Said differently, if your business is standalone e-commerce selling third-party brands, good luck. You can’t generate enough operating profit to scale beyond getting noticed, counter-attacked, and at best acquired.

Companies like ThirdLove, where the product (bras made for women of all shapes and sizes) is complex and there is an inherent dissatisfaction, may find it valuable to set up showrooms for trials; scan-and-go would work there and Middle America is underserved for such experiences. But not all product categories need this kind of experience. Even for... See more