On today’s Business Beat, Jeff discusses some major concerns that consumers have with the restaurant business going forward due to the pandemic. A new report from PYMENTS in collaboration with Paytronix finds that 27% of the population is concerned about spending money, and 39% are still worried about health issues related to COVID-19.
Tune in to the Business Beat, below, to learn more about how the restaurant business has been forever changed:
“And if you want to stay in business today, you better be prepared to tune in to the reality of consumer concern and expectations and to be on the leading edge of adopting the best practices and new technologies that will be fundamental to business success going forward.”
– Jeff Sloan
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Good morning, Paul!
You know, it’s so great to see restaurants more fully operational again with customers both dining in and taking out as a way to enjoy someone else doing the cooking. And while it’s great to see, there’s no denying that during the last year and a half since the start of the pandemic, the restaurant business has been indelibly changed.
According to new research conducted and published by PYMENTS in collaboration with Paytronix, two major concerns continue to plague restaurant goers and therefore the restaurants as well. The first are those with extra concern about spending money. It was about 27% of the population that shares this concern.
You see, though jobs are coming back and many are getting back on their feet, the economic impacts of the past 15 months will continue to affect consumer behavior well into the post-pandemic future. And to address this concern, you’ll see restaurants offering more deals and value menus as well as loyalty programs, which are expected to come roaring back and be front and center in the restaurant experience going forward.
Now, in addition to those concerned financially, the largest segment of the population are those still concerned about health issues relating to the virus. They make up about 39% of the population. And to target the health- and safety-conscious restaurant customers, outdoor dining remains highly desirable as well as keeping more distance between each of the tables.
Moreover, though, restaurants are rolling out new formats and technologies that include contactless payment platforms and kiosk ordering, for example, that creates a zero-human-interaction experience for the diners. The bottom line? Well, restaurants, just as the case with so many other sectors, has been forever recast due to this pandemic.
And if you want to stay in business today, you better be prepared to tune in to the reality of consumer concern and expectations and to be on the leading edge of adopting the best practices and new technologies that will be fundamental to business success going forward.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat and the Great Voice of the Great Lakes, WJR.