With the rise of digital commerce and the demand for a frictionless omni-channel dining experience, the market is going through various modifications and customer needs are evolving rapidly. To ensure that restaurants are fully equipped to be able to compete for their loyal clients in the digital realm, today's restaurant ecommerce platforms are becoming more digitalized. The digital solutions are blending in with traditional business practises with ease, and this digitalization strategy has empowered the restaurant space in India.
The concept of digitally empowered restaurants is business centric, designed keeping in mind the needs of business owners in mind. The use of digital solutions is helping businesses grow and streamline their operations, further enabling the restaurants to achieve greater success. Digital solutions are partially automating corporate operations, enhancing their efficiency and minimizing any room for human error, which is crucial in the modern world. It can be challenging to stay on top of the rapidly evolving restaurant technologies. However, to sustain in the domain of restaurant market, there is a rising need to adjust to the shifting trends, to stay relevant and viable in the larger industry.
Globally, the restaurant management software market size value is expected to reach around 7 billion dollars by 2025. These statistics by the Grand View Research show that the industry is growing rapidly and therefore, restaurants feel the need to invest in similar solutions. Today restaurants acknowledge that the POS system improves business efficiency and it cuts other operational costs increasing customer experiences all together. The new technical software consists of assisting restaurants in managing orders, operations, online deliveries, payment processing, reports and analytics, guest identification, re-engagement and much more, all through the use of ‘one-system.’
Top Tech trends that will dominate the restaurant industry in 2023 include:
Digital menus and ordering: When we talk about digital menus, we are not talking about PDF menus or image-based menus but actual digital menus that enable customers to be able to place orders at their convenience without depending on a staff to attend to them. Digital menus offer agility and convenience. A well-developed digital menu provides restaurateurs the power to not only impact the customer experience and match their expectations at the restaurant, but also significantly impact the potential revenue that it can generate. Additionally, it cuts down recurring costs and enables restaurateurs to run pricing experiments with new menu items, most of which were nearly impossible before.
Unifying Digital Ordering: Restaurants can effortlessly manage their delivery orders from numerous partners using a single dashboard. It allows the restaurant to manage both in-dining and delivery orders from one page, expediting the order acceptance process when combined with programs like Bridge by Explorex.
Simplified checkout processes: The check-out procedure is another hassle and challenge for restaurant patrons. The complicated billing process leads to customers waiting up to 20 minutes just to make their payment and leave. Digital solutions come handy at times like this, making it possible for restaurant patrons to check out in under a minute, speeding up the procedure.
Technology for all: Platforms will democratise technology for eateries of all kinds and varieties in 2023. The time when only the top 5% of businesses could afford all the technological solutions that could benefit their operations is long gone. All types of restaurants will be able to utilise technology this year. Innovative revenue model will allow companies to further offer their solutions at nearly no cost while still generating good revenue thanks to innovative revenue models.
The ongoing development of technology is leading to emerging of new trends in the restaurant space. The industry will always be in demand, and with the aid of digital technologies, it will continue to expand its entire business model. Entrepreneurs in the restaurant industry are adopting cutting-edge technological solutions to grow their companies and stay ahead of the industry curve. The industry now has the chance to successfully deploy digital technologies to empower their companies and providing the push needed to strengthen the business model.