Toast Enhances Mobile Order and Pay Solutions to Help Restaurants Increase Sales, Collect Guest Data and Navigate Labor Challenges

Rhea-AI Summary

Toast (NYSE: TOST), a digital platform for restaurants, has enhanced its mobile ordering and payment solutions, aiming to address challenges in the labor market. These updates allow guests at full-service restaurants to easily order and pay via mobile devices, potentially increasing sales and tips by an average of 10%. The new features include server-started ordering and customizable menus. Toast's offerings, now integrated at no extra cost, enable restaurants to adapt to rising supply costs and inflation while improving guest loyalty through data collection.

Positive

• Toast's Mobile Order and Pay typically results in an average 10% increase in revenue for restaurants.
• Digital menus and mobile payments are now included at no additional cost, enhancing value for restaurants.
• Restaurants can collect guest data during transactions, increasing loyalty sign-ups by 25%.

Negative

• None.

Restaurants using Toast Mobile Order and Pay™ typically see an average 10% increase in revenue¹

Digital menus and mobile payments are now included with Toast’s industry leading restaurant point-of-sale at no extra monthly subscription or set up cost

BOSTON--(BUSINESS WIRE)-- Toast (NYSE: TOST), the all-in-one digital platform built for restaurants, today announced enhancements to its mobile ordering, payments and digital menu solutions, lowering the barrier to entry for restaurants to adopt mobile-first, guest-led technology in a challenging labor environment. With Toast, guests can easily scan a QR code to browse the menu, order, and pay, all from their mobile device. Key new updates will include server-started ordering, allowing both servers and guests to start and add to a tab and customizable digital menus by service area, such as the patio, takeout window and full table service. In addition, Toast Digital Menus and Mobile Payments are now included within Toast's industry leading restaurant POS at no extra cost.

The restaurant industry is undergoing massive change. A majority of guests now say they are likely to view a menu or order a meal through their mobile device. Nine out of ten restaurant operators say being understaffed is having a significant or moderate impact on their restaurant’s ability to grow and succeed.²

With Toast Mobile Dining Solutions, guests at full service restaurants no longer have to wait on servers to add to their order or checkout, and guests at quick service restaurants can now skip the line to order their meal. Restaurants of any size or concept may be able to increase sales and tips, collect valuable data on each transaction to build guest loyalty, and navigate the labor shortage with a more efficient service model. They can also introduce more dynamic menus and pricing in the face of rising supply costs and inflation.

“As restaurants navigate an unprecedented labor environment, rising costs and changing guest preferences, digital menus, mobile ordering and payments are becoming more mainstream,” said Aman Narang, president and co-founder of Toast. “With Toast's new mobile dining solutions, everyone benefits. Restaurant owners have the ability to increase sales, build guest loyalty and make their staff more efficient, employees can serve more tables and earn more tips, and guests don’t have to wait for checks or wait in a line."

“People love the fact they can order on their own. It’s the fact that customers can choose the way they want to place orders - it’s giving them the option. ‘Where can I find my server?’ Oh. I’ll just use a QR code,” said Ilya Alter, Co-Owner, Dacha Beer Garden. "The beauty of Toast is it's one system, you don’t have to deal with integrations.”

“With Mobile Order & Pay, our tips more than doubled. I split the tips between all the employees…there are dishwashers that are now making $35 an hour,” said Danny Rosa, Manager, New England Lobster Market & Eatery. “My employee retention is now through the roof, it’s pretty awesome.”

The enhanced Toast Mobile Order and Pay solutions are a fully-integrated and flexible suite of products that help restaurants to:

• Increase revenue and tips - Toast gives guests the option to browse, order and pay from their mobile device, and restaurants using Toast Mobile Order & Pay^TM typically see an average 10% increase in revenue³. Dynamic, digital menus can be updated in real-time without wasting time or money printing new menus when an item is no longer available or to test new pricing and combinations. Restaurants will be able to offer customizable menus by service area, such as the patio, bar/lounge, takeout window and full table service. Additionally, restaurants can customize the tip options guests see and set a default to help increase tip sizes.
• Combat the labor shortage with a more efficient service model - Restaurants can simplify checkout for guests and staff, allowing for card pre-authorization and the ability for guests to pay quickly and easily. For the first time, both guests and servers at restaurants on the Toast platform can now start or add to their tab, allowing guests to order through their device or through the server with everything synced to one tab.
• Collect data on each transaction to keep guests coming back - Restaurants are facing competition from third-party platforms for guest loyalty and data. Now, restaurants can take direct control of their guest relationships by prompting them to join loyalty programs at checkout, whether on or off-premise. Restaurants also have the ability to collect guest data on each transaction that can be leveraged to power their marketing and loyalty programs. On average, Toast restaurants generate up to $2,800 in sales per campaign with email marketing and increase loyalty signups by 25% with mobile payments⁴.

Toast is at the forefront of innovative guest-facing restaurant technology, whether it be the Toast Go® handheld point-of-sale, digital menus or mobile ordering powered by QR codes. Today’s updates create value and flexibility for all restaurants, regardless of format:

• Full Service Restaurants can free up server time so they can focus on more table touches and recommendations. On average, checkout using Toast mobile payments can save servers four minutes per table when compared to traditional methods⁵.
• Quick Service and Fast Casual Restaurants can allow guests to skip lines, order from their mobile device and get text notifications when their order is ready. On average, guests tip on 18% more transactions at QSRs when they pay through Toast Mobile Order & Pay™ vs. standard checkout.⁶

Restaurant owners and operators can learn more about Toast and schedule a personalized demo here.

About Toast
Toast [NYSE: TOST] is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a single platform of software as a service, or SaaS, products and financial technology solutions that give restaurants everything they need to run their business across point of sale, operations, digital ordering and delivery, marketing and loyalty, and team management. By serving as the restaurant operating system across dine-in, takeout, and delivery channels, Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. For more information, visit www.toasttab.com.

 

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^[1]Toast restaurants who add Toast Mobile Order & Pay™ typically see an average increase between 10% and 12% in Toast processing volume. Based on the average impact seen across different Toast restaurant segments. Based on at least 12 months of Toast internal data. Individual results will vary.
^[2]National Restaurant Association “State of the Restaurant Industry 2022” Report
^[3]Toast restaurants who add Toast Mobile Order & Pay™ typically see an average increase between 10% and 12% in Toast processing volume. Based on the average impact seen across different Toast restaurant segments. Based on at least 12 months of Toast internal data. Individual results will vary.
^[4]Based on Toast internal data from 2021. Individual results may vary. Sign up for a Toast Loyalty account is typically prompted during the checkout process for Toast mobile payments.
^[5]Based on Toast internal data from August 2021 among restaurants using Toast mobile payments. Individual results will vary.
^[6]Based on Toast internal data from 2021 among restaurants using Toast Mobile Order & Pay™. Individual results will vary.

TOST-CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005148/en/

Media: media@toasttab.com

Investors: IR@toasttab.com

Source: Toast, Inc.

FAQ

What improvements has Toast made to its mobile ordering solutions?

Toast has enhanced its mobile ordering and payment solutions, allowing guests to order and pay through their mobile devices, potentially increasing sales and tips.

How much can restaurants expect to increase their revenue using Toast's Mobile Order and Pay?

Restaurants using Toast's Mobile Order and Pay typically see an average revenue increase of 10%.

What new features have been added to Toast's services?

New features include server-started ordering and customizable digital menus by service area.

What is the impact of Toast's solutions on labor shortages?

Toast's solutions aim to combat labor shortages by simplifying checkout processes for both guests and staff.

How does Toast help restaurants enhance guest loyalty?

Toast allows restaurants to collect data from transactions, which can be used to enhance guest loyalty programs.