The Future of Commerce: 2023 Edition - From Square
Square partnered with Wakefield Research to survey North American consumers, retail owners and restaurant owners to uncover insights about the 2023 commerce landscape.
The future of commerce is fast and flexible. North American businesses are resilient, setting trends by working smarter with automation, optimizing experiences with digital commerce, shepherding in a new generation of entrepreneurs and redefining industry verticals.
Today, change is a constant for businesses as they face supply chain shortages, staffing concerns and economic uncertainty. But customers are more flexible and understanding of change than businesses might think: 88% of consumers agree that given the impact of inflation and the rising cost of goods, they would be understanding if their favourite local businesses raised their prices.
Younger consumers in particular want small businesses to succeed. The majority of Gen Z consumers (51%) would rally behind smaller businesses who might be struggling. That mindset also translates into who is looking to jump into the entrepreneurial pool, with Gen Z and millennials the most likely of all consumers to consider starting a business right now.
And young people aren’t alone in their entrepreneurial thinking. More than 3 in 5 consumers agree that with the technology and tools available today, it’s never been easier to start a business.
Once they’ve started, what does the future of doing business look like?
Read the report HERE.