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In this article, we delve into five key ways that you should be using your POS data to forecast holiday demand for your restaurant. Analyze Previous Holiday Sales Data Past sales data is invaluable when it comes to planning the upcoming season.
In today's digital landscape, restaurants have become prime targets for cybercriminals who take advantage of potential entry points from point-of-sale systems, online ordering platforms, customer databases, loyalty programs and third-party delivery services. In January 2023, Yum!
billion transactions and $67 billion in sales in 2024. Companies saw a sales boost in 2024 as loyalty transactions increased by over 30 percent. In recent years, consumer behaviors have drastically changed to now preferring delivery services and an increased willingness to pay a premium for a seamless experience.
A spike in food costs, a drop in sales volume, or one slow season can wipe out months of hard work. A spike in food costs, a drop in sales volume, or one slow season can wipe out months of hard work. For example: Lets say your restaurant made $100,000 in total sales last month. What Are Restaurant Profit Margins?
Regular customers make up the backbone of any restaurants sales , but if you put a group of restaurant owners around a table, the conversation inevitably focuses on growth through new customer acquisition. But first, why is customer retention such a big deal? Sales: 80% of sales typically come from 20% of clients.
These metrics give you a clear picture of your delivery performancefrom order volume and customer retention to delivery speed and profitability. These metrics give you a clear picture of your delivery performancefrom order volume and customer retention to delivery speed and profitability.
What was once a gradual process turned into a rapid transformation, permanently reshaping how restaurants operate and interact with customers. Customers have now fully embraced the benefits of using restaurant technology, and to keep up with guests evolving expectations, the tech industry is growing at an incredible rate.
In this article, youll learn: The most important restaurant KPIs for restaurant profitability, efficiency, and growth How to calculate and benchmark major KPIs using simple formulas Practical tips for tracking KPIs without getting overwhelmed Lets start by breaking down what KPIs are, and why they require your attention.
In almost every conversation I have with other industry professionals, someone will say “before COVID… ” or “since COVID… ” As a matter of fact, in many of my articles I make the same comparison. I’ll make this connection for you later in this article. This is a trend I hope will go away.
Restaurants collect a ton of customer data. Think about it: What if you could automatically send a special offer to a customer who hasnt ordered in a while? When used strategically, customer data can help you personalize marketing, streamline operations, and create a better dining experience for your guests.
Menu pricing isnt just about covering costsits about finding that sweet spot where profitability, customer perception, and operational reality meet. Too high, and youll drive customers away. Set prices too low, and youre leaving money on the table. If thats not enough to cover the bills, your menu pricing may need an adjustment.
Fortunately, theres a better way: integrating your delivery services into your restaurants POS system. When delivery app orders sync with your point of sale, youre not just saving timeyoure improving order accuracy, speeding up the process, and getting cleaner reporting. But there are some drawbacks.
Its a recipe for chaos, leading to mistakes, slower service, and shrinking profit margins. In this article, you will learn: How a centralized delivery system eliminates the chaos of managing multiple platforms. What should be a reassuring sightscreens full of customer ordersis actually a logistical nightmare.
Additionally, restaurants will experience a significant shift in technology and customerservice. In addition to improving ventilation, upgrading air filters with higher rated Minimum Efficiency Reporting Value (MERV) 13 filters is a good starting point. Architectural Considerations in HVAC.
One key area to focus on is drink sales, with cocktail sales accounting for about 23% of a bar's revenue. In this article: How to calculate your profit margin for your bar What is the average profit margin for bars? Next, divide that cost by the total sales revenue from your drinks. This final number is your net profit.
Third-party delivery apps start out as a convenient way to reach new customers, but they always take a significant chunk of your profits. While these platforms do bring in orders, they also come with the price of high commission fees, loss of customer data, and a weaker connection between you and your guests.
In particular, supply chain disruptions and staffing shortages – whether due to resignations or illness – are forcing quick service and fast casual restaurants to adapt quickly to changing conditions. Increased Emphasis on Online Ordering. Former competitors are now part of the same umbrella company.
The ingrained customer behavior over the past year, delivery, mobile orders, curbside pick-up, will likely continue. The pandemic effectively accelerated trends in how restaurants interact with customers. Lavu, the restaurant technology services company, estimates 42 percent of food purchases are made online.
Understanding what customers order, when they order, and how often is an untapped goldmine of information for restaurant operators. Using that data can help you answer questions like: Are we pricing our bestsellers too low or overpricing items customers arent buying? What do repeat orders say about our customer preferences?
And operators who don’t have one at all are missing out on a huge opportunity to tell their restaurant’s story, connect with new customers, and distinguish themselves from other restaurants in their area. Think of it as a handshake with potential new customers, a moment to say, “Here’s who we are, what we serve, and why it matters to us.”
Customers expect to browse menus, place orders, and pay for their meals with just a few taps of their phones. For restaurant operators, this presents both an opportunity and a challenge: how to implement an online ordering system that maximizes revenue while maintaining control over their customer relationships. billion in revenue.
By the time you finish this article, youll know how to approach restaurant marketing the right way and not waste time doing guesswork, crossing your fingers, and then hoping you see new customers walking through the door. Customers have more choices, higher expectations, and countless ways to discover (or overlook) your restaurant.
Technology has permeated the quick serve restaurant industry and job functions – from point of sale (POS) to complying with food safety standards. The hi-tech workforce has expanded into factories, warehouses, ecommerce delivery fleets, and this article’s focus: quick serve restaurants.
Are you doing all the right thingsserving amazing food, delivering top-notch service, crafting perfectly balanced drinksbut the tables still arent filling up like they should? Youre delivering a great dining experience, yet foot traffic remains inconsistent, online engagement is low, and new customers arent coming in as often as youd like.
This is great news for restaurants, but they should also be prepared for an influx of customers coming with their most special guests, and expecting nothing but a prime customer experience that will pamper their mothers. One notable development is the prevalence of QR codes. A recent Paysafe study with 200 U.S.
Nowadays, running a successful restaurant takes more than great food and good service. From improving your Google listing to leveraging customer reviews, these tips will show you how to boost your visibility and drive more traffic to your restaurant. To do so, you must have an optimized website and engaging social media profiles.
Whether through supporting local charities or participating in food drives, local restaurants can become go-to places for customers who want to support their community. It helps allocate resources directly to those who are most likely to become loyal, repeat customers.
In mid-December, a story went viral on Twitter across the pond about a customer being refunded by a food delivery service after complaining that the “four milkshakes, a cheesecake and an ice cream” they had ordered from a Manchester restaurant were “too cold”, as reported by Manchester Evening News.
In my last article I discussed how robots will transform our industry in a big way, but that is a few years off. In this article I will discuss the strategies that I have implemented with my clients across the country. The first question is, how do I give the quality service that our guests expect? Quality Service Above All.
By Kateryna Reshetilo, Contributor Are you a restaurant owner looking for ways to keep up with the fast-changing demands of your customers? Today, more than ever, restaurants are turning to custom-built apps to improve convenience, streamline operations, and foster customer loyalty. If so, you’re not alone. from 2023 to 2030.
The quick service restaurant (QSR) industry is currently experiencing a trend of commoditization, with low barriers to entry and a standardized set of features offered by most restaurants. This trend is primarily driven by advancements in point of sale (POS) systems and the availability of white label, plug-and-play online ordering systems.
According to the latest Financial Trends Insights from Black Box Financial Intelligence™ , based on data from the week ending June 28, restaurants sales continue improving. See the latest sales and traffic results here: Sales Improve but Restaurants Should Brace Themselves for Challenges Ahead. Financial Trends Insights.
Numbers can give us insights into everything from profits and losses to average customer spend to how often employees cycle through. In this article, we'll go into 15 key performance indicators for restaurants, why they're important, how to calculate them, and more. Break-even point. Sales per labor hour. Check Average.
So, here’s point number one: there is no cache of extra money, and the average restaurant makes just a few pennies profit on the dollar if they do everything right – so those discounts will likely mean that menu items will be sold at a loss just to play along with the promotion and support town efforts. Restaurant week is just one example.
In this article, youll learn: How menu management software streamlines menu updates and eliminates manual errors Why outdated or inconsistent menus can impact customer satisfaction and revenue Key features to look for when choosing the right software for your restaurant Lets explore why every restaurant needs menu management software.
The benefits of AI for restaurants are undeniable from automation, to real-time control and information analysis, to improved customerservice. These include: Chatbots and customer-facing AI : Who doesn’t want to enhance their dining experience? Based on all the buzz, it’s touted as AI-mazing for marketing.
and will enable TouchBistro to fully integrate customer loyalty and guest marketing into its all-in-one point-of-sale (POS) and restaurant management platform. and will enable TouchBistro to fully integrate customer loyalty and guest marketing into its all-in-one point-of-sale (POS) and restaurant management platform.
Full-service restaurant chains, which primarily rely on dine-in customers and had few if any off-premises services when the dine-in restrictions went into effect, bore the brunt of the transaction declines throughout the pandemic. For full-service restaurants now, it’s about government restrictions.
Any restaurant — Toast customer or not — can be listed on the site.Toast is committing up to $250,000 in matching contributions to World Central Kitchen and the Restaurant Workers’ Community Foundation. The Foundation will administer the grants, offered on a first-come, first-served basis. Live in the U.S., an overseas U.S.
In this article, we’ll explore the key tech innovations that are simplifying restaurant relocation and helping owners make a seamless transition to their new space. They might also need to get used to different equipment or even a new style of service. Virtual reality (VR) technology makes this transition easier.
Not only is it a critical sales tool for the franchisor, but it also gives a prospective franchisee vital insight into the franchise opportunity and help them make an informed decision to invest. This article explores some considerations for updating three key sections of your FDD this season and why franchisors should focus on them.
From my experience, it is difficult to experience a dinner for two in a moderate full-service, independent restaurant for less than $120 without gratuity. That’s 21 meals for two people over seven days. Do the math. Strict economics would require most people to think hard about spending that kind of money.
In four years of operation, he’s doubled his sales every year, and today pulls in more than $475,000 a year. We’ll share his answers with you in this article, along with our top reasons why a food truck makes the perfect gateway to opening a restaurant. You can go to your customers. More self-sufficiency.
The pink and blue horse illustration at the top of this article is not clickbait. This was the top craving identified in the sixth wave of the Consumer Coronavirus Behavior research conducted by TheCustomer, Brand Keys, the New York-based brand loyalty and customer engagement consultancy, and Suzy, the on-demand research software platform.
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