Consumer spending records “weakest start of the year since 2012”

| March 12, 2018

article image
Consumer spending over the past two months has seen the strongest spending reduction for the start of a year since the opening two months of 2012, as consumers continue to tighten their belts. According to Visa’s UK Consumer Spending Index, households’ spending showed a 1.1 per cent year-on-year fall in February, following a 1.2 per cent decline in January. For the 10th month in a row, face-to-face spending on the high street fell annually, with a 2.5 per cent decrease. Meanwhile, online spending increased slightly compared with a year ago, with a 0.2 per cent uplift. Recreation and culture spending also dropped 6.1 per cent year-on-year in February – the biggest fall since April 2010 – while spending fell on clothing and footwear, household goods, transport and communication.

Spotlight

Retail Pro International, LLC

Retail Pro, a retail management software, serves the needs of specialty retailers worldwide, from those just realizing their retail dreams to retailers who've grown to multi-location or multi-regional retail. Retail Pro builds on the omnichannel concept to give you an intelligent, scalable platform for controlled expansion. Retail Pro provides native retail functions to serve critical POS, customer engagement, e-commerce, store stock management and replenishment needs.

OTHER ARTICLES

How Amazon’s Cashierless Tech Will (Or Won’t) Change The Physical Retail Landscape

Article | March 11, 2020

The advance of Amazon’s cashierless technology is not a new story to the retail beat as of 2020. Since the first AmazonGo retail location opened in early 2018 with its much-hyped walk-in, walk out retail technology designed to make the line at checkout a thing of the past, Amazon has been slowly but surely expanding the technology’s footprint there are now 26 Go stores in operation in the U.S. with new openings scheduled for New York, Chicago, Seattle and San Francisco on the agenda for his year. And, as of reports two weeks ago, cashierless tech is breaking out of the small footprint, convenience store-esque locations that are Amazon Go stores. As of the end of February, Amazon announced the tech was making its full-fledged grocery debut in the form of Amazon Go Grocery stores.

Read More

U.S. dairy farmers dump milk as pandemic upends food markets

Article | March 11, 2020

Despite strong demand for basic foods like dairy products amid the coronavirus pandemic, the milk supply chain has seen a host of disruptions that are preventing dairy farmers from getting their products to market. Mass closures of restaurants and schools have forced a sudden shift from those wholesale food-service markets to retail grocery stores, creating logistical and packaging nightmares for plants processing milk, butter and cheese. Trucking companies that haul dairy products are scrambling to get enough drivers as some who fear the virus have stopped working. And sales to major dairy export markets have dried up as the food-service sector largely shuts down globally.

Read More

What are the biggest barriers to AI adoption for retailers?

Article | March 11, 2020

According to KPMG’s “Living in an AI World 2020 Report,” retailers have some optimism, some skepticism and some pessimism about how artificial intelligence (AI) will impact the industry. The study explored how 751 insiders across five industries, including retail, view the future of AI in their sectors. On the downside, 64 percent of retail insiders agreed that the use of AI to help businesses is more hype than reality right now. The study also identified numerous challenges retailers believe they face in capitalizing on AI’s potential: AI readiness: Just 43 percent of retail respondents believe their employees are prepared for AI adoption. Relatedly, only 52 percent say their companies offer any type of AI training.

Read More

Square, Xero enhance integration and point-of-sale features

Article | March 11, 2020

If you’re a Xero subscriber using Square, you know how great these two solutions are. We’ve listened to your feedback and are working to make sure they’re even better when combined. Today, we’re delighted to announce we’ve enhanced the Xero-Square integration for Australian users, and we’re working to bring these improvements to other regions soon. You’ll see several new features.

Read More

Spotlight

Retail Pro International, LLC

Retail Pro, a retail management software, serves the needs of specialty retailers worldwide, from those just realizing their retail dreams to retailers who've grown to multi-location or multi-regional retail. Retail Pro builds on the omnichannel concept to give you an intelligent, scalable platform for controlled expansion. Retail Pro provides native retail functions to serve critical POS, customer engagement, e-commerce, store stock management and replenishment needs.

Events