Online is no longer a goldmine

Shopify announced a plan to shed 1,000 staff, 10% of its workforce. (Image: Getty)

Thu, 28 Jul 2022

For the head of a listed company, the admission from Shopify’s Tobias Lütke that the e-commerce giant had seriously misjudged the post-pandemic world was refreshingly frank.“We bet that the channel mix, the share of dollars that travel through e-commerce rather than physical retail, would permanently leap ahead by five or even 10 years,” Lütke said this week as Shopify announced a plan to shed 1,000 staff, 10% of its workforce.“It’s now clear that bet didn’t pay off,” added Lütke. &l...

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