What does entrepreneurship, software and technology have to do with increasing restaurant revenue I hear you ask?
It’s simple. Recent innovations have addressed areas of hospitality and enabled them to simplify their offering and increase their restaurant revenue.
From these innovations, gift voucher digital solutions have quickly become the most valuable item you can sell in your restaurant.
Increase Restaurant Revenue
There’s a simple way that restaurant revenue can be increased. It doesn’t require you to fill additional dining tables, nor reduce staff. It lies within a technology solution from Welsh company; Enjovia.
With turbulent times in the hospitality industry, owners are searching for that little bit extra, and gift vouchers provided through Enjovia offer a lucrative and straightforward solution.
As a spoiler, did you know that about 20% of vouchers go unredeemed? That’s 20% extra straight into your restaurant revenue.
Facing Hard Times
The restaurant industry has taken a hard hit in the last year. After setting the trend as a growing industry for nine years, we were all shocked to see that several casual dining restaurants fell resulting in several chain operators forced to close branches. Jamie’s Italian, Carluccio, Prezzo, Zizzi and Café Rouge are some of the chain closures included.
With distinct fingers pointed at the effects of Brexit, the service industry has been hit harder than expected, but there’s a deeper reason why.
Consumer Spending Habits
With financial burdens forcing shoppers to have a tighter grip on their purses, people are wanting more than just food from their dining experiences.
Going out to eat is something to be remembered and enjoyed with loved ones. It is all about the experience.
Experiences are Rising
Consumers are choosing experience above all, and with changing trends, the choice of ‘experience’ is gaining traction.
Experience experts have figured out that this is due to 4 main consumer trends:
1. Social Media is growing more popular, and the ‘like’ hunters are more prevalent than ever, whether they like to admit to it or not. Nothing gets more likes than taking part in a trendy experience.
2. There is a growing Fear of Missing Out. This real term has even been coined FOMO by the Oxford dictionary.
3. There is an increasing proclivity for minimalism, which is making consumers less interested in purchasing goods and material items, and more likely to spend their money and gifts on experiences.
4. Experiences allow people to share quality time together with friends and families and this is becoming more and more important to the values of people.
What Needs to be Done to Increase Restaurant Revenue Through Experiences?
Restaurants who are thriving right now are the leaders in providing fashionable and enjoyable dining experiences.
Forbes recently published an article highlighting the food trends of 2019. These unique dining experiences are an experience you’re unlikely to forget.
However, they’re not a silver bullet solution for general restaurants.
Up’ing Your Restaurant Experience Game
As mentioned, ‘experiences’ are what people are searching for. Using these experiences to increase restaurant revenue is simple. Package your dining experience and sell it through a gift experience voucher.
Gift experience vouchers are a cost-effective and straightforward way to take your restaurant revenue to that next level.
How Can a Voucher Increase my Restaurant Revenue?
The gift voucher market is booming. The US Gift Card Market is worth an eye-watering $300 Billion per year.
For the last five years, the UK gift voucher market has achieved double-digit growth year on year. With that figure now hitting an unbelievably high £5.6bn a year.
Remember that 20% we mentioned?
20% of £5.6bn is £1.12bn of gift vouchers going unredeemed.
Receiving a share of £1.12bn is really going to improve your restaurant revenue and bottom-line.
With the rising trend of voucher spending, combined with the desire for more experiences, gift voucher experiences are the way forward.
How to Increase Restaurant Revenue
Remember we said vouchers can be the most profitable revenue source for your restaurant? Heres why you should look
The Facts:
Expiring Vouchers
15 – 25% of gift vouchers bought expire and therefore never get redeemed in part or in full. This means you pocket all the revenue from expired vouchers, without paying out for the cost of goods sold.
Extra Spending
72.1% of consumers spend more than the value of the voucher. This additional spending adds a whopping 55% on top of the average cost of the voucher itself.
Extra Customers
60% of consumers say they’ve been introduced to a new brand through a gift voucher and 17.7% have become regular customers as a result.
Get Started With Gift Experience Solutions
Gift experience experts Enjovia help take your experiences to the next level.
Enjovia, A Wesley Clover and Government invested company based in Wales, provides a smart and sleek voucher management system that helps restaurants sell their experiences in the form of online gift vouchers and cards.
Enjovia Technology Solution?
1. Sleek and professional looking vouchers
2. An easy to use tracking system
3. Sell your vouchers online and in-house
4. Redeem vouchers quickly, and prevent forgeries
5. Automated voucher delivery by email or post
6. Create your own custom branded store in minutes
7. Enjovia experts advise on what to sell to maximise revenue
8. Personalisation through add-ons and upselling
If that’s not all, there are a few more unique qualities that Enjovia have over most gift voucher management systems out there. Check out the new system features here.
Conclusion
Restaurants struggle currently to maximise their revenue. Harnessing an ability to sell gift experiences adds an extra revenue stream to a property.
Hotels like The Celtic Manor Resort in Wales have seen their gift voucher revenue increase three-fold to over £2.3m using the Enjovia solution.
Restaurants can easily tap into this whether they offer vouchers currently or are looking to try it out. The Enjovia system is a simple and cost-effective solution to test whether this works for you.
What we like about gift vouchers and how they improve restaurant revenue is that basically you are being given 20% their value in extra income. Even a savvy stock trader cant guarantee you that interest.
For more information on gift experiences, contact enjovia.com