Restaurants around the country are struggling to make ends meet. Both large and small shops are seeing the effects of the pandemic as stay at home orders and mandatory restaurant closures. According to federal retail sales data, sales at bars and restaurants declined 23% in March. Amongst other downstream partners, restaurant software providers are taking a hit as well. Namely, as restaurants continue to close temporarily, subscription based companies are looking for new ways to grow revenue. With that, here are some examples of ways to drive revenue through Restaurant POS Data Monetization.
Public Sector & Government Agencies Understand Economic Situation
There’s been an increase in demand for external data from government agencies looking to better understand the economic situation and recovery in certain sectors. Systems can aggregate total revenue, tables served, and more to understand if people are starting to dine out again. Analysts can benchmark this against historical data to understand how consumer spend is trending. For example, how has allowing restaurants to open affected total spend in my state? Additionally, State’s can understand how ‘Opening with Restrictions’ has affected total attendance. For example, have the number of tables served returned to the same as pre-covid numbers? Couple this data with SafeGraph’s Data Consortium to paint a full picture of how restaurants are opening up with new regulations.
Suppliers and Manufacturers
POS systems can aggregate data to a zip level to show what food items and categories are trending by region. As an example, the data analysts at Anheuser-Busch can understand purchase behavior by state and benchmark that data against top competitors. They could understand if they’re losing market share to new craft breweries, national chains, and so on. This external data is something they would not be able to provide before sourcing external data.
Restaurants will, inevitably, start to and continue opening up again around the country. When they do, it’ll be increasingly important to meet the needs of the consumers in the area. Understanding the purchase behavior of the local area will contribute to a successful opening. Restaurants will be able to purchase aggregate data on their local city to analyse what potential new food items they could bring to customers, new beer or wine options, and more. Similarly, POS systems can allow for easy data sharing with users so that they can run this analysis on their own systems.
Distributing Data to Cloud Data Exchanges
As the use of external data grows within organizations, and more companies have access to data teams, the use cases for data will continue to grow. As we’ve mentioned before, data marketplaces will continue to grow to fill the need of this demand. We’ve previously written an article explaining the role of a data marketplace. One marketplace in particular that would be a strong partner for this initiative would be Snowflake. Snowflake Data Marketplace continues to be a central partner for customers to run analytics on their data and source external data. For the purposes of POS data, they could help in two ways.
The first way they can help is allowing POS systems to share data easily with their customers. Snowflake customers can access their data through the exchange, and then easily query their POS data and use it to drive insights and analytics. This data sharing grows the value for the POS Company to be able to directly integrate their product into the workflows of their customer. The second way that Snowflake can help is allowing POS systems to leverage their data marketplace to drive net new demand for their data products.
How we Help
Highland Math help’s companies monetize their data. Companies leverage our data science capabilities to pull data from their systems, create data products based on market demand, and then integrate these products into data exchanges. We also help businesses leverage their data internally to drive customer insights, new product innovations, and ways to grow revenue.
Interested in seeing if your data is valuable and should be monetized? Get in touch.