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A few days before reporting Q2 earnings, Wish also announced plans to cut approximately 34% of its workforce, or about 255 employees, in order to “refocus the company’s operations.” Temu also operates as a manufacturer-to-consumer marketplace and offers a wide range of merchandise, from homewares to apparel.
These factors have made it challenging for retailers to plan and execute effective marketing strategies. As a result, many retailers are adopting a more conservative approach to their marketingspend, focusing on efficiency and return on investment (ROI).
In February, ShopBack, a shopping, rewards and payments platform, partnered with Sunway Pyramid, a mall in Malaysia, on the ShopFiesta event to reward shoppers with promotions and giveaways. Shoppers were able to make purchases at a discount and split their payments into three instalments. It was all about boosting in-store shopping.
Andrew Thornton, retail industry lead at Tyro Payments, explains that loyalty programs work better if tied to the same cards customers use to pay for goods, overcoming the need to present a loyalty program membership card or recite a phone number to earn points. “It
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Food delivery companies largely sell an undifferentiated service. In the third quarter of 2022 DoorDash paid $446 million in marketing expenses or 35% of revenues. A healthier rate of marketingspend would be around 10% of sales. Even bottled water is more differentiated than food delivery services.
Scot: [8:17] Cool so you you were a e-commerce entrepreneur so you’ve done that then you did software-as-a-service so you get the check that off the box and then I saw on LinkedIn you’ve also been working with a turbo host so that’s actually getting into my world of cars now tell me tell me how you got into that one.
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