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“She speaks to a broad section of young people who are interested in what she has to say, even if they don’t agree with everything she says,” Obama said on Good Luck America. That doesn’t mean he’s all in for AOC, however. Ever a believer in big tent politics, Obama also said young, moderate Democrats deserved a platform. “I say that as somebody who used to be the young, shiny cool guy. But now the gray-haired, old grizzled vet.”,Beyond cultural realignment and a clear path to follow, the raw numbers in terms of new customers and incremental revenue are going to really matter. Skipping 5–10 years ahead of plan in e-commerce and taking e-commerce share will permanently matter to these businesses. Scale matters more online than offline. Online scale drives significant advertising efficiencies which are one of the most important inputs to e-commerce success. Massive growth in new customers, especially those who repeated quickly, will matter. This customer growth is manifest in the significant growth in app downloads, traffic and commentary on quarterly calls. Credit card data clearly shows an improvement in customer retention and cohort dynamics over the last few years for category leading retailers as their e-commerce % of revenue improved. These retailers will benefit for years from the customers they acquired during Covid.,It’s time that old-guard Democrats made way for new blood, says President Barack Obama. Obama told Good Luck America that Rep. Alexandria Ocasio-Cortez should have gotten more speaking time at the 2020 Democratic National Convention. AOC was one of three Latinas who received primetime speaking slots, and her 60-second speech was to symbolically nominate Sen. Bernie Sanders—a preapproved procedural move that nevertheless received some backlash.,Covid has changed all of these dynamics for category leading brick and mortar retailers. If most e-commerce companies have been pulled 1–3 years into the future in terms of their revenue, then the e-commerce businesses of most category leading brick and mortar retailers have been pulled 5–10 years into the future. Covid has permanently changed their destiny and driven significantly higher long term steady state FCF outcomes for them. I sometimes think that investors do not appreciate how large and rapidly growing the e-commerce businesses at some of these category leading retailers are. Wal-Mart’s digital revenue in Q2 was an annualized $42 billion, growing 94% — faster than Amazon. Best Buy’s digital revenue in Q2 was an annualized $19.4 billion, growing 242% — faster than Amazon. Some will quibble about the inclusion of BOPIS revenue, but I think this is fair as it is a very different experience than actually going into a store.,If you need more places to put things then you can invest in draws, cupboards, cabinets, etc. I have a bunch from Ikea so that the mess is stored away rather than making me feel visually impaired.,Amazon’s retail business may actually be disadvantaged long term by Covid due to more intense long term competition as thousands of SMBs have taken advantage of services from Wix, Shopify, etc. to go online, category leading retailers are investing online like never before and brands are investing in their DTC strategies — all at the same time that Amazon may have begun to erode consumer trust with advertising. The “buy box” used to be sacred at Amazon — the best reviewed product at the best price drove placement in search results — not advertising. Consumer trust is difficult to gain and even harder to regain. While allowing advertising to dictate the buy box was immensely effective at increasing their take rate (anyone who believes this is actually advertising is confused — Amazon is just increasing their take rate and calling this dynamic advertising), this may end up being a very profitable short term decision that creates significant long term pain. Amazon is a phenomenal company and I am sure they will adapt, but Covid may have led to a significantly more competitive environment for them. Regardless, these e-commerce share gains for brick and mortar retailers are not going to be transitory.,“She speaks to a broad section of young people who are interested in what she has to say, even if they don’t agree with everything she says,” Obama said on Good Luck America. That doesn’t mean he’s all in for AOC, however. Ever a believer in big tent politics, Obama also said young, moderate Democrats deserved a platform. “I say that as somebody who used to be the young, shiny cool guy. But now the gray-haired, old grizzled vet.”,Perhaps the simplest way to express what has happened during Covid is to note that Amazon has actually lost share in e-commerce during Covid. The largest e-commerce share gainers in most categories have been category leading physical retailers as well as the DTC businesses of most brands. Amazon is still growing really fast, but this is due to growth in the market for e-commerce. They are factually losing share of e-commerce which is a significant change, albeit one that had been in process for several years. There were years pre 2016 when Amazon was taking roughly 100% incremental share of e-commerce and well over 100% incremental share of total retail sales. While Amazon is gaining share of retail spending, they are losing e-commerce share and this is manifested in the fact that they are growing slower than the overall market for e-commerce.,I hate clutter because it makes me think about useless decisions that don’t serve my goals. Without clutter, you have energy to make more important decisions in your life.,The first long term benefit of Covid for category leading retailers who are taking significant e-commerce share during Covid is that for the first time *ever* at many of these companies, e-commerce is being resourced and managed appropriately while taking advantage of all the online advantages conferred by their store networks. I suspect this is the first time that the online analytics team is as important to the CEO as the merchant. This is a profound cultural shift at many of these companies that is likely to be enduring. Nothing accelerates change like success.,These retailers also all now understand the playbook they need to run online — they can simply copy what worked for Amazon. Every category leading physical retailer will have a 3p marketplace. These 3p marketplaces will benefit from integration with the stores in the sense that many new DTC brands will not sell on Amazon, but will happily sell through other 3p marketplaces especially if they are attached to a fleet of thousands of stores and the owner of the 3p marketplace and those stores commits to showcasing their brand in-store on a temporary basis a few times per year. Software is also making it easier and easier for sellers to sell into multiple marketplaces.,How you take care of common surfaces is a sign of how organized you are. I find if I start leaving things on the kitchen table again then the kitchen table quickly starts to look like a messy garage.,Being super organized is a system. A system takes the effort out of staying tidy and keeping your mind free of unnecessary distractions. When you systematize parts of your life, you introduce automation.,Brisson-Boivin says she sees the solution as three pronged: equip and educate young people, bring young people’s experience to the legislative table, and think of young peoples’ needs when designing privacy policies and in the tech development stages.,Being super organized is a system. A system takes the effort out of staying tidy and keeping your mind free of unnecessary distractions. When you systematize parts of your life, you introduce automation.