The year 2023 has been full of challenges that have spurred the development of new technologies that promise to redefine the way we consume products and services. Artificial intelligence (AI) has emerged as the key driving force of transformation and is already outlining the fundamental guidelines that will guide the path forward. Some of these developments will be very present for many Spanish companies throughout 2024, while others will bring new challenges and opportunities. In this context, John O'Beirne, Managing Director of square in Europe, provides an overview of the most important business trends that will shape the new year 2024.
The hospitality sector in 2024: personalization, speed, efficiency and sustainability
With the advent of innovative technologies Restaurants have the opportunity to significantly improve their offerings Efficiency this 2024. And through the use of special tools, the management of catering establishments is simplified. In particular, AI is used to process and organize orders more quickly and effectively through kitchen visualization systems (KDSfor its acronym in English Kitchen display systems') for digital menu boards.
Furthermore, the Self-service kiosks, which is common in fast food restaurants, will gain popularity this year and become even more common in all types of restaurants, improving convenience and comfort for customers. Likewise those sustainability will play a key role; From packaging to business management, including ingredients and veganism. On the other hand, in a sector where competition is becoming increasingly fierce, digital loyalty Building long-term customer relationships is essential.
“In 2024, it will be crucial to continually improve the user experience. We need to ensure that the process is easy and pleasant even before the customer enters the store. “Personalized online booking technologies like OpenTable, integrated with Square, will make a difference”, explains O'Beirne.
Retail in 2024: Loyalty and Sustainability
As in the hospitality sector, competition among Spanish retailers is intense. Therefore, using technology that improves shopping and makes shopping a rewarding experience can help drive more sales. Initiatives like Square loyalty They allow customers to be registered and rewarded directly at the POS, without the need for an additional device or software.
According to Square Loyalty statistics in the United States, companies using this product report this increased customer visit frequency by 40%. “The economic climate was complicated in 2023 and will continue to be so in 2024. With this in mind, and as customer expectations grow, Spanish retailers need to offer more innovative experiences to be a success story.”, comments John O'Beirne.
In addition, in recent years we have seen an increase in environmental awareness among consumers, who tend to value the environment sustainability and that social responsibility in their purchasing decisions. Therefore, high demand is expected from companies that not only offer products that respect the environment, but also the local community and act sustainably as a company.
Financial services in 2024: Generative AI to improve communication with customers
AI has also revolutionized financial services, driving transformative change that is redefining the way financial institutions operate and customers interact with them. “Generative AI will improve communication with customers and enable greater control over personal finances through increasingly sophisticated conversational bots.”, says the managing director of Square in Europe.
As new technologies are developed in 2024, they are predicted to improve the situation financial enablement and thereby help companies in the sector reduce and eliminate biases in their decision-making process, thus creating a more inclusive financial landscape in Spain. Finally, and despite the loss in popularity and price of the Cryptocurrencies Over the past year, they are expected to be back on the radar in the coming months.