Technology has specifically impacted the way restaurants accept payments, process orders, engage with their customers, and manage their inventory.
Point-of-sale systems have changed dramatically over the past decade to help deliver a better customer experience and provide more tools to business owners at lower costs. If you’re currently shopping for a POS system or considering upgrading to a newer system for your business, you’ll find that feature-rich, mobile POS systems have evolved to processing orders, sending tickets to the kitchen, providing detailed reporting and offering thorough inventory and business management.
The development of the restaurant POS into a comprehensive management platform is likely the biggest driver of the market’s growth. With the restaurant market expecting to exceed $22 billion by 2025, digital innovations remain the leading factor in changing the way people make and receive payments. Keeping up with the latest trends in POS systems will help you keep your hardware and software up to date, ensure you have the tools needed to provide a memorable customer experience and give you the data insights to make informed business decisions. Let’s take a deep-dive into the past, present, and future of technology in the foodservice industry, looking at how POS systems are evolving with technology.
Evolution of the POS
Restaurant management software is always changing and restaurateurs are demanding the latest features. The simplest systems, used mainly to take payment from the customer, are now being replaced by all-in-one technology platforms that offer online ordering, loyalty programs, gift cards, CRM and more.
Over the years, technology has specifically impacted the way restaurants accept payments, process orders, engage with their customers, and manage their inventory. Some features that have been game-changers for the speed of restaurant service are seemingly simple things like splitting checks and modifying individual orders. Currently growing in popularity is the ability to create a customized menu from the ground up on your point-of-sale and then offer that menu online for increased revenue. It’s exciting to watch these changes in the industry transpire and to take part in this ongoing evolution as more and more restaurants transition to modern systems.
How modern POS is changing the industry
It’s no secret that technology can improve and transform the restaurant experience. Restaurant operators find it important to search for new, innovative ways to launch their businesses to higher levels of guest satisfaction and operational efficiency. Modern-day point-of-sale software is changing the restaurant industry due to the level of service it enables a business to provide. Restaurants are now able to create a culture built on quality service. Mobile POS systems, in particular, allow employees more time on the floor with customers, rather than making multiple trips to the kitchen and the cash register.
What’s next for POS systems?
Within the next few years, there will be a surge in mobility for restaurants. A POS system’s ability to integrate with restaurant management apps covering everything from accounting to reservations and waitlists will increase the one-stop-shop nature of modern platforms. It’s likely that POS terminals will remain dominant and utilize multiple channels to connect with customers, improving the quality of food, service, and guest experience. Overall, the future of the POS system will combine both customer-facing and restaurant-facing features, creating a fluid experience.
Similar to any other industry, restaurant businesses have evolved over time because of technology. POS systems make restaurant management easier, faster, and more efficient. It’s up to restaurant operators to decide whether to ignore the trends in POS or embrace them and join the frontrunners in the restaurant industry.
Saleem S. Khatri is the CEO of Lavu, a restaurant management platform including mobile point of sale, payment processing, and back of the house software. Prior to Lavu, Saleem successfully built software and hardware companies at start-ups via Y Combinator and other investment firms. Additionally, Saleem was appointed to manage a $79 billion investment portfolio on behalf of the United States Department of the Treasury. Saleem earned his MBA from the Harvard Business School.