You are missing a lot of other shifts. For example, in a retail business, location is a form of marketing spend - if you rent in a high traffic area, you’ll pay

You are missing a lot of other shifts. For example, in a retail business, location is a form of marketing spend - if you rent in a high traffic area, you’ll pay more for the location, but will need less marketing dollars to attract the same customer. Now, how does that apply to e-commerce? I don’t see the linked chart showing these changes. There are many other structural shifts that a simple trend in a given Ads sector would show.