WEEKLY WISDOM
“Our habits determine our future.”
Consumers in key export markets are feeling increasingly confident about health safety, with more people returning to stores and restaurants this month.
MARKETS
UK consumer confidence hit a 13-year high, according to PwC’s Consumer Sentiment Index.
- Confidence has improved across all age groups and all regions of the UK, thanks to high levels of vaccination, pent up demand from lockdowns, and high levels of savings.
- More households than ever said they expected to be better off in the next 12 months.
FINANCE
V-Mart Retail Ltd (India), a value fashion retailer, acquired the ‘Unlimited’ retail chain from Arvind Fashions Ltd (AFL). This will enable V-Mart to establish a wide footprint in southern and western India.
PODCAST
Building a Successful Fashion Brand: What I Wish I Knew When I Started
Susan Berman, is a brand mentor who previously launched an incredibly successful accessories brand that was sold in leading retailers and featured in major media.
She shares insights into what she did – as well as what she learned about running a brand in a highly competitive market.
ECOMMERCE
The UK Government has announced a campaign against ‘consumer catfishing’ as it unveiled plans to make it illegal to pay for bogus online reviews.
- Could allow the Competition and Markets Authority to impose fines of up to 10% of a company’s annual sales.
- The regulator estimates suspicious reviews influence £23 billion of purchases in Britain per year.
- Amazon and Google are already facing a competition investigation over their failure to tackle false product reviews
- In 2015, Amazon sued sellers of fake product reviews, saying they damaged its brand reputation.
The EU is leveling the playing field for local companies. A measure, which took effect at the beginning of the month, eliminates a loophole under which packages declared as gifts worth less than 22 euros ($26) were exempt from valued-added tax. Now all mailed imports will be taxed at 19%.
Snap (USA) and Verishop (USA) announced a new venture that will allow hundreds of millions of Snapchat users to shop within the app.
- The Verishop Mini will be a “curated shopping experience that lives exclusively within Snapchat”.
- Verishop launched Livestream Shopping in the Verishop iOS app in June to bring a new way to discover products, and connect with experts and brands.
