Business
Naming Your Business: Lessons Learned the Hard Way
If you’re launching a new venture, there’s already enough pressure.
The reality is that most businesses end as failures, and early decisions are extremely critical. While it’s tempting to downplay the importance of coming up with a business name, the fact is that the first impression made on customers and suppliers has a massive bearing on the success of your enterprise.
Ideally, a business name needs to be short and memorable – but it also needs to stand the test of time, while not limiting future expansion opportunities.
Business Names 101
Today’s infographic comes from The Business Backer and it provides points to consider when naming a new business.
Importantly, famous examples of mistakes made by well-known companies are also provided for reference.
Of course, this is just a set of guidelines, and rules can certainly be broken under the right circumstances.
However, it’s important to at least keep these guidelines in consideration, otherwise you may end up with a brand that means something quite atrocious in a foreign language!
Lessons Learned the Hard Way
Here are some naming fails orchestrated by major companies, and how they got fixed:
AOL
Originally named Quantum Computer Services back in 1985, the name was far too long and confusing. It was eventually simplified to America Online in 1989, and finally AOL later on.
Amazon
The first name used for what is now the centerpiece of the Jeff Bezos Empire was actually Cadabra. However, it turned out that over the phone most people heard “Cadaver”, and so it was eventually tossed.
Sony
Sony was originally named Tokyo Tsushin Kogyo, which translates to Tokyo Telecommunications Engineering Corporation. It turned out to be quite a tongue-twister, so the company came up with a much simpler name.
Hertz
Hertz, the car rental company, was originally named “DrivUrSelf”, which wasn’t easy to spell for anyone.
Yahoo!
Yahoo! used to be known as “Jerry’s Guide to the World Wide Web”, which is long, hard to remember, and too different from other web portal or search engine names. Fortunately, Jerry Yang and David Filo changed the name of the company and also bought the yahoo.com domain name in 1995.
Retail
Visualized: 10 Black Friday Retail Trends
Consumers are expecting more this Black Friday, but for retailers, the pressure is mounting. Here are 10 trends that may impact them in 2023.
10 Black Friday Retail Trends
This year, retailers are under major pressure to orchestrate even more substantial and enticing Black Friday discounts for their customers.
We partnered up with Airwallex to visualize the latest available data from 2022 to understand what this year’s holiday weekend could look like for retailers.
Consumer Loyalty and Price
Theme: Buyer Behaviour
In a 2022 U.S. study conducted by Emarsys, 58% of people claim they are more loyal to retailers that offer them discounts, incentives, and rewards, indicating that price plays a crucial role in fostering loyalty.
Moreover, 60% of respondents admitted to turning their back on the brands they were previously loyal to in an effort to save money amid inflation hikes.
Convenience is King
Theme: Buyer Behaviour
Salesforce notes that 2022 saw a global increase of 9% in Buy Online, Pick Up In Store (BOPIS) adoption during Cyber Week compared to early November data.
Specifically in the U.S., retailers offering BOPIS experienced 38% higher growth in online revenue during Cyber Week compared to those without this service.
Global Spending is Up
Theme: Spending Patterns
Globally, 2022 Cyber Week spending increased 2% YoY to $281 billion. This is despite some regions experiencing a decline and some retailers reporting lighter foot traffic.
Margins at Risk
Theme: Spending Patterns
While consumers are spending more, retailers are still seeing their margins squeezed due to a variety of factors such as high inflation, high cost of goods, strained systems, and increased demand for discounts.
That is why we are starting to see certain retailers choosing to “boycott” Black Friday, and although estimates vary, The Guardian reported that as many as 85% of smaller retailers were not participating in Black Friday in 2021.
The Smartphone Surge
Theme: Buyer Behaviour
According to Adobe, 47% of U.S. online sales came from smartphones during the 2022 holiday spending season—up from 43% in 2021.
This reflects a broader trend within the retail sector, aligning with projections for substantial growth in the global mobile commerce market.
Deeper Discounts
Theme: Spending Patterns
In another benefit to consumers, discounts are getting deeper. Throughout the 2022 holiday season, the average discount stood at 21% compared to 19% in 2021 with apparel, skincare, and beauty touting the deepest discounts.
Alternative Payment Options
Theme: Payments
When it comes to payment methods, alternatives such as Buy Now Pay Later (BNPL) are gaining traction, as evidenced by a 5% increase in orders YoY.
Financing Lower-Priced Goods
Theme: Payments
Despite the success of Buy Now Pay Later, the average order value decreased 5% YoY, meaning consumers are using the payment method more, but to help finance lower-priced goods.
Sales Spikes in APAC + Europe
Theme: Payments
Even though Black Friday has been traditionally viewed as an American retail phenomenon, it has transcended its U.S. origins and has been embraced by consumers the world over.
Several countries witness significant spikes in online sales in 2022, most notably in Australia with a +239% sales spike, and Spain at +576% spike when compared to average October sales.
Retailers Hit with Hidden Fees
Theme: Payments
Did you know that merchants of all shapes and sizes can often find it hard to escape paying unnecessary transaction fees during the holiday season?
For context, every international dollar a retailer generates during the holiday period could be converted up to three times, costing them up to 5.5% of every transaction.
Considering the multitude of benefits afforded to consumers during Black Friday and the holiday season, the question that looms is: is this retail bonanza genuinely worthwhile for retailers?
By partnering with Airwallex, retailers can simplify global payments, but also capitalise on increased consumer spending—without sacrificing on profit.
Learn more about Airwallex now.
-
Revenue6 days agoRanked: The Biggest Retailers in the U.S. by Revenue
From Best Buy to Costco: we list out the biggest retailers in the U.S., and how much they earned from their stores in 2022.
-
Retail1 week agoRanked: Average Black Friday Discounts for Major Retailers
To compile this list, WalletHub analyzed over 3,500 deals from 13 U.S. retailers to calculate their average black Friday discounts for 2023.
-
Business3 months agoVisualizing the Number of Costco Stores, by Country
This graphic breaks down the number of Costco stores globally, providing insight into the retailer’s global presence.
-
Advertising2 years agoRanked: The Reputation of 100 Major Brands in the U.S.
What comes to mind when you think of a good or bad brand? This poll ranks the brand reputation of 100 major companies in America.
-
Ecommerce3 years agoA Very COVID Christmas: The Pandemic’s Impact on Festive Spending
This graphic explores how festive spending in 2020 has changed as a result of the ongoing COVID-19 pandemic and evolving consumer behavior.
-
Business3 years ago5 Big Picture Trends Being Accelerated by the Pandemic
In some cases, COVID-19 has sped up societal and economic trends that were already in motion. Here we examine five examples.
-
Maps5 days agoMapped: Which Countries Recognize Israel or Palestine, or Both?
-
Markets1 week agoVisualizing 30 Years of Investor Sentiment
-
Technology1 week agoRanked: Largest Semiconductor Foundry Companies by Revenue
-
Misc1 week agoVisualized: EV Market Share in the U.S.
-
Maps1 week agoInteractive Map: The World as 1,000 People
-
Retail1 week ago
Ranked: Average Black Friday Discounts for Major Retailers
-
Brands6 days agoRanked: Fast Food Brands with the Most U.S. Locations
-
Markets6 days agoVisualizing 30 Years of Imports from U.S. Trading Partners