The recent survey of over 8,200 venues shows an expectation that consumer prices will rise across the sector by an average of 11% this year.
In response to the poor Christmas period after nearly two years of disrupted trading, the increase in prices is now being driven by soaring operational costs. Businesses are reporting average rises of 41% in energy bills, 19% in labour costs, 17% in food prices, 14% in drinks costs and 21% in insurance prices.
With the return of 20% VAT plus a rise in business rates and increased labour costs coming into play this April, it looks set for the hospitality sector’s pricing rise to have a significant knock-on effect on the wider economic recovery.
Over 80% of operators said they’d experienced moderate (39%) or severe (42%) levels of cancellations since the start of this year, suggesting that already, consumers are feeling the pinch.
With significant rises in costs across the board, an intelligent implementation of ICRTouch software can help even out the balance sheets. Whether it’s an order-to-table ByTable solution that increases order values, or a SelfService kiosk that results in lower labour costs, all ICRTouch software solutions have been designed to help support and grow hospitality businesses.
Raise order values with an order-to-table solution
From a mobile or tablet, customers can order directly from an app-based menu to their table with ByTable. As well as providing an intuitive, robust solution, it’s proven that order values increase when customers are using a self-ordering system.
As well as reducing the mistakes often made with handwritten tickets and reducing wastage costs of printed menus, ByTable will speed up service, allowing faster turn over of tables and improved guest experience.
While other platforms charge up to 20% commission on every transaction, ByTable is yours, accessible by either QR code or downloadable app, with 0% commission; meaning 100% of the profit stays in your pocket.
Reduce labour costs with customer-friendly kiosks
The SelfService solution allows customers to independently use an interactive touchscreen menu to place and pay for their orders without assistance from staff. Perfect for quick service restaurants and any venues that experience significant queues during busy periods, the kiosk stations provide a reliable solution to help reduce overall costs.
As well as offering advertising space for upselling opportunities and increasing order values, SelfService is a dependable option that doesn’t call in sick, doesn’t require holiday and always gets to work on time.
Paired with TouchKitchen management and CollectionPoint customer order displays, the ICRTouch ecosystem can revolutionise operational productivity, saving both time and money.
Find out more about the ICRTouch products available to help diversify revenue, increase customer demand and ultimately, beat the rising business costs.