Point of Sale, eCommerce and financial services platform provider, Square, recently released their 2024 Future of Commerce report. The report analyses survey responses from businesses across the United States, Canada, the United Kingdom and Australia in order to ‘understand how businesses and customers will shape the global commerce landscape in 2024’.

Highlights from the report:

Customers are seeking out new experiences and technology at local businesses.

We know that increased cost of living and the resulting drop in discretionary spend is making customers more mindful of where they spend their money.

The report suggests that:

Customers are seeking out businesses that offer value and efficiency.
80% of customers are interested in trying a new offering at a business known for something else and 86% of customers would participate in specific perks, activities or events offered by a business.

Multi-hyphenate strategies are key for growth and longevity.

Multi-hyphenate businesses diversify their revenue by adding non-core offerings, subscriptions and/or other services.

According to the report:

77% of restaurants surveyed intend to expand in the coming year by adding non-core offerings like meal kits, events, or merchandise.
99% of retailers plan to invest in additional revenue streams such as in-store events.

With the news earlier this week that Godfrey’s have gone into voluntary administration, are the days of a single store selling a single product range behind us?

Personalisation and Differentiation = Success

Improving customer relationships and standing out with unique offerings to maintain a competitive advantage appear to be the new year’s resolution, particularly for those surveyed in the retail industry.

According to the report:

56% of retail businesses will be taking a look at their marketing tactics for Gen Z in 2024 as the younger generations’ purchasing power continues to grow.
42% of survey respondents will be looking at improving customer relationships through faster and easier communication channels.

With one month of 2024 already gone, what are the goals are strategies you’re hoping to apply to your business this year?

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