Top Stories
September saw a 0.7% increase in retail sales, far above forecasts
Despite rising interest rates and concerns about a faltering economy, consumers showed surprising strength by driving retail sales in September to levels well beyond expectations. According to the Commerce Department’s advance report, retail sales rose 0.7% on the month, exceeding the 0.3% Dow Jones projection. Gas station sales aided the headline number, climbing 0.9% as pump prices increased. The month’s sales increases were spread out, with sellers of miscellaneous stores experiencing the most significant increase—a 3% jump. Online sales increased 1.1%, while dealers and auto parts had 1% growth, and dining and drinking establishments experienced 0.9% growth. Read More
Etsy’s holiday trends for online retailers and small business owners
Etsy has released its list of the year’s most popular winter and holiday aesthetics, posing opportunities for small business owners and online retailers in the home goods space to capitalize on popular trends. Travel essentials, especially those that embody a sense of comfort and style, have seen substantial increases in internet searches. Similarly, water bottle holders, sunglasses cases, planners, and travel cases are hot holiday items. Not only can small business owners capitalize on those planning to travel for the holidays, but they can also help consumers secure gifts for the traveler in their lives. Read More
Zoom transforms team collaboration with the introduction of Zoom Docs
During the Zoomtopia 2023 event, Zoom announced the debut of Zoom Docs in response to the challenges the modern hybrid workforce faces. This workplace promises to revolutionize team communication and document creation by utilizing artificial intelligence within the familiar Zoom experience. Along with Mail and Calendar offerings launched during last year’s event, Zoom Docs is a step closer to being a full office suite substitute to Google Workspace and Microsoft 365, which have begun to include AI-powered tools, dubbed Duet AI and Copilot. Read More
New employee retention credit withdrawal process addresses scams
The Internal Revenue Service has announced a new plan to assist small business owners who mistakenly claimed the employee retention credit (ERC). The tax administration says it has created a “special withdrawal process” for small business owners who fell prey to these scams, one that could avoid penalties and repayment costs. “The aggressive marketing of these schemes has harmed well-meaning businesses and organizations, and some are having second thoughts about their claims,” commented IRS commissioner Danny Werfel. Read More
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