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The restaurant industry is in the middle of a tech revolution, isn’t it? And guess what’s driving this transformation? AI and automation! These cutting-edge tools are doing more than just saving time; they’re reshaping how restaurants run their operations and connect with customers.
When was the last time you walked into a restaurant and noticed a vibrant, eye-catching digital screen displaying the menu or promotions? Chances are, it left an impression. Digital signage is no longer just a nice-to-have feature; it’s becoming a must-have for restaurants looking to engage customers and increase sales. Let’s explore why.
If you own a liquor store, you probably know that keeping customers coming back is essential for long-term success. One of the most effective ways to do this is by implementing a loyalty program.
As grocery store owners, you’re always looking for ways to adapt and thrive in an ever-changing marketplace. The future of grocery stores is not just about keeping up with trends, it’s about anticipating changes that will shape your business over the next decade.
In recent years, tech developments have redefined what it means to improve customer satisfaction. Now, customers seek convenience, control, and quick service when interacting with a brand. This is where online ordering comes in. The perfect way to order food from the comfort of your home. Online ordering not only helps people save time but also enables restaurants to boost profits – a win-win situation for everyone. But how can an online ordering system boost restaurant profit? Let’s dive in! What Is an Online Ordering System & How It Works A restaurant online ordering system is a system designed to make the ordering process easy for customers and restaurateurs. It allows customers to order products without the need to visit the restaurant. The ordering system works when a customer interacts with your online menu via a website or application. A good restaurant’s online ordering system allows customers to securely pay online, personalize their order, and receive order updates, all with a few intuitive taps. Online ordering helps the restaurant staff as well since the customer’s order pops into your KDS for swift order preparation. The customers’ contact and order information get stored in your back-office software for future purchases, discounts, promotions, and loyalty rewards. This makes the whole process easy and smooth, allowing both parties to save valuable time. But do you need online ordering, or is it just an extra cost for your restaurant? Why Your Restaurant Needs an Online Ordering System Online ordering has grown 300% faster, as compared to dine-in since 2014, and now accounts for up to 40% of the total restaurant sales. Without having a robust online ordering system in place, you may lose 40% of potential sales. This is the biggest reason to have a reliable and secure online ordering system. Here are 3 other reasons why your restaurant should implement a restaurant online ordering system. Improve Order Accuracy Phone orders can be inaccurate due to the different volume levels, loud background noise, or language barriers. This could result in poor customer experience and food waste. Online ordering gives the customer the comfort of selecting their favorite meal without talking or explaining to your staff. Save Money Customers can take a long time to order food from your restaurant. This could not only occupy space for a longer time but also make it difficult for your staff to deal with confused customers. Online ordering prevents any lost time that staff might experience and allows customers to order food online. Enhance Marketing An online ordering system helps you to improve your marketing by allowing more people to buy from you. By creating deals and offering promotional discounts, you can attract more customers. You can also capture emails and contact details, which allows you to remarket these individuals with special discounts. 7 Ways to Utilize Online Ordering System to Boost Your Restaurant Profit Now that you are aware of the importance of an online ordering system, you might be wondering how it can boost profits. Here are the top 7 ways to utilize an online ordering system to maximize your revenue. Personalized Experience A robust restaurant online ordering system offers customers the ability to tailor their orders according to their preferences. Your customers can select from dietary restrictions or exclude specific ingredients. This personalized approach enhances customer satisfaction, allowing them to come back for more. Improve Order Management Order management is the backbone of your restaurant operations. A slight mistake in the order can ruin the customer’s experience. A restaurant’s online ordering system can help you streamline your order management process. You can avoid costly mistakes, enhance customer experience, and save time while helping your bottom line. Minimal Labor Costs Cutting costs is the key for restaurants to maximize profits. An online ordering system can help you to avoid hiring more staff. You don’t need the waiters to take the orders that are from the online ordering system. Automation helps you to save money while bringing more accuracy. Cutting labor costs is a big strategy that a restaurateur can deploy. Get Better Consumer Data One of the significant benefits of an online ordering system is the data it generates. You can get a wealth of data related to order trends, popular items, customer feedback, and much more. This helps you to make informed decisions, identify areas of improvement, adjust price strategies, and make choices that positively impact revenue. Be Available Everywhere An online ordering system allows customers to conveniently place their orders from anywhere, at any time. This flexibility not only improves the customer experience but also helps you to reach a wider audience. The increased accessibility results in more sales, ultimately giving you more profits. Upselling & Cross-Selling Upselling and cross-selling are popular marketing practices to increase the average order value. By utilizing the online ordering system, you can implement suggestive selling techniques to sell underperforming products or items. You can suggest additional sides or beverages to encourage customers to spend more. This ultimately increases check size and adds more revenue. Transparency An online ordering system gives you complete transparency on your sales and orders. It also provides a secure gateway for your customers to order their favorite meals. They can know the exact price of the dish; with the time it will take to deliver or be picked up. Once the order is complete, the customer feels satisfied, and the restaurant earns their trust. How To Set Up a Restaurant Online Ordering System? No online ordering system is exactly the same, so when looking to set up a restaurant online ordering system, it’s always crucial to know your options. There are three ways to set up an online ordering system. DIY Restaurant Website Builder Third-party App First-party App DIY Restaurant Website Builder This is the most tedious and time-consuming way to set up a restaurant’s online ordering system. You have to build a website that can accept online food orders and payments. There are dozens of Website Builder tools that can
Running a retail or convenience store can be challenging, especially when you’re trying to grow your business. To succeed in today’s market, it’s important to stay ahead of the curve and overcome any obstacles that come your way. Regardless of the type of store you run, inventory is a key metric for any DTC (direct-to-consumer) business. But it can be one of the biggest obstacles that can not only cost you more but also drain your time. You have hundreds or thousands of SKUs that serve your growing customer base. To make sure that it doesn’t cost you a small fortune, you always need to monitor inventory counts, ensuring that inventory records are completely accurate. While it may seem that counting inventory isn’t a challenging task, when it comes to moving tens of thousands of units through the supply chain, counting each item manually becomes impossible. This could ultimately result in stalling operations, underutilized labor, inaccurate financial reporting, and much more. To prevent these issues from happening, many retailers rely on the retail inventory method to account for their inventory. A retail inventory method allows you to calculate your inventory without performing a physical inventory count. This method was created to help retailers save time they spend on counting and managing inventory. But what is the Retail Inventory Method? Today’s guide will help you learn more about the Retail Inventory Method (RIM) and how to run calculations. What Is Retail Inventory Method? The RIM or retail inventory method is defined as an accounting strategy to calculate your inventory over time. It relies on the cost-to-retail ratio i.e., comparing the purchasing cost of your product to the price it is sold for. While it serves as a shortcut to physical inventory count, it’s important to note that it isn’t always 100% accurate. It works best for the products that have the same markup. For instance, it isn’t the best method if you are calculating the value of wine, which has a 50% markup, and shirts that have a 100% markup. Instead, it works best when you compare the same products. Understanding The Retail Inventory Method As a retailer, you probably have invested a lot of cash in stock, which makes sense, as buying inventory is essential to ensure that you have enough product in hand to capture every possible sale. However, doing physical inventory is one of the most time-consuming tasks most retailers fail to manage. This is where the retail inventory method comes in. It is one of the fastest and most cost-efficient ways to keep a pulse on the value of your inventory every month. A retail inventory method allows you to monitor your inventory so you can make informed decisions on ordering stocks, the type of merchandise you need to invest in to boost sales, and the type of products to carry. Why Retail Businesses Should Use the Retail Inventory Method? The retail inventory method is a helpful tool that assists retailers in managing their inventory. The top reasons why retail businesses should use the retail inventory method are as follows. 1. Simplifies Inventory Count Process No need to close the doors of your shop to count your inventory. RIM simplifies the inventory count process by allowing you to count your stock at any time. It saves you from spending much time reviewing purchases and invoices. 2. Time & Cost Efficient RIM is a quick and efficient tool that saves you valuable time in calculating the inventory. It even saves you extra costs that could arise if the workers need to work long hours counting inventory. You can easily manage other business operations without getting worried about the inventory. 3. Applicable For Any Retail Business RIM isn’t limited to any certain retail business. Instead, every retail business, regardless of its size and type, can use the retail inventory method. The best part is you don’t need to be an expert or exceptionally good at accounting to get it right. How To Calculate Inventory by Using Retail Inventory Method Calculating your monthly ending inventory value by using the retail inventory method isn’t difficult. You need to first figure out the total sales, cost of goods, and cost to retail percentage. Now, you might be wondering how to get the cost of goods, sales, and cost to retail percentage to find the ending inventory value. Don’t worry, here are the steps that you can follow to calculate the monthly ending inventory. Step 1: Calculate Cost-to-Retail Percentage To calculate the cost-to-retail percentage, you need to divide your cost by the retail price and then multiply it by 100 to get the percentage. For Example: If you are selling a bottle of wine at $30 and purchase each bottle at $10, the cost-to-retail percentage would be Cost/retail price x 100 = cost-to-retail percentage 10/30 x 100= 33.33% Step 2: Calculate The Cost of Goods Available for Sale To figure out the cost of goods available for sale, you need to add your beginning inventory cost to the cost of newly purchased inventory. For Example: Consider a liquor store’s beginning at-cost inventory was $10,000 (1000 units = $10,000/$10), and it purchased $20,000 (2,000 units = $20,000/$10) worth of additional inventory during the month. So, the cost of goods available for sale would be Value of Existing Inventory + Value of Newly Purchased Inventory = Cost of Goods Available for Sale $10,000 + $20,000 = $30,000 Step 3: Calculate the Cost of Sales To calculate the cost of sales, you need to add all your monthly sales and then multiply the total by your cost-to-retail percentage. For example: Consider the liquor store sold $6,000 worth of products ($6,000/10 = 600 units) in the same period and the cost to retail percentage is 33.33%, which we get from the example in step one, then the total sales would be Sales during the period x cost to retail percentage = cost of sales $6,000 x 33.33% = $1,999.8 Step 4: Get The Ending Inventory Value
The restaurant industry is in the middle of a tech revolution, isn’t it? And guess what’s driving this transformation? AI and automation! These cutting-edge tools are doing more than just saving time; they’re reshaping how restaurants run their operations and connect with customers.
When was the last time you walked into a restaurant and noticed a vibrant, eye-catching digital screen displaying the menu or promotions? Chances are, it left an impression. Digital signage is no longer just a nice-to-have feature; it’s becoming a must-have for restaurants looking to engage customers and increase sales. Let’s explore why.
If you own a liquor store, you probably know that keeping customers coming back is essential for long-term success. One of the most effective ways to do this is by implementing a loyalty program.
As grocery store owners, you’re always looking for ways to adapt and thrive in an ever-changing marketplace. The future of grocery stores is not just about keeping up with trends, it’s about anticipating changes that will shape your business over the next decade.
In recent years, tech developments have redefined what it means to improve customer satisfaction. Now, customers seek convenience, control, and quick service when interacting with a brand. This is where online ordering comes in. The perfect way to order food from the comfort of your home. Online ordering not only helps people save time but also enables restaurants to boost profits – a win-win situation for everyone. But how can an online ordering system boost restaurant profit? Let’s dive in! What Is an Online Ordering System & How It Works A restaurant online ordering system is a system designed to make the ordering process easy for customers and restaurateurs. It allows customers to order products without the need to visit the restaurant. The ordering system works when a customer interacts with your online menu via a website or application. A good restaurant’s online ordering system allows customers to securely pay online, personalize their order, and receive order updates, all with a few intuitive taps. Online ordering helps the restaurant staff as well since the customer’s order pops into your KDS for swift order preparation. The customers’ contact and order information get stored in your back-office software for future purchases, discounts, promotions, and loyalty rewards. This makes the whole process easy and smooth, allowing both parties to save valuable time. But do you need online ordering, or is it just an extra cost for your restaurant? Why Your Restaurant Needs an Online Ordering System Online ordering has grown 300% faster, as compared to dine-in since 2014, and now accounts for up to 40% of the total restaurant sales. Without having a robust online ordering system in place, you may lose 40% of potential sales. This is the biggest reason to have a reliable and secure online ordering system. Here are 3 other reasons why your restaurant should implement a restaurant online ordering system. Improve Order Accuracy Phone orders can be inaccurate due to the different volume levels, loud background noise, or language barriers. This could result in poor customer experience and food waste. Online ordering gives the customer the comfort of selecting their favorite meal without talking or explaining to your staff. Save Money Customers can take a long time to order food from your restaurant. This could not only occupy space for a longer time but also make it difficult for your staff to deal with confused customers. Online ordering prevents any lost time that staff might experience and allows customers to order food online. Enhance Marketing An online ordering system helps you to improve your marketing by allowing more people to buy from you. By creating deals and offering promotional discounts, you can attract more customers. You can also capture emails and contact details, which allows you to remarket these individuals with special discounts. 7 Ways to Utilize Online Ordering System to Boost Your Restaurant Profit Now that you are aware of the importance of an online ordering system, you might be wondering how it can boost profits. Here are the top 7 ways to utilize an online ordering system to maximize your revenue. Personalized Experience A robust restaurant online ordering system offers customers the ability to tailor their orders according to their preferences. Your customers can select from dietary restrictions or exclude specific ingredients. This personalized approach enhances customer satisfaction, allowing them to come back for more. Improve Order Management Order management is the backbone of your restaurant operations. A slight mistake in the order can ruin the customer’s experience. A restaurant’s online ordering system can help you streamline your order management process. You can avoid costly mistakes, enhance customer experience, and save time while helping your bottom line. Minimal Labor Costs Cutting costs is the key for restaurants to maximize profits. An online ordering system can help you to avoid hiring more staff. You don’t need the waiters to take the orders that are from the online ordering system. Automation helps you to save money while bringing more accuracy. Cutting labor costs is a big strategy that a restaurateur can deploy. Get Better Consumer Data One of the significant benefits of an online ordering system is the data it generates. You can get a wealth of data related to order trends, popular items, customer feedback, and much more. This helps you to make informed decisions, identify areas of improvement, adjust price strategies, and make choices that positively impact revenue. Be Available Everywhere An online ordering system allows customers to conveniently place their orders from anywhere, at any time. This flexibility not only improves the customer experience but also helps you to reach a wider audience. The increased accessibility results in more sales, ultimately giving you more profits. Upselling & Cross-Selling Upselling and cross-selling are popular marketing practices to increase the average order value. By utilizing the online ordering system, you can implement suggestive selling techniques to sell underperforming products or items. You can suggest additional sides or beverages to encourage customers to spend more. This ultimately increases check size and adds more revenue. Transparency An online ordering system gives you complete transparency on your sales and orders. It also provides a secure gateway for your customers to order their favorite meals. They can know the exact price of the dish; with the time it will take to deliver or be picked up. Once the order is complete, the customer feels satisfied, and the restaurant earns their trust. How To Set Up a Restaurant Online Ordering System? No online ordering system is exactly the same, so when looking to set up a restaurant online ordering system, it’s always crucial to know your options. There are three ways to set up an online ordering system. DIY Restaurant Website Builder Third-party App First-party App DIY Restaurant Website Builder This is the most tedious and time-consuming way to set up a restaurant’s online ordering system. You have to build a website that can accept online food orders and payments. There are dozens of Website Builder tools that can
Running a retail or convenience store can be challenging, especially when you’re trying to grow your business. To succeed in today’s market, it’s important to stay ahead of the curve and overcome any obstacles that come your way. Regardless of the type of store you run, inventory is a key metric for any DTC (direct-to-consumer) business. But it can be one of the biggest obstacles that can not only cost you more but also drain your time. You have hundreds or thousands of SKUs that serve your growing customer base. To make sure that it doesn’t cost you a small fortune, you always need to monitor inventory counts, ensuring that inventory records are completely accurate. While it may seem that counting inventory isn’t a challenging task, when it comes to moving tens of thousands of units through the supply chain, counting each item manually becomes impossible. This could ultimately result in stalling operations, underutilized labor, inaccurate financial reporting, and much more. To prevent these issues from happening, many retailers rely on the retail inventory method to account for their inventory. A retail inventory method allows you to calculate your inventory without performing a physical inventory count. This method was created to help retailers save time they spend on counting and managing inventory. But what is the Retail Inventory Method? Today’s guide will help you learn more about the Retail Inventory Method (RIM) and how to run calculations. What Is Retail Inventory Method? The RIM or retail inventory method is defined as an accounting strategy to calculate your inventory over time. It relies on the cost-to-retail ratio i.e., comparing the purchasing cost of your product to the price it is sold for. While it serves as a shortcut to physical inventory count, it’s important to note that it isn’t always 100% accurate. It works best for the products that have the same markup. For instance, it isn’t the best method if you are calculating the value of wine, which has a 50% markup, and shirts that have a 100% markup. Instead, it works best when you compare the same products. Understanding The Retail Inventory Method As a retailer, you probably have invested a lot of cash in stock, which makes sense, as buying inventory is essential to ensure that you have enough product in hand to capture every possible sale. However, doing physical inventory is one of the most time-consuming tasks most retailers fail to manage. This is where the retail inventory method comes in. It is one of the fastest and most cost-efficient ways to keep a pulse on the value of your inventory every month. A retail inventory method allows you to monitor your inventory so you can make informed decisions on ordering stocks, the type of merchandise you need to invest in to boost sales, and the type of products to carry. Why Retail Businesses Should Use the Retail Inventory Method? The retail inventory method is a helpful tool that assists retailers in managing their inventory. The top reasons why retail businesses should use the retail inventory method are as follows. 1. Simplifies Inventory Count Process No need to close the doors of your shop to count your inventory. RIM simplifies the inventory count process by allowing you to count your stock at any time. It saves you from spending much time reviewing purchases and invoices. 2. Time & Cost Efficient RIM is a quick and efficient tool that saves you valuable time in calculating the inventory. It even saves you extra costs that could arise if the workers need to work long hours counting inventory. You can easily manage other business operations without getting worried about the inventory. 3. Applicable For Any Retail Business RIM isn’t limited to any certain retail business. Instead, every retail business, regardless of its size and type, can use the retail inventory method. The best part is you don’t need to be an expert or exceptionally good at accounting to get it right. How To Calculate Inventory by Using Retail Inventory Method Calculating your monthly ending inventory value by using the retail inventory method isn’t difficult. You need to first figure out the total sales, cost of goods, and cost to retail percentage. Now, you might be wondering how to get the cost of goods, sales, and cost to retail percentage to find the ending inventory value. Don’t worry, here are the steps that you can follow to calculate the monthly ending inventory. Step 1: Calculate Cost-to-Retail Percentage To calculate the cost-to-retail percentage, you need to divide your cost by the retail price and then multiply it by 100 to get the percentage. For Example: If you are selling a bottle of wine at $30 and purchase each bottle at $10, the cost-to-retail percentage would be Cost/retail price x 100 = cost-to-retail percentage 10/30 x 100= 33.33% Step 2: Calculate The Cost of Goods Available for Sale To figure out the cost of goods available for sale, you need to add your beginning inventory cost to the cost of newly purchased inventory. For Example: Consider a liquor store’s beginning at-cost inventory was $10,000 (1000 units = $10,000/$10), and it purchased $20,000 (2,000 units = $20,000/$10) worth of additional inventory during the month. So, the cost of goods available for sale would be Value of Existing Inventory + Value of Newly Purchased Inventory = Cost of Goods Available for Sale $10,000 + $20,000 = $30,000 Step 3: Calculate the Cost of Sales To calculate the cost of sales, you need to add all your monthly sales and then multiply the total by your cost-to-retail percentage. For example: Consider the liquor store sold $6,000 worth of products ($6,000/10 = 600 units) in the same period and the cost to retail percentage is 33.33%, which we get from the example in step one, then the total sales would be Sales during the period x cost to retail percentage = cost of sales $6,000 x 33.33% = $1,999.8 Step 4: Get The Ending Inventory Value
Altria Group, Inc. is one of the world’s largest producers and marketers of tobacco and related products. They have been the undisputed market leaders in the U.S. tobacco industry for decades.
Altria Group is known for owning the most enduring names in American business including but not limited to Philip Morris USA, John Middleton, and U.S. Smokeless Tobacco Company.
Included in Advanced Plan
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Cartzie is a loyalty application designed by Modisoft, with you in mind. It is a one-stop loyalty and online ordering solution that is fully equipped with all the tools needed to make your business grow.
With Cartzie, you can do curbside pickups, delivery, and drive-thru ordering. Cartzie has revolutionized the way businesses interact with customers.
+$49 per month with Retail Plans
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COMDATA has been serving businesses for over 45 years and is recognized as a leading provider of commercial payment solutions. They specialize in serving the trucking industry and are known as an issuer of fleet fuel cards, trucking permits, corporate spend cards, and paperless payroll cards.
Included in Advanced Plan
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DoorDash, Inc. is a food ordering and delivery platform based in San Francisco. It is the largest food delivery company in the United States with more than 50% of the market share in the convenience delivery category. It provides an on-demand food delivery service to restaurants and stores. Their services help businesses innovate, grow, and reach more customers.
+$69 per month for Third-Party Order Management
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Fintech has been dedicated to serving the beverage alcohol industry for the last 30+ years. Established in 1991, Fintech operates from its headquarters based in Tampa, Florida. Supported by TA Associates and General Atlantic, Fintech automates alcohol invoice payment, streamlines payment collections, and facilitates comprehensive data capture for 1 million B2B business relationships.
+$5 per month
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Gilbarco Inc. is a supplier of fueling equipment including fuel dispensers, payment systems, point-of-sales systems, and support services. The company operates from Greensboro, North Carolina.
Included in Advanced Plan
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Instacart is a delivery company that operates a grocery delivery and pick-up service in Canada, and the United States. It is one of the largest grocery marketplaces in North America. Instacart makes the delivery process easy for store owners.
+$19 per month
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Retalix Ltd was established in 1982 and is now owned by NCR Corporations. It develops licensed and supported software applications for retailers, wholesalers, and distributors of fast-moving consumer goods.
Included in Advanced Plan
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Paycue is Modisoft’s preferred payment processing provider. It helps businesses to streamline their setup process to be faster and more efficient. Paycue assists businesses with faster payments and smoother customer interaction.
No monthly fee. Only pay when you sell.
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Plaid Inc. is a financial service company that builds a data transfer network that powers digital finance and fintech products. Plaid assists businesses in connecting their financial accounts to fintech services. The company's product enables applications to seamlessly connect with the user's bank account.
Included in Advanced Plan
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R.J. Reynolds is a leading tobacco manufacturing company in the United States. Founded by R.J. Reynolds in 1875, the company is a subsidiary of Reynolds American. RJR holds the largest brand portfolio including but not limited to Kent, Pall Mall, Camel, and Newport. The company is based in Winston-Salem, North Carolina.
Included in Advanced Plan
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Uber Eats is an online platform that focuses on food ordering and delivery. The company offers easy online delivery and logistics operations. It was launched in 2014 by Uber company. The company operates by allowing foodies to order the food they love. Uber Eat connects businesses to millions of customers while providing a hassle-free delivery solution to restaurateurs.
+$69 per month for Third-Party Order Management
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Verifone, Inc. Is an American multinational corporation based in Coral Springs, Florida. It sells merchant-operated, self-service, and consumer-facing payment systems to the different industries.
Included in Advanced Plan
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VusionGroup is the global leader in digitalization solutions for commerce. It provides IoT and Data solutions for physical commerce, serving over 350 large retailer groups around the world in North America, Asia, and Europe.
Available upon request
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