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Black Friday & Cyber Monday vs The Supply Chain Crisis

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With the holiday season among us, the decision between shopping in store or online is crucial to getting your gifts on time

According to the National Retail Federation, an estimated 158.3 million people plan to shop this weekend, which is 2 million more than 2020. 

This also comes with an expected spending total of $28.1 billion, the highest since 2018. 

National Retail Federation President and CEO, Matthew Shay says, “We’re expecting another record-breaking holiday season this year and Thanksgiving weekend will play a major role as it always has,” 

What is Black Friday?

Black Friday is the day for the world to get their hands on the biggest bargains in preparation for the holiday season.

It dates back to the 1960s in Philadelphia when police would complain about the congested streets as people hunted for the best deals for their Christmas shopping.

The term refers to when stores would move from the ‘red’ to the ‘black’ in their accounting records, red indicating a loss and black indicating a profit.

The major shopping event is typically on the Friday after Thanksgiving, meaning that this year it will fall on November 26th.

And if you think you’re reading this too late, not to worry! Retailers are opting to extend their deals, which brings us to Cyber Monday. 

What is Cyber Monday?

Unlike Black Friday which takes place both in store and online, Cyber Monday falls on the Monday after Thanksgiving, meaning this year it will be on November 29.

As indicated in the name, Cyber Monday is an online event, which according to BlackFriday.com was when most shoppers planned to do their shopping last year.

National Retail Association CEO, Dominique Lamb says “Cyber Monday also continues to grow in leaps and bounds. The pandemic has accelerated the growing trend towards online shopping, which provides consumers with great convenience.”

“We really encourage Aussies to get their online purchases done and dusted on Cyber Monday. Not only will that secure them great deals, but with the delivery system under strain consumers shouldn’t be waiting until the last minute to make online Christmas purchases,” she said.

In Store vs Online

According to the National Retail Federation, 2020 was a record year for online shopping as the number of shoppers passed the 100 million mark which was up 8% from 2019.

This is likely to increase as the world becomes more and more accustomed to doing tasks from the comfort of their own home. 

But making the effort to get out of your pyjamas to go shop in store may be the way to go this holiday season, as the supply chain crisis continues.

As retailers struggle to retrieve their merchandise due to congested shipping ports, the shortage of workers needed to make, unload, and transport products, and thus the strained manufacturers and distributors, getting your Christmas shopping on time may not be possible.

According to FedEx, the Covid-19 pandemic has created record breaking shipment volumes as people choose to avoid the crowds and stay in their pjs, causing major delays. 

These delays will likely be amplified by Black Friday and Cyber Monday sales, which FedEx expects to be the biggest single shopping days of the year.

Business

Billionaire boss pays for staff holiday to Disney

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The happiest place on earth became home to the happiest staff on earth after a boss paid for a company break

Ken Griffin is the billionaire boss who booked out an entire Disney World for his staff to cap off a successful year.

Mr Griffin is the Chief Executive at Citadel LLC—a multinational hedge fund and financial services company.

He paid for his staff to visit Walt Disney World in Florida for an all-inclusive weekend away.

“We have built the most extraordinary team not only in our history, but also in the history of finance,” he said.

Around 10,000 people attended the three-day celebrations, including families of Griffin’s staff.

He paid for airfares, hotels, parking tickets, meals and entry into the happiest place on earth.

According to The New York Post, the mega-rich boss said the company has lot to look forward to.

“We have an incredible future ahead of us—and I look forward to the chapters yet to be written.”

A range of musical acts also performed, including Coldplay, Carly Rae Jepsen and DJ Diplo, as part of the weekend of celebrations.

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Business

How did Musk lose his title as the world’s richest person?

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Elon Musk has briefly lost his title as the world’s richest person

This is all following a steep drop in the value of his stake in Tesla and his $44 billion purchase of Twitter.

Bernard Arnault, the CEO of LVMH, which includes luxury brands such as Louis Vuitton, briefly took over the title, with a personal wealth of $185 billion.

Musk has held the top position since late 2021, but has seen his wealth drop, as Tesla investors are worried that he is focused more on Twitter than the electric vehicle company.

Tesla has lost nearly half of its market value and Musk’s value has fallen approximately $70 billion since he made a bid for Twitter back in April.

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Business

Europe plans to bar Meta from using your personal data 

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Europe plans

Europe plans to bar Meta from using your personal data in major ruling

Meta will require permission from its users to serve advertisements based on their personal data, if a confidential EU privacy body has its way.

The European Data Protection Board (EDPB) has issued the agency that overseas Meta one month to issue the ruling.

This is yet another blow for Meta. The company makes around 98% of its revenue from advertising, equating to $27.16 billion in the third quarter of 2022 alone.

Meta attracts advertisers due to its ability to specifically target users based on their geographical location, age, and interests. But the company has been forced to reduce a number of its targeting options recently.

This is to avoid advertisers from targeting users based on sexual orientation, health, religion, and a number of other personal characteristics.

But this recent move from the EDPB is just another blow for the social media giant. The company also having to weather Apple’s iOS 14 update that allowed users to opt out of off app tracking, further reducing the ability for advertisers to specifically target individuals with ads.

Providing users with further control over their personal data is another evolution in the data rights discussion. The issues has been raised in various articles and documentaries, including The Great Hack

If passed, Meta users will once again be faced with the million-dollar question. Would they prefer tailored ads or ads that may not be relevant?

While regulations around data privacy will continue to evolve, advertising will never cease. This is particularly true for Meta, which relies on advertising revenue for its existence.

By Dr Karen Sutherland, University of the Sunshine Coast and Dharana Digital 

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