EDITOR ’ S QUESTION
TIM GOODWIN , CHIEF PRODUCT & TECHNOLOGY
OFFICER , PLANET
Innovation in technology continues to overcome macro-social and economic turbulence to improve the lives of everyone and adapt to the changing world of work . We will continue to see it throughout Europe in 2023 despite the possibility of a global recession and a tech skills gap as Europe keeps pace with other major regions in terms of growth and competitiveness .
This means arming frontline retail staff with a fully integrated digital platform where payments are bundled into the software that powers their businesses , driving sales growth and helping them work to maximum efficiency .
Tech innovation is often born out of the demands of younger generations . Generation Z – which currently makes up 30 % of the world ’ s population – has grown up with the most advanced technology ever used and their expectations for a seamless retail shopping experience is higher than any generation before them . They simply have little time or patience for clunky processes .
As Europe battles macro-economic headwinds , retailers will need to ensure they ’ re able to meet the high demands of this generation to stay relevant and competitive .
Gen-Z are hard-wired to buy items from their social media accounts , from anywhere , paying with a fingerprint , or facial recognition , and have been brought up paying using their smartphones . Tech rules across every aspect of their purchasing behaviour .
So , any sort of friction in the payment process will see them go elsewhere next time . This means that for retailers , payments – which can so often be an afterthought – need to be placed at the heart of their thinking around technology . As a result , we expect to continue seeing retailers embrace connected commerce in 2023 . It removes friction and is proven to deliver a far superior customer experience .
Retail technology continues to recognise the potential of Big Data . The more data a business gathers , the more successful its attempts will be at bringing about positive , large-scale change . Leveraging analytics gathered from Big Data enables the optimisation of day-to-day operations . In 2023 , we will see more personalised shopping experiences and improved customer service . These super-sized datasets will help retailers forecast trends and make strategic decisions based on market analysis .
In summary , with businesses across Europe looking to save money , bundling payments into software through a single partnership improves retailer operational efficiency too . With revenues forecast to continue to be under pressure in 2023 , we expect more businesses to turn to connected commerce solutions to save money , while also delivering a better customer experience .
In 2023 , we will see more personalised shopping experiences and improved customer service .
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