6 payment trends to look out for in 2023
It’s been a tough 18 months, but hospitality is showing its resilience. To help all food venues rebound from the pandemic, Tyro partner me&u – who offers menu solutions for in-venue ordering – has analysed their data from October 2019 to May 2021 and extracted useful trends in their report released August 2021 you may wish to take advantage of in our post-lockdown world.
Trend 1: everyone’s keen to be social
Lockdowns are challenging times, but customers are keen to be social. The me&u research shows that customers flocked back to venues after nationwide lockdowns lifted in June 2020, with spending increasing to 28 per cent above pre-COVID levels.
Evening venues will be pleased to hear that sales between 10:00 and 11:00 PM tripled compared with pre-lockdown figures, even when subject to restricted numbers. So, tap into your customer’s enthusiasm for coming in and kicking on as soon as they are allowed.
Trend 2: Saturdays are the new Fridays
With so many people working from home, it’s not surprising that Friday night drinks haven’t been a hospitality highlight. Data shows that Saturdays have replaced Fridays as many venue’s biggest trade days.
Saturdays have been followed in popularity by Sundays, so you could follow this trend by focusing your marketing on weekend brunches and lunches.
Trend 3: locals love local pubs
Going out close to home used to be reserved for when a better offer was lacking, but that’s changed. With the pandemic keeping Australians close to home, many have found a new and deep appreciation of their local pub.
Research shows that suburban pubs have seen sales growth of up to 14 per cent. Reach out to your local customer audience to ensure they know that the best option might be just around the corner.
Trend 4: keeping spirits high
From March 2020 to March 2021, me&u data has shown a massive 400 per cent growth in demand for spirits, both neat and mixed. Cocktail orders have also been on the rise, with cocktails now featuring as one in every five drinks ordered via me&u.
Data even shows which spirits have soared; vodka, rum, and whiskey come out on top. This gives excellent scope for licenced venues to keep their spirits high – so consider having a good amount of these items on hand.
Trend 5: preference for premium
Flowing on from Trend 4, Australians are increasingly treating themselves to the best. So, not only are spirits sales soaring, but top-shelf brands are making a splash.
For example, 70 per cent of me&u customers ordering vodka selected a premium brand. Is it time for a stocktake of your liquor options so you can allow your customers the opportunity to reach for the top shelf?
Trend 6: top tips from appreciative customers
We’re all aware of just how tough the hospitality industry has had it during the pandemic, and so some customers will be looking for ways to show their thanks and gratitude. However, an increase in contactless payments has perhaps seen a resultant drop in tips; after all, fewer people are carrying cash to pop in a tip jar. The me&u tipping features makes it easier for grateful customers to show their appreciation.
Are you interested in this feature for your business? Tyro customers can easily integrate me&u with their POS system via Tyro Connect.
Trend 7: terrific teams
Job losses hit hospitality hard across the middle of 2020. Then, as life started to bounce back, many businesses missed the availability of international workers. This is good news for local staff, who me&u report benefit from employers increased focus on retention, job satisfaction, and career progression.
Owners can look at staffing and other innovations trialled during the pandemic with a view to increasing efficiency and excellence in their teams.
Trend 8: farewell cash, hello contactless
Contactless payments, a trend that was already on the increase, has skyrocketed during COVID. It’s not uncommon for customers to arrive with only their mobile phone, which then gets a workout through QR code check-ins, payments, and for businesses using me&u, mobile ordering from the table.
This can be excellent news for businesses, with me&u finding that mobile ordering not only decreases congestion in a venue but sees up to 25 per cent additional per-customer spend. Embracing technology and the trend towards contactless systems can be rewarding.
Trend 9: back of house business
In hospitality, efficiencies can mean the difference between boom and bust. Changes in workflows, payment systems, and physical spaces can have substantial flow-on effects for revenue, staff capacity, and customer satisfaction.
All hospitality businesses work hard. As we emerge from this time of crisis, it’s a great time to ensure that your systems and your technology are helping you work smarter.
Trend 10: onwards and upwards
COVID has created a shake-up across all industries, and hospitality is no exception. Many are longing for the opportunity to ‘go back’ to pre-COVID days, but innovative businesses will focus on using changes wrought by the pandemic as a force for good.
Taking note of trends, especially those born from data, like those of me&u’s research, is a powerful way to look onwards and upwards for the success of your business.
How can Tyro Connect support your hospitality business?
Tyro Connect is a platform that can seamlessly integrate a variety of apps into many POS systems, making them easier for businesses to use and manage. Tyro Connect works with POS software designed for cafes, restaurants, QSRs (quick-service restaurants), pubs, clubs, and bars.
Tyro Connect is compatible with me&u, DoorDash, Deliveroo, GoogleTM (and new big names to come soon), and leading POS software systems designed for cafes, pubs, clubs, bars, and restaurants.
Do me&u and Tyro Connect sound right for your business?
Book a demo with the me&u team today to access the Tyro preferred customer rates.
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