In the category of highlighting an article that’s drinking my Kool-Aid (or maybe I’m drinking their Kool-Aid), I decided to share this article from Pymnts, a global news and analysis in payments, retail, fintech, financial services and the digital economy.
The article highlights the transformation of the restaurant market and how these “once laggards when it came to modernization,” the hospitality industry that HAD to adopt digital tools and online sales channels to survive the pandemic, is now viewing technology as a CRITICAL part of the restaurant experience and “its importance continues to grow.” I love these folks at PYMNTS!!!
A few highlights from the article:
- Restaurants have discovered how digital tools and modern solutions can help streamline business operations and meet consumers’ growing appetite for seamless experiences. According to a 2022 survey, 75% of restaurant operators plan to adopt new technology in 2023 to address their labor and cost challenges.
- Restaurants are making use of technology in a variety of ways. PYMNTS found that almost 55% of all restaurants have implemented curbside pickup and 50% have adopted mobile order ahead.
- The industry is also adopting technology to automate operations, with 76% of restaurants already using automation in at least three areas of operations.
- Overall, restaurants are increasing their digital engagement capabilities, and consumers are eagerly embracing this. PYMNTS found that there has been an 11% increase in consumers ordering with restaurant apps, websites and aggregator tools — with more than 146 million Americans now ordering digitally in some way.
- While restaurants have already done a lot, consumers are interested in more innovation. To alleviate mounting wait times and deteriorating service, 70% of consumers expressed interest in applying technological aids, such as AI voice assistants, personalized menus and smartphone apps, into the drive-thru process.
An analogue and antiquated industry that is the SECOND largest employer in the US is being transformed and digitized not just to survive, but in order to thrive!?! Someone out there should start focusing on this alternative and emerging asset class! 😊