Mail Manager, the email management solution developed by Arup, now part of Ideagen, is proud to launch our annual AEC Project Management research report
This research aims to discover the project management and collaboration challenges facing businesses globally in the architecture, engineering and construction (AEC) industries. The report explores how businesses manage project information, where they store it and how they go about retrieving data to chase payments and when facing legal disputes. The report also provides insight into how the industry has bounced back following the Covid-19 pandemic which affected project management processes.
This year’s study surveyed 507 AEC leaders from businesses around the world, with the majority of respondents coming from the United Kingdom and the United States. All respondents hold leadership and management roles at their businesses, including CEOs, CFOS, CCOs, presidents, directors and owners, as well as BIM managers, project managers, heads of IT and IT managers. The anonymous responses were collected between January and April 2022.
What did the AEC Project Management Research Report show?
The research clearly highlights that disputes are continuing to disrupt AEC businesses but less than half of respondents file important information to central locations, leaving information accessibility and visibility a major challenge. This is particularly poignant with good document management and records management being key to dispute resolution or litigation success.
Most respondents have experienced some form of dispute in the last 12 months, with a huge spike across the industry compared to this time last year. Unfortunately, it has become increasingly clear that despite this increase in disputes, AEC firms are not managing their information effectively to protect themselves in court.
“The working world has continued to change in the last 12 months, which is reflected in the AEC industry’s evolving priorities. This time last year, we saw a huge shift to remote working which saw an increased need for effective collaboration tools, however, this year it appears that hybrid working is the new normal in the industry,” said Stuart Rowe VP of collaboration strategy at Mail Manager, part of Ideagen.
“Our research has found that the majority of project correspondence remains in email inboxes, which means it is difficult for people to locate and retrieve project information when they need it. This is a huge concern as most project scope changes reside in email inboxes. Failing to properly manage all information and records also prevents a Golden Thread, or a Single Source of Truth, across projects and businesses.”
When asked about their business’s reliance on email, only 28% of people surveyed say they are not more reliant on email than they were 12 months ago. Email is particularly important to project scope changes, with 47% of this information sitting in email and 43% residing within formal documents.
One in two AEC businesses can’t easily access their project correspondence
Most respondents (87%) are at least “slightly concerned” about their project information not being readily available and visible. Plus, over half of the survey respondents (57%) are either “concerned” or “very concerned” about not being able to discover project information. These concerns are highlighted by people increasingly needing to locate information from past projects. In fact, just over half of respondents (51%) said that they regularly need to find information from historic projects.
One-third of AEC businesses lose critical project information with staff turnover
Less than half of respondents (44%) require employees to file all project-related emails into a central location, with 15% of respondents indicating that no emails are filed across the business. This opens firms up to huge risks relating to information management. As well as this, one in three businesses do not require their staff to file their emails when people leave the business, so this information is lost.
Disputes have been rife in the past 12 months
In 2021, almost two-thirds of our respondents (63%) reported experiencing some kind of dispute in the business. This year, that number rose to 78% of respondents experiencing a dispute. Only 22% of respondents have not been involved in a dispute in the past 12 months. Project scope changes (24%), payment issues (22%) and timelines (20%) were the leading causes.
What do these findings mean for the industry?
One thing has become clear from the research: our new hybrid working world has had a significant impact on how AEC organisations operate. Facilitating hybrid working has become a key priority and AEC firms are clearly looking to digitise.
However, legal disputes and employee concerns over a lack of information visibility continue to increase as businesses fail to deploy tools which will allow them to find their documents and information quickly and efficiently.
The AEC industry has a long way to go in adapting its information processes. With employees working in hybrid environments, email remains a vital collaboration tool that businesses still struggle to get the best out of. This means important project information gets locked in email inboxes, employees spend hours looking for data and documents, or information goes missing completely.
Our colleague, Lu Tianqin, Chief TV Host of Hinews.cn Media and Head of the Duty Free Channel at Hainan Hinews Media Co, introduces the Forum
CHINA.Hainan Hinews Media Co, the island province’s leading digital media company, yesterday hosted the Global High-end Consumer Goods Development Forum, a key supporting activity to the second China International Consumer Products Expo (Hainan Expo), which is taking place this week from 26 to 30 July.
Hainan Hinews Media Co is The Moodie Davitt Report’s strategic partner in Hainan. Its coverage of the island’s offshore duty free industry (including through a dedicated duty free TV channel) reaches a vast audience in Hainan and across Mainland China.
The Moodie Davitt Report Founder & Chairman Martin Moodie delivered a keynote address at the Forum. Here is an edited version.
大家好！Da jia hao!
Greetings everyone and I hope you all have a fantastic week at the China International Consumer Products Expo in Haikou.
I am so sorry I cannot be with you this year but family commitments back in the UK have meant that my next visit to beautiful Hainan will have to wait. Not too long I hope!
Nevertheless, I am with you in spirit and The Moodie Davitt Report is delighted to support this important Forum, which forms a key part of the Expo.
It’s my pleasure to take part in this great initiative from the Hainan Hinews Media Co, whose amazingly professional team I work with very closely. They provide us with unrivalled local coverage including on-location reporting which I in turn can share through my media platform with the world’s most famous brands. It is a unique and very important collaboration between a local media and an international one.
Their unrivalled coverage of the Hainan offshore duty free sector is crucial in building awareness of and credibility for the business in the eyes of consumers and the world’s leading brands. Hainan Hinews even hosts the world’s only TV channel solely dedicated to the duty free industry – and their coverage of store openings, promotional campaigns and brand launches is second to none, I can promise you.
I have been covering this industry globally for 35 years and I have never seen such an exciting dynamic as the Hainan offshore duty free sector. It was the principle reason that I moved to Hong Kong, China in 2020, so I could be close to the world’s hottest duty free market, and one which I called the ‘lighthouse’ of travel retail while the rest of the industry was plunged into darkness by the pandemic.
“President Xi has described international tourism as an important ‘business card’ for Hainan Free Trade Port. What a powerful business card it has become, one that has been shown to millions of Chinese visitors and many international tourists and businessmen since that small CDFG store opened in Sanya in 2011” – Martin Moodie
This week in association with KPMG China we published a White Paper that examines the Hainan duty free business in the context of the global duty free industry.
The White Paper underlines the significance and success of Hainan’s offshore duty free policy which I consider the most enlightened, consumer-friendly, and business-supporting policy in the history of the travel retail sector.
That policy, introduced in 2011 and enhanced in 2020, provides a wonderful role model of government/private sector collaboration and helps explain why Hainan has become the hot spot of the global duty free industry, an incredible achievement in just 11 years.
Martin Moodie: The various Hainan government support schemes are a rare example globally of government working hand in hand with duty free retailers to support a business that brings visitors, creates jobs and stimulates the wider economy – a far cry from the hostile approach to the duty free and travel retail industry of the UK government and the European Union authorities
The travel retail industry worldwide has gone through the most sustained and severe crisis in its history over the past two years. With passenger traffic collapsing at most of the world’s airports, travel retail was robbed of its bloodline through most of 2020 and to a lesser but still challenging extent in 2021. A global market that went into freefall with one remarkable regional exception, Hainan.
Thanks to some key health, strategic, policy and commercial decisions, China’s domestic travel retail industry has been the exception to the rule of industry malaise during the crisis.
Firstly the sustained success of the ‘dynamic zero Covid’ policy has been overwhelmingly successfully in curbing infections and limiting deaths. That has meant that domestic travel in China, albeit with sporadic restrictions, has blossomed through much of the pandemic era.
That has been a major reason behind China Duty Free Group’s extraordinary rise to become the world’s number one travel retailer by sales since 2020 according to The Moodie Davit Report annual rankings. Consider that CDFG ranked just 19th in 2011 and you get an idea of the phenomenal impact of the offshore duty free policy introduced in that same year.
The impact of the enhanced duty free shopping policy introduced on July 1, 2020 was electric. Hainan’s duty free industry has become the superstar of travel retail, posting year-on-year sales increases of +127% and +84% respectively through 2020 and 2021 – in both cases from an all-time record high base and in both cases amid a global pandemic.
Hainan’s enhanced offshore duty free shopping generated a whopping CNY90.6 billion (US$13.55 billion) in sales over the two-year period after the policy was introduced. As I say, a triumph of policy.
Government support to boost the business didn’t stop there. Another key source of momentum came with the issuing of licences to several newcomers in 2020 in both the capital Haikou and the shopping heartland of Sanya to the south.
Again this year the Hainan government was proactive in its reaction as the island’s retailers were hit by the COVID-related slowdown in visitor numbers. Two key stimulus packages have been introduced over recent months to boost consumer consumption and assist the island’s duty free retailers.
The schemes are a rare example globally of government working hand in hand with duty free retailers to support a business that brings visitors, creates jobs and stimulates the wider Hainan economy – a far cry from the hostile approach to the duty free and travel retail industry of the UK government and the European Union authorities.
Hainan Hinews’ New Hainan app reports on Martin Moodie’s speech. Click on the image to view.
That support is further reflected in the hosting of the second annual China International Consumer Products Expo on July 26-30. The Expo will allow international exhibitors and visitors to gain a deeper understanding of Hainan’s Free Trade Port policy and create crucial business opportunities for Chinese and international companies.
Hainan offshore duty free is central to the Free Trade Port programme. It plays a dual role for brands – it is a big volume and value channel in its own right but it also offers an almost priceless showcase to consumers across the vast Chinese nation.
President Xi has described international tourism as an important ‘business card’ for Hainan Free Trade Port. What a powerful business card it has become, one that has been shown to millions of Chinese visitors and many international tourists and businessmen since that small CDFG store opened in Sanya in 2011. Who could have imagined back then that Hainan would become such a remarkable success story?
This conference will magnify that success story and I congratulate Hainan Hinews for having the vision to organise it. It has been my pleasure to take part.
谢谢你 Thank you.
Partner with us on WeChat and reach your key Chinese audience in Chinese. Stories related to the China travel retail market are featured each week on The Moodie Davitt Report’s WeChat Official Account. Please scan the QR code to follow us and contact Irene@MoodieDavittReport.com for native opportunities.
Small businesses are an integral part of the American economy. According to the Small Business Administration’s (SBA) 2021 report, small businesses make up 99.9% of all American businesses. Every year, more and more sprout up as people develop new ideas and new ways of doing things. Whether it’s your local coffee shop or friendly, neighborhood bookstore, small businesses are everywhere.
There are a number of reasons why shoppers love a small business. Not only are they able to provide unique products and services, but they also tend to have more sustainable business practices. But what is it that makes Americans choose a small business over the number of big box stores on every corner? A recent GOBankingRates survey found the top 3 reasons why people prefer to shop locally.
The best small businesses understand that their relationship to their customers is priority one, and it seems that shoppers really value that relationship as well. According to the survey, 53% of Americans enjoy the personal relationships they have with local businesses.
Business owners are looking for repeat customers to generate profit, and the best way to achieve that is to engage with them. These interactions can provide a lot of important feedback like whether the homepage is easy to navigate or whether the store’s organization is a little confusing. Small business owners are better able to engage with their customers and can therefore provide a more customer-forward shopping experience. And because these businesses are tied to the community, they understand what it needs.
A strong personal relationship would be nothing without customer service, and the majority of Americans agree. 54% of survey respondents said that they shopped small because of the customer service.
Big corporations aren’t well known for their customer service. When something goes wrong, they can make it hard to feel heard. Much of their problem-solving involves a call center employee repeating the standard operating procedures and explaining that there’s nothing they can do.
When you’re dealing with a local shop, you know that when you call or visit, you’ll be dealing with someone who cares about their business and their customers. And smart business owners strive to take care of their customers so that they come back.
3. Supporting Local Communities
It’s a lot easier to put money towards something that matters to you, like a friend’s Etsy store or your neighbor’s lawn care service, because you can see the impact on a more personal level. Our survey found that 64% of people shop locally in order to support their communities. And small businesses can make a big difference.
According to the same SBA report, small businesses create 1.5 million jobs for Americans, which makes up 64% of all new jobs. And when the economy is staring down a bear market, job creation is something to be excited about. These businesses contribute to the local economy, and the property taxes tend to help the larger community as well.
Almost one million people in a suburb of Wuhan – China’s central city where the coronavirus was first recorded – have been placed under lockdown.
Photo: AFP
Jiangxia district residents have been ordered to stay inside their homes or compounds for three days after four asymptomatic Covid cases were detected.
China follows a “zero Covid” strategy, including mass testing, strict isolation rules and local lockdowns.
This has resulted in far fewer deaths than in many other countries.
But the strategy is facing growing opposition as people and businesses continue to face the strain of restrictions.
In Wuhan, a city of 12 million people, regular testing uncovered two asymptomatic cases two days ago.
Two more cases were found through contact tracing, and shortly after the lockdown order was issued.
Wuhan became known around the world in early 2020 as the first place scientists detected the new coronavirus – and the first city to be put under harsh restrictive measures.
At the time, the wider world was shocked by the strict lockdown, but many cities and countries were soon forced to impose their own similar measures.
Later, China became known as a Covid success story, with restrictions lifted much earlier than in many other countries.
But that has changed again, with China pursuing a “zero Covid” strategy resulting in frequent local lockdowns, rather than trying to live with the virus as in most other countries.
Last month, Shanghai – China’s giant financial capital with nearly 25 million residents – finally emerged from a strict two-month lockdown, though residents are adapting to a “new normal” of frequent mass testing.
A rising number of Chinese companies and factory production lines are maintaining a closed-loop system in order to follow the goal of completely eliminating Covid.
In order to keep parts of the economy open, employees have been told to live temporarily in their workplaces to minimise contact between work and home.
Earlier this week, scientists said there was “compelling evidence” that Wuhan’s Huanan seafood and wildlife market was at the centre of the Covid outbreak.
Two peer-reviewed studies re-examined information from the initial outbreak in the city.
One of the studies shows that the earliest known cases were clustered around that market. The other uses genetic information to track the timing of the outbreak.
It suggests there were two variants introduced into humans in November or early December 2019.
Together, the researchers said this evidence suggests that the virus was present in live mammals that were sold at Huanan market in late 2019.
They said it was transmitted to people who were working or shopping there in two separate “spill-over events”, where a human contracted the virus from an animal.
One of the researchers involved, virologist Prof David Robertson from the University of Glasgow, told BBC News that he hoped the studies would “correct the false record that the virus came from a lab”.
China has seen more than 2.2 million cases and 14,720 deaths since the pandemic began in 2019, according to America’s Johns Hopkins University.
Under Ricky Fitzhugh’s ownership, Ice Lab LLC has expanded its operations to include a second production and freezing facility in Cambridge. (Submitted photo)
Dorchester County entrepreneur Ricky Fitzhugh has completed the purchase of Glen Burnie-based Ice Lab, a company that carves custom ice sculptures, bars and drink luges for festivals, corporate functions, weddings and other special events nationwide.
Under Fitzhugh’s ownership, Ice Lab LLC has expanded its operations to include a second production and freezing facility in Cambridge.
The new plant contains multiple icemakers that freeze 300-pound crystal-clear blocks used for sculpting and creating artisan cocktail cubes. Ice Lab is now the largest producer of ice blocks between New York and Florida, according to Fitzhugh. Block production supports Ice Lab events and sales to other ice sculptors on the East Coast.
Ice Lab has also launched an artisan cocktail ice division – Luxury Rocks – that produces clear, over-sized cubes, the preferred method and presentation for chilling beverages by cocktail connoisseurs and the professionals who serve them.
The completion of the Ice Lab acquisition follows Fitzhugh’s December 2021 sale of Baltimore-based Rosedale Ice to Stone Canyon Industries Holdings, owners of the nationwide Reddy Ice brand. Rosedale supplied bagged and block ice for businesses, convenience stores and institutions in Maryland and spanning the Atlantic Coast from New Jersey to South Carolina.
For the upcoming winter holiday season, Fitzhugh secured a contract to produce custom ice carvings for Enchant, a series of Christmas-themed villages being held throughout the U.S. In addition, the company carves themed-sculptures for ice festivals in cities throughout the mid-Atlantic, including Baltimore, Cambridge, Easton, Frederick and Havre de Grace; Bethany Beach, Delaware; and Leesburg, Virginia.
Capitalizing on the rising consumer demand for cocktail ice, Ice Lab produces cubes that are free of particulates and minerals and elevate the delicate notes of premium spirits without diluting the taste, according to Fitzhugh.
Cocktail cubes are packaged individually or as a set and are available through advance order.
Ice Lab also designs customized cocktail cubes – engraved or stamped – to create the perfect accessory for weddings, graduations, corporate events and other special occasions.
Fitzhugh also owns Hoopers Island Oyster Co. in Cambridge, a vertically integrated business that grows farm-raised oysters, spawns oyster larvae and seed sold to other farms from Maine to the Carolinas and is also one of the world’s largest manufacturers of shellfish aquaculture equipment.
Zach Fuchs, chief project officer of PSG’s group PMO.
The project management office (PMO) of leading financial services group, PSG, has driven tremendous value across the group since it centralised project management delivery across its three operating divisions, namely PSG Wealth, PSG Asset Management and PSG Insure.
The establishment of a centralised PMO has allowed the business to manage its portfolio of work more accurately, enabling serious cost savings within the organisation, an increase in new business, the automation of most manual tasks and more, with the support of Project Portfolio Office’s cloud-based project and portfolio management (PPM) tool, PPO.
The organisation was also recently named as runner-up in the 2021 South African PMO Awards, an annual competition that has been managed since 2020 by Project Portfolio Office.
Successful project delivery in one area leads to more
According to Zach Fuchs, chief project officer of PSG’s group PMO, the project management function was initially introduced in one area of the business, PSG Insure, back in 2015. “We successfully carried out a number of key initiatives within the Insure area of the business, underscoring the value to be found in having a unique, project-related structure in place. Based on these positive results, our MANCO took the decision to establish a formal PMO function to ensure – from a group perspective – that focus was given to the right work and that it was being undertaken in the right way.”
This move precipitated a shift within the organisation to ensure greater transparency around work being done, which consequently sparked further discussion on how the business’s culture should be changed to introduce a more consistent way of embarking on new projects.
“Essentially, the central PMO would see to it that the correct work was selected and the proper processes were followed, allowing for standardised, more accurate prioritisation and demand management.”
Alignment to business strategy critical
PSG wanted a PMO that was business-led, rather than IT-led, Fuchs explains, and that could assist with consistency and simplification around the execution of projects.
“We worked closely with management and key leadership within the organisation to align the PMO’s planned achievements with business objectives, while putting in place a project management framework and related processes. These were the key first steps in our PMO journey.
“In order to empower our resources within the PMO structure, we needed to understand how we could make their lives easier from an efficiency point of view. This included both reporting and measurement against key performance indicators (KPIs). It was at this point that we crossed paths with Project Portfolio Office.”
In order to align the PMO with PSG’s strategic goal of becoming a highly respected, advice-led financial technology firm, the company then set up a roadmap for the PMO function, identifying key areas of focus, including people, governance, technology and processes.
“From a people perspective, it was important for us to establish a proper community of practice. This would allow our project managers to be transparent with one other in relation to interdependencies within the different areas of the business from a project execution perspective.
“We also wanted to establish a platform for all resources to be able to share knowledge, such as lessons learned from projects as well as project research and development information or innovation points. This created a safe environment within which team members could support one another, encouraging open, consistent collaboration.”
Another important part of the ‘people’ component was making sure that each person has a proper career development path to follow and upskilling opportunities, Fuchs adds.
Getting the governance right
“When it comes to governance, PPO has played a fundamental role in establishing how our projects are executed. Here, we chose a hybrid approach, using a combination of waterfall and agile methodologies, and the SaaS tool has been particularly helpful in assisting us to manage our governance process. For example, when we’re transitioning from one phase to another, it helps us to make sure that the correct processes are in place as well as the right documentation.
“This provides us with great insight from a portfolio perspective on what is happening within our projects, while also identifying which areas do not adhere to governance practices or where the correct documentation is lacking. Additionally, it provides great benefit in terms of quality assurance.
“On the governance side, we’ve done an excellent job. Currently, our governance is measured at between 75% and 80% on any given day, where previously we had nothing in place with which to measure it. Moving forward, we are comfortable that future audits will be more accurately measured.”
Reporting and stakeholder management
In terms of the process component, PSG recognised that it was important to align reporting with processes from a governance perspective. “Within the PSG environment there are three layers on which the PMO must report: a portfolio management committee; steerco meetings; and then bi-weekly project management meetings.
“Our aim was to align the reporting framework to the PPO tool, and we’re definitely seeing an uptick in data quality in our bi-weekly reports. We’ve progressed from a zero base to around 20% to 30% a few years ago, through to a data quality figure today of 62%. To reach over 60% has taken a lot of effort, between the hard work of the PMO team and the assistance of PPO, and we’re aiming to get to the 80% data quality mark over time.
“Having this PMO foundation in place also allows us to have proper portfolio management within each one of the business units too, giving a holistic view. This is essential to provide visibility to the different stakeholders within the four key areas within the business. These include direct clients, advisors and independent financial advisors, as well as internal stakeholders.
“All of these very diverse stakeholders must be managed in a consistent way in terms of our processes. With our PMO framework in place, we are able to execute on our work in more effective way, providing the right governance to these stakeholders on how they should execute on projects from an ownership perspective. We also provide accurate reporting to them to allow for the correct decisions to be made in steerco meetings, for example.
“A key learning for us was to get this early buy-in from a service perspective and to have a continued change management process with our stakeholders.”
For now, the PSG PMO is predominantly focused on strategic technology-related initiatives, such as the centralisation of all data across the organisation and also moving all of the company’s applications and its data centre to the cloud.
“Both of these initiatives are sizeable and have taken a lot of capacity within the PMO environment. There is also a strong emphasis currently around digitisation of our different platforms within the various business units, in particular manual versus automated work, as well as mobile initiatives focusing on omnichannel client interaction.”
Clear value generation achieved
From a PMO journey perspective there is a lot of detail to share, continues Fuchs, but what has been key to PSG has been the value generation within the organisation over the past two years.
“An important point, and one that has spoken to the success of this journey, the maturity of our environment and the work that has been put in place, is the delivery of more than 19 strategic projects over the last 12 to 18 months. We believe that this showcases the fact that, with the proper structure in place and by following a rigorous process and doing the proper planning upfront, you can seamlessly execute on your planned projects and initiatives.
“In some of our business areas, we have been able to automate our manual transactions. Our proper upfront planning has also helped deliver savings within the business due to certain initiatives. Savings are due to embedding new technologies from an onboarding perspective, as well as process improvement initiatives.”
Says Fuchs: “PPO’s centralised environment has allowed us to manage all projects across the organisation, with the biggest benefit, aside from cost-effectiveness and licensing flexibility, being its reporting capabilities across our various organisational layers. The PPM tool’s ability to integrate with other systems has also been a stand-out for PSG.
“We have a true partnership with Project Portfolio Office. The company is more than a service provider; the team has gone to great heights to assist us on our journey, with many workshops and alignment sessions. Project Portfolio Office provided instrumental guidance in our PMO success,” he adds.
PSG’s PMO is an excellent example of the high calibre of South African project offices, says Guy Jelley, CEO and co-founder of Project Portfolio Office. “PSG’s PMO has put in the hard work to get the right project management foundations in place and achieve what they have within the business. Being named recently as the runner-up in the 2021 South African PMO Awards was richly deserved and highlights PSG’s client-centric, purpose-driven approach.”
Have plans been delayed thanks to longer-than-expected lead times? Has the move to a more hybrid model of working increased efficiency and job satisfaction or made it harder to meet deadlines?
How has the pandemic impacted consumer testing strategies, SKU counts, innovation strategies and the interplay between brands and private label products?
Foster City, CA-based food & beverage innovation and product development firm Mattson is seeking to get a fuller picture of what’s going on both at large and small brands via a short industry survey, results of which will be shared with FoodNavigator-USA and others in late August.
Please give up a few minutes of your time to fill in Mattson’s survey HERE.
Responses are confidential and will remain anonymous, says Mattson: “Only aggregated data will be shared.”
TEMPE, Ariz. (AP) _ Align Technology Inc. (ALGN) on Wednesday reported second-quarter earnings of $112.8 million.
The Tempe, Arizona-based company said it had profit of $1.44 per share. Earnings, adjusted for stock option expense and pretax expenses, came to $2 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.12 per share.
The maker of the Invisalign tooth-straightening system posted revenue of $969.6 million in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $975.1 million.
Align Technology shares have fallen 60% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $262.61, a decrease of 58% in the last 12 months.
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This story was generated by Automated Insights (https://ift.tt/VqzG5Ut) using data from Zacks Investment Research. Access a Zacks stock report on ALGN at https://ift.tt/O3ymXAq
TikTok is becoming an important social media platform for small business owners. Whether you want to build brand awareness or start social selling, this ever-popular social media app is a powerful weapon in your marketing arsenal. In this article, you will learn how to start selling on TikTok and some proven tips to increase your sales.
Let’s dive in:
Should You Create a TikTok Account for Your Small Business?
TikTok has become one of the leading social media platforms in a brief period, having around 78.7 million users in the US. About 37.3 million users of the total number belong to Gen Z, with high levels of education, digital nativism, and social awareness.
Being on TikTok can help you reach Gen Z, which is becoming a highly influential group of shoppers and buyers.
What Are the Benefits of Selling on TikTok App?
Here are the key benefits of selling on TikTok:
You can target Gen Z, which accounts for more than 40% of global consumers
Videos increase conversion rates. So, TikTok, being a video hosting platform, can provide your business with attractive conversion rates. In fact, 37% of users immediately go to buy it once they discover it in a TikTok video
You can easily find local TikTok influencers to spread the word about your products/services
You don’t have to be an expert to start selling products on TikTok, as having an online store on TikTok is super easy
Users are not passive on TikTok due to its immersive experience – users not only watch content but also listen to the audio. So, you can have their attention if you create content that is interesting and entertaining
What’s more, 38% of TikTok users convince their friends and family members to buy products they have seen in TikTok videos.
How to Sell on TikTok
So, you have made up your mind to sell your products to the TikTok community.
Here is the step-by-step process to start selling on TikTok:
1. Create a TikTok Account
If you already have a personal TikTok account, consider creating another account for your business. Go to the TikTok website or download the app from App Store or Google Play to create an account. You can register using your email address, phone number, or any existing social media account.
When you’re picking a username for your TikTok account, keep your account on other social media platforms in mind. You may want to have the same or similar username across different social platforms. So, your audience can easily recognize you. Once your account is live, add a profile picture.
2. Upgrade to a Pro Account
By default, TikTok creates a personal account. You need to upgrade it to a Pro account, which has two types – business and creator. To use TikTok for business, you should upgrade your account to a business account. Doing so will enable you to access detailed analytics and add your business contact information to your TikTok bio.
What’s more, the TikTok business account will give you access to a host of engagement and ad solutions to succeed. After you have upgraded your account, you should optimize your TikTok profile. Make sure you define your business in your TikTok bio and use an appropriate call to action.
Also, you should connect TikTok with other social media accounts, such as Instagram and YouTube accounts.
3. Link Your eStore to TikTok
To start selling on TikTok, you must integrate your eCommerce store with TikTok. TikTok allows Shopify, Square, Ecwid, BigCommerce, and PrestaShop integration. Soon other platforms will join the list.
You should talk to your eCommerce infrastructure provider to know how to integrate your eStore with TikTok.
4. Start Creating Content
The only way to wow your target audience is to create engaging content. Instead of creating tons of branded content, you should focus on creating TikTok content that is engaging and playful.
You should check the Discovery page and your TikTok feed (For You Section) for viral videos to get content ideas. See what your competitors are doing and try to understand TikTok trends.
Some popular content ideas are how-to videos, song parodies, and before and after videos. If you lack creativity, these TikTok content ideas can help you create videos for TikTok.
Posting content at the right time is critical for the success of your TikTok channel. So, you should figure out the best time to post on TikTok.
5. Engage with TikTok Audiences
High-quality organic content receives good engagement on TikTok. So, if you create entertaining short videos, your audience will view your content and leave likes and comments. Instead of doing nothing about it, you should engage with your audience. Reply to their comments and likes.
Your objective should be trying to earn fans. When more users engage with your content as soon as you post it, TikTok’s algorithm is likely to amplify the reach of your videos and make them feature on In Feed Videos of others.
6. Partner with Influencers
Partnering with influencers will provide you with social proof and extensive exposure. You can search for influencers on the TikTok creator marketplace, where you can see data-driven insights to find the right influencers for your business.
7. Encourage User-Generated Content
If you want to make TikTok one of the best-performing sales channels, you should encourage user-generated content. Asking your audience what they want, creating the TikTok hashtag challenge, and including TikTok creators are a few popular ways to encourage users to create content for your brand.
8. Utilize TikTok Advertising Solutions
Running TikTok ads is an excellent way to get your products in front of your audience. But before you begin creating ads, you should understand the different types of paid ads on TikTok. This will help you determine the right ad type for your business.
In feed ads, branded hashtag challenges, top view ads, branded lenses, and brand takeovers (that take up the entire screen) are popular options to run ad campaigns on TikTok. It is better to track ad performance to find what works best in your niche.
Using TikTok paid advertising to promote discount codes can be a good marketing strategy to boost sales.
Selling Tips for TikTok Users
Here are some proven tips to increase your sales:
Study viral videos to know what works in your niche
Focus on creating sharable content frequently and encourage user-generated content
Partner with micro-influencers to improve your exposure and brand positioning
Create your video ad content strategically to wow your audience
Take advantage of popular hashtags
Also, you ensure that you use the right music in your videos.
Can you Sell Products through TikTok?
Yes, you can sell products through TikTok. You can integrate your eCommerce platform with Open API to sell your products to users. It works with Shopify, Square, Ecwid, and PrestaShop. And other platforms are joining the list soon.
How Do I Set up a Shop on TikTok?
Setting up a shop on TikTok depends on the platform you use. Shopify users should add the TikTok app from the dashboard and follow the steps to complete the process. If you use Ecwid, the process will be the same. You should contact your eCommerce platform to learn how to set up a shop on TikTok.
How Do I Become a TikTok Seller?
Open a TikTok account and convert it into a business account. Then, you need to integrate your eCommerce platform with your TikTok account to become a TikTok seller.
After spending a little over a year chasing NBA dreams, former Tennessee Volunteer standout Yves Pons is headed back home to France. The explosive, shot-blocking wing has signed with LDLC ASVEL in the French Pro A League, per an Instagram post from Pons’ agency.
The team is one of the top organizations in the league, owned by former NBA guard Tony Parker.
Pons, who went undrafted after leaving Tennessee, signed with the Grizzlies as an undrafted free agent. He went through summer league with the team, and saw action in 12 games for the Grizzlies last season. This summer, Pons played in the summer league with the Brooklyn Nets.
During G-League action last season, Pons scored just over nine points per game while adding five rebounds. He shot over 38 percent from the three-point stripe, while connecting on 50 percent of his overall shots from the field.
A former four-star prospect, Pons is yet another Rick Barnes success story. It wasn’t immediate, but Pons eventually put all the pieces together to become an SEC Defensive Player of the Year. His ridiculous bounce and ability to defend still make him an intriguing prospect, even though the offensive consistency never really came along.
Management of Project Development Market 2022 this report is including with the Impact of Latest Market Disruptions such as Russia-Ukraine War and COVID19 Outbreak Impact analysis of key points influencing the growth of the market. Also, Management of Project Development Market (By major key players, By Types, By Applications, and Leading Regions) Segments outlook, Business assessment, Competition scenario, Trends and Forecast by Upcoming Year’s. The study of the Management of Project Development report is done based on the significant research methodology that provides the analytical inspection of the global market based on various segments the Industry is alienated into also the summary and advance size of the marketplace owing to the various outlook possibilities. The report also gives 360-degree overview of the competitive landscape of the industries. SWOT analysis has been used to understand the strength, weaknesses, opportunities, and threats in front of the businesses. Thus, helping the companies to understand the threats and challenges in front of the businesses. Management of Project Development market is showing steady growth and CAGR is expected to improve during the forecast period.
This Free report sample includes:
A brief introduction to the Management of Project Development Market research report.
Graphical introduction of the regional analysis.
Top players in the Management of Project Development Market with their revenue analysis.
Selected illustrations of Management of Project Development Market insights and trends.
Example pages from the Management of Project Development Market report.
The Major Players in the Management of Project Development Market.
Fluor
Bechtel
McDermott
Sinomarch
Kumagai Gumi
SNC Lavalin
Power China
Shanxi Huaan Project Construction Management
Foster Wheeler AG
KBR
Obayashi
Key Businesses Segmentation of Management of Project Development Market
on the basis of types, the Management of Project Development market from 2015 to 2025 is primarily split into:
New Project Management
Expansion Project Management
Reconstruction Project Management
Recovery Project Management
Demolition Project Management
on the basis of applications, the Management of Project Development market from 2015 to 2025 covers:
Building Construction
Highway Construction
Hydropower Construction
Some of the key factors contributing to the Management of Project Development market growth include:
Growing per capita disposable income
Favorable for youth Demographics
Technology advancement
In terms of COVID 19 impact, the Management of Project Development market report also includes following data points:
Impact on Management of Project Development market Size
End User Trend, Preferences and Budget Impact of Management of Project Development market
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact of Management of Project Development market
New Opportunity Window of Management of Project Development market
Regional Management of Project Development Market Analysis:
It could be divided into two different sections: one for regional production analysis and the other for regional consumption analysis. Here, the analysts share gross margin, price, revenue, production, CAGR, and other factors that indicate the growth of all regional markets studied in the report. covering North America, Europe, Asia-Pacific, South America, Middle East, and Africa.
Key Question Answered in Management of Project Development Market Report.
What are the strengths and weaknesses of the Management of Project Development Market?
What are the different marketing and distribution channels?
What is the current CAGR of the Management of Project Development Market?
What are the Management of Project Development market opportunities in front of the market?
What are the highest competitors in Management of Project Development market?
What are the key outcomes of SWOT and Porter’s five techniques?
What is the Management of Project Development market size and growth rate in the forecast period?
A free report data (as a form of Excel Datasheet) will also be provided upon request along with a new purchase.
Major Points from Table of Contents:
There are 13 Chapters to thoroughly display the Management of Project Development market. This report included the analysis of market overview, market characteristics, industry chain, competition landscape, historical and future data by types, applications, and regions.
Chapter 1: Management of Project Development Market Overview, Product Overview, Market Segmentation, Market Overview of Regions, Market Dynamics, Limitations, Opportunities and Industry News and Policies.
Chapter 2: Management of Project Development Industry Chain Analysis, Upstream Raw Material Suppliers, Major Players, Production Process Analysis, Cost Analysis, Market Channels, and Major Downstream Buyers.
Chapter 3: Value Analysis, Production, Growth Rate and Price Analysis by Type of Management of Project Development.
Chapter 4: Downstream Characteristics, Consumption and Market Share by Application of Management of Project Development.
Chapter 5: Production Volume, Price, Gross Margin, and Revenue ($) of Management of Project Development by Regions.
Chapter 6: Management of Project Development Production, Consumption, Export, and Import by Regions.
Chapter 7: Management of Project Development Market Status and SWOT Analysis by Regions.
Chapter 8: Competitive Landscape, Product Introduction, Company Profiles, Market Distribution Status by Players of Management of Project Development.
Chapter 9: Management of Project Development Market Analysis and Forecast by Type and Application.
Chapter 10: Management of Project Development Market Analysis and Forecast by Regions.
Chapter 11: Management of Project Development Industry Characteristics, Key Factors, New Entrants SWOT Analysis, Investment Feasibility Analysis.
Chapter 12: Management of Project Development Market Conclusion of the Whole Report.
Chapter 13: Appendix Such as Methodology and Data Resources of Management of Project Development Market Research.
(*If you have any special requirements, please let us know and we will offer you the report as you want.)
Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.
Today, I’m sharing an account of the benefits of a new diagnostic test for patients who live in Central Illinois. It illustrates how an innovation in nuclear medicine, embraced by regulators, can help disperse the availability of high quality care to those who live throughout the United States.
Last Fall, the U.S. Food and Drug Administration approved marketing of a new radiopharmaceutical with a longer shelf life that previously available — and that has dramatically increased access to a diagnostic imaging exam designed to detect the presence of neuroendocrine tumors (NETs) in adult patients. Neuroendocrine tumors are cancers that begin in specialized cells called neuroendocrine cells. These tumors occur mostly in the gastrointestinal tract, pancreas and liver, but can also occur in other tissues – including lung, thymus, cervix, heart and prostate. This newly approved agent used in positron emission tomography/computed tomography (PET/CT) exams is called Detectnet (copper Cu 64 dotatate injection). The 12.7-hour half-life for Detectnet allows it to be produced by radio pharmacies centrally and shipped to health facilities throughout the U.S.
Prior to the approval of the new agent, the then available radiopharmaceutical tracers had only 68 minute half-life, making it impractical for most hospitals to perform these nuclear medicine procedures since the closest radio pharmacy that can produce tracer agents could be two to three hours away. Patients previously had to travel hours to have the test performed at centers situated closer to those radio pharmacies.
And new, faster PET/CT scanning technology is part of this innovation. The hospital reported: “Used in combination with new PET/CT scanning equipment in radiology, neuroendocrine imaging procedures that used to take multiple days to complete now finish in the same day without needing bowel prep. Imaging time alone with this new procedure takes 30 minutes versus an hour to 90 minutes on multiple days with the old exam.”
I am energized when I learn how new diagnostic imaging tools such as this new radiopharmaceutical used in combination with new PET/CT technology bring considerable positive benefits to patients.
The new tracer combined with the new PET/CT scanner makes it easier to detect how many neuro endocrine tumors are in a particular patient as the machine scans the entire body of the patient.
Purplle Success Story: India’s No 1 Online Beauty Business
An Indian multi-brand beauty retailer selling cosmetic and wellness items, Purplle was established in 2011 and had its headquarters in Mumbai, Maharashtra.
The markets for skincare, haircare, cosmetics, and other beauty items are expanding exponentially. As a result, many businesses are entering the beauty market with their own products. One such example of an online beauty firm that is quickly rising to compete with the more prominent players in the market is Purplle.
Purplle is quickly gaining popularity because of its online store and an ever-expanding selection of cosmetics, fragrances, skincare, and hair care items. It provides an online platform for needs related to beauty and wellbeing that highlights beauty brands and goods. The goal of the company is to elevate the purchasing experience. On June 9, 2022, the rival Nykaa will become a unicorn and join the elite group of unicorn businesses.
About Purplle
Purplle is the owner of an online beauty business designed to help customers choose skincare products based on their hair, skin, and other personal preferences.
It is an online store with a sizable selection of fragrances, skincare products, hair care products, and cosmetics. At the most competitive pricing, it features some of the industry’s top products from global leaders. By allowing customers to have a customised buying experience that takes their skin and hair types into account, Purplle cosmetics hopes to elevate the users’ shopping experience to an entirely new level. Additionally, they offer an excellent customer service division that can be reached by calling their customer care number.
Purplle features a wide selection of products from over 650 brands, 50,000+ SKUs, and 300+ vendors specialising in the beauty industry. To guarantee the quality of the products and their delivery are well-maintained, Purplle offers complete warehousing and logistical services to the sellers.
Additionally, the company has partnerships with over 6,000 salons, providing customers with access to comprehensive price data on the platform to help them choose the best service.
The Purplle website is organised around three main themes. The first is the marketplace for beauty products, where items for skincare, haircare, makeup, and other categories are featured. The Salon Booking Marketplace is the second, where they list and take reservations for salons and spas close to you. The third is Purplle Salons, a Premium Economy Salons chain that aims to give consumers a wonderful salon experience.
Industry
India’s personal care and cosmetics industry has experienced significant expansion. This can be noted given that India has a higher standard of living than many other countries, as evidenced by the sector’s predicted 9.7% increase between 2018 and 2023, before the epidemic. But, with the outbreak of the coronavirus pandemic, this growth has unquestionably decreased.
The industry saw growth between 2019 and 2020 at a rate of 2.3%, which enabled it to reach a market value of a little over $15 billion in December 2020. Forecasted growth for the period of 2020–2021 is 1.7 per cent. It is anticipated to improve starting in 2022 when revenues are predicted to rise by +2.8 per cent.
Founders and Team
Purplle is founded by Manish Taneja, Rahul Dash, and Suyash Katyayani in 2012.
Manish Taneja
Manish graduated from IIT Delhi with a Bachelor’s and a Master’s in Electrical Engineering. After that, Taneja went to the CFA Institute and finished Level 3 in Finance. Ittiam Systems hired the co-founder and CEO of Purplle as an intern. He then held positions at Lehman Brothers as an analyst, Avendus Capital as an analyst and associate, and Fidelity Growth Partners India as an analyst In private equity. Finally, Manish Taneja decided to launch his own cosmetics company, Purplle. When Manish Taneja founded Purplle, he was an experienced businessman.
Rahul Dash
Rahul Dash, a co-founder and chief operating officer of Purplle, was formerly a senior manager in charge of strategy and business development at Tata Power. After working as a TAS Manager at Tata Advanced Systems Ltd. and Tata Motors, he was appointed as a TAS Manager at Tata Chemicals Ltd. Rahul. He received his undergraduate degree from IIT Kharagpur and was a Mechanical Engineering student at IIT KGP. Later, Dash graduated from IIM Ahmedabad with a PGDM in General Management.
Suyash Katyayani
Suyash Katyayani is regarded as the brand’s co-founder and CTO. In addition to attending DPS Bhilai, Katyayani graduated from the Kharagpur IIT with a BTech in chemical engineering. Suyash had previously co-founded VidyaCenter, making Purplle his second venture into business. At OnMobile, Katyayani began his career as a software engineer. Pooja Acharya, the company’s Chief Beauty Officer, also holds another important position at Purplle.
Startup Story
The Purplle cosmetics company was founded on a purely commercial decision to enter the beauty market. Contrary to the furniture and home décor market, there isn’t much potential for personalisation in the beauty, personal care, and cosmetics industry. But when it comes to purchasing electronics, footwear, furniture, and apparel online, most clients are already familiar with horizontal marketplaces and frequently use eCommerce sites like Amazon and Flipkart.
The original group was ready to launch a company but debated between furniture and a fashion venture. On the other hand, fashion had firms like Myntra and Jabong, who had a terrific, early start and were emerging to be fairly competent. In contrast, furniture required a relatively higher initial investment. This was how Purplle started.
Purplle was founded with Rs 40 lakhs in funds, leading to Rs 40,000 in sales from friends and family in the first month. However, they gathered momentum due to this, and after the first month, they grew by 30% month over month. Until 2015, Purplle worked to develop ways to grow the company and boost sales. They avoided 2016, which was even more important to them, but this realisation that five years had already passed made them realise they needed to take new action. In 2017, the founders had only 50 lakhs in their bank accounts when they sensed the need for change.
The founding team felt confident even though the new shift required rewriting the company plan and requiring significant decisions to be made. Their data stack was their greatest asset. Their long-term data collection covered a wide range of categories and enabled them to understand better consumer behaviour, which became their USP.
Purplle then decided to be everywhere, resulting in the company launching its first physical retail location in Mumbai’s Phoenix Market City Kurla in January 2017. Purplle chose this location because, unlike other offline beauty businesses with physical storefronts that can only hold a limited number of items and tend to stock them randomly, Purplle stocked items after analysing consumer behaviour and so tailoring their stocks to suit the needs of the customer. Additionally, Purplle employed a rapid and effective technology and frequently questioned customers about the condition of their skin and any issues they were having.
When Purplle resumed making high profits, its gross margins were similarly strong. It later expanded its offerings to include salon booking services, although its primary focus remained on its products. The most recent data for FY21 indicate that Purplle is growing by 80% yearly.
The business sells goods for skincare, makeup, hair care, body care, and gadgets for the beauty industry from more than 600 Indian and foreign companies. It features some of the top goods from globally renowned businesses. Purplle wants to improve the standards of people’s online buying.
Mission and Vision
According to Purplle’s mission statement, “Your demands for wellness and beauty are met online by Purplle. We feature some of the top goods from globally renowned companies. It attempts to raise the bar on your purchasing experience significantly. We know shopping infuses an incomparable high.”
As an online store, the company’s goal is to become one of the most well-known brands in the cosmetics and beauty sector.
Business Model
In 2011, the Purplle cosmetics brand debuted as a direct-to-consumer (D2C) beauty products retailer with an eCommerce website and app. The company has entered the private label sector, much like other market leaders like Flipkart, Amazon, Nykaa, etc. To enter the private label market, Purplle acquired the internal brand StayQuirky, which was established in 2015.
Revenue Model
A D2C eCommerce business for beauty and cosmetics, Purplle generates most of its income from product commissions and marketplace fees. Additionally, a sizable portion of its profits comes from the adverts on both the website and the app.
Growth and Revenue
Except for the pandemic’s early days, when everything seemed out of control for a short while, the past two years have been incredibly positive for Purplle. According to data from October 2021, the company is currently growing at a rate of over 80% year over year.
The business also disclosed that in FY22, it would increase its annualised gross merchandising volume to $180 million.
Some growth highlights of the company are:
The net sales of Purplle clock around Rs 65 crore a month.
Purplle has 7 million monthly active users who sell 60,000+ products from over 1,000 brands on its website and app.
Purplle has witnessed around 90% growth year on year.
The company’s operating revenue grew from Rs 91.4 cr in FY20 to Rs 128.2 cr during FY21. Though the company revenue increased by 40.2%, Purplle failed to improve its EBITDA margins during FY21, which worsened from -19.80% to -31.37%. The company’s annual losses also increased by 114%, from Rs 24.4 cr to Rs 52.2 cr in FY21.
Funding and Investors
A little more than $294 million has been raised for Purplle. On June 9, 2022, the company received a $33 million extended Series D fundraising from Blume Ventures, Kedaara Capital, and PremjiInvest. South Korean firm Paramark Ventures led the deal. The startup’s worth surpassed $1.1 billion thanks to this new round of funding, making it an Indian unicorn firm. To date, the company has gone through over 13 fundraising rounds.
The company’s most recent investment round (Series D), which a subsidiary of Sequoia Capital sponsored, Faces Investment Holdings, helped them raise more than $34 mn in January 2022.
On October 29, 2021, Purplle completed a successful $75 million Series D financing round sponsored by Kedaara Capital. This was the startup’s second investment round of 2021, which was geared around women’s beauty. The company was prepared to raise an additional $49 million during this round from Azim Premji, the founder and chairman of Wipro, through his family office. According to a Purplle announcement, it will give 8.43 per cent of the company—or about 8,263 Series D obligatory convertible preference shares—to Premji Invest’s PI Opportunities Fund I programme for 328 crore rupees. Finally, on November 18, 2021, it received $60 mn in funding from PremjiInvest.
When it raised a portion of its Series D financing in January 2022, Purplle’s valuation was last $728 million. Still, it was just $500 million after obtaining $75 million in its funding round in October 2021. By the time the company was valued at $1.1 million on June 9, 2022, it can be said that its valuation had increased by more than 50%.
On July 4, 2020, Purplle holdings valued at Rs 60 crore were purchased by Goldman Sachs in a secondary acquisition. The shares of former Fidelity executives Abhinav Sinha and Anirudh Gopalkrishnan are also included in this; they left the company in 2020 with a 40x return.
Approximately 15 investors are actively funding Purplle, with Spring Marketing Capital and Verlinvest being the newest.
ESOPs
As of May 13, 2022, Purplle increased the amount of its ESOP pool, making it worth $40 million. According to the company’s regulatory filings with the Registrar of Companies, the Purplle board has approved the expansion of its current ESOP pool to comprise 6,806 ESOP options, with each option being converted into equity shares. Purplle now joins many other Indian businesses, including Pine Labs, Ather Energy, Ecom Express, Ninjacart, LEAP, and more, with this extension of the ESOP pool.
Acquisitions
On December 18, 2021, Purplle purchased FACES CANADA. This is the Mumbai-based marketplace for beauty products’ first significant acquisition. The latter will continue to operate independently and grow its portfolio following the acquisition.
Manish reflected on the early days of Purplle, noting that few companies in the nation were targeting the internet market for cosmetics and beauty products in 2011. There were fewer beauty stores than there are now, and only salons conducted B2B transactions. The co-founders stated that they used roughly Rs 40 lakhs of their own savings to launch their company, Purplle.
Future Plans
Purplle believes that social media and millennials’ growing spending power would encourage India’s middle class to become more interested in beauty products. The company claims that once AI becomes widely available, e-commerce platforms will quickly take over as major sources for individuals to buy their cosmetics.
That has been a major reason behind China Duty Free Group’s extraordinary rise to become the world’s number one travel retailer by sales since 2020 according to The Moodie Davit Report annual rankings. Consider that CDFG ranked just 19th in 2011 and you get an idea of the phenomenal impact of the offshore duty free policy introduced in that same year.
