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Shoppers decide what makes a great in-store experience and here’s what they want

Shoppers decide what makes a great in-store experience and here's what they want

When it comes to retail, beauty is in the eye of the consumer. Shoppers ultimately dictate which retailers are hip and profitable, and which decay into costly dinosaurs.

As a retailer, you must discern between fads and sustainable trends to remain relevant. Probing consumers about their likes and dislikes is the only way to do this with consistency. And yet, revenue sheets and voluntary customer surveys only tell you so much.

Each year, we aim to lend brick-and-mortar practitioners a helping hand with our State of Consumer Behavior 2022 report, which provides direct insights into customers’ prevailing likes, dislikes, and motivations. Without fail, these consumers tell us that the in-store experience has massive influence over where they choose to shop — with each report, though, we find new actionable discoveries that those in brick and mortar can use.

The shopper of 2022 still values retail’s greatest hits, like value, excitement, and convenience. However, these shoppers are hungrier for experiential retail than they’ve ever been, with 77% of respondents calling in-store experiences “important” or “very important” to their shopping decisions. Read More….

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Financial Experts Predict High Cost Concerns in Q2 2022

Cost are going up an estimated 62%

Accounting and CPA professionals detect the biggest challenges amid the previous COVID restrictions.

A report by the Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) has identified some worrying issues about economic shocks and operating costs. 

The report was conducted between February 14 and March 1, 2022 – before and during the war in Ukraine. The conclusion is explicably pointing towards economic turbulence in the coming months. 

The main concern are the operating costs, which jumped according to the latest survey – by 9 percentage points (GECS’s index of concern) and the total is now at 62%, which is an all-time high.

Supply chain shortages and disruption caused a rise in transport an energy cost.

According to the Q1 survey:

  • Global confidence: up by 4 points to a total of +9
  • Global orders: up to 2 points to a total of -3
  • Economic indicators: Improvement in capital spending and employment

By region, the Middle East showed the best performance, with a large rise in orders and confidence. A result of increasing oil prices. However, in North America, orders and confidence fell back as the new variant of COVID (Omicron) spread. Read More….

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Do Small Businesses need an Accounting Firm?

Do Small Businesses need an Accounting Firm?

You turn to barber when you get your hair cut? You go to doctor when you need medical help? Similarly, small business owners can turn to their accountants when they need expert advice on running their businesses. 

Many small business owners know their industry and clients like the back of their hands. After all, they built it from the ground up. But when it comes to the complexities of taxes and accounting, it is always a good idea to have a professional by your side, who you can turn to for advice. The modern accounting firm is like a CFO on steroids – they handle things like HR, cash flow projections, and invoicing.

For small business owners, accountants are an untapped resource. Accounting firms can help small business owners avoid mistakes that could prove costly. Small businesses find it difficult to differentiate between personal and business finances and fail to list unforeseen expenses. Filing taxes is another issue that many small businesses do not feel confident about. Read More….

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Influencers and inclusivity boost In The Style revenues

Influencers and inclusivity boost In The Style revenues

Womenswear etailer In The Style has said it achieved strong revenue growth in the year to 31 March 2022 thanks to its influencer strategy and inclusive size offering.

In its first full year as a public company, the etailer said it expects, subject to audit, to report revenues of £57.3m, up 28% on 2020/21, and 197% against 2019/20.

Adjusted EBITDA margin will be in line with guidance at 1%, In The Style said. The EBITDA margin for the year ended 13 March 2021 was 8.5%, when the etailer reported a profit before tax of £2.5m, up 213% on the previous year.

“Industry-wide challenges in the global supply chain are well documented and, as previously indicated by the group, resulted in pressure on gross margin through the financial year,” it said.

However, the etailer said it was encouraged that, for a period in January and February 2022, prior to Russia’s invasion of Ukraine, “freight costs somewhat normalised”.

During the year, In The Style continued to leverage its social influencer collaboration model, launching collaborations with 27 influencers, including Perrie Sian, Gemma Atkinson and Stacey Solomon.

The group attracted on average 33,000 new customers a month through the financial year.

The In The Style app had more than 850,000 downloads in the year and this contributed to a 9% increase in overall order frequency and a 21% increase in average order value year on year. Read more….

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Demand for central London retail space soars

Demand for central London retail space soars

Property firm Colliers found that 101,000 sq ft of retail property space is under redevelopment in the London’s West End – triple the amount in 2019, signalling that bricks and mortar retail is in recovery.

In 2019, there was 31,000 sq ft of retail space under redevelopment in central London. This year’s figure is also 49% up on the five-year average.

Colliers’ research revealed that prime areas were unaffacted. London’s Kings Road and the Duke of York Square were 100% occupied.

Regent Street shows a void rate decline from 10% to 8.4%, which occurred in the second half of 2021.

Areas relying on consumers who are now working from home are harder hit, and in reaction some retailers have reduced or changed opening days and hours to capture the highest rates of footfall.

Paul Souber, head of Central London retail at Colliers said: “The retail void rate in central London can’t be explained by one factor, as each pitch has its own character and mix of brands.

“One thing that has contributed, particularly on Oxford Street is the loss of the department store. While these are being redeveloped, the projects will take time and as such will keep the headline rates high. Elsewhere, void rates need to be managed with great care to ensure that the right occupier is put in place that compliments the location, be that a pop up, new entrant or a brand looking for rightsized space.” Read more….

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Revenues slip at N Brown Group

Revenues slip at N Brown Group

N Brown Group has reported a drop in revenue of 1.8% for the year to 26 February 2022.

The retailer, which own JD Williams, Simply Be, Ambrose Wilson, Jacamo and Home Essentials, said the drop in revenue reflected a 0.6% fall in product sales and a 4% reduction in financial services.

However, the group said that excluding  the closure of lingerie division Figleaves in early 2021/22, product revenue grew by 4%.

Adjusted EBITDA was up 11.9% year on year to £95m.

N Brown Group hired external consultants in autumn 2021 to conduct a review of strategy which resulted in:

  • A focus on growth through its three strategic brands: JD Williams, Simply Be and Jacamo.
  • Home will remain an important category for N Brown, but its focus will shift to growing this through the multi-category platform of JD Williams alongside a standalone home brand.
  • Establish the remaining brands as a “heritage” portfolio, focused on stabilisation and value protection rather than growth, with no further brand migrations planned at present. This includes Home Essentials and Ambrose Wilson.
  • Full integration of its flexible credit offer into the core of the customer value proposition.
  • Elevation of data as an asset at the core of the strategy, driving daily decision making. Read More…..
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