afteryay day, page-45

I don’t really like this analysis- it is misleading and inaccurate.

1) CAC is wrong you have to divide sales and marketing costs for new users not over total user base. CAC is still very low but not 40c

2) comparing gross sales for a company shipping product versus TTV for a payments company is incorrect. I understand that Amazon is low margin but the better way to do it is with the reported revenue and then use snugger margin off the revenue. This is one of the reasons why RBL for example looks cheap - because they are reporting all sales as revenue when in fact 2/3 goes straight to fulfilled. It also makes unit economics harder to evaluate.

The better comparators are milestones (years to US 100M revenues) which are up there with the likes of amazon, google, Groupon in a MUCH smaller initial market