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UK Retailers Risk Survival as Annual IT Investment Gap Hits £22 Billion

The retail industry is facing a significant annual technology investment gap that could exceed £22 billion, posing a threat to both shortterm retail

The retail industry is facing a significant annual technology investment gap that could exceed £22 billion, posing a threat to both shortterm retail performance and longterm survival, according to the KPMG/RetailNext Think Tank RTT. The think tank recommends that multichannel retailers allocate 48% of their annual revenue to technology, but most currently only invest 1.53%. With retail revenues projected at £441 billion in 2022, this could result in an investment gap of over £22 billion. The RTT warns that underinvestment in technology is happening at a time when the retail sectors viability is being questioned. Retailers failing to adapt may face business closure. Read More..

B2B Tech News | 2 years ago        

AIpowered Sprout.ai Aims to Transform Global Insurance Claims Handling

Sprout.ai, a startup using generative artificial intelligence for insurance claims, has raised £5.4 million in its latest funding round. The companys

Sprout.ai, a startup using generative artificial intelligence for insurance claims, has raised £5.4 million in its latest funding round. The companys AI technology automates the claims process, reducing handling costs by 50%. The funding will be used to expand globally, particularly in North America, and develop its AI technology for claims assessment. The funding round was led by Amadeus Capital Partners and Praetura Ventures, with participation from Octopus Ventures, Playfair, Techstars, and others. Sprout.ais goal is to bring automation and efficiency to the global insurance claimhandling market. Read More..

B2B Tech News | 2 years ago        

BYD Outperforms Tesla in Stock Market Is a Shift in the EV Landscape Underway?

BYD Co. is rapidly closing the gap with Tesla Inc. to become the leading seller of pure electric vehicles globally. Strong profits underscore BYDs sal

BYD Co. is rapidly closing the gap with Tesla Inc. to become the leading seller of pure electric vehicles globally. Strong profits underscore BYDs sales prowess despite heightened competition in China. While Teslas stock has seen a 17% decline this month, BYDs Hong Konglisted shares have increased by about 1%. Although Teslas stock has grown more than twice as much as BYDs this year, there are signs of further progress for BYD. Investors are expressing interest in optimistic options for BYD, and analysts have raised their earnings predictions to a record high for the Chinese company after its preliminary quarterly report. Read More..

B2B Tech News | 2 years ago        

Middle East War Threatens to Send Crude Oil Prices into Uncharted Waters

The World Bank has issued a warning that if the IsraelHamas conflict escalates to a fullscale Middle East war like the one 50 years ago, oil prices co

The World Bank has issued a warning that if the IsraelHamas conflict escalates to a fullscale Middle East war like the one 50 years ago, oil prices could reach a record high of over $150 per barrel. This could be caused by supply shortages similar to the 1973 Arab oil boycott, raising the price of a barrel of oil from around $90 to a range of $140 to $157. Such an escalation could result in a dual energy shock, affecting the global economy not only due to the war in Ukraine but also from the Middle East conflict. The consequences could extend to higher food prices, potentially leading to widespread hunger. Read More..

B2B Tech News | 2 years ago        

The Dollar Business Brings Innovative Trade Solutions to UAE Companies

The Dollar Business TDB, a prominent global trade intelligence company, is excited to announce its expansion into the United Arab Emirates UAE. This m

The Dollar Business TDB, a prominent global trade intelligence company, is excited to announce its expansion into the United Arab Emirates UAE. This move represents a significant milestone for the company as it offers UAEbased businesses an accessible webbased tool to find foreign sellers, meet their purchasing needs through international shipments, and identify export opportunities. The tool also allows businesses to analyze their industry peers and competitors in the UAE, promoting transparency and efficiency through technology. Recognizing the UAEs growing economy and its strategic position as a global trading hub, The Dollar Business aims to provide an easytouse tool to empower businesses in their international trade endeavors. Read More..

B2B Tech News | 2 years ago        

Toyotas Robust Sales in North America and Europe Reflect Strong Demand

Toyotas global sales surged by 8.3% in the April to September period, reaching a record high of 5,596,183 vehicles. This impressive performance is att

Toyotas global sales surged by 8.3% in the April to September period, reaching a record high of 5,596,183 vehicles. This impressive performance is attributed to strong demand and improved supply conditions, putting the worlds largest carmaker on track for another successful year. During the first half of the fiscal year, global production also increased by 10% to reach a record of 5,738,126 units, including their subsidiaries Daihatsu Motor and Hino Motors. Notable sales growth was observed in Africa 22% and the Middle East 17%, with North America 9.4% and Europe 7% also showing positive trends. However, some parts of Asia, excluding Japan, experienced weaker sales due to economic slowdowns in places like Thailand and Indonesia. Read More..

B2B Tech News | 2 years ago        

Portugals Tax Overhaul Sparks Tech Sector Worries

Those who profited from Portugals plan to terminate the advantageous tax regime under the nonhabitual resident NHR legislation for new entrants in 202

Those who profited from Portugals plan to terminate the advantageous tax regime under the nonhabitual resident NHR legislation for new entrants in 2024, particularly in the tech industry, have expressed concerns. The NHR statute made it an appealing location for computer workers by allowing international residents to pay a flat 20% tax on their income for ten years. The Portuguese government intends to replace it with a more focused initiative that emphasises luring in foreign scholars and experts. While others contend that tax incentives are no longer necessary to draw professionals to Portugal, the government attributes the increase in home prices to these kinds of programmes. The ability of the nation to retain and attract people in the tech sector may be impacted by this development. Read More..

B2B Tech News | 2 years ago        

Rights vs. Trade Biden Drops Hammer on African Partners

In response to "gross violations" of human rights or a lack of progress towards democratic governance, U.S. President Joe Biden has announced plans to

In response to "gross violations" of human rights or a lack of progress towards democratic governance, U.S. President Joe Biden has announced plans to remove Uganda, Gabon, Niger, and the Central African Republic CAR from the African Growth and Opportunity Act AGOA, a trade programme between the United States and Africa. Under AGOA, qualifying subSaharan African nations can import more than 1,800 goods into the United States dutyfree. Niger and Gabon—both ruled by the military following coups this year—were declared unsuitable because countries havent made headway in instituting the rule of law and political plurality. Removing Uganda and the Central African Republic is being done because of "gross violations of internationally recognised human rights." Read More..

B2B Tech News | 2 years ago        



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Refresh Your Facts

1.  Global online sales are predicted to reach 22% of all retail sales in 2023.
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2.  Global tablet shipments are expected to hit 142 million by 2025, reports Statista.
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3.  Artificial Intelligence is expected to contribute $15.7 trillion to the economy by the year 2030.
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4.  Since the launch of the popular mobile game, Candy Crush, in 2012, players have spent a total of 73 billion hours (equivalent to 8.3 million years) playing this game.
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5.  Approximately 8 billion gadgets connect on the internet every day.
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