Footwear giant Nike is trying out a new business playbook to meet the needs of brand-loyal consumers amid the coronavirus pandemic.
"We've seen a lot of success digitally," Heidi O'Neill, president of direct to consumer at Nike, told Cheddar. "We're leveraging the strength of our digital ecosystem to create millions of connections with consumers around the world who want to stay healthy and maintain their physical and mental wellbeing."
The company is offering its Nike Training Club Premium subscription service for free. The app offers workout sessions with "master trainers" teaching everything from yoga to weight training.
O'Neill said Nike has focused on putting out workouts that people can do indoors.
"We're publishing all sorts of workouts, but we're paying real close attention to the workouts that people care about now, workouts such as stretching, mindfulness, big workouts for small spaces," she said.
Nike is also streaming workouts for free on YouTube. A recent video featuring Kirsty Godso, a New Zealand native and fitness trainer, drew 800,000 viewers. She's set to lead another class on Saturday.
Last week, 10,000 million people around the world did a workout with Nike, according to O'Neill.
As for its retail locations, Nike is piloting contactless pick-up and contactless pay at Chinese stores and plans to bring those same conveniences to U.S. stores, which have been closed since mid-March.
To some degree, O'Neill said, changes to consumer preferences could stick around after economies reopen.
"What we're seeing in China is that some of consumers' preferences and behaviors during the crisis actually don't change," she said. "Consumers have a new expectation and love for the convenience of working out at home. Consumers are staying online and shopping digitally even as stores reopen."
Walmart, which became the nation’s largest retailer by making low prices a priority, has found itself in a place it’s rarely been: Warning customers that prices will rise for goods ranging from bananas to car seats.
Chris Beauchamp, Chief Market Analyst at IG International, joins J.D. Durkin to give analysis on the recent trade truce between the U.S. and China. Watch!
Shan Aggarwal, VP of Corporate and Business Development at Coinbase, discusses the company's acquisitio of Deribit as it heads into the S&P 500. Watch!
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
