The global food and beverage industry has been very receptive to technology in recent years as more players are realizing the benefits that it brings. What are the emerging technology-based tools that will usher businesses in the F&B industry into modern processes ultimately reaching to better operations and improved profitability?
VR and AR technologies enhancing customer experience
The most common use of virtual and augmented reality is through virtual menus and augmented food displays, often resulting in improved customer experience. Additionally, these tools can also be used to train the shop personnel, which not only provides learning experiences but helps streamline training for staff.
Mobile ordering and delivery enables restaurants to expand their target market
A study conducted and reported by Statista has presented that online food delivery is to have significant growth in Southeast Asia in the next 4 years. This can also be seen in a study from Momentum Works, where the Food Delivery Gross Merchandise Value (GMV) has quadrupled since before the COVID-19 pandemic. So, for good reason, mobile ordering is here to stay. It enables restaurants to reach new customers and expand their target market, enhance the customer experience with convenient ordering and delivery options, and generate valuable data insights through customer tracking and analytics.
AI-powered chatbots increasing online ordering efficiency
Artificial intelligence has played a key role in the industry as chatbots are now implemented to accommodate order taking, address customer inquiries and even make recommendations for improvement. This not only improves the customer experience but increases ordering efficiency, effectively allowing staff to focus on other areas of the business.
Kitchen display systems reducing customer wait times
A tool providing real-time information to kitchen staff allows them to prepare orders accurately and quickly, improving efficiency. By linking the Restaurant POS to a Kitchen Display System (KDS), businesses eliminate the need to print out order slips and further reduce costs.
CRM technology improving customer retention
According to Bain & Co, attracting a new customer will cost businesses 5 to 25 times more than selling to an existing customer. Furthermore, according to the same study, increasing customer retention by 5% results in a 25%-95% increase in profits!
Restaurants can improve customer engagement and loyalty by analyzing customer behavior using technology and using that information to personalize offers and promotions, ensuring customers return time and time again. A customer relationship management (CRM) tool allows businesses to maintain their own customer database and foster a lasting relationship with the customer.
Contactless ordering and payment promoting a safer dining experience
Contactless ordering and payment are becoming increasingly popular as customers strive to reduce unnecessary contact. Restaurants improve customer and staff safety and peace of mind by reducing the risk of virus transmission through digital ordering and payment methods.
Another advantage of contactless ordering solutions, such as QR ordering, is that they increase wait staff efficiency by allowing customers to punch in their orders from their own mobile phones, which automatically sends them to the restaurant’s POS system. Restaurants that have successfully implemented QR ordering have reported labor savings of 30-50%.
Kitchen automation reduces labor costs
Restaurant food preparation is being transformed by kitchen automation. Kitchen automation improves efficiency and lowers labor costs by utilizing technology for tasks such as portion control, ingredient mixing, and food preparation, freeing up staff to focus on other areas of the business.
Cloud-based POS system improving the overall customer experience
Restaurant POS systems are an essential component of any successful restaurant business. Order management, payment processing, inventory tracking, and customer management are just a few of the features available. Front-of-house operations run smoothly and efficiently with a cloud-based or internet-native POS system, reducing the risk of errors and improving the overall customer experience.
Modern POS can also integrate with third-party delivery apps such as Foodpanda and Grab, as well as consolidate other technology, transforming the POS into a full-suite restaurant management system. This technology also significantly reduces initial costs for business owners because they can use their existing internet-enabled devices, such as laptops or tablets.
Inventory management system reducing waste and avoiding stockouts
Through real-time tracking, restaurant inventory management systems optimize food and beverage ordering and storage processes, reducing waste and ensuring ingredient availability. Restaurant owners can track inventory levels in real-time by using this type of software and integrating it with POS systems, avoiding overstocking or running out of key ingredients and saving time and money in the process.
Predictive analytics enabling smarter, data-driven business decisions
Restaurants can make data-driven decisions that increase efficiency and profitability by understanding their data. Modern data analytics platforms built for restaurants provides predictive analysis and insights that give information to store owners on sales, inventory, even customer patterns, behavior and trends.
Technological advances have been aiding the industry in improving operational efficiency. Needless to say that tools available for use go beyond these ten tools. These are the most common and recently used based on trends but every day, tech companies are always coming up with new solutions one better than the one released previously. The key, therefore, is finding out what your business needs right now, and choosing the right solutions providers that will help you solve your problems.
Mosaic Solutions offers a comprehensive suite of tools to help businesses with their inventory management needs – check us out today to learn more! Click here to learn more.