Phoenix is in the business of providing ecommerce merchants that sell directly to consumers (D2C) with technology that enables them to move one-time buyers to fee-paying participants in membership clubs. D2C merchants are heavily reliant on social network-based advertising, which is becoming increasingly expensive on platforms such as Instagram, TikTok and Google. Also, more than three-quarters of those newly acquired customers never make a repeat purchase. Membership clubs generate predictable revenue streams and customer loyalty and have been used with particular success by traditional...