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Reaching customers is imperative for any business. In an effort to diversify their customer base and grow new revenue streams, business owners are tapping into different ways to expand their footprint. Whether it’s through selling merchandise, offering subscriptions, or tackling a whole new industry, businesses are finding ways to craft unique opportunities and create unforgettable experiences for customers — and it’s paying off.
The proof is in the revenue.
For some businesses, close to a quarter of their revenue comes from diversified offerings. Forty percent of restaurant owners noted that 21% or more of their revenue comes from outside of their core restaurant service. For retailers, 61% noted that up to 25% of their revenue comes from outside their core offering.
Customers are on board with multihyphenate businesses.
Customers are all in when it comes to diversified offerings and experiences. The data shows that 40% of customers would be very or extremely interested in a new type of offering from a business known for something else. In fact, 57% of consumers have purchased retail items at their local restaurant in the last year.
To understand exactly what this means for businesses, Square partnered with Wakefield Research to survey restaurant owners, retail owners, and consumers from the U.S., Canada, the UK, and Australia to uncover data and trends about global multihyphenate business strategies.
The Square Future of Multihyphenate Businesses report will provide insight into how businesses are thinking about diversifying revenue streams, their challenges, and how consumers are helping shape the outcome.
Inside the Future of Multihyphenate Businesses report you’ll find:
- How restaurant owners and retailers are benefitting from new revenue streams
- The methods and strategies they’re using to bring them to life
- The revenue stream preferences of consumers across generations
- How to use expansion to win Gen Z customers
The Future of Multihyphenate Businesses Report: 2024 Edition
Read the full Future of Commerce report for deeper insights into 2024 business trends and actionable ways to stay ahead of the competition.