Layoffs at Wayfair and Saks; Walmart B2B

Author

Stephen Babcock
January 23, 2023

The daily current header

The wave of layoffs sweeping through the tech sector is continuing to reach ecommerce teams, as companies are cutting back following a hiring spree during the pandemic. Google cut 6% of its workforce, while Wayfair is laying off 1,750 people. Layoffs are difficult for all involved. But will this be a boom time for the companies that are in the market for top talent?

As holiday sales come in soft, executives are pointing to waning consumer demand amid inflation and interest rates. But dig deeper, and there may also be issues that are internal to an individual business. That’s the case at Nordstrom, says GlobalData’s Neil Saunders. Read to the end for news on the departure of the retailer’s head of digital.

Walmart has a new ecommerce hub for small businesses and nonprofits that turn to the retailer to stock up on supplies. Like the consumer-facing Walmart, this one comes with a plus program and is nudging customers toward easily reordering. It’s already the second B2B launch from Walmart in 2023.

We’ve got a quick look back at themes from the NRF Big Show. Plus, this week brings plenty of opportunities to gain insight into the state of the consumer. Colgate Palmolive, Johnson & Johnson, Kimberly-Clark and Levi Strauss will report earnings. Meanwhile, new economic data will offer a look at GDP and inflation.

Competition and innovation can create new collaboration among rivals. A group of banks that includes Wells Fargo, JP Morgan Chase and Bank of America are teaming up to create a digital wallet for ecommerce checkout. It will be managed by the company behind Zelle. It’s a reminder that payment options are likely going to keep expanding. – The Wall Street Journal

A banner that says "Want to know how to spend your next $1?"

Tweet of the Day 🐦

Were you forwarded this email by a friend or colleague?