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Jimmy Zollo, the co-founder of Joe & Bella, thought India could be a viable alternative for the online retailer’s China-made socks. The company explored moving production there, drawn by lower costs and a perception that the country was politically “safe” from steep taxes enacted by the Trump administration.
“Pricing seemed great,” Zollo said. “We actually were probably, in the next few weeks, planning on getting a few prototypes made to see if the quality hit our standard levels.”
Then came the tariff news. With little warning, the Trump administration doubled duties on Indian imports to 50%, up from 25%, as part of a push to curtail the country’s purchase of Russian oil. The new rate is scheduled to go into effect on Aug. 27.
The higher rate, combined with manufacturing timelines in India that were five times longer than those offered by Joe & Bella’s existing partners in China, quickly erased any potential savings.
The company scrapped its India tests. Although Joe & Bella previously manufactured some goods in Vietnam, the company has now consolidated all manufacturing back to China — for simplicity’s sake, according to Zollo. “Anyone could get hit at any time for any reason,” he said. “Sometimes the safest move is just to stay put.”
Retail print catalogs have often struggled at the expense of digital or online catalogs. As with so many aspects of our lives, the pandemic is causing change and lockdowns are proving that print is still very much a contender. It’s not hard to see why so many catalogs have transferred online. Digital does away with expensive printing and delivery charges and there’s no pulping of old catalogs or waiting around for new ones to be printed. The analytics associated with digital are now incredibly powerful, making it easy to collect large volumes of detailed data on user behaviors. An online catalog is a powerful package, so why is print making a comeback? With another national lockdown upon us, people are being forced to spend a huge proportion of their time at home and home is where print catalogs score. Recent research by Royal Mail revealed that 88% of people surveyed said they paid as much or more attention to mail during lockdown. This means leaflets and catalogs are far less likely to be dumped straight in the trash.
The apparel sector shows strong demand compared to other industries experiencing subdued or stable demand. Despite this, all sectors saw increased consumer engagement in June. The rise in website sessions, alongside flat demand, indicates heightened consumer interest. However, fewer orders may reflect economic uncertainties despite a 3.38% increase in average order values from the previous year, suggesting cautious consumer spending.
Businesses should adopt strategies to capitalize on consumer engagement while navigating economic challenges for sustained growth. Economists anticipate a slowdown and speculate on potential Federal Reserve interest rate cuts by September. The upcoming 2024 presidential election introduces financial and investment uncertainties, with J.P. Morgan Wealth Management discussing these implications and emphasizing sector-specific impacts like finance and healthcare. Despite short-term market volatility, the long-term effects of elections on markets and the economy remain unpredictable, urging investors to maintain a stable, long-term financial strategy.