If Stord’s approach gains traction, expect a year where Amazon must choose between higher capital spending to defend convenience or loosening margin pressure by outsourcing parts of fulfillment, a dynamic consistent with Amazon’s 11.7% average revenue growth paired with a 364% average drop in net income. eBay’s more modest 4.3% revenue growth and a 114.6% average net-income decline leave it exposed, brands leaving marketplaces could reduce eBay’s volumes even as the market for alternative logistics grows. Over the next quarters, watch capital allocation, margin trends, and whether third-party logistics meaningfully shift where brands spend.