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Driven by COVID-19 restrictions, ecommerce grew 49% between the early March shutdowns and the end of April, according to Adobe’s latest Digital Economy Index, with large gains in curbside and store pickup and e-grocery as the retail world continues to reset. Bazaarvoice also found ecommerce orders were up 96% in April year-over-year.
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What should the growing number of retailers weighing bankruptcy be considering, and what kinds of restructuring plans should they set up? Attorney Thomas Wolford, a partner with Neal, Gerber & Eisenberg, gives us an insider's look at what goes on from filing through re-emergence in this MCM CommerceChat podcast.
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FREE LIVE WEBINAR - Join Michael Schwartz and Ryan Barker, two top Amazon experts from ChannelAdvisor who have been working with brands, retailers and manufacturers on the front lines of the crisis. They will discuss tips and tactics to implement in this new paradigm, including protecting profit margins, planning for future shipping disruptions and managing FBA delays.
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An everyday low price strategy can be a winner, but this comes with an asterisk. Such a self-limiting strategy can only work for a specific type of company and it requires a certain approach. And with COVID-19 disrupting any normalcy in retail, we need to examine whether companies embracing EDLP are faring better or worse right now.
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Q: What are some solutions for retailers fighting a higher return rate than a purchase rate? This is happening to our company and I’m sure others.
A: My advice would be to honor those returns and to then take one or more steps, depending on what suits the brand: Offer a discount code for a future purchase and/or provide a way to donate a portion of the refund to a COVID-19 relief fund.
- Zack Whitacre, Senior Manager of Operations Strategy, Bonobos
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