As we close out 2021 and begin 2022, we see a retail landscape that’s very different than it was two years ago. The global COVID pandemic served as a catalyst for the evolution of how consumers prefer to shop. For example, Accenture predicts an increase of 169% in online purchases from new and low-frequency users. This is just one example of how consumers have pushed toward the convenience of digital services to fulfil their shopping needs.
The retail environment has changed significantly in the last two decades – from the race to opening more brick-and-mortar stores to the rise of eCommerce. Consumers have changed too – from expecting to pay with their wearable devices to being able to have merchandise delivered to their doorstep. Retail is constantly evolving and merchants are always looking at innovative in-store technology to bring more shoppers into the store and enhance their shopping experience.
As an ISV, you know that the restaurant business is extremely competitive. It is one of the key reasons why adopting new technology in this space is very slow. Restaurants need to work hard and establish their popularity in the community in addition to sustaining business on a day-to-day basis. This means that consumer-facing technology including payments often takes a backseat for restaurants. However, the COVID-19 pandemic changed how restaurants approach this all together. At the peak of the health crisis, many restaurants scrambled to offer services such as online ordering, delivery via third-party apps and even accepting contactless payments to put their customers at ease. Since then, restaurants have adapted quickly and effectively to the new normal and are continuing to offer enhanced services to their customers.
2020 was a year to remember. From multiple Zoom calls every day to baking sourdough bread at home, people have quickly adapted to the “new normal.” In retail, to implement safe in-person interactions, many businesses are turning to mobile solutions and other innovative technologies. This allows them to accept payments securely and drive better engagement models between consumers and employees.
Hotels and resorts have long thrived on excellent customer service and attention - but new technology has raised the bar for guest expectations. With instantaneous information, services and purchases at everyone’s fingertips, these businesses need to keep up with growing demand for a seamless and personalized guest experience. This is especially true as it can increase guest spend, boost loyalty and lead to positive reviews and recommendations.
