Cyber Monday In The Spring? Why Heavy Discounting Won’t Save Struggling Retailers In The Age Of Coronavirus [Forbes]
JC PENNEY (JCP)
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Source: Forbes
Online retail discounting practicesUnsplashDiscounting has endured because it works — that is, during normal shopping cycles. The cliche goes that COVID-19 has put us in unprecedented times. For retail, there’s a sad truth behind the adage. On top of the industry already reeling from a wave of brick-and-mortar closures, U.S. retail sales were just battered by the biggest single-month drop ever. According to theCensus Bureau, retail sales in March 2020 dipped more than 8% than the previous month, andeconomists are predictinga deep recession that could sink GDP by a shocking 24% in the second quarter of this year. Some retail brands have reacted by taking a Cyber Monday and Black Friday mentality, offering huge e-commerce discounts to consumers to spur demand.The strategy seems superficially sound: retain customers by driving as many sales as possible because the economic future is so uncertain. As shopping for essentials like groceries and cleaning supplies continues its upswing, more
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