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E-commerce: Popular UK platform EKM opens Obodo to help small businesses
J&P Comments
It is great that EKM have released a simplified version of their platform in order to help businesses who are currently struggling under the coronavirus crisis. As J&P reported yesterday, Shopify have released an app to help local businesses connect with customers and hopefully Obodo will have an equally positive impact.
E-commerce: Amazon FBA gives sellers extra time to process returns and refunds
In response to sellers having to carry out precautions relating to coronavirus such as disinfecting returned items, Amazon FBA has provided sellers with more time to process returns and issue refunds. Usually, FBA sellers have 2 calendar days to process returns – however, up until June 1 they will have 14 calendar days to complete returns. Amazon has also commented “During the extension period, the seller reimbursement filing window will be temporarily increased to 90 calendar days.”
J&P Comments
It is positive that Amazon is taking into account the extra pressures that sellers are facing at this time and giving them extra time to fulfil refunds and seller reimbursements. These measures will benefit sellers during the coronavirus crisis.
E-commerce: Amazon announces Q1 revenue of $75.5 billion, smashing expectations
Yesterday evening, Amazon reported its earnings for the first quarter of 2020. The leading E-commerce platform beat expectations with a revenue of $75.5 billion, surpassing the $73.61 billion analysts had anticipated. In comparison with Amazon’s revenue for the same period last year, which was reported as $59.7 billion, this is an increase of 26.47%. The company’s US sales have also increased by 29% to $46.1 billion, and international sales have grown 18% to $19.1 billion.
J&P Comments
Despite the financial pressures of coronavirus and spending an estimated $4 billion in coronavirus-related costs, Amazon has performed successfully in its first quarter and has helped many who have been worst affected by the virus.
E-commerce: eBay’s first quarter sales higher than analysts expected
Despite many online marketplaces struggling with sales due to coronavirus, eBay performed more successfully than expected in its first quarter. The E-commerce giant reported sales worth $2.4 billion in its first quarter, beating analysts’ predictions of £2.34 billion. Ebay’s gross merchandise volume also hit $21.3 billion and smashed estimates of $20.5 billion.
J&P Comments
Earlier this month eBay appointed new CEO Jamie Iannone and stated that “The Board believes Jamie is the ideal CEO to lead eBay’s next chapter of growth and success”. It will be exciting to see the outcome of eBay’s next quarter and how the company performs with their new CEO in charge.
E-commerce: Aldi opens new portal where shopping vouchers can be accessed by vulnerable and elderly
UK grocer Aldi has launched a website where elderly and vulnerable customers can purchase shopping vouchers. These vouchers are then posted to UK volunteers free of charge, who can use them to buy food on behalf of the vulnerable customers. Aldi’s managing director of corporate responsibility, Fritz Walleczek, has said “This is an incredibly difficult time for certain people in our communities and, as has always been our mission, we want to ensure everyone has safe, easy and affordable access to quality food”.
J&P Comments
Earlier this month, J&P reported that Aldi had opened a new service which provides Britons who are self-isolating with a box of essential items. As Aldi has made vouchers available as well as this service, the grocer is going the extra mile to help those who are unable to access the products they need during lockdown.
Coronavirus: UK Economy not expected to recover for 3 years due to pandemic
According to a new report published by economic forecasting group EY Item Club, it is anticipated that the UK’s economy will not return to normal until 2023 due to the COVID-19 pandemic. The report detailed that the UK’s GDP (gross domestic product) will decrease by 6.8% in 2020, and that this drop will be the result of a 14% decline in consumer spending.
J&P Comments
Although the report has provided a concerning outlook for the UK economy, it also stated that if the lockdown is eased throughout May and June the economy could grow by 4.5% in 2021. This is a promising statement, and hopefully the UK will begin to see a consistent decline in coronavirus cases in the coming weeks so that the lockdown can be eased.
