Today’s news in brief-10/11/23
The Office for National Statistics (ONS) has reported that the UK GDP showed no growth in Q3 2023, in contrast to a 0.2% increase in the previous quarter. Year-on-year, GDP increased by 0.6% in Q3. The services sector saw a 0.1% fall, offset by a 0.1% increase in construction output and no growth in the production sector. Expenditure-wise, a rise in net trade was counteracted by declines in business investment, household spending, and government consumption, the latter driven by reduced health and education spending. The data reflects a challenging economic outlook, with higher interest rates impacting demand, leading to a forecasted stagnation in private sector activity. The CBI suggests that unlocking business investment could potentially boost GDP by 2% by the end of the decade.
Waitrose has partnered with Netcore Unbxd to integrate AI into its online shopping platform, aiming to enhance the search and browsing experience. The AI integration will tailor experiences based on past customer behaviour, including preferences and search habits. Through this technology, Waitrose aims to automate complex searches, providing more relevant results. For instance, if a customer searches for ‘drinks for teetotallers,’ the results will display a selection of alcohol-free drinks. This move aligns with Waitrose’s goal of improving customer satisfaction and simplifying the online shopping process, making it more personalised and efficient.
Online fashion marketplace Vinted has introduced an item verification service in the UK to enhance trust in higher-priced, second-hand items and combat counterfeiting. Priced at £10 per item for eligible brands listed at £100 or more, buyers bear this cost. The service, performed by a team of verification experts, is free for sellers. The initiative stems from Vinted’s acquisition of luxury resale platform Rebelle in 2022, combining their expertise. The move underscores Vinted’s commitment to authenticity and trust in the second-hand shopping experience, aligning with its goal to make second-hand fashion the preferred choice globally.
Asos is set to open its inaugural four-storey pop-up store in Central London, offering an immersive shopping experience from November 23-26. Customers can physically and digitally explore curated collections, including well-known brands. The pop-up will feature an AR catwalk show, accessible through Snapchat, providing an additional layer of engagement. Asos aims to blend physical and digital retail experiences, allowing visitors to try on items and virtually test beauty products. This initiative, part of the Asos Your Way campaign, coincides with the company’s recent financial results, revealing a 10% YoY decline in group revenue and a substantial increase in operating losses. Despite these challenges, Asos remains committed to connecting with consumers through innovative and immersive retail experiences.