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."
Joe Zhao, Managing Partner at Millennia Capital, joined Cheddar to discuss the latest stock moves and how the market is being impacted by artificial intelligence.
Wall Street was quiet early following a lackluster session a day earlier as markets await U.S. inflation data and high-profile corporate earnings reports later in the week.
The World Economic Forum says false and misleading information supercharged with cutting-edge artificial intelligence is the top immediate risk to the global economy.
CES 2024 starts this week in Las Vegas. It's set to feature swaths of the latest advances and gadgets across personal tech, transportation, health care, sustainability and more. Here's a list of the coolest announcements so far.
Astronauts will have to wait until next year before flying to the moon and another few years before landing on it. NASA on Tuesday announced the latest round of delays in its Artemis moon-landing program.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
The KC-46 was to be the ideal candidate for a fixed-price development program. Instead, it has cost Boeing billions, and made industry wary of such deals.
Dave Long, CEO and Co-Founder of Orangetheory Fitness joins Cheddar to chat trends in the industry for 2024. He updates us on the company's plans to expand and what the state of the economy has meant for business.
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
