In the Precision Software News Round-Up: 30 November 2018, US retailers had a record-breaking November; President Trump says Brexit deal threatens future US-UK trade; Senator Elizabeth Warren attacks Nafta 2.0; WTO expects trade to weaken in Q4; and this week, Precision’s retail expert Simon Heath looks at Alibaba.
US CONSUMERS BREAK ONLINE SALES RECORDS
Consumers broke record in US this November. Adobe Analytics reports that $3.7 billion was spent online this Thanksgiving, a growth of 28 percent year over year. Black Friday broke online sales records too. This year, consumers spent $6.2 billion online — a growth of 23.6 percent year over year. In addition, consumers spent $7.9 billion in the Cyber Monday online sales. This resulted in a 19.7 percent increase year over year. For more on this, please see Forbes.
PRESIDENT TRUMP SAYS BREXIT DEAL THREATENS US-UK TRADE
This week, US President Donald Trump warned that Theresa May's EU withdrawal agreement could threaten a potential US-UK trade deal. Furthermore, President Trump said that the agreement “sounds like a great deal for the EU.” Downing Street disagreed with this assessment and insisted that, post-Brexit, the UK would be able to sign free trade agreements with countries around the world. For more details, please see the BBC.
SENATOR WARREN ATTACKS NEW NAFTA
On Thursday, the Democrat Senator for Massachusetts, Elizabeth Warren attacked the United States-Mexico-Canada Agreement. In a speech to around 500 students, Sen. Warren said she fundamentally opposes the reauthorization of the trade deal. Furthermore, she argued that President Trump should open up the agreement to address issues including stronger labor bargaining, data privacy rights, and climate change.“The federal government has certified that Nafta has already cost us nearly a million good American jobs — and big companies continue to use Nafta to outsource jobs to Mexico to this day,” she said. For more on this, please click here.
WTO SAYS GROWTH TO DECELERATE
The World Trade Organization says that global trade growth will continue to weaken in the last quarter of 2018. The WTO’s World Trade Outlook Indicator report found that the production and sales of automobiles, electrical components and agricultural raw materials were lower than expected. In September, the WTO revised its forecast for world merchandise trade growth to 3.9 percent for 2018. Trade growth is expected to contract to 3.7 percent in 2019. For more, please see Bloomberg.
ALIBABA: ONE KEY LESSON RETAILERS CAN LEARN FROM THE E-COMMERCE GIANT
China’s Alibaba has achieved behemoth status in a relatively short space of time. The company’s sales are staggering — achieving a 40 percent share of the global e-commerce market. To put that in perspective, that’s more than the US and UK combined. Through its various marketplaces, Alibaba facilitates B2B, B2C and C2C sales. Alibaba is, of course, a very different beast to your traditional bricks-and-mortar retailer — or even most online retailers. In the latest Precision Report, retail supply chain expert Simon Heath looks at Alibaba and the one key lesson all retailers can take from the internet giant’s success. To read the report, please click here.
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