Between April 2021 to March 2022, close to 300 restaurants per month in Canada permanently closed their doors. Since the start of 2023, at least 15 restaurants in Vancouver have already shuttered operations.
While B.C. restaurants are seeing an increase in revenues since the start of the COVID-19 pandemic, many restaurants are struggling to return to profitability and pay off pandemic-related debts. That, combined with the rising inflationary costs and ongoing labour shortages, means B.C.’s restaurant industry continues to face challenges. Change is essential if this vital sector of the economy is going to survive and thrive once again.
Givex is an integrated customer engagement platform with omnichannel point of sale (POS), gift cards, loyalty solutions and more.
Techcouver recently sat down with Brittain Brown, President of Givex, to learn how integrated technology can support restaurant operators in this turbulent time.
Tell me about Givex and the service it provides.
Givex began as an online gift card mall, selling digital cards, in the early 2000s when the internet was still relatively new. Now over 20 years later, we empower merchants with knowledge and know-how by delivering a seamless tech ecosystem that helps our retail, hospitality and restaurant merchants make informed business decisions.
What are the biggest obstacles currently faced by restaurant operators?
In today’s economic climate, there are several obstacles faced by restaurant operators including staffing shortages, rising inflation and controlling operational costs. Add in an economic downturn, and the challenges seem never-ending. The price of food is up, labour costs are up, and the labour shortage is causing many foodservice businesses to operate at reduced capacity. Many operators are absorbing these increased costs to avoid passing them to guests.
How can implementing an integrated technology system help restaurants battle the challenges of inflation?
With inflation affecting the cost of ingredients, inventory management systems can help restaurants optimize their supply chain and save money on food costs. To reduce food waste at the ingredient level, operators can also use their POS to track inventory and forecast sales to ensure no unnecessary waste occurs. Tapping into the POS data can yield insights to create curated loyalty programs that allow restaurants to draw diners in and create guests for life.
In your opinion, will using technology and automation help with staff shortages?
Technology can no longer be an afterthought. All aspects of the customer experience, from digital menu boards to QR codes and self-ordering kiosks, are critical to a well-functioning business. By introducing digital ordering systems, restaurants can reduce the need for labour, which is an excellent solution for staff shortages. Self-service kiosks are a great way to streamline the ordering process, reduce wait times, and increase efficiency. They help restaurants minimize labour costs and improve the customer experience. This allows staff to be present for meaningful touchpoints and leave other labour-intensive jobs to be handled by technology.
What would you say is one of Givex’s biggest success stories?
Foodtastic comes to mind. It’s the parent company of over 600 restaurants, including Second Cup, Milestones, and Pita Pit, all of which have locations in B.C. Foodtastic rolled out our POS and interactive gift card technology across all of its 21 brands to support efficiency, speed of service and the ability to quickly generate highly relevant data. Having an integrated POS system allows Foodtastic’s restaurants to quickly and easily compare and evaluate every item, in every location – which is invaluable as a business operating with multiple suppliers and menus.
Do you have any final words of advice for restaurant operators in 2023?
There are so many innovators in this space and so many creative culinary experts. Challenges with staff, technology, and labour should not take up space in the minds of restaurateurs. Investing in the right technology will help operators alleviate stress and help these industry professionals do what they do best: provide outstanding dining experiences to customers both now and in the future.
Photo by Jason Leung on Unsplash
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