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Call Sales: +1 (833) 437-3835
Kelly Hogan | January 19, 2022 |
Restaurants have faced many challenges the past couple of years due to the Covid-19 pandemic. With this, a lot of changes and hardships have come from the pandemic, including inflation.
So, what is inflation? What have economists attributed to the cause of inflation? How has this affected restaurants and retailers and how can they respond to these challenges? And lastly, how can self-service technology help mitigate challenges caused by inflation? If you want to know the answers to these questions, continue reading!
Inflation is a decrease in the purchasing power of money, reflected in a general increase in the prices of goods and services in an economy.
The United States inflation rate has risen to 6.8 percent over the last year to its highest point since 1982. Economists have attributed the rise in consumer prices over the past year to several factors, including supply chain breakdowns, labor shortages and a sudden burst of spending after widespread lockdowns during the COVID-19 pandemic.
Inflation has impacted restaurants and retailers in many ways, and businesses have had to deal with many challenges that came with it.
One of the main challenges adjacent to rising inflation is a widespread labor shortage. It is no secret that restaurants and retailers have felt the wrath of these labor shortages, not only with finding employees, but also retaining these employees.
So, how do you respond to inflation and labor challenges? Here is a few ways:
To stay ahead of the curve and relieve the costs associated with inflation, some of your costs as a merchant need to be passed on to the consumer. Consumers understand that prices are going up and may not even notice that small increase to your items. But for your business, it could mean a great deal to your bottom line.
Some companies have taken the approach of hiring more people, so they ensure they are fully staffed when needed. Also, competitive wages, benefits and persistent marketing of job-openings will help you attract new employees.
The pandemic has accelerated a huge digital shift. Many restaurants and retailers have benefited immensely from making the investment into digital and self-service technology, such as kiosks, online ordering, mobile payments and more.
Self-service technology is one of the biggest ways you can help mitigate the effects of inflation and labor shortages. Revel’s self-service kiosks can help replace head-count at the register, cut costs on operations and offer you an overall increase in efficiency and productivity for your business.
Your customers can place orders and pay with confidence through Revel’s Kiosk XT self-service solution. The kiosk’s intuitive design makes ordering a breeze, and allows them to input their order directly, reducing interpersonal contact while increasing order accuracy and service speed.
Because Kiosk XT is fully integrated with Revel’s platform, it supports features you already know and love from Revel’s traditional terminals, including up-sell combos, split modifiers, Revel gift card payments, and more.
Kiosk XT can also toggle to a manager dashboard, simplifying actions like refunds, returns, inventory management, and product setup for quick fixes and configuration.
Kiosk XT offers a beautiful and clear user interface. Not only does this lead to a great customer experience and quick ordering, but the branding capabilities available through this solution include visual-forward options for branded messaging and promotions.
Display custom background images, videos, full-size product images, branded fonts and colors, and more.
For even simpler order processing from Kiosk XT, optionally include a kiosk-specific menu. This solution supports configurable prompts for order type, so you can accommodate distinctions between options like to-go or dine-in orders with no problems.
Capture pertinent information for your operations—such as call name, call number, buzzer number, table stand number, or other identifiers—through Kiosk XT. You’ll be able to fill orders seamlessly through this solution.
Revel’s Kiosk XT is a modern re-envisioning of our legacy kiosk offering. With substantial improvements to the user experience, Kiosk XT offers a completely clear and engaging self-service experience.
Optimized for checkout efficiency and accuracy, Revel's Kiosk XT will reduce wait times, reduce waste due to order errors, free your staff for more demanding tasks, and immerse your customers in a fully-branded experience.
Revel has many digital and self-service technologies that will help you navigate labor challenges, lower costs, increase profits and improve your overall business.
We offer everything you need—from self-service kiosks to online ordering to accounting integrations—so you can keep track of your costs, stay ahead of the ever-changing economy and keep your business profitable.
Learn more about all our products and services. Request a free demo today.
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