Alternative Metrics, page-222

I don't follow the merchant count too much as one or two the size of Urban Outfitters have the potential to earn more than 1000 smaller ones in the US and Aus and NZ but I do have a "whale hunting" eye out there - the same way that casinos try and spot the big spenders that are likely to move the earnings needle significantly.

To that end have seen recently an in-store integration for FreePeople: https://www.freepeople.com/help/what-is-afterpay/

3 million plus Instagram followers (reference point, Urban Outfitters have 7.2m) and this is the core social media channel for the target market - younger women.

This one will end up being a big one too.