Operations

FMCG is not software (but it can learn from it)

By Ethan Coutinho·05 December 2025·6 min read

What software taught me about cohorts, retention, and unit economics — and how I apply it to physical goods.

Software people underestimate FMCG. FMCG people underestimate cohorts.

The middle path is uncomfortable but lucrative.

FMCGRetention