Small UK retailers will make investment in technology a top priority in 2024, according to new research from American Express.

The report, which surveyed 253 UK small business owners in the retail and hospitality sectors, found that a third of respondents plan to safeguard their business by splurging on new technology.

A further quarter said they plan to increase marketing activity, while 24 per cent said they will increase their online sales capability.

Over a quarter of those surveyed said that attracting new customers is a challenge, with 43 per cent saying they had deployed new technology before the festive season to create a better experience for customers.

The survey also found that 93 per cent of business owners feel confident about the future of their business while 89 per cent expect to grow over the next 12 months.

“It’s encouraging to see so many of the UK’s small retailers entering 2024 with an optimistic outlook,” said Dan Edelman, general manager, UK merchant services at American Express. “However, they know that they can’t stand still if they want to grow their business. Investing in new technology unlocks operational efficiencies, frees up valuable resource and ultimately improves the customer experience.

“With more small merchants on our network than ever before, our focus at American Express is backing these businesses to help drive sales now and in the future.”

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