Which Trends Will Help Your Restaurant the Most?
Restaurant owners: What do you think is the one thing that really changed the way restaurants did business in 2014?
If your answer was mobile ordering and payment, then you would be correct.
As of May 2014, 16% of restaurants surveyed have a mobile app and out of that 16%, 35% allow users to place orders with that app. 30% of the restaurants reported that electronic ordering has increased the volume of their orders, often overloading their kitchens with requests.
While 16% doesn’t seem like a lot, the reality is that number is probably even greater today and will only continue to grow. Hospitality Technology forecasted the growth of online and mobile ordering up until 2019, and their predictions show a steady increase year over year, with mobile payments hitting $100 billion over the next four years.
Technology isn’t going away, so if your restaurant hasn’t hopped on the bandwagon yet, now is the time to get on and enjoy the ride.
Other Trends You Can Implement in Your Restaurant
- Mobile ordering and delivery: Nation’s Restaurant News wrote in an article that Starbuck’s is taking mobile ordering one step further with plans to offer delivery in certain markets. Other chains will experiment with curbside delivery through a mobile payment.
- Apple Pay: We will have an article in a couple of weeks discussing Apple Pay further, but to touch on the basics, Apple Pay is a mobile payment and digital wallet that allows users to make payments directly through their iPhone. There are many restaurants now incorporating this feature into their payment systems and it would be a smart business move for you to do the same. This enables customers to pay for services quicker and more conveniently, resulting in an overall better experience.
- Touch screen tablets in–house: Many restaurant chains – like Applebee’s, Chili’s and Buffalo Wild Wings – are improving the customer experience by giving them the chance to pay for their bill any time they want. The tablets remove the “pain point” of waiting for the check at the end of the meal. And, in some restaurants, the tablets serve a double purpose, acting as a jukebox for the table and bringing in supplemental income for the business.
- Build-Your-Own: A few Southern California McDonalds tested a build-your-own burger station, and have plans to expand their Create Your Taste platform. This enables McDonalds’ customers to create their idea of the perfect burger, one they can’t normally order on the traditional menu. Think of what your signature items are – items that customers probably wish they could customize – and decide if a “Build-Your-Own” station would be beneficial to you.
How to Implement New Technology
Staying on top of the restaurant industry trends can be tough – and implementing them can be even tougher… on your wallet. Purchasing enough tablets to put on all of your tables and investing in individual kiosks to test a build-your-own station won’t come cheap. But, that’s where Direct Capital comes in.
With our working capital program, you can get the cash you need to improve your business. Use this small business loan to purchase new inventory, train your staff, and even advertise your new payment and menu options.
Direct Capital is here to help your business succeed. Whether you need financing or small business advice, we’ve got you covered. For more information on who we are and how we can help you, please visit our website or give us a call at 866-777-0117!