One battle that I think is interesting is freight. Given the digital rise of B2B Commerce, did UPS and FedEx abandon ship too early?

• FedEx is reported to be cutting back on its freight business by cutting off over 1,000 customers and then restoring it.

• UPS sold its own freight business (but clearly did not cut off customers).

Meanwhile, Amazon is taking a page from its "DSP" (no, the other DSP - in this case, Delivery Service Partners) program which has 100k+ drivers delivering eCommerce parcels in middle-mile and last-mile. Amazon is building another new franchise business called Freight Service Partners.

Time will tell who is right here. UPS without an advertising and cloud business, cannot afford to be in something that is so low margin. For one. For two, Amazon controls the end-to-end, meaning there is so much B2B volume within its own network, it needs these partners to survive.

It can then leverage any excess capacity to lease that space to other shippers. Personally, I think UPS and FedEx cannot compete in this segment on the same footing as Amazon (UPS needed margins as a stand-alone business unit, Amazon does not), but how long until the same thing is true of their small parcel consumer business?