The growth illusion
Revenue is not the problem. The system underneath it is.
Brands replace the customers they won last month just to hold the same revenue line. The customer base never deepens. Acquisition spend keeps resetting because it never compounds. What looks like progress is repeated recovery of lost value.
Three numbers that define where most brands are sitting right now:
- $4.8 trillion lost to customer churn across global ecommerce in 2025
- 70% of first-time buyers never return
- Repeat buyers are 21% of customers but generate 44% of revenue