Another month has passed, which means it’s time for us to round up the 3 biggest eCommerce stories that were in the news in February. Let’s dive right in…
Invasion of Ukraine Will Have a Profound Impact on Global Supply Chain
On February 24th 2022, Russia launched an attack on Ukraine that saw Russian troops crossing the border as well as explosions in multiple regions.
As the invasion of Ukraine by Russia deepens by the day, the effects of the devastation are being felt by the already-strained global supply chain. Leading retailers such as H&M, IKEA, and Asos have all suspended sales to Russia, while fulfilment companies such as Sendle US have suspended deliveries to Russia and Belarus.
It’s expected that Irish and UK businesses are likely to see a rise in diesel and petrol costs, which will have an impact on business costs and delivery charges, while the disruption of transport routes and closure of airspaces are continuing to increase.
According to a report by Moody’s – “The greatest risk facing global supply chains has shifted from the pandemic to the Russia-Ukraine military conflict and the geopolitical and economic uncertainties it has created.”
Read the full article here.
21% of Retailers Drop Suppliers for Sustainable Reasons
Last year, 1 in 5 UK retailers stopped purchasing from suppliers that didn’t meet ethical standards, resulting in a loss of 8.3 billion euros worth of contracted inventory. The reasons that were given for terminated contracts included:
– Use of unsustainable materials (39%)
– Unfair working hours (37%)
– Lack of a membership to an ethical/sustainable monitoring body (32%)
The move by many retailers is being driven by consumer demand – with two-thirds of young shoppers claiming that they would shop elsewhere is a retailer doesn’t show commitment to sustainability.
With 51% of decision-makers who were surveyed stating that sustainability is more important now than two years ago, it shows clear intentions that retailers are taking active steps towards becoming more sustainable.
Read the full article here.
Germany Pipped to Overtake UK as Ecommerce Leader by 2025
In three years, it’s predicted that Germany will generate 19% of total eCommerce sales, bypassing the UK as the leading eCommerce country, according to figures released by Statista. The prediction comes on the basis that the current three leading countries (UK, Germany, and France) are due to either lose between 1 and 3 percentage points or remain at their current shares by 2025. Smaller countries are growing momentum but the general picture is stable across the continent.
The eCommerce industry shows no signs of slowing down, with total sales revenues expected to double from 492 billion euro in 2020 to 1.020 billion by 2025.
Read the full article here.
AUTHOR
Michelle McSweeney Content Marketer