Restaurant POS Technology That’s Shaping 2023
The restaurant industry has rapidly changed due to technology and evolving consumer preferences. To run a more efficient business, restaurants must continue investing in new restaurant POS technology to stay up-to-date on industry trends.
In a 2022 study, the National Restaurant Association reported that 8 in 10 restaurant operators say using technology in their restaurants provides a competitive advantage. Point of sale (POS) systems no longer act as just a way to process orders, accept payments, and keep track of sales. Instead, restaurant POS technology enables operational solutions such as inventory management, customer relationship management, data analytics, and more. Let’s dive into some of the POS technology that’s shaping 2023.
The AI In Restaurant POS Technology
AI technology is emerging as an area of restaurant technology with virtually endless possibilities. AI restaurant POS technology includes:
Integrated Inventory & Purchasing
AI software can significantly impact your operations by integrating inventory with your point of sale system. AI can track historical data and look for real-time trends, recommending what supplies you should buy. This ensures you have enough inventory on hand and helps you eliminate the need to 86 a popular menu item. Additionally, AI restaurant POS technology helps reduce waste by automating stock purchasing based on your needs.
Staffing & Scheduling
One of the most significant parts of restaurant management is staffing and scheduling. You can manually staff your restaurant with historical data or simplify the process utilizing AI software. For example, AI Restaurant POS technology can track sales and staffing data in busy and slow times to determine trends. With this information, you can staff your restaurant appropriately for each shift’s expected sales.
A great place to utilize AI software is in a restaurant’s marketing plan. AI tools can send marketing emails, targeted ads, and social media posts. This technology enables you to retarget restaurant visitors, encouraging repeat guests. It can also help you identify promotions that can help with upselling.
The benefits of AI technology in your restaurant are endless, but it can help cut unnecessary costs, reduce errors, improve the guest experience, customize orders, and reach more customers. ERC officers an advanced AI Drive Thru Timer that helps optimize your operations by increasing productivity and improving the speed of service. Coupled with our AI-based smart surveillance, you can ensure the safety of your business, staff, and guests anywhere you have internet access.
Contactless Order & Pay
Contactless order and pay offers a seamless and error-free dining experience that doesn’t sacrifice personal connection. This solution provides ease, speed, and convenience to customer transactions. Additionally, contactless order and pay improves operational efficiency, allows for faster table turns, and more.
In a recent study by Hospitality Tech, 81% of customers want technology adopted in restaurants, specifically, the ability to pay with mobile devices. With the demand for these options prevalent, contactless restaurant POS technology can create trust by offering customers a convenient and secure way to order and pay, cultivating a loyal customer base.
In addition to meeting consumer demands, contactless restaurant POS technology helps limit errors by allowing customers to choose what they want. Guests can change or edit their orders and pay for their meals, all at the touch of a button. This enhances efficiency by eliminating a snowball effect where not only customers are waiting to order, but multiple orders going in at once can back up the kitchen, creating longer ticket times. With contactless ordering, guests input orders at leisure, allowing staff to focus on the customer experience and building loyalty.
Contactless payments can be completed within 15 seconds and are twice as fast. Less processing and handling of transactions result in a faster rate, likely improving table turns and minimizing queues. Additionally, with contactless payments, the card/device gives the reader a unique, one-time token that identifies the transaction with advanced encryption without storing sensitive information, making payments highly secure.
In a recent study by Fundera, online ordering is growing 300% faster than in-house dining. As a result, consumers expect the ability to order from their favorite restaurants online. Adopting this technology simplifies your customers’ lives and ensures your restaurant keeps up with the competition. In addition, a restaurant online ordering system allows your restaurant to reach more customers, growing your business.
Implementing online ordering restaurant POS technology improves the customer experience, streamlines operations, and allows customizations based on your needs. There’s a reason for the saying “time is money.” Consumers want fast, immediate service. When customers can have a seamless ordering experience, the likelihood of completing transactions is increased.
Additionally, customers can order what they want without waiting on hold or sitting in the restaurant to wait for their food. When customers order online, it decreases the time staff spends on the phone and sends orders directly to the kitchen, allowing for accurate and timely orders. Furthermore, an in-house online ordering system allows you to create customized menus and highlight best-selling or promotional items.
Retaining customers and giving them a reason to continue frequenting your restaurant helps build a profitable business by incentivizing customers. With loyalty programs, you can cross-sell and up-sell, tempting customers to add more to their orders to take advantage of their loyalty benefits. Additionally, as soon as the customer signs up, the POS system starts recording data to help you create targeted promotions based on their preferences.
Loyalty programs also help boost repeat purchases, draw in new customers, and increase overall satisfaction. Rewards show your customers that you care about their business and feedback. Cloud-based loyalty programs are adaptable and scalable, allowing you to collect data about how your customers interact with your business. Additionally, cloud loyalty programs provide you with features, including email marketing lists, SMS text messaging, and multistore processing – all stored in the cloud. ERC offers additional features such as social media integration and marketing list generation, allowing you to keep your brand in front of customers.
Self-serve options give customers the power and control to customize their dining experiences. Self-order kiosks allow restaurants to meet guest expectations with high-quality and easy-to-use interfaces, allowing them to customize and review their orders. Studies show that kiosks boost the average check size by 20-30%. How does this happen? Customers are more likely to accept the upsells a kiosk offers because they can be programmed to suggest the perfect drink or side that complements their choice.
Kiosks also allow you to combat labor shortages and enhance the customer experience by reallocating staff to the dining area where they can refill drinks, promote additional items, and assist customers. Kiosks lower your day-to-day operating expenses by automating ordering procedures and decreasing the touchpoints required to place an order. Furthermore, the system also ensures order accuracy, consistency, and reduced wait times. In turn, your restaurant increases profits and streamlines productivity.
Cloud-Based POS Systems
Cloud-based restaurant POS technology easily integrates with POS hardware, using an internet infrastructure to access data. The data stored in your POS system is automatically backed up and synced, making it easier to protect your data.
Cloud-based POS systems offer robust reporting capabilities, allowing sales and customer data to automatically be uploaded to the cloud, ensuring safety and saving time. With an internet connection, you can access your data anytime, anywhere, giving you insights to make better business decisions. In addition to reporting, cloud restaurant POS technology eliminates manually counting inventory. Instead, the software allows for tracking items in real-time, reducing error and staff resources.
Creating schedules, editing timecards, and monitoring performance has never been more effortless. With cloud software, you can achieve your scheduling needs from a single location at the touch of a button.
Lastly, the customer experience is one of the most critical aspects of business success. With cloud restaurant POS technology, staff can take orders tableside and instantly send orders to the kitchen, allowing items to be delivered quicker than paper tickets. Additionally, cloud software generates bills as orders are placed, reducing customer wait time and increasing table turns.
Why You Need to Implement Restaurant POS Technology
Restaurant POS technology is ever-evolving with consumer needs, and your restaurant needs to stay up-to-date. A comprehensive POS system can accommodate these changes while improving operational efficiency and productivity. In a recent study by Statista, due to advancing technologies within the food industry, the market is forecast to exceed $342 billion by 2027. So what does this mean for your business? Staying current with trends in the industry is crucial if you want to stay ahead of the competition.
From enhanced customer experiences to offering contactless options, restaurant POS technologies are shaping 2023. ERC Hospitality Systems has over four decades of experience providing restaurants with innovative solutions to operate more profitably and competitively.