Boxing Day bonanza set to help Australian retailers
Retailers are setting out to make it an even merrier Christmas this season with larger than normal discounts on Boxing Day in hopes to attract customers.
Following a year of weaker consumer spending, retailers are bumping up the incentives with clearance sales to possibly counteract the tight wallets of 2011.
The department store Myer is launching its most aggressive stocktake sale that a fresh online presence encouraged, said chief executive Bernie Brookes. This correlates with a higher number of Australians shopping online for Christmas presents than previous holiday seasons, according to latest figures from the group Quantium Online.
Cooler temperatures are partly to blame for freezing people’s typical summer spending. Myer-rival David Jones also has Boxing Day promises of its largest sale because of an unusually cool summer that created a stock surplus.
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''It's the coldest summer that we've had in 50 years, so a lot of our summer stock will be reduced,” said Helen Karlis, a David Jones spokeswoman.
Myer is offering “deal of the day” promotions to push sales and reward customers in stores with refunds.
''I think we know that consumers are finding it pretty hard to part with their money,'' Brookes said. “'It will give us, we think, the best results ever. We have spent a lot of time throwing it all out and starting again, and it will look different, be different and fits in line with what people do with 'deals of a day' and add a whole new urgency to it.”
These in-store marketing efforts and online offers to make consumers crack the leather on their billfolds will most likely be mimicked by others in the industry, including high-profile Australian retailers Billabong and JB Hi-Fi.
Give the retail industry a helping-holiday-hand and bust out the plastic this season. Swipe away before these sales say, “Happy Boxing Day ‘to all and to all a good night.’”
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.