Square’s recent ‘Future of Commerce’ report has revealed that businesses in the UK are planning to make significant investments in artificial intelligence and automation in the coming year. The report found that more than four in five restaurant and beauty leaders are eager to utilize AI technology to improve their operations, with areas such as staff marketing, inventory management, payments, and menu optimization being targeted for enhancement.
According to Square UK Executive Director Samina Hussain-Letch, businesses are investing in growth and experimentation to find new, streamlined ways to work and deliver exceptional customer service. This includes increasing investment in loyalty and reward schemes to acquire and maintain connections with customers.
The report also highlighted the increasing trend of businesses spending more time on hiring and operations than before, as they navigate the challenges of sustained high inflation, shrinking consumer spend, and the need to raise prices. Additionally, retailers are looking to merge physical and digital shopping experiences to create a more seamless transaction process.
Furthermore, the Buy Now, Pay Later market in the UK is expected to grow from £30 billion to £47 billion by 2029, indicating a strong reliance on this payment method by consumers. Overall, businesses that prioritize digitization of their processes, both internally and customer-facing, are expected to see the best outcomes in the future.
As companies gear up for an expensive year ahead, the focus on investing in technology and improving customer experiences remains a top priority for businesses across various industries.
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