- Most restaurant and beauty leaders want to increase their use of AI
- Businesses are focusing more on hiring and operations
- Investments in payment experiences are rising with BNPL trends
If you run an ecommerce business, be prepared for a costly year ahead. Square, a leading payment gateway, is signaling significant investments coming your way.
A recent report, ‘Future of Commerce’ from Square, looks at how businesses are planning to deal with tough economic conditions. These include high inflation, reduced consumer spending, and the need to raise prices.
According to the report, artificial intelligence is a top priority. Many businesses aim to use AI to boost their productivity and improve how they operate and handle finances.
UK businesses are making smart investments
Square’s findings show that 85% of restaurant leaders want to invest in AI and automation. They’re looking at areas like staff management, inventory, payments, and menu optimization for enhancements.
Samina Hussain-Letch, Square’s UK Executive Director, observed, “As economic pressures persist, businesses are exploring growth and trying out new technologies that save time and enhance customer experiences.”
To build customer relationships, 71% of businesses plan to boost spending on loyalty programs. An impressive 83% of restaurant leaders believe these programs improve order sizes and encourage repeat visits.
The study highlights a shift in focus: 73% of leaders are dedicating more time to hiring than last year, while 75% are spending more on operations.
In addition, retailers are blending online and in-store shopping to create smoother transactions.
Interestingly, the beauty industry also sees the potential of AI. About 84% of beauty professionals plan to adopt AI and automation within the next year, especially for marketing and inventory tasks.
Moreover, the Buy Now, Pay Later (BNPL) market is booming in the UK. It’s projected to grow from £30 billion to £47 billion by 2029, a significant 57% jump.
As businesses look to digitize their processes, both for operations and customer interactions, those who adapt quickly are likely to thrive.
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