Shopify told its staff that 10% of them would be fired... "by the end of the day".
👉 Background: Shopify is an e-commerce platform that provides digital infrastructure for online stores It's the tech behind JB Hi-Fi's site as well as heaps of others.
👉 What happened: Shopify is one of THE pandemic success stories, but as COVID restrictions ease, it has seen a downturn. Shopify’s staff were sent an email by the CEO that 10% would be fired… “by the end of the day”... including Aussie staff.
👉 What else: Shopify’s leaders said they made a ‘pandemic bet’ that didn’t pay off - they expected a permanent shift from physical retail to e-commerce... but that hasn't quite been the case.
💡 During the earlier days of the pandemic, there was an accelerated shift in behaviour... Which a lot of people called the 'new normal'.
💡But this new normal hasn't quite stuck around. While some trends from the pandemic have remained, many companies are seeing trends revert back to pre-pandemic.
💡And now we're seeing e-commerce companies and tech companies like Tesla, Netflix, Coinbase, Klarna and Peleton all announce layoffs in recent months.
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