In the past, we have discussed how retailers can grow their millennial customer base using the power of engagement. However, in this article, we’ll be discussing how restaurants can grow their customer base using the power of speed and convenience made possible by an EPOS restaurant system.
The common (mis)perception about millennials is that they’re young, narcissistic and broke because they are unable to find a job. However, research paints a more nuanced picture. The general age range of millennials is from 1981-1996, which means the demographic is now firmly in adulthood, and are no longer the teenagers people believe they are. Furthermore, while not the richest demographic, research indicates they can contribute substantially to any establishment’s, including restaurants, coffers.
A report by law firm CMS claims that millennials make up over 1/3rd of a restaurant’s revenue. However, this number can increase if restaurants understand the demographic even better. According to the same report, 90% of businesses believe they are underestimating the value of millennials. Therefore, what can restaurants do to entice more millennial customers? The key is investing in the right technology, starting with an EPOS restaurant system.
According to prominent research reports, finding the balance: human touch vs high tech and State of the Restaurant Industry report, millennials value speed and convenience above all else. While the quality of food is important, millennials are willing to pay a higher price to get faster and more convenient customer service. Restaurants can provide faster service with an EPOS restaurant system.
For example, 42% of respondents said they are happy to pay for a loyalty program for perks, like a guaranteed reservation on busy days and ‘skip the line’ privileges. Restaurant EPOS systems have the software features restaurants need to set up their own custom loyalty programs. Restaurants can set up their own programs complete with their own payment schemes and perk systems to entice millennial customers.
EPOS restaurant systems are an excellent investment for restaurants because they set the foundation for other technological devices. It can be used to receive and feed information from digital signage, which is great for advertising. An excellent EPOS system provides the channel restaurants need to make payment systems, like online ordering and mobile pay, accessible.
Furthermore, EPOS systems can connect with devices, like a tablet, so waiters can take orders and send them directly to the kitchen on the spot. An EPOS restaurant system allows restaurants to make better use of technology, which fits perfectly with the needs of millennial customers. Millennial customers want technological options that improve the rate of service. 34% want to order food electronically at the venue, 44% want to pay through their mobile app, while 6 in 10 millennial diners want to see payment and ordering made easier using technology, which is why digital payment systems are more popular with millennial customers. 44% use these systems to pay for service.
To millennial customers, delivery is a viable alternative to eating out. In fact, restaurants with a robust infrastructure to support delivery will enjoy several benefits not found elsewhere. 56% of millennial customers said that they placed an order using a restaurant app or website. Millennial customers are more likely to use self-service technology, like quick-service kiosks, if it means completing transactions faster.
Restaurants with an EPOS restaurant system have a better chance of capturing the millennial customer base because the system supports online ordering, delivery tracking and mobile app integration. Mobile app integration is particularly useful to perform certain services like click and collect or managing online orders.
One significant benefit of EPOS software is environmental sustainability, which is becoming more important for customers, especially millennials. An EPOS restaurant system is a tremendous asset in environmental sustainability because it reduces dependence on paper, given that the EPOS system can perform several operations, like inventory management without paper. However, some EPOS systems come with a cash checkout terminal that can print paper receipts, if the customer wants it.
Every day, the newspapers spread information about restaurants closing down and how millennials do not have enough money to spend on dining. However, it does not have to be all doom and gloom, especially with the right restaurant EPOS system. The system is the key to unlocking the true potential of the millennial customer base, a customer base that few restaurants have tapped into. The restaurants that successfully captures the millennial demographic will get the lion’s share of earnings from that demographic, which will boost profitability and substantially.
Trying to set up a new system? Here are our steps to take before installing new EPOS software.