ShopBack, an online shopping platform based in Singapore, distinguishes itself with its cashback rewards system, recently laying off 195 employees, accounting for 24% of its global workforce, in a move to ensure the sustainability of the business.
CEO Henry Chan attributed the staff reduction to his own misjudgment in rapidly expanding the team in 2021 and early 2022, taking full responsibility for the outcome. Currently operating in 10 countries, including Thailand, ShopBack boasts over 40 million user accounts and partners with more than 20,000 merchants.
Source: Channel News Asia and ShopBack
TLDR: ShopBack, known for its cashback rewards, recently laid off 195 employees to maintain business sustainability after CEO’s rapid team expansion led to workforce downsizing. Operating in 10 countries with over 40 million users and 20,000 merchant partners.
Leave a Comment