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What Is the State of Global Fashion?

6 Dec

Around the world, the fashion industry — at all levels and for all segments — is a key driver of the global economy. It generates trillions (that’s trillions 🙂 ) of dollars of revenue and employs millions of workers.

Recently, McKinsey & Company released a detailed report on the global fashion industry. Here are some of its findings:

“Fashion is one of the past decade’s rare economic success stories. Over that period, the industry has grown at 5.5 percent annually, according to the McKinsey Global Fashion Index, to now be worth an estimated $2.4 trillion. In fact, not only does it touch everyone, but it would be the world’s seventh-largest economy if ranked alongside individual countries’ GDP.”

“Yet, 2016 was one of the industry’s toughest years. Terrorist attacks in France, the Brexit vote in the United Kingdom, and the volatility of the Chinese stock market have created shocks to the global economy. At the same time, consumers have become more demanding, more discerning, and less predictable in their purchasing behavior, which is being radically reshaped by new technologies. It’s against this backdrop that McKinsey has teamed with the Business of Fashion to shine a light on the fragmented, complex ecosystem that underpins this giant global industry.”

“So what will change in 2017? No one would put money on volatility and uncertainty lessening. Nonetheless, our report finds that fashion companies are hopeful they can improve their performance through a combination of organic growth and leveraging new technologies. Successful companies will invest more to nurture local clientele: 2017 will be the year of organic growth by deepening relationships with existing clients, rather than through geographic, channel, and store-network expansion. And digital innovation will go behind the scenes: digitization will be the key to supply-chain efficiency, lowering procurement costs, and the enhancement of sourcing opportunities.”

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To access the full report, click on the image below.

 

Not Trying to Keep Scaring You About Online Security, But …

30 Nov

Yes, we at Evans on Marketing have made a number of posts about about online security, privacy, identity theft, and related issues. We’re not really trying to scare you, but we are trying to get you to be more alert and to protect yourself better online. That’s why we we’ve posted several tips, such as: 1, 2, 3 (a short video quiz),  and 4 (video tips).

So, here’s another alert for YOU!! đź™‚ 

Recently, AV-Test, a nonprofit organization that monitors online security, published its latest report. To grasp the highlights of this report more easily, TechRepublic has summarized what it considers to the top four points made by AV-Test:

  1. “Android is becoming more vulnerable to cybersecurity threats — While the majority of malware deployed in 2015 and 2016 targeted Windows, the most widely-used operating system in the world, Android is increasingly under fire as well. Malware attacks on Android platforms jumped from about 3% in 2015 to nearly 7.5% in 2016. Though it seems like a fairly small percentage jump, it represents an increase of millions of attacks, and marks ‘a significant trend away from Windows and towards Android,’ the report stated.”
  2. “Mac’s security fortress is just an illusion — Many Apple Mac users believe that the devices cannot be infected with a virus—even those using Macs in the enterprise, the report stated. And compared to Windows, the number of malware programs attacking Apple’s Mac platform is tiny: Just 819 malware threats targeted Macs in 2015. [Due to the small percentage of Macs in the marketplace — which remain at a 7.5 percent market share as of the date of this post.] However, that does not mean that these attacks were not serious. Plus, attackers would not need to program a large number of malware applications to obtain data from Mac users, as they rarely have antivirus solutions installed, the report said.” [Is this YOU?]
  3. “The rise of potentially unwanted applications (PUA) — A new cyber risk comes in the form of potentially unwanted applications (PUA), which are deployed by the advertising industry to track personal information on user and movement patterns, and to then display personalized advertising without the consent of the user. PUA represented nearly one-third of the online risks in 2015, the report stated, and are steadily increasing.”
  4. “The top 10 Windows malware of Q1/Q2 2016 — More than 85% of malware attacks occurred on Windows machines in 2015, with that number dropping to 67% in 2016. Some 12 million new Windows malware programs enter the market each month, the report found. Here are the top 10 malware for Windows to keep an eye out for.”


 
Click here to access the full AV-Test report. Click here to access the TechRepublic synopsis.
 

What’s on Your Shopping List? Part 2

29 Nov

Yesterday, we posted about the most popular gifts this year. Today’s post focuses on gift cards. These cards are easy to purchase and enable the recipients to buy what what most interests them — while also being somewhat impersonal.

Based on the recent survey by the National Retail Federation and Prosper Insights & Analytics, these gift card findings are clear:

“Holiday shoppers are planning to purchase an average of three gift cards with an approximate value of $46 per card, the second most-popular gift after clothing. Spending on gift cards is expected to reach $27.5 billion, up from last year’s planned $26 billion. The most popular types of gift cards include those from restaurants (35 percent of buyers), department stores (33 percent), Visa/MasterCard/American Express (22 percent), coffee shops (21 percent) and entertainment (17 percent).”

 
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What’s on Your Shopping List? Part 1

28 Nov

What do YOU planning on buying this holiday season?

As Ana Serafin Smith reports for the National Retail Federation:

“With shoppers eager to take advantage of early promotions from retailers, more than half of consumers have already started making dents in their holiday gift lists, according to the annual mid-season survey released by the National Retail Federation and Prosper Insights & Analytics.”

“NRF President and CEO Matthew Shay said: ‘This time of year is about finding the right gifts while staying on budget. For those looking for anything from toys to apparel at retailers large and small, in-store or online, retailers are ready with great merchandise at affordable prices.’”

 
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Is Uber Eat(s) Setting Itself Up for Defeat?

18 Nov

Uber has grown rapidly as an alternative to the taxi. Nonetheless, Uber wants to be more than just a passenger app. And one of its more recent pursuits is Uber Eats, a restaurant food delivery service that already operates in 53 cities: “By tapping into the Uber network, you can get anything from our roster of local restaurants, fast. The average order takes 35 minutes from start to finish. When you’re ready to place your order, you’ll see a total that includes the food and delivery price. There’s no need to tip. Pay with your Uber account and track your order on the site as it comes to you.”

There are questions about whether Uber Eats will generate long-term success. There is substantial competition from services such as GrubHub and Seamless. Many local restaurants will deliver in their immediate area. Perhaps most importantly, other services are often free, while Uber Eats charges a delivery fee in some instances.

Take a look at this video clip by industry expert Phil Lempert regarding the prospects for Uber Eats. What do YOU think?
 

 

Can You Personalize Marketing without Shopper Participation?

16 Nov

One of the toughest issues for marketers to deal with in this high-tech world is how much to personalize their communication and offerings. On the one hand, marketers need as much customer information as possible to target individual shoppers more specifically. On the other hand, many customers want their privacy and do not appreciate it when they think they are overly tracked.

What do YOU think is the proper balance?

Here the thoughts on this subject by Louis Foong, the founder and CEO of ALEA Group Inc., (a B2B demand generation specialist):

“You want to give your prospects and customers a seamless, personalized, and sublime experience, and you know that you can’t do that without collecting their personal data. The trouble is, a lot of your customers don’t like the idea of sharing their information with you – what exactly are they so afraid of?”

“Findings by Boxever show that attitudes toward personalization and privacy are complex, and there are a few reasons why many of them are so against sharing their personal information with companies. The infographic below shows the trickiness of balancing privacy concerns and effective personalization.  Customers are also wary about receiving spam mail or offers that aren’t relevant to their interests. Only 14% of people say data collection through connected devices will improve their life.The other 86% either aren’t sure or don’t think it will improve their life.”

 
Here is the challenge.


 

2016 China-Based Singles’ Day to Dominate Global Holiday Season

14 Nov

Last year, we wrote about the phenomenally successful 2015 online Chinese Singles’ Day, an annual event scheduled for November 11 that dwarfs Cyber Monday, which occurs on the first Monday after Thanksgiving each year. As reported by The Street: “Singles’ Day is the biggest retail event in the year, beating Cyber Monday and Black Friday.”

What is Single’s Day? As recently described by Lauren Davidson, Emily Allen, and  Ashley Armstrong for the Telegraph:

“Singles Day started as an obscure ‘anti-Valentine’s’ celebration for single people in China back in the 1990s, but it has spawned into the world’s biggest online shopping day. Astute readers will notice that November 11 is written 11.11, or one-one-one-one. Known in China as ‘bare sticks holiday’ because of how it looks numerically, Singles Day began as an anti-Valentine’s Day in the 1990s when students at Nanjing University started celebrating their singledom. It was then adopted by E-commerce giant Alibaba (China’s Amazon equivalent) in 2009; and it is now a day when everyone, regardless of their single status buys themselves gifts.”

“Alibaba chiefs spotted the commercial opportunity in Singles Day back in 2009 and began launching ‘Double 11’ deals just as online shopping was starting to explode. It was also seen as a chance to boost sales in the lull between China’s Golden Week national holiday in October and the Christmas season. When sales almost quadrupled the following year, Alibaba trademarked Singles’ Day. Some of the featured sales center around singledom, such as boyfriend pillows and single travel tickets, but the day has now widened to an all-inclusive shopping holiday.”

Angela Doland, writing for Advertising Age about the 2016 Singles’ Day, notes that:

“Alibaba’s annual online shopping festival started with just 27 merchants taking part. It has grown into the world’s biggest shopping day, and has just smashed its own record, with sellers on its platforms logging nearly $17.8 billion in transactions in 24 hours. Over 11,000 foreign brands joined in [from more than 25 countries], including first-timers Apple, Sephora, Target, Victoria’s Secret, and Maserati.”

“The Chinese Internet giant has created a whole entertainment offering around its shopfest, including a 4-hour live-streamed variety show that drew stars like Scarlett Johansson, Kobe Bryant, and David and Victoria Beckham. That’s a surprising departure from its small-scale start in 2009, when Alibaba latched on to the fact that some Chinese college students were celebrating Nov. 11 as a day for singles, an anti-Valentine’s day. Other E-commerce firms have joined in, including Alibaba’s chief rival JD.com, and much of China shops on Nov. 11. It’s not just for singles anymore.”

How well did the 2016 Single’s Day just do? It has crushed last year’s revenues — going from $14.3 billion in 2015 to $17.8 billion in 2016. Here are a sales curve (reported by BBC News) since online giant Alibaba first embraced Single’s Day in 2009 and a 2016 video from CCTV News.
 
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