Amara’s Law says that:
We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.
True, totally true.
The Dot-com bubble of the late 90’s is a prime example of this.
Tons of companies were worth billions back then and many had never made a penny of profit.
It’s silly in hindsight of course, but everyone thought that “the fundamentals have changed” and “this time it’s different.”
It’s never different. 🤣
Fast forward 25 years and the internet is slowly eating the world one tiny piece at a time.
When the dust settles, I think there will be only two main offers left, brands and the lowest-cost operator.
Direct-to-customer sales that the internet makes possible will eat everyone else in between.
I mean think about it, what does JCPenny offer now to brands that they can’t do themselves?
Placement and distribution?
The internet is distribution.