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Future of Commerce: 3 Key Takeaways for F&B Businesses

This article is for educational purposes and does not constitute legal, financial, or tax advice. For specific advice applicable to your business, please contact a professional.

 

The latest Future of Commerce Report is now available. Square partnered with Wakefield Research to survey business owners and managers in the US and Canada, uncovering critical industry insights for 2023.

 

You can download the full 2023 Future of Commerce Report from the US Town Square blog. 


Below are three key takeaways from the report:

 

🛍Expand your offerings 

Nearly 2 in 3 restaurateurs (65%) view expanding their offerings beyond standard dining as necessary to diversify revenue and grow their brand. Consumers are responding in kind. Nearly 3 in 5 consumers (57%) have purchased retail items at a local restaurant in the past year, and more than 2 in 5 (41%) have purchased other non-core items like premade frozen meals, meal or cocktail kits, or an online cooking class.

 

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💪 Embrace flexibility in the face of caution 

With a potential downturn on the horizon, restaurant businesses are finding ways to do more with less. Nearly all restaurateurs plan to take steps to weather a potential recession in 2023, the most popular being automating operational tasks to increase staff efficiency (38%).

 

And if you are considering raising prices, on average, consumers said they are willing to tolerate up to a 17% price increase before they start reconsidering visiting their favorite restaurant.

 

🤖 Automation will continue to evolve the industry

As restaurants strive to motivate and retain their employees, the right automation tools can help them do it. Ninety-nine percent of restaurateurs whose businesses drive $1 million or more in revenue per year agreed that automating back-of-house operations would allow staff to focus on more important tasks of the business. And most consumers agree, with 66% saying they prefer automation over live staff in at least one aspect of their experience at their favorite restaurants.

 

 

Learn today: Read the full 2023 Future of Commerce Report

Tra
Community Manager, Square
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Super Seller

Thanks for the info.

Jacqueline
Owner of Jackie's Uniquely U Boutique
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Admin

In case you miss it, you can now register to attend our inaugural Future of Commerce Summit which will takes place on Tuesday, February 28 at 10:30 - 11:30 a.m. PST,

 

This highly anticipated livestream provides a unique opportunity todiscuss the latest edition of our Future of Commerce Report, engage with prominent commerce experts and thought leaders, as they unveil the cutting-edge commerce trends that are poised to shape 2023.

 

Featured panelists include:

  • Guy Raz, Award-Winning Podcast Creator, Author, Radio Personality and Journalist
  • Alyssa Henry, Head of Square
  • Lauren Weinberg, Square Chief Marketing Officer
  • LaToyia Mays, Founder, The Laya Center
  • Keba Konte, Founder/CEO, Red Bay Coffee

REGISTER FOR THE EVENT

 

Can't tune in at the exact time? No worries — register for the event and receive a recording that you can access at a later date.

Tra
Community Manager, Square
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