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Amid the ongoing geopolitical tension, the <keyword id="19904988" type="General" weightage="20" keywordseo="energy-sector" source="keywords">energy sector</keyword> will continue to face challenge while the <keyword id="20468174" type="General" weightage="20" keywordseo="consumer-goods" source="keywords">consumer goods</keyword>, automotive, healthcare is set to expand in 2025, highlighted a report 'Industry Outlook 2025' by <keyword id="20618515" type="General" weightage="100" keywordseo="Economist-Intelligence-Unit" source="keywords" meta.keywordsubtype="org" meta.entityname="Economist Intelligence Unit" meta.hostid="261" meta.entityid="Economist Intelligence Unit">Economist Intelligence Unit</keyword>. The report noted that the Fossil fuel markets will continue to face risks from geopolitical conflicts, particularly in the Middle East and Ukraine. However, investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> will remain strong, especially in China, as the world pushes toward cleaner and more sustainable energy sources. The report said "Fossil-fuel markets will continue to face <keyword id="20064250" type="General" weightage="20" keywordseo="geopolitical-risks" source="keywords">geopolitical risks</keyword> amid conflicts in the Middle East and Ukraine, but investment into renewables will remain strong, particularly in China." It also added that the financial sector faces a mixed outlook with falling interest rates anticipated to narrow bank profit margins, potentially leading to smaller dividend payouts for shareholders. Yet, regulatory easing could provide relief, with the Basel III endgame likely seeing further delays, softening the impact on banking institutions amid a challenging economic landscape. For the consumer goods and retailing the report added that the Global retail volumes are forecast to grow by 2.2 per cent in 2025, thanks to easing inflation. However, stricter regulations on online retailing will target high-volume, low-price retailers, to ensure fair competition and consumer protection. It said "Global retail volumes will expand by 2.2 per cent, helped by disinflation, but regulations around online retailing will tighten further" As per report, the <keyword id="20359760" type="General" weightage="20" keywordseo="automotive-sector" source="keywords">automotive sector</keyword> is set for a record year, it said "After a difficult few years, annual new-vehicle sales will reach a record 97.2m units in 2025. This includes a 2 per cent rise in new car sales, a 4 per cent increase in commercial vehicle sales, and a significant 16 per cent growth in <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword>, reflecting the sector's recovery and the shift toward cleaner mobility. In technology the report added more countries will adopt satellite internet, although the primary users will be enterprise clients, including military and maritime sectors. Amazon's Project Kuiper will challenge the existing market dominance of Starlink and EutelSat OneWeb, offering more competition and potential growth in satellite connectivity. The resulting tensions will continue to affect investment into production and market entry, with companies taking advantage of government incentives to build out more flexible supply chains. <keyword id="23684177" type="General" weightage="20" keywordseo="investment-in-technology" source="keywords">Investment in technology</keyword>, particularly artificial intelligence (AI), will also be strong as projects gather pace. However, technology companies will face pressure from several directions as regulations tighten (particularly in Europe), investors become more impatient for profits and their energy usage comes under more scrutiny.

Consumer goods, auto and healthcare sector to expand but energy may face challenge in 2025: Report

A public interest litigation (<keyword id="19957723" type="General" weightage="20" keywordseo="PIL" source="keywords">PIL</keyword>) has been filed in the <keyword id="19905533" type="General" weightage="20" keywordseo="Bombay-High-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Bombay High Court" meta.hostid="261" meta.entityid="Bombay High Court">Bombay High Court</keyword>, urging the establishment of stringent guidelines to curb <keyword id="21811854" type="General" weightage="20" keywordseo="black-marketing" source="keywords">black marketing</keyword> and <keyword id="23311384" type="General" weightage="20" keywordseo="ticket-scalping" source="keywords">ticket scalping</keyword> for major events. The PIL comes in the wake of widespread concerns over alleged irregularities during the online sale of tickets for the British band Coldplay’s upcoming concert in Navi Mumbai, scheduled for January 2025. Filed by advocate Amit Vyas, the PIL highlights the growing menace of ticket scalping and black marketing at large-scale events, including concerts, live shows, and sports matches. The plea calls for a thorough investigation into illegal ticket sales and the manipulation of online ticketing platforms, with specific reference to Coldplay's highly anticipated concert. The plea was mentioned on Monday for urgent hearing before a division bench comprising Chief Justice D. K. Upadhyaya and Justice Amit Borkar. Noting that a police inquiry into the matter was already underway, the court adjourned the hearing to November, after the Diwali vacation. <h2>Allegations of <keyword id="23627270" type="General" weightage="20" keywordseo="ticketing-irregularities" source="keywords">ticketing irregularities</keyword></h2>The PIL specifically alleges foul play during last month’s sale of tickets for Coldplay's concert on the popular online ticketing platform, <keyword id="20215809" type="General" weightage="20" keywordseo="BookMyShow" source="keywords" meta.keywordsubtype="org" meta.entityname="BookMyShow" meta.hostid="261" meta.entityid="BookMyShow">BookMyShow</keyword>. According to the petition, many potential buyers were locked out of the website within minutes of the ticket sales opening, only to discover that the tickets had been sold out. Shortly thereafter, these same tickets appeared on secondary platforms at exorbitant prices, fueling suspicions of deliberate manipulation. Vyas, in his submission, noted that secondary websites were still selling tickets at inflated rates. He argued that this exploitative practice deprived fans of their right to fair access to entertainment, violating the <keyword id="20003683" type="General" weightage="20" keywordseo="consumer-protection" source="keywords">Consumer Protection</keyword> (E-Commerce) Rules, 2020, which mandate fair and non-deceptive practices by e-commerce entities. The PIL underscored that this problem extends beyond the <keyword id="22044624" type="General" weightage="100" keywordseo="Coldplay-concert" source="keywords">Coldplay concert</keyword>, pointing to similar issues during other major events, including the Indian Premier League (IPL) matches, the 2023 Cricket World Cup, and concerts of global artists like <keyword id="19897184" type="General" weightage="20" keywordseo="taylor-swift" source="keywords">Taylor Swift</keyword> and Diljit Dosanjh. In each case, fans were exploited through black market ticket sales, with prices soaring well above their official rates. According to Vyas, there is an urgent need for the government and judicial system to intervene, as ticketing platforms and event organisers are either complicit or failing to regulate secondary market sales effectively. <h2>Call for stricter guidelines</h2>The plea calls for the Bombay High Court to lay down stringent guidelines to prevent the black marketing and touting of event tickets. Vyas has asked for a framework that would ensure transparency and fairness in <keyword id="23627269" type="General" weightage="20" keywordseo="online-ticket-sales" source="keywords">online ticket sales</keyword> and reduce the exploitation of fans. The PIL emphasises that the lack of proper regulations in India’s ticketing sector has allowed platforms like BookMyShow to bypass rules, leaving consumers vulnerable to deceptive practices. It urges the court to consider the Consumer Protection (E-Commerce) Rules, 2020, as the basis for implementing stricter regulatory measures in the ticketing industry. <h2>Ongoing police investigation</h2>Following last month’s irregularities, Vyas lodged a police complaint with the Economic Offences Wing of the Mumbai Police, which is currently conducting an inquiry. The PIL has highlighted the need for a more immediate judicial intervention to prevent further exploitation in upcoming events. As the Coldplay concert approaches, the spotlight remains on the High Court’s response to this plea and whether it will pave the way for reforms that will bring much-needed transparency and accountability to India’s ticketing industry. The court is expected to hear the matter again in November. (With inputs from agencies)

Coldplay concert chaos aftermath: PIL filed in Bombay HC to demand stricter controls over online ticket sales

Last Christmas, my partner's parents made an extremely generous offer: We'd been sleeping on a luxuriously cooling, king-size Zinus mattress whenever we visited, and they asked whether we wanted one of our own. The only thing we needed to do was pick a bed frame. Easy, right?Our first thought was to head to <a target="_blank" class="" href="https://www.businessinsider.com/ikea-cut-prices-deflation-red-sea-shipping-crisis-inflation-greedflation-2024-1">Ikea</a> and purchase our current bed frame in a bigger size, but it was out of stock, so <a target="_blank" class="" href="https://www.businessinsider.com/luxury-retail-ecommerce-online-sales-stores-wealth-the-realreal-2024-7">we turned to the internet</a>. Searching "wooden bedframe" on the furniture <a target="_blank" class="" href="https://www.businessinsider.com/wayfairs-opens-first-ever-physical-store-take-a-look-2024-6">e-commerce store Wayfair</a>, whose tagline is "every style, every home," yielded over 13,000 results. Amazon gave us a smaller but not particularly more manageable 6,000, with sponsored or "trending" bed frames that weren't in our price range — or made of wood at all — frequently front-loaded. The task was daunting.We spent hours at a time clicking between product pages and toggling between search parameters, but none of the options ever lined up. Eventually, buying a new bed frame began to feel like a part-time job that neither of us had time for. Almost a year later, we're still crowding into our old, sagging queen with two dogs and a cat.We aren't the only people feeling paralyzed by making a purchase: On the Reddit forum r/Mattress, person after person complains of the time they have spent navigating a maze of distinctions, like "cooling" and "ultracooling," "medium" and "medium firm," or "memory foam" and "hybrid." For some, the task of buying a mattress was too much: "<a target="_blank" href="https://www.reddit.com/r/Mattress/comments/194n1c5/the_mattress_industry_destroyed_me_emotionally/">The mattress industry destroyed me emotionally and spiritually</a>," one post read. "<a target="_blank" href="https://www.reddit.com/r/Mattress/comments/1chv833/this_is_ruining_my_life_just_tell_me_what_the/">This is ruining my life</a>," someone else wrote.It's not just big, life-altering purchases, either: In a recent <a target="_blank" href="https://www.accenture.com/us-en/insights/consulting/consumer-goods-cutting-through-noise">Accenture survey</a> of 19,000 consumers around the world, 74% of respondents said that they had abandoned an online shopping cart at least once in the past three months because they felt "bombarded by content, overwhelmed by choice and frustrated by the amount of effort they need to put in to making decisions." This inability to commit to a purchase was reported by people shopping for clothes (79%), flights (72%), and even snacks (70%).Barry Schwartz, a Swarthmore College psychology professor, famously called this the "<a target="_blank" class="" href="https://www.businessinsider.com/how-too-many-choices-are-screwing-us-up-2016-11">paradox of choice</a>": While having a wider variety of choices can initially make us happier, <a target="_blank" class="" href="https://www.businessinsider.com/how-the-paradox-of-choice-could-explain-why-youre-still-single-2018-2">the more options we have</a>, the harder it can be to choose the best one for us.Schwartz's 2006 book drew inspiration from <a target="_blank" href="https://faculty.washington.edu/jdb/345/345%20Articles/Iyengar%20%26%20Lepper%20(2000).pdf">a study</a> that found that shoppers in a grocery store were 10 times as likely to purchase jam after sampling from a display of six jam varieties than they were from a sampling of 24. <a target="_blank" class="" href="https://www.businessinsider.com/quit-social-media-online-shopping-30-days-regain-control-productivity-2024-7">Online shopping</a>, which the US Census Bureau estimates accounts for roughly 16% of all retail sales, theoretically makes it easier to find exactly what we are looking for. But it also takes the jam problem and multiplies it by several orders of magnitude: We're inundated with hundreds and thousands of choices. With so much information about those choices, it sometimes can feel impossible to go on. What's more, experts say that many of the tools we rely on to help us sift through all of this information — from product descriptions to search engines to e-commerce filters — may actually be making the process even harder.The golden age of comparison shopping isn't so golden after all.The internet changed not just how we shop but also the number of options retailers can offer. Superstores that used to be limited by their square footage <a target="_blank" class="" href="https://www.businessinsider.com/warehouse-nation-boom-ecommerce-jobs-2022-10">could now fill warehouses</a> with thousands of items that would ship straight to customers' doorsteps. As a result, the retail landscape began to lean toward larger stores with more options.Jason Goldberg, the chief commerce-strategy officer of Publicis Groupe, said "category killers" like PetSmart and <a target="_blank" class="" href="https://www.businessinsider.com/the-tumultuous-history-of-toys-r-us-photos-2020-8">Toys "R" Us</a> outcompeted the neighborhood mom-and-pop pet and toy stores of yesteryear — only to find themselves losing out to stores with even bigger inventories, such as <a target="_blank" class="" href="https://www.businessinsider.com/amazon-q3-earnings-shoppers-cheaper-items-high-frequency-good-business-2024-11">Amazon</a> and <a target="_blank" class="" href="https://www.businessinsider.com/walmart-stock-price-sam-walton-family-wealth-billionaires-retail-strategy-2024-10">Walmart</a>. "In the history of retail, businesses with larger assortments have come in, and they've won out over businesses with small assortments," he said.Shoppers, it turns out, love the convenience of the one-stop shop. But that has left us with an ever-increasing number of options. "Amazon's doing what we think the American dream is, which is, have all the choice in the world," Jessecae Marsh, a professor of psychology at Lehigh University, told me. "But choice can be paralyzing." Part of the problem, Marsh said, comes down to the way our brain makes choices. When shopping, we typically start by looking for ways to narrow down the set of choices, such as by filtering out things we can't afford or that aren't the size we want. Then we look for a reason to pick one of the remaining items over the others. "When we try to make decisions, we want a reason behind the decision," she said.This helps explain why ratings and <a target="_blank" class="" href="https://www.businessinsider.com/guides/insider-reviews-expertise-in-product-reviews">reviews</a> have become such a popular feature on online marketplaces: When we're comparing two similar items, we need to find a piece of information that breaks the tie. A higher star rating, or a slate of glowing reviews from other customers, can be enough to do the trick. The trouble is that having more information at our disposal isn't always helpful. And sometimes, it can render decision-making more difficult.In a <a target="_blank" href="https://cognitiveresearchjournal.springeropen.com/articles/10.1186/s41235-023-00509-7">series of experiments</a> testing how the presence of diagrams influenced people's ability to correctly answer questions about topics like managing body weight, Marsh and Samantha Kleinberg, a professor of computer science at the Stevens Institute of Technology, found that while some guiding information could be helpful, too much information made picking the right answer almost as difficult as if the participants had received no guiding information at all. While the study, published last year in Cognitive Research: Principles and Implications, didn't focus on shopping, their results suggested that the more information we wade through when we're trying to make a decision, the more likely we are to come across something that conflicts with our beliefs, which complicates the decision-making process."If you've tried an Oil of Olay moisturizer, and you had a reaction to it, but you're seeing website over website telling you that's the best one, you're now in a position where the information that you're getting doesn't match information that you hold in your own head," Marsh said. "That conflict is always going to be hard for people because they don't exactly know how to resolve it."It doesn't help that the tools we use to reduce overwhelm may actually make things even more daunting. Raluca Ursu, an associate professor of marketing at New York University's Leonard N. Stern School of Business, told me that tools like filtering, sorting, and using recommendations could bog us down by revealing new factors to investigate, which leads people to search more — and, <a target="_blank" href="https://www.jstor.org/stable/25674430">research has found</a>, be less satisfied with their choices. Search engines such as Google, which present options in a ranked list, <a target="_blank" href="https://journals.sagepub.com/doi/abs/10.1509/jmr.09.0481?journalCode=mrja">can also lead</a> to a "maximizer" mindset. "Consumers start to believe they can find 'the best option' out there, which can then lead to additional stress and decision paralysis," Ursu told me. The <a target="_blank" href="https://www.businessinsider.com/search-web-email-google-streaming-online-shopping-broken-2022-4">decline of Google Search</a> probably doesn't help matters, either.Ursu has studied two factors in shopping: <a target="_blank" href="https://www.anderson.ucla.edu/sites/default/files/document/2022-01/SearchGaps_UrsuZhangHonka_Dec2021.pdf">search costs and search fatigue</a>. "Search costs generally reflect the time and effort consumers require to obtain information about a product," she said via email. "How difficult is it to determine this TV's price and technical specifications?" While search costs are typically much smaller online than they are IRL, where you have to jump in a car and drive to a store, search fatigue grows when shopping online because there's more information available and more options to sift through. Ursu guessed that the most exhausting stage of shopping is comparison shopping — when people pore over minuscule details between products to find the best one.If people <a target="_blank" class="" href="https://www.businessinsider.com/online-shopping-coping-mechanism-target-pandemic-2021-3">abandon their shopping carts</a> because they get overwhelmed by search fatigue, it can come back to bite retailers. In a <a target="_blank" href="https://www.anderson.ucla.edu/sites/default/files/document/2022-01/SearchGaps_UrsuZhangHonka_Dec2021.pdf">study</a> that looked at browsing data from clothing shoppers in the Netherlands, Ursu and her fellow researchers Qianyun Zhang and Elisabeth Honka found that reducing search fatigue by half led to a slight increase in transactions. They also found that search fatigue tended to affect smaller retailers more than larger ones since people tend to spend all their energy shopping at larger stores first.In fashion, perhaps no company embodies the paradox of choice more than <a target="_blank" class="" href="https://www.businessinsider.com/stitch-fix-subscription-clothes-review-work-from-home-2021-9">Stitch Fix</a>, which launched in 2011 with a counterintuitive business model: People who didn't have the time or patience to shop could undergo a virtual consultation with one of the firm's in-house stylists, then receive a subscription box filled with a selection of items that had been handpicked for them. It worked: By 2017, the company had gone public at a valuation of $1.4 billion, only to surge to a $11 billion market cap in early 2021, when many customers were holed up at home."Having someone do that front-loaded effort, that seems really valuable," Marsh said. It's the same thing we would do by bringing a contractor into a house to ask, "What are the options here to expand this bathroom?" After lockdowns ended, the company decided to introduce an option where customers could shop for individual items from categories like "jeans," "Lauren Ralph Lauren," and "workwear under $80." But since that pivot away from its core business, <a target="_blank" class="" href="https://www.businessinsider.com/stitch-fix-stylists-say-role-company-is-losing-flexibility-2021-8">the company has been losing customers</a> every year. Today, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/sfix-stock">Stitch Fix is valued at $400 million</a>, just a fraction of its market cap at its 2017 initial public offering. Goldberg, the chief commerce-strategy officer, said it's possible that the company's struggles are due to macro factors, like subscription fatigue and a sales slowdown in the clothes business. "Twenty years ago, you spent 6% of your budget on clothes; today, you spend 3% of your budget on clothes," he said. "People used to buy Stitch Fix for clothes to wear to work. You know what people don't do anymore?" Still, the company's decline raises an important point about the value of curation.Short of changing their business models, companies can make things easier on shoppers by simplifying their site designs, reducing friction during checkout, and keeping extraneous information to a minimum. Offering shoppers more personalized search results is another big piece of the puzzle, and the experts I spoke to say <a target="_blank" class="" href="https://www.businessinsider.com/how-amazon-is-using-ai-from-rufus-to-movie-recommendations-2024-7">artificial intelligence may be able to help us</a> winnow our choices down — that's the guiding idea behind <a target="_blank" class="" href="https://www.businessinsider.com/what-amazon-ai-shopping-assistant-rufus-is-like-2024-7">Rufus, a new conversational chatbot</a> from Amazon that answers questions and makes product recommendations. Of course, there's the danger AI <a target="_blank" href="https://www.businessinsider.com/ai-scam-spam-hacking-ruining-internet-chatgpt-privacy-misinformation-2023-8">will overwhelm us with spam and slop</a> first.As Marsh sees it, though, the most important thing is shoppers getting to a place where they're dealing with fewer options, even if they believe that more is better. "Whatever people think they want, they should have something a little bit less than that," she said. Marsh recommended researching a category and figuring out what product attributes matter most to you before you start shopping. She also suggested turning the decision over to <a target="_blank" class="" href="https://www.businessinsider.com/guides">a consumer guide</a>, a retailer quiz, or someone who has tried a product before you. Many people already do this with<a target="_blank" class="" href="https://www.businessinsider.com/gen-z-luxury-perfume-obsession-tiktok-fragrance-teen-boys-branding-2024-10"> beauty influencers</a>: If you have a similar skin or hair type to someone, seeing what works and what doesn't for them can help narrow down your choices.Still, deciding what to buy can be excruciating — even for people who study decision-making for a living. Recently, after an "extremely overwhelming" experience selecting a bed frame for her own house on Wayfair, Marsh said she realized she was going to need a new rug. "I started looking through the options, and I was like, 'I just can't,'" she told me. "We're going to have to go to a store. I just can't do it again."<a target="_blank" rel="" href="https://www.businessinsider.com/author/emilie-friedlander">Emilie Friedlander</a> is a journalist and editor from Brooklyn, currently based in Philadelphia. She co-hosts <a target="_blank" rel=" nofollow" href="https://theculturejournalist.substack.com/">The Culture Journalist</a>, a podcast about culture in the age of platforms.

'I just can't': Why so many consumers are sick and tired of online shopping

How India's online shopping preferences differ across India​

New Delhi: 78 per cent of consumers now prefer to do most of their banking digitally through <keyword id="19915384" type="General" weightage="20" keywordseo="mobile-apps" source="keywords">mobile apps</keyword> or websites, according to the Alkami report. This shift is part of a broader trend towards <keyword id="21227659" type="General" weightage="20" keywordseo="cashless-transactions" source="keywords">cashless transactions</keyword> and <keyword id="21012835" type="General" weightage="20" keywordseo="contactless-payments" source="keywords">contactless payments</keyword>, which have become the default for many, especially since the COVID-19 pandemic. According to the report, nearly 80 per cent of financial institutions have seen an increase in cashless transactions over the past two years. This change has been accelerated by the pandemic, with many consumers opting for digital payments to avoid handling cash. About 60 per cent of these institutions noted that the volume of cashless transactions has surged by more than 20 per cent. Cashless payments aren't a new concept--personal checks and credit cards have been around for decades. However, today's digital payments, whether made through a smartphone, laptop, or tablet, are quickly becoming the standard. The convenience and safety of these transactions, especially in a post-pandemic world, have made them more popular than ever. Allison Cerra, Chief Marketing Officer at Alkami Technology, said, "The banking leaders of the future will be those that can harness data for the best use, gain a holistic view of their relationships, and meet the rapidly changing needs of digital consumers." With more people turning to <keyword id="20028215" type="General" weightage="20" keywordseo="digital-banking" source="keywords">digital banking</keyword>, there's been a noticeable decline in the use of ATMs and checks. Chad Rogers, Executive Vice President at Connexus Credit Union, noted that even millennials are moving away from traditional banking methods. "What we're seeing, even with our millennial users, is that they're no longer ordering checks, or making cash withdrawals from our ATMs as we would expect. Instead, they are self-serving from home or wherever they are. They're moving money through our digital banking platform," he said. Interestingly, even though fewer people are visiting bank branches in person, their overall engagement with banks has increased. Thanks to the ease of mobile and <keyword id="19998466" type="General" weightage="20" keywordseo="online-banking" source="keywords">online banking</keyword>, customers are now interacting with their banks more frequently, often on a daily basis. While cashless transactions are on the rise, the adoption of cryptocurrency is growing more slowly. Around 21 per cent of financial institutions reported that their customers are asking for Bitcoin products and services. Although this is still a relatively small percentage, 35 per cent of banks believe that offering cryptocurrency options could give them a competitive edge. Banks are also feeling the heat from fintech companies like PayPal, Stripe, and Venmo. Jamie Dimon, CEO of JPMorgan Chase, has called these fintechs "enormous competitive threats" to traditional banking. The popularity of fintechs has only increased during the pandemic, with many consumers turning to these platforms for their financial needs. Despite the competition, some banks are partnering with fintechs to stay relevant. According to the report, 50 per cent of banks and 40 per cent of credit unions have teamed up with fintech companies in the past three years to enhance their digital offerings. Looking ahead, many experts believe that the future of banking will revolve around personalised experiences. However, only about a quarter of financial institutions are currently using hyperpersonalization to gain a competitive advantage. There's a growing opportunity for banks to leverage personalised recommendations and offers to better serve their customers. Data is also playing a crucial role in this digital transformation. Most banks are now using data analysis to improve customer experiences, guide decision-making, and reduce development time and costs. By unlocking the potential of customer data, banks can better anticipate their clients' needs and offer tailored solutions. Allison Cerra Chief Marketing Officer at Alkami Technology, said, "We are now at a place where technology has democratised financial advice and counsel. It is no longer just the privileged upper class who can afford to get financially fit and prepare for the future."

78 pc of consumers choose digital banking over cash transactions

<ul><li>The <keyword id="8194701" type="General" weightage="20" keywordseo="refurbished-smartphone" source="Orion">refurbished smartphone</keyword> market has recorded rapid growth in India.</li><li>While the unorganised sellers dominate the market, the organised sellers are also growing.</li><li>Affordability and shorter upgrade cycles are among the factors fueling the refurbished smartphone market.</li></ul> India's refurbished smartphone market is experiencing significant growth, outpacing the new smartphone sector. This reflects a maturing market which is increasingly catering to consumers looking for affordable yet reliable options. According to a report by Counterpoint Research, unorganised sellers dominate the refurbished smartphone market, accounting for 77% of transactions. The Indian refurbished smartphone sector has traditionally been dominated by unorganised players, offering devices at a fraction of the cost of the new models. However, the introduction of value-added services like warranties, quality assurance, and after-sales support by emerging e-commerce platforms is beginning to formalise this market, enhancing consumer trust and driving further growth. <h2>What’s fueling the refurbished smartphone market</h2><h3>Affordability</h3><keyword id="2698558" type="General" weightage="20" keywordseo="refurbished-smartphones" source="Orion">Refurbished smartphones</keyword> offer consumers access to higher-end hardware at lower costs, making premium technology more accessible to a broader audience. This aspect is particularly appealing in a price-sensitive market like India. <h3>Shorter upgrade cycles</h3>With technology evolving rapidly, many users prefer to upgrade their phones more frequently. Refurbished devices provide an avenue for this without the high cost associated with new purchases. <h3>Environmental impact</h3>There's a growing awareness of the environmental benefits of using refurbished products, which reduces electronic waste and the demand for new manufacturing, which is resource-intensive. <h3>Consumer confidence</h3>The entry of organised players who provide guarantees and quality checks on refurbished devices has significantly boosted consumer confidence. These services add a layer of reliability to what was once a market fraught with uncertainty about product condition and longevity. Despite the growth in the unorganised sector, there's a noticeable trend towards formalisation. E-commerce platforms specialising in refurbished goods are expanding, providing consumers with the convenience of online shopping backed by credible service commitments. The report also notes that this growth is not just contained within India. Globally, the refurbished smartphone market is on an upward trajectory, with similar trends observed in markets like Latin America, suggesting a broader international shift towards sustainable consumption in electronics. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/moto-g35-5g-with-120hz-5000mah-battery-launched-at-9999/articleshow/116172283.cms">Moto G35 5G with 120Hz display, 5,000mAh battery launched at ₹9,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-14-pro-and-redmi-note-14-pro-launched-in-india-starting-at-24999/articleshow/116134415.cms">Redmi Note 14 Pro and Redmi Note 14 Pro+ launched in India starting at ₹24,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-camera-centric-to-launch-in-india-on-december-12/articleshow/115930004.cms">Vivo X200 and X200 Pro camera-centric smartphones to launch in India on December 12</a>

India's refurbished smartphone market witnesses accelerated growth

Why 1 in 2 Indians reject bank applications: FICO survey insights

<ul class="summary-list"><li>Large companies like Disney and Uber have arbitration clauses in their Terms of Use.</li><li>Arbitration is when a neutral third party settles a dispute instead of a jury trial.</li></ul>Companies are using a simple strategy to avoid courtroom litigation when disaster strikes: the fine print.Terms and conditions have become a ubiquitous part of life for many people, from purchasing concert tickets to applying for a credit card. The legal agreement between businesses and their customers spells out both parties' responsibilities under a contractual relationship.That legal agreement can include an <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/how-plaintiffs-law-firms-bring-mass-arbitration-cases-class-actions-2021-11">arbitration clause</a> that removes a customer's right to sue a company when things go wrong — whether the customer knows it or not. Instead, they can be forced to use a neutral third party to settle a dispute instead of a jury at trial.In some cases, companies are using infinite arbitration clauses, which can extend to individuals beyond the original contractual parties, requiring all disputes to be settled out of the courtroom, and can be enforceable even after terminating a service."Infinite clauses stretch to the horizon and last forever. They are less a contractual provision and more a kind of arbitration servitude," David Horton, a professor at the University of California, Davis, School of Law, wrote in the University of Pennsylvania Law Review.It's a near-century-old practice that some legal experts say should be modernized for the digital age.<h2 id="27cb7a2c-c011-4afd-9917-00dc1588da6c">The Disney case</h2>In the case of large companies, arbitration clauses included in one service can often apply to any service the company offers.This scenario gained attention earlier this year after a New York State man filed a <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/disney-wrongful-death-lawsuit-theme-park-2024-8">wrongful-death lawsuit against Disney</a> and a restaurant operator who runs a pub at Disney Springs. Disney does not own the restaurant.Jeffrey Piccolo's lawsuit said his wife, Kanokporn Tangsuan, died in October 2023 from a "severe acute allergic reaction" after dining at Raglan Road Irish Pub and Restaurant, where they asked a staff member on "numerous occasions" if allergen-free options were available. The staff member assured them the restaurant did, but Tangsuan collapsed inside Planet Hollywood later that night and was transported to a local hospital, according to the complaint.A medical examiner's investigation determined she died due to "anaphylaxis due to elevated levels of dairy and nut in her system."<div type="image" title="A photo of a sign on a water tower with the Disney Springs logo" height="1704" width="2560" msid="115384767" hostid="261" sizebytes="276990"></div>In response, Disney filed a motion to compel arbitration, arguing that Piccolo could not sue the company because he had agreed to its Terms of Use when signing up for a free Disney+ trial years earlier and again when purchasing tickets to its theme park. Disney quickly found itself in a <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/disney-wrongful-death-lawsuit-legal-argument-pr-nightmare-2024-8">PR nightmare</a> as people online called the move "very dystopian" and urged users to cancel their Disney+ subscriptions in retaliation.After the criticism, Disney reversed course and dropped its motion to compel arbitration. The case is pending in the Ninth Judicial Circuit Court in Orange County, Florida."At Disney, we strive to put humanity above all other considerations. With such unique circumstances as the ones in this case, we believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss," Josh D'Amaro, the chairman of Disney Experiences, said in a statement.Although Disney relented, Piccolo isn't the only one to get caught up in the fine print, and he likely won't be the last.Lawyers and legal experts who spoke to Business Insider said there is little consumers can do to avoid arbitration clauses in an era when signing contracts often happens with the tap of a finger."I think the only thing we can do is opt out of the internet," Joseph Cammarata, a partner at Chaikin, Sherman, Cammarata &amp; Siegel, P.C. in Washington DC, told Business Insider.<h2 id="7db68ead-3086-4a47-adf0-1c0cf75edcf6">Large companies use arbitration to avoid damaging their reputations in a public trial</h2><div type="image" title="Preview of John and Georgia McGinty alongside the crashed Uber vehicle." height="3264" width="2962" msid="115384769" hostid="261" sizebytes="435138"></div>Like Disney, Uber made headlines this year for a 2023 lawsuit filed by Georgia and John McGinty in the Superior Court of New Jersey.In a September court filing, the couple said they were riding in an Uber in March 2022 when the driver ran a red light and crashed into another vehicle. The court filing said Georgia sustained multiple injuries, including rib, cervical, and lumbar spine fractures. She also experienced damage to her abdominal wall, pelvic floor, and a protruding hernia.John sustained "severe" fractures to his left arm and wrist and a fractured sternum, according to the lawsuit.Uber responded by filing a motion to compel arbitration, which that court denied. However, Uber appealed, and New Jersey's appellate division sided with the company, which said the McGinty's could not have a courtroom trial because Georgia agreed to its Terms of Use in 2022 for an unrelated Uber Eats order. The couple pushed back, saying their underage daughter made that order and have filed an appeal."While the plaintiffs continue to tell the press that it was their daughter who ordered Uber Eats and accepted the Terms of Use, it's worth noting that in court they could only 'surmise' that that was the case but could not recall whether their daughter ordered food independently or if Georgia assisted," an Uber spokesperson said in a statement.<div type="image" title="Georgia McGinty, who was involved in an Uber car crash." height="3024" width="4032" msid="115384772" hostid="261" sizebytes="674730"></div>Stacey Lee, a professor of law and ethics at Johns Hopkins Carey Business School, told BI that consumers are increasingly running into arbitration clauses, but how businesses use them isn't necessarily new."It has always been the default for businesses to want to go to arbitration for a number of reasons," Lee said."You're not going to have a class action lawsuit, you're not going to have it plastered on top of the front page, there's limited discovery, and businesses have a little more control over who the arbitrators are," she said.Arbitration usually has three arbitrators selected from the Arbitration Association of America. They're often business professionals with experience in a specific field."Their knowledge of the customs and norms of the industry is very different than a judge's, and because they're on the business side, they have a tendency to agree more with the business interpretations of how things work," Lee said.Cammarata said companies know juries might be less sympathetic to their arguments."They want to limit public accountability and responsibility," he said. "A jury may listen and say, 'Uber, are you kidding me?'"However, arbitration isn't inherently anti-consumer or unfair to the average person. Compared to courtroom litigation, arbitration can cost less money and be a quicker process. People also can request an appeal in arbitration, but it's not the same as a courtroom trial, where they would have the right to do so.This private form of settling legal disputes arose with the Federal Arbitration Act in 1925, making it nearly 100 years old. John Carpenter, a partner at the California-based law firm Carpenter &amp; Zuckerman, said the arbitration clause is due for an update."The problem is we're applying a statute that goes back to 1925 to 2024," Carpenter said, "It's an entirely different world. The world we live in now wasn't even conceivable in 1925."Carpenter said that arbitration was generally used to determine one-on-one agreements, but now "it's being used digitally in terms of use agreements and essentially contracting away an entire branch of government with a click."<h2 id="dcbb6564-3ff6-4ae5-98ab-600c97fc4c6e">How consumers protect themselves from arbitration clauses</h2>Cammarata said one way consumers can navigate arbitration is to check if a company's terms of use has an opt-out clause. That, however, relies on consumers reading through the businesses' Terms of Use, which are often lengthy and written in legal jargon."First of all, they haven't read it, so they don't even know that they agreed to arbitration, let alone to opt out," he said.Lee said that while courts tend to be critical of arbitration clauses in employment agreements, they're less so regarding things like streaming services or rideshare apps."Increasingly, courts are like, 'You can read. You scroll through and click yes. It is now your responsibility," Lee said. "You can walk away from the service, and it doesn't affect your life, liberty, or pursuit of happiness."John said he believes courts need to reexamine the Federal Arbitration Act."It's going to require legislative action to take a look at this," he said.

How century-old arbitration laws are failing consumers in the digital age

<ul class="summary-list"><li>US port workers are on strike following the expiration of their labor contract Monday night.</li><li>The work stoppage at Eastern and Gulf Coast facilities will impact a host of consumer products.</li></ul>US port workers with the International Longshoremen's Association are on strike following the expiration of their <a target="_blank" class="" href="https://www.businessinsider.com/longshoremen-strike-leaves-east-and-gulf-coast-ports-shuttered-2024-9">union's contract Monday night.</a>In the latest development of the ongoing labor dispute, the work stoppage at Eastern and Gulf Coast facilities is expected to impact a host of consumer products.Atlantic ports handle more than half of US imports, with an estimated economic impact of $540 million per day, according to <a target="_blank" href="https://www.conference-board.org/publications/looming-US-East-and-West-Coast-port-strikes-would-paralyze-US-trade">The Conference Board</a>.While some companies have managed to work ahead of the impending deadline, accelerating shipments or routing to West Coast ports, others are in a tighter spot.<h2 id="cadaa8ed-437c-44cb-909a-962092c27e71">A wide range of everyday items could be affected</h2>Fresh fruits and vegetables, especially those coming from Central and South America, are expected to be most impacted by the strike, said Margaret Kidd, program manager and associate professor of supply chain and logistics at the University of Houston.Top of the list: <a target="_blank" class="" href="https://www.nytimes.com/2024/09/30/business/port-strike-dockworkers.html">Bananas and mangoes.</a>"Grocery stores and others in the supply chain aren't holding a lot of inventory because they don't want them to expire," Brian Pacula, a supply chain partner at consulting firm West Monroe, told Business Insider of bananas.Tim Ryan, a Florida importer who supplies grocers including Walmart, <a target="_blank" href="https://www.wsj.com/articles/dockworkers-union-strike-shipping-economy-81301038">told</a> The Wall Street Journal he's having to fly in asparagus from Peru that he would ordinarily bring through the port of Miami.Other food and beverage commodities, including beer, wine, and spirits could also be impacted because of their perishable nature, Pacula said.European manufacturers are expected to face more disruption than brands that ship from Asia, according to analysts from Jefferies. That's bad news for toymakers like Playmobil and Lego, as well as Ravensburger puzzle-solvers.Durable goods — where there's less of an urgency to reroute them because they are not perishable — like furniture and tires could also be stuck at ports, according to Pacula. Continental Tire, Michelin, and Goodyear are all top importers through East and Gulf Coast ports, Pacula noted.In addition to tires, shortages of other auto parts could plague consumers in the coming days, two supply chain experts said, especially those coming from Europe or tied to secondary markets like car maintenance and manufacturing.When the Port of Baltimore was closed after the vessel Dali knocked out the Francis Scott Key Bridge, it shut down the <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-impact-imports-exports-cars-coal-farm-equipment-2024-3">largest point of entry for imported cars</a> to the US. Baltimore is also a key site for importing sugar and gypsum, which is commonly used in construction and agriculture.Meanwhile, parts of the East Coast are still reeling from Hurricane Helene, which is expected to further slow the transport of goods throughout the US.Michael Yamartino, CEO of post-purchasing company Route, said smaller businesses that don't have large inventories or the luxury of planning ahead, as well as companies dealing with complex products, will most likely be hit the hardest.Three experts said that with less than two months until Black Friday, the likelihood that the strike could impact holiday shopping and shipping is high.Chris Butler, CEO of National Tree Company, a leading online seller of Christmas decorations, said even with precautions in place, an estimated 15% of the company's goods will be stranded amid a strike.

These consumer products are most likely to be impacted by the port strike

<ul class="summary-list"><li>The American Bankers Association is urging federal action on online financial fraud.</li><li>Banks are facing increased liability for scams, with $10 billion in losses reported last year.</li></ul>Remember the Spider-Man meme where <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mark-zuckerberg-posts-spiderman-meme-first-tweet-in-a-decade-2023-7">he points at himself</a>? Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams.For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. Banks, on the other hand, want the government to do more to prevent those scams in the first place.The problem is real. Almost 1 in 3 Americans have been the victim of a scam in the past year, with an average loss of $1,600 a person, according to a study from IPX, a financial analysis firm.According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. The agency's data also showed that consumers using payment apps reported <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/new-bill-zelle-fraud-payment-app-waters-blumenthal-warren-2024-8">losing $210 million</a>.It's also a major headache for the banks.American Bankers Association CEO Rob Nichols called for the federal government to create a national scam prevention strategy last week. Nichols also said that Congress should "create and fund" an Office of Scam and Fraud Prevention while speaking to bankers at the association's annual convention in October."The scale of fraud taking place every day is a massive burden for our country and for the millions of hardworking women and men whose lives are affected by it," Nichols said at the convention, according to Forbes. "It will take a united effort — with support from both inside and outside the banking industry — to win this fight."The government, meanwhile, has repeatedly called on financial institutions to improve compensation for victims who lose money to scams.In August, the Consumer Financial Protection Bureau launched an investigation into JP Morgan, Bank of America, and Wells Fargo, all part owners of Zelle.The investigation came after a Senate investigations committee found that reimbursements from the three banks for disputed transactions on the app fell from 62% in 2019 to 38% in 2023.Also in August, three Democratic senators introduced a bill that would update the 1978 Electronic Fund Transfer Act to require financial institutions to share more of the burden when consumers are victimized by fraud.Nichols said at the convention, however, that fighting back against fraud will require "a whole-of-government approach … that starts at the very top." He also said that the government should create "financial crimes intelligence centers." One already exists in Texas, which he said has been a "force multiplier for law enforcement" there.Nichols also called on the FTC to create a database of reported spam text messages available for "all legitimate businesses to access." Nichols said this kind of database would help banks monitor how scams are evolving and "educate their customers" more effectively."

Banks and the federal government point fingers as Americans lose billions to online scams

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning. Milton has strengthened once again into a Category 5 hurricane. Gas stations across Florida are already <a target="_blank" rel="noopener" href="https://www.businessinsider.com/florida-gas-stations-out-of-fuel-before-hurricane-milton-landfall-2024-10">running out of fuel</a> as millions of people try to flee.In today's big story, we got our first interest-rate cut, <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-economy-recession-no-landing-borrowing-2024-10">but it doesn't feel like it for many consumers</a>.What's on deck:<ul><li>Markets: Roblox is the latest target of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/roblox-stock-price-short-seller-hindenburg-report-gaming-inflated-metrics-2024-10">short-seller Hindenburg Research</a>.</li><li>Tech: The DOJ is considering asking a judge to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-search-antitrust-case-doj-remedy-alphabet-2024-10">break up Google</a>.</li><li>Business: Walt Disney World will temporarily <a target="_blank" href="https://www.businessinsider.com/disney-world-shut-down-hurricane-milton-florida-orlando-parks-2024-10">close its doors</a> for Hurricane Milton.</li></ul>But first, we're canceling the landing.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">So much for the help</h2><div type="image" title="Business person in a suit holding scissors, preparing to cut strings suspending a stack of cash, with a group of people standing below" height="1500" width="2000" msid="114087130" hostid="261" sizebytes="264596"></div>The US economy is having an Instagram vs. reality moment.Last month's interest-rate cuts were supposed to kick off a new era. After two years of battling inflation, the Federal Reserve finally claimed victory. More rate cuts were coming, which meant lower borrowing costs for everyone.<a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-economy-recession-no-landing-borrowing-2024-10">But the relief many were hoping for isn't materializing</a>, writes Business Insider's Jennifer Sor. Let's break down why.We finally got an interest-rate cut, but borrowing costs are still high. What gives? First off, last month's interest-rate cut wasn't going to provide immediate relief. It takes time for cuts to trickle down to consumers. The Fed also telegraphed the cut, so the market started pricing it in.That seems fair, but borrowing rates are still rising in some cases. Yes, the average 30-year fixed mortgage rate <a target="_blank" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10">has gone up 47 basis points since the Fed cut rates</a>, writes BI's Matthew Fox.So the Fed cut rates but borrowing costs went up? How is that possible? You can thank the 10-year Treasury yield, <a target="_blank" href="https://www.businessinsider.com/economy-outlook-impact-of-rate-cuts-10-year-treasury-yields-2024-9">which is a key benchmark used by</a> lenders. It went above 4% this week for the first time since August.I'm confused. Why is there such a discrepancy between the two? The Fed's rate is focused on the short-term while the 10-year Treasury reflects a longer-term view (hence the name). As a result, the 10-year bond yield can diverge from the Fed's benchmark rate.Gulp So what does the 10-year Treasury rising mean for the economy? Big picture, it's a good thing. Thanks to a stellar jobs report, investors have a positive view of the economy's future. But the downside is we shouldn't expect the slew of rate cuts investors were banking on. The economy will likely avoid a recession and not need the help.Is this a soft landing or a hard landing? Neither. It's considered a "no landing" because the economy remains strong, but in a way that risks reigniting inflation, which would hamstring the prospect of future stimulative rate cuts.What's with all the aviation metaphors? I don't know.OK, so at this rate, will I ever be able to buy a house? It's honestly not as bad as it seems. BI's James Rodriguez, who's covered the housing market for a while, <a target="_blank" href="https://www.businessinsider.com/housing-market-ice-age-homebuyers-mortgage-rates-spring-real-estate-2024-10">has a piece on why the industry's ice age is starting to thaw</a>. There was a 34% year-over-year increase in active listings in September. More inventory will help unstick the economy.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>The Kremlin says <a target="_blank" rel="noopener" href="https://www.businessinsider.com/kremlin-says-trump-sent-putin-covid-tests-pandemic-denies-calls-2024-10">Trump sent Putin COVID tests</a> during the pandemic, but denies subsequent calls.</li><li>Boeing's negotiations with union leaders <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/boeing-strike-negotiations-union-leaders-break-down-after-two-days-2024-10">break down 2 days after restarting</a>.</li><li>Exclusive: AI cloud startup Ori is in talks to raise up to $80 million in funding, <a target="_blank" href="https://www.businessinsider.com/ori-gpu-ai-startup-talks-raise-funding-nvidia-2024-10">sources say</a>.</li><li>A surprising company <a target="_blank" rel="noopener" href="https://www.businessinsider.com/robotaxi-ridesharing-tesla-waymo-uber-2024-10">might beat Elon Musk</a> in the robotaxi race.</li><li>Influencers are swiping a new black card at <a target="_blank" href="https://www.businessinsider.com/influencer-marketing-startup-oth-network-pays-creators-products-services-2024-10">restaurants, spas, and fitness studios</a>.</li><li>I don't allow Roblox in my house. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/roblox-not-allowed-my-child-kids-why-explained-2024-10">Here's why</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo of wave hitting Florida park" height="1000" width="2000" msid="114087135" hostid="261" sizebytes="112966"></div><ol><li>The Hurricane Milton trade is in full effect, according to US natural gas futures. Energy traders are betting the storm barreling toward Tampa will cause power outages in multiple states. <a target="_blank" href="https://markets.businessinsider.com/news/commodities/hurricane-milton-power-outage-florida-electricity-natural-gas-prices-futures-2024-10">Futures on US natural gas have dropped 8% over the past few days</a> as power plants are expected to be left idling as demand evaporates.</li><li>A short-seller takes aim at Roblox for "lying to investors." Hindenburg Research accused the online gaming platform of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/roblox-stock-price-short-seller-hindenburg-report-gaming-inflated-metrics-2024-10">inflating its user numbers</a> by including bots and players with multiple accounts. It also called Roblox a "pedophile hellscape," claiming child users are exposed to grooming and pornography. A Roblox spokesperson said in a statement it "totally" rejected the claims made in the report.</li><li>Bank of America is bullish on stock gains ahead of this earnings season. "The bar isn't high," BofA analysts said in a Tuesday note. Stocks should rise as long as companies report they're <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stocks-q3-earnings-lower-rates-stocks-returns-outlook-bofa-2024-10">feeling good about lower rates</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Vinod Khosla" height="900" width="1200" msid="114087136" hostid="261" sizebytes="76966"></div><ol><li>OpenAI's exec exodus might actually be a good thing, Vinod Khosla says. The legendary investor backing OpenAI has <a target="_blank" href="https://www.businessinsider.com/openai-vinod-khosla-fixing-ai-image-2024-10">plenty of confidence in the startup</a>, even after multiple high-profile exits. He also thinks the AI industry is catching strays from "Luddites" — those who think the tech is a slippery slope into a Westworld-ian apocalypse.</li><li>The DOJ may seek to break up Google. After a major antitrust lawsuit against Google, a federal judge ruled that it illegally monopolized online search. Now, prosecutors are proposing "behavioral and structural remedies." If enacted by a judge, the changes could <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/google-search-antitrust-case-doj-remedy-alphabet-2024-10">force a major reorganization or even a breakup</a> of some of Google's basic businesses, including its search engine.</li><li>Where are the Gen Z Mark Zuckerbergs? Gen Zers, aged 13 to 27, haven't produced any big-name tech founders like previous generations. But don't just blame it on Zoomers' blasé attitudes toward work — <a target="_blank" href="https://businessinsider.com/gen-z-tech-founder-gap-zuckerberg-bezos-holmes-2024-10">there's a bigger reason</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A screenshot of zara.com" height="1500" width="2000" msid="114087133" hostid="261" sizebytes="93076"></div><ol><li>Zara's bizarre website is the secret to its success. The site, which feels more like a magazine spread than an online retailer, is routinely roasted for being "virtually unusable." But experts say <a target="_blank" href="https://www.businessinsider.com/zara-website-memes-mocked-secret-success-aspirational-luxury-consumers-2024-10">there's a method to Zara's madness</a>: It's meant to project an upscale image, distancing itself from other fast-fashion brands.</li><li>The "happiest place on earth" takes a rain check. There are literally storm clouds forming over Florida's family-friendly amusement parks, as the state braces for Hurricane Milton. It's a <a target="_blank" href="https://www.businessinsider.com/disney-world-shut-down-hurricane-milton-florida-orlando-parks-2024-10">rare occasion for Disney World</a>, which has only closed its gates nine times in more than 50 years.</li><li>Tesla executives are hitting the exits. In the past week, <a target="_blank" href="https://www.businessinsider.com/elon-musk-loses-4-top-executives-ahead-of-robotaxi-event-2024-10">four of Elon Musk's direct reports have announced they're leaving</a>, or have already left, the company. Their departures come ahead of Robotaxi Day tomorrow, where Musk is tasked with convincing investors that Tesla is more than just a car company.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Hurricane Milton is projected to hit the west coast of Florida, including the Tampa Bay area.</li><li>Federal Open Market Committee's September meeting minutes and forecast published.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Why the interest-rate cut isn't delivering the relief consumers were hoping for

More than 40 per cent of <keyword id="20081234" type="General" weightage="20" keywordseo="consumers" source="keywords">consumers</keyword> in Tier 3 to 6 cities use <keyword id="19994585" type="General" weightage="20" keywordseo="digital-payment" source="keywords">digital payment</keyword> on a daily basis, while 45 per cent claimed to use it once in two days, a new survey report has said. "This reflects the frequent usage of <keyword id="6358577" type="General" weightage="20" keywordseo="digital-payments" source="Orion">digital payments</keyword> by consumers, even in Tier 3 to 6 locations of the country," said a report by Chase India on The State of Digital Payments in India. The report identifies the key challenges faced by <keyword id="20442209" type="General" weightage="20" keywordseo="merchants" source="keywords">merchants</keyword> and consumers in the adoption of digital payment services at the grassroots level. According to the report, nearly half of the merchants who are not using digital payments in rural India are unaware of the service. In contrast, a staggering 94 per cent of consumers who are not using digital payments are aware of it but still don't use it, as they face issues like lack of internet connectivity, limited knowledge, mistrust in online payments and service-related problems. The report added that around 74 per cent of consumers claimed to be using digital payment services for a transaction a family member made. The report said around 41 per cent of merchants claimed to receive less than 25 per cent of their sales through digital payments, around 15 per cent of merchants claimed to receive over 50 per cent of their sales through digital payments. "This shows the potential left to be tapped with respect to increasing the usage of digital payments at the grassroots level," the report said. A total of 2,240 respondents were surveyed for the report, including 1,184 consumers and 1,056 merchants, spread across 16 districts, covering eight states in different geographic zones of the country. The report also said that lack of awareness about digital payments was a crucial finding. Around 46 per cent of merchants had never used digital payments because they were unaware of it. The survey revealed that, on average, around 36 per cent of merchants claimed to be processing over 50 digital payment transactions every month. Also, around 23 per cent of merchants claimed to be processing not more than 1 digital payment transaction every alternate day. Most merchants process digital payment transactions of less than Rs 15,000 every month. Only a handful of merchants claimed to process digital payments of over Rs 1 lakh. The main challenges that hinder the adoption of digital payments were inadequate infrastructure, service-related issues, capacity constraints and lack of trust in digital Payments, it said. "KYC is a vital step in onboarding merchants for using digital payments services. However, the survey discovered that nearly one in three merchants faced difficulties in completing the KYC process due to a lack of requisite documents, capacity constraints and the time taken for onboarding, among other reasons," the report said. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

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You Searched For "online consumer" and got 12 results

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How India's online shopping preferences differ across India