Cash or card! Global Retailers Linger on Paper Over Plastic!

Chennai, India, 2018-Jul-23 — /EPR Retail News/ — Retail businesses, irrespective of size, accept payments through multiple modes (cash, card, mobile, internet banking, wallet, etc) but still many of them prefer cash over card to avoid regulatory complexities and hence devoid customers of their shopping rights and experience.

man in suit giving 1000 dollars another man

According to a survey by TD Bank recently, globally 70 per cent of SMEs prefer cash and cheques over card or online transactions. Though handling physical cash or cheques may be difficult, still cash rules in most of the Point of sale (POS) counters across several advanced countries in US and UK and developing countries like India and Brazil.

Retail experts agree that global POS market is still remain scattered and needs to be organized with the help of advanced technology. While the data has revealed that about 20% merchants use traditional POS systems, cloud-based POS systems by 17% while 24% retailers accept online payments.

Earlier, researches on global retail industry had indicated that though merchants and consumers were inclined to use new retail (POS) technology, they preferred cash to other mode of payments.

Consumer preferences and governments’ initiative to support cash-less payment have compelled retailers to accept all forms of payments, says Doug Mearkle, a senior official from TD Bank, which surveyed over 600 small retailers to understand how they are responding to modern transaction systems, cloud-based POS technology, cashless payment options and receptive to innovative ideas. The business owners surveyed were chosen from across fast growing economies and belonged to industries such as health care, retail, construction and entertainment.

TD Bank has indeed used the survey to create awareness among the merchants as to how various payment options and POS applications can be integrated in a single POS system to enhance business growth and effect customer experience.

Bhaskar Venkatraman, CEO and Director of Millennium India

As far as India, the digital payment system is fast catching up though there are still some teething problems such as inhibition to shift from conventional to modern business system, acceptance of card payments due to high transaction charges and low penetration of debit/credit cards and online payment options among rural folks.

“POS applications can be integrated into a single system to provide small business owners a potent tool which can perform multiple functions and offer several researched data which they can use for business betterment. Modern POS systems can provide some crucial business data which retailers can’t get following traditional methods,” says Bhaskar Venkatraman, CEO and Director of Millennium India, a pioneer in introducing POS technology to Indian retail merchants.

For example, a small retailer who sells grocery or ready-made clothing can forecast daily sales and plan to improve sales and profitability. An integrated POS can help him to decide on staff strength on particular day or occasion, understand the inventory position or requirement, number of customers visiting the shop on daily, weekly, monthly or yearly basis and individual customer’s buying pattern.

Though small-business owners are aware of the new features and advantages, but still there are some misconceptions and inhibitions which stop the majority of them from adopting the POS innovation, Mearkle concludes.

So to say, it is difficult to “cash” on the modern POS technology to improve business by some retailers!

 

For Media Contact

K Ramanathan

Editor-Media coordinator,

Justransact.com & Millennium India,

Millennium Re-tech Ventures India Private Limited,

G-19,2nd Floor, Block-16, 2nd Main Road,
Ambattur Industrial Estate,Chennai-600 058.

Website: https://www.justransact.com/

E-mail: ram@justransact.com

JusTransact Sees E-commerce Retail Explosion in India

New Delhi, India, 2018-Jul-23 — /EPR Retail News/ — E-commerce retail operations in India supported by unprecedented growth of smart phone and internet penetration has made Indian retail industry the most potent, sustainable and fastest growing industry  in 2018 compared to many of the world’s leading economies.

Even in rural regions, where people used to make retail purchases from the nearby mom-and-pop or physical stores for their grocery, electronic, or any other domestic goods, are now flaunting with tablets or smart phones with dependable internet connectivity and make purchases from online stores using debit or credit cards or internet banking or through digital wallets offered by payment companies such as Paytm, Rupay, Freecharge, MobiKwik, Jiomoney, to name a few.

According to market research firm eMarketer, Indian e-commerce sector will show rapid growth of 31 per cent this year to reach $32.7 billion. With the growing internet penetration and rapid usage of smart phones, the report predicted that by 2022, Indian e-commerce businesses will worth a whopping $71.94 billion surpassing the growth of China and other leading economies in the world.

As per the 2017 Goldman Sachs report, the online retailing sector in China will grow from the current 17 per cent to 25 per cent by 2020.

Factors contributing growth

Industry analysts from Millennium India, a leading e-commerce advisory and supplier of advanced POS technology to Indian retailers, say that the E-commerce growth in India has been contributed by the arrival of leading names – Flipkart, Amazon, Paytm Mall, Zomato, Bigbasket, Naaptol, Urban Ladder, etc, which have forayed into newer fields to address the daily needs of customers.

For example, Flipkart, Amazon and Jio are in the process of integrating nearby grocery shops to provide customers the pleasure of shopping daily need items, fruits and veggie from home, says Kiran Bhargava, an industry analyst based in Mumbai.

According to Bhaskar Venkatraman, CEO and Director of JusTransact.com, which is India’s only e-commerce portal for Point of Sale (POS) electronic products, says: “E-commerce in India has seen vertical growth over a decade and is now in the consolidating mode spreading its base to several other fields to satisfy growing customer demands. Customers, who are empowered by mobile technology, want everything online.  Today’s shoppers are highly demanding and tech-savvy which forces retailers to  open all doors – physical, internet, mobile, land-line, desktop/smart mobile/tablets, O2O, cloud- to reach them and vice-versa. No one wants to lose-out customers because of lack of technology.”

“E-commerce is getting further boost due to cheaper smartphones and increased internet users, and this trend is catching up fast in tier II and III cities as well,” adds Bhaskar, who also heads Millennium India.

Not only, groceries, customers can now order their daily needs and essential items such as furniture, electrical and electronic items, hardware, home utility items, laundry services, food from their smart phones, whose penetration and internet connectivity and also overwhelming online presence by young population and expanding middle class are catapulting the number of digital buyers in India.

The online retail space has been witnessing fierce competition in the recent times for the larger pie with market leader Flipkart (which has been taken over by Walmart recently), Amazon and Paytm Mall (backed by Softbank and Alibaba) infusing huge capital for improved logistic and payment system and also planning to woo customers with attractive discounts on competitive products.

Though as of now, no one has emerged clear winner of the e-commerce space in India, one can surely say that coming months will be more crucial for these entities and customers are in for delightful surprises with deep discount offers, concludes Bhaskar.

 

For Media Contact

K Ramanathan

Editor-Media coordinator,

Justransact.com,

Millennium Re-tech Ventures India Private Limited,

G-19,2nd Floor, Block-16, 2nd Main Road,
Ambattur Industrial Estate,Chennai-600 058.

Website: https://www.justransact.com/

E-mail: ram@justransact.com

Ph: +91 9384612789

 

 

NRF: Retail industry employment declined slightly in July, decreasing 1,700 jobs from June

WASHINGTON, 2017-Aug-07 — /EPR Retail News/ — Retail industry employment declined slightly in July, decreasing 1,700 jobs from June, the National Retail Federation said today. The numbers exclude automobile dealers, gasoline stations and restaurants. The economy overall saw gains of 209,000 jobs in July, exceeding growth expectations for the month.

“Overall job and wage growth are positive indicators for the retail industry since it means consumers have more money to spend when they come into stores or shop online,” NRF Chief Economist Jack Kleinhenz said. “Of note, the oft-maligned department store sector has had two consecutive months of job increases. With back-to-school shopping ramping up and the holiday season just around the corner, retailers will only be busier in the weeks and months ahead.”

On a three-month average, retail jobs have decreased by 4,200 jobs as calculated by NRF using current government data.

Kleinhenz noted that retail job numbers reported by the Labor Department don’t paint an entirely accurate picture of the industry because they count only employees who work in stores while excluding retail workers in other parts of the business like corporate headquarters, distribution centers, call centers and innovation labs.

While the sporting goods sector saw decreased employment in July, department stores, building materials and supply stores, and health and personal care stores all saw job gains. Department store employment has increased for the past two months, with June and July gaining a combined total of 6,000 jobs. The increase in health and personal care employment was a reversal of June’s decline in jobs.

Economy-wide, average hourly earnings in July grew 2.5 percent year-over-year, keeping pace with the increase in June. The Labor Department said July unemployment was at 4.3 percent, down from 4.4 percent in June.

About NRF
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.

Contact:
Robin Roberts
press@nrf.com
(855) NRF-Press

Source: NRF

Retail Industry Hopes for Tax Reforms, Infrastructure Investment, and Skills Funding

Melbourne, Australia, 2017-May-08 — /EPR Retail News/ — The Australian Retailers Association (ARA) and its members are hoping next week’s Federal Budget announcement will bring relief to the industry through tax reform, smart infrastructure investment and additional skills funding.

Russell Zimmerman, Executive Director of the ARA said the retail industry have been looking to both the Government and the Opposition to employ a fairer tax system to improve international competitiveness for retailers and stimulate economic growth.

“Retailers continue to face significant cost pressures in the Australian market, and reducing corporate taxes across the board will help businesses stay viable in a difficult operating environment,” Mr Zimmerman said.

“We are committed to reducing the overall tax burden to individuals and businesses to build consumer confidence, put more money back in consumer’s pockets and encourage productive investment.”

The ARA will also look for the Federal Budget to include sensible infrastructure investment to lift productivity and efficiency across both urban and regional Australia.

“There is an urgent need to improve retail supply chain operations to remain competitive in the international market,” Mr Zimmerman said, “and enhancing transport links to key retail hubs for both consumers and businesses will improve Australia’s business performance and achieve economic growth.”

The ARA believe developing the western suburbs of Sydney will create smoother efficiencies for Australian businesses, increase retail tourism and improve supply chain logistics.

“The substantial investment in both Badgerys Creek Airport and the inland rail link between Melbourne and Brisbane will not only boost the economy, but better connect us to global markets,” Mr Zimmerman said.

The ARA also welcome additional skills funding in the 2017 Budget and encourage the Government to maintain funding in education and training programs.

“Although the Government has already announced significant changes to 457 Visas, the ARA urge the Government to work with retailers to identify skills shortages across the retail sector and make necessary changes to address high-end skills into the country,” Mr Zimmerman said.

“As Australia’s biggest private employer, promoting retail as a viable and exciting career choice for young people is critical.

“The ARA are working with its members to ensure employers are supported in upskilling their staff with specific skills needed within the industry, and will look to the Government for their support in next week’s Budget,” Mr Zimmerman said.

Mr Zimmerman will be available for media comment and interviews in Canberra following the Federal Budget announcement on Tuesday 9 and Wednesday 10 May 2017.

For interview opportunities with ARA Executive Director Russell Zimmerman call: The ARA Media Line T: 0439 612 556 E:media@retail.org.au

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

SOURCE: Australian Retailers Association

BRC: Helen Dickinson awarded OBE in the New Year’s Honours List for 2016 for services to the retail industry

LONDON, 2016-1-5 — /EPR Retail News/ — Helen Dickinson has been awarded an OBE in the New Year’s Honours List for 2016 for services to the retail industry. Helen has been Chief Executive of the BRC since January 2013, following a successful career working with retailers at KPMG. At the BRC, Helen is a strong advocate of retail, supporting retailers and influencing governments and stakeholders in order to make a positive difference to the industry and the customers it serves.

Helen Dickinson said: ‘I am deeply honoured to receive an OBE – it is a testament to the encouragement and support of the BRC’s members as we have sought to promote and serve the industry and to our great BRC team. I am passionate about the retail industry and its place at the forefront of innovation and social cohesion, touching every aspect of our local communities and the lives of everyone in the country.’

Sir Charlie Mayfield, BRC Chair, said: ‘Helen is a very worthy recipient of this honour. She strives tirelessly to work on behalf of retail, to lead debate and influence policy. The BRC has made great strides since her arrival and we look forward to the future success of the BRC with Helen in the driving seat.’

Ends.

Notes for editors
Helen leads the BRC team and is responsible for the strategic direction and performance of the BRC. The BRC leads the industry and works with our members to shape debates and influence issues and opportunities that will help make a positive difference to the industry and the customers it serves. We care about the careers of people who work in our industry, the communities retail touches and competitiveness as a fundamental principle of the industry’s success – our 3Cs.

British Retail Consortium, 21 Dartmouth Street, Westminster, London, SW1H 9BP.
020 7854 8900. info@brc.org.uk.

Northern Ireland Retail Consortium: Northern Ireland’s rates review warmly welcomed by the retail industry

LONDON, 2015-10-29 — /EPR Retail News/ — The devolved government has today published a consultation paper aimed at reviewing Northern Ireland’s £588 million a year non-domestic rates system. The move has been warmly welcomed by the retail industry. Over the past two years the Northern Ireland Retail Consortium has led calls for a review, most recently in its 2016 Policy Agenda and in last week’s Business Rates: Fundamental Reform paper.

Aodhán Connolly, Director of the Northern Ireland Retail Consortium, said:

“The retail industry whole-heartedly welcomes the DFP consultation on rates reform. Retail contributes about a quarter of the total rates tax take and this review is the best opportunity to affect real change in our lifetime on what is an outdated and damaging tax on jobs, growth and investment. We would encourage retailers and others to be a part of this change and make their voice heard. But most of all we are asking the political parties to have the courage and the will to change a tax that is simply not fit for purpose. Doing nothing on rates reform is no longer an option.”

ENDS

Note to editors:
1. The NIRC’s recent Business Rates: Fundamental Reform paper is available here
2. The NIRC’s 2016 Policy Agenda can be found here

For media enquiries please contact Aodhán Connolly, Director of the Northern Ireland Retail Consortium: 07880039744 aodhan.connolly@brc.org.uk

British Retail Consortium, 21 Dartmouth Street, Westminster, London, SW1H 9BP. 020 7854 8900. info@brc.org.uk.

 

National Retail Federation announces the development of new Digital Council to enhance e-commerce initiatives within the retail industry

Washington, DC, 2015-10-7 — /EPR Retail News/ — The National Retail Federation today announced the development of a new Digital Council, powered by NRF’s digital division Shop.org, which was created to enhance the strategic value of NRF and the e-commerce, mobile and innovative initiatives that exist within the retail industry today. The members-only council will support and promote collaboration in efforts like the exchange of information on digital retail trends and strategies, the development of original research, and educational events and advocacy opportunities in Washington, D.C..

The council will be comprised of senior digital industry experts, many of whom have been instrumental in the success of Shop.org. Michael Burgess, special advisor to the chairman and ceo of Hudson’s Bay Company and most recently president of HBC Digital for Hudson’s Bay Company will serve as chair of the Council, and Sucharita Mulpuru, vice president and principal analyst at Forrester Research will serve as vice chair.

“As the voice for thousands of retail brands around the world and with the guidance of the Shop.org digital community, NRF is in a unique position to serve as a leader in a space that continues to evolve, revolutionizing the way consumers interact, connect and shop with their favorite brands,” said NRF President and CEO Matthew Shay. “We are excited to launch this council with our experienced retailers and partners, and look forward to years of thought-provoking discussions and learning opportunities.”

The Digital Council adds to NRF’s existing portfolio of important business-centered communities including the invite-only CIO, CMO and loss prevention groups, as well as the broader membership-based Association for Retail Technology Standards and Shop.org division. These groups often partner to develop comprehensive research, put on events and connect industry peers.

The council held its first official meeting at NRF’s Shop.org Digital Summit in Philadelphia on October 5, 2015.

Learn more about the council and the Shop.org Digital Summit.

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation. NRF.com

Kathy Grannis Allen
(202) 783-7971
press@nrf.com
(855) NRF-Press

Scottish Retail Consortium sets key priorities of the retail industry ahead of 2016 Scottish Parliament election

LONDON, 2015-10-7 — /EPR Retail News/ — Today, the Scottish Retail Consortium is launching the second of four policy papers setting out the key priorities of the retail industry for each of the political parties ahead of the 2016 Scottish Parliament election.

The retail industry has played a leading role in driving resource efficiency and helping to mitigate and adapt to the environmental challenges of climate change through a wide range of measures as set out in the publication including, reducing carbon emissions from stores by 30%, phasing out HFC refrigerants by the end of 2015 and reducing the proportion of waste sent to landfill to 7% with a view to reducing this to less than 1% by 2020.

In order to build further on the progress already made by the industry, retailers have set out 8 key environmental priorities for each of the political parties ranging from reform of business rates to incentivise and support positive environmental and energy efficiency investment to supporting a harmonised local authority recycling collection scheme and making it easier to shift freight from road to rail.

The industry has also outlined its opposition to the suggested new nation-wide deposit return scheme, which would disproportionately penalise the disadvantaged consumer, undermine existing kerbside recycling, increase carbon emissions through extra consumer journeys and retailer haulage operations and place significant costs on business.

Commenting on the launch of the manifesto paper David Martin, Head of Policy & External Affairs said:

“The retail industry has a massive footprint and direct involvement in communities right across Scotland. With this comes a responsibility to operate in a sustainable way that ensures retailers can continue to serve those communities in the most efficient way possible.

“We are therefore delighted to be launching this paper which establishes the retail industry in Scotland amongst the most climate-conscious industries and as a true global leader in reducing the environmental impacts of both their own direct operations and supporting change right along the supply chain.

“We hope that each of the political parties will consider and support in their manifestos each of the policy priorities we have outlined and which are crucial in supporting the retail industry to go even further in creating a better retailing climate.”

Ends

Notes to editors:
1. The paper which summarises key achievements of the retail industry and sets out 8 key policy priorities can be accessed here

For media enquiries please contact David Martin, Head of Policy & External Affairs, on 07880 039 743 or email david.martin@brc.org.uk

British Retail Consortium, 21 Dartmouth Street, Westminster, London, SW1H 9BP. 020 7854 8900. info@brc.org.uk.

Walmart Foundation grants $800,000 to the NRF Foundation for analysis of the retail industry’s learning and development needs

WASHINGTON, 2015-6-2 — /EPR Retail News/ — As a part of Walmart and the Walmart Foundation’s $100 million commitment to industry workforce development, an $800,000 grant has been awarded to the NRF Foundation. Through this grant the NRF Foundation will work with employers to determine the competencies needed in the industry and the potential for a new industry-validated credentialing program to help store and distribution center employees advance their careers.

The capacity-building grant will enable the NRF Foundation to hire a new staff member who will undertake an analysis of the retail industry’s learning and development needs; fund three research projects; and create a community of leaders in retail learning and development from NRF member companies to provide input and insight on addressing industry workforce trends in the long term.

The NRF Foundation will bring together retailers from across the industry – including grocery stores, drugstores, specialty retailers, department stores and big-box retailers – to identify core competencies crucial to the success of front-line associates and determine how the industry can move forward to continue to develop its workforce. This work will also include the development of forward-thinking training programs to address how the industry and its workforce needs are changing and evaluate effective ways of training employees at scale.

“We are committed to building a program that will advance the careers of millions of current and potential retail workers,” said NRF Foundation Executive Director Ellen Davis. “Bringing the entire industry together for this important work will enable us to create a continuous pipeline of talent for retail’s future workforce, and we are grateful to the Walmart Foundation for funding the initial exploration of how businesses can come together to support the millions of people who work in retail.”

The NRF Foundation will use a portion of the grant to conduct extensive research in three key areas — industry challenges in the recruiting, development and retention of successful store and distribution teams; current hiring and training practices; and the anticipated skills needed for the retail workforce in stores and distribution centers in 2025.

“The NRF Foundation already has a deep understanding of the challenges facing today’s retail workforce. The Walmart Foundation’s grant will help identify new challenges facing hiring managers and the skills retail workers will need in the next 20 years,” said Kathleen McLaughlin, president of the Walmart Foundation and senior vice president of corporate affairs. “Through our work together we’ll be able to develop flexible training modules and clear job pathways that will ultimately increase the economic mobility of the retail workforce as a whole.”

The NRF Foundation shapes retail’s future by building awareness of the industry through statistics and stories; developing talent through education, experiences and scholarships; and fostering career growth among people who work in retail. The NRF Foundation is the 501(c)(3) nonprofit arm of the National Retail Federation and is funded in part by generous donations from retail industry supporters. NRF.com/Foundation.

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Treacy Reynolds
press@nrf.com
(855) NRF-Press

NRF 2015 economic forecast: Retail industry sales will increase 4.1%, up from the 3.5% growth seen in 2014

Non-Store Sales to Grow as Much as 10% in 2015

WASHINGTON, 2015-2-13 — /EPR Retail News/ — The National Retail Federation released its 2015 economic forecast today, projecting retail industry sales (which exclude automobiles, gas stations, and restaurants) will increase 4.1 percent*, up from the 3.5 percent growth seen in 2014. NRF also announced today it expects non-store sales in 2015 to grow between 7 and 10 percent. The 4.1 percent increase would mark the biggest annual growth since 2011 when retail sales for the year increased 5.1 percent.

“Already facing far fewer obstacles than this time last year in terms of growth opportunities, retailers are optimistic about the potential that exists for healthy growth in retail sales and consumer engagement in 2015,” said NRF President and CEO Matthew Shay. “While our outlook for the year ahead is positive, we aren’t quite out of the woods; in order to see continued momentum we need a commitment from our leaders in Washington to pass legislation that will encourage investment, create jobs and set us on the path towards sustained, long-term economic growth.”

“The economy appears to finally have gained some real traction and after a somewhat turbulent 2014, we expect to see continued gains in economic activity in the year ahead,” said NRF Chief Economist Jack Kleinhenz. “While Americans are benefiting from a pickup in wages and jobs and gains in the U.S. stock market, economic slack has been reduced.  We still, however, have a ways to go in order to achieve sustainable economic growth. There are a few wild cards that the retailers will need to keep an eye on, like global economic growth, energy prices and even inflation.”

Additional economic insights from the National Retail Federation include:

  • A baseline outlook for growth in the economy as measured by GDP is expected to land between 2.7 and 3.2 percent over last year;
  • Growth in the labor market should average between 220,000 – 230,000 new jobs per month throughout the year;
  • Unemployment is expected to drop to 5 percent by year’s end;
  • Gains in equities and housing have boosted net worth to record levels, helping consumers feel more confident about household spending.

NRF President and CEO Matthew Shay joins Chief Economist Jack Kleinhenz to outline key points from the 2015 retail sales forecast.

Additionally, January retail sales released today by the National Retail Federation, which excludes automobiles, gas stations and restaurants, increased 0.2 percent seasonally adjusted month-to-month and 3.7 unadjusted year-over-year. Today’s results confirm holiday sales growth of 4 percent.

The U.S. Commerce Department said on Thursday that January retail sales decreased 0.8 percent over the previous month seasonally adjusted, and increased 3.3 percent unadjusted year-over-year.

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation. NRF.com.

*  Retail industry sales according to NRF include most traditional retail categories including auto parts and accessories stores, non-store categories, discounters, department stores, grocery stores, and specialty stores, and exclude sales at automotive dealers, gas stations, and restaurants.

###

Kathy Grannis
(202) 783-7971
press@nrf.com
(855) NRF-Press