This Week’s 5 Must-Read Stories You May Have Missed
BMW reveals plans to produce its new electric Mini in the UK, Lady Gaga is set to launch a new make-up line exclusively through Amazon and Google announces its new video streaming platform.
We caught up with our columnist, business transformation expert, author of The Interim Revolution and founder and CEO of Sullivan and Stanley, Pat Lynes, to discuss the biggest news stories you wouldn’t have wanted to miss last week.
1. Deutsche Bank begins job cuts
What a week it has been for Deutsche Bank. Following the announcement of its reorganisation, 18,000 jobs began to be cut in offices in London, New York and Tokyo. The reason for Deutsche Bank cutting a fifth of its workforce is due to what has been described as “radical” restructuring. The move will see Germany’s biggest bank, reduce its investment banking and trading units and focus more on corporate banking for primarily European customers.
2. BMW’s all-electric Mini set for production in the UK
BMW will give the UK car industry a boost with the production of its new electric Mini in Cowley. With over 15,000 expressions of interest already on the cards, the factory in Oxfordshire will begin production in November, for deliveries starting in March 2020. Following a BMW board member stating the company would consider moving out of the UK if there was a no-deal Brexit, it was unexpected, but a welcoming move by BMW.
3. Lady Gaga is launching a new make-up line exclusively through Amazon
It’s a first for the make-up industry and a first for Amazon, as artist Lady Gaga revealed her new makeup and skincare line, Haus Laboratories will launch exclusively on the world’s biggest e-commerce marketplace.
It’s a really interesting move from both parties as it will allow Lady Gaga to instantly launch her products in nine countries, while for Amazon it will see the company take a stronger grip on the ever-growing, billionaire pound making beauty industry. It will be interesting to see how this pans out and from it, how many other platforms, including social channels such as Facebook and Instagram, may follow suit.
4. British consumers are dissatisfied with their service
According to new figures from the Institute of Customer Service, British customers overall satisfaction with the level of service in the retail industry is the lowest it has been in eight years. Of the 10,000 customers surveyed, it was found that product availability, website navigation and service range were most in need of improvement.
For companies to successfully and honestly deliver, there should always be a line of sight to the customer. Too many organisations make the mistake of shifting their focus to internal restructures or cost-cutting and as a result, forget just how important the customers are. For a business to become more efficient, organisations should instead focus on developing with the customer a service, product or platform that enables and helps them grow.
5. Google reveals new streaming video service, Stadia
Google has announced a revolutionary new gaming initiative named Stadia. The new platform will allow users to stream video games built for an Xbox or PS4 to their Google devices over the internet. Branded as a Netflix for gaming, Stadia is set to launch this November and will be the first time that Google will enter the video-game market. It’s positive to see Google innovating and diversifying its offering into an uncharted and new market.