With economic headwinds picking up, consumer spending behavior is poised to shift as households tighten their belts in some categories and economists try to make sense of the short-term and long-term future.
According to Peter Dougherty, president of open payments platform Spreedly, a steady diet of data combined with a willingness to adjust when necessary will be the keys to success.
In a recent interview with PYMNTS Karen Webster, Doughterty doubled down on his recent observation that companies on the Spreedly platform — which connects merchants and payments services providers operating in 100 countries — are looking to grow. He believes lessons learned by companies in 2022 and 2023 about running lean and efficient will prove valuable as growth prospects soften. Businesses are still looking to expand, but with a sharper eye on margins.
“As a savvy business operator, flexibility to make pivots is super important to run a great business,” Dougherty said. “Having access to data to make those decisions, but also having the flexibility to pivot and bring new products to market is key.”