{"id":727040,"date":"2023-01-31T07:03:49","date_gmt":"2023-01-31T12:03:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/annual-square-report-underlines-businesses-optimism-amid-economic-uncertainty\/"},"modified":"2023-01-31T07:03:49","modified_gmt":"2023-01-31T12:03:49","slug":"annual-square-report-underlines-businesses-optimism-amid-economic-uncertainty","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/annual-square-report-underlines-businesses-optimism-amid-economic-uncertainty\/","title":{"rendered":"Annual Square Report Underlines Businesses\u2019 Optimism Amid Economic Uncertainty"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Annual Square Report Underlines Businesses\u2019 Optimism Amid Economic Uncertainty<\/b><\/p>\n<p class=\"bwalignc\"><i>Survey reveals that revenue diversification and tech automation are top of mind for retailers, restaurants<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\n33% of retailers in the United States are creating entirely separate market approaches to attract Generation Z consumers.\n<\/li>\n<li>\n87% of restaurants plan to expand non-core offerings like retail goods and cooking classes in order to diversify revenue and grow their brands.\n<\/li>\n<li>\nWhen it comes to sales channels, more is better \u2013 77% of retailers plan to expand the number of digital channels they use in 2023.\n<\/li>\n<\/ul>\n<p>SAN FRANCISCO&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nToday, Square released its third annual <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fsquareup.com%2Fus%2Fen%2Ftownsquare%2Ffuture-of-commerce&amp;esheet=53293630&amp;newsitemid=20230131005239&amp;lan=en-US&amp;anchor=%26%238220%3BFuture+of+Commerce%26%238221%3B+report&amp;index=1&amp;md5=a18521377fee79360d234bb4afc75361\">\u201cFuture of Commerce\u201d report<\/a>, a comprehensive analysis of business owners\u2019 and consumers\u2019 attitudes on the evolution of retail and restaurants. The report examines how these businesses are shifting as they consider what\u2019s worked, what hasn\u2019t, and how to prepare for the future.\n<\/p>\n<p>\nIn collaboration with Wakefield Research, Square\u2019s survey sourced data from retailers, restaurateurs, and consumers across the United States and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fsquareup.com%2Fca%2Fen%2Fpress%2F2023-future-of-commerce-ca&amp;esheet=53293630&amp;newsitemid=20230131005239&amp;lan=en-US&amp;anchor=Canada&amp;index=2&amp;md5=1383b272182b0a0824e1a6addf47134a\">Canada<\/a>. 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.\n<\/p>\n<p>\n\u201cSellers are optimistic for the future, but also taking action to improve sales channels and technology for consumers in 2023,\u201d said Alyssa Henry, Head of Square. \u201cAt Square, we know it\u2019s critical for sellers to diversify their revenue streams and expand their offerings, and with our ecosystem, sellers have been able to evolve and thrive.\u201d\n<\/p>\n<p>\nAfter overcoming the hurdles presented by the pandemic, <b>restaurants<\/b> 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.\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nWith growing inflation and economic uncertainty ahead, 31% of restaurateurs are considering raising prices. Consumers are understanding, to a point \u2013 on average, they\u2019re willing to tolerate up to a 21% price increase at their restaurants of choice.\n<\/li>\n<li>\n20% of restaurants\u2019 revenue is currently coming from products and services outside of their core restaurant offerings.\n<\/li>\n<li>\n37% 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.\n<\/li>\n<\/ul>\n<p>\n\u201cFaced with competition and an uncertain economic landscape, the restaurant industry is still feeling the need to adapt and innovate,\u201d said Lisa Fong, Head of Product, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fsquareup.com%2Fus%2Fen%2Fpoint-of-sale%2Frestaurants&amp;esheet=53293630&amp;newsitemid=20230131005239&amp;lan=en-US&amp;anchor=Restaurants+at+Square&amp;index=3&amp;md5=0373f7e424d88b1f1d7291b0c617a596\">Restaurants at Square<\/a>. \u201cRestaurant 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.\u201d\n<\/p>\n<p><b>Retailers<\/b>, too, are investing in diversifying their revenue streams and expanding into new channels \u2013 particularly as they aim to capture more Gen Z shoppers. With the younger generation\u2019s purchasing power on the rise, retailers are shifting their omnichannel and marketing strategies while adopting more tech-forward solutions like \u201c<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fsquareup.com%2Fus%2Fen%2Fbuy-now-pay-later&amp;esheet=53293630&amp;newsitemid=20230131005239&amp;lan=en-US&amp;anchor=Buy+Now%2C+Pay+Later&amp;index=4&amp;md5=05979e9bebc7a1a32cca45e88e81e85c\">Buy Now, Pay Later<\/a>\u201d (BNPL) and automation.\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n24% of consumers refuse to shop from brands who don\u2019t have an online presence.\n<\/li>\n<li>\n31% of retailers believe they\u2019ll need to provide more payment options like BNPL to compete in today\u2019s retail marketplace and 24% of retailers will offer the technology to enhance the in-store shopping experience.\n<\/li>\n<li>\n76% of consumers said they\u2019d 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\u2019 hands-on time.\n<\/li>\n<\/ul>\n<p>\n\u201cAs retailers look ahead to this year, they\u2019re taking a much more bullish approach to expansion and innovation,\u201d said Roshan Jhunja, Head of Retail at Square. \u201cWhether it\u2019s offering more products and services, or investing in automation to allow for greater convenience, businesses as well as consumers will both reap the benefits.\u201d\n<\/p>\n<p>\nFor 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 <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fsquareup.com%2Fus%2Fen%2Ftownsquare%2Ffuture-of-commerce&amp;esheet=53293630&amp;newsitemid=20230131005239&amp;lan=en-US&amp;anchor=here&amp;index=5&amp;md5=c0672e3fe5ad7e2546234653cbfcb983\">here<\/a> or reach out to <a rel=\"nofollow\" href=\"mailto:press@squareup.com\">press@squareup.com<\/a>.\n<\/p>\n<p><b>About Square<\/b><\/p>\n<p>\nSquare 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 \u2013 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 <span class=\"bwuline\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.squareup.com&amp;esheet=53293630&amp;newsitemid=20230131005239&amp;lan=en-US&amp;anchor=www.squareup.com&amp;index=6&amp;md5=4c154d76a4828604cee86583e2c6275a\">www.squareup.com<\/a><\/span>.\n<\/p>\n<p><b>Methodology<\/b><\/p>\n<p>\nThe consumer survey was conducted by <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwakefieldresearch.com%2F&amp;esheet=53293630&amp;newsitemid=20230131005239&amp;lan=en-US&amp;anchor=Wakefield+Research&amp;index=7&amp;md5=335b2cf9e1f73d843891a0d586548d9b\">Wakefield Research<\/a> 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.\n<\/p>\n<p>\nThe retail survey was conducted by Wakefield Research among 500 Canadian and 500 U.S. Retail Owners &amp; Managers between November 15 and November 28, 2022, using an email invitation and an online survey.\n<\/p>\n<p>\nThe 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.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230131005239r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230131005239\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230131005239\/en\/<\/a><\/span><\/p>\n<p><a rel=\"nofollow\" href=\"mailto:press@squareup.com\">press@squareup.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America California<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Hardware Retail Technology Generation Z Small Business Communications Professional Services Online Retail Electronic Commerce Restaurant\/Bar Other Technology Payments Software Digital Marketing Consumer Mobile\/Wireless<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Annual Square Report Underlines Businesses\u2019 Optimism Amid Economic Uncertainty 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 \u2013 77% of retailers plan to expand the number of digital channels they use in 2023. SAN FRANCISCO&#8211;(BUSINESS WIRE)&#8211; Today, Square released its third annual \u201cFuture of Commerce\u201d report, a comprehensive analysis of business owners\u2019 and consumers\u2019 attitudes on the evolution of retail and restaurants. The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/annual-square-report-underlines-businesses-optimism-amid-economic-uncertainty\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Annual Square Report Underlines Businesses\u2019 Optimism Amid Economic Uncertainty&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-727040","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Annual Square Report Underlines Businesses\u2019 Optimism Amid Economic Uncertainty - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/annual-square-report-underlines-businesses-optimism-amid-economic-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Annual Square Report Underlines Businesses\u2019 Optimism Amid Economic Uncertainty - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Annual Square Report Underlines Businesses\u2019 Optimism Amid Economic Uncertainty 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 \u2013 77% of retailers plan to expand the number of digital channels they use in 2023. SAN FRANCISCO&#8211;(BUSINESS WIRE)&#8211; Today, Square released its third annual \u201cFuture of Commerce\u201d report, a comprehensive analysis of business owners\u2019 and consumers\u2019 attitudes on the evolution of retail and restaurants. 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When it comes to sales channels, more is better \u2013 77% of retailers plan to expand the number of digital channels they use in 2023. SAN FRANCISCO&#8211;(BUSINESS WIRE)&#8211; Today, Square released its third annual \u201cFuture of Commerce\u201d report, a comprehensive analysis of business owners\u2019 and consumers\u2019 attitudes on the evolution of retail and restaurants. 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