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.
“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 withthe Business of Fashionto 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 andleveraging 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. Anddigital innovationwill go behind the scenes: digitization will be the key to supply-chain efficiency, lowering procurement costs, and the enhancement of sourcing opportunities.”
To access the full report, click on the image below.
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), and4(video tips).
“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.”
“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?]
“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.”
“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.”
Over the years, we have posted a lot about self-branding, the importance of interpersonal communication (especially TALKING!), and similar topics. Last month, we discussed “Monotasking Vs. Multitasking,” concluding that monotasking is a lot more effective than multitasking — urban legends aside.
“Many people should follow me and quit social media. There are many issues with social media, from its corrosion of civic life to its cultural shallowness, but the argument I want to make is more pragmatic: You should quit social media because it can hurt your career.”
“First, interesting opportunities and useful connections are not as scarce as social media proponents claim. In my own professional life, as I improved my standing, I began receiving more interesting opportunities than I could handle. I currently have filters on my Web site aimed at reducing, not increasing, the number of offers and introductions I receive.”
“My second objection concerns the idea that social media is harmless. The ability to concentrate without distraction on hard tasks is increasingly valuable in an complicated economy. Social media weaken this skill because they’re designed to be addictive. The more you use social media in the way it’s designed to be used — throughout your waking hours — the more your brain learns to crave a quick hit of stimulus at the hint of boredom.”
“Third, dedication to cultivating your social media brand is a fundamentally passive approach to professional advancement. It diverts your time and attention from producing work that matters and toward convincing the world that you matter. The latter activity is seductive, especially for those raised on this message, but it can be disastrously counterproductive.”
“Since its introduction in 2007, Apple’s iPhone sales have consistently increased, going from around 40 million units sold in 2010 to more than 230 million iPhones sold in 2015 alone. iPhone sales worldwide generated more than 155 billion U.S. dollars in revenues in 2015. As sales increased, the iPhone gained space within the company, and has become the most successful Apple product to date. “
“The iPhone’s share of the company’s total revenue has jumped from about 25 percent in the beginning of 2009 to around 70 percent in the first quarter of 2015. As of the first quarter of 2016 (4Q ’15 calendar year), iPhone’s share of Apple’s revenue was at 68 percent, the third highest figure to date. Much of the iPhone’s success can be attributed to Apple’s ability to keep the product competitive throughout the years, with new releases and updates.”
Here’s an interesting video that shows how the iPhone has evolved over the years across several attributes.
Hofstra University’s Zarb School of Business Distinguished Professor Joel Evans was recently interviewed by the award-winning Hofstra radio station WHRU about the impact of the presidential election on the economy. Here is that 25-minute interview. The views are those of Professor Evans and not Hofstra University.
For a variety of reasons, young adults are more likely to live at home than ever. Among these reasons are: to finish school, to reduce spending, to save money after completing school, to begin repaying college debt, and to avoid certain household tasks.
“In 2014, for the first time in more than 130 years, adults ages 18 to 34 were slightly more likely to be living in their parents’ home than they were to be living with a spouse or partner in their own household. This turn of events is fueled primarily by the dramatic drop in the share of young Americans who are choosing to settle down romantically before age 35.”
“In many countries around the world, a huge proportion of young people still live at home with their parents. According toan OECD report, that trend is most pronounced in countries badly hit by the global financial crisis, particularly in Italy, Greece and Spain. 8 out of every 10 Italians aged between 15 and 29 still lived at home with their parents in 2014. In Scandinavia, youth living at home is a rarer phenomenon. In 2014, only 35 percent of young Swedish people still lived with their parents.”
In today’s high-tech, immersive society, “multitasking” has become B-I-G. And many people frown on “monotasking.” But is this good? Can you really text and pay attention to your professor simultaneously? (LOL 🙂 )
According to study after study, no we can’t really multitask well. Here are four examples:
“Stop what you’re doing. Well, keep reading. Just stop everything else that you’re doing. Mute your music. Turn off your television. Put down your sandwich and ignore that text message. While you’re at it, put your phone away entirely. (Unless you’re reading this on your phone. In which case, don’t. But the other rules still apply.) Just read. You are now monotasking.”
“Maybe this doesn’t feel like a big deal. Doing one thing at a time isn’t a new idea. Indeed, multitasking, that bulwark of anemic résumés everywhere, has come under fire in recent years. A study in the Journal of Experimental Psychology found thatinterruptions as brief as two to three seconds — which is to say, less than the amount of time it would take you to toggle from this article to your E-mail and back again — were enough to double the number of errors participants made in an assigned task.”
“Monotasking is a 21st-century term for what your high school English teacher probably just called ‘paying attention.’ As much as people would like to believe otherwise, humans have finite neural resources that are depleted every time we switch between tasks, which, especially for those who work online, can happen upward of 400 times a day, according to a 2016 University of California, Irvine study.”
“The term ‘brain dead’ suddenly takes on a whole new meaning.”