=== Report 1: Vertical unit economics, rate-based view, 2025 (written by Grace) === Engineer's note: Merchant count reflects all tenants in each industry (not just those with 2025 payout activity), since the request asked for a vertical-level merchant count rather than an "active in 2025" count; tenants with no matching payouts/returns/shipments/orders/tickets in 2025 contribute zeros to the sums. Industry is grouped as 'Unspecified' when null or blank. REPORT: Vertical unit economics, rate-based view, 2025 QUESTION: Which verticals look efficient versus costly to serve, measured as comparable rates against gross payment volume rather than misleading absolute euros against our thin fee take? vertical | merchant_count | gross_payment_volume_eur | fee_revenue_eur | take_rate_pct | refund_rate_pct | shipping_cost_rate_pct | order_count_2025 | tickets_per_100_orders --------------------------+----------------+--------------------------+-----------------+---------------+-----------------+------------------------+------------------+----------------------- Apparel & Footwear | 25 | 1070404.44 | 29028.1 | 2.71 | 21.93 | 2.66 | 6850 | 14.12 Sports & Outdoor | 13 | 209893.74 | 5796.45 | 2.76 | 12.25 | 1.29 | 974 | 12.53 Office Supplies (B2B) | 4 | 176549.46 | 4592.96 | 2.6 | 14.37 | 46.91 | 517 | 7.93 Home & Living | 16 | 128877.56 | 3085.55 | 2.39 | 7.21 | 3.79 | 1597 | 13.9 Beauty | 15 | 125191.99 | 2346.81 | 1.87 | 3.9 | 4.66 | 1493 | 14.07 Industrial Supplies (B2B) | 5 | 107753.57 | 3499.84 | 3.25 | 3.73 | 5.52 | 762 | 10.63 Food & Coffee | 11 | 77170.34 | 2597.96 | 3.37 | 0.4 | 13.15 | 7108 | 6.33 Pet Supplies | 10 | 55346.78 | 1468.94 | 2.65 | 1.21 | 13.53 | 1409 | 8.66 Consumer Electronics | 9 | 31713.49 | 529.66 | 1.67 | 14.33 | 1.13 | 555 | 13.51 Books & Stationery | 6 | 5565.7 | 145.03 | 2.61 | 2.29 | 6.02 | 154 | 14.94 Jewelry & Accessories | 6 | 2982.02 | 94.56 | 3.17 | 0.0 | 1.59 | 48 | 14.58 (11 rows) === Report 2: Merchant unit economics, rate-based view: top 20 by volume, 2025 (written by Omar) === Engineer's note: Methodology: gross volume/fee revenue from payouts.gross_amount/fee_amount (paid_at in 2025); refund rate from order_returns.refund_total (requested_at in 2025); shipping cost rate from shipments.shipping_cost (shipped_at in 2025); tickets per 100 orders uses tickets.created_at and orders.placed_at in 2025. All amounts converted to EUR via the daily EUR exchange rate on the respective transaction date. I did not have the exact prior vertical-level report to copy definitions from verbatim, so these are my best-match, like-for-like rate definitions against gross volume - flag if they differ from tonight's vertical report. REPORT: Merchant unit economics, rate-based view: top 20 by volume, 2025 QUESTION: Among our largest merchants, which look efficient versus costly to serve on a like-for-like rate basis? merchant_name | vertical | gross_payment_volume_eur | fee_revenue_eur | take_rate_pct | refund_rate_pct | shipping_cost_rate_pct | tickets_per_100_orders -----------------------+---------------------------+--------------------------+-----------------+---------------+-----------------+------------------------+----------------------- Cragsley Outfitters | Apparel & Footwear | 702797.52 | 22263.37 | 3.17 | 22.42 | 2.16 | 11.0 Marrowby & Vane | Apparel & Footwear | 276394.66 | 4858.84 | 1.76 | 21.15 | 4.31 | 13.14 Cinder Peak Sports Co. | Sports & Outdoor | 126336.27 | 3877.43 | 3.07 | 12.87 | 1.33 | 12.72 OfficeHub Nordic | Office Supplies (B2B) | 111821.72 | 3618.19 | 3.24 | 19.8 | 4.43 | 8.82 Castell Fasteners | Industrial Supplies (B2B) | 107753.57 | 3499.84 | 3.25 | 3.77 | 5.52 | 8.18 Deskline Supplies | Office Supplies (B2B) | 64727.75 | 974.76 | 1.51 | 4.88 | 120.31 | 14.67 Fennel & Flint | Home & Living | 62508.63 | 1739.27 | 2.78 | 6.07 | 4.97 | 17.22 Petalcourt Beauty | Beauty | 61865.09 | 1225.61 | 1.98 | 5.81 | 7.64 | 16.86 Grind Collective | Food & Coffee | 39682.45 | 1265.15 | 3.19 | 0.1 | 18.1 | 10.98 Kayak Corner | Sports & Outdoor | 39521.7 | 1174.45 | 2.97 | 6.82 | 2.36 | 18.35 Fell & Fjell | Sports & Outdoor | 33288.47 | 468.76 | 1.41 | 17.21 | 0.21 | 9.41 Honeycomb Larder | Food & Coffee | 31808.64 | 1145.98 | 3.6 | 0.86 | 8.63 | 9.35 Kibblewick | Pet Supplies | 31741.18 | 732.3 | 2.31 | 0.1 | 17.66 | 10.71 Oakhurst Tailoring | Apparel & Footwear | 24619.8 | 628.93 | 2.55 | 12.83 | 0.46 | 16.36 Velvet Ash | Apparel & Footwear | 23605.9 | 333.41 | 1.41 | 23.14 | 0.35 | 14.18 Coastline Interiors | Home & Living | 20388.42 | 288.84 | 1.42 | 6.86 | 0.48 | 13.55 Willow & Wren | Home & Living | 18982.3 | 342.49 | 1.8 | 12.98 | 4.39 | 19.59 Circuit Harbor | Consumer Electronics | 18807.88 | 334.27 | 1.78 | 0.3 | 0.69 | 5.26 Nordic Bloom Cosmetics | Beauty | 17854.38 | 254.63 | 1.43 | 1.43 | 0.68 | 9.27 Juniper Apothecary | Beauty | 17593.14 | 263.63 | 1.5 | 2.44 | 0.42 | 10.83 (20 rows) === Report 3: Shipping cost recovery: customer-paid shipping vs. carrier cost, by vertical, 2025 (written by Viktor) === Engineer's note: Revenue side (orders) and cost side (shipments) are aggregated independently by vertical before joining, since they sit at different grains and a direct join would fan out; order_count reflects the orders-side filter only (shipments with no matching orders rows, if any, would show as a cost-only row with order_count 0). Orders/shipments missing a currency match in exchange_rates for their date would be silently excluded from that side's sum. REPORT: Shipping cost recovery: customer-paid shipping vs. carrier cost, by vertical, 2025 QUESTION: Is shipping actually a net cost exposure, or does what we collect from customers for shipping roughly cover what we pay carriers? vertical | order_count | shipping_revenue_eur | shipping_cost_eur | shipping_margin_eur | shipping_margin_pct --------------------------+-------------+----------------------+-------------------+---------------------+-------------------- Office Supplies (B2B) | 242 | 567.09 | 82825.01 | -82257.92 | -14505.4 Apparel & Footwear | 5688 | 11426.33 | 28460.58 | -17034.24 | -149.1 Food & Coffee | 1757 | 3141.15 | 10148.9 | -7007.75 | -223.1 Industrial Supplies (B2B) | 156 | 85.53 | 5946.97 | -5861.45 | -6853.2 Pet Supplies | 1087 | 2756.37 | 7488.79 | -4732.42 | -171.7 Home & Living | 811 | 2541.68 | 4882.02 | -2340.34 | -92.1 Beauty | 1215 | 3604.29 | 5840.19 | -2235.9 | -62.0 Sports & Outdoor | 529 | 901.75 | 2703.33 | -1801.58 | -199.8 Consumer Electronics | 45 | 151.41 | 359.06 | -207.65 | -137.1 Jewelry & Accessories | 13 | 14.13 | 47.27 | -33.14 | -234.5 Books & Stationery | 114 | 374.1 | 335.04 | 39.06 | 10.4 (11 rows)