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All articles tagged with #online retail

business5 months ago

Trump's Trade Policy Changes Impact Global Goods and Shipping

The White House announced the end of the 'de minimis' exemption on August 29, which previously allowed packages under $800 to enter the US duty-free, impacting international online retailers like Shein and Temu by increasing costs for American consumers and affecting US businesses. The move aims to raise tariffs on low-value imports, especially from China, and could lead to higher prices and longer shipping times, while also impacting US retail competition.

via Axios|
#business#china#de-minimis
businesstechnology1 year ago

"Temu Faces Stricter EU Regulations as Major Online Platform"

Temu, a Chinese shopping platform, has been classified as a Very Large Online Platform (VLOP) under the EU's Digital Services Act, requiring it to comply with stringent regulations on systemic risks, consumer protection, and transparency. This follows similar actions against Shein and a recent complaint by European consumer groups. Temu must submit a systemic risk assessment report within four months and faces increased scrutiny in the US over forced labor concerns.

via The Verge|
#businesstechnology#consumer-protection#digital-services-act
business1 year ago

"Temu's $36 Million Super Bowl Advertising Blitz: What You Need to Know"

Online retailer Temu spent $15 million on giveaways and five Super Bowl ads to regain customers after a drop in sales, with its "Shop Like a Billionaire" slogan showcased during the game. The Chinese-backed firm, owned by Pinduoduo, paid for three ads during the game and two after, with broadcast slots selling at a higher price than last year. The ads led to a surge in online searches for Temu, which aims to offer accessible and affordable prices.

via RetailWire|
#advertising#business#online-retail
businesstech2 years ago

eBay Announces Layoffs, Cutting 1000 Jobs

Online retailer eBay is cutting about 1,000 jobs, approximately 9% of its full-time workforce, citing excessive costs and a slowing economy. CEO Jamie Iannone announced the layoffs, stating the need to reorganize teams for agility and quicker decision-making. This move follows a trend in the tech industry, with companies like Google, Amazon, and TikTok also making significant job cuts to reduce costs amidst economic challenges. eBay has also faced internal issues, including a recent criminal case involving a harassment campaign by its employees.

via The Associated Press|
#businesstech#ebay#layoffs
business2 years ago

eBay to Cut 1,000 Jobs, Citing Competition and Growth Challenges

Online retailer eBay is set to lay off about 1,000 workers, approximately 9% of its workforce, as part of organizational changes aimed at aligning and consolidating certain teams to improve customer experience. The decision comes as the company addresses the growth of expenses outpacing business growth, and follows a trend of tech industry layoffs after heavy pandemic hiring. eBay also plans to scale back its "alternative workforce" contracts in the coming months.

via The Guardian|
#business#ebay#layoffs
business2 years ago

Wayfair Cuts 13% of Workforce, Slashes 1,650 Jobs

Wayfair is laying off 1,650 employees, about 13% of its workforce, citing over-hiring during the pandemic's peak and a subsequent decline in demand. CEO Niraj Shah emphasized the need for focus and efficiency, with the layoffs expected to save the company $280 million annually. The company's fortunes have shifted from a pandemic-driven surge in sales to a more challenging market, marked by inflation and changing consumer spending habits. Shah's recent viral message urging employees to work harder and blend work and life together has drawn attention amid the layoffs.

via CNN|
#business#ceo#layoffs
business2 years ago

Etsy's Workforce Shrinks by 11% Amidst Sales Slump

Etsy is laying off 225 employees, about 11% of its workforce, in an effort to cut costs due to "essentially flat" sales over the past two years. The CEO cited challenging economic conditions and growing employee expenses as reasons for the decision. The layoffs come at an unfortunate time during the holiday season, but affected employees will remain on the payroll until at least January 2nd. The company will incur costs of $25-30 million for severance payments and related expenses.

via The Guardian|
#business#cost-cutting#economic-headwinds
business2 years ago

Macy's Contemplates $5.8 Billion Buyout Offer

Macy's, one of the most well-known names in US retail, has reportedly received a $5.8 billion buyout offer from investors Arkhouse Management and Brigade Capital, which would result in the company being taken off the stock market. Despite its cultural prominence and profitability, Macy's has struggled to adapt to online retail and announced the closure of 125 stores in 2020. The offer represents a 32% premium and the investor consortium believes that public markets have undervalued Macy's. The bidders may be interested in Macy's large property portfolio, which could be sold for a profit.

via The Guardian|
#business#buyout#macys
business2 years ago

"Amazon's Secret Algorithm Boosted Profits by $1 Billion, FTC Reveals"

The U.S. Federal Trade Commission (FTC) has accused Amazon of using illegal strategies, including a secret algorithm called "Project Nessie," to increase prices and boost profits by over $1 billion. The algorithm identified products for which Amazon predicted other online stores would follow its price increases. After outside retailers matched or raised their prices, Amazon continued to sell the products at inflated prices, resulting in excess profit. Amazon spokesperson Tim Doyle denied the allegations, stating that the FTC mischaracterized the pricing tool and that the company stopped using it years ago. The FTC also accused Amazon of seeking to hide information from antitrust enforcers and of targeting sellers and competitors like Walmart.

via Reuters|
#amazon#antitrust#business
fashion2 years ago

Shein: America's Irresistible Fast Fashion Fix

Shein, a Chinese online retailer, has become a popular destination for Generation Z and millennial women seeking affordable and trendy clothing. With its ultrafast fashion model, Shein releases up to 10,000 new items daily, producing clothes in small quantities and quickly turning designs into garments. However, the company faces numerous controversies, including labor ethics, copyright infringement, and alleged use of forced labor. While Shein claims to be making changes to improve its reputation, some consumers are becoming disenchanted and turning towards thrifting and sustainable shopping practices.

via NPR|
#controversies#fashion#fast-fashion
business2 years ago

Overstock.com undergoes rebranding as Bed Bath & Beyond, shifts to online-only sales

Overstock has completed its acquisition of Bed Bath & Beyond's intellectual property, including the brand, customer database, and website domain. Overstock will rebrand itself as Bed Bath & Beyond and transition its loyalty program to the new name. The company plans to launch the website and app in the United States in August and September, with a goal of fully phasing out the Overstock name by the end of 2023.

via USA TODAY|
#acquisition#bed-bath-and-beyond#business
business2 years ago

Overstock.com Rebrands as Bed Bath & Beyond

Utah-based online retailer Overstock will change its name to Bed Bath & Beyond as it acquires the bankrupt retailer's intellectual property for $21.5 million. The change will roll out in Canada in early July and in the United States in August, with customers being redirected to bedbathandbeyond.com. Overstock's mobile app and rewards program will also be rebranded, and the company plans to bring back Bed Bath & Beyond's wedding registry. Overstock is considering renaming its business entirely, but for now, it aims to transition quickly to the Bed Bath & Beyond name. The acquisition provides Overstock with customer data and the opportunity to expand its customer base, although it expects a decline in revenue for the second quarter.

via Salt Lake Tribune|
#acquisition#bed-bath-and-beyond#business
business2 years ago

Overstock.com secures Bed Bath & Beyond's online presence with $21.5M bid.

Overstock.com has won the bid for Bed Bath & Beyond's digital assets, including its intellectual property and digital rights, for a base price of $21.5 million. The bankrupt retailer's 360 brick-and-mortar stores and Buy Buy Baby subsidiary are not included in the deal. If approved by the bankruptcy court, the sale will allow Bed Bath & Beyond's brand to continue selling online. Overstock.com's stock jumped 22% following the announcement.

via Quartz|
#bankruptcy#bed-bath-and-beyond#business