Square Releases Second Annual Future of Commerce Report
08 Dicembre 2021 - 6:00PM
Business Wire
Survey reveals that omnichannel operations continue to be top of
mind for retail, restaurant, and beauty industries
Today, Square released its second annual “Future of Commerce”
report that reveals how retailers, restaurateurs – and for the
first time, beauty businesses – continue to evolve and adapt their
business models through the pandemic and whatever comes next.
Square developed its Future of Commerce report to provide a look
inside what’s working, what’s not, and what businesses are doing to
prepare for the year ahead.
To uncover these insights, Square collaborated with Wakefield
Research to survey restaurateurs, retailers, beauty merchants, and
consumers across the U.S. Additionally, Square sourced insights
from businesses and industry experts to share how the business
landscape is evolving, and how sellers can stay ahead of the
curve.
"The future is full of opportunity for sellers of all types and
sizes," said Alyssa Henry, Executive Vice President, Square.
"Commerce is constantly changing and we’re seeing that many of
these changes are here to stay. Businesses that understand these
shifts in consumer behavior can benefit by creating digital-first
operations that prioritize the customer experience for enhanced
brand loyalty and reputation."
Restaurants have had a challenging year but are growing more
optimistic. While 58% of restaurateurs are still concerned about
the survival of their restaurant, that’s down from a staggering 92%
last year. As a whole, restaurants are moving out of survival mode
and into thinking about strategies to future-proof their businesses
- for example, embracing omnichannel for the long-term.
- 69% of restaurants say they plan to offer online ordering even
after COVID-19 subsides.
- Restaurants that offer online ordering say an average of 34% of
their revenue currently comes from online channels.
- 49% of restaurants say they plan to offer first-party delivery
even after COVID-19, while 62% say they plan to offer third-party
delivery.
“The pandemic has validated our omnichannel strategy. It has
validated everything. We went into this thinking that we wanted to
be wherever our customers are,” said Mark Stutzman, CTO of Area15,
an immersive arts, food, and entertainment venue in Las Vegas,
Nevada. “Of course, that’s all of the social channels, and it’s
search, it’s the web, it’s mobile - it’s giving them as many ways
to transact within the venue as frictionlessly as possible."
"We see the trend of dine-in-or takeout-only as largely over,"
said Bryan Solar, Head of Restaurants at Square. "In the future, we
expect restaurants' physical footprints to evolve as they see an
increase in the percentage of their revenue that comes from
off-premise sales. Kitchen sizes could potentially take up more of
the overall space and online ordering would become critical to a
restaurant's bottom line."
It’s not just restaurants who are seeing an increased reliance
on omnichannel strategy; retailers are also seeing that online
selling has had an outsized impact on revenue and that meeting
customers where they are is more important than ever.
- 47% of retailers now offer buy online, pick up in-store
(BOPIS).
- Retailers say an average of 58% of their revenue currently
comes from online sales.
- Among retailers who sell on social media, the percentage of
revenue that comes from each channel is as follows:
- Instagram: 32%
- Facebook: 31%
- Twitter: 31%
- TikTok: 30%
- More than 1/4 of retailers say that not knowing enough about
technology options/platforms keeps them from selling goods through
newer online or social channels.
- Less than 25% of retailers believe their customers wouldn’t be
interested in buying goods on additional channels.
“During the pandemic consumers were pushed online, to the only
channels available to them, which altered the balance of their time
and attention preference to favor online more than ever. While
updating your business to support more channels can seem difficult,
automation tools like inventory management and smart stock alerts
can help,” said Roshan Jhunja, Head of Retail at Square.
The beauty industry is no different as salons and personal care
businesses turned to new channels and revenue streams to reach and
stay connected to clients. Consumers continued to have a newfound
appreciation for personal care professionals and the role they play
in their lives, creating vast opportunities for businesses to
improve and build their omnichannel operations.
- 30% of customers said they would avoid a salon with no website
to view services.
- 55% of beauty businesses had automated technology for
scheduling appointments prior to the pandemic, and 25% started
using this technology after the pandemic started.
- 96% of beauty businesses say they sell retail products, which
consumers are buying through a number of channels:
- 70% of consumers bought retail in-person, likely as an add-on
to their personal care service
- 37% of customers purchased products through the website
- 30% purchased items from marketing emails
- 28% purchased items from social media sites
“The beauty industry has changed immensely, giving businesses
the opportunity to look at their operations and find ways to
operate smarter and more efficiently,” said Willem Ave, General
Manager of Square Appointments. “By creating unique and
personalized omnichannel experiences, businesses can sell products
and services across a variety of channels to help grow their
business.”
For a full analysis of the top restaurant, retail, and beauty
trends of 2021, industry insights from Square experts, and
real-life examples from innovative Square sellers, download the
report here or reach out to press@squareup.com.
About Square
Square helps sellers more easily run and grow their businesses
with its integrated ecosystem of commerce solutions. Square offers
purpose-built software to run complex restaurants and retail
operations, versatile e-commerce tools, embedded financial services
and banking products, an appointment booking platform, staff
management and payroll capabilities, and much more – all of which
work together to save sellers time and effort. Millions of sellers
across the globe trust Square to power their business and help them
thrive in the economy. For more information, visit
www.squareup.com.
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