Mobile payments set to disrupt the restaurant industry in 2019
Despite experts predicting a failure rate of 90%* among new restaurants it is becoming apparent that this may be a gross overexaggerating and the industry is in fact growing. 61%* of adults today prefer spending money on experiences such as restaurants or holidays over objects which is contributing to the growth of the restaurant industry.
Mobile technology is become in an essential aspect in the restaurant industry with 58%* of diners using mobile payments when they are made available. In 2017 the use of mobile payments grew by 72%* especially in rapid service establishments.
But there are more applications aside from just replacing the traditional cash register. With most people spending 3 hours a day using them most diners are extremely attached to their phones, so there is logic being incorporating mobile payments and other mobile solutions into a restaurant business model.
For consumers the ability to order and pay from a mobile device speeds up the whole dining process dramatically. This is especially useful in quick-service establishments where consumers want to get in and out relatively quickly and efficiently. Mobile payments can be taken at the table-side and let customers pay and leave whenever they are ready or just pay their server instantaneously without waiting for their bill.
For the restaurant, offering mobile payments cuts down on the number of customer touch-points, making it easier to serve more customers quickly. Using mobile payments also provides a wealth of data on the demographics of their customer base and their spending habits. Benefits also come from loyalty programs that can be built into the system that incentivize customers to return to the establishment.
This all sounds great for both the customer and restaurateur, but there are also some very real and valid concerns about security and user experience. Hacking, malware, unsecured Wi-Fi and stolen mobile devices all pose a threat to those using or accepting mobile payments. The user experience of the system is also a valid concern. With many mobile payment systems utilising a mobile card reader or PED (Pin entry device) paired with a tablet, servers can quickly become overwhelmed by bulky products that are cumbersome to carry and hard to handle. Ergonomic solutions for carrying both devices are rare and those that exist are low quality and ugly.
With 73%* of restaurant goers agreeing technology improves their guest experience and over 61%* agreeing that handheld tablets improve their dining experience it would be stupid to ignore this trend. 95%* of restaurateurs actually think technology improves a restaurants efficiency so implementing a mobile technology solutions is a no brainier!
Predictions for 2019 suggest that Mobile POS system usage will increase by at least 30%* with restaurants failing to adopt being left in the dust by competitors. Streamlining operations is now more accessible than ever with more compatible tablets and mobile devices becoming available regularly. The added convenience makes eating at a restaurant and ordering or delivering food faster and easier than ever benefiting both the customer and restaurateur. The real beauty of mobile technology is that is can be tailored to the situation being as customer-facing or unobtrusive as you want.
If you are integrating mobile technology and are looking for ergonomic, mobile solutions that are also stylish we can help! We’ll assess your requirements and supply a design proposal at no cost, samples will closely follow on before we move into rapid manufacturing. We can go from concept design to delivery of product in weeks without the need to commit to expensive and slow hard tooling.
For more information, please contact:
Lewis Freeman
Brand Director
VIBRANT
Tel: +44 (0)1753 851114
lewis@vibrantretail.com
www.vibrantstudio.com
* https://learn.g2crowd.com/2019-restaurant-trends