Restaurants Are Finding Success Through Technology
Restaurants, which in many ways have become the new retail anchor, are beginning to integrate more technology as competition heats up.
“The purpose of technology is to streamline and improve the customer experience,” Motti Farag, an associate at CBRE, tells GlobeSt.com. “That is the buzz word that has been used in retail for the last 10 years, and so any technology that helps to streamline the process and get the customer to come get what they need and then leave is going to be popular. It doesn’t only help with the customer experience, but it helps the restaurant become more efficient and increase profit margins.”
Restaurant use of technology is wide spread, from both sit-down restaurants to fast food and quick service brands. “Restaurants are using technology more often,” says Farag. “Now you are seeing it in fast food as well as sit down restaurants. When one restaurant masters it, a lot more will follow suit and lead the way.”
Self-service stations are one of the biggest advantages for restaurants. Today, people are familiar with using technology to perform routine tasks, so ordering through a self-service device or adding your name to a digital waitlist are easily integrated into the restaurant experience, but can mean a hug difference for the restaurant. “Self-kiosks are starting to become more popular that is helping to reduce labor costs. Systems like Yelp’s Waitlist Check-in, mean that customers no longer have to wait for their table,” says Farag. “Other self-kiosks allow customers to place their orders to streamline the process. Those are the two most popular ways that restaurants are beginning to use technology.”
This is really just the beginning. Like other retailers and real estate users, restaurants understanding not only the benefits but the necessity of technology. “People want to go out and see things and touch things. Restaurants offers people the opportunity to do that,” says Farag. “With so many concepts coming out, there may be a period where some concepts don’t make it while others do. I think the difference between those two is going to be how restaurants are using technology to their advantage and are you adjusting with time. The ones that do will be the ones that continue to prosper in 2020 and in years ahead.”