The recent boom in restaurant technology presents an exciting but challenging opportunity. According to a 2022 study, 72% of restaurants plan to increase their tech budget in the coming year. The potential for growth and efficiency feels more accessible than ever. However, restaurant professionals who fail to stay current with the latest innovations risk investing inefficiently and falling behind competitors.
Moving into 2023, we see tech companies increasing the efficiency of existing services and encouraging the adoption of groundbreaking technologies. So, whether you’re looking to streamline operations or set yourself apart from other restaurants, it pays to keep an eye on what’s happening in the world of restaurant tech. Let’s look at 5 tech trends that can help innovate the customer experience, lighten your workload, and increase profit in 2023.
AI-Generated Menu Pricing
As expenses climb due to rising inflation and supply chain constraints, restaurants are turning to AI-generated menu pricing to expand revenue opportunities. By leveraging information from competitors’ menus to identify opportunities to raise prices, F&B Insights helps restaurants maximize profits with their AI menu pricing software, FB Menu. This groundbreaking innovation in menu pricing is more valuable than ever amidst the growing cost of food, supplies, rent, and incentives for securing labor. According to a report by the National Restaurant Association, diners should expect to pay 9% more at full-service restaurants than they did in 2021. During this nationwide price hike, tracking the market price of specific menu items is necessary for any efficient operation.
Keeping track of competitor pricing was a tedious and time-consuming process before AI-assisted menu pricing software. F&B Insights streamlines this process by providing instant access to menu item prices from thousands of local and nationwide restaurants within a single, easy-to-navigate platform. In addition, FB Menu allows managers and owners to receive pricing alerts whenever a competitor changes their menu prices. Seasoned restaurant professionals understand that increasing the gross profit margin of each dish on your menu without affecting customer traffic requires walking a fine line. Keep an eye out as FB Menu makes it easier to find that balance and boost profits in 2023.
Augmented Reality Menus
A 2021 Global Deloitte Digital study reports that 75% of people worldwide will use augmented reality (AR) frequently by 2025. Within the hospitality industry, restaurants are adopting digital menus with interactive 3D images of real-to-life dishes to provide customers with more appetizing and engaging menus.
56% of consumers say they have more confidence in the quality of a product presented by AR. This confidence can go a long way to boosting customer satisfaction and improving brand perception. Additionally, adopting AR menus may lead to increased conversions. An Oxford study in partnership with Q-Real, an AR tech company, found that participants were 41.2% more likely to order dessert when presented with the option on an augmented reality menu compared to 18% on a control menu.
POS and Payroll Management Software
Managing payroll is one of the more tedious and frustrating parts of running a restaurant. In a recent restaurant tech report, 44% of restaurants say that dealing with payroll is the most difficult aspect of labor management, ranking higher than all other tasks. So it’s no surprise that more restaurants are turning towards payroll management software to streamline their operations.
Restaurant tech companies like Toast are capitalizing on this increased demand for payroll solutions by providing in-house payroll services. Other providers, such as Touch Bistro and Upserve, offer integration with payroll service providers like Quickbooks. However, integration compatibility within legacy POS systems lags behind the demand for dynamic payroll management solutions. Restaurants can expect wider compatibility offerings and more efficient services moving into 2023.
Kitchen Display Systems
In the same way printed tickets revolutionized communication between the front and back of the house, kitchen display systems (KDS) are accelerating the ease and efficiency of order fulfillment. According to a report polling common restaurant complaints, 62% of diners say they can’t stand when they receive the wrong order, and 51% complain about slow service. By utilizing digital displays for enhanced visibility and item organization, kitchen staff can handle higher order volumes with increased speed and accuracy.
Restaurants implementing KDS stand to increase sales by serving more dishes during peak hours. They’re also likely to decrease food waste resulting from incorrect orders, which reduces expenses and simultaneously enhances brand perception.
Waitlist Management Systems
No one likes waiting for a table. In a 2022 survey, 73% of diners stated they wouldn’t wait more than 30 minutes for a table. Restaurants that understand the value of managing wait times are turning to waitlist management systems to streamline how they seat tables. The result is a more efficient seating process that decreases customer wait times and boosts revenue by increasing seating potential. Additionally, waitlist management software tracks wait times during specific hours and days so restaurants can provide customers with more accurate wait estimates, and managers can staff shifts more efficiently.
Effectively harnessing the power of data is the foundation of our most important technologies. EMERGING through its data division empowers innovations in data science so restaurants can streamline their real estate, finance, labor, and supply chain operations. Check out how our team of experts can help identify goals and develop solutions that will transform how you do business.