Lightspeed’s 2022 Global State of Hospitality Report reveals that the hospitality industry is implementing automation to save time and streamline operations, while addressing industry challenges and trends
montreal, January 31, 2023 /PRNewswire/ – Lightspeed Commerce (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for global merchants to simplify, scale and create exceptional guest experiences, today released its 2022 State of the Global Hospitality Industry report. Lightspeed surveyed 1,100 hotel owners, managers and operators, and 7,000 consumers United States, Canada, AustraliaU.K, France, Germany and Dutchunderstand challenges and trends across regions, gain insight into customer experience and expectations, and identify how global industry leaders are responding to modern challenges and trends.
As restaurateurs around the world grapple with high inflation, staff shortages and overall economic uncertainty, technology appears to be a key tool in coping with macroeconomic conditions. The ability for hoteliers to do more with less is critical, with survey results showing that a majority of industry respondents believe adopting POS or restaurant management software will simplify shifts, including new or expanded online ordering systems or Use new technologies to automate tasks.
“Digital adoption has been an important lifeblood for the hospitality industry and it is clear that new technologies can improve efficiency,” he said peter dohertyGeneral manager Lightspeed hospitality. “Our goal is to partner with our clients to share reliable insights at every level, from an industry, regional, customer perspective, all the way down to what’s best performing on the menu. Our flagship hospitality product, Lightspeed Restaurant, is an easy-to-use omnichannel solution that uses data to provide restaurant operators with actionable insights to help them make smarter business decisions. “
the biggest challenge
Rising food and supply costs are one of the biggest hurdles facing the hospitality industry, with 37% of restaurateurs surveyed citing this as their biggest challenge. While raising menu prices can be daunting (for fear of losing customers), more than half (61%) of restaurateurs say it’s their way of fighting inflation.
restaurants like Kotsu ramen and dumplings, exist california, was hesitant to raise the price, but ultimately decided it was a necessary change. According to the Chief Concept Officer, grant macdonaldThe move to improve pricing is ultimately beneficial in many ways.
“There’s a sense that guests are very price sensitive, and we’re actually pretty nervous about being able to raise the price,” Grant said. “In some ways, inflation gives us an opportunity to finally make some necessary price adjustments and get into new price points that really need to happen.”
While inflation appears to be the main concern, followed by new hires (23%) and employee retention (11%), sustainability has emerged as an emerging consideration that cannot be ignored. Nearly half (47%) of hotel owners surveyed by Lightspeed agree that implementing green initiatives will attract more customers.
Industry Strategies for Current Challenges
Lightspeed in 2022 (from September to October 2022). Industry respondents identified the following strategies for addressing current challenges:
- Fifty-seven percent of respondents agree that the adoption of new technologies over the past two years has been critical to their business’ survival.
- 42% of operators have improved food costing and inventory practices to ensure they spend correctly and reduce waste.
- Nearly one-third (30%) of business owners are limiting the number of days and/or hours they are open, especially during the economic slowdown months, to help offset costs from inflation, while also preventing working hours with understaffed workers. Burnout at work.
- Nearly a quarter (21%) order online in-house to avoid third-party fees.
- 60% of restaurateurs agree that inventory data (stock levels, waste) is important to them, and 40% say they already employ inventory practices to increase productivity and reduce food waste.
- 43% of restaurateurs are reducing headcount.
- To improve sustainability, 39% are offering more vegetarian options, while 37% are adopting food waste policies.
Industry trends have changed since last year
- When asked which technologies have improved business the most this year, 12% of industry respondents said they have adopted new technology to streamline employee shifts (new POS or management software), a 7% increase compared to 2021.
- Overall, sales of beverages (alcoholic and non-alcoholic) increased the most since 2021 due to the return of indoor dining. Other climbers such as small plates, desserts, breakfasts, etc. also increase in 2022.
- Returning restaurants appear to be increasing menu numbers after shrinking their menus over the past two years due to the return of in-house dining.
- Inflation appears to be having a negative impact on consumers’ spending habits, forcing them to reconsider and rein in their spending more tightly. While eating out is an established habit and people still want to support local restaurants, half of consumers surveyed said they would go there less often for financial reasons. The same is true for home delivery, which 48% of respondents use less.
download full Click here to view the Lightspeed Global Hospitality Report.
About the speed of light
Lightspeed’s one-stop commerce platform powers businesses that are the backbone of the global economy, helping merchants innovate to simplify, scale, and deliver exceptional customer experiences. Our cloud commerce solutions transform and unify online and brick-and-mortar operations, multi-channel selling, new location expansion, global payments, financial solutions and connections to supplier networks.
Established in Montreal, Canada In 2005, Lightspeed dual-listed on the New York Stock Exchange (NYSE: LSPD) and the Toronto Stock Exchange (TSX: LSPD).cross with the team North America, Europeand Asia-Pacificthe company serves retail, hospitality and golf operations in more than 100 countries.
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