Square Study Reveals How UK Retailers and Restauranteurs are Redefining the Future of Commerce
28 Ottobre 2021 - 11:19AM
Business Wire
Square, the globally trusted software, payments, and hardware
solution for businesses of all sizes, has today released new
research that looks at the Future of Restaurants and the Future of
Retail in the UK.
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The reports uncover how retailers and restauranteurs are taking
control of their future by delivering on customers’ evolving
expectations, focusing on reinventing their business model,
implementing new technology and maintaining operational
efficiency.
Some of the key finding from the report include:
- An astonishing 97% of consumers now make monthly retail
purchases online.
- Half of UK stores now offer same day in-store pick-up.
- 73% of consumers have bought products directly from social
media in the past month, and 35% would be interested in a virtual
reality (VR) shopping experience.
- 43% of consumers would like to see businesses donate food or
supplies to community organisations / charities.
- 88% of consumers consider the safety measures imposed during
pandemic to be critical when shopping indoors.
- 71% of retailers are looking to inventory management technology
to improve their supply chain efficiency.
“Retail has changed rapidly over the last year; but the
transformation is giving retailers a chance to slow down and invest
in smarter working practices both in-store and online” said David
Rusenko, Head of e-Commerce at Square. “The changes aren’t intended
to simply ‘keep you going for now’ — they’re permanent and
redefining what a meaningful retail experience can look like.”
Regardless of what the pandemic threw at them, commerce
businesses across the UK have shown they possess the drive and
dedication it takes to survive. The report found that restaurants
have been undertaking big changes to existing strategies and
adopting new technologies to stay ahead of the curve. For
instance:
- 98% of restaurants have had to reorganise their business in
order to survive the past 12 months.
- One in four consumers consider contactless technology to be
critical to their dining experience.
- 91% of restaurants expect to earn revenue from takeaways in the
next twelve months; while one in five expects the majority of sales
to come from delivery and takeout sales.
- 62% of consumers would prefer to use a restaurant’s own website
/ app for delivery.
- 35% of restaurants have made investments in kitchen automation
technology in the past 12 months, a further 41% plan to invest in
the coming six months.
- 82% of restaurants plan to make changes to their menu to help
their business stay competitive.
- 91% of restaurants intend to continue engaging with their local
community next year.
“Restaurants of all types, from independent cafes to large chain
restaurants have had to change the way they operate,” said Bryan
Solar, General Manager of Square for Restaurants. “Around the world
we know that people love restaurants, in part because they provide
a social encounter that brings us together - technology unlocks
restaurants to keep the heart of the experience, just in a more
efficient way. Moving forward, restaurants are not only open to
change, they’re investing heavily in it, ensuring they stay
integrated and connected.”
To uncover these insights, Square spoke with more than 300
restaurants, 500 retail owners and managers, and 1,000 consumers in
the UK to find out how business has changed since the beginning of
the COVID-19 pandemic and to hear their predictions for what lies
ahead in the future of commerce.
In the wake of COVID-19, Square seller ‘The Deli Downstairs’
could no longer serve customers in the cafe area. Its owner, Sophie
Taylor, made the decision to convert the entire space into a deli,
rapidly pivoting her business from a restaurant to an
ever-developing store that truly serves the needs of the local
community. The company was already using Square for their inventory
management, which made the process of adding new items and produce
to their online store easier.
“Being able to upload stock so quickly onto Square has been
hugely helpful. If someone needed something, I could order it, get
it on that day, and have it on the online shop the next day for
them to book delivery,” said Taylor.
Despite a difficult period, the future of commerce is full of
opportunities. For a full analysis of the top restaurant and retail
trends of 2021, industry insights from Square experts, and
real-life examples from innovative Square sellers, you can access
the restaurants report here and the retail report here. For
questions and additional data insights reach out to
press@squareup.com.
About Square, Inc.
Square, Inc. (NYSE: SQ) builds tools to empower businesses and
individuals to participate in the economy. Sellers use Square to
reach buyers online and in person, manage their business, and
access financing. Individuals use Cash App to spend, send, store,
and invest money. And TIDAL is a global music and entertainment
platform that expands Square's purpose of economic empowerment to
artists. Square, Inc. has offices in the United States, Canada,
Japan, Australia, Ireland, Spain, Norway, and the UK.
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