Technology has become a vital determinant of whether a brand will fail or succeed in the last couple of years. It is even more prevalent in the restaurant industry. People have their favorite restaurants laid out and they love to eat or order food from these facilities. But, if that restaurant fails to provide convenient delivery options, that restaurant is likely going to lose a customer.
This shows that the restaurant industry is on the cusp of complete digital transformation. And to thrive in this space it is imperative for restaurants and ghost kitchens alike to adopt digital innovations that allow smooth interactions between the business and the customer.
The food and beverage industry has adopted technology such as touchless payment, online ordering, self-checkouts, delivery, and pick-ups, to name a few. One such innovator, revolutionizing the payment sphere for many restaurants and ghost kitchens are Ghost Financial, a comprehensive financing and business services platform to support ghost kitchen and restaurant ventures. We will talk about Ghost Financial in a bit. First, let’s look at the first piece of technology a restaurant or a ghost kitchen must-have.
1. Web Ordering Systems
Due to the strict sanitation regulations and restrictions still in place by various authorities, contactless home deliveries ensure that the restaurants run as usual. In fact, with the help of contactless home deliveries, businesses have sailed through the pandemic.
According to McKinsey, the market share of the food delivery industry is more than $150 billion globally. Third-party food delivery apps such as Foodpanda, UberEats, DoorDash, and more have played a significant role. However, a strong in-house digital ordering system should be the main focus of restaurants.
2. Contactless Payment
Contactless payment technology has made business operations easy for restaurants as well as customers who can pay for their food using a smartphone or a touchless device. The digital touchless payment systems have gained considerable growth in the last two years. The contactless payment space will grow from $2 trillion to a $6 trillion industry by 2024, according to Juniper Research.
Ghost Financial is also transforming this space with their “Charge Card,” a first-ever credit card for ghost kitchens and restaurants. Many ghost kitchens and restaurants purchase their inventory using a debit card, cash, or ACH, and yet they spend approx. 5-figures per month to get the inventory. With Ghost Financial’s Charge Card, you can also receive 1 percent cash-back on your inventory expenses.
3. Online Reservation Option
Online table reservation is a game-changer for many restaurants as well as customers. This technology offers customers a choice to make a booking on the go. Moreover, it helps enhance the dining experience for the customer and at the same time, collect data for the restaurant, which can be helpful while creating marketing plans. When it comes to adopting innovative solutions, the online reservation trend is witnessing a surge.
4. Cloud or Web-Based POS Systems
The cloud or web-based POS systems have streamlined restaurant operations. They have advanced from cash registers to modern hubs that help in managing sales, enhancing customer experience, promoting offers, and improving operational processes.
These systems can be accessed using the internet and offer an ease of doing business for restaurant owners on the fly. With the surge in contactless payments, a POS system helps restaurant owners track orders automatically and take care of special requests from customers. This offers transparency in communication and a better, streamlined workflow.
Ghost Financial is developing API integrations with POS systems such as Toast and delivery services such as DoorDash. This integration can pull metrics that represent the operational efficiency and health of a restaurant, their hourly and daily sales, ratings, and reviews, and average food preparation times to figure out the restaurant’s credit limit and provide them with an instant loan decision. The POS system not only helps streamline the workflow, but Ghost Financial’s API integrations can also help restaurants secure a loan.
The COVID-19 pandemic has brought forth many dramatic changes in every business. The restaurant industry was the worst hit, but it managed to operate seamlessly due to various technologies. It is clearly evident that the only move forward for a highly competitive industry is to adopt technology.
1. What technologies are used in restaurants?
While there are several technologies used in a restaurant, these are the few used generally:
- Web Ordering Systems
- Contactless Payment
- Online Reservation Option
- Cloud or Web-based POS Systems
2. What are the major changes technology has brought to the foodservice industry?
Technology has brought a myriad of changes in the foodservice industry. It helps in shorter food preparation times. The payment system has gone contactless and touchless with the help of the current pandemic situation. Technology has also completely changed the customer experience
3. How is information technology applied in the foodservice industry?
It allows restaurants to gain better access to customer feedback, which gives diners more room to better their services. Technology allows customers to view a restaurant’s menu from anywhere and place an order so that the food is ready when they arrive. Or, they can reserve a table on the go, enhancing their dining experience.
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