Retail Industry Sees Highest Number of Startup Failures

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Adi Ahdiat 24/11/2022 10:40 WIB

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From the beginning of the year until November 2022, many layoffs affected startups and large technology companies in the retail and consumer goods sectors.

Global Tech Layoffs: Number of Employees Affected by Industry (January-November 2022)

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Global Tech Layoffs: Number of Employees Affected by Industry (January-November 2022)

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From the beginning of the year until November 23, 2022, 850 startups and large technology companies worldwide have conducted layoffs.

According to data from Layoffs.fyi, during this period, the total number of employees laid off globally reached 137,000.

The most significant number of layoffs occurred in startups or large technology companies in the retail industry. Examples include Amazon, which laid off 10,000 employees, and Indonesia's SIRCLO Group, which laid off 160 employees.

The next highest number of layoffs were conducted by startups or large technology companies in the consumer industry, such as Meta, which laid off 11,000 employees, and Twitter, which laid off 3,700 employees.

A large wave of layoffs also hit startups and technology issuers in the transportation sector. One such case occurred in Indonesia, with GoTo laying off 1,300 employees in November 2022.

Eddi Danusaputro, Chairman of the Indonesian Venture Capital Association for Startups (Amvesindo), views the layoff trend as a result of many companies experiencing declining revenue while struggling to secure new funding.

"We investors, while concerned about the impact of layoffs on employees and the economy, understand why layoffs are being conducted," said Eddi, as reported by Katadata.co.id on Monday, November 21, 2022.

However, on the other hand, business expert Rhenald Kasali believes that the wave of layoffs is also influenced by the prevalent trend of "burning money" among startups—that is, spending heavily on promotions without certainty of return.

"Don't look for scapegoats. Perhaps we are the ones with mismanagement. Open your financial statements, explain them as best as possible. Perhaps your 'money burning' is excessive," said Rhenald, as reported by Katadata.co.id on Monday, November 21, 2022.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Retail Industry Sees Highest Number of Startup Failures

Retail Industry Sees Highest Number of Startup Failures

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Retail Industry Sees Highest Number of Startup Failures

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