Customer acquisition costs are converging across every DTC category. The operators still compounding profit are winning on a line item most founders can't even read: fulfillment.
Storage recalculation dates, minimum-volume penalties, 'special project' rates — the spread between a good and bad 3PL contract is 40 cents per order.
The brands that stalled in 2025 didn't run out of customers. They ran out of weeks — the ones between paying suppliers and getting paid back.
Refurbished storefronts, open-box drops, keep-it thresholds — operators are turning the 20% of orders that come back into a margin line instead of a write-off.
Regional carriers and consolidators now cover 87% of US parcels at viable service levels. Brands still single-carrier are paying a loyalty tax of 8–14%.
Benchmarks, contract teardowns and unit-economics analysis for commerce operators. Read by 8,900+ heads of ops, supply chain leads and DTC founders every Thursday.
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