Here is a selection of features from Attire Accessories magazine.
Local gift cards are driving spend in high streets and downtowns around the world, says fintech Miconex as it shares key insights from its local gift card programmes in the UK, Ireland, Canada and the USA. The range of independent businesses which accept Miconex's local gift cards – usually alongside a range of national brands – makes the cards unique in the sector. A typical 50 percent, and up to 100 percent, of its local gift cards are redeemed with independent shops, restaurants and venues. Retail was top for redemptions of local gift cards in 2023 in the UK. Primark, M&S, Boots, Argos, TK Maxx, Next, Sainsbury's, John Lewis, Dunnes Stores and Aldi were within the top national retailers. New national retailers including Co-op, Smyths Toys and Lidl joined the economy boosting local gift card programmes in 2023.
Martin McTague, National Chair, the Federation of Small Businesses, looks into the impact of cybercrime on small businesses. The Federation of Small Businesses' (FSB) research into business crime unveils a distressing landscape for small businesses in England and Wales, compounded by a surge in both physical and cybercrimes over the last two years. Cracking the Case, published in December, estimates that 81 percent of small businesses have been impacted by at least one crime since January 2021. This a significant increase from the 49 percent reported between 2017-2019. The financial burden of traditional crime is considerable. More than half of these businesses (56 percent) have faced losses exceeding £1,000, while 33 percent have incurred losses of up to £1,000. The situation is worse for one in ten businesses, who have lost over £10,000.
Outsourcing is a common practice for many businesses that need an extra helping hand and expertise when it comes to business activities – and SMEs are no different. In fact, over one-third of SMEs actually outsource some form of activity.
Owen Campbell, Operations Director at Kura, says: "Any business, whether an established company or a startup just getting into their industry, can benefit from outsourcing.
"It not only helps manage workloads better, but it can ensure that all businesses have the right expertise and people in place to provide high-quality services.
"This can be especially useful for SMEs who don't have the time and resources to create whole teams within their business structure."
But what can SMEs outsource, and what benefit does it have for their business?
A new study has revealed that the majority of senior executives in the fashion industry are committed to abolishing plastic. A new study with 100 senior executives who work for fashion brands and retailers in the UK, US and Australia, by Aquapak Polymers Ltd, which specialises in polymer-based material technologies that can deliver both performance and environmental responsibility at scale, reveals that the majority (88 percent) plan to stop plastic in packaging altogether.
Martin McTague, National Chair, the Federation of Small Businesses, shares how we need to think more broadly about innovation policy to capture the full economic potential. To many, the term "innovation" is usually associated with big names such as Elon Musk, Jeff Bezos and Mark Zuckerberg. But, in reality, the development and use of new ideas and technology is not confined to the tech industry. We need to think more broadly about innovation policy to capture the full economic potential. A new report by the Federation of Small Businesses – titled The Tech Tonic – found that across all sectors, seven in ten (69 percent) small firms have introduced a new form of innovation in the last three years. This includes the development of an entirely new product(s) to their market (25 percent), significantly improved existing or new product(s) (38 percent), and better staff and customer experience (25 percent).
Jerome Pugh, Founder of Academie, champions French sustainable fashion brands. Here, he gives an insight into the company's journey. When did you start up and why? We started the business 10 years ago after a number of family holidays to Brittany when we used to buy our children traditional Breton stripey tops. That year we couldn't go but still wanted to treat them, however, we couldn't find the real thing over here. We thought that this must be an opportunity and within six months we had met and were working with a traditional Breton clothing company called Mousqueton.
Sherwen Studios commissioned research data and analytics group YouGov to survey more than 2,000 UK adults about their thoughts and opinions relating to subscription commerce. Here's some of their findings. Retail subscriptions are continuing to soar in popularity, as UK shoppers take advantage of subscription boxes that promise value for money, as well as the opportunity to try new products. But the very nature of flexible subscriptions mean that customers could choose to cancel at a moment's notice.
A new survey by the GCVA has revealed that reward-based incentives are key to customer loyalty in a cost-of-living crisis. Research reveals two in five (40 percent) UK consumers would be more loyal to a retailer that offered modest rewards or incentives, such as a £50 gift card, as people continue to seek ways to reduce the impact of the cost of living crisis. The survey of more than 1,000 UK adults, commissioned by the Gift Card and Voucher Association (GCVA), found that just under half of households are worse off than they were this time last year, with 12 percent experiencing a significant impact on their personal finances. As a result, people are looking for more ways to earn and save.
Leading experiential learning company,Impact, gives an insight into the benefits of workplace diversity. FTSE 350 businesses are paying more attention to diversity amongst their senior team candidates than ever before. The percentage of seats filled by ethnically diverse directors has risen to 22 percent. When it comes to gender balance, it has been found that 54 percent of new board seats have been taken by women, showing that companies are moving in the right direction. But why is workplace diversity becoming such a priority? One of the most obvious benefits is that organisations can gain precious insight from people with varied backgrounds and experiences. Impact, a world-leading expert in experiential learning, looks at ways in which diversity can enhance a business's operations and how it can be implemented effectively.
Matt Hildon, Retail Portfolio Director at global digital transformation consultancy Kin + Carta, looks at what 2024 will have in store for the retail sector. Loyalty schemes will become the differentiator for retailers in 2024. Budgets will be increasingly focused on getting people into their loyalty ecosystems, which will in turn see brands start to focus their spend on retention of customers via highly personalised offers, rather than spending advertising money often at a high CPA.