Below is a preview of one of the articles in the new KROST Quarterly Hospitality Issue, "The Restaurant Technology Industry: Trends and Funding" by Paren Knadjian, Practice Leader - M&A and Capital Markets.
"Over the last ten years or more, customers have changed how they discover, book, socialize, interact, and pay at restaurants. As customers become increasingly reliant on smartphones for daily tasks, restaurants and technology firms have identified opportunities to offer customers more digital services.
Restaurant discovery is no longer reliant on reading local newspapers. With crowd-sourced review forums such as Yelp and editorial-driven food blogs such as Eater, digital platforms are providing a more convenient and up-to-date service. Making a reservation is easier with services such as OpenTable or Resy, and provides an alternative to finding the telephone number to call a restaurant. Once a reservation is made, tech-savvy customers let their friends know via email, text, and/or social media. What if the customer wants to stay at home and still eat food from a local restaurant? No problem! Delivery services such as GrubHub and Doordash will deliver from virtually any restaurant within a specified geographic radius.
However, restaurant technology, also known as Restaurant Tech, is not restricted to improving customer experience. Historically, restaurants were slow to incorporate..."
Click below to read more on the Restaurant Technology Industry
Enjoy this and other exclusive content from KROST.
KROST Quarterly is a digital publication that highlights some of the hot topics in the accounting and finance industry. Volume 2, Issue 2 covers hospitality trends and news including California sales tax compliance, employee theft, data breaches, Wage Order 7, trends in restaurant technology, and more.