Today’s world has never been more connected and in turn today’s consumer has never been more expectant.
With the creation of the smartphone, we’re constantly in touch with who we want and can find out whatever we want at the touch of a button - wherever we are. This expectation of convenience is everywhere; the licenced hospitality industry in particular needs to wake up to this concept.
Nowhere is this more important than in the payment options on offer. Our recent research into the industry confirms this; hospitality venues are losing a quarter of potential revenue due to not offering a varied choice of ways to pay. With the market estimated at £18bn, that’s £4.32bn of revenue being put at risk.
And consumers are beginning to look further afield than cash or card. A fifth of consumers have used contactless payments, while almost a tenth have ordered through a tablet or mobile device. While these numbers may seem low, this is only the beginning and we expect this to rise dramatically over the next decade as the next generation enters the market. Venues now have a choice - embrace payments technology or fall behind those that do in this increasingly competitive industry.
The good news is that operators are starting to take notice, with over a third actively installing such technology and a quarter planning to implement it soon. We also found a further third of operators were currently researching the payments market. What owners must do is work with their customers to identify the areas they would like to see investment in; where venues will succeed is when they give customers the choice, instead of choosing for them.
- Dennis Collet, CEO of Orderella