Did you know that India's food service industry is the country's largest service sector after Retail and Insurance? This fact was revealed by the National Restaurant Association of India President Rahul Singh during the release of the fourth edition of NRAI India Food Services Report 2019.1
This industry is expected to witness tremendous growth in the years to come with the constant rise of the aspirational middle class and a young population that loves to eat out. Restaurants will be the key in the future growth of the industry. In fact, as per the survey findings cited in NRAI's food trend report, in Delhi, people spend around Rs 1,381 per month eating out, while in Mumbai and Bengaluru people spend Rs 2,890 and Rs 3,586 respectively.2
If you are in the restaurant business, now is the time to embrace technology to your advantage and grow your business in the process. Investing in a PoS machine is one smart decision that can help you in more ways than one. Here are three good reasons to invest in a restaurant PoS machine:
Reducing wait time during rush hours - Timing is critical for any restaurant business and has a direct bearing on its profitability, be it the speed at which the food is served to the customer or the need to limit the table occupancy time to the bare minimum and quickly cater to the waiting customers. Accepting digital payments through PoS machines speeds up the process of payment settlement by the customer and resolves the issue of tendering exact change in cash.
Young India's inclination towards digital payments - A recent online study by ACI Worldwide and YouGov3 revealed that younger consumers preferred digital payments (42% for Gen Z and 48% for Millennials) during the 2019 festive season. A restaurant PoS machine is therefore a must have to cater to this growing base of restaurant customers.
Insights you can trust - There is no denying the fact that India loves to eat out and there is a young population that is driving the growth for restaurants in India. There is a need to understand what works with the younger generation to ensure customer delight and increase customer walk-ins.
A PoS machine for a restaurant is not only a way to seamlessly accept digital payments but today's smart PoS machines can do more than just accept digital payments. It can help you give rich insights on things like who your repeat customers are, their eating out frequency, total spends, etc. so that you can target these customers with more personalized offers and get profitable in the process.
Considering the high disposable income and tech-savvy young population in India, financial technology is therefore one investment that can give any restaurant business a competitive edge over competition. The use of technology like PoS machines can improve the restaurant experience for customers and keep them coming back to you again and again.
At Pine Labs, we will be happy to help you if you have such a need for your restaurant business. Contact us and get started on this profitable journey.