29.03.2022
ENTREPRENEURSHIP: FIVE STEPS TO INCREASE CONVERSIONS IN YOUR ONLINE STORE
Convenience is everything when it comes to online shopping.
E-commerce businesses know all too well how small barriers to purchase can make a big difference in conversion rates, writes RetailDive. For many users, a few extra clicks or just seconds of work are all it takes to move from wanting a product to giving it up.
How to optimize for higher conversions?
For starters, even people who like to shop find some aspects of it annoying. No one ever gets excited about filling out forms with data and information.
Here are five ways to help your customers get excited about their shopping and increase their conversions.
Offer rewards
The average global conversion rate of e-commerce is 3.29%. However, when customers activate money back rewards, they are up to 10 times more likely to make a purchase. Incentives also build brand loyalty.
The prize, if offered earlier in the consumer trip, can attract consumers to make a purchase and complete it. Reward programs are known to increase customer retention through gamification and make more purchases.
Add social proof
People usually trust regular stores more than e-commerce companies. So, if you are not a name in the field, show a symbol and / or social proof to build trust. More than three-quarters of consumers are willing to make purchases on an e-commerce site with a secure payment badge, for example, or if they see that their payment is powered by a network they trust.
You can also publish the recommendations of satisfied customers on your site. Encourage users to share on social media about their experience with you - this will increase trust in your brand and provide proof to new buyers that it is reliable.
Make shopping easy for customers
The internet is full of distractions. So the expectation that users will make every effort to come to you can be daunting. To reach people, you need to go where they already spend their time so they can buy in a moment of inspiration, such as when they see your product in a post or video.
People will never feel the same connection with a brand that they feel with another human being. That's why buying a product directly at the point of inspiration without redirects or additional documents is a quick and intuitive digital experience.
Unlock sales with CRO
As your business grows, so will your website traffic. Using data-driven practices, such as conversion rate optimization (CRO), to analyze your business and make revenue-maximizing improvements is critical to success.
Determine which products perform well and which need attention. Running A/B tests will allow you to determine which elements of your site perform better.
For e-commerce brands, all this contributes to more sales. The more you optimize your e-commerce store for conversion, the more sustainable your business will become. When you prioritize sales promotion in your store by making shopping as easy as possible, the profits from those sales will increase.
Provide a fast payment process
An effective way to speed up payments is to include a variety of one-click payment methods. This ensures a fast process, which is important for customers. Bet on secure payment methods, such as PayPal, Apple Pay, Klarna, Bolt and others.
29.03.2022
WORKING MEN HAVE HIGHER SOCIAL SECURITY THAN WOMEN
Men receive higher salaries than women and will receive higher old-age pensions. The average insurance income of men for 2021 is BGN 1201.20, and of women - BGN 1135.32, according to data from the National Social Security Institute (NSSI). Men are insured on incomes with BGN 66 higher than those of women, as the difference in favor of men is 5.8%.
One of the reasons for this is that in a number of sectors of the economy with higher wages, mostly men work, such as in the mining industry. In industries such as restaurants, hotels and the garment industry, wages have traditionally been lower and mostly women work. But even in a number of sectors where men and women work equally, such as finance and insurance, men's wages are higher than women's.
The average insurance income for December 2021 is BGN 1,266.44, and for the whole of 2021 it is BGN 1,169.25, according to NSSI data. The increase of the average insurance income for 2021 compared to 2020 is by 9.3%. But if we remove the average annual inflation for last year, the real growth of insurance income is 6.3%, according to NSSI calculations. The increase in insurance income is mainly due to several factors - the increase of the minimum wage from BGN 610 to BGN 650 (by 6.6%) from January 1, 2021; the increase of the minimum insurance income of the self-insured from BGN 610 to BGN 650; the increase in salaries of teachers and officials from January 1, 2021
People over the age of 62 work for significantly less money than younger Bulgarians, according to NSSI data. The insurance income of people born after December 31, 1959, who are also insured for a second pension in the universal pension funds, averages BGN 1,190.36. At the same time, people over 62 years of age born before January 1, 1960, have an average insurance income only from BGN 985.41. The salaries of these people are growing more slowly than those of the younger ones. The insurance incomes of people over 62 have increased by 7.6% per year, and the incomes of younger people have increased by 9.1%, according to NSSI data.
The average insurance income of the employees under the conditions of the third category of labor is BGN 1,191.47, and for the first and second categories of labor is BGN 1,383.56.
29.03.2022
THE LABOR MARKET IS RECOVERING
The main results of the labor force survey in 2021 show that the labor market is recovering from the adverse effects of the 2020 pandemic.
In 2021, the economic activity of the population aged 15-64 decreased slightly (by 0.1 percentage points) and the ratio reached 72.0%, while for men it remained significantly higher (76.2%) compared to that of women (67.7%). Employment increased by 0.5 percentage points to 68.1%, but still fails to offset the decline in 2020.
The most tangible positive development in the labor market is seen in the unemployment data. The unemployment rate of the population aged 15-64 decreases sharply by 0.8 percentage points and in 2021 it is 5.3%. Unemployment remains higher in rural areas, among young people and among the lowest educated. The highest values continue to be reported in the districts of Montana and Vidin, but even there the decline in unemployment is significant. Unemployment data for people with previous employment show that the share of those laid off and laid off is falling significantly.
Against the background of rising employment and declining unemployment, the main problems in the labor market are beginning to stand out again - structural unemployment and the mismatch of skills and skills of the workforce (more - here) and the large number of inactive people and people who do not work or study (more - here).
29.03.2022
ROMANIAN INVESTMENT PLATFORM FOR TECHNOLOGY STARTUPS SET FOOT IN BULGARIA
Romanian investment platform for technology startups SeedBlink has opened its first office in Bulgaria. It will play a key role in the company's plans for expansion in Europe in 2022.
The Bulgarian office, located in Sofia, will be managed by Angel Hadzhiev and will offer a number of investment tools and opportunities for technology startups. As well as market access solutions for local investors and partners.
Covering the startup investment ecosystem in the country, the new branch will work with local groups of so-called business angels; hedge funds and private investors. The aim is to help diversify their portfolios. The company will aim to cover their needs for deals and syndication, to support local startups in their access to capital and to increase the scale of the startups themselves, as well as the startup industry in Bulgaria.
The investment platform already has active Bulgarian partnerships, as well as a community of local investors. Those who are interested in investing in technology companies at an early stage of development and diversification of their portfolio.
The company specializes specifically in European technology startups, from the pre-seed stage to the B series, and has so far attracted more than 10,000 investors from 50 countries. The platform was launched in early 2020 as a solution for group investment in equity. It now brings together private investment and fundraising through technology, expertise and building strong communities of investors and startups.
29.03.2022
TWICE AS MANY BULGARIANS WILL BE ENTITLED TO SOCIAL BENEFITS
Bulgaria is about to leave in history the threshold of BGN 75 guaranteed monthly income, which for years distorts the social assistance system. From 2023, many more Bulgarians will be entitled to social benefits, because access to them will be tied to a much more adequate threshold - the poverty line. For 2022 it is set at BGN 413. In just one year, this is expected to double the number of people supported by the treasury - from 63,000 to 115,000 in 2023.
This is provided by amendments to the Law on Social Assistance published for public discussion. The changes are related to the regular criticism of our country by the EC that it does not guarantee adequate access to social assistance. The guaranteed minimum income over the years was literally frozen - for comparison, its amount in 2009 was BGN 65, and the threshold of BGN 75 was reached only in 2018. This inadequate amount affects the calculation of specific differentiated thresholds for access to aid, which are determined on the basis of the guaranteed minimum income and the corresponding coefficient.
In 2022, the coefficients were increased, but the amounts on which access to aid depends remain very low. All this over the years has led to a very large narrowing of the number of people eligible for assistance. The number of Bulgarians receiving monthly social benefits, for example, has decreased from 124,635 cases in 2005 to 23,702 in 2020, according to the reasons for the change in the Social Assistance Act. Thus, the policy of social assistance, instead of working to reduce the share of the poor in our country over the years, leads to the exact opposite - to increase it.
Apart from the abolition of the guaranteed minimum income, the bill contains other changes, some of which are related to increasing the rights of aid recipients, and others - to tighten control. For example, the unemployed who refuse to join employment programs will lose the right to benefits for a shorter period - 6 months instead of a year. At the same time, the state will have more rights to make deductions from the aid due, which is generally limited. From now on, it will be possible to deduct from the aid illegally received amounts for social assistance. The bill envisages another serious change - the budget of the Social Protection Fund will now be determined by the Minister of Social Affairs, instead of its managing board.
29.03.2022
THE CHEAP BANK ACCOUNT THAT FEW PEOPLE HAVE, BUT EVERYONE CAN OPEN
Have you heard of the Payment Account for Basic Operations (PABO)? It should, because it is offered by all banks operating in Bulgaria since 2016. And its biggest advantage is that it is cheap.
In conditions of continuous increase of fees and commissions, the costs of maintenance and operation of the special PABO must be "eligible", as expressed by the BNB. The central bank regulates these fees, unlike others, which it only registers and summarizes for analysis. Thus, fees for PABO must meet two conditions at the same time - they must be lower than the average amount of fees for the service on the banking market in our country and even better - they are the lowest possible, which the bank itself offers according to your tariff for current accounts. Unfortunately, in the usual case it is a matter of saving pennies.
For example, if the service of opening a current account with a debit card to it on average for the market cost BGN 1.57 (according to BNB data for the whole of 2021), the fee in PSOO in DSK Bank is BGN 1.51, and in UniCredit Bulbank - BGN 1.50. The annual maintenance of a card account in DSK is BGN 29.16, and in UniCredit Bulbank - between BGN 17.40 and 28.80 (depending on the receipts on the account) at an average of BGN 29.40 for the market. The cash withdrawal at Postbank is BGN 2.80 (up to BGN 1,000) or a minimum of BGN 4.50 (up to BGN 2,000) compared to the market average of BGN 3.69. And the most popular service
ATM withdrawals come by a penny cheaper.
With an average value for the banking market in Bulgaria last year of BGN 0.26 (when the card is used at an ATM of the issuing bank) and BGN 1.14 (when it is a foreign ATM) at Fibank, for example, it is BGN 0.24 and BGN 1.14, respectively.
As the name suggests, this is a bank account with which the most popular banking operations can be performed - the account may or may not be linked to a debit card, it can be withdrawn from an ATM or cash register, you can receive a salary or pension You can pay your electricity, water, internet bills, pay at the POS terminal in the store, order transfers, even use it for online shopping. Other, less popular services can be added, which, however, will be paid according to the bank's standard rates. In other words - this is the cheapest alternative to a bank account and that is why banks have no interest in offering it. However, they do not have the option to refuse to open a JI, unless the client already has one, regardless of which bank. That is, only one per person is allowed. There are no exact statistics on how many Bulgarians have such an account.
But back in 2018, the national association "Active Consumers" conducted a study that showed that banks are silent about its existence or refuse customers, arguing that it is only for the socially disadvantaged and that it can not perform a bunch of normal activities. At the moment, things look much better - on the websites of all banks there is a separate section with information about PABO, fees and documents needed for the opening. But it is certainly not offered as a first option to people who come to open a new bank account. It is good to note that PABO is intended only for individuals and is only in BGN.
SOLIDARITY
PABO was introduced by EU Directive 2014/95 with the argument that constantly rising bank fees create preconditions for financial exclusion of certain social groups. They would not open bank accounts due to high costs, which would deprive them of many opportunities.
29.03.2022
HOW TO SAVE WHEN BUYING FOOD
Food prices in our country continue to set historical records, and higher food prices are contributing to a larger jump in overall inflation caused by the pandemic and military conflict. Grocery shopping is a significant expense for most families and households, putting a huge strain on the monthly budget. The good news is that there are ways to make shopping more economical.
Browse the weekly brochures with promotions
Through the promotional brochures you can plan the menu for the next days with products at reasonable prices. In addition to the paper versions by mail, you can compare the offers of different supermarkets and online. Choose a few convenient for you and check out their latest promotions. This method will help you find the best offers, as well as diversify your menu.
Install shopping apps
The search for bargains online is not limited to websites. You also have access to mobile apps for smartphones and tablets that help reduce costs. With these apps, you can browse catalogs, see current bargains, use digital coupons, and create wish lists that you can even share with other devices.
Keep your market list up to date
Organize your purchases with a market list according to the dishes you want to prepare. The list will make shopping easier, faster and, most importantly, smarter. Paste the list in a prominent place or use a small board on which you can make adjustments with a marker when new ideas come to you. There are also mobile applications in which each family member can edit the market list.
Check your cabinets before shopping
Before you go shopping for new products, take stock of what you already have at home. Use the products available in the kitchen cabinets as a starting point for your weekly cooking plan. This will help you avoid unnecessary costs. You should also check the expiration dates regularly and consume shorter-lasting products to avoid wasting food.
Pay in cash when possible
When you pay by credit card or use an overdraft, you can easily indulge in unnecessary expenses. One touch and you're off with a shopping cart. But remember that the loan is never free. On the other hand, when you see banknotes leaving your wallet, it's much harder to spend indiscriminately. Take advantage of this old-school psychological phenomenon.
Count while shopping
To have a clear view of how much you spend while shopping, keep track of how much everything in your cart/cart costs. This may mean using your phone's calculator or rounding all prices to whole numbers, making it easier to come up with. This method will prevent you from overspending and will help you fit into your monthly food budget.
Leave the children at home
For children, shopping with mom and dad is an interesting activity, but it is preferable to take them less often with you. Every parent knows that in the presence of a child the market turns into a series of unplanned purchases. When a child asks for something, many parents find it difficult to refuse. So, if your goal is to shop wisely and there is someone to leave the children at home, choose this option.
Be flexible
Planning is essential. However, you need to be prepared to make changes to your market list on the go. Imagine that you have a selected menu for the coming week, but the main product is exhausted. In this case, try to find a replacement - even better if it is on promotion. Fortunately, the internet is full of recipes for every budget and occasion.
Watch the lower shelves
To encourage you to shop, most supermarkets position their most expensive products at eye level. If you look at the same types of food that are sold on one or two shelves below eye level, you will notice that prices fall significantly. The cheapest products are often at the bottom, so start there first. Look up, too, because sometimes affordable brands are even higher.
Choose a small basket
Another method that supermarkets use to get you to buy more is to provide large shopping carts and baskets. This can mislead you that you have too few groceries, simply because they do not seem to fill the space in which they are located. It is a good idea to carry a reusable shopping bag that you have decided will be enough for all purchases.
Compare the prices of goods
Get in the habit of comparing food prices by weight, not the retail price shown. Usually in addition to the retail price you can see how much each product costs per 100 g or per 1 kg. This is the number you should use when comparing other similar products. Large packages are usually cheaper, but there are some exceptions that you need to be vigilant about.
Compare store offers
Different stores evaluate their products differently. Often the price of the same product varies considerably from store to store. So you need to do a little market research - on site or virtually. Write down the difference in the prices of the products you buy most often. You will soon get into the habit of going to different stores depending on what you need to buy.
Learn the sales cycles
Are you ready for some more detective work? Start paying attention to when your favorite products go on sale and how much the price drops. Keep notes in a small notebook or on your smartphone and see if there is a trend. You'll probably be able to predict sales soon before they even begin. Remember the regular prices of a dozen products. This will help you identify sales cycles.
Stick to the market list
If you go shopping without a list, you can easily like things you don't need. And even if you have a list, it can be difficult to follow if you are shopping on an empty stomach. When you are hungry, the need for food is able to consume everything in your path, including your money. So just eat something quick (like a banana) before heading to the supermarket.
Take advantage of the promotions
Supermarkets always offer various promotions that can help you save on everything from basic products to desserts. Consider buying goods on sale, especially if the standard price is high. Promotional products are usually prominent in the store, such as at the entrance and at the end of the aisles. But even if it's a "promotion", the purchase is only good if you need it.
Don't buy too much
Everyone loves sales, but don't buy something just because it's on promotion or you have a party. If the product is not on your marketing list, then you have spent more money than you planned. Buy it - use it! Check the expiration dates and choose longer-lasting foods that you will have enough time to consume. Because it's a shame to throw your money in the trash.
Give new life to old foods
Almost all supermarkets have sections with products at reduced prices due to the expiration date. Reduced vegetables are very suitable for soups and stews. Ripe bananas are ideal for making muffins or banana bread. Older daily bread is great for French toast or grilled sandwiches. Ripe melons can be diced and frozen or pureed to make smoothies.
Avoid certain types of products
Buying pre-cut vegetables or pre-grated cheese can save you cooking time, but this convenience comes at a price. Choose whole products to save money. The same goes for perfectly portioned goods, the packaging of which makes them significantly more expensive. So buy your favorite products in larger sizes and share them yourself at home.
Buy seasonal or frozen products
Fruits and vegetables out of season are more expensive because they are not so easily available. Plan your meals according to the season to save money and get better goods. Contrary to popular belief, frozen and canned food is no less nutritious than fresh. Frozen fruits and vegetables are a great alternative to their expensive off-season options.
Shop as a team
If you have a roommate, family member or friend who lives nearby, consider sharing products that you should have on hand, but often waste. This method can be especially useful for fresh spices and other goods that are sold in large quantities compared to what a recipe requires. This also applies to budget purchases in bulk - for example, a large package of salmon.
Mastering at least a few of these habits will help you reduce your monthly grocery bill, stick to your budget, and reach your financial goals faster. This means that you will have more money to pay off debt, invest in the future or save for something nice - a nice dinner at a restaurant, babysitter or spa weekend.
29.03.2022
FIVE UNEMPLOYED ARE FIGHTING FOR A JOB IN THE COUNTRY
On average, five unemployed people are competing for one vacancy in the country, according to the latest data from the Employment Agency. The biggest competition is in the district of Montana, where 17 people compete for one vacant position, and the smallest in Sofia-city - two.
With an average unemployment rate of 4.9 percent, it is higher in 17 districts of the country, with Vidin holding a record of 11.6 percent.
Unemployment is traditionally the lowest in Sofia-city - 1.5 percent, and in Gabrovo - 3.2 percent.
In comparison, during the same period last year, unemployment was 7 percent across the country and eight unemployed people competed for one vacancy.
The strongest competition was in Vidin - 18 people. Again in 17 districts of the country the unemployment rate was higher than the average, with Vidin leading by 14.3 percent.
29.03.2022
BULGARIA HAS THE LOWEST LABOR COSTS IN THE EU
Bulgaria has the lowest hourly labor costs in the European Union - 7 euros, and Denmark with the highest - almost 47 euros. This is shown by the latest Eurostat data. In 2021, the average hourly labor costs in the entire economy are estimated at 29.1 euros in the EU and 32.8 euros in the eurozone.
The average hourly labor costs in the European Union differ significantly between Member States, with the lowest values of these labor costs, except in Bulgaria, registered in Romania (EUR 8.5), and among the highest, among with Denmark, are also Luxembourg (€ 43) and Belgium (just over € 41). Compared to 2020, hourly spending at the economic level has increased by an average of 1.7 percent in the Union and 1.2 percent in the Eurozone.
The largest increase in the Eurozone was registered in Lithuania - 12.5 percent, and among the countries outside it the leader is Bulgaria with a 9.1 percent increase in hourly labor costs, expressed in national currency. The two main components of labor costs are wages and other payments to employers, such as social security.
Eurostat's analysis shows that in 2021, most Member States increased the validity of support schemes that were introduced in 2020 to alleviate the impact of the KOVID-19 pandemic on businesses and workers.
25.03.2022
DO I HAVE TO PAY MY HEALTH CONTRIBUTIONS IF MY EMPLOYER DIDN'T PAY IN?
If my employer has not paid the health insurance contributions, do I have to pay them so that I do not lose my health insurance rights?
When the obligation to pay social security contributions rests with the employer or another person, the non-payment of social security contributions does not deprive the insured person of health insurance rights.
If you are a Bulgarian citizen and have resided abroad for more than 183 days in a calendar year, you may not pay health insurance contributions in Bulgaria.
In order to restore your health insurance rights and obligations upon return to Bulgaria, submit to the NRA an Application for Return to the Country. With the application you must also submit documents proving that you have been abroad for more than 183 days in a calendar year.
