E-commerce darling, Shopfiy, recently laid off 10% of its workforce after making a bet on e-commerce growth during the pandemic.
However, based upon recent US Census Bureau statistics, e-commerce adoption has taken a tumble this year as the world faces an economic downturn.
Lessons we can take from this:
- Expand into international markets, so you don’t rely upon one market only
- Have a backup plan for down markets
