Okay it’s now October, we’re now officially in Christmas-aisle season (not to be confused with the actual festive season, which starts December 1st). With any luck, the summer has been kind and those of us in the business of outdoor events can now start to concentrate on next year.
Grab a coffee, take a well earned break and let’s go through a few of the major considerations as we approach 2018.
Data protection is back in a big way
The more ominous sounding GDPR, or General Data Protection Regulation is on its way and will be in effect from May next year. This means some major changes in how we can collect and deal with customer data.
This update in essence will widen the definitions of what constitutes data, to include IP addresses and cookies, and improve consumer rights by offering the right to be forgotten and requiring clear opt-in consent.
Fee ya later!
As of the 13th January 2018, all credit and debit card fee’s will be shelved. You read that right, they will be illegalised, outlawed, scrapped, binned, thrown and dusted. They are scheduled to be jettisoned, evicted, dismissed, expelled, dropped, abandoned and ejected from the UK. And this is good and bad news!
Firstly, we can expect a short-term rise in small transactions under £5, which usually generate card usage fees of around 50p per transaction. Secondly, we may likely see many PDQ operators change and increase their pricing structure to deal with the loss in revenues.
Our advice – use this time to reevaluate your PDQ contract and move from fixed to variable commission where average transactions are £10 or less.
The B word
Since June 2016 we’ve seen record inbound tourism, which may have a little to do with the 12% sterling devaluation. Since this point, we’ve seen massive fluctuations whenever the B-word is mentioned, as people choose to invest in Sterling, or the other B-word – Bitcoin.
This has been great news for tourism and hospitality throughout the holiday season, and while rates are low we can expect the continued surge in visits and staycations to continue. As we progress towards Michel Barnier’s October 2018 wrap-up date we will see how investors and speculators fancy our chances out on our own!
Is there something else we’ve missed? What is your business worried about the most next year?
Questions in the comments!