Retail News CRM

Author: Mei Ling Tan

  • Waymo And Daimler Are Partnering For Self Driving Trucks

    Waymo And Daimler Are Partnering For Self Driving Trucks

    Recently few reports emerged which said that Mercedes was scaling back from developing autonomous driving technology which was quickly buried by the company’s head of digital transformation. Now Alphabet-owned Waymo and Daimler have officially announced a partnership in which the German company will be teaming up with the pioneering self-driving company to sell autonomous trucks in the US. This partnership will see the Waymo One technology make its way to Daimler’s trucks – it is the same technology that Alphabet has deployed in Phoenix, Arizona which forms the world’s first self-driving ride-hailing service.

    “The autonomous Freightliner Cascadia truck, equipped with the Waymo Driver, will be available to customers in the U.S. in the coming years,” the two companies said in a statement. “Waymo and Daimler Trucks will investigate expansion to other markets and brands in the near future,” the statement added without outlining an actual timeline.

    The deal is particularly with Daimler North America ties in soundly with Waymo’s vision of graduating to larger vehicles like trucks. Daimler also has tested its own self-driving trucks in the past. Mercedes recently also introduced autonomous driving technology to the S-class and has also partnered with the airport in Stuttgart to provide a self droving car valet service in partnership with Bosch.

    “We have the highest regard for Daimler’s engineering skills and broad global truck product portfolio, and so we look forward to scaling the Waymo Driver, together with our new partner, to improve road safety and logistics efficiency on the worlds’ roadways,” said John Krafcik, Waymo’s CEO.

    Adding to this Martin Daum, chairman of the board of management of Daimler Truck AG and Member of the Board of Management of Daimler AG said, “As the leader of our industry, Daimler Trucks is the pioneer of automated trucking. In recent years, we have achieved significant progress on our global roadmap to bringing series-produced highly automated trucks to the road. With our strategic partnership with Waymo as the leader in autonomous driving, we are taking another important step towards that goal. This partnership complements Daimler Trucks’ dual strategy approach, of working with two strong partners to deliver autonomous L4 solutions that are seamlessly integrated with our best-in-class trucks, to our customers.”

    The Freightliner Cascadia truck will be the primary focus of this deal. It will be outfitted with the Waymo driver platform. It is a class 8 vehicle and comes with a hefty safety suite called the Detroit assurance 5.0 which includes active safety technology including active brake assistance, adaptive cruise control, lane departure warning and lane-keeping systems as options.

    The Waymo Driver platform will elevate the ADAS capability of this truck beyond level 4. They will be able to handle most driving conditions including heavy inclement weather. This comes with the credence of the Waymo driverless platform being able to handle alternative climates something Waymo has tested for more than half a decade as the pioneer of driverless technology ever since it graduated out of Google Skunkworks R&D unit called Google X and then was spun off into a separate company called Waymo.

    Lees ook:

    Lees ook:

  • Apple Music update brings some iOS 14 features to Android devices

    Apple Music update brings some iOS 14 features to Android devices

    Apple briefly tested some iOS 14 features for its Music app for Android devices last month, but they were only available for those able to access the beta version of the app. Starting this week, just about all the important changes that were spotted last month are now making it to the stable version of the Apple Music app.

    If you’re using Apple’s music streaming service on an Android phone, here is what you’ll get in the latest update. First off, the update adds Listen Now, a new section that replaces the For You tab, a brand-new search experience, which involves relocating the search icon to the bottom bar, and, finally, an enhanced playback experience.

    Under the “enhanced playback experience” tag, you can include important new features like Autoplay, Crossfade, as well as the possibility to share on Instagram, Facebook, and Snapchat Stories. All of these new features are now available to all Apple Music users on Android devices.

    Besides the most obvious stuff, Apple mentions that the update also improved the app’s performance, which means a lot of under-the-hood changes were made too. To get the most out of your Apple Music app, you can download the latest update right now via the Google Play Store.

    Lees ook:

  • BMW R 18 Classic Unveiled

    BMW R 18 Classic Unveiled

    BMW Motorrad has started introducing its 2021 range of motorcycles, and with the new range, has added a new variant to the BMW R 18 model line-up. The BMW R 18 Classic is based on the standard BMW R 18, but gets some additional equipment to make it more touring friendly, and a slightly different passenger seat. The obvious changes include a clear windshield, a pair of leather-finished saddlebags with traditional looking buckle stays, and all of these are removable, so the R 18 Classic can be turned back to something which is almost identical to the standard BMW R 18.

    On the R 18 Classic, there are also extra LED headlights, a smaller, and wider 16-inch front wheel, instead of the 19-inch front wheel on the base R 18, and also gets standard cruise control. The saddlebags come with 15.5 liters of storage space or 10 liters with the removable liners, and the buckles are cosmetic, just to give the traditional look. The fasteners are more conventional push-in units. The windscreen slots into the top of the forks and attaches to the bolt-on auxiliary light bracket with locking brackets, and can be removed or replaced very quickly and conveniently.

    The powerplant is the same as the R 18, so the 1,802 cc, air-cooled boxer twin puts out the same 91 bhp of power and 157 Nm of peak torque. The engine is mounted on a double-cradle steel frame and the hidden rear suspension system gives the look of a classic hardtail cruiser. There is a modern electronic system, with multiple riding modes, ABS, traction control, engine brake control, which can be monitored and set via a simple LCD unit on the analog speedometer console. There’s also the option of adding an electric reverse gear and hill start control.

    BMW also offers a wide range of extras for both models, the R 18 and the R 18 Classic, with wheel options ranging from 16-inch to 21-inches, different seats, footboards, screens, bars, luggage and cosmetic components, so the standard 345 kg kerb weight of the base R 18 becomes irrelevant with the addition of aftermarket components.

    With the additional components, the BMW R 18 Classic adds some weight too, pushing its kerb weight to 365 kg, compared to 345 kg of the base BMW R 18. The base R 18 is priced at ₹ 18.90 lakh (Ex-showroom) in India, and if BMW Motorrad India decides to introduce the R 18 Classic, expect prices to be around ₹ 21 lakh (Ex-showroom). The BMW R 18 Classic is expected to be offered on sale across BMW Motorrad dealerships by the second quarter of 2021.

    Lees ook:

  • DBS Mulls Crypto Exchange Launch

    DBS Mulls Crypto Exchange Launch

    DBS’ plans for a digital exchange are still work in process, and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made. DBS is planning to launch a crypto exchange that will allow four digital currencies – Bitcoin, Bitcoin Cash, Etheerum, and Ripple – to trade against the Singapore dollar, Hong Kong dollar, Japanese yen or U.S. dollar, according to a report by digital asset media firm The Block. 

    Dubbed DBS Digital Exchange, the initiative was first unveiled through a website seen by The Block which cached the now removed website.

    Regulated by the Monetary Authority of Singapore, the crypt exchange will be made accessible to institutional investors, including financial institutions and market makers. Retail investors will have access via DBS entities like their securities or private banking arm.

    While most exchanges can execute orders at any time and any day, DBS will similarly follow the same trading hours as stock exchanges, allowing for less than seven hours per day, according to the report.

    In addition to standard trading, the bank will also provide institutional-grade custody solutions for safekeeping digital assets and, in due time, conduct security token offerings to help small and medium-sized firms raise funds.

    Digital assets are poised to be the future of tomorrow’s digital economy, the website originally read.

    With DBS Digital Exchange, a bank-backed digital exchange, companies, and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.

    Lees ook:

    Lees ook:

    Lees ook:

  • Cebu Pacific and SIAEC dismantle maintenance joint ventures

    Cebu Pacific and SIAEC dismantle maintenance joint ventures

    Cebu Pacific Air (CEB) and SIA Engineering are unwinding their partnership in both their joint venture MRO companies based in the Philippines.

    These are Aviation Partnership (Philippines) Corporation (APPC), 51% owned by SIAEC and 49% by CEB, and SIA Engineering Philippines Corporation (SIAEP), 65% owned by SIAEC and 35% by CEB, established in 2005 and 2008, respectively. SIA Engineering Philippines is based in Clark.

    APPC is based in Manila and provides line maintenance, light aircraft checks, technical ramp handling, and other MRO services, at Manila, Cebu, Davao, and Clark, as well as other secondary airports in the Philippines.

    Clark-based SIAEP provides airframe maintenance, repair, de-lease checks, cabin retrofits, and overhaul services for Boeing 737, Airbus A320, and A330 aircraft, as well as line maintenance at Clark.

    CEB is acquiring SIAEC’s entire 51% stake in APPC for a cash consideration of nearly $5.61 million.

    SIAEC is acquiring CEB’s 35% stake in SIAEP for $7.74 million cash and states that this will be accounted for as an equity transaction.

    CEB and SIAEC signed on 26 October a share sale and purchase agreement for each entity. When completed, each joint venture company will become a wholly-owned subsidiary of the acquiring partner while the divesting partner will cease to hold any equity interest.

    The valuation for each transaction was arrived at after arm’s length negotiations on a willing-buyer, willing-seller basis, taking into account the net asset value and financial performance of each joint venture, among other factors.

    SIAEC states in a disclosure to the Singapore Exchange that based on each entity’s unaudited financial statements for the financial year ended 31 March, 51% of APPC’s net asset value was equivalent to $4.76 million and 35% of SIAEP’s net asset value was $9.32 million.

    According to CEB’s disclosures to the Philippine Stock Exchange, its financial statements for the quarter ended 30 June put its net carrying value of a 35% stake in SIAEP at $7.5 million while 51% of APPC’s net asset value works out to $4.5 million.

    CEB says that acquiring APPC is in line with its overall strategy to align line maintenance operations with its network and service requirements more closely, “for significant operational efficiencies and optimization of resources for an even stronger competitive advantage.”

    SIAEC says that the SIAEP acquisition fits its strategy to strengthen core competencies and enhance the entity’s status as the group’s center of excellence for narrowbody aircraft MRO offerings.

    It states: “The SIAEC Group is now in a stronger position to seize new opportunities, and provide customers with cost-competitive and integrated MRO solutions, from airframe to engines and components, for modern aircraft fleets of various sizes and composition.”

    Lees ook:

  • Korloff opens new store in Shanghai

    Korloff opens new store in Shanghai

    French jewelry house Korloff has opened its first flagship store in Shanghai.

    Located at Shanghai Avenue Mall, the store offers Korloff’s full range, including fine jewelry, bridal collection, watches, small accessories, and fragrances.

    The store’s facade features glass doors and windows highlighted with back frames. The interior uses beige and brown as its theme colors.

    The launch is part of the brand’s international expansion plan and its strategy to strengthen its presence across Asia. According to Korloff, the company aims to expand in more international markets in the coming months.

    Lees ook:

    Lees ook:

    Lees ook:

  • Revolut Ramps Up Growth Efforts in Singapore

    Revolut Ramps Up Growth Efforts in Singapore

    The fintech hopes to build on the momentum it has gained amid the social and economic challenges brought about by the pandemic.

    Revolut Singapore has made a number of additions to its growing team in Singapore bring onboard digital strategist Sam Chui as marketing manager and media specialist Deborah Tan-Pink as communications manager.

    Chui joins from local marketing agency GoodStuph, while Tan-Pink resigns from her role as CEO of an edtech startup to join the company. She previously spent more than 10 years in lifestyle publishing, including a stint as editor-in-chief of Cosmopolitan Singapore. The pair will report to Pam Chuang, Revolut Singapore’s head of growth.

    Our hiring strategy is to attract top talents in the region with great expertise in specific fields. Both Deborah and Sam have on-ground knowledge of the Singapore market when it comes to our target customers, Chuang said about the new hires.

    The total number of e-commerce transactions among Revolut customers more than doubled during Singapore’s «circuit breaker» period earlier this year. Contactless payments also grew by 30 percent, and now comprises 90 percent of its transactions, Tan-Pink said.

    Revolut is currently seeing a recovery in in-store spending, particularly for restaurant dining, with close to 3x growth in total transactions. Year to date, our daily active people figure is close to pre-Covid levels and we are poised to grow this number further this quarter and into 2021, she said.

    The company said it has enjoyed «very positive momentum» since its launch one year ago, with over 70,000 customers, of which 65 percent are Singaporeans. The average age of the Revolut customer in Singapore is 35 and some three-quarters of its active customers use the Revolut card for e-commerce purchases, it noted.

    The company is preparing to bring Revolut Junior to the market in the last quarter of 2020, and expects a full roll-out of Revolut Business at end of the first quarter next year.

    Lees ook:

    Lees ook:

  • Puma launches crossover with Chinese streetwear brand Attempt

    Puma launches crossover with Chinese streetwear brand Attempt

    Puma has collaborated with Chinese streetwear brand Attempt to launch a “hacking the archive”-themed range.

    The Puma x Attempt Collection offers a selection of footwear, apparel, and accessories, featuring both classic Puma style and Attempt’s signature minimalist and functional designs.

    “The designs feature deconstructed elements with technical designs and the tonal color palette comes alive with bold color pops, resulting in a collection that is fresh, unexpected, and raw,” the company described.

    The collection also offers a mix of Puma footwear, including the RS-2K, Oslo Pro, and Style Rider. The apparel range features five tees and outerwear items for the warmer months. The accessories range consists of a crossbody bag and a cap.

    Founded in 2015, Attempt is known for its casual clothing featuring minimalist aesthetics with functionality and fresh styling.

    Lees ook:

    Lees ook:

  • Mainland China proves key growth driver for fashion retailer SMCP

    Mainland China proves key growth driver for fashion retailer SMCP

    French-headquartered, Chinese-owned affordable luxury fashion retailer SMCP has reported a healthy boost in Asia-Pacific sales, largely on the back of Mainland China during the third quarter.

    Mainland sales surged 29.6 percent, a combination of having more stores in the territory than last year and double-digit like-for-like store sales growth.

    That drove Asia-Pacific regional sales up 13.8 percent, although that was not enough to prevent a global year-on-year decline of 10.6 percent on an organic basis.

    SMCP sells under the brands Sandro, Maje and Claudie Pierlot.

    Sales were particularly buoyant in South Korea and Taiwan, however, there was only a small improvement due to “challenging” market conditions in Hong Kong, Macau and Singapore.

    The company said sales were strong on Tmall and generally online across the region.

    “Our third-quarter performance is very encouraging,” said SMCP CEO Daniel Lalonde.

    “I am particularly satisfied with our figures in Mainland China, which is undoubtedly a key driver of our future growth. However, as visibility remains limited due to the intensification of the Covid-19 pandemic worldwide, we remain cautious about the coming quarters.”

    Consolidated worldwide group sales for the quarter were €248.4 million (US$293.7 million). E-commerce sales surged 27.6 percent globally.

    During the last year it has expanded its network by a net 38 stores, 20 of those in Asia Pacific, 17 in Europe, Middle East and Africa, (where it closed 10 in France in an ongoing store rationalization program) and 11 in the Americas.

    Lees ook:

  • Online boom sees South Korean retail sales surge in September

    Online boom sees South Korean retail sales surge in September

    South Korean retail sales rose by 8.5 percent year on year in September as online stores enjoyed brisk sales amid the new coronavirus pandemic, government data shows.

    The combined sales of 26 major offline and online retailers reached US$10 billion last month, up from $9.87 billion won in September last year, according to the data compiled by the Ministry of Trade, Industry, and Energy.

    Online platforms led the overall growth, with their revenue advancing 20 percent over the period, the data showed, apparently as people purchased more goods through such stores amid the country’s social distancing scheme.

    Sales of foodstuffs from online stores jumped 60.2 percent, while those of electronic goods and daily products advanced 26 percent and 14.7 percent, respectively.

    Due to the Covid-19 pandemic, however, sales of tour packages and concert tickets dipped 12.3 percent, while those of fashion items also moved down 1.6 percent.

    Sales from offline stores edged up 1 percent as people purchased more gifts to celebrate the Chuseok holiday, which ran from late September to early this month.

    Convenience stores saw their sales improve 2.3 percent, due to higher sales of tobacco products and alcohol.

    Sales from supermarkets also climbed 5.3 percent on the back of gift sales.

    Department stores, on the other hand, saw their sales drop 6.2 percent due to sluggish demand for fashion goods.

    In the first six months of the year, the combined retail sales reached $59.1 billion, up 3.7 percent from the previous year. Shipments by online stores advanced 17.5 percent, while those of offline stores dipped 6 percent.

    Last year, South Korean retail sales rose by 4.8 percent year-on-year, with online shopping up 14.2 percent, and offline down 0.9 percent.

  • HSBC Restructures Further and Faster

    HSBC Restructures Further and Faster

    HSBC will accelerate and expand restructure, despite beating analyst forecast with $3.1 billion of profit before tax in the third quarter. Profits were down $1.8 billion (37 percent) compared to the same period last year, according to the latest earnings release, supported by reducing risky credit and continued cost management. Year-to-date, the London-headquartered bank generated $9.9 billion in profit before tax.

    These were promising results against a backdrop of the continuing impacts of COVID-19 on the global economy, said group chief executive Noel Quinn.

    I’m pleased with the significantly lower credit losses in the quarter, and we are moving at pace to adapt our business model to a protracted low-interest-rate environment.

    Moving forward, the bank will focus on three main strategic priorities: growth acceleration in Asia continued digitalization, and further restructuring.

    On the latter area, the bank is looking to speed up and expand the initiative after saving $600 million in costs this year and shedding 10,000 jobs since the third quarter last year. U.S. and Europe are also restructuring and are also on pace to meet their 2022 targets. We are accelerating the transformation of the Group, moving our focus from interest-rate sensitive business lines towards fee-generating businesses, and further reducing our operating costs, Quinn said. We also intend to increase our rate of investment in Asia, particularly in wealth, the Greater Bay Area, south Asia, trade finance, and sustainable finance.

    According to Quinn, ECL charge for 2020 is trending lower towards the $8-13 billion range but he notes that current guidance makes the assumption that further significant economic deterioration is unlikely.

    In addition, he also highlighted geopolitical risks including U.S.-China tensions as well as uncertainties linked to Brexit.

    We expect lower global interest rates to continue to put pressure on net interest income, Quinn said. Based on current interest rates, we expect further modest net interest income headwinds in 4Q20, with some stabilization as we move into 2021.

    Lees ook:

  • Rapyd launches payment capabilities in South Korea – extends its Asia Pacific footprint

    Rapyd launches payment capabilities in South Korea – extends its Asia Pacific footprint

    Rapyd, a global Fintech as a Service company, has launched its ‘all-in-one’ payment capabilities in South Korea. By partnering with leading Korean payment service providers, KCP, PayLetter and others, Rapyd now provides access to a robust and comprehensive suite of South Korean payment options across international and local cards (Hyundai Card, Shinhan Card, Samsung Card), mobile wallets (Kakao Pay, Samsung Pay, Toss, and PAYCO), bank transfers, vouchers, and carrier billing.

    According to eMarketer, South Korea is one of the world’s top five eCommerce markets by retail eCommerce Sales volume, accounting for $113 billion sales in 2019. And COVID-19 has further contributed to the rise of digital payments in the country. According to GlobalData, South Korea’s share of cash in transaction volumes is expected to decline to 37.2% by 2023, while non-cash payments will account for two-thirds of payment volumes. The pandemic has also given rise to social distancing, causing a decline in in-store purchases. These are being offset by rising e-commerce spending.

    South Koreans are also quickly moving towards new and emerging payment technologies. According to the Rapyd Asia Pacific eCommerce and Payments Guide 2020, 36% of South Koreans chose mobile wallet payments (also known in South Korea as Simple payments) as their most preferred payment method. Kakao Pay was used by 41% of respondents, followed by Samsung Pay (32%), PAYCO (21%), and Toss (21%). Local cards such as Shinhan, KB, Hyundai, and Samsung Cards are the second most preferred payment methods in the country, chosen by 30% respondents.

    Rapyd now offers the majority of the most popular Korean payments methods identified in the research. The rollout of South Korea payments capabilities will enable international companies to immediately provide localised payment experiences catered to the expectations of modern Korean consumers,  and tap into one of the largest and most advanced eCommerce populations.

    “South Korea is setting many trends in Asia Pacific, and digital payments are not an exception. This market is seeing fast adoption of mobile wallets, such as Kakao Pay, and is incredibly rich in payment services. While competition is heating up and the market is becoming more segmented, the overall pie of Korean mobile payments keeps growing. With the launch of Rapyd’s payment capabilities in South Korea, we are able to bridge the global eCommerce players to a vibrant and exciting Korean market opportunity, and create a truly native South Korean Payment experience,” said Joel Yarbrough, Vice President for Asia Pacific, Rapyd.

    Jaewook Noh, Managing Director, KCP, commented “South Korea is one of the world’s most mature payment markets in the world, and we welcome an opportunity to collaborate with Rapyd and bring Korea closer to the global eCommerce ecosystem. Our partnership is an example of ‘local going global’: it is an attestation of our commitment to building customer-centered experiences, while also supporting the growth of the global Internet economy.”

    Additionally, businesses based in South Korea will also be able to access Rapyd’s Global Payments Network and expand internationally into 100+ markets around the world by accepting payments from consumers in any of the 900 locally preferred payment methods supported by Rapyd.

    One of the first South Korean companies to access Rapyd Global Payment Network capabilities is SENTBE, a Fintech money transfer service, looking to provide easier, faster, and more convenient global remittances.

    “We are pleased to be collaborating with Rapyd, a vital partner in helping SENTBE expand globally as a total FX solution company. As we have recently acquired a Payment Gateway Licence in Korea, we are also looking forward to being a solid infrastructure partner for Rapyd in the near future,” said Alex Choi, CEO, SENTBE.

    South Korea is the sixth global market where Rapyd extends its ‘all-in-one’ payment capabilities. The expansion of the Rapyd Global Payments Network offering all-in-one payment capabilities first took place in Singapore in November 2019, followed by Brazil in March 2020, the United Kingdom in June 2020 and Mexico and India in July 2020.

    Lees ook:

  • Help small businesses instead of AirAsia

    Help small businesses instead of AirAsia

    A political economist has questioned the decision of the government-owned Sabah bank to lend AirAsia RM300 million and said the money should instead be spent to help small and medium enterprises in the state.

    Firdausi Suffian of Sabah UiTM said he was surprised to read reports that the budget airline has secured an RM300 million loan from Sabah Development Bank, a wholly-owned subsidiary of the state government.

    Firdausi said while there was nothing wrong with a bank to issue loans to a company, a state-owned bank’s priority should be to assist companies in Sabah, particularly SMEs, which have been badly affected by Covid-19.

    “Against the backdrop of Covid-19, one would think that the focus would be on SMEs rather than a company which has been making huge profits for the past few years.”

    Last week, SAPP president Yong Teck Lee had urged the state government to stop the loan, as the bank was mandated to provide financing for projects in Sabah and not on “risky ventures”.

    However, in a stock exchange filing on Friday, the airline said the loan had been secured and disbursed and would be used to enhance logistics in Sabah, helping to create over 100,000 new jobs.

    Firdausi said SMEs were the backbone of the economy, and that Sabah had 55,000 SMEs employing over 150,000 people.

    “SMEs are only getting the assistance of around RM90 million in the two Sabah government stimulus packages,” he said, pointing out that the sector contributes close to 57% of Sabah’s gross domestic product.

    Another economist, Barjoyai Bardai of Universiti Tun Abdul Razak, said he could not see the Sabah government’s rationale in wanting to loan AirAsia so much money that could be used to support struggling businesses in the state.

    “It is a different story if they are investing in the company. I think the state government will have to explain the rationale behind this decision because it will come under scrutiny.”

    Lees ook:

  • Fintech Launches Low-Cost Customizable Portfolio

    Fintech Launches Low-Cost Customizable Portfolio

    Digital wealth manager Endowus’ new product allows investors to build customizable portfolios with direct access to a selection of low-cost funds.

    The Fund Smart platform, launched Thursday, allows investors to directly access institutional share-class and trailer-free funds using cash, CPF, and Supplementary Retirement Scheme (SRS) funds.

    The platform’s curated model portfolios include an ultra-defensive fixed income portfolio that prioritizes capital preservation, flexible cash management solutions, as well as thematic and sector-focused portfolios such as ESG environment, social, governance (ESG) or socially responsible investing (SRI) funds, Shariah-compliant funds, and thematic funds.

    People struggle with too many options – a growing array of platforms, and far too many funds to choose from with confusing fee structures,» Samuel Rhee, Endowus chairman and chief investment officer, explained in the announcement.

    According to the company, Fund Smart was developed based on a survey of more than 700 investors that focused on their preferences and behavior patterns. Some 71.6 percent of respondents indicated a desire to customize their investment portfolios, with lower incurred costs (84 percent) and the flexibility to choose funds from specific geographies or sectors (74.5 percent) as key considerations.

    We want our clients to experience the same quality of advice we have provided with our core portfolio products, but now with greater flexibility, Rhee said.

    Fund Smart has no sales fees, no transaction fees, no lock-ups, and full trailer fee rebates, along with automated rebalancing and regular savings plans capabilities.

    Lees ook:

  • Swiss Watchmakers Believe In-Store Shopping Will Prevail

    Swiss Watchmakers Believe In-Store Shopping Will Prevail

    Despite the pandemic, Swiss watchmakers believe in-store shopping will prevail over digital platforms. The majority of Swiss watchmakers believe that bricks and mortar stores will remain the preferred sales channels for their products and will prevail over online in the coming years. This, despite the recent impact of the pandemic and accelerated digitalization.

    In-store experiences are still viewed as an essential part of the customer journey, and companies are investing considerably in experiential brand marketing. Pessimism is rife among Swiss watch industry executives with 85 percent forecasting a grim outlook for the industry. Despite the challenging outlook, the industry is not complacent, prioritizing omnichannel strategies, delving into the pre-owned market, and shifting towards more sustainable and ethical ways of production.

    Hopes were high in January 2020 for a positive year for the watch industry after a challenging 2019. COVID-19 had other plans leading to one of the most disruptive periods in the history of the Swiss watch industry. Over two-thirds (67 percent) of watch industry executives surveyed in the Deloitte Swiss Watch Industry Study 2020 predict a gloomy outlook for the Swiss economy in general, with 85 percent forecasting a grim outlook for the industry specifically which shows the seriousness of the current situation and the monumental challenge for the industry.

    COVID-19 has hit the industry hard and the emerging second wave is a stark reminder that the crisis is not yet over. The decline in exports has affected entry-level quartz watches even more acutely, a segment suffering since 2012. The collapse of global tourism due to travel restrictions, which is likely to continue in the coming months, a drop in domestic demands due to the lockdown, and cautious spending habits are having a direct impact on the industry. Production halts in China exposed gaps in some of the producers’ supply chain and inventories, perhaps leading to a rethink of regionalizing production back to Switzerland.

    Over 70 percent of Swiss watch executives believe that offline channels will continue to dominate digital ones across all price brackets. Over 60 percent of brands surveyed are prioritizing the development and strengthening of their omnichannel strategy. The in-store experience is an essential part of the customer journey, which is why executives are looking to implement experiential brand experiences, a mobile-driven workforce, and mobile apps to enhance their in-store customer experience. Technologies like augmented reality or virtual reality are not prioritized at the moment.

    For an industry that largely relies on the emotional connection from seeing and handling luxury watches, the challenge moving forward will be how to combine physical and digital with so-called phygital experiences. This will be essential to create not only a seamless journey for customers but also increase resilience should another lockdown happen, Karine Szegedi, Head of Fashion & Luxury at Deloitte Switzerland, said.

    When it comes to which marketing channels influence consumers’ decisions to buy a watch, print ads are still most influential in Switzerland and Germany, while in France, China and the U.K., in-store events have the greatest impact. Social media and influencers are most effective in Hong Kong, UAE, and Singapore. Radio and TV are still quite important in many countries, showing the importance of getting the marketing channel mix right.

    Lees ook:

    Lees ook: