Lightspeed’s 2022 World State of the Hospitality Trade report reveals that hospitality companies are implementing automation to avoid wasting time and streamline operations whereas navigating the challenges and developments of the business
MONTREAL, Jan. 31, 2023 /PRNewswire/ – Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for retailers world wide to simplify, scale, and create distinctive buyer experiences, at present launched its 2022 World State of the Hospitality Trade report. Lightspeed surveyed 1,100 hospitality house owners, managers and operators, and seven,000 customers from america, Canada, Australia, UK, France, Germany and the Netherlands, to get a pulse on challenges and developments throughout areas, collect perception into buyer expertise and expectations, and establish how business leaders across the globe are navigating trendy challenges and developments.
As restaurateurs world wide are grappling with excessive inflation charges, employees shortages, and total financial uncertainty, expertise appears to be a key device in battling macroeconomic circumstances. The power for hospitality operators to do extra with much less is important, with survey outcomes noting a majority of business respondents credit score the adoption of a POS or restaurant administration software program to streamlining shifts, together with new or expanded on-line ordering programs or the usage of new expertise to automate duties.
“Digital adoption has been an necessary lifeline for hospitality companies and it is clear there are higher efficiencies to be realized with new expertise,” mentioned Peter Dougherty, GM of Hospitality at Lightspeed. “Our objective is to companion with our clients, sharing dependable insights at each degree, from business, regional, the client perspective, proper down to what’s performing finest on the menu. Our flagship hospitality product, Lightspeed Restaurant, is an easy-to-use, omnichannel resolution that makes use of information to ship actionable insights to restaurant operators, serving to them make smarter choices about their enterprise.”
Prime challenges
The rising value of meals and provides is among the many high obstacles that hospitality companies are dealing with, with 37% of restaurant house owners surveyed indicating this as their largest problem. Whereas it may be daunting to lift menu costs (for concern of shedding clients), greater than half (61%) of restaurateurs indicated that is how they’re combating inflation.
Eating places like Kotsu Ramen and Gyoza, in California, had been hesitant to extend their costs, however finally determined it was a obligatory change. In line with Chief Idea Officer, Grant Macdonald, the transfer to extend pricing ended up being helpful in some ways.
“There is a sense that friends are extremely value delicate, and we have been truly very nervous about having the ability to transfer our pricing up,” mentioned Grant. “In some methods, inflation has given us the chance to lastly make some value adjustments that had been obligatory and transfer into new value factors that actually wanted to occur.”
Whereas inflation seems to be the dominating subject, adopted carefully by hiring new employees (23%) and employees retention (11%), sustainability has turn into an rising consideration that can not be ignored. Practically half (47%) of hospitality house owners surveyed by Lightspeed agree that implementing environmentally pleasant initiatives will appeal to extra clients.
Trade techniques to fight present challenges
Lightspeed surveyed 1,100 restaurateurs and seven,000 customers globally with OnePoll in 2022 (from September to October 2022). Trade respondents famous the next techniques to fight present challenges:
- 57% of respondents agreed that new expertise adoption over the previous two years has been crucial to their enterprise’ survival.
- 42% of operators improved meals costing and stock practices to make sure they’re spending appropriately and losing much less.
- Virtually a 3rd of enterprise house owners (30%) are limiting the variety of days and/or hours of operation, particularly in slower months, to assist offset prices on account of inflation whereas additionally stopping burnout when working with an understaffed crew.
- Practically 1 / 4 (21%) introduced on-line ordering in-house to keep away from third-party charges.
- 60% of restaurateurs agreed that stock information (inventory ranges, waste) are necessary to them and 40% mentioned they’ve already adopted stock practices to work extra effectively and to cut back meals waste.
- 43% of restaurateurs are working with much less employees.
- To ramp up sustainability, 39% are providing extra vegan choices, while 37% are adopting a meals waste coverage.
Trade developments have shifted since final 12 months
- When requested what expertise improved enterprise probably the most this 12 months, 12% of business respondents mentioned they adopted new expertise to streamline worker shifts (new POS or administration software program), which is a rise of seven% in comparison with 2021.
- Total, beverage (each alcohol and non-alcoholic) gross sales noticed the most important enhance from 2021, because of the return of in-house eating. Different climbers like small plates, dessert, and breakfast have additionally elevated in 2022.
- Because of the return of in-house eating, return eating places appear to be rising their menu sizes after paring them down over the previous two years.
- Inflation seems to be negatively impacting customers’ spending habits, forcing them to rethink and extra tightly management their spending. Whereas eating out is a longtime behavior and there may be nonetheless a want to help native eating places, half of the customers surveyed mentioned they might go there much less usually for financial causes. The identical goes for house supply, which can be used much less by 48 p.c of respondents.
Obtain the complete Lightspeed Global Hospitality Industry Report here.
About Lightspeed
Powering the companies which can be the spine of the worldwide financial system, Lightspeed’s one-stop commerce platform helps retailers innovate to simplify, scale, and supply distinctive buyer experiences. Our cloud commerce resolution transforms and unifies on-line and bodily operations, multichannel gross sales, enlargement to new places, world funds, monetary options, and connection to provider networks.
Based in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Inventory Change (NYSE: LSPD) and Toronto Inventory Change (TSX: LSPD). With groups throughout North America, Europe, and Asia Pacific, the corporate serves retail, hospitality, and golf companies in over 100 international locations.
For extra info, see lightspeedhq.com
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SOURCE Lightspeed Commerce Inc.
