Page 38 - HW Dec-Jan 2023

global eyes
Brits cut back as
inflation bites
With inflation a global phenomenon, it’s no surprise that Brits too are anxious about costs.
Indeed, more than three quarters
of UK consumers will use less energy this winter and cut non-essential spending to combat higher housing costs, as discretionary budgets continue to deteriorate, according to retail consultants Retail Economics.
With the UK’s energy price cap stepping up and energy bills set to follow – plus mortgage rates rising in October – the Retail Economics- HyperJar Cost of Living Tracker says that average families in the UK saw their discretionary income plummet by almost 9% in September 2022 compared to 2021.
As a result, more than three quarters of Brits will try and use less energy and just spend less, says Retail Economics.
But what will shake UK DIY retailers and merchants specifically is Retail Economics’ prediction that almost 40% of those polled for the Retail Economics- HyperJar Cost of Living Tracker said they would delay or even cancel renovations, extensions etc as a direct result of these unprecedented hikes in the UK’s cost of living.
Amidst these predictions of reactionary spending, ONS figures for October already show both UK physical and online retail sales values continuing to deteriorate.
www.retaileconomics.co.uk
Shipping still “walking a slow path” towards digitisation
SAD TO LEARN, given the last couple of years’ supply chain woes, that digital transformation in the troubled and rather haphazard shipping sector is “walking a slow path” compared to other industries.
So says research from Hamburg-based Container xChange, whose online marketplace allows you to buy, sell or lease containers.
A recently conducted shipping industry survey by Container xChange, in partnership with Copenhagen Business School, shows that 84% of participants still source quotations via email and phone, while 78% use the same outdated processes to place a booking for a slot on a vessel to transport freight.
Moreover, more than 70% of the respondents cited a “lack of trust in their counterparts.”
Out of all the companies surveyed, 83% ranked digital vessel schedules as
a “must”, while 77% ranked the need for an intuitive booking interface as equally important.
Industry players also say they want
to have their document checklist and uploads visible and easy to use, as well as operational contact information ready at hand.
At the same time, the fact that 60%
already use online solutions like Maersk’s online booking platform shows that a market for digital SOC ocean freight booking exists.
Christian Roeloffs, co-founder and CEO, of Container xChange, says of
the findings: “Lack of transparency and standardised digital processes has fuelled inefficiency and mistrust for a very long time in the logistics industry.
“These struggles are worse for shipper- owned containers where no carrier takes care of processes.
“The survey corroborates the state
of the industry at present, but it is encouraging to understand how so many players are looking forward to digital vessel schedules and intuitive booking interfaces for instance.
“With the adoption of digital tools, all of this could be streamlined in a manner that there is a standardised procedure for all users.
“With digitization at the crux of the whole booking cycle, the industry could become more efficient with streamlined vessel schedules, intuitive booking process, avoid scammers and gain trust in counterparties with vetted partners.”
Likely we’d all like to see more progress in this sector...
www.container-xchange.com
36 NZHJ | DECEMBER 2022/JANUARY 2023
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