The future of the restaurant industry after Covid-19
Covid-19 has affected life badly in every aspect. Almost every industry has seen the devastation of lockdown. In such a scenario, the Restaurant and hospitality sector has shown its worst days ever-continuing its losses for the last one and half years. According to a survey, it has been observed that 80% of the restaurant business may go either temporarily shut off or go out of business; It’s scary.
So now what's next? How would these businesses survive in the current situation and develop a strategy of sustainability in the future? Before we move ahead let’s have a look at some of the significant statistics from different sources:
Covid-19 has acted as a catalyst to boom online order and payment.
Consumers are using and expecting advanced technology as the biggest solution.
The NRAI said it expects its members to lose up to $10.5 billion in 2020, with more than 2 million people facing the loss of their jobs and one in four restaurants unlikely to reopen.
Nearly 40 per cent of restaurants had to shut shop due to the Covid-19 outbreak last year.
As per a story published by The Sunday Guardian on July 4th, the COVID-19 pandemic has left the restaurant industry in India bleeding with an estimated loss of about ₹1trn ($13bn) in the last 100 days.
Even in cities where restrictions have been lifted, only 17% dining out restaurants are open for business at the moment which are also running at low capacity. which are also running at low capacity.
What do these trends show? What is the real time-time effect of these global changes in consumer mindset? Let’s have a look at how The Future of the Restaurant Industry after Covid-19 may look like:
Health and Safety First: Of Course restaurants have had to pass health and safety measures earlier. But after the Covid situation, they need to deal with it more firmly and transparently. Restaurant owners must have to focus on the greater aspect of hygiene and cleanliness. Additionally, if they are taking the order online and delivering doorstep, important hygiene parameters like body temperature and mask check must be done and integrated into the food delivery app so that customers can watch it directly and trust the process.
Increase in Online Orders: Now when people are addicted to online orders and payment, Restaurants must focus on their online presence. They can do it by registering on different online food delivery platforms or mobile apps. Additionally, they should also consider the power of social media to allow their customer to promote through word of mouth as a good gesture.
Invest in Technology: With accelerating digital technology, customers are handy to order and pick up orders at the fingertip of mobile. So, restaurant owners should invest in the upcoming technology so that they can offer smooth delivery and transaction options. For example, IVEPOS Point of Sale - a Business Management and Automation Software created by the Intuition System is a great tool restaurant owners are using these days. It allows you to engage customers, manage employees with an easy-to-track option for order and payment.
Physical Spaces Management and Digital Menus: Unlike earlier we need to maintain the distance in the public domain for a long time to avoid any kind of infection due to proximity. Other than that, restaurants need to re-evaluate and reconsider their menu as customers are now more focused on hygienic and more healthy diets. Also, they need to rethink the digital menus to avoid contact.
Overall, we can say that though the restaurant will never be the same however we cannot neglect the acceleration due to the integration of technology. So only the restaurant would survive who can match the pace, adopt the change, and leverage the best of technology to fulfil the demand and supply chain.