Technology has fundamentally changed each and every industry and business – what differs is how much an individual sector embraces this change. Businesses need to adopt this mobile evolution in order to move forward and the hospitality industry is no different.

We recently conducted a report into the future of technology in the hospitality industry, alongside the Association of Licensed Multiple Retailers (ALMR), asking both consumers and operators[1] their views on the subject.

What became clear is that both operators and consumers believe technology has a major role to play in pushing the industry on, from improving service for customers to attracting them in the first place.

Cashless payments

 

One of the biggest issues facing the industry is the lack of preferred payment options operators are providing to consumers.

The news that cash transactions were overtaken by other payment methods last year will not be a shock to anyone. Cash has long been on its way down, with digital payments on the increase year on year. More than 60 percent of the operators surveyed from the ALMR revealed they do accept cashless payments, leaving four in ten operators that don’t.

In light of this, one in four people admitted they have left a venue because their preferred method of payment wasn’t available. UK pubs and bar sales alone are valued at £18 billion, meaning UK venue operators are risking £4.32 billion in sales by not having the right technology installed to offer the preferred payments.
Are you in the Hospitality Industry and need help and advice with business development, call us on 01246 233108 or view our website.