ETD: 759 Global economy; Online sales history; The Millionaire
Next Door
E-Tailer's Digest
etd_post at gapent.com
Tue Feb 10 11:41:17 GMT 2004
E-Tailer's Digest --- Everything for the Retailer
Issue #0759 February 10, 2004
George Matyjewicz, Moderator mailto:georgem at gapent.com
Published by: GAP Enterprises, Ltd. http://www.etailersdigest.com
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CONTENTS
[1] Greetings
[2] Global economy
[3] Online sales history
[4] The Millionaire Next Door
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[1] Greetings.
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Hi All:
I will have one special report for next week, and do need one more. I am
combining some material submitted by Jules Kaplan and John Schulte which
are related and long enough for a special. I will be in London on
business the week of Feb 16-20. How about something that would be of
interest to our readers? 1,500 - 2,500 words. And it will remain for
posterity at our site. http://etailersdigest.com/resources/Specials/index.htm
Today we have some interesting material. I was at a breakfast for Senator
Hillary Clinton which was interesting. Our global economy - is it a
blessing or a curse?
Jules Kaplan has some interesting stats to share. The growth of online
sales.
And Beth Cherkowsky asks why do we need all this college? Which, by the
way, was part of Senator Clinton's comments. What do you think?
Let's hear about your business, which will remain for posterity at
our "Members: Who Are You?" site.
http://etailersdigest.com/resources/members/index.htm And we have a form
there for you to tell us about you. As I said when I first proposed this
idea, we have "known" each other for a long time, yet we often don't know
anything about each other. So, tell us who you are and what you do.
Now, let's get to everything for the retailer.
Sincerely
George Matyjewicz, PhD
Chief Global Strategist, GAP Enterprises, Ltd.
mailto:georgem at gapent.com
http://www.etailersdigest.com
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[2] Global economy
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On Monday, I attended a breakfast meeting at the Poughkeepsie, NY Chamber
of Commerce. Guest speaker was Senator Hillary Clinton who talked about
the region, the state, the country and the world. While we are a global
economy, competition in low-wage countries is hurting the economy of more
developed countries like the US or UK. In particular, India and the
low-wage, highly-skilled work force has become a threat in industries like
software, support and now drug makers.
What's worse, is companies who have profitable operations in the U.S. (and
NY in particular) are moving out of the country to make even more profits.
One company CEO told Senator Clinton that he pays an engineer $100,000 in
the U.S., and $10,000 in India. Now MRI readings are done in India, after
being scanned in the U.S. And we have all had support calls from New Delhi.
We've taught our children to go to college, study hard and get a good
job. College education will generate much more earnings over your lifetime
than non-college. So what do they do now?
Interestingly enough, global markets are a blessing for some. There is a
craft village in upstate NY that sold small quantities 4-5 months during
the season. Clinton helped get them computers, websites and access to a
global market. Now their sales have increased and their season has
expanded to year round.
IMHO, we can't have it both ways. I fully agree that global repositioning
of staff is harmful to some countries. Even within one's country,
repositioning of staff is an issue (in the US, BMW has hurt the textile
industry in SC when they opened a plant their and paid wages that are three
times the textile industry). I also recognize that the global market is
wide open and fertile.
So what do we do? How do we protect our work force, without hurting trade?
George
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[3] Online sales history
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Moderator's preface... Jules Kaplan posted some interesting stats. We will
be posting more of these in a special report next week...
---
US Q4 Online Retail Sales, 1999 - 2003
1999 $5,393 -
2000 $9,248 71.5% increase
2001 $10,788 16.7% increase
2002 $13,770 27.6% increase
2003(1) $17,776 29.1% increase
Sources: US Department of Commerce, August 2003
(1)eMarketer, January 2004
--------------------------------------------------------------------------------
Online Holiday Sales Growth, 2000 - 2003 (USD billion)
2003 $16.8 (projected)
2002 $13.8
2001 $11.2
2000 $8.7
Source: Jupiter Research, November 2003
Yours truly
Jules Kaplan
Ez Payment Solutions LLC (EZP)
480-991-7025 OR 800-220-0468 - FAX 310-362-8746 Accept Payment by
FAX - PHONE - E-MAIL - INTERNET
EZP is a secure Electronic Invoicing Presentmentment and Payment (EIPP)
service that allows users to create, send,
receive and process electronic invoices and make secure online payments by
ACH-EFT or Credit Card.
E-Commerce Solution that you have to SEE to BELIEVE
www.onlinechek.com / www.ezpaymentservices.com
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[4] The Millionaire Next Door
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Our moderator wrote...
>I also believe we have similar circumstances in the U.S., in particular
>with trade people. I recently had a plumber spend 20 minutes at our home
>and he charged $160 plus parts! When I mentioned to him that my doctor
>doesn't even charge $480 per hour, he replied "I know. That's why I gave
>up my medical practice."
Have you read, "The Millionaire Next Door?" It highlights that most
millionaires in this country are self-made tradespeople, plumbers,
carpenters,heating guys, etc.
Why did I go to college? I could have gone to tech school for less. <g>
Beth Cherkowsky
http://members.aol.com/cougartoys/alley.html
+++ [Moderator's Comments] +++
Interesting book. Excerpts from a review of "The Millionaire Next Door"
by two college professors, Thomas Stanley and William Danko, who have
studied the lives of the affluent for many years.
This book drives home a few key point about who is rich in America, how
they got there, and what keeps them in their affluent status. The primary
reasons are:
1.They live below their means.
2.They allocate their money, free time, and energy to wealth accumulation.
3.They prefer achieving financial independence over displaying/flaunting
their social status.
4.Their parents did not give them free and frequent handouts of money.
5.Their children usually become self- sufficient.
6.They are skilled in targeting business opportunities
7.They carefully select an occupation that complements their skills and
talents and leads to building wealth.
The profile of the typical millionaire contains some characteristics that
are obvious. For example, most of them are homeowners; have household
incomes over $100,000; own their own businesses; and are male, between the
ages of 50 and 60. However, other characteristics are not so obvious. For
instance, 80% of millionaires are self- made. Only 20% inherited the
wealth. Most of them do not live in multi- million dollar homes, or drive
expensive cars worth over $50,000. A typical millionaire lives in a nice
home, but not an extravagant one. The average value of a millionaires home
is between $300,000 and $400,000. Millionaires usually live in a frugal
manner. After all, that's what got them where they are today. They are
willing to give up a little status to have more investments and financial
security.
George
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