It is a good question, and that's why ADS needs to execute well because they can compete for that business (though I don't think they currently are or want to). However, I don't think most people go into retail as data scientists like Warby Parker. Perhaps that changes in the future with "other thousands" of small retailers as they realize the only holy grail to create touchpoints that are really engaging, be hyper attentive to customer needs and preferences, and reward loyalty with ever-increasing brand experiences is through being a data scientist. ADS has a chance to grab that if the retailer doesn't want to, doesn't know how to build it, or can't (afford) to have an internal team do it. ADS just needs a niche, not anywhere near all of it. When bringing up the Warby Parker's (everyone's favorite example of what DTC will do to "old" retail - although essilorluxottica seems to be doing okay...), what matters is the % of retail that goes DTC or "digital native". Sure Warby Parker, Casper, Bonobos, Barkbox, and Harry's go DTC. Those look to be obvious successes, but will they take over retail sales? Dunno. If they do, how fast? Retail sales in the US is something around $5.4 *T*rillion. If you were concerned that was going to happen with speed, there are a lot of REITs, retailers, cities, and ad firms that should go close to zero. Again, I think the market already believes your point somewhat that this is going on and believes it will (kinda) fast. Maybe, just maybe the extent of Warby domination could be overhyped or the speed at which Warby domination occurs could be over expected (like we're all finding out with driverless cars to market) for a business like ADS to not bleed uncontrollably from it.
I'll ask this at investor day.