May 8, 2023 - Market Daily

Karolina Gujska & Ravindar Vanam Expect Inflation to Push Up Global Retail Sales

Market Daily Staff on May 8, 2023

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The consumer goods and retail market is expected to continue to evolve in response to changing consumer preferences and advances in technology this year. New York-based influencer and global tech leader Karolina Gujska steps in to share the latest outlook on the consumer goods and retail sector along with Ravindar Vanam, a Retail Innovations leader at a leading retail technology consulting firm.

In the latest report, Karolina Gujska highlights how retailers are feeling the pressure on their profits and employment levels as inflation continues to soar. Global retail sales are expected to increase by a robust 5% in 2023, but the lower volume of sales and surging costs will weaken retailers’ profits. The rollout of automation technologies will offer opportunities to limit wage growth, which means that retail employment is unlikely to return to 2019 levels.

Inflation-wary consumers will prefer to shop at discount stores and are also open to shifting away from their loyal brands to other brands, helping these retailers to increase their market shares. Meanwhile, the economic slowdown in China will mean fresh challenges for global luxury brands already affected by the loss of Chinese tourists.

In an effort to protect their bottom lines, retailers will try to slash labor costs and invest in automating their backend processes. This means that retail wage growth, which has been outpacing that of other sectors, will slow, and hopes of the sector’s employment levels returning to pre-pandemic levels in 2023 are fading.

Online sales growth will slow, but the online share of retail will edge up to about 14% of global retail sales. Online retail growth will shift to developing markets, with the Middle East and Africa, and Latin America becoming attractive for retail investment.

Gujska also shared important events to look out for this year. As the world becomes increasingly aware of the impact of plastic on the environment, 2023 will see several countries taking decisive action to curb its use in the retail industry. Spain, for instance, has been leading the charge since January by banning plastic packaging for fruits and vegetables and imposing taxes on non-reusable packaging. Following suit, the Netherlands will be adding extra charges on single-use plastic cups and food packaging starting in July. Canada will also be expanding its ban on the making and importing of single-use plastic productsby banning the sale of such products from December 2023.

As the world shifts towards a greener future, the fast-fashion industry is also embracing change. Leading the charge, Inditex, the behemoth of the fast-fashion world, is ditching single-use packaging and opting for more sustainable fabrics. Joining in on the movement, German online fashion retailer Zalando is committed to only stocking brands that meet strict sustainability standards. Alongside these eco-friendly initiatives, the industry will also have to navigate new supply chain regulations in Germany, which will hold companies accountable for human rights and environmental violations. Two of the largest California Cities, Los Angeles and San Diego, also recently voted to ban foamy plastic used in takeout food containers and in disposable coffee cups.

In addition to these environmental challenges, 2023 will also bring new regulations for consumer brands and online sellers in the areas of privacy, competition and data. In Finland, online sellers will have to provide more transparency in their pricing and discounting strategies, while in the US, five states are set to implement laws regulating the collection and processing of consumer data and initiatives like U.S FABRIC Act which aims to protect worker’s rights and New York’s Fashion Act which provides guidelines for chemical use and climate targets, are in play . India, too, is set to launch a revised data protection bill early in the year. As a result, businesses will have to adapt their data collection and storage methods to comply with these laws.

Ravindar Vanam, also shares that the investments in providing immersive experiences for consumers with Web3, Metaverse, AR/VR is also on the rise, along with AI-generated personalized communications. The Retailers are also experimenting with smaller footprint stores for quick commerce in order to continue owning their loyal consumer base as consumers become cost conscious.

Follow Karolina Gujska on Instagram or Linkedin and Ravindar Vanam on Linkedin to learn more about the journey and other important business trends.

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Empowering Entrepreneurs: Remember That Business is Always About Solving Human Problems

Market Daily Staff on May 8, 2023

In an interview with JB Brown, the interviewee discussed how he is a “professional problem solver.” His skill set is solving problems – regardless of problem type – that humans encounter daily. All businesses ultimately have core human desires, emotions, and needs to be met, so Brown’s focus is on identifying how a company can solve these needs efficiently and elegantly, and in a manner that is cost-effective for the consumer or business.

Brown maintains that businesses must focus on identifying and solving problems by considering the human desires, emotions, and needs at play. He emphasizes that understanding human nature, problem-solving, and basic business principles are more important than the industry in which a business operates.

Once the problem and solution have been identified, Brown considers who the right people are to efficiently and effectively put the mechanisms in place to execute that solution. As a leader, he believes his job is to eliminate any obstacles that may hinder the team’s success – to empower and support the team members by removing those barriers.

Brown has been successful in a wide range of sectors, from large corporations to small businesses, by focusing on these fundamental principles.

On the topic of the day – artificial intelligence, or AI – Brown said he has used AI to increase efficiency and reduce costs in his business endeavors. Still, he reminds entrepreneurs that AI has limitations and needs human input to refine and improve its output. He notes that AI has an exponential incremental learning capacity, meaning that the more data and feedback it receives, the brighter it becomes.

Brown believes that the potential applications of artificial intelligence in business are only beginning to be understood. He is a minority owner and board member of a medical device company that uses virtual reality and proprietary gamified artificial intelligence software to treat patients with traumatic brain injuries, long COVID, and Alzheimer’s disease. The AI can read a patient’s ability to complete specific tasks and adjust them to activate different parts of the brain in real time.

Brown considers this a powerful example of how artificial intelligence can be used in the medical field to improve patient outcomes – but the humans in the company come with their stories and reasons on why those outcomes are meaningful to individuals and families. In his case, his personal connection comes from losing friends and family to these conditions.

That’s why, said Brown, combining humanity’s emotional quotient with technology can be highly effective in business. Technology can eliminate unnecessary tasks, increase efficiency and lead to improved treatment and outcomes, but leaders and entrepreneurs should never neglect the need to focus on understanding their end users and consider their desires, fears, and frustrations.

By clearly identifying the specific problem they are solving, businesses can benefit their customers, and the rest will follow. Brown is passionate about championing those striving to provide a better life for themselves, their employees, and their community. He truly believes that conscientious entrepreneurs and business owners contribute to the greater good by providing jobs, revenue, and opportunity, and he wants to help them succeed in any way possible.

At the same time, he wants to help entrepreneurs avoid what he calls the “keyman’s prison” – that point at which the business owner or a key figure is essential to its success, making it impossible for them to take a break or make independent decisions without negatively impacting the business. Being trapped in a keyman’s prison, said Brown, is a self-imposed limitation that prevents one from living authentically and making decisions that align with their true desires. Even if the prison is comfortable, it is still a prison.

Brown strives to help entrepreneurs build and structure a business that can operate efficiently without dependency on one individual, allowing for greater freedom and autonomy – because the entrepreneur’s desires and needs matter, too.

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JB Brown is an expert in solving business problems and emphasizes that success is all about the people involved in the business, including the customers and the team members. Unlike other business consultants who typically assist companies to grow to $5-$15 million in revenue, JB has the experience and expertise to take businesses to the next level, generating $100-200 million in revenue. His reputation as a billion-dollar business powerhouse and industry thought leader had been earned through selling over a billion dollars in products and services and brokering over $200 million in businesses. He has consulted companies such as Boston Scientific, Intuitive Surgical, and Agora Financial across different industries.

JB’s wealth of knowledge and experience has made him a sought-after keynote speaker who appears on various media platforms such as news programs, television shows, and podcasts, sharing insights on business growth strategies, buying and selling businesses, financial trends, and conflict resolution. As a motivational speaker, JB can also speak to leadership development in industry, family, or marriage.

JB excels in identifying traps that limit business growth and adapting proven success concepts to meet clients’ specific needs. As a result, he helps businesses create a powerful, predictable, and repeatable advantage over the competition while enabling business owners to achieve the life they want.

JB Brown’s website, https://meetjb.com/ , features his consulting services, speaking engagements, and a blog. Brown’s Facebook page, https://www.facebook.com/yourbuddyjb, is where he posts updates about his work and personal life. Finally, JB Brown’s LinkedIn profile, https://www.linkedin.com/in/jb-jonathan-brown-0988107/, provides more detailed information about his professional background and experience.

JB Brown’s Acadia Ventures is a brand that caters to a diverse audience, including investors, business owners, entrepreneurs, aspiring entrepreneurs, and CEOs. The brand aims to help these individuals achieve their goals by providing valuable consultation and proven success concepts.

At the heart of Acadia Ventures is the belief that everyone deserves to “Grow, Exit, and Live Well.” This quote embodies the brand’s focus on helping individuals grow their businesses, plan for a successful exit strategy, and live fulfilling lives.

Whether you’re an investor looking for the next ample opportunity, a business owner seeking to take your company to the next level, or an aspiring entrepreneur with a vision for the future, Acadia Ventures is here to help you achieve your goals. With a wealth of knowledge and experience in various industries, the brand is committed to providing customized solutions that give you a robust, predictable, and repeatable advantage.