Annual Square Report Underlines Businesses’ Optimism Amid Economic Uncertainty
31 Gennaio 2023 - 1:00PM
Business Wire
Survey reveals that revenue diversification and
tech automation are top of mind for retailers, restaurants
- 33% of retailers in the United States are creating entirely
separate market approaches to attract Generation Z consumers.
- 87% of restaurants plan to expand non-core offerings like
retail goods and cooking classes in order to diversify revenue and
grow their brands.
- When it comes to sales channels, more is better – 77% of
retailers plan to expand the number of digital channels they use in
2023.
Today, Square released its third annual “Future of Commerce”
report, a comprehensive analysis of business owners’ and consumers’
attitudes on the evolution of retail and restaurants. The report
examines how these businesses are shifting as they consider what’s
worked, what hasn’t, and how to prepare for the future.
In collaboration with Wakefield Research, Square’s survey
sourced data from retailers, restaurateurs, and consumers across
the United States and Canada. The report also includes insights and
analysis from both business owners and industry experts on how
businesses are staying ahead of the curve amid inflation and
concerns about the economy.
“Sellers are optimistic for the future, but also taking action
to improve sales channels and technology for consumers in 2023,”
said Alyssa Henry, Head of Square. “At Square, we know it’s
critical for sellers to diversify their revenue streams and expand
their offerings, and with our ecosystem, sellers have been able to
evolve and thrive.”
After overcoming the hurdles presented by the pandemic,
restaurants are now facing new uncertainty amid increasing
competition and consumer expectations. 97% of restaurateurs
reported planning to take measures to weather a potential recession
in 2023, including adopting automation to allow workers to focus on
more meaningful tasks and expanding business offerings to include
merchandise or meal kits.
- With growing inflation and economic uncertainty ahead, 31% of
restaurateurs are considering raising prices. Consumers are
understanding, to a point – on average, they’re willing to tolerate
up to a 21% price increase at their restaurants of choice.
- 20% of restaurants’ revenue is currently coming from products
and services outside of their core restaurant offerings.
- 37% of restaurants are planning on automating operational
activities to maximize staff efficiencies and 71% of consumers said
they prefer automation over live staff in at least one aspect of
their experience at their favorite eateries.
“Faced with competition and an uncertain economic landscape, the
restaurant industry is still feeling the need to adapt and
innovate,” said Lisa Fong, Head of Product, Restaurants at Square.
“Restaurant owners are hoping to do more with less without
compromising on providing exceptional food and service to customers
by investing in ways to automate the busy work of their
businesses.”
Retailers, too, are investing in diversifying their
revenue streams and expanding into new channels – particularly as
they aim to capture more Gen Z shoppers. With the younger
generation’s purchasing power on the rise, retailers are shifting
their omnichannel and marketing strategies while adopting more
tech-forward solutions like “Buy Now, Pay Later” (BNPL) and
automation.
- 24% of consumers refuse to shop from brands who don’t have an
online presence.
- 31% of retailers believe they’ll need to provide more payment
options like BNPL to compete in today’s retail marketplace and 24%
of retailers will offer the technology to enhance the in-store
shopping experience.
- 76% of consumers said they’d prefer retailers to use automation
technology instead of relying on on-site staff in at least one area
and 91% of retailers use or plan to use back-end and customer
support automation to decrease staff members’ hands-on time.
“As retailers look ahead to this year, they’re taking a much
more bullish approach to expansion and innovation,” said Roshan
Jhunja, Head of Retail at Square. “Whether it’s offering more
products and services, or investing in automation to allow for
greater convenience, businesses as well as consumers will both reap
the benefits.”
For a full analysis of the top restaurant and retail trends for
2023, industry data and 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 restaurant, retail, and
professional services operations, versatile e-commerce tools,
embedded financial services and banking products, buy now, pay
later functionality through Afterpay, 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.
Square is part of Block, Inc. (NYSE: SQ), a global technology
company with a focus on financial services. For more information,
visit www.squareup.com.
Methodology
The consumer survey was conducted by Wakefield Research among
2,000 nationally representative Canadian and U.S. adults ages 18+
between November 15 and November 28, 2022, using an email
invitation and an online survey.
The retail survey was conducted by Wakefield Research among 500
Canadian and 500 U.S. Retail Owners & Managers between November
15 and November 28, 2022, using an email invitation and an online
survey.
The restaurant survey was conducted by Wakefield Research among
500 Canadian and 500 U.S. restaurant owners and managers, between
November 15 and November 28, 2022, using an email invitation and an
online survey.
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press@squareup.com
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