The first nine months of 2023 witnessed notable retailers like David’s Bridal and Bed Bath & Beyond filing for bankruptcy, with more possibly following suit. This uptick is due to rising operational costs and looming economic uncertainties. High debt levels further exacerbate the situation for retailers, with 11 of them, including Farfetch, Joann, Rite Aid, Big Lots, Kirkland’s, and Petco showing significant bankruptcy risk.
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The holidays are fast approaching, and big brands like Amazon, Walmart, Target, and Best Buy have announced their deal dates. If you’re a seller, these are important days to note and get ready to promote your products.
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Visa and Mastercard are set to raise the interchange fees on credit card transactions. As reported by the Wall Street Journal, these hikes, particularly affecting online purchases, are scheduled to commence in October and April.
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Persistent drought conditions in the Panama Canal have led to severe drought restrictions, causing shipping delays and additional transit surcharges. The Evergreen ship had to offload 1,400 containers to navigate the canal. These challenges may force US importers and sellers to reevaluate their shipping strategies.
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In a significant move, online-only retailer Overstock has officially rebranded as Bed Bath & Beyond, following its recent purchase of Bed Bath & Beyond’s intellectual property. This merger marks a transformational moment, consolidating both companies into a single online shopping destination under the renowned Bed Bath & Beyond name. While Overstock’s acquisition did not include physical stores, the newly formed Bed Bath & Beyond remains an online-only retailer.
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Contract negotiations between UPS and the Teamsters union have recently stalled, raising the possibility of a UPS strike in early August. If such a strike takes place, it will disrupt package deliveries nationwide.
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TikTok is expanding its reach beyond viral content into e-commerce, planning to launch its own online retail store in the U.S. as soon as next month. This new venture will differ from the existing TikTok Shop feature, with the company handling everything from purchasing inventory to logistics and customer service, mainly for items sourced from China.
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The FTC has proposed new rules to tackle fake online reviews, which make up an estimated 30 to 40 percent of reviews. The rules, currently in the proposal stage and not yet law, aim to impose fines of up to $50,000 for each fake review, per consumer exposure. The regulations target fabricated experiences, non-existent reviewers, and undisclosed insider reviews. If approved, these rules could have a significant impact on combating deceptive online reviews and restoring trust in consumer feedback.
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Overstock.com, an online shop for furniture and home stuff, has bought parts of Bed Bath & Beyond online. They spent $21.5 million on this. Now, Overstock owns the Bed Bath & Beyond brand, their online customer list, and more.
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