Living with Covid – Coronavirus update

From today, just over two years since the first lockdown was announced, England is moving into the Government’s Living with Covid plan with the end of most restrictions and widespread free lateral flow tests.

Today, the temporary reduction in VAT on hospitality will also end with rates returning to the standard 20%.

Living with Covid

England

Under the Living with Covid plan, Lateral Flow test will only be free to a limited number of people – over 75 year old and over 12 year old with a narrow definition of a weakened immune system will qualify.

The NHS Covid Pass will no longer be recognised as a vaccine passport within the UK and whilst those who test positive will be advised to stay at home and self isolate for at least five days, it is no longer a legal requirement.

Masks are no longer required in public spaces although are still mandatory in healthcare such as hospitals, GP surgeries and care homes.

Northern Ireland

In Northern Ireland, there is still a recommendation to wear face masks in public spaces.

Wales

In Wales, face masks are recommended but no longer compulsory apart from in health and social care. Lateral Flow tests will continue to be free until June if you have symptoms.

Scotland

Scotland still require face masks on public transport and free testing remains until the end of April.

VAT on hospitality

There is also a change to VAT on hospitality today, having been cut to 12.5% as a temporary measure during the pandemic, it is returning to 20% as of today which, on top of already rising food prices, could lead to even higher costs to consumers dining out.

Living with Covid in the workplace

With no financial support available from the government, businesses will have to decide how to handle staff who are showing symptoms. It’s currently estimated that around one if 15 or 16 people are infected so it’s not something that can be ignored.

The last thing you want is your entire workforce going down with Covid because one infected employee came in – many can’t afford unpaid time off work to self isolate. It may prove well worthwhile to keep employees self distancing as much as possible and where this isn’t possible keeping smaller groups to prevent widespread infections.

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1st April Energy Price Cap will see Bills rise

April Fools day this year will be less than funny for millions of consumers as the Energy Price Cap rises by around 50% and they’ll start to notice significantly higher bills. This will undoubtedly have a knock on effect, quite soon for those with Smart Meters that see their costs mounting and for others when their Direct Debits start going out or their quarterly energy bills drop onto their doorsteps.

Currently, those on the Price Cap may already have seen their bills skyrocket if their supplier went bust and they were moved to another company for their electric and gas. They may be mistaken in believing the higher bills are already here, but for these they are going to see another even more massive rise from today.

Energy Price Cap Changes

Electricity

• Was: £0.21 per kWh, Daily standing charge: £0.25
• Now: £0.28 per kWh, Daily standing charge: £0.45

Gas

• Was: £0.04 per kWh, Daily standing charge: £0.26
• Now: £0.07 per kWh, Daily standing charge: £0.27

It’s worth noting that on Electricity, even if you cut down on usage, you’re going to be paying an additional £71 a year on the rise in the standing charge alone. No one on a Price Cap tariff will be able to avoid higher bills.

These increased prices will have an impact on consumer spending that will impact all retailers, both online and offline. Watch for an even more pronounced switch to refurbished and alternative lesser known brands that can perhaps offer more competitive prices.

If you are struggling to pay your energy bills, the Ofcom Help With Bills guide may offer some assistance.

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Wish and Wix partnership to provide merchants with expanded sales channels

Wish and Wix have announced a partnership which will provide Wix’s ecommerce merchants with access to Wish’s global audience of consumers.

The integration enables Wix ecommerce merchants to expand their sales platform by directly connecting their Wix Store to Wish’s discovery-based web and mobile shopping experience. As well as continuing to manage their account through Wix, merchants will gain access to Wish’s merchant dashboard, where they can track their performance metrics, inventory, advertising, customer communications and fulfill orders directly from Wix. Merchants will also benefit from Wish’s data intelligence and optimization tools to help improve their business operations and drive greater success.

We are thrilled to be working with Wix and welcoming its ecommerce partners onto our platform. With a substantial presence in the US and Europe, offering a broad range of categories including fashion and consumer packaged goods, the partnership with Wix aligns closely with our goal to work with more local suppliers on a global scale.

– Alan Small, Senior Business Development Manager, Wish

This Wish and Wix partnership announcement comes fast after Wix announcing connections with Amazon and Klarna, as well as their recent acquisition of dropshipping marketplace Modalyst – they are fast expanding their offering in multichannel ecommerce capability.

We are constantly working to expand our offering and services in order to provide Wix eCommerce merchants with every tool and channel necessary to grow their businesses. In partnering with Wish, merchants will be able to access a new sales channel, providing their customers with an affordable and accessible personalized shopping experience. Together, we look forward to seeing our merchants continue to grow online.

– Shelly Cohen, Head of Business Development, ecommerce, Wix

The announcement forms part of Wish’s broader push to improve product quality across the platform. As part of that effort, Wish is actively diversifying its merchant base in order to expand product selection and improve product quality.

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New BigCommerce SellersFunding partnership

There’s a new BigCommerce SellersFunding partnership which aims to enable the two companies to complement each other’s offerings and heighten the growth potential for ecommerce sellers.

BigCommerce SellersFunding key benefits

• SellersFunding has developed custom extended payment terms that allow sellers to pursue a platform transition to a direct-to-consumer model with BigCommerce.
• BigCommerce’s customers can access working capital with SellersFunding, whether they need cash flow to support advertising, inventory management, overall international business expansion and more.
• This is critical, as sellers’ largest obstacle to achieving scale is adequate funding, and to undergo a transformative overhaul to D2C channels, sellers require capital.

The partnership underscores the mission of SellersFunding to help sellers innovate, exceed customers’ expectations for an omnichannel experience, and ultimately grow. To push that mission forward, SellersFunding, which offers a suite of financial solutions including working capital, has developed custom extended payment terms that allow sellers to pursue a platform transition to a direct-to-consumer model with BigCommerce.

When merchants face a transformative overhaul that requires the proper funding, BigCommerce’s customers can access working capital with SellersFunding, whether they need cash flow to support advertising, inventory management, the research and development of new products, hiring new talent, overall international business expansion and more.

At SellersFunding we pride ourselves on being on the cutting edge of what our clients need to ensure their ecommerce businesses can operate seamlessly and competitively. Both BigCommerce and SellersFunding are dedicated to putting the most comprehensive set of resources possible at sellers’ fingertips. This partnership allows us to complement each other’s offerings and heighten the potential for even more sellers to break out and be the next big name in retail.

– Ricardo Pero, CEO,SellersFunding

Our partnership with SellersFunding further illustrates our commitment to providing merchants access to the highest-caliber technologies and service providers available in the industry. SellersFunding shares our desire to help merchants sell more and grow faster to maximize success, and we look forward to working together to mutually support customers.

-Russell Klein, chief commercial officer, BigCommerce

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BigCommerce Releases Multi-Storefront

BigCommerce have announced the release of Multi-Storefront, a new feature that helps enterprise merchants to create and manage multiple storefronts within a single BigCommerce store, driving growth while reducing operational costs and complexities when managing multiple storefront experiences.

Whether growing sales in new regions with localised storefronts, streamlining operations for managing multiple brands, or customising for different customer segments like B2C and B2B, merchants can now seamlessly manage every aspect of their business from one dashboard, delivering exceptional customer experiences that build brand loyalty.

Multi-Storefront marks a significant milestone in our platform’s ability to serve the most complex use cases and is expected to be the most transformative of our enterprise product enhancements. This powerful new capability gives merchants the flexibility to grow their brand, segment and geographic scope within the scalable context of a single account.

– Brent Bellm, CEO, BigCommerce

All storefronts can be powered by BigCommerce’s native stencil theme framework or by a third-party headless front-end such as Next.js, Bloomreach and WordPress. Brands may even mix and match headless and native stencil storefronts in a single account. 

UK manufacturer Bullitt Group, pioneers of “rugged mobile” and the manufacturer and seller of CAT phones & Motorola Defy phones, turned to Multi-Storefront to connect multiple unique storefronts to a single store in order to power localized experiences for its shoppers. 

We needed a system where we didn’t have to flip back and forth between multiple different instances to change things. BigCommerce was that system.

– Ryan Stapleton, ecommerce director, Bullitt Group

Accessible from the BigCommerce control panel, Multi-Storefront enables merchants to deliver tailored shopping experiences to their different buyers by setting up unique storefronts with seperate domains, customized design, transactional and promotional emails, and custom pricing with preferred payment methods. Merchants can also simplify management through holistic views to manage customers, products, order fulfillment, and storefront analytics and data insights.

Key benefits of Multi-Storefront empower merchants to:

• Effortlessly grow into new markets by creating custom storefront experiences for various buyers.
• Reduce costs and streamline operations by trimming down the number of systems and integrations a business relies on which can decrease maintenance costs and drive higher revenue with less headaches.
• Empower efficiency by ditching duplication of efforts with a centralized system to manage all storefronts. Whether it’s adding a new product or updating pricing, do it one time, in one place.
• Make smarter, data-driven decisions with powerful insights from a unified data source to analyze business activity holistically, or dial in to review the performance of a specific storefront. 

BigCommerce has been working closely with their expansive partner ecosystem to ensure their support of Multi-Storefront. Many partners have already updated their apps to not only be compatible with Multi-Storefront, but also to take advantage of the new functionality to offer optimized solutions.

Multi-Storefront is available to all new BigCommerce merchants. To sign up for a free trial or to learn more about Multi-Storefront from BigCommerce, visit bigcommerce.com/multi-store.

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The Impact of Russian/Ukrainian Conflict on the Global Supply Chain

Today, Ferghal O’Carroll, CFO of Scurri, examines the impact oft the Russian/Ukrainian conflict on the global supply chain:

Putin’s War: Impact not only being felt in the Ukraine 

It is no secret to anyone, experts and regular consumers alike, that the global supply chain has been hit with a huge variety of issues over the span of the last few years. Many retailers had begun to see a light at the end of the tunnel with the removal of various Covid-19 restrictions worldwide and the strain the pandemic had placed on the supply chain stood a chance of easing. However, the stakes have been raised again by a new threat, as Russian tropes started to invade Ukraine. The impact of this war looks to create numerous issues for countries worldwide and their supply chains, including the UK and Western countries.  

The situation is complex – not only will global materials and products be limited, they may be delayed or completely inaccessible via the standard supply chain route. Over the course of the last few weeks we have witnessed many factories across the two countries deciding to halt operations due to the conflict, resulting in mass production decreases for certain goods. Companies globally have been warned that transport routes will be closed off, with shipping and airspace both taking a hit. We have seen major companies, such as FedEx and UPS, suspend international operations in both involved countries, Ukraine and Russia, while many countries are looking to strengthen the control of their trading processes. 

Furthering concerns for global shortages of vehicles and semiconductor computer chips

There are mounting concerns for the shortage of goods globally, in addition to essential components in the production of other goods – such as platinum, aluminium, sunflower oil and steel. The lack of these materials runs the risk of exacerbating global shortages of vehicles and semiconductor computer chips, which had not made a full recovery post-pandemic, in addition to a string of factory closures as a result of energy quotas late last year. 

Another product that has major worries surrounding it by experts, is the predicted shortage of essential raw materials for computer chips, which would have widespread impact across multiple sectors globally. Both countries involved, Russia and Ukraine, have been two of the major sources of neon gas, which can be used to feed lasers that print circuitry onto the computer chips. They also supply palladium, which is a metal employed in later manufacturing processes.

Impact on all citizens – retailers and consumers alike 

Gas, petrol, fuel and diesel prices all have continued to be hiked up, with outrage and annoyance visible by all citizens and motorists in recent weeks. Across the UK and beyond, families are facing the new challenge of a higher cost of living, with government ministers being asked to intervene and reduce the mounting costs if at all possible. 

Another sector that looks to further strain consumers and increase the cost of living is food and agriculture. As ports continue to close, those along the Black Sea have been shut off – resulting in the blockage of the world’s fifth largest wheat exporter. As a result, this area looks to also send prices soaring. It is believed that grain exports from Ukraine and Russia account for 12% of the world’s caloric intake. The results of this disruption will ripple across the UK and Europe but also may have disastrous implications for those from less fortunate countries as this crisis continues. While the UK and other Western countries will see a gradual and slight increase in products such as bread and flour, populations who rely primarily on wheat products will be notably impacted.  

The limited supply of highly demanded goods will lead to a sharp rise in shipping costs, leaving many retailers no choice but to further boost up their prices to offset these increasing costs. Even prior to the events of the last few weeks, it had been predicted that shipping costs would rise by 30% this year and this is a further spanner thrown into a complex set of works. What goods that there are will be expensive to transport is the bottomline. Additionally, there has been rerouting of standard routes as Ukraine’s shipyards and main ports are devoid of incoming orders or deliveries, further complicating the situation and causing possible delays. 

This is just be the beginning: potential for further sanctions to come and what this may mean

There, unfortunately, does not seem to be any sign of these issues being exhausted in the short-term. Russia does not look to be backing down and this may only be the introduction of a long list of sanctions imposed by the West. What has become clear is our reliance in the past on essential goods such as wheat, gas and metals – and while Putin may have sought out to cause damage to Ukraine, his actions have left a ripple effect globally for the supply chain, retailers and consumers. 

It may be the case of ‘it gets worse before it gets better’ – a phrase many in the retailing business will be tired of hearing following the tumultuous last few years. For UK retailers and consumers, there has been the additional complication of Brexit on trade, coupled with the dealing of the COVID-19 crisis and widespread resulting issues. There seems to be little sign of returning to business as usual at any stage soon and retailers must all look to best combat against the supply shortages and cost increases that seem inevitable, even in this unpredictable period. 

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Zero tolerance for phone use when driving

Zero tolerance for phone use when driving

On Friday, UK law changed making it illegal to use a hand held mobile phone when driving. Zero tolerance for phone use is now in force for any usage, expanded from making a call or sending a text to include taking photos, scrolling through playlists and gaming. This include online shopping or indeed any activity even when stationary at traffic lights.

Amazingly, until now the law only banned ‘interactive communication’ meaning bidding on an auction for instance wasn’t banned. Those caught using their mobiles at the wheel have in some cases been able to escape conviction by claiming that they weren’t using them for interactive communication. The update to the law ensures nobody will be able to use the loophole to escape conviction. Anyone caught using their handheld device while driving could face a fine of up to £1,000 as well as 6 points on their licence or a full driving ban.

Allowable phone use

Drivers are able to make contactless payments, for example, at drive-throughs, so long as their vehicle is stationary. They can also still use a device ‘hands-free’ while driving if it’s secured in a cradle, allowing motorists to use their phone as a sat-nav. They must, however, always take responsibility for their driving and can be charged with an offence if the police find them not to be in proper control of their vehicle.

The government’s award-winning THINK! team is also launching an £800,000 awareness campaign to remind drivers not to use a handheld phone at the wheel and of the penalties if choosing to ignore this new law.

Government advert

Millions of young people will start seeing the adverts in the coming weeks, showing friends appearing in the back seat to intervene when the driver becomes tempted to use their phone behind the wheel.

I will do everything in my power to keep road-users safe, which is why I am taking a zero-tolerance approach to those who decide to risk lives by using their phone behind the wheel.

I’m ensuring anyone who chooses to break this vital law can face punishment for doing so and we’ll continue our efforts to ensure our roads remain among the safest in the world.

– Grant Shapps, Transport Secretary

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Retail Without Borders 2022 conference starts Wednesday

In just two days, the Retail Without Borders 2022 conference returns with a two-day fully virtual experience, designed to bring together the online marketplace community to help brands and retailers accelerate their sales.

Whilst the event is digital, so you can attend virtually from your office, you still need to register so grab your tickets here.

The program consists of live keynote discussions, insightful Q&A sessions and unmatched networking opportunities. It is the perfect hub for retail executives to pitch their questions directly to global marketplaces and discuss the challenges they face with solution providers.

Delegates will be able to develop invaluable connections and explore new business opportunities with leading online retailers and online marketplace experts through one-to-one meetings and small group discussions.

Once registered, from today you’ll be able to set up your profile, build your agenda, schedule meetings and explore the virtual booth area.

The Retail Without Borders 2022 conference agenda opens at 10am this Wednesday, the 30th of March and runs through to 4pm on Thursday the 31st of March.

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Chancellor’s Spring Statement 2022

The Spring Statement isn’t generally a time for large budget measures but in these unusual times several were announced, largely aimed at consumers rather than businesses. The most important changes are:

Fuel Duty

Headline news is cutting fuel duty for petrol and diesel by 5p per litre across the whole of the UK.

Overall, this is the biggest cut, in cash terms, that has ever been applied across all fuel duty rates at once. However, in reality with the cost of a litre of fuel having risen by around 30p in the past few weeks it’s a small dent in an otherwise massive price hike, but should still be appreciated.

This cut, plus the freeze in fuel duty in 2022-23, is worth around:

• £100 for the average car driver
• £200 for the average van driver
• £1,500 for the average haulier

Raising National insurance thresholds

National Insurance starting thresholds will rise to £12,570 from July 2022. The cut will benefit 30 million working people with a typical employee saving over £330 a year. This however won’t help the very lowest earners – if you earn less than £9,880 raising the threshold doesn’t help. For those earning more it should be a saving and mitigate the 1.25% raise for health and social care.

Read more on how it impacts the self employed here.

Universal Credit taper rate

The government are reducing the Universal Credit taper rate from 63% to 55% and increasing work allowances by £500 per annum from late 2021. This is effectively a tax cut for the lowest paid in society worth around £1.9 billion in 2022-23. This change also means that 1.7 million households will on average keep around an extra £1,000 on an annual basis.

The Household Support Fund

The Spring Statement is doubling the Household Support Fund to £1billion by providing an extra £500 million from April 2022, on top of the £500 million already provided since October 2021. The Fund will help households with the cost of essentials such as food, clothing and utilities and, in England, will continue to be distributed to Local Authorities, who are best placed to direct help to those who need it most.

Increasing the Employment Allowance from £4,000 to £5,000

Employment Allowance is a relief which allows eligible businesses to reduce their employer National Insurance contributions (NICs) bills each year .At Spring Statement it was announced this would be rising by £1,000 from £4,000

Around 495,000 businesses (30% of all businesses) will benefit from this increase, including around 50,000 businesses (3% of all businesses) which will be taken out of paying NICs and the Health and Social Care Levy entirely. In total, this means that from April, 670,000 businesses will not pay NICs and the Health and Social Care Levy due to the Employment Allowance

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July 2022 Self Employed National Insurance Changes

In the Spring Statement, it was announced that National Insurance starting thresholds will rise to £12,570 from July 2022. That’s fairly simple for employees, but how does it impact the self employed?

There will be an increase in the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for Class 4 NICs from 6 July 2022, aligning them with the personal allowance for income tax which is set at £12,570 per annum. These thresholds will remain aligned.

Self Employed National Insurance Class 2

From April 2022, the government will also reduce Class 2 NICs liabilities to nil on profits between the Small Profits Threshold (SPT) and LPL. This will ensure that no one earning between the SPT and LPL will pay any Class 2 NICs, while allowing individuals to be able to continue to build up National Insurance credits.

Changes to Class 2 NICs will start from the beginning of the 2022-23 tax year.. Class 2 NICs are set at a flat rate of £3.15 per week in 2022-23.

Self Employed National Insurance Class 4

The Government has an ultimate ambition to align the NICs starting thresholds with the income tax personal allowance. For the 2020-21 tax year the PT and LPL were raised to £9,500. For 2021-22, the PT and LPL were increased to £9,568. The current position for 2022-23 is a further increase to £9,880 from April.

In the case of the PT, it is intended that the measure will have effect from 6 July 2022. In the case of the LPL, because self-employed NICs are calculated on an annual basis, the measure will apply from the start of the 2022-23 tax year, but with an annualised threshold, so the effect is equivalent across the tax year to those who are employed and paid on a weekly or monthly basis. This means the LPL will be £11,908 for the 2022-23 tax year which is equivalent to 13 weeks of the threshold at £9,880 and 39 weeks at £12,570, reflecting the position for employees.

The PT and LPL are currently set at £9,880 for the tax year 2022-23.

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Interest Rates rise to 0.75%

Last week, the Bank of England voted to approve an interest rates rise from 0.5% to 0.75%, the third time an interest rate rise has take place within months.

This is bad news for those with a mortgage but will also impact business borrowing but there are two important things to note.

Firstly, 0.75% is still a historic low for interest rates. It was only when the pandemic hit that rates were lowered to 0.1% and for most of the last decade they were at 0.5%, varying up to 0.75% or down to 0.25%. This is after rapid falls in 2008 when rates fell from 5.75 in 2007 to 1.5% and then 1% in early 2009. 0.75% isn’t a punitive interest rate in normal times but these aren’t normal times.

The abnormal times started with spiralling fuel costs, first at the petrol pump and then in gas and electricity prices. Then the invasion of Ukraine by Russia and subsequent sanctions placed on Russia have spiralled costs out of control. This will have a serious impact on households from the 1st of April as their bills skyrocket – the second time for those whose utility companies went bust, and it will get significantly worse come September when the price cap is due to rise by an estimated 50% again. The cost of basic goods like food are already rising and the interest rates rise is just one more expense for consumers adding maybe £25 a month to the average mortgage payment.

Businesses aren’t protected by energy price caps and still have to pay for diesel to move their goods around so there’s no delay to costs for them. It’s likely that almost all will have to edge prices up, even if it’s just because couriers increase their fuel surcharges.

The net result is that we are already in a period where consumers have less money in their pockets and this is on the back of the pandemic which has already devastated lives. We already knew in the back of our minds that the generosity of the government would have to be paid for and the first part of that is coming in April when National Insurance rises by 1.25% health and social care levy.

This is a time where there is bound to be a slow down in the economy and that means less consumer spending. In some ways online selling is protected as consumers will be keen to save money and perhaps shop for different brands, consider refurbished or pre-loved goods and hunt for a bargain. It is however time to examine your business finances and assess where savings can be made and how you can squeeze out profits where pricing pressure may force you to cut margins or increase prices.

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Investment and export incentives needed to curb pressure on UK economy

Peter Edgar is Chief Financial Officer at Huboo, a pan-European fulfilment technology provider. In this guest post today, he argues that investment and export incentives are needed to curb the mounting pressure on the UK economy

Why investment and export incentives are needed to curb the mounting pressure on the UK economy

Depending on the prevailing economic headwinds, the role of Chancellor of the Exchequer can either be a highly-coveted or highly-unenviable position within Government.

With the pandemic still disrupting businesses and supply chains, an illegal war creating unpredictable economic repercussions, energy costs spiralling, and wider inflationary pressures across every sector, there’s certainly a lot on Rishi Sunak’s plate as he prepares his Spring Statement.

This ‘cost of living crisis’ looks set to inflict pain on businesses and households for the whole of 2022 – most likely beyond – leading many commentators to predict that further Government intervention will be forthcoming on March 23rd when the Chancellor addresses the House

A substantive growth strategy

But while support for the most acutely affected households should be welcomed, we must also be realistic about the challenges awaiting us. Sustained, across-the-board price rises are inevitable due to a combination of structural, circumstantial and geopolitical challenges that are largely beyond the Government’s immediate control. This is no time for sticking-plaster solutions or headline-grabbing handouts that simply kick the can a little further down the road.

Admittedly, it seems everyone apart from the Treasury would appreciate a delay to the planned National Insurance increase. Like many companies, we’re boosting our warehouse team pay to protect take-home pay and ensure no one loses out when the tax hike comes into effect. In reality, we would prefer this money to be invested into growing our business for the long term benefit of our warehouse staff and wider workforce.

Beyond this correctional move, however, we’re looking for the Government to get on the front foot and use the Spring Statement – too often an underwhelming event in the political calendar – to lay out a more comprehensive strategy for how UK plc can invest its way out of its crisis.

There are many different options open to the Chancellor to encourage growth, investment, and innovation, but here are a few specific proposals we’d welcome.

Developing the workforce – and the workplace

Firstly, the Government should increase the Apprenticeship Levy from 0.5% to 1% to encourage more firms to invest in workforce skills development. Lower-income households are being disproportionately affected by the cost of living crisis, and skills development represents by far the most sustainable pathway towards creating higher paid jobs.

Currently, the Levy is paid by all companies with an annual payroll of £3+ million. These firms should have little problem stomaching a minor increase in contributions. The scheme’s big advantage is that all companies can access it to train and develop their team members, regardless of whether they’re eligible to contribute or not, and the Government also tops up every employer contribution, greatly increasing the size of the overall pot.

Alongside this, we’d like to see the reintroduction of a loan guarantee scheme that facilitates innovation- and growth-oriented lending to viable businesses that the banks would otherwise turn down due to a lack of security or a proven track record.

Understandably, the Government’s recent focus has been financial support to offset the damage caused by the pandemic – for example, through the Coronavirus Business Interruption scheme. However, now is the time to shift the emphasis towards innovation and growth. We’d like to see the Government committing to underwrite bank loans for businesses in need of capex or working capital, or those looking to invest in R&D. It could open up a vital tranche of additional funding for 10,000s of viable startups whose business models make them unsuited to other forms of private investment (such as VC funding).

Rekindling our appetite for EU trade

In our business, we’ve spent the past two years growing our footprint across mainland Europe, giving us first-hand insight into the challenges of post-Brexit EU/UK trade, but more pertinently, the fantastic opportunities that still exist for British companies looking to expand across the continent.

Encouraging EU exports has become unfashionable in the current climate. Yet, the EU is still our most immediate and valuable trading partner, and 1,000s of businesses would benefit from better Government support/resources to ease the pathway to European expansion.

The Spring Statement would be the perfect moment for the Government to make such a commitment, for example, by offering tax breaks for businesses investing in EU trade. These could be modelled on the existing framework for R&D tax breaks, rewarding companies that invest in infrastructure or marketing to fuel their expansion efforts.

Alongside this, the Chancellor could also consider offering contributions towards firms’ European administrative setup – for example, VAT and company administration – or improving access to trusted cross-border partners capable of supporting businesses with their European legal, regulatory and tax affairs.

Even informational support, such as educational resources and business toolkits specific to EU countries and sectors, would be welcomed by fast-growth companies as they seek to understand the different market opportunities available to them.

Fighting off troublesome headwinds with growth and innovation

After several tricky and unpredictable years in which countless businesses have been forced to curb their growth ambitions and weather the storm, what UK plc needs most right now is the encouragement to invest. Investment to stave off the current, damaging headwinds and create more, better-paid jobs. Investment to get more British businesses exporting to the largest economy on the planet. And investment to encourage genuine enterprise-building, rewarding the entrepreneurs willing to take a risk to realise their vision.

So while the Spring Statement might be generally regarded as a ‘mini budget’, this year it’s the ideal platform to unveil a bigger, bolder vision for stimulating UK growth and strengthening our economic foundations – helping limit the impact of this, and any future, crisis.

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Tamebay to rebrand as ChannelX

Tamebay will be rebranding as ChannelX and evolving to match the new, exciting and certainly not-final frontier of ecommerce.

Much has changed since the early days of Tamebay, back when ecommerce was a raw feature of an advancing world. Today, ecommerce is a fundamental part of everyday life.

Consumers now spend more than half of their visits on marketplaces, while retailers and brands become their own marketplaces, and these now-mature platforms support entrepreneurship around the world.

Modern consumers master their environment with information, inspiration, shopping and entertainment through a phone, a TV, a banking app, from any and every brand, country and retailer. As we reflect on how far we have grown as a community we must embrace the changing reality, of a more connected, instant, seamless, inspiring or capable world of ecommerce.

ChannelX reflects this changing reality. Mirroring the modern customer, who sits at the nexus of many channels, devices, media and formats, ChannelX represents and guides industry professionals who too have become multi-platform, multi-channel, multi-capable.

The evolution of Tamebay into ChannelX recognises that nothing is static and the future of ecommerce is ever changing, Symbolised by the ‘X’ we stand with a continuously evolving sector, adapting to meet new needs, desires and demands.

ChannelX is at the heart of the industry channels and the consumer, mapping current best practice and future directions through our research, analysis, training or events. ChannelX is the new home for channel professionals.

From the 4^th of April, Tamebay will adopt the ChannelX brand. Having pioneered the effective use of marketplaces in the UK since 2006, it has expanded coverage to the US and European regions, touches on over 400 marketplaces, and seen the marketplace capabilities incorporated into social media, mobile, and global corporations. The move to ChannelX recognises the increased scope, maturity and ambition for the service.

ChannelX sits alongside other IRMS brands, including RetailX (researching retail performance) and DeliveryX (after the ‘buy button’ operations and delivery experience).

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Pinterest Presents previewed selling tools

In Pinterest Presents’ second global advertising summit, Pinterest executives previewed a range of new product features set to bolster the platform’s commerce experience along with more ways for brands to tap into the trends and creators that help them meaningfully connect with consumers.

With nearly half a billion people around the world coming to Pinterest each month to find inspiration, Pinterest is developing its efforts to become the digital destination for personalised shopping, making it even easier for Pinners to bring their Pinterest boards to life, and purchase anything they see on the platform.

We’re doubling down on products and features to help move people from the insight phase of inspiration, into the decision phase. From product tagging in Idea Pins–so creators can actually tag their ideas with the products they used—to checkout–so shoppers can actually convert without leaving the app—we’re building an ecosystem to help people take their spark of an idea and make it a reality.

– Andréa Mallard, Chief Marketing Officer, Pinterest

Pinterest Presents products rolling out in 2022

Your Shop

Your Shop is new entry point into shopping on Pinterest, powered by a taste-driven algorithm. Every Pinner will be served a customized shopping page, made up of content from creators and brands, based on their own unique preferences and styles. Your Shop is currently in beta for US Pinners and will launch to all US audiences later this year, with more countries to come after that.

Checkout

Checkout, currently in beta, is a feature that allows shoppers to purchase without leaving Pinterest, avoiding a redirected experience Checkout is now available in beta for select Shopify merchants in the US.

Shopping API

Pinterest is making it easier for merchants to create and upload catalogs through Pinterest, so that the platform can be a commerce destination for merchants of all sizes. Sale season? Your pricing’s already updated on Pinterest.

Personalised Trends Tool

Creators, Advertisers and Merchants will be able to discover what is trending in real-time across Pinterest and among their engaged users. Enabling them to activate content, campaigns, merchandising in line with the trends that they know matter most to their audiences.

Pinterest also unveiled new research on ‘inspiration’ revealing that when people feel inspired, they’re also more likely to act. UK users see Pinterest as a space where they feel positive (77%), leading to shoppers on the platform outspending people on other platforms by 40% every month. Pinterest also inspires users to take action on their inspiration more than on all other digital platforms, whether it’s through trying something new (86%), sharing the idea with a friend (75%) or purchasing a new product (83%).

For more details on what was previewed at Pinterest Presents , check out the Pinterest business site for videos and more information.

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Pinterest & Argos Mood Hotel offer Free London stays

Argos and Pinterest have joined forces to launch The Argos Mood Hotel – a world-first hotel concept curated using interior design products from the high street brand, based on the hottest interiors trends emerging from Pinterest’s annual trends report Pinterest Predicts.

The innovative design concept created by The&Partnership, in conjunction with Argos, The Mood Hotel is located in the Town Hall Hotel in Bethnal Green, London, and brings to life the most popular Pinterest trends featured in Pinterest Predicts -through homeware and furniture from the latest Argos product ranges, curated by the retailer’s in-house team.

From luxurious velvets to futuristic detailing – everything featured in the trend-led hotel is available to purchase from Argos in-store and online, allowing customers to put their own twist on The Mood Hotel décor in their own home.

This is a great partnership for Argos with Pinterest, giving them the ability to showcase their latest range to a wide audience which will doubtless be showcased in publications across the country as well as on Pinterest itself.

We’re excited to announce the launch of The Mood Hotel in partnership with Pinterest. This is a great opportunity to bring our homeware to life, immerse and inspire our customers and really demonstrate the ways our design-led furniture and homeware can transform a room.

Our in-house team is committed to curating a range of beautiful products to inspire and excite all our customers, from opulent furnishings to earthy accents and vibrant décor. Trends have always been at the heart of our collections but now that we are adapting to a new way of living and spending more time in our homes, we want to demonstrate the various ways our design-led furniture and homeware can transform a room.

– Andrew Tanner, Design Manager, Argos

Visit or stay in The Mood Hotel for free!

The rooms are open to the public from Saturday 2^nd April to Monday 4^th April, with a limited number of suites available to book for a complimentary overnight stay.

For those unable to visit the hotel, they can experience it through immersive 360° video and detailed high-res photography, as well as shoppable digital formats, on the Pinterest platform and Argos social media channels.

The suites include:

●      The Luxe Room: For those with a sense of extravagance, this space will feature plush velvets and opulent gold accents. Inspired by Limitless luxe

●      The Play Room: Where fresh and funky worlds collide, this room is the epitome of excitable, youthful energy. Inspired by Kidding around

●      The Nature Room: A chance to bring the outside in using earthy colour tones, rugged textures and biophilic designs to achieve a sense of calm and control. Inspired by Biophilic Designs

●      The Night Room: Bringing darkness to life, The Night Room is both futuristic and fun, utilising contrasting lighting and striking silhouettes to elevate your surroundings. Inspired by Night Moves

●      The Tea Party Room: Inspired by a timeless British ritual, this space is vibrantly eccentric and endlessly chic. Inspired by Cuppa Time

●      The Escape Room: Modern minimalism as its finest, this space is all about turning your home into your very own sanctuary. Inspired by Emotional Escape Rooms

The Mood Hotel taps into the phenomenal cultural shift we’ve all lived through in the last two years. Across the world, we’ve seen that people’s relationships with their homes have changed forever and with this comes a new demand for evolving and transforming spaces to suit our mood. This innovative approach from Argos explores the ways people are using the platform and brings to life the very trends people are searching for, making it easy for home decor fans to take action on their creative ideas.

– Sibylle Tretera, Head of Creative Strategy, EMEA, Pinterest

With Argos offering a trend-led range of furniture and homewares, and Pinterest being the perfect platform for home inspiration, we knew this was the ideal partnership to bring to life. Interesting things happen when you have an idea that crosses from the digital world to physical spaces and back again. The idea of staying in a hotel that brings to life the ideas people have discovered and saved on Pinterest, recreated with Argos stylish furniture and homeware, was just so exciting for us to create

– Toby Allen, Executive Creative Director, The&Partnership

More information on how to book can be found here.

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Meet the company: iwoca

iwoca is a company we’ve known for many years and who have been friends with Tamebay since before the company even got going! Indeed, we published a Meet The Company article with iwoca many years ago and today their CEO and co-founder Christoph Rieche once again speaks to Tamebay, this time to share news of their new Revenue Based Loans and why they might be suitable for your business. Read on on to find out more:

Who are iwoca?

iwoca had had a long partnership with Tamebay stretching back to when our founder Christoph met Tamebay’s editor Chris before iwoca even launched their finance offering. Having hosted many meetups together in the early days, we fondly remember many Tamebay readers.

iwoca was born out of the frustration that small businesses were struggling to find the finance they needed to reach their potential. We knew that technology had the potential to significantly change how small businesses access finance and move them away from using traditional banks. 

Less than a decade later, we’ve made more than £2 billion of finance available to more than 50,000 businesses.

What do iwoca do?

We provide loans, payments and invoice solutions for small businesses in any industry, from coffee shops to barbers to electricians, and of course, ecommerce businesses. We have different finance options available to help them grow, cover gaps, grab opportunities or just keep cash flow smooth. 

What’s new?

We’ve launched a new product – the Revenue Based Loan

Businesses can spend on growth and repay at their own pace, based on their revenue: if their sales slow down, they’ll pay less; as their sales grow, they can borrow more.

Who are Revenue Based Loans suitable for?

Because your repayments are directly linked to your sales, these loans are perfect for Amazon or eBay sellers, or for larger ecommerce companies.

It’s really sped up my product range expansion. Instead of putting new products off until I had the funds, the iwoca loan means I can afford to send samples overseas -which leads to more orders

– Andrew, Amazon seller since 2013 

Amazon’s payment processing can be a little complicated and slow, an issue for ecommerce businesses given they are often short on capital. Our RBL is the perfect solution for Amazon’s payment processing issue:

While we were waiting for our payments to come through, we looked at revenue-based loans through companies like iwoca, allowing ecommerce companies to repay their loans in line with the ebb and flow of their businesses. This means a lean sales month or a month with high returns won’t leave us caught short

– Anna Jenkins, iwoca RBL customer and founder of small business florist, Silky Bouquet

Our RBL is developed specifically to support those businesses that experience seasonal shifts in revenue and demand, enabling them to stay in control of their finances. This is particularly useful for those businesses operating in retail, hospitality and ecommerce given they experience fluctuations in demand – around Christmas, for instance.

Our RBL also offers flexibility to businesses affected by continued economic uncertainty, with supply chain and staffing issues making it difficult for businesses to plan. Moreover, it can drive growth for scale-ups whose revenue growth may come months after the finance is secured – an effective alternative to other traditional funding.

What makes iwoca better than the competition?

Some revenue-based loans will only base the borrower’s loan amount and repayments on the patterns of one revenue stream, but we will consider all revenue streams. Standard revenue-based loans involve lenders working with a business’ card payment processing company to ascertain revenue cycles. But we use open banking technology to use your business’ bank transaction data, instead of just card transactions, accounting for the multiple revenue streams a business may have. This will be particularly useful if you sell online, on multiple platforms.

I sell on eBay and Amazon. The product I have taken from iwoca is almost identical to Paypal Funding Capital; the only difference is that Paypal Funding Capital only took repayments from the eBay payments; obviously, that has changed with eBay handling payments.

The point I would make is eBay is offering several funding providers. iwoca is the only financier I have found similar to Paypal Funding Capital.

– Andrew, Amazon seller since 2013

What should I do if I’m interested in revenue-based finance?

Step 1. Apply in minutes: decide how much you’d like to borrow and link your bank account

Step 2. Choose your terms: once we’ve approved you, just decide what percentage of your revenue to repay each month. 

Step 3. Repay at your pace: we’ll send the money straight to your bank account, and automatically take the right repayment each month.

From the minute you apply, you’ll have your own account manager on hand to help; they’ll be in touch to talk through your offer and help with your application. 

What if I don’t need finance immediately?

Yep. If you don’t need finance right now – but think you will later – you can get an offer today  so you’re pre-approved for when your next opportunity arises.

In fact, a lot of our customers use their loans like this; it can be handy to know that you’ve got finance ready to go, just a click, call or email away.

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Nominate your town as UK Top Town for Business

Our towns have long been central hubs for business, leisure and commerce, but this has never been more apparent than during the pandemic. To celebrate local businesses and the towns that allow entrepreneurial spirit to flourish, Enterprise Nation and Dell Technologies in partnership with Intel are running a competition to find the UK Top Town for Business in each region and an overall Top UK Town.

Share what makes your town a Top Town for Business and be entered into a draw to win a Business Bundle which includes an Intel-based Dell laptop with accessories worth over £3000 and a mentoring session with Emma Jones, Founder of Enterprise Nation.

UK Top Town Judging Criteria

The judging panel will assess your nominated town based on the following:

Connectivity

This includes transport links, quality of wi-fi services, and availability of technology.

Dedicated space

Are there out-of-home workspaces available?

Retail space

Are there premises or spaces available that allow online businesses to test or sell their products in a physical environment? This includes pop-up shops, markets, street food areas and so on.

Networks

To what extent are there small business networks and/or organisations in the town?

Leadership

Does the local council support small business? If so, how?

Nominations and judging

Nominations close on the 16th of March at 11:59pm UK time. If your town has been shortlisted, you’ll hear back within two weeks.

Shortlisting will identify the top 3 towns for each region (England, Scotland, Wales, and Northern Ireland).

Shortlisted towns will be announced for public voting to determine the regional winners and overall winner for the UK. Voting will close on the 17th of April at 11:59pm UK time.

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UK Gov Online Sales Tax (OST) consultation

The UK government have published an early-stage consultation, exploring the arguments for and against an Online Sales Tax (OST). The consultation will run until the 20th of May 2022.

The consultation was committed to at Autumn Budget as part of the government’s conclusion to its review of business rates, where stakeholders, including some of the UK’s most well-known high street businesses, called for an Online Sales Tax to help rebalance the tax system through funding a reduction in business rates for the retail sector.

We want to see thriving high streets and a fair economy as we move forward from the pandemic, which is why our business rates review cut the burden by £7 billion for businesses, and committed to look at an Online Sales Tax – given the imbalance identified by some between online and in-store retailers

Whilst we’ve made no decision on whether to introduce such a tax, it’s right that, given the growing consumer trend to shop online, we work with stakeholders to assess the appropriate taxation of the retail sector.

– Lucy Frazer, Financial Secretary to the Treasury

This is important as it will impact all of retail – online and offline, and potentially could involve a percentage tax on all of your online sales or a per item tax on outgoing shipments. Either way, the suggestion is to decrease business rates and shift the tax revenue to remote sales via OST.

It is possible at this stage that to mitigate the impact and burden on small businesses that marketplaces could be responsible for collecting the tax, but whether you have to administrate the tax or if marketplaces do it on your behalf, OST will impact your business and make your goods more expensive to purchase.

Potential loopholes are already emerging and doubtless large retailers will be lobbying to exclude things such as Click & Collect and remote sales via telephone compared to online orders. They’ll be arguing that fulfilling an order from a physical local store should be treated differently to orders fulfilled from central warehouses claiming that they have to pay Business Rates to store the goods locally. A lot of horsetrading is about to take place but you too can have your say.

You can read the consultation document here and you can submit your views here.

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BigCommerce partners with Digital River

BigCommerce have announced a direct integration with Digital River, to provide mid-market to enterprise BigCommerce merchants with an all-in-one global commerce solution that fully manages payments, tax, fraud and compliance to simplify cross-border selling and accelerate global expansion.

Delivering localised checkout experiences and reconciling international sales can be daunting and burdensome. To remove these complexities, we’ve teamed with BigCommerce to manage the financial and legal responsibilities of cross-border selling on behalf of BigCommerce merchants to help them simplify operations and accelerate global expansion at less cost. Together we’re doing the heavy lifting so merchants can focus on what’s most important—global growth.

– Adam Coyle, CEO, Digital River

With a single integration, merchants can integrate Digital River’s Merchant of Record business model to mitigate risks and maximise conversions by delivering localised checkout experiences for both onshore and cross-border sales directly from within their BigCommerce store. As a result, merchants can easily deploy entry into new markets in as little as six weeks and simplify cross-border selling processes that can decrease operational costs by up to 30 percent.

Cross-border ecommerce continues to grow rapidly, and this partnership comes at a time when many merchants are prioritizing expansion to reach international customers. Our partnership with Digital River provides the global commerce solutions needed to go to market faster, at a lower cost and without the risk and complexities typically associated with cross-border commerce.

– Brent Bellm, CEO , BigCommerce

Key benefits include:

• Global payment localisation. Merchants can leverage a number of leading payment providers with local entities to maximize authorizations and give shoppers access to their preferred currencies and payment methods such as local cards, buy-now-pay-later and wallets.
• Minimize financial complexity. Merchants are able to minimize financial risks by managing compliance, fraud mitigation, currency conversion, chargebacks, and global reconciliation all from within their BigCommerce Control Panel.
• Reduce legal risks. Merchants will mitigate risk from new regulations and ensure they adhere to local tax requirements in 240+ markets, overcoming global online selling liabilities ranging from consumer protection laws, collection of tax, duties and tariffs, payments compliance and fraud screening.
• Maximize authorizations. Merchants gain instant access to leading transaction routing technologies and an expansive acquiring network that allow for lower global processing fees and increased authorization rates by up to 15% – saving significant time and expense.
• Streamlined order management processes. Merchants can leverage logistics tools that handle end-to-end fulfillment from either Digital River’s existing partner network or from the merchant’s fulfillment partner of choice.

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Retailers must adapt to buying without borders – or risk getting left behind

Buying without borders is the topic addressed today by Tony Preedy, Managing Director of Fruugo. As we exit the pandemic it’s time to start focussing on growth once again and global selling is essential to take full advantage of ecommerce opportunities.

If you’d like to discover more about Fruugo, watch their session at the recent 2022 Tamebay Live

Buying Without Borders

The internet has in many ways allowed the world to grow smaller. Trends in one country often spread rapidly online around the globe, meaning the pace of change in consumer demands has continued to speed up.

Also, thanks to the internet, retailers in one country are no longer constrained to only reaching locals. With the right platforms and tools in place, they can easily sell to customers all over the world. So how can sellers ensure they not only adapt to rapidly changing consumer tastes, but truly capitalise on the opportunities it offers?

The importance of inventory

While buying across borders was already mainstream prior to the pandemic, global lockdowns and unpredictable markets catalysed the mass shift towards shopping online, as well as driving consumers to be more attuned to what’s in the public consciousness than ever before.

As a result, today’s post-pandemic buyers are far savvier. Shoppers are increasingly finding and buying exactly what they need online, without thinking about who or where they are buying from. If they can’t find a product from one retailer, online searches will quickly reveal an alternative supplier that has stock, which with supply chains remaining disrupted by the Covid pandemic, are increasingly retailers in a different country to the shopper.

As such, agility and availability are now the key to winning the sale, meaning the rapid synchronisation of inventory with search engines is mission critical for effective retailing.

Keeping up with consumers

Data shows an increasingly rapid correlation between global events and product purchases. For example, when the pandemic first hit the Western world, there was mass demand for products such as masks and sanitizer, leading to shortages. In fact, hand sanitizer sales soared by 1,807% in the week ending February 15 2020 in Italy compared to the same week a year earlier while in the UK, hand sanitizer sales saw a year-on-year increase of 255% throughout the whole of February 2020

While populations reacting to a global pandemic come as no surprise, consumers have also reacted to cultural media phenomena like never seen before, amplified by time spent under lockdown. The Korean Netflix phenomenon Squid Game saw sales of white slip-on Vans shoes worn by the show’s main characters spike by a whopping 7,800%. Here at Fruugo, Squid Game cosplay outfits became the best-selling item on the global marketplace, illustrating the opportunities available for retailers who are equipped to instantly take advantage of trends and expand their audience on a global scale.

Pockets of demand for goods can occur from anywhere at anytime. A good example is the 2021 Olympics, which saw the arrival of several new sports like skateboarding to the competition. In the weeks that followed, Fruugo saw a 250% increase in the sales of skateboards, and a 102% increase in sports products in general, with demand for different products from various sports occurring in different countries around the world. Retailers able to ship internationally were able to capitalise.

Meanwhile,there are key dates that have long been in every retailer’s calendar, such as Valentine’s Day or Mother’s Day. Yet with the growth in cross-border selling, sellers can now maximise their brand awareness no matter where they are in the world. This year for example, Fruugo saw Sweden top its list of most romantic consumers, taking up over one-quarter (28%) of all its sales on all Valentine’s related gifts and items – yet the top-performing sellers to Sweden were across the globe in China and Singapore.

Simplifying cross-border selling

Selling across borders can sound like a very tall order as it requires resources and tools many sellers do not have to deal with the various complexities. However, cross-border selling has been enabled by the growth of digital marketplaces. In fact, the majority of cross-border online sales are now through these platforms.  

For sellers, marketplaces are a saviour as they can take on a lot of the technical work for sellers and help optimise marketing. For example, marketplaces are responsible in many jurisdictions for the calculation and remittance of sales taxes according to the type of goods and location of the customer. They also integrate with local payment providers, screen those orders for fraud, and take on the cost of currency conversion. And many go beyond simply facilitating transactions, they work on behalf of the retailer by actively marketing their products to generate sales from customers across global markets. Sellers then just have to organise to ship the parcels, made simple by the active market in international ecommerce logistics. While small and light items are still the most commonly traded type of goods across borders, even heavy and bulky items can now be shipped economically to neighbouring markets, making it possible and practical to sell most types of consumer goods internationally.

Furthermore, some marketplaces handle the translation of content into foreign languages, provide multi-lingual customer service and account management, capture funds using locally essential payment methods, localise pricing, as well as handling other cross-border issues such as local retail regulations.

Diversification is key

Today’s retailers cannot bank on just having one digital platform or route to market. To capture some of the booming market in cross-border transactions requires focus on generating more reach and visibility for their products. Marketplaces offer incremental sales from across the globe at a low marginal cost, and the more marketplaces sellers list on, the greater their total digital presence and the higher their overall sales. This diversification of channels to market also helps to reduce the risk created when they are dependent on one, such as sole reliance on Amazon.

Sellers of any kind must evaluate whether their digital marketing is sufficiently dynamic, flexible and global to take advantage of the massive ongoing trend towards globalisation of buying and selling – capitalising on the rising online demand for their products, wherever those customers are located.

For more tips on cross-border selling, be sure to check out Tamebay Live sessions here.

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