How to Evaluate a New POS Purchase for You Restaurant
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Here are 5 factors to consider about how much your POS system is costing your restaurant.
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1.?Upfront investment: Implementing a robust POS system requires a significant upfront investment. This expenditure encompasses hardware, software licensing fees, installation costs, and staff training.
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2.?Integration and scalability: Down the road, what will the cost be to add in a new loyalty program or switch to a better back-of-house platform??
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3.?Training and staff turnover: Introducing a new POS system necessitates comprehensive training for both management and staff, and time and cost vary based on the complexity of the system.
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4.?Payment processing fees: Everyone thinks they have a great deal on credit card processing. But if you haven’t shopped rates openly in the last two years, you likely can be doing a lot better
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5.?System downtime and technical support: Despite the reliability of modern POS systems, technical glitches and downtime can occur.
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Sizzling Platter, an operating arm of the large institutional investor?CapitalSpring, recently expressed interest in expanding its portfolio by acquiring non-competing concepts with successful existing units in thriving markets.
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Among the various brands under consideration were?Little Caesars Pizza,?Wingstop Restaurants Inc.,?Dunkin' ’, and?Jersey Mike's Subs’s, to name a few.
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Ultimately, Jamba met all the criteria for this expansion strategy.
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Sizzling Platter, LLC?Platter acquired Vitaligent, which owned 94 Jamba stores, making its entry into the snack and beverage segment. Additionally, the company had previously acquired two Cinnabon stores.
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According to?Jim Balis, CEO of Sizzling Platter and a managing director at CapitalSpring, the acquisition of Jamba was a significant move as it allowed them to enter the smoothie bowl space.
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The 94 Jamba stores acquired were considered the crown jewel of the brand, known for being the best-performing group in their system.
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The deal comprised 77 stores in Northern California and 17 in the state of Washington.
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Following the acquisition, Jamba became Sizzling Platter's third-largest brand, contributing to the group's total sales of $807.3 million in 2022, a significant increase from the previous year's $549 million.
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PYMNTS‘ new study of 2,168 U.S. consumers finds that nearly 60% of those who order food for takeout and pick it up say they hop in the car and make the drive because delivery fees make the order too expensive.
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55%: Share of consumers who prefer pickup and say getting a discount if the food is late would persuade them to choose delivery instead.
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48%: Share of consumers saying inflation has made them more likely to choose pickup.
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42%: Share of restaurant customers who say they pick up their meals to avoid tipping a delivery person.
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Lawyers for Virtual Dining Concepts said: “The complaint is riddled with false statements and inaccuracies and is a thinly veiled attempt to distract from Mr Donaldson’s and Beast Investments’ breaches of the agreements between the parties, including Mr Donaldson’s recent false, disparaging statements regarding the MrBeast brand and VDC.”
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They accused Donaldson of filing this “meritless” lawsuit after VDC refused to accede to his “bullying tactics.”
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At the launch of Donaldson’s first physical burger restaurant in September, thousands of fans went to a New Jersey mall.
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Jenifer Kern?writes:
"One big area where POS consistently fails restaurant operators is in unifying the data to present a holistic view of your business.
Try normalizing data that’s created across 5 or 10 front-end systems (i.e., web ordering, app, DSPs, POS, Kiosk) all with different payment services. Add in loyalty, labor, inventory and it's virtually impossible to get your hands on the data.
But by merging digital and physical order channels using a?singular data creation?layer, a unified commerce platform closes the loop on data with holistic insights—while still allowing for best-in-class integrated solutions.?
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A defining trait of a unified commerce platform is that it embraces open integrations while staying true to its?higher purpose of unifying data, brand, and channel management."
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White Castle, Carl’s Jr.,?Hardees,?Del Taco,?Checkers & Rally’s Drive-In Restaurants?and others have all begun?employing friendly chatbots?that greet you via the drive-through speaker and take your order.
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If all goes to plan, you won’t see or speak to a human until you’re handed your fry-filled bag and water-tower-sized drink.
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“In three years I don’t think there’s going to be any human taking an order in any drive-through in the U.S.,” said Krishna Gupta, chief executive of?Presto?, a provider of the technology at nearly 350 restaurants across the country, including Hardee’s and Del Taco.?
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Business Development Manager
10 个月https://www.dhirubhai.net/posts/henrywusourcing_dear-potential-partners-im-henry-wu-from-activity-7158583106466115584-lE4h?utm_source=share&utm_medium=member_desktop
Co-founder & CEO @ Fig. 8 | 6th-generation Farmer
1 年Franchise-Info for new concepts starting out that are majority digital/online orders -- what is your take on a technology architecture where the main system of record is the online ordering provider vs the in-store POS?
What do you think of these ideas on how to evaluate a POS, Dee Karawadra?
Franchise Growth Strategist | Co-Producer of Franchise Chat & Franchise Connect | Empowering Brands on LinkedIn
1 年The CapitalSpring's announcement is interesting. Here is some background on what they are doing. "CapitalSpring, a leading multi-strategy investment firm focused on the restaurant and foodservice industries and other multi-unit business models, today announced the final closing of CapitalSpring Investment Partners VI, L.P. and parallel funds ("Fund VI" or the "Fund") with?$950 million?of capital commitments. Fund VI was substantially oversubscribed and exceeded its target of?$750 million." https://www.prnewswire.com/news-releases/capitalspring-raises-950-million-for-its-sixth-flagship-investment-fund-301523153.html What makes restaurants an attractive is if the fund trades like a bond with a coupon above the posted royalty rate.