World, As Seen from the most beautiful islands: Ireland and Cyprus

Most brands are optimistic about the European economy development


European brands and retailers are under considerable economic pressure. However, they do expect the economic climate to improve, for which they are preparing.

That is the finding of Salesforce in a recent survey. European companies are struggling mainly due to higher operating costs, such as due to higher energy prices, and reduced consumer demand due to high inflation.

Less than half of respondents have a positive profit forecast for this year. In particular, respondents from Belgium, Norway and the UK have low expectations for sales in 2023.

However, companies do adapt to the changing circumstances, the survey concludes. Mainly by improving shop environments and customer experience. Many retailers are hiring more staff and investing in mobile payment points in their shops.

They are also adjusting their potfolios. New services are also being introduced. Think of services in health, logistics, paid loyalty and financing.

Fortunately, most respondents are positive about expectations for 2024. Some 78 per cent say they expect economic conditions and thus sales to improve next year. Needless to say, they are already preparing for this by laying the groundwork for more expanding business now.

The emphasis in the next 18 months here will be on improving efficiency with the help of technology. Consider upgrading technology capabilities for marketing, customer service and supply chains. These include investments in AI, data and CRM technology for marketing and supply chain operations.

Written by: Patrick O'Brien

Patrick O'Brien is a student who is taking only the first steps in journalism. The main interest is events from the world of macroeconomics and finance.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

Ireland and Cyprus have one thing in common. The most beautiful islands are divided. Even proportions are strikingly similar. Both nations strive for unity and a good glass of the news. More about us under the link.

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