Month: April 2019

Cash Management

Protecting your family legacy in a digital age

By Alex McCready, Head of Reputation and Privacy at Vardags

 

“It’s the family name that lives on. It’s all that lives on...” (Tywin Lannister, Games of Thrones)

 

We all care deeply about our family and want to ensure that whatever we pass onto younger generations stands the test of time. This concern is particularly acute for prominent families. When the older generation passes on a corporate dynasty to the younger generation – it is not only business assets and wealth they are passing on, but the family’s reputation and legacy.

 

The reputation of a family can be one of its greatest assets, but it is something that needs to be protected and cultivated. The line between business and personal is often blurred. For example, a business closely linked to a prominent family is particularly vulnerable, as any damaging allegations / controversy about a particular family member will have ramifications for the business as well.

 

Family legacy and succession planning is a hot topic and one that any family office or wealth manager will be well versed in. At Vardags, we think safeguarding reputation is an essential part of succession planning.

 

So what steps should prominent families be thinking about in this situation?

 

Knowing what’s out there

 

Despite the rise in technology, many of us don’t actually know what information is out there about us online.

 

One of the most empowering things a family can do is to establish precisely what information is out there about family members and those closely associated with the family. The results are almost always surprising. It will often uncover:

 

  • Private information that they didn’t know was available, such as homes addresses, family photographs and details of planning applications – see ‘Protecting the Private’ below
  • Some of the information might be disparaging – perhaps on blog sites or social media
  • You might realise that the family’s online reputation doesn’t match the family’s values. For example, there is huge amounts of information about a controversial investment or business deal, but very little about the family’s philanthropic work

This information is critical to understanding your family’s current reputation and, importantly, what you want it to be for generations to come.

 

Protecting the private

 

Without being alarmist, prominent families are at a greater risk of being targeted by cyber criminals and identity thieves, as well as kidnap and blackmail attempts.

 

One of the easiest steps a family can take is to minimise the amount of private information available online; for example, residential addresses and other personal biographical data, such as photos or images of homes of your children’s school. Information available on social media also provides a rich source of intel for the unscrupulous. For example, if a family member checks into locations or venues via social media, they can quite literally be creating a map of their movements for members of the press, or worse, criminals. Some basic changes to social media privacy settings can disable these location services.

 

Next Gen’s online legacy

 

It only takes one careless tweet, indiscrete Instagram snap or careless remark to tarnish a family’s reputation.

 

What the older generation did as teenagers is, thankfully, less likely to come back to haunt them and is generally limited to some embarrassing photographs in a friend’s photo album. The risk for today’s Next Gen are far greater, as many are living their lives through social media. The toddlers of today will have a significant online legacy by the time they turn 21 and are looking for a job. It’s already become part of the recruitment process for employers to take a look at a prospective employees Facebook page, and this is only going to continue.

 

A blanket ban on social media is both unrealistic and unnecessary. But education on the risks associated with social media is essential. Basic guidance on privacy settings on sites like Facebook and Snapchat is key.

 

I’m seeing some families even drawing up a family social media policy. This can be as simple as an agreed set of guidelines on what the family’s approach to social media will be. The policy should reflect the family’s values, such as agreeing that overt demonstrations of wealth don’t fit with those values. For example, the family might want to draw a very distinct line between individual family’s members and the family business. Alternatively, the family members might be an intrinsic part of the business and part of the family “brand” – in which case making sure there are clear parameters on what is and isn’t acceptable is absolutely critical. 

 

The aim is to both protect the family and encourage family members to live by its values, whatever those may be.

 

Dealing with disputes

 

Families argue. That’s an inevitable fact of life. But families should do all they can to ensure that those dispute aren’t conducted in the full public gaze and don’t irrevocably harm the family’s reputation and business.

 

We’ve seen one family break-down hitting the headlines in the US recently. The Dorrance family, who have a controlling interest in the Campbell Soup Company, have come under the spotlight following the death of their patriarch and the long-time Campbell chairman, John T. Dorrance Jr. Some family members announced their intention of selling their shares, which led to turmoil at the company and attracted the interest of an activist hedge fund.

 

Having a plan which sets out how family disputes are dealt with is vital. It’s also crucial to give the media as little ammunition as possible should the family end up in the headlines. That is why the steps outlined above are so valuable for minimising the risk of a small story mushrooming into a big one.

Alex McCready, Head of Reputation and Privacy at Vardags
Transactional and Investment Banking

GODWIN OPENS LONDON OFFICE IN LINE WITH UK EXPANSION

GODWIN Group, the UK-based property development and investment company, has continued its growth, recently opening a London office to add to its existing bases in Nottingham and Birmingham.

The new London outpost, based in the heart of the capital in prestigious Mayfair, provides a new base of operations for both arms of the business, Godwin Developments and Godwin Capital.

Godwin is already creating links to Greater London, the South East and South West of the UK and further expanding the geographical scope of Godwin Developments’ commercial and residential portfolios.

The new location will also provide important access to London’s financial network and wealth-raising opportunities for Godwin Capital, the investment arm of the business.

Andrew Mitchell, group investment director of Godwin Group, said: “As a leading international financial centre, London is a key location for Godwin Capital to enhance its corporate profile, provide expansion opportunities and access to one of the world’s deepest pools of capital.

 “The build-to-rent (BTR) sector continues to grow apace; operators are looking to take advantage of improved yields and a wider selection of sites across the UK as infrastructures improve and lower land prices make development lucrative.

“Many of the key players in this market are based out of head offices in London. Godwin Group’s new London office is strategically located to provide this vital link, local contact and expertise for its regional businesses.”

The London office launch comes after a number of high-profile new hires at Godwin Group. Staff numbers have increased by 60% as the firm’s growing number of regional projects has expanded.

Recent successes include planning approval for Godwin’s proposed new BTR scheme of 201 apartments at The Landmark development in Derby, Godwin Capital’s launch of innovative new investment products and the launch of the group’s BTR brand called Core Living – which plans to build up to 2,500 new homes over the next four years.

Stephen Pratt, group land director of Godwin Group, said: “Godwin Group has seen huge growth over the past months. Our new London office will allow us to accommodate further expansion plans and look to reach new markets in our key sectors.

“These are exciting times for Godwin Group and we are looking forward to expanding our network even further with the opening of our London office.”

Visit Godwin Group on https://www.godwingroup.co.uk/

FX and Payment

The 7 benefits of using an mPOS (mobile point of sale) system

Calling all businesses- 5G network is almost here! With over two thirds of payments being by card, it is no surprise that a faster, more efficient network could translate into faster, more efficient sales. If you are a business that has been accepting card payments for a while, you have probably familiarised yourself with a traditional POS system.

 

A traditional POS system is a fixed monitor with a touch screen that often links to your cash register, telephone line and central processing unit. MPOS (mobile point of sale) is the latest trend using a portable smartphone or tablet that functions as a register for taking payments. With contactless payment methods like Apple Pay increasing in popularity, mPOS is for the customers who simply want to tap their phone and go.

 

Want to learn more about the benefits of using mPOS as opposed to traditional POS systems? The business communications specialists at A1 Comms have compiled a list of 7 benefits using a mPOS system. Having worked with leading networks such as EE, 3, 02 and Vodafone, they understand that businesses need a fast, reliable network to secure continuous sales via mPOS systems. That’s why they have been providing business to business communications since 1997.

 

1) It’s more cost effective

 

Traditional POS systems usually have a high upfront cost. Typically, this is around the £1000 mark, plus another £800 a year to continue using updated POS software. For smaller business’s, the idea of a traditional POS system can seem daunting and unnecessary, due to the initial and continuous high cost. The biggest benefit to using an mPOS is that it is much more cost effective. Instead of investing in a fixed, electronic register and baring a big cost, mPOS breaks it down into smaller monthly maintenance payments and relies on a cloud-based subscription. This means that for a small upfront cost, vendors can easily access their customer data from virtually anywhere where there’s WiFi connection.

 

2) Shorter checkout and return lines

 

Say goodbye to boring, time consuming queues and say hello to customer satisfaction and quick service. According to Verifone, approximately 75% of customers wouldn’t wait longer than 5 minutes in a queue, meaning slow service equals slow sales. MPOS is designed to make business’s more efficient with card and mobile payments, therefore increasing profitability and creating shorter checkout and return lines. Customers can simply tap their phone and pay for an item knowing their information is safe and secure.

 

3) Limits a business’s liability

 

Protecting data in POS environments is pivotal for customer trust in your business. Traditional POS systems risk unauthorised access to electronic payment systems by fraudulent individuals wishing to steal debit and credit card information. With mPOS, the main difference is that credit and debit card data is not stored, which significantly reduces the risk of any breaches of security happening. Whilst no system or device is

totally safe from an attack or breach, mPOS minimises the risk and a business’s liability through encrypted transactions and no card data being stored.

 

4) Easier to confirm identities during payments

 

Biometrics such as fingerprint and facial recognition can also be used with mPOS to confirm the identities of customers during payments, adding another layer of security. This new way of authenticating a customer’s payment shows that security and convenient, fast technology can go hand in hand.

 

5) View customers checkout history

 

With mPOS, staff can view past transactions, loyalty rewards, online browsing history, and anything else that could help teach staff about the needs of the customer in front of them. Not only does this feature increase customer satisfaction but it also improves staff performance as they are able to easily access data of what the customer expects and already loves. Ultimately, mPOS uses customer information to allow staff to make more effective, relevant sales.

 

6) Minimal setup

 

Not only are mPOS systems much more cost efficient and secure, but they are generally easier to set up too. The setup required is often downloading and launching an app and making sure the card reader accessory is compatible with all types of card types and mobile software. Whilst mPOS is usually easier, more complex systems may require technical expertise and setting up a local server. Still, in comparison to what can be expensive, fixed and technically challenging POS systems, the portable and efficient mPOS seems extremely appealing.

 

7) Easy to integrate with existing systems

 

When choosing your mPOS system, a factor to consider is whether it will compliment your existing POS system. There are some mPOS systems specifically designed to work with old, traditional POS software and others which can work independently beside or instead of it. As aforementioned, setup with mPOS is easy and usually consists of downloading an app, creating an account and then connecting your card reader, receipt reader and printer via Bluetooth. A good tip to migrate your data by

Business News Daily is to simply look for a downloadable spreadsheet template that you can copy and paste product data into. Then, upload this new spreadsheet to your new mPOS system. It’s as simple as that!

Funds of Funds

Credit Kudos Raises £2.2m in Latest Round of Funding

Credit Kudos, challenger credit bureau and leader in commercial applications of Open Banking, announced today they have raised £2.2m in their latest round of funding. Funding is led by Ascension Ventures, through its social impact fund Fair by Design, with additional investment from existing investors NFT Ventures and Entrepreneur First’s Next Stage Fund. New backers include Dragons’ Den star Sarah Willingham; prolific angel investor Charlie Songhurst (investor in Affirm, ClassPass, and Coindesk); and key figures from the credit industry, including both the former CEO and MD of Callcredit, now TransUnion, John McAndrew and Graham Lund. The investment will be used to drive further growth within the UK and support expansion into Europe, alongside further investment into Credit Kudos’ platform.

Credit Kudos, which launched its Open Banking platform in January 2018, was co-founded by software engineers Freddy Kelly and Matt Schofield. Upon returning to the UK after working in Silicon Valley, Freddy faced a myriad of challenges accessing credit due to his ‘thin’ credit file. With little to no recent financial activity in the UK, Freddy was offered only limited credit product options, with higher interest rates and restrictions. This experience led Freddy to co-found Credit Kudos to help all people access affordable credit.

In the UK alone, it is estimated that 1 in 4 UK families have less than £100 in savings, demonstrating a pervasive need for access to affordable credit. However, due to insufficient data, many individuals with the most need for credit are at risk of being pushed into high-cost credit options, and have the hardest time accessing affordable loans. It was also revealed that financially excluded individuals pay on average a “poverty premium” of £490 per annum.

Credit Kudos’ mission is to advance financial inclusion through new applications of technology. Credit Kudos provides lenders, brokers and financial institutions with a highly accurate and transparent scoring system based on consumer consented data, providing a fairer representation of an individual’s creditworthiness. Credit Kudos’ solution enables lenders to make better decisions, whilst simultaneously helping previously overlooked individuals access credit.

Investment in this round by Ascension Ventures’ social impact fund Fair by Design (FBD), is a testament to Credit Kudos’ work towards the advancement of financial inclusion and reducing the poverty premium, to enable previously overlooked individuals access to mainstream credit through alternative measures of creditworthiness. “Credit Kudos is very much at the centre of the FBD investment thesis,” said Emma Steele, Investment Manager for Ascension Ventures “They are a core solution to tackling the lack of fair and affordable access to credit for customers, with thin files or no credit history. We very much back Freddy’s ambition to change the way the risk profile of a potential borrower is assessed. By doing that, Credit Kudos has the potential to 1) advance financial inclusion by improving approval rates for people previously excluded by the system 2) help prevent borrowers from being forced into higher priced products and 3) make it easy for lenders to check affordability. We are excited to back the team on this journey.”

Also providing further investment is the world’s leading talent investor, Entrepreneur First. Entrepreneur First have been a part of the Credit Kudos story since inception. Matt Clifford, Entrepreneur First CEO said, “Credit Kudos is tackling a highly complex and challenging problem, taking a new approach that leverages machine learning to power smarter decisions. We are thrilled to be doubling down on our commitment to the team and their vision.”

This funding round has brought a number of new backers including BBC Dragons’ Den star Sarah Willingham, “I’m thrilled to be backing the Credit Kudos team and their mission to make credit scoring fairer and easier for both businesses and consumers. Sadly the traditional methods are still opaque and confusing and all too often consumers are penalised despite being very creditworthy. Applying new data and technology to the problem gives Credit Kudos the ability to make smarter decisions, empowering consumers and giving them greater choice. I look forward to seeing Credit Kudos make a lot of lives easier.”

Securing further investment from both original investors and further industry leaders is evidence of Credit Kudos’ success and growth since Open Banking became a reality in early 2018. “This investment allows us to scale up our business to meet the demands of a post-Open Banking and PSD2 world,” said Freddy Kelly, Credit Kudos CEO. “This funding will be used to expand our engineering and development team to continue to deliver first to market technology across our platform, as well as supporting expansion into wider Europe.”


Articles

Personal Finance: Workforce Faces Challenges

With global issues such as Brexit and Trump’s excessive spending affecting global economies, international workers are facing many personal financial crises, as Staff Writer Hannah Stevenson discusses.

As loans and contracts for cars, phones and electrical items become increasingly popular and obtainable global individuals face personal finance issues as they battle spiralling costs with mounting debts.

This is highlighted by recent survey of 2,000 UK adults by KnowYourMoney.co.uk, which revealed that 62% of UK adults are in some form of debt, with credit cards (35%), mortgages (24%) and student loans (11%) the most common. The research also found that a quarter of Brits lose sleep when thinking about the amount of money they owe.

The comparison website commissioned an independent, nationally-representative survey among more than 2,000 UK adults. It found that 62% of people across the country have some form of debt, with credit cards (35%), mortgages (24%) and student loans (11%) the most common.

Nearly three in ten (29%) people with debt said they do not feel in control of it and have no plan of how they will pay it off. A third (33%) also said they buy items on their credit card without first thinking about how they will pay it off later.

Two thirds (67%) of those in debt have no money in savings to pay off debt if required, with men (73%) more likely than women (62%) to lack a financial safety net.

Without clear plans or savings, people’s debts are evidently a cause for anguish – 24% of people in debt said they lose sleep because of it, while 41% do not feel comfortable speaking to friends or family about the subject. To make matters worse, almost half of UK adults (48%) are worried about the impact of Brexit on their personal finances.

Elsewhere, the study uncovered that 44% of UK adults do not know what their debt-to-income ratio is, with 39% admitting to not understanding the term.

An important means of understanding an individual’s financial health, a person’s debt-to-income ratio (DTI) is their monthly debt payments divided by their gross monthly income. Lenders commonly use the calculation to assess someone’s viability for credit.

John Ellmore, Director of KnowYourMoney.co.uk, commented: “Despite the negative connotations that sometimes surround it, debt should not be frowned upon. If handled responsibly, debt is a valuable financial instrument that can help enable life’s purchases.

“However, KnowYourMoney.co.uk’s research demonstrates that there are millions of people across the UK who are taking on debt without a plan of how to repay it, which is unadvisable. It’s vital consumers understand what their debt-to-income ratio is and manage their finances accordingly – this will help them sleep easier at night and avoid serious financial repercussions further down the line.”

Another piece of research from MetLife UK found that employers need to understand more about the impact of personal financial worries on workplace mental health, but are struggling to agree best practice standards to address the issue.

More than six out of 10 (61%) senior HR executives have seen a rise in financial wellbeing issues affecting employee mental health and work performance, the nationwide study from MetLife UK shows.

Senior managers agree that addressing financial wellbeing will have business benefits – nearly two out of three (64%) say that tackling financial stress will help boost productivity and engagement in their organisation and 58% say there is growing momentum to provide support.

However, businesses are concerned they do not understand enough about financial wellbeing – 67% say they need to know more about the link between financial wellbeing and mental health issues, while 66% say there needs to be more clarity on best practice on tackling financial wellbeing at work.

MetLife UK defines financial wellbeing by a combination of key factors: being in control of your finances; having the capacity to withstand financial shocks; having confidence in the future; and having choices on how to spend and save.

Employee benefits such as Group Life and Group Income Protection support financial wellbeing by helping families and supporting staff who are unable to work due to illness. In addition, they offer support to family members via an Employee Assistance Plan, if their loved ones are struggling.  Wider financial wellbeing programmes also increase general financial literacy and improve financial behaviour.

Adrian Matthews, Employee Benefits Director, MetLife UK said: “Financial wellbeing in the workplace is a growing issue for businesses, with organisations reporting a rise in concerns about the impact on mental health and company performance.

“Companies appreciate they need to understand more about the issue, so they can provide support for employees, but at the same time there is concern that there are no agreed best practice standards on how to implement financial wellbeing programmes.

“There is no magic solution to improving financial wellbeing in the workplace, but a well-designed employee benefits programme is a good place to start. The potential business benefits in terms of more productive employees are clear.”

In the study MetLife’s research found 61% of HR managers believe financial wellbeing advice should be a part of Employee Assistance Programmes, aimed at helping address mental health issues.

With this challenge looming on the horizon and becoming increasingly worrying, individuals and companies alike need to work hard to keep themselves informed on the latest developments in the financial markets so they can explore options such as debt consolidation and spending monitoring. Wealth & Finance International offers up-to-the-minute insight and news, so Subscribe today.

Predictions which 2019 will bring for the future of fuel
Articles

Predictions which 2019 will bring for the future of fuel

Predictions which 2019 will bring for the future of fuel

Predictions which 2019 will bring for the future of fuel

Here, with car dealers, Lookers, who have a variety of car servicing plans, we take a look. The average price of a litre of petrol at the end of 2018 was £1.21 in the UK, whereas a decade ago the figure was closer to £0.89 per litre. Price surges are reflective of steep inflation at various historical points, but what does 2019 hold for our empty tanks?

Current predictions suggest that the number of cars globally will double by the year 2040, which leads to questions over how this will affect the prices on forecourts around the world. Petrol is an expense which many people must factor in to their weekly budgets, and the fuel industry has maintained a constant upward gradient as the car market continues to grow.


The rise of petrol prices

The price of petrol has sparked many protests in countries across the world, and 2019 has begun on a gloomy precedent with the continued uproar by the yellow vest protesters in France. The grievances were sparked by the current French president Emmanuel Macron, as his government introduced a series of taxes which hit petrol with a stark price increase. Paris was engulfed by the initial outcry of dismay, with public areas being set alight by demonstrators. The protestors eventually weighed in on the government, as the carbon taxes have been scrapped because of the ‘gilets jaunes’ activism (yellow vests), with blockades, violence and even fatalities symbolising the dismay over rising fuel costs.

The average rate stands at £1.26 per litre in France, and the proposed taxes would have increased this by 0.091 per litre. The taxes were designed to support Macron’s environmental reforms, and to bring about a reduction of carbon emissions produced by French motorists. The eco-friendly stance aligns with attitudes reflected in laws established by the European Union to target carbon dioxide emissions in the automotive industry. As of 2020, fines will be enforced for manufacturers who fail to meet emission standards, and this could provoke more leaders to follow in the footsteps of Macron by enforcing taxes on petrol to curb consumption.

The Operations Director at PSA Group Maxime Picat has outlined plans for the multinational manufacturer to unveil a whole host of new electric and plug-in hybrid models for 2019, to meet the new emission requirements. As the car market evolves and environmental concerns continue to spread, the actions of Macron could be reflected by leaders across the world in years to come, and 2019 could be a pivotal turning point in this.


Will this have a global impact?

If you are looking to get the best value for money on a road trip this summer, destinations such as Kuwait, Malaysia, Saudi Arabia, and the United Arab Amirates are all known for having below average fuel prices. However, the United States remains an outlier, as the largest economy in the world pays an average of £0.54 per litre. In fact, under current 2019 rates, you could drive the infamous 2,448-mile ‘Route 66’ in a vehicle with an average of 20mpg and it would cost an equivalent of £353 under the American rate. The journey would, however, set you back £792 at the British fuel price.

Petrol prices in the western hemisphere have experienced a different kind of crisis, and the forecast for 2019 remains uncertain. As one of the largest exporters of oil, Venezuelan motorists pay an inconceivable average £0.01 for a litre of fuel, and the country is paralysed by an inflation rate of one million per cent. The rule of thumb for petrol prices in poorer and export countries was maintained for the most part last year, as exporter countries pay notably less for fuel than those who receive it.

Overall, recent increases in petrol prices continue to suggest that rates will climb consistently as 2019 progresses. In Australia, prices at the pump have reached their highest level in four months, after creeping upwards in the final quarter last year. Similar trends are evident as prices have already rocketed in Greece, Iceland, Denmark, and Hong Kong. In Zimbabwe, protests were sparked earlier this year as prices reached an equivalent of £2.55 per litre, an increase which the countries President Emmerson Mnangagwa put down to illegal trading and increased demand.


The home stretch

The tone of 2019 has already been set across Europe where petrol prices are concerned, with protests and fluctuation as well as cultural arguments of conservation arising. In the UK, fuel prices have been the subject of sporadic protests over the past two decades, perhaps most notable in the 2012 fuel crisis. As Brexit unfolds, there is an overarching sense of uncertainty towards the country’s finances, and a potential for repercussions to be felt throughout European markets, all of which could impact the price paid at the pump as 2019 progresses.

 

 

Sources

https://www.petrolprices.com/the-price-of-fuel/

https://www.bbc.co.uk/news/av/world-europe-46405583/france-fuel-protests-who-are-the-people-in-the-yellow-vests

https://www.bbc.co.uk/news/world-africa-46862194

https://www.theguardian.com/world/2018/dec/05/france-wealth-tax-changes-gilets-jaunes-protests-president-macron

http://fuel-economy.co.uk/calc.html

http://www.mytravelcost.com/petrol-prices/1/8/

https://www.bloomberg.com/graphics/gas-prices/#20184:United-States:GBP:l

https://www.businessinsider.com.au/petrol-prices-australia-rba-gdp-2019-3

https://www.petrolprices.com/news/reviewing-petrol-prices-year-looking-forward-2019/

https://www.autoexpress.co.uk/car-news/consumer-news/93906/diesel-pump-prices-go-up-despite-reduced-wholesale-costs

Articles

6CATS International shortlisted for Global Payroll Supplier of the Year Award

6CATS – the international contractor management specialist – is celebrating after it was shortlisted in the Global Payroll Awards 2019. The firm will go up against other entries in the Global Payroll Supplier of the Year Award category in interviews with the judging panel later this month.

Winners of the awards – which recognise those businesses driving the payroll industry forward, setting the standard and an example that others can aspire to follow – will be announced at an event in Budapest in May.

Michelle Reilly, CEO of 6CATS and Founder of 6CATSPRO – the firm’s consulting business – commented on this latest news:

“Being shortlisted for this prestigious award is not only great news for the company and our hard-working team, but also testament to the strategic approach we take in our work with recruiters, employers and contractors. By working in partnership with our clients and having a highly trained group of experts on hand with experience in global compliance across Europe, the Middle East, Africa and further afield, we’re able to provide fully compliant, transparent and streamlined contractor workforce solutions. Having the flexibility and experience to quickly develop solutions in ‘new’ countries also enables our clients to increase their global footprint without the need to invest or incorporate locally.”

Cash ManagementTransactional and Investment Banking

Huq Industries in £1.4m Raise with Equity Investors 24 Haymarket

Huq Industries, the leading geo-behavioural consumer research platform, today announces £1.4M in new funding led by 24 Haymarket. Huq’s real-world consumer research datasets and cloud-based market analysis tools help customers across media, finance, real-estate and retail make informed and effective business decisions. This investment will be used by Huq Industries to support the acquisition of research data for use both in existing markets, and meet to demand for its products internationally.

Conrad Poulson of Huq Industries said:

“This investment enables Huq to accelerate the commercialisation of our platform across our key verticals and geographies. 24 Haymarket together with our existing shareholders provide us with both the funds and the network to support Huq through a very exciting phase of its growth.”

Alex Warren of 24 Haymarket commented:

“In 2018, Huq commercially validated its unique geo-behavioural data with major players in the out-of-home sector. This capital raise will allow Huq to grow its proprietary international data, capitalise on the global out-of-home opportunity, and expand into other large target markets like finance and property. A Chief Commercial Officer has been recruited and the board strengthened to support this growth. Huq is uniquely positioned to capitalise on the growing appreciation of the value of such data amongst a broad and diverse enterprise customer base.”

About Huq Industries

Huq Industries was founded in 2014 by Conrad and Isambard Poulson together with Alexander Fairfax to accurately measure and predict offline consumer trends. Over 90% of retail spend still takes place in the real world. Measuring this behaviour reliably and at scale leads to sought-after insight, but is hard to achieve using conventional methods.

Huq Industries partners with mobile app publishers to collect first-party geo-spatial data from across the globe. This data is then abstracted to identify real-world consumer insight and trends. Huq’s customers and partners include professional investors, leading market research and media agencies alongside some of the world’s largest real-estate owners.

About 24 Haymarket

24 Haymarket is a premium deal-by-deal investment platform focused on high-growth businesses, investing up to £5 million in any particular company. 24 Haymarket’s Investor Network includes several highly-experienced private equity and venture capital investors, seasoned entrepreneurs and senior operators. We invest our own capital in direct alignment with entrepreneurs and typically seek board representation to actively support their growth agenda. Since inception in 2011, 24Haymarket has invested in more than 50 high-growth businesses.

Wealth Management

Which liquidation option is best for my business?

If you reach the crossroads of having to close down your insolvent business or solvent business, you may explore liquidation to settle your financial affairs and repay creditors. Depending on the financial state of your business, including the strength of your cash flow and balance sheet, this will determine your next step which will either be a Creditors’ Voluntary Liquidation (CVL) or Members’ Voluntary Liquidation (MVL).

If you are deep in the process and you are unable to respond to creditor demands or come to an agreement, the creditor may apply for a petition to wind up your company. If granted by the court, your business could be forced into liquidation, writes Keith Tully of Real Business Rescue. Following the appointment of a licensed insolvency practitioner, here are the two liquidation options you can explore.

Creditors’ Voluntary Liquidation: As indicated in the name, a Creditors’ Voluntary Liquidation is voluntary action against an insolvent business as it can no longer keep up with payments. In order to safeguard the business from legal action and to protect the best interests of creditors, a CVL may be the most financially suitable option for your struggling business.

What happens in a Creditors’ Voluntary Liquidation?

In order to successfully initiate a Creditors’ Voluntary Liquidation, you will be required to appoint a licensed insolvency practitioner. As the action is voluntary and not forced upon, the shareholders will be in control of appointing an insolvency practitioner.

A Creditors’ Voluntary Liquidation will result in assets to be realised in order to repay outstanding debts to creditors. Before doing so, all shareholders will have to be in mutual agreement that the business is insolvent and that a CVL is the most appropriate form of action. You will be required to contact creditors to inform them of the company’s financial position and share an estimation of the assets held by the business. Each asset will require an individual valuation and should not be undervalued. If a director is interested in purchasing assets belonging to the business, this can only be conducted through an insolvency practitioner and should be sold at market value.

As the insolvency practitioner will be in control of the business, they will also be responsible for handling employee claims. An investigation will take place to ensure that the company director acted fairly and dutifully. If the director neglected directorial responsibilities, they could face disqualification and even be held personally liable for the debts of the business.  

Members’ Voluntary Liquidation: A Members’ Voluntary Liquidation (MVL) is a suitable closure option for a solvent business which will allow you to shut the business down in a cost-efficient manner. This is an effective exit planning tool for a profitable company which has reached the end of its lifetime, such as in the event of director retirement.

This option is only suitable for a solvent business which is able to settle liabilities within 12 months. An MVL is appropriate for businesses with retained profits of £25,000 pounds or more. If the business holds less, it may not be financially viable to opt for a Members’ Voluntary Liquidation as there are costs involved which may set your business back. This includes payment for an insolvency practitioner, costs for legal notices such as a Gazette notice and financial protection for company funds typically determined by asset value.

Prior to an MVL, all financial obligations should be settled, including debtors chased and funds collected. All HMRC liabilities should be paid, including the submission of HMRC accounts and documents. After carrying out due diligence, your intention to close the company will be advertised on the Gazette, making it public knowledge which is when outstanding creditors will be invited to submit any claims. After clearance from HMRC, company funds will be distributed amongst shareholders and the company will be dissolved which refers to the removal of the company record from Companies House.

Compulsory Liquidation: This process will begin after a creditor brings forward a winding up petition for your business if standard methods of recovering money have failed. Compulsory liquidation essentially forces the company to liquidate assets so they can be sold and proceeds distributed to creditors. If you are in debt of £750 or over, the court will be able to force your business into liquidation.

  • Statutory Demand: A statutory demand is a formal request for outstanding payments to be made. If you have been issued with a statutory demand and the 12 day repayment period has passed, your business could be forced into liquidation
  • County Court Judgment: An unpaid County Court Judgment (CCJ) can also result in compulsory liquidation. A CCJ is a court order granted against you if you fail to respond to court action. This is a serious form of action as if a CCJ is issued; this will remain on your record for six years, hindering your chances of qualifying for finance, including a mortgage

Following the liquidation of the business, the company will be struck off the Companies House register, resulting in the dissolution of the business. This option is not voluntary as it will be forced upon by the court following a formal request from creditors.

The key difference between a CVL and MVL is that a CVL is a tool for an insolvent business and an MVL is a tool for a solvent business. If you are in the process of making this decision, it is important to move forward in a fast and efficient manner as you may be prone to being hit with legal action from creditors during this time period. As such, liquidation can give you sufficient breathing time to get your affairs into order. If you are in the position where you are considering the liquidation of your business, it is best to seek advice from a licensed insolvency practitioner to ensure you close your business in a tax efficient and legal manner.

This advice column was written by Keith Tully, a specialist in business turnaround and recovery at Real Business Rescue.

High Net-worth Individuals

Netflix expands global customer care with Teleopti’s flexible, cloud-based Workforce Management solution

Teleopti today announced that Netflix, the world’s leading provider of online entertainment and streaming services, has selected the company’s strategic, cloud Workforce Management (WFM) suite to increase the flexibility of staff planning and support complex, global customer service operations.

With 139 million memberships in over 190 countries, California-based internet entertainment service Netflix has embarked on a new journey toward customer service planning in the cloud. Netflix will use Teleopti’s dynamic WFM solution to support, schedule and empower more than 5,700 customer representatives at contact centers across the globe. As Netflix continues to expand its worldwide footprint, with customer support spanning multiple time zones and numerous languages, the need arose to revolutionize its workforce scheduling and management processes.

Fred Senerchia, Global Head of Workforce Management at Netflix remarked, “Teleopti provides a cloud solution that closely aligns with our business vision and goals for the future. As we continue to expand our CS footprint worldwide and grow our team of multi-skilled frontline representatives, it’s imperative that we have a workforce management software that solves for the increasing complexity of forecasting and scheduling agents across several different regions, time zones and languages. We believe Teleopti will meet those needs as we partner together on a global implementation of the software.”

Netflix has selected Teleopti’s cloud-based Advanced WFM package providing features to meet key areas of need, including real-time monitoring and adaptivity, intuitive employee engagement tools and the ability to quickly scale up operations to meet business growth. Alongside a fully-supported deployment and post-implementation training to ensure WFM success, Netflix will have access to a test environment to continue optimization within their own realm of data.

David Pahlman, President of Teleopti North America concluded, “Our WFM technology enables strong enterprises like Netflix to handle large-scale, complex operations while maintaining ease of use and adaptability. The goal of our cloud-based technology is to simplify business operations at a global level. We’re excited to welcome Netflix to our community of great customers.”

High Net-worth Individuals

Cloud Foundry 2019 North American Summit Begins in Philadelphia, Announces Project Eirini Ready for Early Adopters

 

Cloud Foundry Foundation, home to a family of interoperable open source projects for the enterprise, opened its North American Cloud Foundry Summit in Philadelphia, Pennsylvania today, with news from organizations including Engineer Better, IBM, Pivotal, Resilient Scale, SUSE, Stark & Wayne, Swisscom and many others. The 2019 North American Summit is taking place today through April 4 and is supported by Diamond sponsors Comcast and Pivotal, and Platinum sponsor IBM Cloud.

“We are excited to host Summit on the east coast again this year,” said Abby Kearns, Executive Director, Cloud Foundry Foundation. “This Summit will be focused on celebrating the momentum of our community, highlighting stories from open source contributors and Cloud Foundry users, as well as providers, integrators and service providers. This year’s Summit theme is ‘building the future’ which is exactly what our community is committed to doing.”

The Foundation announced findings from its most recent Global Perception Study in a report titled “Adaptation, Not Adoption, is the Key to Digital Transformation: Why IT Strategy Requires a Perpetual State of Change.” With more than half of companies surveyed putting mission-critical apps in the cloud, it’s clear that digital transformation is the new reality, and that companies must adapt to constant change to keep up.

The Foundation is pleased to announce Project Eirini is now passing the core functional tests that validate Cloud Foundry Application Runtime releases, with future work focused on production readiness and testing against hosted managed Kubernetes environments from various public cloud providers. Initially proposed by IBM, Eirini has full-time engineers from Google and Pivotal working on the project, in addition to continued contributions from IBM, SAP and SUSE. The software is now mature enough that early adopters have begun to deploy it into production environments. At the EU Summit in 2018, Cloud Foundry Foundation announced Project Eirini’s acceptance as an incubating project by the Application Runtime Project Management Committee, which oversees projects associated with the Cloud Foundry Application Runtime and their coordinated roadmaps. Eirini works to provide developers with the “cf push” experience that makes it easy to push an app to production on top of Kubernetes.

The Foundation is also pleased to announce its first two Certified Systems Integrators, following on the program’s launch in October at the European Summit. Each with at least ten Cloud Foundry Certified Developers on their teams, Accenture and HCL have demonstrated contributions to the Cloud Foundry community through contributing code, hosting meetups, Foundation membership and more. The Certification program is designed to help SIs, consultancies and professional services organizations highlight their expertise working with the Cloud Foundry family of technologies.

Foundation member news includes:

A collection of Foundation members, including Resilient Scale, Stark & Wayne and SuperOrbital, in addition to TechFlow, have joined together to form the Continuous Delivery Alliance. The Continuous Delivery Alliance aims to fix the DevSecOps challenges in government from contracting through implementation by bringing together a collective of professionals with deep expertise in technology and government contracting. The Alliance offers unparalleled expertise in technologies including Cloud Foundry, Kubernetes, AWS, Azure, GCP and practices like continuous integration/ delivery and DevSecOps.


Altoros has released new versions of the Pivotal Cloud Foundry (PCF) tiles for Jenkins, Elasticsearch, and Cassandra, upgrading BOSH stemcells and existing integrations. The updated Xenial stemcells help avoid exposure to security vulnerabilities, while integrations with new versions of products will enable enterprise users to enjoy the features of the latest stable releases. In April, migration to Xenial stemcells for the six PCF tiles created and maintained by Altoros, including an upcoming new release of the Heartbeat Cloud Foundry monitoring, will take place. PCF tiles are packaged tools that can be integrated into Pivotal Cloud Foundry, enabling developers to use third-party services.


Anynines announced the release of release of a9s Platform, a fully automated platform distribution comprising open source Cloud Foundry and the a9s Data Services, as well as on-demand Kubernetes. The platform allows users to leverage open source technologies to bootstrap fully automated production grade platform environments. Technical support and remote operation options are available. EngineerBetter announced that “Control Tower” is the new name for “Concourse-Up,” the company’s enterprise tool for deploying and operating Concourse CI in a single command. Concourse CI is used heavily throughout the Cloud Foundry ecosystem. With its new name, Control Tower will be available through new distribution channels and brings with it new features including Google Cloud Platform support and full support for Concourse 5.


Evoila announced new service brokers, which provide software systems such as databases, message queues or log aggregators with standardization to speed up software development. The service brokers make it possible to run two environments, such as Cloud Foundry and Kubernetes, next to each other and share their service instances. The Open Service Broker API 2.15 will soon provide a higher independence of special platforms and improve asynchronous ordering processes. By developing these new service brokers, evoila is further expanding its commitment to the standardization of complex processes. Grape Up announced its flagship product Cloudboostr can now be deployed on OpenStack. Integration with the new cloud infrastructure unlocks a broad range of opportunities for companies using on-prem OpenStack. Cloudboostr provides a complete enterprise-grade cloud stack ready in days, gives the freedom to choose the best suitable runtime for any needs, and reduces the risk of upgrade compatibility issues and the complexity of applying patches.


IBM announced the launch of an Eirini-based technology preview of its Cloud Foundry Enterprise Environment, available for self provisioning. IBM Cloud is working to simplify development and operations by bringing together Cloud Foundry, Kubernetes, and Functions under one management umbrella to enable development teams to spend their valuable time coding to solve business problems. A major step towards that goal is Project Eirini, where IBM is leading the effort alongside other Foundation members SUSE, SAP, Pivotal and Google, to bring native, pluggable Kubernetes application container scheduling to Cloud Foundry. IBM is supporting Project Eirini to bring coordinated operations of Cloud Foundry application containers and those created by other means to the same Kubernetes cluster. This allows for easy and more secure communications between Cloud Foundry and Kubernetes applications, and unlocks the vast ecosystem of Kubernetes tooling and capabilities to both the Cloud Foundry developer and administrator. 


Packet announced an Edge Access Program, providing commercial and open source users with free access to edge computing building blocks at a diverse range of venues and locations. Resources include API-driven x86 and Arm bare metal compute infrastructure; automated cloud interconnect to Azure, GCP and other public cloud ecosystems; and CBRS wireless through Federated Wireless. 


Pivotal announced the release of Pivotal Cloud Foundry 2.5, a collection of enhancements to its flagship application platform, including weighted routing, a new feature enabled by Istio and Envoy. 


Stark & Wayne announced the launch of their managed service cloud solution for Pivotal Cloud Foundry and other cloud native technologies. Benefits to managed service subscribers include lower operational costs, a greater focus on app development, faster time to market, and accelerated feedback loops, which leads to faster problem resolution and higher quality end products. Stark & Wayne also announced SHIELD v8.1, now in Tile form, for PCF Operations Manager customers. SHIELD is a flexible and secure data protection solution for cloud data systems. Built on AES-256 encryption with randomized keys, and leveraging native backup / restore mechanisms like Percona Xtrabackup and BBR, it allows operators to sleep well knowing their critical data is protected.


SUSE announced SUSE Cloud Application Platform 1.4, the first software distribution to introduce Cloud Foundry Application Runtime in an entirely Kubernetes-native architecture, will be available in April. SUSE Cloud Application Platform 1.4 includes a technology preview of Project Eirini that allows operators to take greater advantage of the widely adopted Kubernetes container scheduler. The new Kubernetes-native Eirini implementation deepens integration of Kubernetes and Cloud Foundry, further bringing the advanced Cloud Foundry developer experience to Kubernetes environments and giving users the ability to choose either Kubernetes or Diego as their container schedule. Whether customers choose Kubernetes or Diego, the developer experience is the same. SUSE Cloud Application Platform 1.4 furthers SUSE’s commitment to supporting customers’ multi-cloud environments by adding support for Google Kubernetes Engine (GKE), Google’s managed Kubernetes service, in addition to existing cloud support for Amazon EKS and Azure AKS, on-premises support with SUSE CaaS Platform, and multi-cloud support bridged by the Stratos UI.


Swisscom announced new features of the Swisscom Application Cloud: true security with encryption plan for S3 dynamic storage and auto-scaling of applications based on the Cloud Foundry Platform Application Cloud from Swisscom. Swisscom continues to enhance its cloud with upcoming new features are waiting to be announced, which will be developed and made available by the strong commitment of the community.
TIBCO its market-leading API management platform, TIBCO Cloud(TM) Mashery, is now cloud native. The platform can now be deployed anywhere, including certified support for PKS to make Kubernetes deployments easy, and integration with DevOps tooling even easier. TIBCO also released new capabilities to create cloud native integration apps via its API-led integration offering TIBCO Cloud(TM) Integration and BusinessWorks(TM) Container Edition for Cloud Foundry Container Runtime and Pivotal Cloud Foundry 2.x.

Enterprise developers, architects, engineers and executives from around the world are expected to attend the Philadelphia Summit. Attendees will learn about Cloud Foundry from those who build and use it every day. They will join other developers, end users and CIOs to gain first-hand access to Cloud Foundry roadmaps, training and tutorials, and to see how others are using Cloud Foundry to support continuous innovation and application portability.

Today the first-ever Contributors Summit takes place to foster community among open source project contributors and enable technical roadmap discussions. Tuesday’s Hackathon winners will be announced on-stage during Thursday morning keynotes.

On Thursday, Cloud Foundry Foundation will host its annual diversity luncheon at Summit, which will feature a diverse line-up of speakers and panelists discussing digital accessibility, advocacy and mentorship, gender equity and more. This event is co-sponsored by IBM Cloud and the Cloud Native Computing Foundation.

Find the full schedule here.

Cloud Foundry is an open source technology backed by the largest technology companies in the world, including Dell EMC, Google, IBM, Microsoft, Pivotal, SAP and SUSE, and is being used by leaders in manufacturing, telecommunications and financial services. Only Cloud Foundry delivers the velocity needed to continuously deliver apps at the speed of business. Cloud Foundry’s container-based architecture runs apps in any language on your choice of cloud — Amazon Web Services (AWS), Google Cloud Platform (GCP), IBM Cloud, Microsoft Azure, OpenStack, VMware vSphere, and more. With a robust services ecosystem and simple integration with existing technologies, Cloud Foundry is the modern standard for mission critical apps for global organizations.

 

Articles

Sparta Global announces opening of new London digital skills hub

Sparta Global, a leading provider of technology and business consulting services today announces the opening of a new Head Office at 125 London Wall in the heart of the City of London. The new location will strengthen Sparta Global’s position as a provider of UK digital talent and will offer a single location for the sale, support and development of Sparta Global’s consultancy offering.

In August 2017 Sparta Global raised more than £4m from private equity house, Key Capital Partners (KCP), to support the company’s continued growth and expansion. The opening of Sparta Global’s Head Office at 125 London Wall marks the latest step towards delivering a steady and reliable supply of trained technologists to UK companies.

A provider of technology and business consulting services to public and private sector organisations, Sparta Global works with innovative organisations in finance, insurance, media, retail, legal and telecoms industries. With customers ranging from Channel 4 to Canada Life, Three Mobile, the Home Office and Ministry of Justice, Sparta Global has been based in Moorgate for four years.

“We are delighted to announce the opening of our new London office,” comments Sparta Global CEO, David Rai. “This new facility gives us access to the extra space we need to not only accommodate our growing management and services team, but to open another training facility to support our Richmond and Birmingham academies.”

“Unlike in our Moorgate office, our new facility will include eight training rooms. This exciting expansion will enable us to train more than 650 Spartan technology consultants across our academies each year – with the aim to train 500 by the end of 2019,” adds David. “We are dedicated to supporting UK technology talent and we look forward to giving more graduates the opportunity to work in our thriving tech industry.

Finance

Solar power company says commercial-scale solar power will offer businesses financial rewards without feed-in tariffs

Contrary to the opinion of much of the renewable energy sector, the abolition of the Government’s feed-in tariff scheme (FiTS) today is not necessarily bad news. Commercial-scale roof-top solar power is booming and will continue to flourish even when the FiTS ends, says solar power company, Mypower, which was responsible for introducing solar power to Gloucester Cathedral as well as to industry, commerce and farms. The FiTS has supported the development of renewable energy since 2010, but Mypower believes its removal will boost the commercial sector’s adoption of solar power and help companies to significantly reduce their operational costs. Government should now focus upon energy storage technology as this is the next barrier to clean energy growth.

Roof-top commercial-scale solar energy has been successfully competing with ‘conventional’ energy generation in the mainstream market for some time. It is a financially viable source of energy being at least 60% cheaper than National Grid supplied electricity, costing 4-6p/kilowatt hour (kWh) compared to a minimum of 14p/kWh respectively. Solar PV systems are 50% more efficient and two-thirds cheaper than ten years ago: a 50kW system costing £130,000 in 2009 now costs under £40,000. Solar power now offers companies a return on investment of over 14%.

Mypower has been designing and installing solar PV systems to SME’s, corporates and farmers for ten years, and believes that removing the FiTS will create a stable and market driven demand for solar PV systems within the corporate sector: “Ending Feed-In Tariffs removes reliance on Government policy which is a positive move for companies. Plus they can already receive greater payment for the spare power they sell to the National Grid than was being offered by the Government scheme.” explained Ben Harrison, Managing Partner at Mypower.

He continued “Previously, there was uncertainty about how Government policy would change the FiTS along with widespread negativity in the marketplace reacting to announcements over the years, dissuading many from considering solar power at all. Plus some companies’ perceived the FiTS as complex and others wouldn’t consider taking subsidies as a matter of principle.”

Mypower believes the feed-in tariff scheme has been the incentive that stimulated end users’ interest and purchasing. However, it has now done its job and is no longer required. The next impairment to advancing renewable energy, thinks Ben, is the current limitation in energy storage capacity. The Government needs to concentrate attention upon supporting this area. Dedicated investment and volume sales are required to make the same dramatic leaps forward in energy and batter storage technology as happened in the past decade for solar-generated electricity.

Last year, the UK Government launched the Faraday Challenge to invest £248 million into battery development companies and initiatives between 2018-2022. In comparison, President Macron has just announced the French Government’s investing £597 million (700 million Euros) into battery cell manufacturing, whilst the German government has committed over £1,750 million (2 billion Euros) for building battery cell factories. The German Government offers subsidies to homeowners to install battery storage, with Italy and Ireland planning to introduce their own schemes.

“We’d urge the UK Government to consider an on-going subsidy system aimed at accelerating the development of the next generation of this technology. Whoever discovers the holy grail of energy storage will have discovered the goose that lays the golden egg and it would be a significant boost to the UK economy if it could be a British company.” said Ben.

Finance

Balancing the Books on delivery – the right approach for retailers

A clear and well-prepared delivery strategy can be the stepping stone for retail growth; gaining and retaining customers to help drive revenue. Every facet of delivery, from checkout to doorstep influences the likelihood of that customer purchasing from that retailer again. Poorly executed delivery costs UK retailers up to £1.2 billion in avoidable costs each year, according to IMRG’s latest estimates, which emphasises the importance of choosing the right delivery approach.

So, what aspects of delivery should retailers be investing in as a priority? Where should they be focussing their efforts in order to maximise their return?

Are retailers looking at customer experience incorrectly?

There has been a trend in recent years for retailers to flock towards ‘next day or no cost’ delivery but operational and commercial common sense tells us that there is no such thing as ‘free delivery’ for retailers. The online supply chain has a finite capacity for an ‘everything tomorrow’ approach and retailers need to consider this before jumping to ‘free delivery’ as a first port of call.

There is a real danger of retailers over-promising and under-delivering when the average shopper doesn’t necessarily want a premium delivery option all the time. Every shopper is different, and every delivery may have different requirements depending on what it contains, and why and when it has been ordered. All of this should be taken into account as part of a robust delivery strategy.

Your last-minute shoppers will always want ‘fast and free’ but what most shoppers really want is a clearly communicated delivery offer that follows through on what is promised. Perhaps retailers should instead be looking at offering a broader range of delivery options and the chance to specify when or where the delivery will arrive. Customers wants convenience, so retailers need to offer the widest range of delivery options they can to appease them. This is emphasised by the latest research into consumer delivery from IMRG and Global Freight Solutions, which outlines that in 2018, 41 percent of consumers indicated they had abandoned their cart due to insufficient delivery options.

The Brexit effect

As the deadline for Brexit gets ever closer and remains uncertain, its impact on delivery looms larger.

Up until now, it has provided opportunities for online selling into Europe with a weaker pound making UK retailers a more attractive proposition to EU shoppers. Since the referendum decision at the end of June 2016, we have seen the proportion of UK cross-border volume going to Euro destinations, increase.

However, this may all be about to change. With so much uncertainty surrounding Brexit, there will be a lot to learn about dealing with the EU in the coming months and years, so common sense suggests contingency plans must be made, which should legislate for:

  • Longer cross-border delivery lead times

  • Reviewing all HS code classification to ensure products attract the correct duties and taxes

  • Making changes to customer messaging, in order to manage expectations

  • Implementing growth strategies in non-EU markets (eBay, Etsy, Alibaba)

  • Enabling transparent delivery and duty cost information at point of checkout

  • Implement paperless trading (PLT) services for non-UK destinations to speed customs clearance and reduce transit times

The retail industry is anticipating longer and more complex duty and tax processes, and higher delivery costs with longer delivery lead times into EU markets. Retailers will need to reach out to carrier management experts to navigate this new territory and ensure it doesn’t hamper their business.

Delivering for the right price

The dilemma for retailers is working out how to provide a delivery offering that gives a more specific and sustainable customer experience with better control of costs in both the UK and cross-border environments. That isn’t easy without support.

To make this possible, a multi-carrier approach is required, enabling access to a range of delivery services, using order characteristics and specific customer requirements to offer the right solution from a sensible set of options relevant to the destination country.

So, for ecommerce brands, what are the fundamentals their delivery strategy needs to offer? What is essential in order for their business to be successful?

  • Delivery to a designated address

    • A standard ‘free’ or at low cost option

    • An express option at a small premium

    • A timed/specified day option at a higher premium (weekend or evening delivery)

  • At least one click & collect option (if available):

    • Free in-store collection

    • Third-party (pick-up point/locker) at a lower cost than the standard designated address delivery

These solutions are all readily available to retailers, it’s often just a case of pulling them together. But when you are busy running a business, it can be difficult to make the time.

What’s holding retailers back from delivering?

Even if businesses want to offer that ‘Amazon-style’ delivery of both choice and convenience, in order to compete with the likes of Amazon Prime, they are often being hampered by their own internal constraints. For example, the cost and complexity of integrating more delivery options and carriers into their systems may prove a stumbling block. Moreover, the effort in managing multiple carriers at once, particularly for an SME, may be far too big a task. That’s before considering the expertise needed on knowing which services to offer or how to access them.

An affordable delivery strategy

The concept of ‘free delivery’ seems to have deeply engrained itself into the minds of consumers and retailers alike, but many retailers seem so desperate to offer it, they don’t stop to think about whether or not they should first. Provided delivery is well-communicated and well-executed, retailers can remain competitive.

The reality is, not every retailer is going to have the same resources and scope to carry out the delivery approach of the big brands, so it doesn’t make sense to blindly follow them. Retailers need to be devising delivery strategies within the context of their customers, capabilities, and commercial plan. A great delivery offering does not have to break the bank.

Retailers need not be restricted by what they can do in-house either. Enterprise carrier management experts can be of great assistance in these situations when taking it all on alone seems overwhelming or unachievable. These managed service experts can help retailers scale their business cost-effectively through delivery, so that they’re not being wasteful. Convenient delivery options that are supported by clear communication is the way forward for retailers.