The Study

Law of Linear Commerce

For the brands that are most suited to the modern retail economy: media and commerce operations combine to optimize for audience and conversion. This is the efficient path for sustained growth, retention, and profitability.


Linear Commerce, 1889

When we consider the dawn of the global brand era, we often cite the genius of Madison Avenue, the 1960s and the Mad Men style of advertising and brand development. However, we’d be doing ourselves a disservice if that’s where our research began and ended.


NBC and Linear Commerce

The Peacock Network is now in the eCommerce technology business. It’s worth repeating: shopping cart technologies may become commoditized. It will be the audiences that will be bought and sold.


Food52 and Linear Commerce

The stronger the organic audience, the higher the premium on a company’s valuation. So why the resistance towards this approach? In short, it isn’t easy to do.


On Linear Commerce

Audience-driven businesses have figured out how to monetize their visitors by providing value that captures attention. The alternative is paying the audience just to show up at your party.


Own The Audience

The rise and demise of brands’ dependence on social platforms will mirror media’s former dependence on these same platforms. The savviest brands are becoming their own publishers.


Lyrical Lemonade Empire

From TikTok’s upcoming phone to three million dollar purses for Fortnite tournament victories, Generation Z’s influence on the market is creating unique outcomes. To understand the future, listen to the kids.


In-App Audiences

By reclassifying app downloads as the beginning of a sales funnel (rather than its end), digital content communities can reframe the value of their content.



With countless independent, traditional, and direct-to-consumer brands on its roster, Verishop is focused on delivering what is missing from today’s social media. Millennials and Gen Z want to shop online; they want to window shop. And most importantly, they prefer their ideas shared with their audiences. So imagine a platform with personalized shopping content and a machine-learned curation driven by photos, videos, and social sharing. It’s the most powerful marketplace for modern and traditional brands alike.

Bifurcation and New Luxury

This era has begun to reveal sharp contrasts in how Americans approach the consumption of goods and services. Net consumption continues to grow despite a catastrophic number of store closures. Some in retail and media are quietly recognizing that the most competitive approach to growth is the pursuit of the modern luxury consumer – a cohort that seems to be invulnerable to these shifts.

Malls and Over-Retail

Between 1955 and 1975, shopping mall development exploded. Though, development was no longer tied to demand. Many were built as extractable retail assets only to be flipped for massive profits. This meant that development was no longer tied to population growth. Today, multiple malls and shopping centers exist for every small suburb in America, designed and constructed with no expectation to achieve sustainable demand.

H.E.N.R.Y and Brand Sociology

The HENRYs are advancers, not necessarily those who have cleared the wealth bar to America’s elite class. Unlike the traditional middle-class, HENRYs have the inclination to believe that they are on the path to the liquidity. A liquidity and safety net that is necessary for investing in long-term assets. HENRY is a transitional cohort, not a class. A cohort that can no longer be ignored.

Digitally Native Brands

The history of digitally native vertical brand (DNVB) goes back 14 years. However, the framing of the industry has evolved and so has its terminology. Appointed by Bonobos’ founder and current Walmart executive Andy Dunn in 2016, the DNVB acronym has given way to a simpler version: “DTC” or direct-to-consumer. But despite a shift in terminology, Dunn's term has appropriately defined a generation of internet-first retailers.

The "DTC-Fication" of Economies

The United States once led in the effort to digitize its economy. Today, we trail China by a factor of three. Our neglect may have damning consequences without a correction in our course. The direct-to-consumer industry can be myopic, even often worth ignoring. But studying DTC as a philosophy for modernization can be a competitive advantage for entire economies. For a moment, jettison words like luxe, digitally native, lifestyle, or even HENRY – they are symptoms of a shift. The focus here is on the core of that shift.

The New Infrastructure

I believe that we must begin viewing investments into our eCommerce infrastructure no differently than our predecessors viewed their investments into roads, bridges, and tunnels. This may sound grandiose until you consider how the rest of the digital and physical economies will depend on that infrastructure.

Audiences and Communities

Product-based communities have augmented many consumers’ lives, influencing their senses of belonging. In this way, America has not become non-religious. Rather, we've spent the last several decades forging new communities. These types of communities don’t show up in political polls. We believe in brands.

International Commerce

In 2003, China was a $13 billion market for online retail. The United States was a $53 billion market. When the SARS pandemic crippled the business-to-business market, Alibaba launched a peer-to-peer eCommerce platform that ushered the Chinese mainland into an era of eCommerce dominance. In 2019, China was 1.9 trillion market for online retail. The United States trailed at $602 billion. The U.S. can learn quite a bit from China's rise as the world's preeminent retail power.


War Games

With the current administration’s target on TikTok and its proposed acquisition, I began to think about the second- and third-order effects of the politicization of the digital media and commerce markets. This is one of the first moments in American history where government policy proposed a limitation on a widely used consumer technology.


The Great Equalizer

For the middle-class masses, the new normal is a currency that is worth less than it was at the beginning of this year. The three- and four-star hotels that remain in operation are outfitted for essential travelers, medical workers, and the quarantined. In those hotels, there are five-day rotations for cleaning crews. Food, health, and fitness resources are rarely available. Customers who use these facilities are asked to lower their expectations.


The Fourth Day of Quarantine

International supply chains and air travel propels markets forward. In this same way, epidemics are more likely to become pandemics. China’s business community learned this lesson at the turn of the 21st century.


Gen Z Arbitrage

Generation Z is the largest, youngest, most ethnically-diverse generation in American history. With over 82 million members, this cohort comprises over 27% of the US population.


Going Global

International customer acquisition is a dormant growth channel for the direct-to-consumer industry. America’s greatest export isn’t a product or a service, it’s our culture. The United States sells culture like no one else in the world. In fact, in some countries (Japan, Australia, and China), our natively-born brands often represents the zeitgeist of American culture. They are instantly marketable; these brands are adopted and beloved.


The China Strategy

The growing contingent of Chinese consumers are almost exclusively target one buyers, the prime audience for modern luxury DNVBs. Chinese consumers are drawn to media-savvy, strong brands that allow them to bypass the initial consideration phase of the decision journey. Of the three brands typically considered for luxury purchase, the two with the most brand equity are the ones most often considered for purchase on 93% of occasions.