J.P. Morgan and FreedomPay Study Reveals Major Shift in Strategic Priorities for Retail and Hospitality Industries
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.
Molly Walsh, Head of Product for Merchant Services, J.P. Morgan
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
- A rapid shift in priority in tech investment and data commerce, from focus on low-tech investment and legacy systems to touchless commerce and digital capabilities
- A renewed and accelerated demand for digitization, mobilization and greater integration of real-time, data-driven commerce.
- The recognition that better use of ‘big data’ and real-time insights is vital to maintain operations, respond to rapid change and support growth.
To learn more, please contact your J.P. Morgan representative.