It’s hard to name a category of sta

It’s hard to name a category of startups that has struggled to produce big, billion-dollar exits more than e-commerce. Competing with Amazon AMZN -0.57% isn’t easy, it turns out, and aspiring Davids have turned to ever more novel strategies to differentiate themselves from Goliath. The problem? Like anything trendy, each new twist on the e-commerce model eventually goes out of style.

Perhaps you remember the great subscription commerce wave of 2012—as I called it, stuff-in-a-box. It was a clever way to score recurring revenue by sending subscribers a container of curated stuff they didn’t even know they wanted. It didn’t take long for each new stuff-in-a-box startup to feel increasingly ridiculous: subscription perfumes, dog toys, cured meats, even stilettos hawked by Kim Kardashian. Investors quickly realized the model was little more than a 21st-century twist on the Jam of the Month club, and the subsequent shakeout, marked by mergers, shutdowns, and pivots, happened quietly.

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It's hard to name a category of startups that has struggled to produce big, billion-dollar exits more than e-commerce. Competing with Amazon AMZN -0.57% is not easy, it turns out, and aspiring Davids have turned to ever more novel strategies to differentiate themselves from Goliath. The problem? Trendy like anything, each New Twist on the E-commerce Model eventually goes out of style. Perhaps You Remember the Great Wave of the 2,012th-commerce Subscription as I Called it, Stuff-in-a-box. It was a clever way to score recurring revenue by sending subscribers a container of curated stuff they did not even know they wanted. It did not take long for each new stuff-in-a-box startup to feel increasingly ridiculous: subscription perfumes, dog toys, cured meats, even stilettos hawked by Kim Kardashian. Investors quickly realized the model was little more than a 21st-century twist on the Jam of the Month club, and the subsequent shakeout, marked by mergers, shutdowns, and pivots, happened quietly.