1. McKinsey: There has been a 93 percent decline in profit in the fashion industry. “One of the traits and characteristics of resilience has been digital participation. So, the players that were born online – digital pure players – or those that invested ahead in digital have really been able to build on their e-commerce infrastructure capabilities, and drive and capital on this huge digital change that we have seen.” – See More on Bloomberg
2. An investor behind Goop (and Farfetch, Business of Fashion, Moda Operandi, Glossier, Everlane, etc.) predicts the wild future of retail: “The first thing you need is a great product. That’s absolutely essential. The second skill you need is an ability to tell stories. And you need some operational excellence, but to varying degrees.” – Read More on Fast Co.
3. Online sales reach $10.8 billion on Cyber Monday, the biggest U.S. e-commerce day ever, Adobe says: Cyber Monday spending rose 15.1% year over year, according to Adobe, which analyzes website transactions from 80 of the top 100 U.S. online retailers. – Read More on CNBC
4. Former Saks CEO Sadove Says Physical Retail Will Transform to Survive: The consumer desire to be able to buy what they want anytime, anywhere and have it delivered to their doors or picked up in-store were all already on the rise. Retailers being able to share inventory across channels or build a single view of the customer across channels to better serve them was already on the rise pre-pandemic. – Read More on PYMNTS
5. UPS Slaps Shipping Limits on Gap, Nike to Manage E-Commerce Surge: The delivery giant on Cyber Monday notified drivers across the U.S. to stop picking up packages at six retailers, including L.L. Bean Inc., Hot Topic Inc., Newegg Inc. and Macy’s according to an internal message and confirmed by UPS workers in different regions. “No exceptions,” the message said. – Read More on the WSJ
6. Is shopping in stores safe during the pandemic? Retailers have been doing all kinds of things to make shoppers feel safe, but they don’t eliminate the risk. Some check shoppers’ temperatures at the entrance, for example, but an infected person may not have a fever and can still spread the virus. – Read More on the AP