Restaurants no longer close sales strictly through indoor dining. Four years ago, COVID escalated online and new revenue channels for hospitality businesses. Concepts like online ordering and remote cooking classes continue continue to grow in popularity for both restaurants and their customers. Here’s POS Philly’s list of the fastest growing revenue channels for restaurants in 2024.
- Online Ordering and Delivery: The rise of food delivery platforms like Uber Eats, DoorDash, and Grubhub has significantly impacted the restaurant industry. Many bars and restaurants have partnered with these platforms to reach a wider audience and increase sales without investing in additional physical infrastructure. SpotOn can reduce reliance on 3rd party delivery services thanks to its zero commission online ordering platform.
- Takeout and Curbside Pickup: Even before the COVID-19 pandemic, takeout and curbside pickup were growing in popularity due to their convenience. During the pandemic, these options became essential for many bars and restaurants to survive. Many establishments have continued to offer takeout and curbside pickup even as dining restrictions have eased. SpotOn’s takeout features can streamline pickup and delivery operations.
- Alcohol Sales: Some bars and restaurants have expanded their revenue streams by offering packaged alcohol sales, either for takeout or delivery. This includes selling bottles of wine, craft beer, and pre-mixed cocktails for customers to enjoy at home.
- Subscription Services and Memberships: Some bars and restaurants have implemented subscription services or membership programs to provide exclusive perks and discounts to loyal customers. These programs can help build customer loyalty and provide a steady stream of revenue. SpotOn’s loyalty program and other customer engagement tools are a great way to create recurring customers.
- Event Hosting and Catering: Hosting private events and catering services can be lucrative revenue streams for bars and restaurants, especially those with unique or spacious venues. This includes hosting weddings, corporate events, and private parties both on-site and off-site. SpotOn can handle invoicing for catering events in its Dashboard.
- Retail Sales: Many bars and restaurants have expanded their revenue streams by selling branded merchandise such as t-shirts, hats, and glassware. Additionally, some establishments sell specialty food products or ingredients used in their dishes for customers to recreate the experience at home.
- Virtual Events and Classes: With the rise of virtual events and classes, some bars and restaurants have capitalized on this trend by offering virtual cooking classes, mixology workshops, and tasting events. These experiences can be monetized through ticket sales or sponsorship deals.
- Ghost Kitchens and Virtual Brands: Ghost kitchens, also known as virtual kitchens or dark kitchens, operate without a traditional dine-in space and focus solely on delivery and takeout orders. Some bars and restaurants have launched virtual brands or partnered with existing ghost kitchens to reach new customers and test out new concepts.
These revenue channels offer opportunities for bars and restaurants to diversify their income streams and adapt to changing consumer preferences and market conditions. However, it’s essential for establishments to carefully evaluate each opportunity and consider how it aligns with their brand, target market, and operational capabilities. Need help turning these revenue channels into a reality for your restaurant? Contact POS Philly and see how SpotOn can make it happen.