Business News (Photo – Graphics Dept.)
Business News compiled for you by our editors.
By News Desk
– Major Retailer Concerns for Holiday 2024
“Retailers’ Blind Spot for Holiday 2024, a report released by First Insight, highlights the critical uncertainties retailers face as they prepare for the upcoming holiday season, emphasizing the need for integrating predictive analytics with consumer insights to optimize pricing, promotions, and marketing strategies.
The report, based on a May 2024 survey of U.S. retail decision-makers, reveals that retailers are grappling with concerns about promotional effectiveness, inventory levels, and customer acquisition and retention. The top concerns identified include:
Key Findings from the Report
- Promotional Strategies: Retailers are uncertain whether their promotional strategies will be too reactive rather than strategic.
- Inventory Management: There is a significant worry about having stocked enough of the right merchandise.
- Customer Alignment: Retailers are not confident that their planned assortments will resonate with target consumers.
- Inflation Concerns: 81% of respondents stated that rising prices for essentials like groceries and gas would negatively impact consumer spending on discretionary items.
- Promotional Timing and Depth: Retailers are struggling with the timing and depth of markdowns, which are crucial for attracting consumers while maintaining margins.
- Customer Acquisition and Retention: Attracting new customers and maintaining loyalty among existing ones remain significant challenges.
O O O
– Three Myths Blocking the Way to Financial Inclusion
The following is an excerpt from an opinion editorial provided by Sandy Anderson, Experian’s executive vice president of the data office, operations, governance and privacy. Experian is a global data and technology company.
Amid some of the financial challenges that underserved communities experience, members across the financial services community remain committed to championing initiatives and programs that drive greater financial inclusion. In fact, collaboration has led to the inclusion of non-debt related payment information on consumers’ credit profiles, as well as digital services that make it easier to manage money. These efforts have helped to broaden access to fair and affordable financial resources for more individuals.
Some of the misconceptions and myths about the financial services community are hindering further advancement. Debunking these myths will build trust between the financial services community and consumers.
- Myth #1: “Financial institutions have no interest in underserved consumers or credit invisibles.”
The truth is, banks and credit unions want to say “yes” to more prospective borrowers, including individuals and families from underserved communities. Beyond being the right thing to do, it’s an opportunity to potentially build lifelong relationships.
- Myth #2: “There is a lack of trustworthy financial education resources.”
The financial services community and affiliated organizations recognize that empowering people with financial knowledge and skillset are critical to consumers’ financial success. In fact, banks and credit unions are partnering with nonprofits and non-governmental organizations to better understand the unique challenges and opportunities within specific communities and provide relevant tools and resources.
- Myth #3: “Underserved communities have few opportunities to build credit and enter the mainstream financial system.”
People from underserved communities, as well as younger consumers and recent immigrants are often excluded from the mainstream financial system because they lack an extensive credit history. Historically, it’s created a vicious cycle; in order to get credit, you have to have credit.
Fortunately, there has been a sea change in innovative solutions to address the specific needs of these populations. These include new credit scoring models and microfinancing which provide financial services to individuals who may have been excluded from traditional banking systems.
More Inclusion, Fewer Myths
It’s encouraging that community organizations and banks are beginning to see the economic and social benefits of aligning on financial literacy and inclusion. As more initiatives come online, underserved populations will be able to establish a better financial foundation.
O O O
– New Innovations for Illustrator and Photoshop
Adobe announced breakthrough innovations in its industry-leading professional design apps Adobe Illustrator and Adobe Photoshop that accelerate everyday creative workflows and give creators more control.
- Latest Illustrator and Photoshop releases accelerate creative workflows, save pros time and empower designers to realize their visions faster.
- New Firefly-enabled features like Generative Shape Fill in Illustrator along with the Dimension Tool, Mockup, Text to Pattern, the Contextual Taskbar and performance enhancement tools accelerate productivity and free up time so creative pros can dive deeper into the parts of their work they love.
- Photoshop introduces all-new Selection Brush Tool, and the general availability of Generate Image, Adjustment Brush Tool and other workflow enhancements empower creators to make complex edits and unique designs.
O O O
– ‘Great Clips’ Helps Parents Translate Gen-Z Slang
Great Clips kicks off the back-to-school season offering 24,000 free haircuts and an online classroom featuring a slang dictionary and lookbook with trending haircut styles.
Great Clips launched its annual back-to-school campaign to help parents better understand their kids to get them the latest looks they want and the back-to-school confidence they need. Some parents are struggling to understand the language their kids are using. Great Clips enlisted the help of pop icon and father Joey Fatone and his daughter Kloey along with popular teacher social influencers (Student Slang Translators) .
Class is now in session at GreatClips.com/BacktoSchool. Parents can visit Great Clips’ back-to-school online curriculum where they can find:
- A Slang Dictionary that includes definitions for popular words and phrases, as well as how to use each word in a kid-approved sentence.
- An Online Lookbook showcasing popular haircuts and hairstyles for families to reference before or at the salon for the latest back-to-school looks.
- A Pop Quiz to test slang knowledge. Participants who complete the quiz will earn a $5 off coupon for a back-to-school haircut.
Leave a Reply