Small retailers plan tech splurge

The UK’s small retailers plan to invest in new technology in the year ahead as part of strategies to drive business growth and improve customer experience, according to research from American Express

Asked about how they planned to safeguard their business this year, the survey of independent retail and hospitality business owners found that spending on new technology topped the list (30%).

The survey also highlighted that just over a third (34%) will be sharpening their focus on customer experience in 2024, with the goal of building loyalty and further boosting sales. Technology spend could play an important role in achieving this, with over two-fifths (43%) of retailers indicating that they had bolstered their business tech ahead of the festive peak period in order to create a better experience for customers.

Dan Edelman, GM, UK merchant services at American Express, said: “Investing in new technology unlocks operational efficiencies, frees up valuable resource and ultimately improves the customer experience.”