ShopBack

ShopBack Slices Workforce by 24% to Secure Future Sustainability

Find out how ShopBack's drastic decision to cut 195 jobs is shaping its future in the e-commerce landscape. Read more here!

ShopBack, the Temasek-backed cashback and rewards platform, recently made headlines by reducing its employee headcount by 24%, amounting to 195 roles. This strategic move was aimed at fostering a more focused and sustainable business model. Laid-off staff are set to receive at least a month of pay for each full year of service as part of their severance package. The decision, though difficult, reflects ShopBack's commitment to long-term viability in the competitive e-commerce industry.

In a surprising turn of events, ShopBack's CEO, Henry Chan, publicly apologized for the layoffs, emphasizing the company's dedication to operational efficiency and sustainability. The move to streamline operations by slashing 24% of the workforce indicates a shift towards a leaner and more agile organizational structure. Despite the challenging circumstances, ShopBack remains optimistic about its ability to adapt and thrive in the evolving digital marketplace.

Notably, ShopBack's exit from the 'Buy Now, Pay Later' (BNPL) sector sheds light on the company's strategic realignment towards core business priorities. The restructuring measures, including the job cuts, demonstrate ShopBack's proactive approach to refining its business strategy for sustained growth. This reshaping of the workforce is indicative of ShopBack's commitment to establishing a robust foundation for future success.

As ShopBack forges ahead with its sustainability goals, the industry is watching closely to see how the company's restructuring efforts will impact its market position and growth trajectory. With a renewed focus on operational efficiency and strategic priorities, ShopBack is poised to navigate the challenges of the e-commerce landscape with resilience and determination.