E-Commerce is a Bear

Many early DTC companies that got big quickly contracted out the manufacturing of the physical products they were branding and selling. But that didn’t serve them well in the long run.

And then eBay started pitting sellers against each other, as you're trying to please buyers more. And as they went down this path of optimizing for getting rid of friction, they killed what made the place so uniquely magical. And eBay's still around, obviously, but it is not on the pulse of commerce like it used to be. So that was a model of sellin... See more