About Angus Jones

Angus started his first small business in 1989 and has since gone on to have a successful career in marketing. He realised although there were many websites for small business none was addressing the question of how to. Angus has a passion to articulate benefits that add value to customers/readers.

Surge in Next-Day Parcel Deliveries

Delivery data released by CouriersPlease, one of Australia’s leading parcel delivery services, reveals that demand for next-day parcel deliveries is booming, underscoring the dynamic shifts in consumer behaviours, as ‘snail mail’ continues to come under pressure. 

CouriersPlease parcel delivery volumes are up 25 per cent on the previous year for the September 2023 quarter. Its delivery data also reveals a 47 per cent growth in same-day metro deliveries. The significant increase showcases growing shopper preferences for faster deliveries to their doors.

Commenting on the results, CEO Richard Thame said: “CouriersPlease has achieved significant growth already this year, largely through the onboarding of a number of large Australian retail customers who share our understanding that customers are doing it tough and need the best-value product and parcel delivery options.” 

CouriersPlease’s extensive network of 3000 secure and convenient pick-up and drop-off locations empowers consumers to effortlessly retrieve and send parcels on their own schedule. Many of these locations are open beyond traditional retail hours, ensuring flexibility and convenience for customers.

Richard says: “Same-day and next-day metro deliveries are our core business. Our focus on increasing our agility and adaptability to market needs has enabled us to grow these priority services, giving our customers a better delivery experience.”

CouriersPlease’s delivery data also shows that in the September 2023 quarter, same-day and next-day metro deliveries were 47 per cent higher than all other deliveries. In comparison, in the September 2022 quarter same-day and next-day metro deliveries were just 38 per cent higher than all other deliveries.

Richard says: “At CouriersPlease, we are increasing the digitalisation of our services to disrupt traditional delivery models, which will help maintain our position as a top parcel delivery service in Australia and will significantly improve the delivery experience. During the parcel’s transit, parcel recipients can opt to have the package redelivered to a neighbour’s address, reschedule to another delivery date or redirect to a convenient parcel collection point.  CouriersPlease prides itself on providing choice and best value for our customers.”

With a 40-year heritage, CouriersPlease has grown to a national network of more than 1200 franchise and delivery partners, 400-plus freight handlers and 18 freight depots across nearly 850 active territories. 

Top 7 suburbs for same-day and next-day deliveries: Sydney and Melbourne dominate rankings

CouriersPlease’s delivery data has also revealed the suburbs where residents are shopping the most and wanting their parcels faster than other areas across the nation. 

Sydney dominates the ranking of top 7 suburbs for same-day deliveries in 2023

Five Sydney suburbs make up the top five in the ranking. Melbourne suburbs made up the last two of the top seven.

  1. Moorebank, in south-west Sydney
  2. Kemps Creek, in Sydney’s west
  3. Richlands, an outer south-western suburb of Brisbane 
  4. Marsden Park, in Sydney’s outer north west
  5. Eastern Creek, in Sydney’s west
  6. Dandenong South, in Melbourne’s south
  7. Tullamarine, in Melbourne’s north.

Melbourne dominates the ranking of top 7 suburbs for next-day deliveries in 2023

Four Melbourne suburbs make up the list, which was topped by Melbourne’s Braeside. Sydney was hot on the heels, with three suburbs represented in the ranking. 

  1. Braeside, in Melbourne’s south
  2. Alexandria, in Sydney’s inner west
  3. Dandenong South, in Melbourne’s south
  4. Craigieburn, in Melbourne’s north
  5. Prestons, in Sydney’s outer west
  6. Moorebank, in south-west Sydney
  7. Altona, in Melbourne’s south west.

AirFly Pro review – Headphone jack to Bluetooth

With smartphones removing the headphone jack, we have all embraced the wireless headphone revolution. However, what happens if you want to use your expensive wireless noise-cancelling headphones to watch an inflight movie? Twelve South AirFly Pro has solved this problem.

What is a Twelve South AirFly Pro?

The AirFly Pro is a travelling accessory that lets you convert headphone jack audio into a Bluetooth signal for wireless headphones.

WHY should you buy a headphone jack to Bluetooth adapter?

Chances are you now own a set of wireless earbuds or headphones. With most smartphones now only supporting Bluetooth audio connection and the convenience of wireless connection when working with a PC, the days of wired headphones are numbered. However, older cars, most Gyms and aeroplanes still only support analogue headphones or audio connection.

Watching a movie on a plane without noise-cancelling headphones is terrible. This simple device means you can bring one set of headphones rather than multiple.

A headphone-to-Bluetooth adapter lets you connect your expensive Bluetooth noise-cancelling earbuds to the aircraft inflight entertainment system. Alternatively, some adapters do the opposite, allowing you to stream audio from your smartphone via Bluetooth to an adapter that allows audio in (aux in) to an older car to allow you to playback through the in-car stereo system.

What is in the Box?

You will find the AirFly Pro, a USB A to USB-C cable, a carry pouch, an airline headphone adapter, and a key ring storage plug in the box.

AirFly Pro what is in the box

The AirFly Pro weighs 16 grams and measures 57x26x11 mm. Charging via a USB-C cable takes less than 2 hours and can be done whilst in use.

Even without access to power, the AirFly will last around 25 hours of use from its internal battery, keeping you entertained for even the longest flights from Australia, assuming you can stay awake that long.

At $55, the AIrFly Pro is an economical solution to improve your audio enjoyment.

Using the AirFly Pro

After charging, the AirFly Pro adapter connection to my earbuds was as simple as putting both devices in pairing mode, which, for most devices, is holding the power button down until an LED starts to flash. Once connected, plug into your audio source and enjoy. If on a plane, you must use the two-pronged plug adapter to fit the aircraft’s anti-theft style plug in your seat.

A neat feature of this device is the ability of 2 sets of wireless headphones to be paired, meaning that you and a friend or the two kids can now share the audio output source. I found this great for watching a movie on a tablet while travelling with my wife. (Tablet must have headphone socket)

The Value of the AirFly Pro comes out with the audio-in feature. By toggling a small switch on the side of the AirFly, you can change from transmit (Tx) to receive (Rx), allowing you to stream audio from a smartphone to a car, boat, or home stereo audio input. You benefit from the connected device’s bigger speakers and more powerful amplifiers to listen to your audio without headphones. As your phone is already paired, it is as simple as flicking a switch and selecting your app for playback.

Our Take AirFlyPro review.

The Twelve South AirFly Pro is a simple, inexpensive accessory that allows you to use old and new audio technology to ensure the most enjoyment and listening quality. Whether you want to use your latest noise-cancelling wireless earbuds on a flight to filter out the background noise and enjoy the movie or blast your streaming playlist on your 10-year-old convertible as you power down the highway. Maybe you want some peace and quiet in the car and entertain the kids in the back, allowing them both to listen to the latest episode of Bluey with wireless headphones.

Easy to use and small to carry, the AirFly Pro provides flexibility to improve audio playback by mixing analogue wired technology with wireless Bluetooth.

Happiest Hour aids Pub Renaissance

The Happiest Hour, is your wingperson in the world of food & drink offers, hooking you up with the hottest specials around. The Happiest Hour’s mission is to empower people to find great offers and to eat and drink out more with family and friends, whilst supporting great local venues.

Joonas Karppinen says:“I co-founded The Happiest Hour as Australia has some of the pubs in the world, and many have great happy hours and weekly food specials, but they are difficult to find on a reliable platform. What’s better than visiting a great pub special with family or friends? 

The business was launched in 2004 well before even smartphones existed. The first version involved having an email database of people who wanted to receive a weekly email on the latest pub specials in their area. Pub managers would email us their latest offers and we’d then let our database know what they may be most interested in. 

Then in the late 2000s, the launch of the iphone as the first smartphone led us down the path of creating a user-friendly app to allow people to find the most relevant pub specials to them, and we’ve had a live app since then, with well over 250k organic app downloads over the years and over 150k monthly searches on our platform.”

COVID shut down the hospitality industry for two years. The Happiest Hour just relaunched their new platform. The Happiest Hour has over 1000 pubs in Sydney and Melbourne on board with plans to expand nationally.

Joonas concludes: “Firstly, Covid has caused a shift of over $1b of revenue from on-premise dining in pubs to food delivery. We want to support local pubs and move a large chunk of this revenue back to on-premise. 

Secondly, Covid instigated antisocial stay at home habits which have lingered on much longer than many anticipated. We want to play a role in getting people back out to local venues with family and friends, fully aware that social connections are the key to happiness.*

Finally, the reality of the current economic climate and the cost of living pressures associated with it, are that the two factors mentioned above are further reinforced. Our users tell us that our platform enables them to get out more with family and friends, while supporting local venues. “

Reference: https://www.forbes.com/sites/adriangostick/2023/08/15/harvard-research-reveals-the-1-key-to-living-longer-and-happier/?sh=1bd90e2cf718). 

600 Hrs/yr lost to Work Distractions

Workplace collaboration platform, Dropbox has just revealed Australia has ranked second globally in the greatest number of hours and dollars lost, due to work distractions each year.

Titled the ‘Economist Impact Study: The Cost of Lost Focus’, the report, commissioned by Dropbox, highlighted Australian knowledge workers are losing 600 hours, equivalent to USD$19,156, annually, placing us just behind France (608 hours), in terms of the impact on businesses.

The report sheds light on the challenges faced by knowledge workers today, revealing that 42% of survey respondents struggle to work productively for more than an hour without interruptions. To this, the study indicates knowledge workers are increasingly turning to automation tools, including AI, for assistance. Of those surveyed who use such tools, 79% reported increased productivity, while nearly 75% noted improvements in work quality and time spent on repetitive tasks. Additionally, almost 70% mentioned improved organisation.

Work Distractions key findings in Australia:

  • Primary work distractions leading to lost focus include:
    • Work-related chat messages (166 hours)
    • Personal activities (146 hours)
    • Work-related emails (82 hours)
  • Australians spend an average of 131 hours annually trying to regain focus, tying with the United Kingdom.

Head of APAC at Dropbox, Pia Broadley “People are experiencing information overload and disjointed workflows at unprecedented levels, leading to a waste of brain power on ‘work about work.’ The research highlights that distraction has become a common problem for knowledge workers and this is costing Australian businesses. We’re building products that have the potential to help solve this problem by automating routine tasks, increasing productivity, and freeing up mental space so people can get back to doing work that matters most. The updates we’re launching today are just the first step on this journey.”

Please find full Economist report here.

Jabra Elite 8 Active wireless earbud review

I recently reviewed the top-of-the-line Jabra Elite 10 earbuds, and although they are the top of the line, I prefer the Jabra Elite 8 active buds. Read on to understand why in this Jabra Elite 8 active review.

What is a Jabra Elite 8 Active wireless earbuds?

The Jabra Elite 8 active earbuds are Bluetooth, noise-cancelling, and rechargeable, designed for exercise use. Jabra is a Danish company that specialises in audio equipment.

WHY should you buy sports wireless earbuds?

Earbuds are a convenient way to listen to music podcasts or conduct a phone call without wearing traditional on or over-ear headphones. They are not bulky and will not mess up your hair.

A sport or active earbud is designed to stay in your ear whilst exercising and be more tolerant of environmental consequences such as sweat or rain.

Having the ability to listen to music or perhaps a podcast whilst exercising can be motivating as well as add to your enjoyment.

What is in the Box?

In the box, you will find the charging case containing the two earbuds, a USB A to USB C cable and an extra 2 sets of eargels. The ear gels are used to match different-sized ear canals to ensure you get the correct fit.

Many sports earbuds have an extra ear wing to help hold the bud in place. Jabra has designed a new feature they refer to as ShakeGrip, where the silicone body of the bud helps hold the bud in place. The net result is unless you twist the bud out of your ear, it stays firm during exercise like jogging.

Each earbud weighs 5 grams, and the charging case is 46 grams. The charging case dimensions are 65x24x47 mm. The charging case has an extra battery to charge your earbuds, allowing extended time away from a mains power source.

The case must be charged via a USB-C cable (included) to a mains charger (not included), a PC, a car USB, etc. The charge time is up to 3 hours and will provide up to 56 hours of listening time by using the case. When fully charged, the earbuds will provide up to 14 or 8 hours with noise cancelling switched on. The case also supports wireless charging.

If you run out of power in the buds, 5 minutes in the case will give you one hour of listening.

Pairing these buds is super easy, with my phone and PC recognising as soon as I removed them from the case.

At $329, Jabra Elite 8 active are available in four colours. The included warranty is 2 years, protecting you from failure due to dust and water if you register your product on the App.

Using the Elite 8 active earbuds

A feature I like about the whole Jabra earbud range is the large physical button on each earbud, which allows various operations like pause, skip Siri/Google Assistant, etc. This button gives a reassuring click.

You can pair these earbuds with up to ten Bluetooth devices, such as a PC or smartphone, and easily change between them. Connection is done via Bluetooth 5.3 with a range of approx. 10m. Leaving my phone in the centre of my house, I can continue to listen in every room.

The earbuds can be used independently, just one, not two earbuds. However, with the hear-through technology, there is no real need other than personal preference to leave one earbud out. While wearing both earbuds, any media playback is immediately paused if you remove one. I find this a courtesy thing when talking to someone, as with the hear-through feature, you can hear just as well, leaving the earbuds in.

These next features are not listed on the website, and I do not know why, as it is why I have fallen for these earbuds. When riding my bicycle, I like to listen to podcasts whilst, at the same time, I am very cautious that I must be alert to traffic and any noise that may present danger. The Elite 8 hear thru technology amplifies new noises to the point I can hear noise better through the buds than without. The 2nd part of this noise, if it is a constant noise like a lawn mower with no change in tone, cancels out that noise. This feature also deals with wind noise, which can be annoying when using earbuds. With a strong wind, you can get an annoying whistling noise in your ears. The Elite 8, after a few seconds, filters out this noise so you can clearly hear what you are listening to. My practical example is cycling down a long hill; the wind noise caused by the speed is filtered out.

The disappointment of these earbuds is the ability to use them for phone calls. Unfortunately, this aligns with a recent review of the Elite 10 earbuds. In a phone call with a fellow journalist, I resorted to switching back to the phone as I could not be heard. They work fine in a quiet environment; a recent software upgrade has helped.

The Elite 8’s sound reproduction is excellent, and the noise cancellation works well. Traffic and train commuter noise are cancelled out, and the single touch hear thru quickly allows any conversation to be heard. They are not designed for aircraft, and so far, I have not been able to test their effectiveness in this environment. If you like an echo/live effect, the Dolby spacial feature adds this, but I am not a fan.

The Jabra 8 active earbuds are built to last with military standard certifications. The earbuds themselves are rated to IP 68. We do not recommend you take them swimming or place them in water. They could survive 30 minutes on the bottom of a 1.5 metre pool. This same resistance also means they will survive dust. So, these earbuds will be fine if you end up in a rain or dust storm.

Our Take Jabra Elite 8 review.

The Jabra Elite 8 actives have become my daily exercise go-to earbuds. I noticed a dramatic change from previous earbuds from Jabra and other vendors. New noises are quickly noticed, and monotone repetitive sounds are quickly phased out, which is exactly what you want when out and about for safety.

The battery life is excellent, and so far, I have been unable to dislodge a bud from my ear unintentionally. Earbuds are not something you can trial, but if you are using these for an active pastime, you will not be disappointed.

Westpac launches Presto cloud terminal app

Westpac has launched its first third party Android terminal app, Presto, as part of new cloud-based integrated payments solutions for merchant customers to help make it faster and easier to run their business.

Developed in collaboration with payments fintech mx51, the Presto app is available on Westpac’s fleet of Android-based EFTPOS Now terminals and allows for key point of sale features to be seamlessly integrated with payments on the one device.

Using the app, businesses can wirelessly connect their terminal to more than 100 major hospitality and retail point of sale systems. In addition to speeding up checkout times and reducing the chance of keying errors, the app also provides access to a real-time dashboard to track sales and business performance.

Westpac Managing Director of Cash & Transactional Banking, Mandy Rutherford, said: “We know how important it is for small businesses to serve their customers as quickly and efficiently as possible, particularly in retail and hospitality.

“The Presto app and our new EFTPOS Now terminals will allow businesses like restaurants and cafes to take advantage of integrated terminal benefits like simplifying the end of day reconciliation process, while also getting access to all the innovation we are bringing to market on this new device,” she said.

“It will help to reduce the chance of keying errors and speed up the checkout process, which can be a great time saver particularly during rush hour,” Ms Rutherford said.

“This is part of our continued commitment to support the evolving needs of our customers,” she said.

CEO of mx51, Victor Zheng, said: “Westpac and mx51 are both passionate about redefining the hospitality and retail payments environment. This latest innovation cements our commitment to bringing the best merchant experiences to life for our customers.”

In addition to the Presto app, last week Westpac launched EFTPOS Connect with Linkly Cloud, which enables business to wirelessly connect their terminal to a tablet for a neater countertop and increased flexibility to take payments anywhere in store.

Westpac is also now in pilot with EFTPOS Flex, a solution to allow businesses to integrate their terminal with a self-serve checkout or kiosk to reduce queueing and improve the retail customer experience.

For more information visit the Westpac website.

Shippit and eBay partner

Shippit, the last-mile delivery platform  across Australia, New Zealand and Asia, has announced a strategic partnership with eBay Australia, through which thousands of sellers on the platform will have access to best-in-class shipping and fulfilment solutions and services. 

The partnership will deliver optionality and deliverability for all customers, but for the first time the sellers with freight that is traditionally hard to handle will have the same shipping optionality as anyone else. Currently, eBay sellers can access a labels platform that enables them to quote, print and pay for labels for items up to 22kg. 

Through the new integration with Shippit, eBay sellers will be able to access a solution for heavier, bulkier items such as hardware, furniture and electronics. In the last financial year alone, 2.7 million deliveries – with a total value of over AUD$2billion – over 22kg were shipped through the Shippit platform. 

As consumer demand for quick, convenient and transparent delivery increases, the partnership with Shippit, enables eBay sellers to:
  • Ensure seamless post-purchase experiences with automated and reliable tracking notifications and dedicated delivery support;
  • Access flexible and fast fulfilment solutions to streamline pick and pack workflows and packaging decisions for consistent, error-free fulfilment;
  • Centralise controls and access to leading and specialised carriers plus exclusive delivery rates for flexible shipping options at checkout.

Shippit evolution

The integration continues a recent trend through which Shippit has been selected as a partner of choice and integrated into global eCommerce platforms including Wix and Shopline. Last year, meanwhile, Shippit announced a landmark partnership with Uber, through which thousands of retailers would have access to one-hour delivery.

“We’re incredibly excited to partner with eBay, bringing the power of Shippit’s last mile platform to its retailers who are looking to maximise their customers lifetime value, while not sacrificing operating margins” said Chris Weaver, Chief Commercial Officer at, Shippit. “Retailers, not just in Australia but across APAC, rely on Shippit daily to ensure that the delivery promises they make to their customers are kept. Shippit is a mission-critical part of the ecommerce tech stack for retailers, small, medium and large. Our data shows retailers with multiple carriers grow faster, and we’re excited to be able to provide those capabilities to eBay sellers in Australia, many of whom are small businesses.

“We’ve spent the last nearly-10 years building the industry’s most advanced shipping and fulfilment platform. But as the industry evolves, so too must Shippit. That’s why we invest heavily in research and development, and in partnerships and integrations. By investing in that, we’re investing in our customers and in our customers’ customers. Partnering with eBay today – as well as Wix, Shopline, Uber and all those that will follow – is an endorsement, from the industry, of our mission to shape the future of retail and bring retailers, carriers, and consumers closer together.”

“At eBay we are committed to delivering the most value possible to our sellers and that is why we selected Shippit to help power last mile delivery,” Marie Griffiths, Head of Shipping and Trust at eBay Australia, added. “Together with Shippit, our sellers are going to be able to build trust with their customers by meeting the delivery promises made – from the very first purchase. We can’t wait to see our sellers capitalising on this partnership as soon as possible.”

Over 100 million deliveries are booked through the Shippit platform every year. Since its launch in 2014, over $7.5bn worth of ecommerce orders have been fulfilled through Shippit’s platform, on behalf of thousands of retailers including Kmart, Cotton On, Woolworths, Total Tools, Temple & Webster.

For more information about Shippit and eBay’s integration, visit shippit.com/ebay

Pricing and forecasting for profit

How much should you sell it for, and how many will you sell? Did you know that even the largest businesses struggle with this? Unfortunately, we can not give you all the answers, but this guide will explain the principles and help you with the basics to improve your abilities around pricing and forecasting.

Product forecasting is the science of predicting the degree of success a new product will enjoy in the marketplace. The forecasting model must consider product awareness, distribution, price, fulfilling unmet needs and competitive alternatives to do this.
Price is the money that customers must pay for a product or service.

WHY is getting pricing and stock forecasting right important?

Charge too much, and you will sell too few; charge too little, and you may not make any money. The more stock you hold, the more money you have tied up, the more chance the stock will spoil or become obsolete.

Pricing and forecasting work hand in hand but are not always directly linked. 

The basics of pricing and forecasting are to sell enough to make enough money to sustain your business and make a profit. Your product or service has a cost to manufacture or provide; included in this needs to be the cost of running your business and any future customer service you must provide. Some of your costs will be variable, and some will be fixed. 

Assume you are a greengrocer; you have a variable cost of buying apples. That is the cost for each apple, times the number you buy. If you buy 100 apples, you hope to sell 100 apples, so you must price them at a point where you would sell 100 apples. If you price them too cheaply, you will run out of stock and lose out on the many more apples you could have sold. Price them too expensive, and you will not sell your 100 apples and then have spoilt stock that you cannot sell. 

Thus, you are seeing this as a fine balance. If your apple cost was 10 cents and you sold all 100, you would have made $90. Will this $90 cover your fixed costs? Your fixed costs are the cost of your vehicle, your store rent, your wages, etc. If your fixed costs during this time were $100, your net position would be a loss of $10.

WHAT do I need to know about pricing?

To start with the basics, you must set a price if you wish to sell something. That price must cover your costs and enable a profit. If you can get lower costs, you can lower the price. Pricing your offering is an ongoing process and cannot be done once or forgotten.

Suppose you have projected your business’s running costs, including property and equipment leases, loan repayments, inventory, utilities, financing, and wages.

The four most common ways of establishing prices are:

Cost-Plus Pricing – We add all our costs and our desired profit to reach a required sell price. For example,
material cost $50 + labour cost $30 + overhead $40 = total cost $120
total cost $120 + desired profit at 20% of sale price $30   = required selling price of $150

Demand price – This model sets a price based on volume. A wholesaler can buy a large quantity because they can move that quantity. A retailer can only sell a smaller number, so it will pay more from the wholesaler and again, a customer who may only buy one will pay a higher price. Thus, pricing is set on demand.

Competitive pricing – When a product is a commodity or similar to something else being sold, competition determines the price. If you sell petrol, you need to ensure petrol bought from you is competitive to the store down the road. Unless you can differentiate your offering, customers will shop around and pay the best price if they know many others also sell this petrol.

Markup pricing – This is when a fixed markup is applied to the cost of a product. For example, with a $70 cost and selling price of $100, the fixed markup would be $30. If this were expressed as a percentage, the markup would be 30%, which is the markup divided by the selling price.

Some other pricing tactics that you might consider include:
  • Promotional pricing – discounts or sales to generate extra sales or move discontinued stock.
  • Geographic pricing – different pricing based on the location of operation. You might have two shops, one in the city and one in the country. You may find you can charge different prices for the same item in each location. Your costs may also be higher due to transport.
  • Premium pricing – sometimes people are prepared to pay more for a premium brand or product, and indeed, if you sold that item for less, it would not be as sought after, and you would sell less, such as branded clothing.

HOW do I forecast?

Your accounting package or POS solution may have some integrated functionality or an integrated app that you can add to help with forecasting. When we forecast a product for sale, we care about purchases, sales and inventory. Pretend we buy (purchase) 10 units and sell (sales) 6 we are left with four units (inventory). If we believe our sales next period will be seven units, we need to purchase three or more units depending on how much stock we want at the end of that period. If you do not have stock available for people to buy, they may go to a competitor who does.

There are three basic models for forecasting—qualitative techniques, time series analysis and projection, and causal models.

Qualitative uses, for example, expert opinion and information about special events and may or may not consider the past. Such as, “I have been doing this a long time, and my gut feeling is we will sell 10”.

Time series analysis & projection focus entirely on patterns and pattern changes and thus rely entirely on historical data. For example, if you sold ten this week last year, you may forecast to sell ten again.

Casual uses highly refined and specific information about relationships between things and is powerful enough to take special events formally into account. For example, it uses a model that takes last month’s and last year’s data and might take into effect other information like trends and competitor information to forecast sales of 10 units.

HINTS

Selling ten units at a $2 profit gives you a $20 profit, as does selling five units at a $4 profit. Thus, you can get the same result with two different pricing and forecasting tactics.

Here is a simple model you can use to forecast stock purchases :

 JanFebMarchAprilMay
Inventory 4534
Purchases10866 
Sales6785 

How much inventory you should hold depends on how quickly you can get more stock. It would be best always to have more inventory than you would sell.

Sales are actual or what you have forecasted to sell.

Purchases are how much you need to buy, which is the desired next month’s inventory plus the current month’s sales minus the current month’s inventory.

SUMMARY – pricing and forecasting is an ongoing job

Pricing and forecasting will make or break a business. Products and services need to be priced so you can make a profit and that a customer will be prepared to pay it.

Forecasting is about having the right amount of stock at the right time without having too much that you cannot move.

Xero unveils new GenAI-driven search

Xero, the global small business platform, today announced it has implemented a Generative AI (GenAI) solution in Xero Central to help deliver accurate support answers faster for its millions of customers and users.

In partnership with Coveo and powered by GenAI, generated answers are available in Xero Central – Xero’s customer support and learning site – and the feature is just one of Xero’s GenAI experiments announced recently at Xerocon Sydney. Xero’s recent Future Focus AI research also found that small businesses believe that support systems (customer service, chatbox and help desk tools) will be the second biggest area (36%) impacted by AI in the next five years, only behind content creation at 38%. 

The use of GenAI-driven search in Xero Central leverages Coveo’s platform and works by integrating generative answers so when customers enter a search term or question, they will receive an answer as well as a list of other relevant content articles. The answers are generated from Xero’s extensive support content articles, written by the Xero team. Customers get the information they need faster, as they don’t have to keep scrolling through content to find the relevant articles they need. Customers can also filter their searches – based on whether they are a small business, or an accountant or bookkeeper – to get the most relevant answers.

Nigel Piper, Executive General Manager – Customer Experience at Xero said: “Xero strives to be at the forefront of innovative customer experience, and this is a significant step towards our goal to build a support model which brings together the best of digital experiences powered by human capability. It’s really about making it as simple and intuitive as possible for customers – whether they’re small businesses or accountants and bookkeepers – to find the information they need to solve their problem so they can get back to running their business or supporting their clients.

“The feedback we’re getting already on the generated answers has been hugely positive. We understand customers like to have a choice too, so customers can continue to raise a support case for one-on-one assistance, or request a phone call from one of our hundreds of customer support specialists based around the world, if that is their preference.”

Louis Tetu, CEO and Chairman at Coveo, said: “Xero understood early the AI-experience advantage when it comes to creating a best-in-class customer experience. Xero is a forward-thinking organization, together we are exploring the possibilities that semantic search and GenAI can bring – or will bring – to digital experiences.”

Recently, Xero also rolled out more powerful, AI-powered bank reconciliation to all Xero customers globally, following the announcement at Xerocon Sydney. This means that AI is now being used to recognise and predict new contacts in customers’ statement lines even without having the business names in their contact list, which can reduce manual data entry and further save customers time. This is in addition to Xero already being able to use AI to predict a contact and account code for transactions only where the business already had a relevant contact.

There are a number of other areas AI already powers across Xero beyond bank reconciliation and Xero Central. It’s embedded in products like Hubdoc (with document capture and data entry), Xero Expenses, Xero Go, and cash flow forecasting in Xero Analytics Plus.

Xero customers can try the GenAI-driven search today in Xero Central search. 

Tipping Trends

Australians are proving their commitment to supporting local businesses as they tip more generously, despite economic pressures and the rising cost of living. Zeller, which supports over 35,000 Australian businesses with next-generation EFTPOS technology, analysed tipping trends from millions of transactions processed with Zeller Terminals across the country. The findings are compiled in Zeller’s latest Tipping Trends Report which reveals significant increases in both the average tip value, and how frequently Australians are tipping, reflecting a community dedicated to acknowledging outstanding service and supporting local businesses.

The data shows that the average Australian tip has grown 12% year-on-year (YoY), from $16.05 to $17.93. Notably, Australians are also tipping more frequently, with the volume of tips as a percentage of total transactions processed by Zeller increasing an impressive 132% since January 2022.

In the Sydney vs. Melbourne rivalry, it’s the hospitality staff in Melbourne who came out on top. Melbournians are leading the way in tipping, with the average tip value on a meal in Melbourne surpassing Sydney by a remarkable 57%, totalling $18.57 compared to $11.81.

“We’ve observed a significant increase in the tips we’ve received at Trattoria Emilia recently. This can be attributed to the streamlined customer experience offered by Zeller Terminal, as well as the growing trend among Australians to tip more frequently. We are grateful to our customers for recognising and rewarding our exceptional service by tipping our dedicated staff,” explained Matteo Neviani, General Manager of Trattoria Emilia in the Melbourne CBD.

While the generosity of tippers is more pronounced in metro areas, a trend is emerging in regional Australia. On average, diners in major cities tip 12% more than those in regional areas, with metro diners averaging $18.08 compared to $16.07 for regional diners. However, diners in regional Australia have increased their average tip value by an astounding 79% YoY, growing from $9 to $16.07, demonstrating a growing appreciation for the businesses and staff servicing regional areas.

“Recently at La Tabella, we have observed a significant upswing in tipping. This can be accredited not only to the influx of tourists but also to the seamless and user-friendly nature of our Zeller EFTPOS Terminals. The Zeller Terminal employs a subtle approach in guiding customers through the tipping process, enhancing the overall experience for both our valued patrons and dedicated staff members,” said Brittany Yanapa, Venue Manager at La Tabella, an Italian restaurant in Airlie Beach, Queensland.

The Australian tipping culture is also diversifying. While table-service diners continue to be the most generous, with an average tip of $19.98, marking an 8% YoY increase, servers at takeaway venues are now also being rewarded for great service, with average tips totalling $7.52, reflecting a 6% YoY growth. However, bar, club, and cafe patrons appear to be tipping less generously, with average tip values declining by 23% and 19% YoY, respectively, in these hospitality settings.

“While tipping isn’t for everyone, we’re impressed to see a growing trend of Australians adding a gratuity to their bill to reward an outstanding customer experience. Zeller Terminal’s built-in tipping feature, which can be turned on or off on the EFTPOS device, is a small but important feature that nurtures a culture of generosity, and incentivises servers and staff to elevate their customer service experience,” said Joshua McNicol, Director of Growth at Zeller.

Australians are demonstrating their generosity in a variety of other customer service settings. Beauty and hair appointments lead the pack, with an average tip of 21% of the total bill, surpassing all other categories and experiencing a remarkable YoY increase of 121%. The average tip percentage in the hospitality sector also grew by 11% YoY, while it remained stable in the taxi and transportation industry.

These findings underscore the importance of business owners being armed with technology to assist them in taking advantage of this growing trend, visit the Zeller Business Blog to learn more.