The new TAM

What does this mean? All of the infrastructure and services that were once optimized for physical SMBs / mom-and-pops need to be overhauled to accommodate internet-first businesses. If you were a YouTuber and you walked into Bank of America asking for a small business loan, you would be met with a quizzical look followed by a polite but firm dismis... See more

Looking at the ~$3T value creation in e-commerce over the last two decades, one might feel that the best of e-commerce is behind us. However, in Amazon lingo, I believe we are still on Day 1. Current penetration is still low (~17% in US). New categories are coming online such as grocery and pharmacy.

It is well understood that the internet has created extraordinary abundance in information and products. Whereas once, consumers might have been restricted to their town paper for information and local mall for apparel, they can now find functionally unlimited amounts of both online.

The Internet RevolutionI already explained what happened to newspapers when distribution erased local newspapers moats in the blink of an eye; as I suggested at the beginning, though, this was not an isolated incident but a sign of what was to come. Back in July I laid out how the acquisition of Dollar Shaving Club suggested the same process was ha... See more

Fast forward to today, eCommerce has made it possible for emerging brands with a niche product to achieve nationwide retail distribution at an accelerated rate.

While e-commerce is accelerating to offer multi-layered experiences for customers and brands, bricks-and-mortar stores are becoming physical bastions of extraordinary, sensorial moments.

The total addressable market (TAM) for creators is much larger than almost anyone believes. Two forces are hyper-charging the market opportunities for these creators. The first is that more of the demand side of the economy -- i.e. experiences and consumption -- is being mediated by aggregating platforms. The second is that more of the supply side ... See more