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What’s been happening in your industry this week? Volume 4

At WOWPOS, we understand that you will have a busy life and will not have the time to read the news. However, as a business owner, it is crucial that you keep informed about the changes in your industry. This is why WOWPOS brings the news to you! We provide you with quick updates about the biggest stories in your industry. This is the fourth installation of our weekly newsletter.

What’s been happening in your industry this week? Volume 4

Retail

http://www.retailgazette.co.uk/blog/2016/12/panic-saturday-could-be-bigger-than-black-friday

During the retail year, it is usually Black Friday which is the biggest retail event of the year. However, it looks like Panic Saturday could overtake Black Friday. Panic Saturday is traditionally when customers choose to buy their last-minute Christmas presents. Panic Saturday is expected to last a whole week this year which will generate £17.6 billion on credit cards alone. However, this Saturday is expected to be the year’s biggest shopping day with footfall increasing by 45% on high streets. Department stores are expected to benefit the most from Panic Saturday as they are expected to experience a 127% rise. This shows that Panic Saturday will be a successful day for retailers. It is strongly recommended that you prepare your retail business for Panic Saturday so that you can deal with the high traffic of customers that you will receive. You should have more employees working on Panic Saturday so that you have more employees able to answer customer’s questions. This will also allow you to open more tills to reduce the queues. If you prepare your retail store correctly, you will be able to maintain a high level of customer service, even at the busiest times. Will your store be busy on Panic Saturday?

http://www.retailgazette.co.uk/blog/2016/12/consumers-could-be-owed-4-pounds-1-pence-billion-in-delivery-fees-this-christmas

Do you refund your customer’s delivery costs on returned items? If the answer is no, you may be breaking the law. Recent research has discovered that online retailers who keep the delivery fees after a return, may be breaching the Consumer Contracts Regulations. A massive £4.1 billion will be owed to customers in unreturned fees. Solicitors have stated that retailers should immediately refund the delivery costs once they have received the returned goods. However, certain companies are only refunding the delivery costs if the customer requests for them. It is not within the regulations to make your customer to fill in a separate form or contact you to receive their refund. Make sure that you are not breaking the law this Christmas.

http://www.retailgazette.co.uk/blog/2016/12/shops-to-remain-open-on-boxing-day

Recently, there has been a debate about the controversial topic of shops opening on Boxing Day. After a long debate in Westminster Hall, the decision was made for shops to remain open on Boxing Day. This decision has sparked a lot of anger as it has been argued that opening shops on Boxing Day exploits low paid workers. In 2014, 365,000 employees had to work on Boxing Day. The petition for shops to close on Boxing Day generated 140,000 signatures.  However, if shops did close on Boxing Day, it would cost the economy £3.7 billion. Do you open your retail store on Boxing Day?

Hospitality

http://www.retailgazette.co.uk/blog/2016/12/tourism-spend-breaks-records-in-november

There have been major concerns about the pound weakening. However, the weakened pound has helped the tourism spend reach an all-time high. The tourist spend increased by 41% which shows that the weakened pound has encouraged more tourists to spend money in the UK. It was the Asian tourists who provided the majority of the spending. The Chinese visitor spend increased by 63% and the Taiwanese visitors increased their spend by 160%. It wasn’t just Asian countries who were taking advantage of the weakened pound as the visitor spend of the United States increased by 88%. The festive season is traditionally a busy time for the hospitality industry as tourists will spend Christmas in the UK. Your hospitality business has the opportunity to be very busy this Christmas. Will it be a Merry Christmas for your restaurant or hotel?

http://www.hospitalityandcateringnews.com/2016/12/1-3-brits-doesnt-share-christmas-dinner-family-7m-eat-ready-meal-christmas-day/

Christmas Day is usually a very busy day for restaurants as many families will choose to reserve a table at a restaurant instead of eating at home. 59% of British people believe that family time is the most important aspect of Christmas. However, 33% of the UK’s population do not eat Christmas dinner with their family. This suggests that the demand for large bookings at restaurants will decrease this Christmas. If you rely on your Christmas day bookings, you may be disappointed as research shows that 11% of the British population will eat a ready meal on Christmas day. This means that 7 million people will not eat a Christmas dinner. This could reduce the amount of bookings that you receive during the festive season. Do you have a lot of bookings for Christmas?

http://www.bighospitality.co.uk/Trends-Reports/Michel-Roux-Jr-scraps-tipping-at-Le-Gavroche

Tipping in restaurants has always been a controversial topic which many people will have different opinions on. There has been a lot of confusion about the differences between service charge and tips and whether the restaurant or staff receive the money. However, Michel Roux Jr has come up with a solution as he is going to implement a 13% service charge on all of his customer’s bills. Michel Roux is the owner of Le Gavroche restaurant which has two Michelin stars. A service charge is usually 12.5% with the option of adding cash tips as extra. However, Michel Roux is going to charge a 13% service without any added tips so that the customer knows exactly what they are paying for. Do you add a service charge to your customer’s bill?

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