The active stopped working
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The product looks right, smells right, and no longer does what it claims. This is the failure with no visible symptom and the one most likely to go on being sold.
The failure nobody can see
Actives degrade on their own schedule, independently of whether the emulsion holds or the preservation works. A perfectly stable, perfectly preserved cream can contain an active that stopped being present months ago.
Which is why assay of key actives is one of the attributes a stability study measures. Without it, you are tracking everything except the reason people bought the product.
Vitamin C as the measurable case
L-ascorbic acid is the clearest example because its degradation is well characterized. It oxidizes reversibly in aqueous solution, at a rate depending on pH and oxygen and catalyzed by copper and iron, and it degrades above roughly pH 3.5, in light and in heat.
The end products, threonic and oxalic acid, do nothing for skin. And there is a visible tell in this one case: an L-ascorbic acid serum browning is the degradation made visible. Most actives give you no such courtesy.
Practically, an L-ascorbic acid product holds four to six months once opened against twelve or more for a stable derivative.
What the customer experiences
A product that worked and then stopped, which they will attribute to their skin adapting rather than to your product degrading. You will not receive this as a complaint. You will receive it as a customer who did not reorder.
Designing around it
Choose the form deliberately: the best-evidenced active with a short life and protective packaging, or a stable derivative with a longer life and a weaker evidence base. Both are defensible; pretending there is no trade is not.
Then protect it with what the chemistry asks for: a chelator, the right pH, an airless dispenser in opaque or dark glass, a small package size that gets used quickly, and a period after opening you can stand behind.