No matter how effective, intuitive and easy to use your point-of-sale (POS) system is, it is a bad investment if it does not do the job it is supposed to do. By the same token, an online ordering system, even when seamlessly integrated into your POS, is equally worthless if it does not increase your revenue and overall earnings.
What kind of return on investment (ROI) should you be able to expect from your online ordering and POS systems? This question does not have a simple answer. In fact, the answer is muti-faceted. Here is a brief overview of the various ways your ROI is likely to change:
No More Third-Party Fees
More often than not, having separate systems for your POS and your online ordering incurs charges from a third-party service provider. Either your POS provider is currently charging you per transaction, regardless of how that transaction is initiated (via web, phone, or in person), or your online ordering system charges a fee per processed order.
With the integrated options that are presently available, both types of third-party fees are unnecessary. There are many POS systems available with only a one-time fee or a low monthly fee that allows you to make unlimited orders both online or in-house as you want without incurring any additional costs. The savings in transaction fees alone is often more than enough to compensate for the cost of upgrading your POS equipment and website. This saved money will comprise the majority of your immediate ROI for an online ordering and POS system integration.
Increases in Online Order Volume
Streamlining your restaurant’s online ordering system to allow customers to order and pay at the same time will drive an increase in online orders. Adding delivery or a no-waiting pickup line will boost the volume even further. The easier it is for customers to order their food and get it from their mobile device or computer, the faster you will see a rise in order volume. The result will be earnings that are representative of your ROI.
Want to boost your order volume ROI even further? Create and maintain a mobile app for your menu, hours and online ordering. Mobile apps are the ultimate combination of convenience and speed for placing an order for takeout or delivery. Customers can save payment information securely on their device or use Android or Apple Pay. They can also save favorite orders and keep their delivery information on-file without having to upload it to a non-secure system.
Customers who have access to an app are going to use it. Making everything as convenient and fast as possible to motivate customers more frequently is the key to seeing a faster ROI on your online ordering and POS systems.
Reduce Order Errors
Any online ordering system that requires employees to manually enter information into the POS is subject to human error. If you receive online orders for pickup or delivery and then manually enter every order into the POS for cashout, you are creating tremendous potential for mistakes to be made. When there are order entry mistakes in the restaurant business, it means that you are going to eat the cost of every mistake, which cuts into your bottom line. Reducing your losses due to entry error will create an overall boost in your ROI. Plus, integrating online ordering with the POS is going to eliminate the potential for human error.
Online Orders Generate Higher Ticket Totals
When customers order food in your restaurant, there are various social and psychological factors that affect their actions. Consciously or unconsciously, they do not want to take up too much of your time or inconvenience other customers. So, they make snap decisions regarding their meal, and often forgo the extras they might otherwise enjoy. The same is true when customers dine in. They often feel pressured to order quickly, so they can be served more quickly, too.
Ordering takeout or delivery online removes all average of $4.00 higher than orders placed at your establishment or by telephone.
Bigger ticket orders help to increase revenue, which means that your online ordering and POS upgrade is already earning back your initial investment in it as soon as the online orders start rolling in. The combination of higher ticket totals and your increased volume of orders, and you will soon see the value in your investment.
Integrated online ordering and POS systems are excellent earners. Your customers will appreciate the addition of both, and they will reciprocate by ordering more frequently. Your volume and ticket totals will increase, and soon you will have not only made up the cost of your upgrade, but you will have also increased your overall revenue. Stop hesitating and get yourself set up with an integrated online ordering and POS system today.
What Kind of ROI Can You Expect from your Online Ordering and POS System? was last modified: January 10th, 2018 by Rafi Cohen
Rafi Cohen, a graduate of Baruch College & Brooklyn native is the Co-Founder @ Orders2me, an online ordering platform that gives restaurant owners all the features they need to grow their business in the digital age.