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Shopify declared a record-setting year with combined Black Friday-Cyber Monday sales on its platform adding up to $7.5 billion USD from merchants globally. The figure represented a 19 percent increase from 2021 when Shopify merchants declared $6.3 billion in sales.
DoorDash Inc said on Wednesday it was cutting about 1,250 jobs, or 6% of its total workforce, as the food-delivery company looks to keep a lid on costs to cope with a slowdown in demand. DoorDash went on a hiring spree to cater to a flood of orders from people stuck at home during the height of the pandemic, but a sudden drop in demand from inflation-wary customers has left the company grappling with ballooning costs.
“Last year’s Foresight 50 companies went on to collectively raise $593 million to amplify their cleantech solutions,” said Foresight Canada CEO Jeanette Jackson.
Apple to lose six million iPhone pros from tumult at China plant (BNN BLOOMBERG)
The situation remains fluid at the plant and the estimate of lost production could change, the person said, asking not to be named discussing private information. Much will depend on how quickly Foxconn Technology Group, the Taiwanese company that operates the facility, can get people back to assembly lines after violent protests against COVID restrictions. If lockdowns continue in the weeks ahead, production could be set further back.
In a BetaKit Live, Leigh Tynan, the Director of TELUS Online Security; Jeff Bonvie from the RCMP’s Cybercrime Coordination Centre; and Matthew Moniz, entrepreneur and Content Creator of Moniz Media, shared their insights on the current state of cybercrime and the secret to staying safer online.
Shopify’s app store is it’s secret weapon. Now it’s investing millions in some developers. What about the rest? (THE LOGIC)
Shopify has accelerated its venture activity over the past two years, making investments and forming strategic partnerships with some of the developers that build apps for its commerce platform. Portfolio firms say the Ottawa-based firm brings guidance and credibility in addition to capital, but some of their competitors worry it’s picking favourites, at a time when regulators are increasingly paying attention to app store operators.
Nguyen originally joined McRock in 2016 as an associate, serving as McRock’s Western Canada lead and vice president for the last four years.
Locus raises another $117M for its warehouse robots (TECHCRUNCH)
Stay at home orders fueled adoption in the early days of the pandemic, as some retailers stayed open after being labeled “essential businesses.” Even after things began reopening, those roles have remained difficult to fill, leading many firms to look toward robotic help.
Matt Petrow, CFO of Coconut Software, said it’s about more than simply knowing your numbers and taking the best term sheet available.
Saudi food delivery firm Jahez to buy Chefz in cash, stock deal (BNN BLOOMBERG)
Jahez International Co. for Information Systems Technology, as the firm is formally known, will buy The Chefz for an equity valuation of 650 million riyals ($173 million), according to a statement. It will consist of 325 million riyals in cash and issuance of new shares to the sellers of The Chefz valued at the same amount.
Over 300 peer nominations were received with a selection committee shortlisting five to 10 finalists for each category. The awards were handed out at the Gala de la Communauté Startup on December 1.
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The post R|T: The Retail Times – Inside Shopify’s historic Black Friday-Cyber Monday first appeared on BetaKit.