How are ecommerce stacks structured, what are the most frequent merchant connections, and how does Rutter manage the risk of platform concentration?

I think this is what surprises people the most. People basically think that everyone is on Shopify. I think what makes a lot of this possible, and what surprised us a lot, is that it's actually quite fragmented. Shopify is one of the leading players. We've seen WooCommerce and Magento more than we've seen Shopify. Then the longer tail after that is Square, BigCommerce, Wix, Squarespace. It's way more fragmented than we thought, and that reduces a lot of the concentration risk that we have. The other thing is that omnichannel and platform promiscuity alleviate all of the concentration risks, because people are on multiple of these platforms, not just one.

In terms of ecommerce stack, I think what makes Rutter so interesting is that the stack is kind of shattering right now. It used to be the case that Shopify or WooCommerce would do every single thing for you—they'd be an all-in-one provider. Now you have this giant app ecosystem where Shopify, WooCommerce and these other platforms basically act as the backbone. They’re like the order management system, and they allow other partners to build each single part of the ecommerce stack themselves. Now you have one shipping and fulfillment tool, one drop shipping tool, one marketing tool, one inventory management tool and so on. That's how we see the merchant ecommerce stack. It's one core provider and then a ton of these other tools.