They say April showers bring May flowers. With COVID-19 determining the economy, it feels like a torrential downpour. Hopefully, the saying is true and we’ll see an improvement come this May.
We saw some interesting changes in April, like eBay’s newly appointed CEO, Walmart announcing a huge increase in sales, and Google continuing to reinforce their ecommerce presence. Things are unpredictable right now, but you can count on ecomdash to bring you all the latest news in ecommerce.
After Stint With Walmart, Jamie Iannone Returns to eBay As CEO
eBay has hired a new CEO after previous executive Devin Wenig stepped down in September. They ultimately decided to hire Jamie Iannone who previously worked as a vice president with eBay from 2001 to 2009. He has an extensive track record in ecommerce including projects focused on “global search, buyer experience, and tailored shopping experience.” Jamie most recently worked as Chief Operating Officer for Walmart ecommerce. Needless to say, he has more than enough experience to make eBay, already one of the largest online marketplaces in the world, even bigger. Only time will tell what kind of improvements he’ll bring to eBay sellers.
Google Shopping Listings Are Now Free
Attention all online retailers, you can now create listings on Google Shopping FREE of charge! The Google announcement states that this update was fast-tracked because of the effect COVID-19 is having on retailers. To combat physical stores closing, millions of companies are forced to sell online, and Google is making it even easier for them to list products. Google is really giving marketplaces like Amazon and Walmart a run for their money. Are you going to take advantage of this opportunity? Let us know in the comments!
Walmart Doubles Ecommerce Grocery Sales YoY for March
A recent Chain Store Age (CSA) report shows that Walmart’s ecommerce grocery sales doubled in March compared to 2019. The stay-home order is causing a significant increase in online grocery orders, specifically essential items. The CSA report states that products like toilet paper, hand sanitizer, and common cold remedies are among the most popular items with some commodities seeing a 307% rise in sales.
Popular Burger Joint, Shake Shack, Returns $10 Million Loan
The New York-based restaurant, Shake Shack, recently received a $10 million loan from the Paycheck Protection Program (PPP). With a $1.7 billion market valuation, there was skepticism that the burger chain was too large to receive a loan that’s main purpose is to assist SMBs. Shake Shack ultimately returned the loan in its entirety, but it may be some time before small businesses can get their hands on that money. A political roadbump is preventing the Small Business Administration (SBA) from returning the $10 million to SMBs. Congress must authorize a “new round of funding” so the money can go back to small businesses that need it.
Facebook Invests in India’s Largest Online Marketplace
After the megadeal with WhatsApp, Facebook is backing a rising ecommerce superpower. Facebook has recently announced that they’re investing nearly $6 billion into Reliance Industries Ltd. This India-based online marketplace hosts nearly 400 million users and plans to see a significant increase with the region’s rise of “smartphone adoption.” While this deal could bolster online sales for Reliance Industries Ltd., a portion of the population still buys daily goods from local brick-and-mortar shops they’re loyal to.
Financial Analysts Predict 100k Retail Stores Close by 2025
UBS, a banking firm in New York, conducted research on the effects of COVID-19 on retail stores. They concluded that the pandemic could change consumer-buying behavior. Customers who frequented physical stores may switch to online shopping even after stores reopen. The study suggests that by 2025, 100,000 physical retail store locations could close due to the behavioral shift to ecommerce.
We know that it’s difficult for a lot of people right now but like the cliche says, “when it rains it pours.” It’s just a matter of time before all this chaos blows over. Until then, just keep selling online. And you can rely on us to keep you updated on all the latest trends, news, and happenings in the ecommerce world.
How do these ecommerce updates affect you? Talk to us on social media and let us know how your ecommerce store is adapting to this ever-changing economy.