The week beginning March 20 saw major developments in the retail and eCommerce world with several companies battling the economic consequences of COVID-19 as well as attempting to find new ways to conduct business.
One of the biggest news items came from fashion retail giant H&M who announced plans to close 170 stores globally after experiencing a €1.4bn drop in sales. This move is designed to consolidate operations, and move the company towards a more digital-first approach.
In response to the pandemic, Amazon decided to stop accepting non-essential items into its warehouses, with the focus shifting towards items that will keep households stocked with necessities. Additionally, the company looks set to hold its annual Prime Day sale until September, with the original July date seen as impractical given the current circumstances.
Similarly, eBay announced that it will cease operations in the South Korean market, citing the country’s “challenging” eCommerce environment for small businesses. However, the company will still allow Korean customers to buy and sell globally through its main site, but they will no longer have access to the country-specific version of the site.
In an attempt to help small businesses struggling during the pandemic, Adobe has launched a new initiative called “Adobe Commerce Cloud for SMBs”. The platform provides businesses with the tools to create an online presence and sell goods and services as well as provide a means of receiving and processing payments.
Finally, retailer Canadian Tire announced the launch of its new “Triangle Rewards” program, which will replace the previously existing scheme. The new program provides customers with more opportunities to earn and redeem rewards, as well as an expanded list of partners for the program.
Overall, the week beginning March 20 saw major developments for many companies in the retail and eCommerce world, with some resorting to consolidation, while others are launching new initiatives to respond to the challenges posed by the pandemic.