We talk about restaurant technology a lot — and for good reason. It’s undoubtedly the future of any sustainable business, and according to recent research, the restaurant industry is allegedly where the highest conversion rates are for consumers in terms of smartphone impact (compared to entertainment, automotive and telecom). The truly successful leaders of any industry, especially in the restaurant business, approach the subject with a What could be? mentality, rather than a What has to be? one. If you’re in the latter group, you’re probably already late to the game.
In a recent writeup by Noah Glass, Founder & CEO of mobile platform Olo, he challenges industry leaders to consider the future of restaurant technology, specifically mobile payments competing with POS. While mobile will not be the death of POS overnight, he lends an intriguing argument that could challenge the existing landscape as we know it. Mobile payments have been a tricky argument as to whether enough consumers are at that point yet where it makes sense for concepts to start implementing it, but Glass makes some valid points — backed by data, of course. Example: Hudson Riehle, SVP of the NRA’s Research and Knowledge Group, found that 75 percent of restaurant industry traffic now happens outside of the restaurant’s four walls. Read More