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July 26 (Reuters) – Canada’s Shopify Inc (SHOP.TO) is laying off 10% of its workforce as the ecommerce company struggles with slowing growth due to a pullback in online shopping after benefiting from a pandemic-fueled surge in demand.
Its shares tumbled 14.7% on the US bourses and on the Toronto Exchange, they shed 14% on Tuesday, pulling Canada’s wider main stock index lower. The shares have lost 75% of their value so far in the year.
Shopify’s turn of fortunes from the most valuable company in Canada last year to its present-day struggle to increase sales come as easing lockdowns have led consumers to return to brick-and-mortar stores.
Its sales growth during the pandemic led the Ottawa-based company to ramp up hiring and invest in technology, betting that the shift to online from physical retail shops
OMAHA, Neb. (WOWT) – The Better Business Bureau is warning of scams when buying online, especially when it comes to back-to-school shopping.
Technology like laptops and tablets has become a staple in education. But buying new technology in stores and online has become more of a challenge.
According to the BBB, shortages of some technology like computer chips could limit options available to consumers. When consumers can’t find these products from trustworthy retailers, they become more likely to encounter a scam.
Market research firm Deloitte says some of the driving factors in purchase decisions are price and quality. The BBB says scammers could target a desperate shopper with fake deals or exciting advertisements.
It’s recommended to follow a few tips from the BBB to avoid becoming a victim:
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