In a world of abundance, scarcity evolves. While pre-internet scarcity was about a physically constrained, or otherwise limited, number of resources, post-internet scarcity is about separating signal from noise.

All in all, real positional scarcity businesses take time to develop, especially loyalty businesses that are difficult to get off the ground before a retail or consumption environment is fully understood. But I’ll leave with this thought: as the mobile internet, e-commerce, and the transformation of retail continues onward, I think there’s an incre... See more