Industry Deep Dive – Hospitality

November 29, 2022

Industry Deep Dive – Hospitality

With the year coming to a close, it is a great time for companies operating in the hospitality industry to review their online payment offerings. In an ever-changing world, it is essential for companies to stay up to date with online payments systems.

About the Hospitality Industry

The hospitality industry contributes to economies worldwide. Hospitality trends have started to define the worldwide market. In the United Kingdom, the hospitality sector contributes to around £60billion to the economy.

During the pandemic, we saw an increase in trends such as delivery and takeaways increasing. This increase has continued post-pandemic. Between January 2019 and January 2022, there was a 138% increase in delivery and takeaway sales. Delivery apps such as Uber and Deliveroo have become increasingly prominent in recent years.

Emerging Trends

Contactless and Online Payments. Customers and Staff Members have become uncomfortable handling cash, and now view contactless and online payments as a necessity as rather than a luxury. QR codes are also being encouraged to drive online payments, with menu viewing and checkouts available from a simple scan with a smartphone. As hygiene and safety stay a consistent concern, removing contact appears to be a constant trend within the hospitality industry.

Mobile Check-ins. As contactless and online payments occur more frequently, both businesses and consumers are implementing technology in different ways. Restaurants and hotels are beginning to encourage mobile check-ins, with tables and rooms being allocated through management systems before a consumer has reached the venue.

Health Foods. In an alternative, but ever-emerging trend, more online food companies are beginning to put emphasis on healthy foods. The hospitality industry is often linked to alcohol and fast food, but more and more consumers are becoming aware of what they are eating. Healthier options are becoming more present, with gluten-free, dairy-free, vegetarian, vegan, and organic options being present on menus. They can often be more expensive options, allowing for more profitable items for businesses to sell.

To learn how Cardstream can help take your Merchants to the next level, contact us.

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