Over the past year, contactless payments have played a critical role in helping the restaurant industry maintain hygienic and secure operations. Now, more than ever, consumers want the pleasure of making a purchase without any safety concerns. What’s more, they expect businesses to meet the hygiene and security standards mandated by their governments, and to act with agility as rules change.
One of the key revenue drivers for QSRs is repeat business. Don’t get me wrong. Attracting new customers is important for growing your business, but the benefits of retaining customers cannot be ignored. Many studies have shown just how much value repeat business brings. A Bain & Co. study unveiled that a 5% increase in customer retention can up a company’s profitability by 125%.
Throughout Australia, and perhaps throughout the world, the F&B industry has changed rather drastically over the last decade. In the past year alone, the pandemic that crippled the world led businesses to adapt and innovate at such a rapid pace in order to survive.
I’m going to be honest: since COVID-19 hit Australian shores, I have spent just one day working at home with the wife, kids and dog, and that was enough for me. I was lucky to be able to ride my bike into an empty office, with its vacant desks and deserted boardroom, and do the ultimate soul searching there.
As the COVID-19 pandemic has gripped the planet, one of the most clearly and significantly impacted industries has been hospitality, spanning the largest global QSR brands all the way to your small neighborhood coffee shop.
If someone had told me in February this year that in a month’s time I would be leading a department that supports technology in 2,500+ stores and multiple offices across three regions (ANZ, Europe and Japan), as well as building and evolving a multi-billion dollar digital platform all from my home while the world was in lockdown, I wouldn’t have believed them.