The hospitality industry is ripe for innovation in 2024, and we’re set to see a series of emerging trends inspire next-generation electronic point-of-sale (EPOS) efficiencies to transform the customer experience and work towards a competitive advantage throughout hospitality niches.

EPOS innovation in the hospitality sector will be driven by the growing digital transformation market, which is expected to surpass a value of $1 trillion by 2025, more than doubling its value since 2020.

According to Fortune Business Insights, restaurants and retail take up the lion’s share of the Point of Sale market.

(Image Source: Fortune Business Insights)

Such growth will provide significant improvements to the quality of experience offered across different areas of hospitality. From restaurants to gyms, bars, charities, food trucks, and everything in between, 2024 will set the stage for EPOS transformation and this is how it will be delivered:

Data-Driven Decisions

Hospitality can be an extremely competitive industry, depending on local rivalries and customer acquisition challenges. With this in mind, the data produced by EPOS systems can help to provide data-driven insights that anticipate sales trends, peak hours of operation, and customer behavior.

In utilizing these big data insights, which can be interpreted from unstructured sources via artificial intelligence, businesses can gain unprecedented levels of advice on optimized staffing numbers, structuring special offers, and where to implement more competitive pricing structures.

Embracing the Cloud

2024 will also be the year of EPOS integration, with more cloud-based technologies uniting to offer a conducive customer experience.

Already, leading EPOS systems have the ability to unite table ordering data, customer loyalty metrics, and eCommerce tools to ensure that operations can be streamlined for hospitality firms and customer loyalty is rewarded with a frictionless experience.

Unlocking the Power of Mobile

The post-pandemic landscape has already given the hospitality industry a taste of mobile ordering, but in 2024, smartphone-based hospitality trends could move to the next level through EPOS integrations.

Imagine that your hotel guests arrive to check in late due to a delayed flight. By integrating smartphones and EPOS, it can be possible for customers to complete the check-in process from anywhere without the need for any human interaction. This can help to save costs on around-the-clock staffing without sacrificing convenience for customers.

At the same time, this opens up a lot of opportunities for upselling and cross-selling. Imagine users being offered an upgrade, a special welcome gift (for a honeymoon, for instance), or simply a room service – all within a few clicks on a mobile phone.

There is, of course, an argument that there should remain a human touch to all of the real-life experiences, but efficiency-wise, this could save hotels millions that can then be reinvested into making improving the experience the hotel guests get.

The Age of Automated Ordering

Sometimes, being able to order without having to flag down staff can be a big perk for customers. Zero-human interaction can be taken to new levels through hospitality EPOS tech in 2024, and use cases in the restaurant sector are already cropping up around the world.

Brooklyn Dumpling Shop has already provided a taste of how consumers can order, pay, eat their food, and leave without having any human-to-human contact.

Though this may not suit customer expectations for some, for other more introverted visitors, zero-human interaction can be a positive in terms of CX, and having this option will be an asset for businesses seeking to expand their market.

Next-Generation Loyalty

(Image Source: Queue-it)

EPOS systems will also aid hospitality businesses in providing more personalization for customers based on their behavior and preferences.

From delivering customized offers to loyalty programs that target specific segments. These solutions can be crafted and automated based on purchasing data and fine-tuned to deliver stronger bonds with customers.

EPOS systems contain data that is detrimental to making timely offers. For instance, if there’s a certain purchasing pattern of a particular person, that pattern can be used to provide rewards and offers when the person needs it most.

Bespoke Employee Training

Crucially EPOS data can also help businesses to deliver more bespoke employee training programs that can help staff to focus on selling products that aren’t experiencing as many purchases, or by ramping up the level of information provided for services where more refunds are requested.

Using customer data to create more focused training programs for staff can help to improve internal CX models and pinpoint areas in which hospitality firms have been struggling.

This added emphasis on training will also help to improve employee satisfaction by limiting the challenges they’re exposed to that fall beyond their skillset.

Inventory Forecasting

Another key trend for hospitality firms in 2024 will be the ability of EPOS systems to monitor inventory levels and offer predictive demand insights for services.

These insights can help restaurants manage their orders and gym businesses to ensure that they remain well-staffed during peak times by ensuring employees are on-site when systems have recognized patterns of high visitor volumes.

This technology can take onboard data points and unstructured data sources to form insights into inventory. For instance, if a restaurant is trending for a dish after a positive review, or the EPOS recognizes a recurring menu item in high demand, the AI can recommend inventory updates or even carry out orders without having to consult a human before.

Supporting the Contactless Transition

In the years that have followed the pandemic, we’ve seen an acceleration towards a cashless society. 2024 will see a continuation of this trend with contactless EPOS integrations, making cashless transactions not only more commonplace but more varied.

As the wider impact of digital transformation facilitates the mainstream emergence of Web 3.0 services, we’re likely to see a growing number of hospitality businesses upgrade their EPOS systems to accommodate mobile wallets (e.g. Apple Pay), cryptocurrency, and CBDC payments.

Even though most businesses already offer flexible payment options, there are still locations and countries that only accept cash payments. Affordable EPOS systems that easy to integrate can solve this problem.

Accommodating Table-Side Ordering

EPOS systems will also continue building their prevalence in 2024, with table-side ordering devices that will help to improve the quality of service offered throughout hospitality.

Through table-side ordering, waiting staff have the ability to take orders in a way that can improve the consumer experience while reducing instances of human error and improving efficiency. Although there are specialized software providers that offer table-side ordering solutions, it’s always a good idea for POS providers to develop a built-in system into their existing architecture.

Arrival of the Smart Kitchen

One of the biggest trends in EPOS efficiency for hospitality businesses won’t even be visible to consumers.

Interconnectivity through the Internet of Things (IoT) can work alongside EPOS systems to deliver automation at an unprecedented scale. From kitchen display systems (KDS) to active stock monitoring and menu engineering software, the age of the smart kitchen will help to bolster efficiency from the moment a purchase is made.

2024 is the Year of EPOS Innovation

The hospitality landscape is undergoing an evolution in digitalization driven by EPOS technology. As the capabilities of electronic point-of-sales systems continue to grow, the level of automation, efficiency, and reliability of hospitality services can be bolstered at a relatively low cost.

With the added emergence of artificial intelligence, the EPOS trends of 2024 are likely to drive the hospitality landscape forward for many years to come.