that the biggest opportunities in DTC are in niches, and the best way to exploit those niches is by ... See more

The strategy is largely out of the same playbook as other on-demand apps—capture customers, consolidate control over a high-frequency behavior, expand and cross-sell to other higher-margin categories. But their challenges are significant as well, from spoilage rates on grocery to hard-to-predict inventory requirements and building relationships wit... See more

But more important than nostalgia are the emergent platforms that facilitate new forms of commerce. New marketplaces provide liquidity. Whatnot, a livestream commerce marketplace, has emerged as the go-to place to buy and sell collectibles online—and its focus on collectibles has actually propelled it past horizontal livestream marketplaces like Po... See more