UK Hospitality Independents set to Thrive in Ever Changing Economy
LONDON, May 10, 2017 /PRNewswire/ —
Independent restaurant roundtable hosted by Lightspeed sheds light on industry adapting faster than previously possible through use of technology
A recent roundtable discussion featuring UK independent restaurant and bar owners found that despite market challenges, independents are adapting faster than ever to changes in consumer behavior. Use of data, grassroots marketing strategies, and the ability to rapidly pivot into new routes to market were all highlighted as key to their success.
The focus for independent restaurants remains heavily on building individual brands, as they utilise online delivery services such as UberEATS and Deliveroo to expand their customer base. Yet attendees agreed the high street presence remains critical in a crowded marketplace.
As customers become less influenced by traditional advertising, independent hospitality businesses are also turning to grass roots marketing strategies to reach their local audience. Word of mouth marketing and the rise of digital influencers has rapidly changed the way new restaurants and bars have reached consumers.
Despite economic challenges, independent restaurants are also utilising smarter technology to improve margins and explore additional revenue streams online. Menus are now being directly influenced by real time retail data, simplifying product reports and stock takes, and eliminating waste.
Dax Dasilva, founder and CEO of Lightspeed commented: “Independent businesses have the advantages of being nimble, and being able to adapt to change quickly. Through the use of technology, we’ve seen restaurants now able to increase table turnover, and ultimately spend more time exploring their business. Our customers are doing incredibly exciting things with data, testing new ways of growing their business that is more cost effective than before.”
Headquartered in Montréal, Canada, Lightspeed is the most powerful cloud-based commerce solution for independent businesses, in-store and online. More than 45,000 retailers and restaurateurs in 101 countries, processing over $15 billion in transactions annually use Lightspeed to grow and manage their business. Founded in 2005 with offices in Canada, USA, and Europe, Lightspeed is backed by Accel Partners, iNovia Capital, Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ).
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