Somehow, despite massive secular shifts and a lot of noise about rising ecommerce penetration, the DTC products themselves have produced only one billion dollar outcome: Dollar Shave Club (two if you count Harry’s).

Digital has led to market fragmentation in nearly everything. Reduced opportunity costs have spawned a plethora of Direct to Consumer (DTC) brands which will continue for the foreseeable future. Small niche startups will continue to build followings and “tribes” in ways that couldn’t have been imagined in the pre-internet era.