5 Reasons To Get Started With F&B Tech

Technology has never been more intuitive than it is today. Diners can now find restaurants online, rate them, and make better choices before they decide where to spend their money. With tons of tech innovations these days, F&B businesses have to carefully select the ideal ones for their restaurants. And with the right fit, everything can be so much simpler in terms of both managing daily operations and online orders and data!

Most local SMEs are feeling the symptoms of rising labour costs and the manpower crunch. In 2014, a study by SPRING found that 40% of Food Services establishments don’t survive beyond 5 years of operation!

Sounds scary? With a better understanding of technology developed for F&B, you would have a better chance of not just surviving, but overcoming the odds! Still unsure if you should be on the tech side of things? The next 5 reasons will rule out your doubts.

1. Food Delivery Is The Next Big Thing

The food delivery space is heating up, with major players jumping on the bandwagon. We’ve seen huge investments pouring in on a global scale. The food delivery scene in China got more exciting when Alibaba ploughed a whopping $1.25 billion investment in Ele.me. French delivery service Frichti achieved $13.4 million in funds. Meanwhile, Singapore-based food tech, Grain, clinched a significant funding of $1.7 million.

Not big enough a reason to hop on? Get this. Even major companies Nokia and Skype are investing in a Finnish food delivery app. With so many companies recognising the business opportunity in exploring food delivery, your restaurant should too!

2. Consumers Are Big On Online Ordering

F&B technology doesn’t only help the restaurant industry. It provides a better user experience for consumers. Whether it’s online ordering, social media or even mobile reservations, consumers are always the ones fuelling the growth of food delivery services. Always keep in mind that no consumers = no food delivery industry!

Oddle empowers F&B businesses to go online with a restaurant ordering system, manage orders without a hitch & grow their non dine-in business. With the use of F&B tech, restaurants can now extend their reach to these online customers.

3. Streamlining Operations Right Now

Regardless of what’s on the menu, operational problems always pose perennial headaches for F&B businesses. Instead of seeing the arrival of new tech advances as obstacles to overcome, imagine being able to use them to manage and operate your businesses effectively without a hitch. Be it a strong backend management system, easy-to-use POS system or an even an automation of routine processes, technology can help you in creating smooth daily operations, all in one solution!

4. The Power Of Social Crowd

Things are evolving. With social media, customers can now influence others’ impressions of your restaurant with an update on their dining experience. What’s more, there are platforms like Yelp welcome contributors to submit reviews and recommendations of top local restaurants.

For many years now, marketers have been taking social media more seriously. It’s now a marketing tool, not just social chatter. In fact, about 80% of Singaporean small businesses used social media in their business. Even then, this number lags behind the average in Asia.

With 64% of Singaporeans active on top social media platforms and 57% of the national population being e-commerce shoppers, it’s time for F&B businesses to amplify their social media efforts to compete with their fellow competitors and stay on top!

5. Personal Branding Sets You Apart

If there’s one thing we can learn from Silicon Valley’s fastest-growing companies such as Google, Uber and AirBnB, it is that these companies aren’t focused on selling just their products.

They work hard on building platforms. Platforms are like a shopping mall. They house tenants and attract customers from diverse crowds.

But in this digital age, there is one thing on the Internet your restaurant cannot escape —  noise. And neither can your consumers. Your diners need you to take ownership of your personal brand to leave a lasting impression on them. While building your own platform gives you brand autonomy, leveraging on tech solutions available will make your restaurant’s online journey easier and more efficient.

Getting on the tech side of things

New technology may seem daunting at first. But as restaurant owners, it’s important to understand how it can help you propel your F&B business forward. There’s no harm trying, because you never know how much of a fan your consumers will be of the new addition to your restaurant’s services. So hop on board and see how F&B technology can change your business for the better.

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