Sellers 'Scrambling for Goods' Ahead of Prime Day, High-Demand Holidays

U.S. retailers cut orders for merchandise by 9% at the pandemic's height, said PingPong Payments Monday, while consumer spending rose 6% year on year in Q2. Demand outstrips supply, and shortages will get worse when the holiday retail season starts next month, said the payments facilitator. With Amazon Prime Day set for October (see 2009210057), merchants “have been left scrambling for goods” for Q4, said Kenny Tsang, PingPong managing director, saying retailers planned too conservatively at the height of spring lockdown when placing holiday orders. Those who wanted goods faced disrupted supply chains, Tsang noted. The sector should be focused on a global e-ecommerce strategy, he said. Cross-border online sales worldwide increased 21% since January, as consumers seek cheaper prices and a broader selection.