- July 24, 2021
- Softwares and Scripts
MWB Future of Commerce: 2024 Edition
Customers are seeking out new experiences and technology at local businesses.
Facing inflation and higher costs, 43% of customers feel less optimistic about their financial situations than 12 months prior. In the face of financial uncertainty, customers are mindful of where they spend their money, 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. In 2024, customers not only expect businesses to incorporate technology but may even prioritize spending at businesses using AI or automation that makes their experiences more seamless.
Automation is improving outcomes across industries.
Sentiment around automation is overwhelmingly positive: 100% of retail and restaurant owners reported that automation and technology have improved their businesses.
45% of retailers have seen greater employee retention and increased profits as a result of their automation investments, while 67% of restaurant owners say that automation tools have directly benefited customers, either through customer experience or communication.
Customers support businesses exploring ways to automate, with 76% of restaurant customers and 67% of retail customers preferring that businesses use automation over live staff in at least one area — particularly for repetitive admin tasks like making reservations or checking product inventory.