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5 Smart Ways Ecommerce Business Owners Can Increase Profit Margins

Elliot
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5 Smart Ways Ecommerce Business Owners Can Increase Profit Margins

The ecommerce industry is getting more competitive than ever, wouldn’t you agree? As a marketer, you feel the need to crush the competition before it crushes you. One determinant of success is profit margin.

A business’ profit margin reveals a lot about its profitability and is expressed in percentage. It tells how much money is left after you deduct the cost of acquiring or producing your products from your revenue, and divide the number by the same revenue. Even if an ecommerce company’s revenue and profits are high but they have a low profit margin, they aren’t performing well enough.

There are a few things you can do today to boost this important number no matter what products you sell. Below, we teach you seven strategies that are worth your time and effort:

1. Raise your prices.

The thought of increasing the price of your items may scare you off but it’s a very practical means to boost your ecommerce business. Don’t worry, you still get to avoid the risk of losing your best customers. You could provide occasional discounts and deals, bundle certain products, reduce the size of the items (to make the increase less obvious), and offer extras.

Also, make sure that people find your price increase reasonable. When was the last time you changed your prices? Does the quality of your product justify the raise? If your audiences are happy to begin with, a slight increase in price won’t be a big deal.

2. Leverage a faster and cheaper shipping method.

You’re probably practicing dropshipping but having problems with delivery times. You know how delays in receiving orders can affect your relationship with customers. No shopper wants to do repeat business with a company that creates poor experiences. Customers don’t have a lot of options for courier services except those that are offered by the ecommerce store.

Fortunately, you can rely on a solution that combines affordability and convenience. An example of this kind of service is the ePacket shipping method. Customers from over 30 countries are now beneficiaries of the ePacket. They’re able to track their orders and enjoy free returns.

3. Improve customer retention.

Too many businesses focus more of their efforts on customer acquisition and sales but less on customer retention. A study conducted by Bain & Company revealed that improving retention rates boosts profits for up to 95%. Most companies also attest that keeping your customers costs less than acquiring new ones.

The first step to improving customer retention is to identify factors that make a customer leave – and work on avoiding those things. For example, you could prevent poor customer experiences by hiring an expert customer support. He should be responsible for answering emails and handling live chats. Other ways to boost retention include building personal relationships with them through email, running live webinars, and social media sharing.

4. Upsell and cross-sell.

Upsell, cross-sell… What are these two techniques and how do they differ? Upsell and cross-sell are often used interchangeably.

Here are their definitions: An upsell happens when a customer is about to purchase a product but you recommend an upgrade or more advanced version of the same product. Cross-selling is when you get customers to spend more by suggesting other products that relate to the original product they want. Regardless of whether you upsell or cross-sell, what’s important is that you recommend products that add immense value.

5. Manage your expenses better.

In the early stages of your ecommerce business, you’re more inclined to watch where you spend your dollars on. However, as your business grows, cost management somehow takes a backseat. You’ll be able to avoid financial leaks by planning out an effective and organized tracking system from the start.

One technique is to keep different types of business receipts. If there’s anything that you use for both your personal life and ecommerce business (such as home office and internet), have those recorded as well. You might also consider hiring a bookkeeper to keep an eye on your business’ cash flow.

Final Thoughts

There’s no point in running a business if you don’t do anything to boost its profitability. You’re just going to waste your valuable investments in that case. The five simple techniques mentioned in this post will hopefully open your mind to areas that affect your ecommerce business’ financial health – starting with your prices to cost management. Let us know what you think in the comments below.

How to Succeed as a First Time Landlord

Elliot
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How to Succeed as a First Time Landlord

Although recent tax changes relating to the buy-to-let market have rocked the investment world and may well be putting potential investors off, not everything is as it seems and first time landlords can still find success. Although all investors experience some form of scepticism at some point, first time investors almost certainly experience it more than others, purely due to their lack of experience.

However, regardless of the new tax changes, and with special thanks to low interest rates and the possibility for property prices to increase, now is a very good time for first time investors to take the plunge. Becoming a first time landlord can often be very difficult and confusing, so we have created a list of some of our top tips for first time landlords to succeed within the industry.

Education and Research are Essential

When first time landlords turn their heads to property investment, one of the biggest mistakes that they make is rushing into it without conducting all of the relevant research and becoming fully educated. Getting to know the market is very important for the success of first time landlords, as looking at different locations, different property types and general financial figures can help you to make informed decisions at every stage of the process. If you were to go forward with a property but were looking to charge rent at a much higher rate than similar properties within the area, then you are unlikely to have much success.

A key part of the education and research process is getting to know the responsibilities that you have as a landlord. Becoming a landlord is often extremely hands on, from preparing the property to catering to your tenants, and landlords need to be aware of what is going to be expected of them, as well as what the law requires of them. Without determining your responsibilities, you may find that the job requires much more of you than you first realised, and this may not be a healthy addition when looking to achieve success.

Finding the Perfect Investment Opportunity

Finding the right buy-to-let investment opportunity for you is another key factor to becoming a successful first time landlord. Firstly, choosing the right property type is the first part of the process, and researching which property types may be best for you and your individual circumstances. Once you have decided upon which property type you would like to invest in, the next step is to look into different locations that have your desired property type available. You would then research the areas to find out whether or not tenants may be looking to live there, as well as what you can hope to achieve financially.

An important point to keep in mind is the desire for tenants to live in your property. If you feel that you have found a property that tenants would be queuing up to live in, then you have almost certainly found the perfect property for you.

Consider your Potential Tenants

In relation to finding the perfect property, you will also need to consider your potential tenants, to ensure that the two go hand in hand. If you are looking to target a particular audience or category of tenants, but you invest in the wrong property type for them, then any work that you do to appeal to those potential tenants is effectively going to be a waste of your time. So whether you choose a property type first or choose to target a specific group of tenants, you need to be able to interlink the two of them, as that will bring you more success.

As well as this, your layout, location and price of the property needs to be appealing to potential tenants, attracting them to your property initially, and then encouraging them to choose your property once they have had a viewing.

Insurance for Landlords

Landlords should ensure that they have everything in place in relation to their insurance, including informing your buildings and contents insurer of any changes to any current policies you have. Although the insurance is not currently a legal requirement, it is certainly advised to have something put into place, protecting your investment in more ways than one.

Hopwood House are property investment specialists, with a wide range of investment opportunities throughout the UK and overseas in the buy-to-let, student property and hotel investment markets.

Is Direct Mail Worth Your Time in 2018?

Elliot
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Is Direct Mail Worth Your Time in 2018?

Consumers are demanding more from brands today. It’s not enough to sell – you need to provide an incentive, a narrative behind their reason to buy your products. To shout the loudest in the age of digital marketing, you must stand out and provide something more than your competitors. Information regarding your consumer’s buying habits and wants is readily available, so use that data to your advantage – knowledge is power. Washington Direct Mail, a UK mailing house, are sharing the possibilities for marketing in the future, and why direct mail is making a comeback.

Over the past several years, as the internet rose to the powerhouse it is currently, direct mail took a back seat for marketing strategies. However, as email marketing begins to overload our inboxes – with the average worker receiving more than 100 a day – brands are looking to alternative methods of speaking to their prospects. Let’s face it; no one wants to sift through their personal emails after doing the same task at work for eight hours.

Digital advertising is over saturated in 2018 and companies should look at taking their foot off the gas and becoming more personal. There’s nothing more personal than direct mail delivered through your door and landing in your home. You can place your message into the hands of your audience, leaving no room for doubt that they have seen your mail. Your email marketing may go straight to their junk folder and, subsequently, deleted. Direct marketing insights suggest that direct mailers are kept in the house for 17 days, with over 66% of direct mail is read.

Direct mail response rates have more than doubled over the years. When paired with digital advertising, direct mail campaigns can lift open rates by 118%. Technological advances within the industry have significantly contributed to the rise – particularly as consumers look elsewhere to digest information. We are living in an online world, with over 80% accessing media time over the phone, but customers are looking to turn away from the screen. Those who you wouldn’t expect, such as Millennials, are part of the change – 66% said they would be more likely to use a voucher delivered to their door, rather than online. With those powerful statistics in mind, there are several marketing formats that are proving popular, and will continue to do so in the future.

Dimensional Mailers

Dimensional mailers are, in simple terms, mail that has dimensions. It’s not your usual envelope, but a promotional package. Dimensional mailers afford you the chance to inject personality into your campaign, and get people talking. Take Smart, for example, sending out cardboard helmet templates for their prospects to assemble. This clever marketing trick not only caused a stir on social media, but completed the objective of promoting their brand-new range of e-bikes. Dimensional mailers can cost a little more due to postage, but it could prove invaluable in spreading your message.

Multi-Channel Integration

Separately, you can argue both direct mail and digital advertising have their merits. However, put them together, and you’ve made magic. Combining the forms of communication has proven wholly effective for many brands, as you are expanding your reach but still targeting those relevant to your company. Multi-channel integration is easily achieved when sending out your campaign, through the use of QR codes and landing pages etc. Encourage your consumers to scan the code or visit the unique URL, offering them an incentive (such as a discount or freebie) to do so. From there, you can track the number of visits and measure the success of the campaign with the aim to replicate.

Programmatic Mail

Programmatic mail is the buzzword of 2018 for the direct mail industry, and is a clear example of multi-channel integration. For example, a shopper can be browsing your site, placing products in their basket but later abandoning their cart. Typically, they would receive an email reminding them of their basket, which would likely be ignored. However, companies are getting savvy to the increase in direct mail, sending mailing to the prospects house within 12 hours reminding them of their purchases. You cannot ignore the message when it is in your house, even if placed straight in the bin.

For businesses looking into the possibilities of direct mailing, we always recommend personalisation. Marketing addressed to the ‘homeowner’ will be ignored, and it’s not difficult to find that information. Ultimately, direct mail boasts proven results and it’s time to stand out from the crowd.

Birth Injuries – The Real Cost

Elliot
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0
Birth Injuries – The Real Cost

Although quality of medical care and knowledge has grown exponentially over the years, no amount of safe practise completely eliminates the risk of injury. When it comes to birth injuries, there is all the more at stake, as both mother and infant are at risk. Experts estimate that anywhere from 25% to 40% of mothers experience some form of injury resulting from childbirth, but that in many cases, they go undetected, and considered by women to be normal after effects of giving birth. Of course, birth injuries to either mother or baby can be life-altering, but the matter remains largely unaddressed until people find themselves in such a situation.

Injuries to Mother

Childbirth is a very traumatic experience for the body, and there are many risk factors attached. Birthing injuries sustained by mothers include:

  • Suturing errors – improper stitching of tears and episiotomies
  • Episiotomy errors
  • Third- and fourth-degree perineal tears
  • Fissures
  • Injuries to other organs during Caesarean section delivery
  • Infections
  • Anaesthetic errors
  • Retained instruments
  • Misdiagnosed Preeclampsia

Injuries to Infant

When an infant sustains injuries during birth, it often leads to lifelong issues that require constant care. Although the birth process is safer for both mothers and babies than it has ever been before, there are significant risks attached if something goes wrong, such as:

  • Brain injury
  • Cerebral Palsy
  • Injuries to baby during delivery – cuts and other marks
  • Fractures to baby during delivery
  • Hip dysplasia

The Healthcare Landscape

The UK is fortunate to have one of the world’s best health services, in which the medical professionals dedicate their lives to the health and wellbeing of others. However, it is no secret that the NHS has been facing increasing pressures in recent years, to the point at which we are now seeing a deficit of approximately 42,000 nurses and midwives, and only one in three paramedic vacancies are filled. The combination of constantly-falling healthcare budgets issued by the Government, poor pay and lack of raises, and highly pressurised working environments is causing our health services to falter, leaving those remaining to struggle to bridge the huge gaps. This is having a knock-on effect on the quality of care the NHS is capable of delivering, which has unfortunately led to a rise in complications and injuries. Of course, these complications have major implications on the lives of the patients and their families, and should not be tolerated, and we are seeing a surge of medical negligence claims being lodged against NHS hospitals.

The Cost of Birth Injuries

Despite the unfortunate prevalence of birth injuries and the devastating effects they have on babies, their parents and their families, little attention is drawn to the actual cost of living with the injuries, which often require constant and lifelong care and treatment. Estimates have been made recently as to the expenses incurred by living with birthing injuries, and note that these amounts do not even take into account out-of-pocket costs such as lost wages or trips to hospital. The lifetime costs of a child suffering from Cerebral Palsy as a result of birth injuries is estimated to be around £653,000, while those suffering brain damage or other intellectual disability resulting from birth injury is in excess of £709,000. Meanwhile, the costs associated with the care of a child with visual impairment is around £426,000, and for hearing impairments £272,000.

The long-term aftermath of birth injuries is very serious, and in order to get quality treatment and give those affected as high a quality of life as possible, a huge amount of money has to be spent, which the average family does not have at their disposal. Of course, there is some assistance available in the form of charitable organisations who raise funds for and support those affected by birth injuries, including MIND, Sparks and the Birth Trauma Association, but their help alone is simply not enough to fund the treatment, equipment and assistance required to give quality of life to a patient affected by birth injuries.

It is for this reason, among others, that increasing numbers of people choose to seek legal advice when they find themselves the victims of medical negligence.

Legal Advice

Instances of birth injury are often unprecedented and quite unexpected, making them all the more traumatic for those affected. As soon as is possible, people impacted by birth injury should seek legal advice from a reputable professional who specialises in birth injury cases. They will be able to offer not only a compassionate and understanding service that works in the best interest of the victims, but have the professional knowledge and drive to secure any means of restitution available.

All medical documentation, and other evidence pertaining to the birth and treatment that resulted in the injury, should be collected and passed on to the lawyer or solicitor, who can examine the circumstances of the case, and make a professional decision about where the fault lies, and what sort of compensation the victim can expect to receive following the case being taken to court. At this point, it can also be beneficial to a case for independent medical advice to be sought in relation to the victim’s future expenses and needs relating to their injury.

Compensation

The services of a legal expert can help to secure those affected by birth injuries a monetary settlement from the party responsible for the injury, to help make their subsequent life as comfortable as possible, and ensure they have all the services, support and treatment that they require.

Compensation can be awarded for a number of injuries and elements, and the amount awarded to victims will depend on the severity of the injuries incurred and the negligence that caused them. Injuries including brain damage, cerebral palsy, scars and pain and suffering will be considered for compensation, as will cases of stillbirth and wrongful death. Awards can also be made for punitive damages and funeral costs if applicable. A legal expert will be able to look at the circumstances of a case and advise the victims from there on what they can expect to be awarded and how to file a claim for birth injury compensation.

Risk Service Agreement between SOCAR and Nobel Upstream for the Umid-Babek Gas Condensate Field in the Caspian Sea Now Complete

Elliot
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Risk Service Agreement between SOCAR and Nobel Upstream for the Umid-Babek Gas Condensate Field in the Caspian Sea Now Complete

27th March 2018 – London

Nobel Upstream, a UK-based independent oil and gas company specialising in exploration and production, and the State Oil Company of the Azerbaijan Republic (SOCAR) have completed agreement proceedings relating to the exploration and development of one of Azerbaijan’s largest gas condensate fields: the Umid-Babek field, which is located in the area of the Caspian Sea under jurisdiction of the Republic of Azerbaijan. The Risk Service Agreement (RSA) that the two firms have entered into governs all activities on the massive hydrocarbon-rich field, promising to provide stability and growth for the gas supply to the region.

The RSA was signed into law by the Azerbaijan President on 2 May 2017 after being reviewed and ratified by the Azerbaijan Parliament (the Milli Majlis). The innovative configuration of the RSA provides the necessary framework and structural stipulations for SOCAR and Nobel Upstream to conduct petroleum operations in the offshore block within Azerbaijan’s sector of the Caspian Sea containing Umid field and Babek prospective structure. The RSA is very similar to Production Sharing Agreements (PSAs) between major oil companies like BP’s ACG and Shah Deniz projects and Total’s Absheron development that have been in operation for many years.

The Umid Babek Exploration and Production company, established by Nobel Upstream and SOCAR, is the contractor in the Umid-Babek area under the RSA. Nobel Upstream currently holds 20% of the Umid Babek Exploration and Production company.

The CEO of Nobel Upstream is very positive about the partnership between his company and SOCAR, saying that the agreement is a major milestone which will not only ensure a long and productive project between Nobel Upstream and SOCAR, but will also provide growth and stability for the Azerbaijan and European gas markets.

The Umid-Babek gas condensate field is large enough to provide energy for many years to come. The field was discovered in 2010 by Nobel Upstream and SOCAR, and it is estimated that the field contains more than 800 million barrels of condensate and over 600 billion cubic meters (BCMs) of gas reserves. The Umid-Babek field will provide approximately 3-4 BCMs annually to the Azerbaijan markets, and then later to European markets by way of the gas pipelines running from Azerbaijan, through Georgia and Turkey, and then into Italy through the so-called Southern Gas Corridor linking together South Caspian Pipeline (SCP), Trans Anatolian Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).

Nobel Upstream is an oil and gas exploration and production company. The company was established in the UK, and now operates within the Caspian Sea, the Permian Basin in West Texas (USA) and the North Sea in the UK Continental Shelf. In some cases, a hydrostatic inspection can be used to verify the integrity of gas lines, ensuring there are no leaks before full operation begins.

Nanotechnology applied to orthodontics

ABC Staff
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Nanotechnology applied to orthodontics

An annual trip to the dentist or orthodontist like your favorite dentist in Ocala is necessary. However, it usually instills a feeling of dread in most patients, and that is before the test even begins. Add to that the fear of oral surgery with a painful recovery, and many people will avoid these visits at all costs.

Now, one group reports a preclinical study in ACS Nano that shows they could potentially reduce pain and recovery time with the help of specialized nanotechnology.

Each year, 5 million people undergo orthodontic procedures in the United States, according to the American Association of Orthodontists. In some cases, the teeth are misaligned to such an extent that surgery is required to cut the collagen fibers under the gums before placing the orthodontic appliances on the teeth.

But patients often choose not to undergo the procedure because it is invasive and can be painful. Recently, scientists have turned to nanotechnologies to direct therapeutics to specific places.

For example, previous studies have shown some success in the use of liposomes, which are empty nanoscale vesicles, for the administration of drugs. The collagenase enzymes could potentially reshape the fibers by connecting the teeth to the bone of the mouth without using a scalpel, but until now, the delivery of enzymes with liposomes has been a challenge.

Avi Schroeder and his colleagues wanted to develop liposomes that could supply collagenase enzymes to perform targeted nanosurgery in the mouth.

The team developed liposomal nanoparticles containing collagenase and tested them on rats. When the liposomes were placed under the gums, the collagenase diffused out of the particles and was activated by the calcium found naturally in the mouth. Collagenase weakened the collagen fibers, facilitating the displacement of the teeth with orthodontic appliances.

This is not the first time that nanotechnology has been used to advance in medical issues, since the use of electrospinning equipment in the medical sector has seen an increase during the last two years, and is likely to keep increasing thanks to nanotechnology being more present in medical research with each passing day.

Compared with conventional surgery, the collagenase treatment helped move the teeth three times faster. All the rats lost some weight after surgery, just as humans do. But unlike the other rats, those that were treated with collagenase quickly bounced back to their normal healthy weight, which researchers say suggests they had no pain.

Clear teeth aligners, often called invisible braces, are another popular choice for adults seeking straighter teeth without the pain. At-home invisible braces offer treatment for $1,200 to $2,400 with an average treatment time of three to six months.

Website translation considerations for financial service businesses

ABC Staff
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Website translation considerations for financial service businesses

Today, most companies use financial translations. The success of these translations lies in maintaining the essence of the text without losing the style and message which it addresses. Financial translation is mainly used for financial and economic documents. We already know that financial texts contain a large content of technical references and legal terms. This is why they are only needed as detailed sources of information by financial experts. It is easy to make mistakes in a financial translation, which can have serious consequences for the company and can even lead to significant financial losses.

A good translation is much more than just a few carefully chosen words. It is necessary for a translator to be sufficiently connected and familiar with specialized terminology as it is of vital importance to deliver complex interactions in clear language. Providing linguistic knowledge is not enough, you need to be informed about the financial subject to be translated. That’s why a good financial translator is constantly updating his knowledge in the field. Have the necessary skills to develop the required software and create a financial money platform to ensure that localized sites have a natural feel when translating site content.

Translating financial reports and financial statements requires well-trained professional translators with extensive experience in the areas of finance, banking, financial reporting and other sectors. Companies that need to translate their financial reports are active in a wide range of sectors, such as marketing, medicine, engineering, etc.

In addition, a professional translation company with or without native speakers could work with the client to develop site skills from the outset, offering better advice on using the local language to ensure accurate interpretation. A native translator can offer a nuance of communication and ergonomic phraseology, meaning that the service will be well received by everyone, wherever they are and whatever language they speak.

We should point out that economic translation covers a wide field of work. If a company needs to expand its market to cross borders in order to be present in other countries, it will have to translate its financial documents and it needs to be aware that financial translations carry considerable economic risk. No matter what language the texts need to be translated into, the important thing is that the texts achieve the desired impact on the main recipients such as shareholders, investors, partners, etc.

In today’s financial markets, efficient, fast and agile management of any type of document is required. For a company or business to be able to communicate successfully internationally, it is essential to invest in the credibility and image of the company. Using a translation company should improve your company’s image.

One of the most important things to consider when using a translator is the level of confidentiality that is required, as most texts contain highly confidential material.

In short, economic or financial translations require professional translators who are willing to do a job that stands out for its efficiency, professionalism and quality. If we look at the evolution of international markets today, this type of translation will undoubtedly become more important and necessary as time goes on.

How Software Has Helped PPI Claims Companies

Elliot
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How Software Has Helped PPI Claims Companies

Claims management software has revolutionised the way claims businesses work on a daily basis. With hundreds of claims companies registered with the Claims Management Regulator, consumers have plenty of choices when it comes to picking a claims company. Offering low charges and impeccable customer service are just two ways that claims companies need to stand out in the competitive market.PPI

PPI claims companies are thriving at the moment with the upcoming PPI deadline. But, it’s not just PPI which is creating a market for claims companies. Thousands of consumers are due flight delay refunds, whilst others are fighting for their money back for mis-sold packaged bank accounts.

In order for these businesses to succeed, they need software which has the ability to make the day-to-day claims management significantly easier. This means fewer manual follow-ups and all the data secured in one place. If a company has software which does this, it will help them to stand out in the market.

How Does Software Help Businesses?

If the software is able to manage claims effectively, companies require fewer employees and can generate greater profits. Using the most up-to-date software for claims management means companies can focus on assisting as many customers as possible and providing the best service.

Developments in software mean that claims companies can handle hundreds of claims per day. They have all the information stored in accessible, user-friendly software, with regular updates streamlining the communication process.

A priority for every business at the moment is the new GDPR regulations. Coming into force in May, companies need to ensure that they’re keeping data as secure as possible. Software which prioritises data protection is essential, as customers (and the authorities) will want to know their details are stored safely.

Finally, software which has the ability to be customised and tailored to each individual business allows effective management and personalisation for each claim. The customisation of software for any company and their products enables efficiency, speed and superior customer service.

The processes required to deal with PPI claims will be vastly different to the likes of flight delay claims. Being able to customise the software to the needs of one company or one product means all kinds of claims can be made.

PPI Claims Companies are Thriving

Some of the most lucrative claims businesses today are those dealing with payment protection insurance (PPI). The August 2019 deadline, set by the Financial Conduct Authority, has created a sense of urgency for people trying to make claims before the deadline.

The most reputable PPI claims companies are dealing with up to 1000 claims per day. The PPI claims companies which are succeeding are those using the best claims management software. Equipped with sophisticated software, they are capable of processing all claims from start to finish and delivering the perfect solution to their customers’ requirements.

Many consumers choose to use PPI claims companies to take the hassle out of making a claim themselves. Companies can also research to find out if customers had PPI in the first place — a very appealing and useful option for working with customers who no longer have their previous paperwork.

Lloyds Banking Group reported that it is receiving 11,000 claims per week. With a year-and-a-half left before the deadline, the number of PPI claims being made shows no signs of slowing down. So far, the banks have repaid nearly £30 billion back to consumers for their wrongdoings. This figure will increase dramatically before the cut-off date next year, with many claims still being resolved with the Financial Ombudsman. The best PPI claims companies are managing these claims and are striving to process as many as possible in the next year, but will need to capitalise on the very best claims software to do so.

Things to Know About Oil Well Investment and Price Fluctuation Driving Forces

Elliot
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Things to Know About Oil Well Investment and Price Fluctuation Driving Forces

Investors can diversify their portfolio and enter into the oil market. They can invest in oil well, which is productive. Before diving in oil sector, you need to know five things.

Oil well investment is better

Investors interested in oil sector think that big oil companies are the safe and profitable route. Big oil companies possess a reputation for performing well and so stockholders can get their cut. Is this the right perception?

No, big oil companies use plenty of stockholder’s money in upkeep and overhead itself and not in oil. Investing funds in oil well means very little goes towards overhead, while lots in black gold.

Oil prices are same everywhere

Oil barrel price is same everywhere but oil amount in the well differs. Some are full, while others produce for some years. Therefore, it is crucial to be familiar with the operator’s reliability and success in exploring and discovering oil.

Actually, your investment profits heavily depend on the amount of oil in the well and the length of time it can be extracted.

No accountability, No concern

Oil well investment makes you liable to share the profits and loss but not be responsible for possible accidents at drill site. You gain ownership of the oil well but will not be concerned about responsibility like the oil well supervisors.

Therefore, if you are apprehensive about drill site responsibilities and refrain from investing in oil wells then there is nothing to be concerned about.

Oil well investment for huge tax benefits

More than 75% to 85% investments go directly of what is called, ‘Intangible drilling costs’. These include mud, chemicals, grease, and labour. These are needed to operate a well-oiled machine.

Most of the funds going in doing things which isn’t oil, seems less risky. Fortunately, every dime spent against intangibles is tax deductibles.

Oil well investment for better diversification

High oil prices are the main reason for economic hold up, which can trigger some volatility in your portfolio. Diversification is the best strategy. For example, an underperforming stock in your portfolio can get balanced with well served oil investment.

Alternatively, in low oil price environment, economic market picks up. Thus, in oil price rise and drop, your portfolio gets good protection.

Oil price driving forces

Oil market price fluctuates daily, so investors find it hard to decide. The driving forces, which influence oil prices, are –

Demand

Rise in oil prices decrease demand in the US, but demand from emerging market economies increases. Emerging market economies possess fuel subsidies, which can cause your country’s oil producers sell at loss during demand.

Supply

New reserve discovery is good but the ones that decline oil production can hinder the supply chain. A country under attack pumps less oil barrels, which can affect supply, demand, and price.

Quality

Lack of crude oil quality is the major issue oil market experiences. Refineries need to fulfil stringent environmental requirements in the US.

Speculation

Speculators and investors bid on the oil’s futures contract is another driving force influencing oil prices.

Decentralized casinos expected to take over the online gambling industry

ABC Staff
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Decentralized casinos expected to take over the online gambling industry

The gambling industry has been around for generations now, and if you have been a fan of the convenience of online gambling for years, you may remember the ‘wild west’ days. More specifically, we’re referring to the unbeatable advantages of the house and the low opportunities to double or even win some money.

By contrast, the goal of today’s gambling industry is to offer decentralized casinos which balance and bridge the gap between house earnings and player satisfaction. In other words, we’re talking about gamblers genuinely being able to beat the house edge, a world in which the odds are no longer stacked against us. Of course, the transparency aspect is also of high interest, and you can find excellent alternatives for where you can deposit cryptocurrencies in a safe and guaranteed manner.

New “edgeless” casinos

To better put things into perspective, many decentralized casinos are using smart contracts to ensure complete transparency of transactions, gambling, and crypto storage. Meanwhile, what you get is an edgeless array of games such as blackjack, poker, dice, and other options bound to excite your senses.

If you’re wondering how these casinos will make money, the answer lies in improper playing strategies and hatsful gamble that some players tend to make. Although free refreshments won’t bombard you in your living room, there will still be the bright lights and loud noises that will keep you hooked –whether you’re winning or not. Imperfect plays from average or inexperienced players are shown to offer the house an extra 0.83% profit over time, which is excellent considering the number of players enjoying online casinos.

In other words, prepare to do your homework before jumping in and spending your hard-earned cash. Although you have a higher advantage as when compared to conventional casinos, decentralized gambling sites will still profit from the mistakes of newbies or inferior opponents.

However, an excellent advantage of decentralized casinos is providing a crypto platform that allows for greater flexibility in decentralized peer-to-peer-traded currencies. For example, Ethereum permits the creation of “smart contracts,” which enables the creation of numerous business transactions –not only pure currency transfers.

The psychology of ‘provably fair’

For those who have paid attention to the ever-changing developments in the crypto and gambling space, the words ‘provably fair’ will be like music to your ears. Of course, we’re referring to the fairness of games, as the gambling industry has made some incredible strides to change the public perception regarding your chances of genuinely winning when gambling.

Gone are the days when you needed to take a leap of faith each time you clicked a button, meaning that you won’t need to hold your heart or chest when you make a bet. That’s one of the main reasons for which decentralized casinos could take over the gambling industry, as they give “the little guy” the opportunity to genuinely win.

In a ‘provably fair’ model, you can allocate part of seed (i.e., a string of text) prior to betting, and be presented with a hash (i.e., a second string of text) which can only be created with your seed given by the operator.

While this may be hard to grasp, at least to being with, here is another way of looking at this equation: the hash represents an alphanumerical string that defines your rolls/spins. The great thing about decentralized gambling is that the platform you’re playing on could not, later on, alter the outcome or the string you were presented with because that particular string can solely have one single result. In other words, you’re not playing a random game of KINO, meaning that there is no random draw –if you accurately understand the mechanism of the game, your chances are impressively high.

Transparency

Trust is earned, and it’s a fact that many of us are reticent in believing that even websites regulated by trusted jurisdictions would not use a random number generator (RNG) that might be ripping us off.

However, decentralized casinos are based on Ethereum Smart Contracts that are entirely public. In other words, everyone is free and able to see what’s going on the servers of the casino. Not only does this help in removing elements of mistrust, but it also builds a new vision of what online gambling might look like in the future.

Of course, some companies are using crowdfunding techniques in designing campaigns which will help them achieve the tools needed for full transparency. The ultimate goal is to create operational online casinos where cryptos and blockchain are the industry standards, and later on, the standards of the world.

Transaction Speed

Another reason for which decentralized casinos might become the future of the online gambling industry has to do with the speed of transactions. As a general rule of thumb, deposits and withdrawals in traditional casinos can take a long time, and the entire process can seem a bit disconnected –even in the most mature and trustworthy jurisdictions.

When discussing cryptocurrencies, chargebacks and speed are almost a non-issue, as all transactions happen using blockchain technology. In other words, deals are unable to be reversed, a fact which gives customers and operators great peace of mind.

Additionally, crypto transactions can be nearly instant. Once you initiate a transaction using blockchain, it will be visible to all parties, providing a traceable trail you can follow. There is no secrecy and no dark web fear, meaning that you are informed the entire step of the way.

Conclusion

All in all, decentralized casinos might soon become the standard for the online gambling industry. However, it’s important to consider the technological and regulatory safeguards before jumping the gun. More specifically, we are talking about a global education about blockchain technology, cryptocurrencies, and their potential implications.

This solution will lead to the creation and continued development of a legal and regulated way of handling decentralized online casinos, where the mindset of compliance will offer the essential elements needed for a prosperous future between crypto and gambling.

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