Demonetization has plunged the market in a significant downtrend, ranging from Real estate, Gold-trading and Banks to Tourism, Restaurants and other industries. In the wake of the festive season and holidays, the restaurant and hospitality business, big or small, have suffered a noteworthy loss as compared to any other industry. In a country where approximately 68% of the transactions are done in cash, the demonetization movement has proved to be a bolt from the blue where a much easily accepted hard cash now floats over while making payments in comparison to e-wallets and card payments.
Looking at the situation, restaurateurs and hotels have already adopted alternative ways of coping with the dramatic movement. So how is it that you master the steps to increase the footfalls at your restaurant and make up for the slump in your business? Let’s find out!
Studies say by the time the new tender flourishes in the market with 24hr availability of all ATMs, the tense situation of cash crunch may still continue for another 3-4 months. But with a few simple precautionary measures, restaurant owners can meet the needs of the customer by adopted the following measures:-
1) Restaurant Point of Sale (POS) – With the termination of the old ₹500 and ₹1000 notes, more and more customers have been paying their bills through e-wallets, plastic money and online orders. This sudden change in the customer’s payment patterns directly or indirectly imposes a load on the restaurant’s POS software. Thus to ensure a smooth functioning of the software system, restaurateurs are investing in robust Restaurant POS software systems which not only simplifies customer payments but also provides you with analytics, reports and real time figures of how well is your business doing.
2) Mobile Payment – With a population of more than 1 million people subscribing to an approximately equal number of mobile phones by the end of April 2016, surprisingly does not raise any brows when we come to say that India is progressing towards a digital future. A handy mobile phone at service helps your customer to instantly surf food ordering websites to place his order while your POS debits your account.
3) Loyalty Apps and Programs – Running a successful restaurant business is not just about the food but also about retaining your customers. With a technology so advance you can now create an app for your restaurant, promote special offers through the app and run special promo code campaigns, as well as integrate your app with your POS software. The Restaurant Review app also enables your customers to leave their feedbacks, ratings and reviews, which gives you a better understanding of how well your business has been fairing so far.
4) Online Orders – Your multi-feature Restaurant POS software also helps you to set up a customized online restaurant ordering system that not only integrates with your call centre to accept home deliveries but also saves customer data to reduce manual work, so that you can float special offers or discounts for select target customers.
Just like the demonetization movement, the Indian government is likely to introduce many such changes to revolutionize the Indian economy. Thus to stay at par with the changing tides, a digital automation of your daily business tasks will surely be helpful in the long run.