An Interview with Michael Morton About E-Commerce in the Age of AI

Here’s something that might surprise you — Michael Morton says the biggest challenge in e-commerce today isn’t AI alone, but the unfalsifiable ‘bear cases’ that scare investors away. According to Morton, these are scenarios that can’t be easily disproven, making them hard to ignore even if they’re unlikely. Ben Thompson highlights that many companies get seduced by distribution models — like referrals — rather than building direct relationships with customers, which could be a problem long-term. Now, here’s where it gets interesting: Morton points out that grocery shopping and autonomous vehicles are shaping up differently than most expect. Instead of just replacing old models, they could create entirely new ecosystems. And get this — Ben Thompson notes that as AI advances, the real battleground isn’t just tech, but how companies handle the uncertainty around these ‘bear cases’. So, what does this mean? Moving forward, the winners will be the ones who embrace the ambiguity and design for adaptability, not just certainty.