adplus-dvertising
Connect with us

Business

Black Friday impacted by changing shopping habits

Published

 on

When Shopify Inc.’s Harley Finkelstein surveys November’s retail landscape, he finds it hard to see where Black Friday stops and Cyber Monday begins.

The annual pre-holiday sales blitzes meant to encourage customers to drop cash on discounted goods have bled together in recent years, with stores extending Black Friday promotions beyond a single day and online retailers offering Cyber Monday deals all week — or all month.

“Black Friday/Cyber Monday used to be a weekend, now it’s more of a season,” said the president of the Ottawa e-commerce giant.

Many in the retail industry feel the divisions will be even more hazy this Cyber Monday as the COVID-19 health crisis continues to reshape shopping habits.

300x250x1

During the pandemic, which saw stores temporarily close and people retreat inside their homes, there was a surge in online shopping.

As measures meant to quell the virus eased, many kept shopping online — but not at the rate some brands anticipated.

“Online shopping grew in popularity, obviously, through the pandemic, but it’s actually fallen off now because people are returning back to the store,” said Lisa Hutcheson, managing partner at J.C. Williams Group, a consulting firm.

“E-commerce spending is actually down year-to-date 11.5 per cent.”

The consumer shift back to brick-and-mortar stores blindsided Shopify, which had banked on online shopping continuing to accelerate at pandemic rates.

“It’s now clear that bet didn’t pay off,” chief executive Tobi Lutke said in a July statement announcing the company was laying off 10 per cent of staff as a result of the misjudgment.

The company’s stock traded for as high as $212 in the past year but has averaged closer to $50 in recent days.

So there’s a lot riding on the Black Friday/Cyber Monday weekend.

“Black Friday/Cyber Monday is sort of our Super Bowl,” said Finkelstein. “The culture and the energy at the company is really high right now.”

Black Friday

A survey his company conducted with 24,000 consumers and 9,000 small and medium businesses around the world found 59 per cent of Canadians planned to spend the same amount as or more than last year on Black Friday and Cyber Monday weekend. That figure rose to 74 per cent for those between the age of 25 and 34.

Finkelstein finds it hard to predict how the weekend will go, though he suspects it will be very different from last year, when the country was consumed with product shortages and the Omicron wave of COVID-19.

“This Black Friday/Cyber Monday seems far less frantic than last year,” he said. “There are less supply chain issues, more physical stores are open, there’s more inventory. There’s better capacity planning at the shipping companies.”

However, there is a new problem: inflation remains stubbornly high.

Michelle Wasylyshen of the Retail Council of Canada says “consumers tightened their belts a little” in recent months but still plan to spend the same as they did last holiday season, roughly $790.

“The difference this year is that they will be looking for more meaningful or practical gifts,” she wrote in an email. “They might also decrease the number of people they buy for or will give fewer gifts per person, but they do plan to shop.”

Finkelstein also foresees a more measured approach.

“They may not buy five things they have mediocre love for. They may buy two things they deeply want,” said Finkelstein.

“And they may also be thoughtful about how they buy … Is there a discount coming? I’ll wait until Thursday night or until Cyber Monday.”

The term Cyber Monday was coined in 2005 by the National Retail Federation, which noticed the Monday after Black Friday had delivered a big spike for online sales and traffic in the prior two years.

“We won’t be seeing quite the same spike that we have in the past,” Hutcheson predicted.

Some of that forecast comes from the stretched shopping window but also because some people are going to stick with their pandemic habits of online shopping.

Moneris is predicting Cyber Monday will be the busiest online shopping day, following a trend set in 2019 and 2020. However, Black Friday is still expected to be the busiest day in terms of total transaction count and dollars spent across all mediums.

Hutcheson said the week will play out as an “omnichannel view.”

Omnichannel is an industry term referring to making shopping seamless across online and mobile platforms as well as brick-and-mortar stores.

Finkelstein likes the term because the retail industry “is no longer online versus offline.”

“Saying omnichannel is a strategy will soon be akin to saying colour TV,” he said. “It is the norm and so consumers are shopping everywhere and everywhere.”

This report by The Canadian Press was first published Nov. 25, 2022.

Companies in this story: (TSX:SHOP)

Source link

Continue Reading

Business

Shorten Your Job Search by Writing a Compelling Value Proposition Letter — Part 1

Published

 on

Value Proposition Letter

This is part one of a two-part series on writing a compelling value proposition letter. 

There are many activities involved in job searching, such as networking, having an active result-oriented LinkedIn profile and resume, applying to jobs, interviewing, etc., to name a few. Aside from these job search activities, have you considered sending an unsolicited value proposition letter to potential employers?

What I am proposing is a networking technique that you should find comfortable. It is especially effective if you work in a niche industry (e.g., biofuels, pet insurance, medical tourism, hydroponic farming) where there are few players or if you possess a set of highly sought-after skills (e.g., cloud computing, network security, auditing, fluency in multiple languages).  

A value proposition letter’s objective is to show how your skills and experience can solve, or at least be part of solving, an employer’s problem(s) (READ: pain points).

300x250x1

“Yes, in next week’s column.” (Answer to the question you are now asking yourself, “Will I be providing examples of a value proposition letter?”)

“Yes, actually, several.” (Answer to, ” Have you ever hired someone who sent you an unsolicited value proposition letter?“)

In order to write a value proposition letter that will resonate with your target companies, begin by doing some research while asking yourself, “What are some of the possible problems they are facing? How can I be of assistance in solving them?” For example, is it your belief that long delivery times are causing an e-commerce site you visited to lose customers to Amazon? As a supply chain analyst with 15 years of experience, how would you address this issue?

Writing a value proposition letter requires using your right brain, where your emotions, intuition, and creativity reside. This is not a fill-in-the-blanks exercise. It is essential that your letter appears human-written, something that is becoming increasingly rare with AI technology becoming more easily available. It is you, not AI technology, who is offering your skills, knowledge, and experience to help an employer address pain points they might be experiencing, according to your best guess.

Something to note; your “pain point guess” guess may point out something the company’s leadership team has never considered. In my above example, it is possible the company’s leadership team may not have thought their long delivery times discourage potential customers from purchasing their products. (Do they look at their cart abandonment rate?)

The most common pain points employers face today are:

  • Keeping and expanding market share.
  • Enhancing profitability.
  • Increasing productivity and efficiency.
  • Keeping up with and implementing technological advancements.
  • Supply chain issues causing order fulfillment issues.
  • Managing employee benefits and payroll costs.
  • Recruiting and retaining qualified employees with the right mindset and attitude.

If you have the skills and experience (READ: a proven track record) to address any of the above-mentioned pain points, then most employers will view you as gold.

With all the talk about a recession on the horizon, how can your skills and experience help employers weather the predicted economic slump?

Once you have identified your targeted employer’s potential pain points, you can start crafting your value proposition letter to sell your skills and experience to address those pain points.

There are four elements to a pain letter.

  1. Hook
  2. The employer’s pain point, which is either explicit or you believe exists.
  3. Persuasively describe how your skills and experience can address the employer’s pain point.
  4. Closing

It is essential to show that you understand the company’s goals and values. For instance, not every company is concerned with increasing its market share. Some companies are more focused on becoming environmentally sustainable or being seen as socially conscious. With this understanding, you will be on point explaining, confidently, how your combination of skills, experience, and knowledge can help the company achieve its goals.

Also important is being specific! Use numbers to quantify your achievements and results. Your opinion has no place in a value proposition letter. Likewise, your opinion has no place in your job search. At all times, you need to provide a solid, undeniable reason why you would be a value add to an employer, not your opinions of yourself, which is what most job seekers do. Numbers, the language of business, helps employers see your impact in your previous roles.

TIP: Throughout your job search, you do not want employers struggling to figure out what value you can add to their organization, hence why they should hire you. Therefore, use quantitative numbers throughout your LinkedIn profile, resume, cover letter and when interviewing… and in your value proposition letter.

A compelling value proposition letter convincingly conveys to potential employers how you would be a value add to their company. In my next column, I will provide examples of a value proposition letter, as promised earlier. In the meantime, compile a list of employers you would like to work for (Why not go one step further and find the contact information of those most likely to make hiring decisions, such as managers, directors, and C-suite executives?), their possible pain points, and how your skills and experience can ease their pain.

______________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

 

Continue Reading

Business

All You Need to Know About Book Translation

Published

 on

Book Translation

If you’re considering translating a book or other written material into another language, it’s important to understand the process behind successful book translation. To translate books is not as simple as switching out words from one language to another; instead, the nuances of tone and meaning must be carefully captured in both languages for the full effect of the original work to be preserved.

 

What Is a Literary Translator?

A literary translator is a professional translator who has studied the particular language and culture of the source material, as well as the target language. This specialized training helps them to accurately capture both the meaning and spirit of the original work in their translations. They must also be able to read complex texts quickly and recognize subtle nuances in language that may not be immediately obvious.

 

300x250x1

What Does Book Translation Involve?

The process of book translation starts with a thorough review and analysis of the source material. The translator must identify key concepts, understand the context, and recognize any potential ambiguities in order to provide an accurate translation. It is also important for the translator to have a deep understanding of the target language, including idioms and cultural references.

Once the source text is analyzed, the translator begins translating it into the target language in a way that preserves both meaning and tone of the original work. This process can be time consuming and difficult, as the translator must ensure accuracy while conveying subtle nuances. After completing their translation, the translator then proofreads and edits it to ensure accuracy before delivering the finished product.

 

What Are the Benefits of Book Translation?

Book translation has many benefits, both for authors and readers. Translating books can help widen an author’s reach, allowing them to connect with a larger audience around the world. Translations can also help readers access texts they would otherwise be unable to, as not all languages have the same wealth of published material.

Book translation can also be an important tool in preserving and sharing cultural heritage. Translating books from one language to another helps keep traditions alive while providing a new audience with access to knowledge and ideas they may not have been able to experience otherwise.

 

Reason to Hire a Professional Literary Translator

Ensure Accuracy

When translating a text, accuracy is paramount. When you hire an experienced professional literary translator, you can rest assured that your text will be translated accurately and with an attention to detail that cannot be achieved by machine translation or even less experienced human translators.

Professional literary translators are familiar with the nuances of language and how certain words, phrases, and expressions can be interpreted differently depending on the context. They will craft each sentence precisely to ensure the intended meaning is accurately conveyed.

 

Time Efficiency

Hiring a professional literary translator helps you save time and energy when translating complex texts. Professional translators specialize in executing projects quickly and efficiently, so they are more likely to provide you with a completed draft sooner than if you were to attempt it yourself.

Moreover, they are well-versed in the tools of their trade, so they will be able to quickly identify any potential errors or discrepancies that may arise during the process. This helps to ensure that your project meets deadlines and is delivered on time and of the highest quality.

 

Preserve the Original Intention and Meaning of the Text

One of the most important benefits of hiring a professional literary translator is that they can preserve your text’s original intention and meaning. Professional translators have an in-depth knowledge of both languages, so they can craft each sentence with precision to preserve the authenticity of your text.

By considering the cultural, linguistic, and literary differences between both languages, they can accurately convey the intended meaning while ensuring that it is relevant and appropriate for its intended audience. This ensures that the translated version of your text preserves its original message and intent.

 

Guarantee Quality

When you hire a professional literary translator, you can rest assured that the finished product will be of the highest quality. Professional translators are highly trained and have years of experience in the industry, so they know how to deliver high-quality translations that meet your expectations.

In addition, they usually employ a range of quality control measures to guarantee the accuracy, so you can be sure that the translated version of your text is free from mistakes and inconsistencies. This guarantees that the finished product is up to your standards and conveys the intended meaning accurately.

 

Cost Effective

Although hiring a professional literary translator can be expensive, you can save money in the long run. Professional translators offer competitive rates and flexible payment options that make it easier to budget for your project. In addition, their experience and expertise mean they are likely to complete projects faster than if you were to attempt it yourself, so you can save on time and labor costs.

 

Cater to a Variety of Genres

Professional literary translators are versed in a variety of literary genres, including novels, short stories, plays, and poems. This means that they can accurately translate texts from one language to another no matter what genre it is written in.

This expertise enables them to adjust their translation style according to the book’s genre they are working with, ensuring that the translation is accurate and appropriate for its intended audience. This is especially important when it comes to taking into account subtle differences in language use between different genres.

 

Conclusion

Book translation can be a great way for authors and publishers to expand their reach while also providing readers with access to knowledge and ideas worldwide. When finding the right translator for your project, be sure to hire a professional who is experienced in their field and understands the industry standards for quality control. With the right translator, your book will be accurately translated and ready to reach a new audience.

With that said, hiring a professional literary translator is an important step toward book translation success and can make all the difference in how your project turns out. By following these tips, you’ll be able to find the right translator for your project and ensure that it is completed accurately and efficiently.

 

 

Continue Reading

Business

Kevin Carmichael: High interest rates bringing balance after years of housing overspending

Published

 on

Housing starts
Housing starts

Higher interest rates hurt, but they might be bringing some balance to Canada’s economy after years of overspending on housing.

Statistics Canada on Jan. 31 said gross domestic product increased 0.1 per cent in November from the previous month, evidence the economy was approaching stall speed at year-end, just as the Bank of Canada predicted it would be.

It was the weakest month-to-month increase since January 2022, and there’s little reason to anticipate a re-acceleration in December. Statistics Canada said preliminary data suggest GDP was unchanged last month, which implies the economy grew at an annual rate of 1.6 per cent in the fourth quarter, according to Bank of Montreal chief economist Douglas Porter.

That would be a slightly faster pace than the 1.3 per cent rate the Bank of Canada predicted in its latest economic outlook, but still considerably slower than the 2.9 per cent rate in the third quarter and the 3.2 per cent rate in the first quarter. The Bank of Canada’s interest rate increases — four percentage points between March and December with an additional quarter-point lift last week — are starting to bite.

300x250x1

“Growth has come to a crawl,” Charles St-Arnaud, chief economist at Alberta Central, said in a note to his clients.

Canada is coming off a long high of housing-led growth. It was fun for a while, especially for those who thought they had purchased a place to live only to discover they are now sitting on fortunes.

 A crane stands between condo buildings in Toronto. A crane stands between condo buildings in Toronto.
A crane stands between condo buildings in Toronto.

Population growth and limited supply were responsible for some of the demand that drove housing prices to rare heights over the past decade, but much of it was caused by ultra-low interest rates and a decision by households to pile up dangerous levels of debt. Now, interest rates are higher than some new homebuyers have ever seen, and the housing bubble is deflating.

One of the main causes of the decline in GDP in November was residential building construction, which dropped 1.8 per cent, the seventh decline in eight months and the biggest since unionized construction workers went on strike in May 2022.

Canada could have used two periods of ultra-low interest rates and extraordinary levels of fiscal stimulus to turn itself into a modern economy. And perhaps it took some steps in that direction, as some of that money will have sloshed into productive enterprises and provided backing for some talented entrepreneurs. But we mostly bought existing homes and condos, enriching the real estate industry, perhaps the economy’s least productive sector.

A notable moment in Canadian economic history occurred in December 2008. As the Great Recession gathered force, and central banks pushed borrowing costs to zero, the “real estate and rental and leasing” industry generated output equivalent to 11.7 per cent of GDP, surpassing the contribution from manufacturing for the first time, according to Statistics Canada data.

The country’s brokers, agents and landlords didn’t look back. Their share of GDP climbed to 14.8 per cent in April 2020, when many other industries were forced to shut down, and central banks had once again dropped interest rates to essentially zero to stave off deflation in the early days of the COVID-19 crisis. (Manufacturing’s share was 8.5 per cent.)

Bank of Canada governor Tiff Macklem told the House finance committee in November that he intends to conduct an analysis of how monetary policy was deployed during the pandemic. The central bank for the first time used quantitative easing (QE), an approach to stimulus that involves creating money to purchase financial assets.

Macklem was one of the most active users among the major central banks, and it’s fair to wonder whether he was too active, given the additional froth that was whipped up in housing markets. Shelter costs were an important contributor to the inflation surge that prompted the most aggressive series of interest rate increases in the Bank of Canada’s history.

Canada’s central bankers dislike taking responsibility for what happens at the micro level in the economy, saying their only job is to keep inflation at around two per cent. That’s true, but the problem with that dodge is that there is now sufficient real-world evidence to suggest the distortions created by zero interest rates should be considered against the desire to achieve a certain inflation target.

In some ways, last year wiped out more than a decade of such distortions. The benchmark interest rate is now back to where it was in 2008, before the Great Recession. And, perhaps as a result, economic gravity is reasserting itself.

Manufacturing will probably never be the economic engine it was a generation ago, but at 9.4 per cent of GDP, it’s still below its pre-pandemic level of around 10 per cent. There’s room to grow, although higher borrowing costs and an economic downturn will make that harder in the short term.

A more positive sign is that a couple of industries that will be key to future growth — and probably geared to structural changes in the economy rather than short-term interest rates — continue to claim a bigger share of the economy.

Companies that provide services related to information technology — think Montreal-based CGI Inc., which builds computer systems for companies and governments — now generate about 5.6 per cent of Canada’s GDP, which is more than oil and gas and the most since Statistics Canada started measuring the industry’s output in 2007, when the percentage was about 4.3 per cent.

At the higher end of what is very loosely described as the innovation economy, companies that provide professional, scientific and technical services generated output worth $136.8 billion in November, the equivalent of 6.6 per cent of Canada’s $2.1-trillion economy and a record.

Combined, IT services and professional and technical services now account for about 12 per cent of the economy. That’s getting close to real estate, which has dropped to 12.9 per cent, the lowest since February 2020, and nearing the 11.4 per cent recorded in early 2008. We’ve almost worked off the excesses of one crisis. There’s still some rebalancing to do.

• Email: kcarmichael@postmedia.com | Twitter:

728x90x4

Source link

Continue Reading

Trending