Groundbreaking insight into the way retailers, restaurants and hotels adapted to the 2020 pandemic while prioritizing long-term investments in digital innovation.
Preparing For The Return Of Demand: How America’s Retail & Hospitality Tech Elite Tackle Disruption with New Commerce Investment, commissioned by global payments leader J.P. Morgan and commerce innovator FreedomPay was published today.
Initiated pre-pandemic, this study uniquely reveals the impact that one of the greatest global economic crises of the modern era had on the Retail and Hospitality sectors. The study captures the thinking of the most influential players and gauges their personal assessment of the true impact of the 2020 pandemic on commerce, customers, employees and vendors.
The new study reveals the deepest concerns and actions taken to manage innovation and tech investment while uncovering dramatic shifts in strategy brought about by, and offsetting the negative impacts of, the 2020 pandemic.
This study reveals how the pandemic compelled the retail and hospitality industries to rapidly respond to changing consumer behavior. Merchants that prioritized investments in digital innovation have gained the agility needed to connect and transact with customers in new ways.
Over a period of 12 months, researchers interviewed 50 C-suite and Head of Function executives from America’s top-ranking food and beverage, retail, and hotel brands with a combined revenue of more than half a trillion dollars. The study was successful in identifying senior decision makers’ top priorities—before, during and after the pandemic—regarding growth, technology investment and their view of legacy systems.
Key findings among senior decision makers surveyed include:1
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