Today, Square released a new report that reveals how retailers and restaurateurs are taking control of the future by delivering on customers' evolving expectations ? with an intentional focus on technology, operating efficiency, and customer experiences. Square developed the Future of Restaurants and Future of Retail reports to provide a snapshot of what businesses are investing in and what's working.
To uncover these insights, Square collaborated with Wakefield Research to survey restaurateurs, retailers, and consumers across the U.S. Additionally, Square spoke to businesses and industry experts to share how retailers and restaurateurs are facing challenges, embracing innovative solutions, and forging new paths forward in 2021.
"Scrappiness is in our sellers' DNA and, in 2021, we're expecting more of the same. It will be more important than ever to find creative ways to meet consumers where they are most comfortable, providing memorable experiences in-store, online, curbside, and everywhere in between," said Alyssa Henry, Seller Lead at Square.
For example, after chef Anthony Strong closed his popular San Francisco restaurant Prairie last August in the wake of COVID-19, he didn't give up. He emerged a couple months later with a new concept: He transformed his 1989 Volkswagen van into a mobile dining room, traveling the city to serve up a four-course "glamping" dining experience. While shuttering Prairie was devastating, Strong did what entrepreneurs have done time and again - got back to work and innovated in the face of adversity.
Overwhelmingly, the report found that restaurants and retailers alike are undertaking big changes to existing strategies and adopting new technologies to stay ahead of the curve. For example, we saw retailers increasingly turning to online and social selling to continue serving their customers - in fact:
"Retail has changed rapidly over the last year," said Square's head of eCommerce, David Rusenko. "But the transformation is giving retailers a chance to slow down and invest in doing things smarter across both in-store and online channels. The changes aren't a way to simply make it through - they're permanent and redefining what a meaningful retail experience can look like."
And it's not just retailers who are seeing massive shifts in 2021, restaurants are also fundamentally reimagining the way they do business to keep their operation running smoothly, improve their bottom line, and continue serving their customers.
"We're seeing restaurants shift to a model that places more emphasis on the kitchen as the central hub of the operation," said Bruce Bell, head of Square for Restaurants. "Restaurants are embracing new channels for customers to interact with their business, effectively meeting them wherever they are. Each of these channels represents a revenue stream for the restaurant and they connect to the same kitchen and are all managed by the same centralized POS system."
Despite a hard year, the future is full of opportunities for restaurateurs and retailers. For a full analysis of the top restaurant and retail trends of 2021, industry insights from Square experts, and real-life examples from innovative Square sellers, you can access the report here. For questions and additional data insights reach out to [email protected].
About Square, Inc.
Square, Inc. (NYSE: SQ) revolutionized payments in 2009 with Square Reader, making it possible for anyone to accept card payments using a smartphone or tablet. Today, we build tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in-person, manage their business, and access financing. And individuals use Cash App to spend, send, store, and invest money. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain and the UK.
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