The food truck industry was expected to grow from $800 million in 2017 to $985 million in 2019, by around 20%. This small investment startup model of a food truck business is up to the par of a restaurant or cafe, and good food never goes out of style. Many people are inclined to take a leap of faith in this entrepreneurial journey, and tools like POS for food truck businesses are gaining their popularity among new entrepreneurs who are just launching their food truck.
As people are more inclined to enter this market, it means intense competition for your food truck. As of this moment, more than 4,000 food trucks are operating in the U.S. You can invest in digital tools like a point of sale (POS) system to gain a competitive advantage.
A POS for food truck businesses is software specially designed to cater to the requirements of food trucks. It grants the accuracy and speed required in this business as it enables taking mobile order payments from customers in a congested space or on the go. Here are four benefits of a POS for your food truck business:
1. Time-Saving Features
Having a POS in place will reduce long wait times, and you can use a mobile app to make and take orders. Customers make use of a mobile device and place orders even when they are standing in a long queue. This will enable you to provide quick service, leading to better customer satisfaction, customer retention, and greater sales. In addition, a good POS tool has exclusive features like emailed receipts with digital signatures, which makes the whole process faster and more systematic.
2. Inventory Management
Managing perishable items like food can be quite a challenge. However, their effective management can reduce storage costs and eliminate the chances of an accidental serving of low-quality food. A comprehensive POS system will ensure that your food truck never runs out of resources and you are up to date with raw materials. It will alert you when any inventory item is running low and track down your inventory to ingredient level based on purchase orders. Some food truck POS systems also allow real-time adjustments like updating your inventory and menu remotely and keeping track of all your sales for you to help you in hassle-free inventory management.
3. Team Management
A sound POS system has integrated management features that assist you and automate the delegation of tasks and let you effectively manage your workforce. For example, investing in the software will allow you to check the attendance of your employees, track their clock-in and out times, schedule and reschedule their shifts, and monitor their performance quickly. The POS system further lets you identify the percentages of return on labor and tracks the performance of each employee. This will enable you to keep a check on labor productivity, identify the star employees, and create an environment that thrives on healthy competition.
4. Secure Payments
With the increase in digital banking, most people do not prefer carrying cash, and therefore the traditional payment method of physical cash exchange is fading away. Your business can stay competitive by offering a variety of payment methods to customers with the help of POS software. POS systems allow your customers to pay via any electronic payment platform that is their preference and most convenient. This makes the entire process quick and straightforward for you and your customers. Cashless payments through POS also result in accurate digital payment records, high encryption, and secure payments.
Your customers must be valued through quality products and services if you aim to win their loyalty. Using a good POS system will enable you to establish and improve your relationship with your customers. The software stores customer details in a database, which includes names, contact numbers, and email addresses, and creates a centralized record that can be used to send out appreciation and promotional emails or text messages and establish long-term relationships.
According to Food Truck Operator reports, an investment of less than $100,000 on your food truck business can bring in $250,000 to $500,000 per year. To capitalize on this vast potential and maximize your market share, you need to give your best to provide quality products and services to your customer base. Investing in operations like a food truck POS system can speed the growth process for you and enable you to cater to increasing demand without having to face managerial inefficiencies.
However, choosing an inefficient and low-cost POS system is equivalent to selecting cheap, low-quality ingredients for your recipes: it may be tempting at first but will significantly harm your business in the long run. Be sure that you make an intelligent choice and invest in a decent POS system that offers you unique features to let you provide a quality customer experience.