Market Daily

ExperityCPA: Your One-Stop Solution for Streamlining Your Back-Office Operations

Market Daily Staff Market Daily Staff on May 18, 2023

Running a business can be tough, especially when you’re juggling the many moving parts of your back-office operations. From accounting and taxes to compliance and payroll, it’s easy to get overwhelmed. This is where ExperityCPA comes in, with a seamless and customized solution that ensures your back-office runs smoothly, giving you the freedom to focus on what matters most – growing your business.

The seasoned professionals at ExperityCPA boast a century’s worth of collective know-how in the fields of accounting, taxes, compliance, and payroll. Their invaluable expertise has empowered countless enterprises to evolve from humble beginnings to multinational entities, crossing geographical boundaries. Whether it’s navigating the trials of a budding startup or the complexities of an established corporation, the team at ExperityCPA has the experience and proficiency to guide you through every step of scaling your business to new heights.

As any successful business owner knows, it’s crucial to operate lean, which is why ExperityCPA has created a pricing structure that recognizes your need to only pay for what you really need at each stage of your business growth. This means that you won’t be overpaying for services you don’t require, and you’ll only pay for what you use.

ExperityCPA offers its clients a single point of contact for all their inquiries, accompanied by a strategic dashboard that enables them to track their business’s current status and future trajectory. As a one-stop-shop solution, ExperityCPA guarantees full coverage and tax compliance, as well as adequate insurance coverage and adherence to the latest labor regulations. By having a team of specialists anticipate future needs on their behalf, clients can enjoy the reassurance that their back-office operations are being actively managed.

ExperityCPA offers tax reduction strategies that help business owners maximize their tax savings. They provide various methods such as utilizing small business retirement plans, section 179 and bonus depreciation, the Augusta Rule, investing in real estate, shifting income, maximizing home-office deductions, and getting the most out of vehicle deductions. ExperityCPA is fully committed to implementing these strategies, ensuring that business owners are informed and don’t miss out on any opportunities to lower their tax liability.

Jonathan Bander, the founder of Rich and Bander LLP, is a driving force behind ExperityCPA. With the experience of more than 25 years in all aspects of corporate accounting and taxation, Jonathan has committed his entire career to public accounting. He has provided advisory services to numerous companies of different sizes and offered ongoing services to clients in private equity and family offices. In 2005, he established Rich and Bander LLP with the aim of providing clients with direct, dedicated, and personalized services. The firm, which boasts a team of over 50 professionals, has grown to serve more than a thousand clients.

ExperityCPA stands tall as a reliable ally for all your back-office needs. With a track record of success and a commitment to excellence, ExperityCPA has helped and earned the trust of over 1,000 businesses to achieve their goals. By collaborating with ExperityCPA, entrepreneurs can confidently rely on their expertise to streamline their business operations, freeing up their time and resources to invest in other crucial aspects of their company. Trustworthy, efficient, and effective – ExperityCPA is the go-to solution for businesses seeking growth and success.

How to clean up the planet from food waste: the opinion of business analyst Elizabeth Keshchian

Market Daily Staff Market Daily Staff on May 18, 2023

According to the UN report, Earth’s inhabitants discard over 900 million tons of food annually. For comparison, if this amount of food waste were filled in 40-ton trucks, it would result in 23 million trucks, which, if lined up, could encircle the planet 7 times. At the same time, 690 million people worldwide, according to the UN, are officially classified as hungry. Paradox? Yes. But why does it happen?

Elizabeth Keshchian, a business analyst with expertise in the food industry, believes that in developed countries, the growth of food waste is mainly due to the consumers’ incorrect attitude towards food products. In other words, people buy more food than they can consume.

“Psychologically, the fact of a half-empty refrigerator is depressing, so when people raid supermarkets, they buy more food than they actually need. Stuffing their shelves to the brim, they forget that during the workweek, the maximum they allow themselves at home is a breakfast consisting of a cup of coffee, a handful of cereal, or toast. And on Saturday, while throwing away spoiled products from the past seven days, they go shopping again,” says the expert.

According to Elizabeth Keshchian, this also applies to restaurants that serve food in enormous portions, much more than one person can handle. And in supermarkets and public eating establishments, storage conditions for food products are not always adhered to.

In addition, the specialist notes that since 2016, according to the food waste reduction plan adopted in the United States, the expert community has already developed a range of innovative solutions, some of which are truly ingenious.

Condensation Absorbing Sticker

This invention is a disposable insert that needs to be placed on the inner side of the lid of a food container. Thanks to its special composition, the sticker absorbs the condensation that forms, thus extending the shelf life of both fresh produce and prepared food.

Markers on Packaging

This solution suggests attaching labels with special safe inks to the inner side of transparent packaging lids or food containers. As the product deteriorates, at each stage, volatile compounds inside the packaging react with the inks, causing the color on the labels to change.

Fresh Stickers for Fruits

This innovation aims to significantly slow down the ripening process of fruits. The protective compounds infused in these fresh stickers create a “cocoon” around the fruit, which extends the product’s shelf life by almost three weeks while fully preserving its initial appearance and taste.

An innovative solution, particularly useful for people with poor eyesight. It is applied not only to packaging but also to bottle caps. While the product is fresh, the label surface remains smooth and pleasant to the touch. However, once the expiration date is reached, the label becomes rough and heavily textured.

Sachet Membrane

The shelf life of fruits and vegetables can be extended by up to 80% without the risk of microbial, fungal, or mold spore growth. The packaging consists of three layers—a permeable membrane, a protective layer, and a special infusion with active biological ingredients that stimulate fruits and vegetables to use their own (natural) immunity to protect against spoilage.

“The critical growth of food waste requires urgent actions and innovations. By implementing a multi-faceted approach that covers the entire food supply chain, from production to consumption, we can achieve significant success in reducing food waste. Through technological progress, consumer education, surplus redistribution, closed-loop economy practices, and collaborative efforts,” concludes Elizabeth Keshchian.

Serhii Kukunin: “In life, you need to strive to outdo not others, but yourself” (Maltbie Davenport Babcock)

Market Daily Staff Market Daily Staff on May 18, 2023

Serhii Kukunin is an internationally recognized IT expert in software development and a technical leader of large international IT projects. In his life, he has never chased success. Success just follows him closely. Everything he undertakes, he succeeds in and it leads to victories. The year 2022 was no exception when Serhii received an invitation to participate in the StartupBus championship. He liked the idea so much that he decided to take part in the competition.

This is about StartupBus – one of the most well-known technology startup competitions in the world that has been around for over 10 years. The competition has taken place on four continents, and its participants have included more than 1,800 entrepreneurs from various IT professions who have built amazing startups that have attracted around 1 billion dollars in venture capital. Notably, StartupBus has been sponsored by many large and small companies, including Microsoft, Andreessen Horowitz, Spotify, Facebook, New York Times, AT&T, SAP, and others.

StartupBus is an educational camp for entrepreneurs that involves software engineers, designers, managers, subject matter experts, and other professionals and innovators from across the country where the championship takes place. Previously unknown contestants form teams while traveling on a bus and develop well thought-out and coded technical presentations, competing against each other.

It was also the case at a competition held in Austin, Texas, USA. Four participants, including Serhii Kukunin, formed a team called Recruitly to create a platform for video interviews based on artificial intelligence. Spoiler alert: the expert jury of the competition recognized Recruitly’s work as the best among the most interesting and promising projects, and the team ultimately won the championship.

Each team had three days in total. Recruitly lucked out a bit with their idea. The source of inspiration for developing the AI-based video interview platform was a bus conductor who was riding with the team. The girl was a recruiter, so the guys set out to build a solution that solves her work problems.

Although all members of the team had technical backgrounds, it was Serhii who took on the technical implementation of the project. One team member prepared the pitch, slides, communicated with potential clients, and put forward ideas. Two more members were engineers and focused on artificial intelligence technologies. Serhii was the most experienced software developer, and therefore took on all the basic development of the application, including the main architecture, infrastructure, server-side, and part of the external interface development. In the competition, he was responsible for writing 80% of the code. And after the championship, he completed it entirely.

Thus, the victory in the StartupBus 2022 provided an opportunity to launch a potential startup in the field of personnel management. After the event, Serhii and another team member continued to work on the project, renaming Recruitly to eClare. Soon they plan to launch the first version, so to this day they are working on the project.

Returning to the competition, it is worth noting the colossal work of the professional jury. For many years, StartupBus has had many prominent names in technology from different countries around the world serve as judges. They were chosen for their contributions to startups, technical knowledge, and years of experience. We are confident that this year, as well, StartupBus will organize another spectacular event in the history of technology, aiming to arm a new generation of technology leaders and challenge the existing order. It is quite possible that at this championship, Serhii Kukunin will participate not as a contestant but as a full-fledged member of the jury.

Given his expertise and professionalism in software development, leading roles in launching and developing such massive startups as EasyHealth Inc., Spotlight Media Labs Inc., and Matic Insurance Services Inc., as well as experience judging well-known IT competitions like DevChallenge XVII and the European Digital Blockchain Hackathon “UtonHack,” the StartupBus 2023 competition will be able to add another well-known name in the IT technology field to its history – the name of Serhii Kukunin, which will increasingly resonate in the wider circles of American business each year.

Sponsored Post

Sebastian Karnaby: A Visionary Real Estate Entrepreneur Making Waves in New York City

Market Daily Staff Market Daily Staff on May 17, 2023

Image commercially licensed from Unsplash

Sebastian Karnaby has emerged as a shining example of the remarkable achievements that can be attained through unwavering determination, relentless hard work, and a profound understanding of the intricacies of the real estate market. His awe-inspiring journey serves as a beacon of inspiration for aspiring individuals seeking to leave their mark in the fiercely competitive realm of New York City real estate. 

New York City, with its dynamic and ever-changing real estate market, demands a discerning eye to identify hidden opportunities amidst the perpetual flux. Sebastian’s resounding success in uncovering undervalued properties and accurately predicting market trends has catapulted him to millionaire status within a remarkably short span of time. 

Sebastian’s approach to real estate investment extends beyond mere profit-making; it is rooted in the creation of value for both himself and the community. His passion lies in restoring historic buildings, breathing new life into them, and repurposing them for contemporary use. The result is a collection of spaces that not only enhance the city’s architectural landscape but also generate substantial returns. 

Undoubtedly, one of Sebastian’s most notable milestones on his real estate journey was his appearance on the widely acclaimed reality show, “Million Dollar Listing,” aired on Bravo network in 2012. It was during this pivotal moment that he astutely acquired a townhouse on 16 Minnetta Ln for $2 million, and three years later, successfully sold it for a staggering $4 million, more than doubling his initial investment. This resounding triumph acted as a catalyst, propelling him to acquire numerous other properties across the city, further cementing his status as a force to be reckoned with in the industry. 

Sebastian’s expansive portfolio now encompasses a myriad of commercial and residential properties spread throughout the heart of Manhattan, positioning him as a towering figure in the New York City real estate landscape. His exceptional net worth, estimated at $55 million, stands as a testament to his unwavering investment acumen and indomitable business savvy. 

While Sebastian undoubtedly possesses an innate talent for real estate, his success is not solely attributable to his prowess as an investor. He possesses an entrepreneurial spirit that enables him to meticulously calculate risks and transform them into highly lucrative endeavors. 

For those yearning to follow in his footsteps, it is imperative to remember that success in the realm of real estate does not materialize overnight. It demands the passage of time, unwavering patience, and a fearless willingness to embrace calculated risks. Equally important is a profound understanding of the market landscape, coupled with a steadfast commitment to remaining abreast of current trends. 

Sebastian’s journey serves as an undeniable testament to the immense potential that lies within the New York City real estate market. With the right approach, anyone can achieve remarkable success in this tantalizing industry. It is an arena that perpetually evolves, but armed with the right knowledge and a well-honed strategy, the possibilities for prosperity are boundless. 

Enzo Day, CEO of SoClose is Pioneering Digital Entrepreneur on a Quest for Global Success

Market Daily Staff Market Daily Staff on May 16, 2023

Image commercially licensed from Unsplash

Enzo Day, an international serial entrepreneur, has always been driven by a passion for the digital world. From a young age, he found himself drawn to the endless possibilities that technology offered. Today, as the founder and CEO of SoClose, a leading digital factory company, Enzo is making his mark on the industry with his innovative ideas and unwavering dedication.

Born and raised in France, Enzo’s journey into entrepreneurship began at the age of 14 when he developed his first website called “Fiches Up.” This platform aimed to help French college students prepare for their exams and quickly gained popularity among gamers who appreciated its utility. As he pursued his education, Enzo also excelled in golf, competing at the national level in France.

At 18 years old, Enzo made a bold decision to forego a traditional academic path and fully dedicate himself to self-taught coding. This leap of faith allowed him to meet coding experts and expand his knowledge and skill set. By the time he turned 20, he had started developing websites for clients, honing his craft and gaining valuable experience along the way.

At the age of 22, Enzo embarked on his most ambitious endeavor yet—launching SoClose. The digital factory company set out to revolutionize the industry by developing its own comprehensive content management system (CMS). This CMS included various modules like CRM, project management, and accounting, offering clients a complete package for their digital needs.

However, SoClose’s vision extended beyond just software development. Enzo envisioned the company as a marketplace where individuals could come together to collaborate and create exciting projects. He believed in the power of peer learning and wanted to foster an environment where people could share their expertise and learn from one another.

The success of SoClose can be attributed not only to Enzo’s entrepreneurial spirit but also to the company’s core values. Peer learning, one of their foundational principles, embraces collaboration and an agile approach to learning. Enzo firmly believes that even the most complex skills can be mastered through collective effort.

Another core value that drives SoClose is the notion that life is art. Enzo encourages individuals to take charge of their lives and decide their own path. By nurturing creativity and innovation, So Close empowers people to transform their ideas into reality.

Enzo’s personal philosophy of “SoClose” emphasizes the importance of sharing closely with others. He envisions a future where So Close becomes not only a virtual community but also a physical space where individuals can come together and bring their visions to life.

Of course, Enzo’s journey hasn’t been without its challenges. Reflecting on his early days, he recalls a humorous yet enlightening mistake he made. In a major project, he entrusted a close friend whom he believed would make an ideal partner. However, he quickly learned that building a team requires more than just familiarity; it demands trust based on real experiences, especially during tough times.

Enzo, through SoClose, has proven to be a formidable player in the industry despite facing challenges and obstacles. His ability to create a collaborative environment and his commitment to excellence sets him apart from the competition. Enzo’s determination to succeed and his unwavering work ethic have been instrumental in establishing So Close as a great place to collaborate and develop exciting projects.

Looking ahead, Enzo plans to continue his journey of growth and innovation. So Close is currently developing its own CMS with several modules, aiming to transform it into a Software-as-a-Service (SAAS) platform. This strategic move will enable them to support their business development and expand their reach globally.

Dylan Taylor on America’s Future in Space

Market Daily Staff Market Daily Staff on May 16, 2023

Image commercially licensed from Unsplash

The next international space station will feature Hilton-designed interiors, a startup-conceived kitchen in space, and a science park named for George Washington Carver. Starlab, expected to become operational in 2027, represents a turning point in America’s future in space. This research institution, commercial platform, and tourism destination will help drive the NewSpace economy, which could be a $1 trillion enterprise by 2040. 

Space entrepreneurs like Dylan Taylor are shaping that future now.

Taylor is the founder and CEO of Voyager Space Holdings, one of the many companies constructing the new off-Earth economy. Voyager Space partnered with Nanoracks and Lockheed Martin and Airbus to build Starlab, the first free-flying commercial space station. Taylor expects Starlab to help revolutionize space access just as commercial flight revolutionized access to Earth. He predicts that commercial spaceflight could transform education, science, tourism, and even the essential nature of human resilience.

Further, Taylor forecasts that space will reshape the American and global economy, funneling people, ideas, and investment into its unlimited expanse. In 2021, Taylor said, “Everyone’s in the space industry. They just don’t know it yet.” So far, everyone is proving him right.

Morgan Stanley and Citigroup project space to be a trillion-dollar industry by 2040, attributing the rise to continually lower launch costs, progressive expansion of the satellite market, and rapid development of new technologies and applications. Taylor, who credits Elon Musk’s Space X for delivering reusability to the market, sees those applications touching every corner of life in space and on Earth. 

For instance, Starlab partner Nanoracks is working on a Zero-G Oven that can cook in space. Some of Voyager Space’s projects include laser communications devices, an orbiting greenhouse on Starlab, and visualization products that support ISR (intelligence, surveillance, reconnaissance) applications. Meanwhile, the Voyager Space-Hilton partnership marks a design plan for Starlab and the gateway to a future space hotel.

Taylor expects opportunities to expand further, particularly in the startup world that has become the space economy’s lifeblood. “Space has been hot for quite some time,” Taylor said. “For those of us in the industry, it’s been sort of a best-kept secret. … With inexpensive launch, a whole new era of business plans has opened up.”

But Dylan Taylor also wants the NewSpace economy to drive more than investment in the cosmos. He envisions space tech benefitting Earth as new satellites increase consumer broadband access and deliver applications to mitigate greenhouse gas emissions and deforestation. He believes space will change medical technology and generate new energy for STEM education, as the Apollo missions did in the 1960s and 1970s. He also anticipates that space exploration will revive America’s sense of wonder while bringing it to others globally for the first time.

Taylor calls this the “democratization of space.”

“Space is an investment opportunity but it’s also a fundamental tool for transformation,” he said. “If you look at how many people were inspired for STEM education from the Apollo program, the hope is, going back to the moon with Artemis and landing the first woman on the moon will have a similar impact on STEM education not only in the U.S. but around the world.”

As a citizen astronaut (he flew on Blue Origin’s NS-19 mission in 2021), Taylor said he experienced the profound combination of awe and humility that fewer than 600 people have known. Expanding that life-changing access is essential to the future of American and global space exploration, says Dylan Taylor.

Taylor pointed to Space4Women, AstroAccess, and Space for Humanity (the non-profit he founded) as organizations championing space for all. Spacy for humanity has sent two citizen astronauts, Sara Sabry and Kat Echazarreta, to space aboard Blue Origin missions. Taylor envisions many to follow.

“What inspires me is, I think space is transformational for humanity,” Taylor said. “I think it’s the next big thing. I think it allows us to imagine what humanity 2.0 could be.”

 

Staying Compliant: A Guide to Legal and Regulatory Changes

Market Daily Staff Market Daily Staff on May 15, 2023

The business world is constantly changing, and as entrepreneurs, we must adapt to these changes to stay ahead of the competition. One of the most significant challenges businesses face is navigating legal and regulatory changes. 

Legal and regulatory changes can have a profound impact on businesses, affecting their operations, finances, and reputation. Below is a guide to navigating legal and regulatory changes in business.

Understanding Legal and Regulatory Changes 

Before we dive into the guide, let’s first understand what legal and regulatory changes are. Legal changes refer to changes in the law, such as new legislation or amendments to existing laws.

Regulatory changes, on the other hand, refer to changes in regulations, policies, or guidelines set by regulatory bodies. These bodies can be government agencies, professional associations, or industry groups. Legal and regulatory changes can affect businesses in various ways, such as compliance, licensing, taxes, and liabilities.

How to Navigate Legal and Regulatory Changes

Be Up-to-Date

The first step in navigating legal and regulatory changes is to keep up-to-date with the latest developments. Given the vast amount of information available, this can be daunting, but staying informed is essential to avoid legal or regulatory issues. Here are some ways to keep up-to-date:

  • Subscribe to newsletters and publications for business news
  • Attend industry conferences and seminars
  • Join industry associations and forums
  • Consult with legal and regulatory experts
  • Follow relevant government agencies and regulatory bodies on social media

Assess the Impact of the Changes

Next is to assess the impact of the changes on your business. Not all changes will affect your business equally, so it is crucial to evaluate the impact on various aspects of your business, such as:

  • Operations: Will the changes affect your business processes, procedures, or systems?
  • Finances: Will the changes affect your revenues, expenses, or taxes?
  • Reputation: Will the changes affect your brand image or customer perception?
  • Liability: Will the changes increase your exposure to legal or financial risks?

Develop a Compliance Strategy

Once you have assessed the impact of legal and regulatory changes, develop a compliance strategy. It is a plan that outlines how your business will comply with the new legal and regulatory requirements. Here are some key elements of a compliance strategy:

  • Identify the Compliance Requirements: Determine what your business needs to do to comply with the new legal and regulatory requirements.
  • Assign Responsibilities: Assign roles and responsibilities to individuals or departments to ensure compliance.
  • Develop Policies and Procedures: Develop policies and procedures to guide employees on how to comply with the new requirements.
  • Train Employees: Train employees on the new policies and procedures to ensure they understand their responsibilities.
  • Monitor Compliance: Regularly monitor compliance to ensure that your business is adhering to the new requirements.
  • Review and Update the Strategy: Review and update the compliance strategy regularly to ensure it remains relevant and effective.

Communicate with Stakeholders

The final step in navigating legal and regulatory changes is to communicate with your stakeholders. These include employees, customers, suppliers, and investors. It is essential to communicate with them about the changes and give them business updates. Here are some tips for effective communication:

  • Be Transparent: Be open and honest about the changes and how they will impact your business.
  • Provide Regular Updates: Keep your stakeholders informed about any new developments or changes in the compliance strategy.
  • Address Concerns: Address any concerns or questions your stakeholders may have about the changes.
  • Seek Feedback: Ask for feedback from your stakeholders on how your business is handling the changes.

Conclusion

Navigating legal and regulatory changes can be challenging, but it can be a manageable process with the right approach. The key is to stay informed with business news, assess the impact of the changes, develop a compliance strategy, and communicate with your stakeholders. By following these steps, your business can adapt to legal and regulatory changes, mitigate risks, and remain competitive in the ever-changing business landscape.

Stay informed with the latest news and trends in business, entrepreneurship, cryptocurrency, technology, and the stock market with Market Daily. Visit our online web portal to access your daily business news and stay ahead of the curve. Never miss a beat in the world of business.

Sponsored Post

Navigating Your Move with Children, Insightful Guidance from Captain Van Lines

Market Daily Staff Market Daily Staff on May 11, 2023

Moving homes is considered one of life’s major events, often associated with a whirlwind of emotions and a plethora of tasks to tackle. When you add children into the mix, the complexity can multiply. It’s not just about packing boxes or hiring movers; it’s about managing emotions, answering difficult questions, and ensuring the transition is as smooth as possible for the youngest members of your family.

In such demanding circumstances, having a trusted partner like Captain Van Lines can significantly ease the stress. With their years of experience in helping families transition to their new homes, Captain Van Lines brings a wealth of knowledge and practical advice to the table, especially when it comes to moving with children.

Essential Tips for Moving with Children

Communication is Key

Start by having an open and honest discussion with your children about the move. Children thrive on familiarity and routine, so a sudden announcement of change can be unsettling. Provide as much information as you can, allowing them to visualize their new environment. Encourage them to express their feelings and thoughts. This could be excitement or fear, or a mix of both. Make it a point to involve them in the planning process; show them pictures of the new house, discuss room arrangements, and even plan the decor. This inclusivity will make them feel valued and part of the big change, easing the transition.

Create Excitement

Once the move is out in the open, it’s time to start building positive anticipation. Explore the new neighborhood online, pointing out parks, schools, or other attractions that might interest them. Share the exciting aspects of the new home – a bigger backyard, their own room, a nearby ice cream shop – anything that will light up their imagination and fuel excitement. 

Keep a Routine

Amidst the chaos of moving, maintaining a routine can provide a sense of stability for your children. Stick to usual mealtimes, bedtimes, and even small rituals like storytime before bed or Friday movie nights. The familiarity of routine amidst the chaos of moving can offer comfort, assuring them that not everything is changing.

Pack a Special Moving Day Bag

Moving day can be especially disorienting for kids as their familiar surroundings get packed into boxes. To help them feel more secure, pack a special bag for each child. This should include their favorite toys, comfort items like a blanket or stuffed animal, a few snacks, and a change of clothes. You could also include a new book or toy to keep them occupied. 

Why Choose Captain Van Lines

Moving with children involves a unique set of challenges, but Captain Van Lines is equipped to handle them all. Their professional team understands the nuances of moving with children and works tirelessly to ensure the process is as stress-free as possible for the entire family. They offer comprehensive moving services tailored to each family’s specific needs, from packing and transportation to storage solutions.

Moving with children doesn’t have to be a daunting task. With the right preparation and support from a reliable moving company like Captain Van Lines, it can be a smooth and even exciting transition for your family. Remember, it’s not just about moving houses; it’s about moving lives. Make this significant event a positive experience for your children by entrusting your move to a company that truly cares. To learn more about how Captain Van Lines can assist with your family’s move, visit their website at captainvl.com.

Why a Strong Brand Sets Up Your Business for Success

Market Daily Staff Market Daily Staff on May 10, 2023

Image commercially licensed from Unsplash

A strong brand can help establish trust and credibility with customers, differentiate a company from competitors, and create a loyal customer base. In today’s highly competitive market, where customers have more options than ever before, having a well-established brand can make all the difference in attracting and retaining customers. Therefore, investing in building and maintaining a strong brand is vital for any business looking to succeed in today’s marketplace. 

At its core, a brand is the perception that people have of a business or organization. This perception is shaped by various factors, including the company’s name, logo, design elements, messaging, products or services, customer service, and reputation management. 

“Perception is reality – We want the work we do for a small business to look and be just as good as a big company’s work,” said Nick Molina of Red Storm Graphics, Inc., a full-service graphic design agency based in New York City. “A small business product has to have the same quality as a well-known competitor product. The customer should see that our work was done with the highest quality.”

Each of these elements contributes to the overall image of the brand and helps to establish its identity in the minds of customers. Consistency is essential when it comes to building a strong brand, as all elements must align with the company’s values and messaging. By carefully researching and developing a strategy– carefully crafting each element of a brand and consistently delivering on its promises, businesses can create a compelling and memorable brand that resonates with customers and stands out in a crowded marketplace.

A strong brand can play a significant role in networking by making it easier for businesses to connect with potential customers, partners, and other stakeholders. This happens at important events in all industries, including real estate events including investor networking events or apartment community openings. When a brand is well-established and has a positive reputation, it can create a sense of trust and credibility, which can be invaluable when building relationships. A recognizable brand can also serve as a conversation starter, making it easier for businesses to strike up conversations with potential partners or customers. By leveraging the power of its brand, a business can create a network of loyal supporters who are more likely to refer others to the company. In addition, a strong brand can help a business stand out in an overcrowded marketplace, making it easier for potential customers or partners to find and engage with the company. Overall, a well-established brand can be a valuable asset in networking, helping businesses to build relationships, attract new customers, and grow their network of supporters.

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

Market Daily Staff Market Daily Staff on May 8, 2023

Image commercially licensed from Unsplash

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.

Sponsored Post