Skip to main content

StockX says coronavirus has been “great for our business and growth”

StockX says the coronavirus has been “great for our business and growth” as shoppers are forced to turn online to make purchases.

Scott Cutler, the sneaker start-up’s chief executive, said speaking at an online interview last week that the pandemic had not hit the brand’s margins.

While almost all non-food retailers have been forced to shut their physical stores, online retailers like Amazon and Asos are now facing criticism for keeping their warehouses open and putting employees at risk.

“The recent events over the last couple of months has been a benefit to our business,” Cutler said.

“We’ve had more and more traffic and buyers coming to our site because in some respects, traditional retail in some geographies is not available.

“We thought we’ve always been a marketplace of scarcity, but now you can’t actually go into a real retail location, so you’re coming to StockX. So on the one hand, it’s been great for our for our business and for our growth.”

READ MORE: StockX tops $1bn in sales for the first time as sneaker market continues to boom

However, this means StockX employees are still required to come to work in its logistics centres where sneakers, handbags and streetwear are sent to be authenticated, but Cutler says he is striking a “balancing” act between continuing to operate and keeping employees safe.

Staff at authentication centres will also receive a 25 per cent salary increase during lockdown alongside a “spot bonus”.

In January, StockX reported Gross Merchandise Value (GMV) of over $1 billion for the first time since launching in 2016, driven by dramatic expansion of its product range and into international markets last year.

The Detroit based company saw European GMV grow more than 200 per cent last year, and its international markets now account for nearly 30 per cent of its turnover.

Click here to sign up to Charged free daily email newsletter

The post StockX says coronavirus has been “great for our business and growth” appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/2R0ytQe
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more