FT+Partners：2024餐饮科技报告-强大的技术支柱正在成为餐桌上的赌注（英文版）-131正式版

FTPARTNERSFINTECHINDUSTRYRESEARCHApril2024RestaurantTechAStrongTechnologyBackboneisBecomingTableStakesCONTACT:TableofContentsSTEVEMCLAUGHLINFounder,CEO,ManagingPartnersteve.mclaughlin@(415)385-9318SUBSCRIBE1.2.3.4.5.6.7.8.9.10.IntroducingFTPartnersExecutiveSummary47MarketOverview9FinTechSolutions133538475480107IndustryLandscapeSelectedFinancingandM&AActivityPublicCompaniesAnalysisCEOInterviewsSelectedCompanyProfilesSelectedM&ATransactionProfiles11.FTPartnersOverview119Highlyproprietaryinformation.UnauthorizeddistributionwithoutpriorconsentfromFinancialTechnologyPartnersLP,FTPSecuritiesLLCorFinTechPartnersLimited(together“FTPartners”)isstrictlyprohibited.Theinformationinthisreportreliesuponavarietyofpublicsources,theaccuracyofwhichcannotbeguaranteed.Nopersonsorentitiesshouldusetheinformationindecisionmakingwithoutindependentinvestigationorprofessionaladvice.Thiscommunicationshouldnotberegardedasanoffertosellorasasolicitationofanoffertobuyanyfinancialproductorservice,norisitanofficialconfirmationofanytransaction,orrepresentativeofanofficialpositionorstatementofFinancialTechnologyPartnersLP,FTPSecuritiesLLCoranyotherrelatedentity.FTPSecuritiesLLCisaFINRAregisteredbroker-dealerandFinTechPartnersLimitedisanFCAappointedrepresentative.©2024TableofContentsSelectedCompanyProfiles,M&ADealProfilesandCEOInterviewsCompanyProfilesM&AProfilesSports&EntertainmentBusinessCEOInterviewsTimMcLaughlinJeffHindmanTonySmithZach&MattHymanCEO&Co-FounderCEOCEO&Co-FounderCo-CEOs&Co-FoundersSamirZabanehCEO&ChairmanAlexBroekerCEO&FounderSiriKiesslingCEOFTPARTNERSRESEARCH3I.IntroducingFTPartnersFTPartners–

TheMostTrustedBrandinFinTechComprehensiveFinTechAdvisoryExpansiveGlobalPresenceExtensiveNetworkAcrossFinTechEcosystemCEOsInvestorsPaymentsAltLendingCapitalMarketsRealEstateTechBankingTechWealthTechHealthTechFMSMinorityRecapMajorityRecapBoardMembersFoundersExecutivesConferencesFullSaleSPAC550+FinTechDealsConsultantsIPOGrowthEquityConsortiumMergerInfluencersBPOGRCSaaSWebinarsMedia/PressLBOCryptoFTPartnersClientFTPartnersRelationshipsFinTechCoverageProprietaryFinTechDatabaseLeadingProducerofFinTechResearch56,000+17,000+CompaniestrackeM&Atransactionsorded22,000+28,000+InvestmentFirmstrackedFinancingtransactionsrecordedFTPARTNERSRESEARCH5FTPartners’ExpertiseAcrossRestaurantTech&POSPaymentsSelectedTransactionsFTPARTNERSRESEARCH6II.ExecutiveSummaryRestaurantTechExecutiveSummaryWhilethemasksmaybefading,theCOVID-19pandemicleftanindeliblemarkontherestaurantindustry.COVID’simpactcontinuestobefeltacrossallfacetsoftheindustryincludingreservations,takeoutanddelivery,staffing,inputpricing,marketing,andpayments.Evenasconsumershavereturnedtoin-persondining,demandforoff-premiseinteractionsandomni-channelexperiencesisnotdissipatinggiventhedegreeofconveniencetheyprovide.Tomeetthisdemand,restaurantsmustbeabletohandleandcoordinateonlineorderinganddelivery(whetherthroughtheirownchannelorthirdparties),orderaheadandpick-up,andindoor/outdoordiningoptions.Otherdecisionpointsinvolvetouchless/cashlessin-personinteractionsincludingnewpaymentmechanisms,aswellaschallengesinmarketingtoandengagingwithconsumersacrossmultiplechannels,includingnowTik-Tok.Meanwhile,inputpriceshavecertainlyinflated,andstaffingchallengesremainasrolesaredifficulttofillandemployeedemandsarehigherthanever.Tosolvethesechallenges,restaurantsmustturntotechnologysolutionsingreaterwaysthaneverbefore.Infact,astrongtechnologybackboneisbecomingtablestakesacrosstheindustry.Fortunately,FinTechandothertechnologyprovidersarerisingtotheoccasionwithtailoredsolutionsthatsimplifycomplexity,streamlineoperations,reduceoperatingcosts,andcreateamoreseamlesscustomerexperience.Historically,restauranttechnologyprovidersswaminseparatelanes,buttoday,software,hardware,andprocessingarecomingtogetherwithsomeplatformsabletoreplaceamultitudeofpointsolutionproviders.Whilebest-of-breedpointsolutionproviderswillalwayshaveanopportunityinthespace,weexpecttoseemoreconsolidationastheplatformplayslooktoserveanincreasinglylargerrolefortheircustomers.Inthisreport,wediscussthechallengesrestaurantsarefacingandhowtechnologysolutionsareeasingtheseburdens,provideadetailedcompanylandscape,andnumerouscompanyprofilesalongwithtransactionoverviewsofnotableM&AdealsandCEOinterviewswithkeyplayersinthespace.III.MarketOverviewRestaurantMarketOverviewCurrentStateoftheMarketA$1Trillion+MarketOpportunityRisinginputcosts,supplychaindisruptionsandincreasingcompetitionhaveputstrainonrestaurantoperatorsacrossthecountry,andtheseheadwindsmaycontinuein2024.Despitethesepersistentchallenges,manyoperatorsarecautiouslyoptimisticthattheindustrywillsustainitscurrentlevelofgrowththisyear,withtheNationalRestaurantAssociationpredictingsalesofmorethan$1.1trillionin2024.MarketCommentaryTotalUSMonthlyFood&BeverageSales($billions)•

Thereare~750,000restaurantsoperatingintheUS,downfrom~1millionsincetheCOVIDpandemicforcedmanyrestaurantstoclose$281.0$280.0$274.5$265.8$266.8$255.8$249.4$243.8•

Restaurantsalesareprojectedtoreach$1.1trillionin2024,driveninpartbyhighermenupricesduetorisinginflation$224.5$225.5$225.7$211.3$181.0•

Employmentinfoodserviceisexpectedtogrowby200,000in2024,reachingatotalof15.7millionjobsQ1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24•

Risingcostsremainasignificantheadwindfacedbyrestaurantoperators,withmenupricesincreasingby4.5%inthelast12months“Withmorethan$1trillioninsalesexpectedthisyear,thestateoftherestaurantindustryisstrongthankstotheagilityofitsoperatorsandemployees…restaurantsarefindingwaystoadapttothechallengesofincreasedfoodcostsandsupplychaindisruption.Restaurantshaverespondedwelltocustomers’desiretohavemoreopportunitiestoenjoyrestaurantmeals,whichcontinuestogrowsales,createemploymentopportunities,andfosterastrongsenseofcommunity.”•

Competitionisincreasingastheeconomyslowlyrecovers,puttingpressureonoperatorstodifferentiateandincreasemarketingspendMichelleKorsmoPresident&CEOFTPARTNERSRESEARCH10Source:NationalRestaurantAssociationRestaurantMarketOverviewMacroeconomicChallengesATech-OrientedSolutionSincetheCOVID-19pandemic,restaurantshavefacednumerousobstacles.Chiefamongthemarerisinginflation,thestruggletoattractandretainqualitystaff,andtherapidshiftinconsumerpreferencestoonlineorderinganddelivery.Astherestaurantindustryevolvestowardamoretech-centricmanagementapproach,alternativeslikevirtualkitchenshaveemergedtoaddressanumberofthesepainpointsandallowrestaurantoperatorstoscalemoreefficiently.RestaurantPainPointsPotentialSolutions••RestaurantoperatorscanreducecostsbysourcinglocallyandbuyinginputsinbulktoincreaseefficiencieswithsuppliersAdjustedoperatinghoursanddiversifiedrevenuestreams(i.e.catering,takeout)canalsomitigateinflationarypressuresInflationandrisingfoodcosts••SincetheCOVIDpandemicbegan,restaurantshavestruggledtohireandretainqualitytalentInvestmentintrainingprograms,offeringbonusincentivesandencouragingfeedbackhavehelpedpromote&retainemployeesStaffingshortages••FewerchefsandincreasinglybroadandcomplicatedmenushaveprovenunfeasibleformanyrestaurantsSimplifyingmenuoptionstolowercosts,savetimeandreduceunnecessaryfoodwastehavebeensuccessfulsolutionsOverlycomplexmenusOperationalcosts••TheCOVIDpandemichasalteredthewayconsumersdine,withincreasedemphasisbeingplacedondeliveryandtakeoutoptionsVirtualrestaurants,orghostkitchens,havebecomewidespreadastheconsumerdiningexperienceshiftstowarddelivery-centric••DigitalmarketingandonlinereviewsheavilyshapeconsumerpreferencesanddriveadditionalbusinesstotherestaurantindustryAtargeted,socialmediadriven360-degreemarketingstrategycanhelptoincreaserestaurantvisibilityandattractnewcustomersChangingconsumerdemandsHightechvs.hightouch••Thein-persondiningexperiencehaschangeddrasticallysincethepandemic,withdigitalmenusandQRcodesbecomingthenormRestaurantsmuststrikeabalancebetweenthisnewtech-centricmanagementapproachandthetraditionaldiningexperienceFTPARTNERSRESEARCH11Source:GrubHub,OpenTable,DoorDashRestaurantMarketOverviewCompetition&CustomerAcquisitionATech-OrientedSolutionAccordingtoMarket.us,fooddeliveryisa~$180billionindustryglobally,withtwo-thirdsofthemarketshareaccountedforbythird-partyplatforms.AggregatorslikeGrubHub,UberEats,andDoorDasharecompetingwithrestaurantstoacquiredeliverycustomers,squeezingprofitmargins.Restaurantsmustweightheprosandconsofthird-partyvs.D2Cdeliverychannelstooptimizecostsandincreasecustomersatisfaction.FinTechsolutionprovidersofferamassiveopportunityforrestaurantstointegrateonlineorderinganddeliverytechsolutionsintooneplatform,increasingcustomerengagement,loyaltyandbottom-lineperformance.ComparisonofThird-PartyDeliveryPlatformsThird-Partyvs.D2CDeliverySolutionsProsCons••Marketshare:~23%••Marketshare:~8%••••Brandnamerecognition••HighcommissionfeesFeeStructure:threepricingtiersandvariouslevelsofmarketing,with6%feeforpickupordersand15-30%fordeliveryordersFeeStructure:threepricingtiersrangingfrom5-20%ofeachorder,dependingonlevelofmarketingchosen,andadditional10%deliveryfeeLargeuserbasesMarketingbenefitsConvenienceCompetitionwithotherrestaurantsThird-Party•Lesscontroloverthedeliveryexperience•Morecontroloverdelivery&customerexperience•••Requiresmorework&resources••Mark••Marketshare:~67%D2C••Keep100%ofprofitsCostsassociatedwithdrivers,vehicles&routeoptimizationFeeStructure:samepricingstructureasparentcompanyUber,whichmeans6%forpickupand15-30%fordeliveryFeeStructure:6%forpickups,15-30%fordelivery,and15%fordeliveryordersinwhichyourrestaurantfulfillsthedeliveriesControlcostsassociatedwithmakingdeliveriesGreatermarketingeffortFTPARTNERSRESEARCH12Source:Market.us,Companywebsites,SevenRooms,BloombergSecondMeasureIV.FinTechSolutionsFinTechSolutionsRestaurantValueChainFinTech-PoweredRestaurantManagementSolutionsFinTechsolutionstoucheverycorneroftherestaurantvaluechain,fromreservationsandonlineordering/deliverytocustomerloyaltyandengagement,payments,financialmanagement/dataanalytics,andmuchmore.POS/PaymentsLoyalty&Rewards•••Paymentterminalforcredit&debitcardsTabletintegratedwithKitchenDisplaySystem(KDS)••Personalizedoffers&discountsEngagewithguestsonsocialmedia•Reviews&surveysReceiptprinterforcustomersFinancialMgmt./DataOnlineOrdering/Delivery•Accounting,payroll&taxcomplianceInventory&cashflowmgmt.Dataanalytics&reporting••Streamlineorderingviathird-partyordirectonlineordersIntegratewithKDSsystemtomanagemultiplechannels••ReservationsTable-TopSolutions•Onlinetablemgmt.softwaretotracktablebookingsCommunicatewithguestsStaffscheduling•••PayatthetableviatabletdeviceSplitthecheckamongguestsEncryptedpaymentswith••increasedtransactionsecurityFTPARTNERSRESEARCH14FinTechSolutionsPOS/PaymentsCenterpiecetoEffectiveRestaurantManagementRestaurantPOSor“pointofsale”systemsarethehardwareandsoftwareusedbyrestaurantstotakecustomerorders,manageinventoryandacceptpayments.ThePOSterminalisthehardwarecomponent,usuallyaniPadorsimilartabletdevice,andrunsoneitherApple,AndroidorWindowssoftware.AdditionalfeaturesincludeaKDSor“kitchendisplaysystem,”whichcentralizesordersforbackofhousestaff,aprinterforreceipts,andapaymentterminalwhereguestscanswipe,taporinsertacreditordebitcardtomakeapayment.RecentTrendsinRestaurantPOSSystems•

POSsystemsarepresentinalmosteverytypeofrestaurant,includingfullservice,quick-service,foodtrucksandmore•

ThemainbenefitsofaPOSsystemincludeitsabilitytoincreasesales,improvetheguestexperienceandfacilitatesmarterbusinessdecisions•

Therestaurantindustryhasrecentlyseenasurgeincloud-basedPOSsystemsthatallowbusinessestoruntheirentireoperationmoreefficiently•

AccordingtoZionMarketResearch,theglobalrestaurantPOSsoftwaremarketwasworth$9.4billionin2022andisprojectedtoreach$17.9billionbytheendof2030,implyingaCAGRofnearly8.4%(1)•

POSsystemsarealsoadaptingtonewpaymentsolutionsascashcontinuestofalloutoffavor(2)•

Paymentprocessorsareexpectedtooffermorecontactlesspaymentoptionsfollowingtheendofthepandemic(2)FTPARTNERSRESEARCH15Source:OpenTable1.2.ZionMarketResearchTouchBistro2023RestaurantReportFinTechSolutionsPOS/Payments(cont.)MarketShiftfromLegacytoCloudPOSSystemsNext-generation,cloud-basedPOSsystemshavequicklybecomethegoldstandardoperatingsystemintherestaurantindustry,offeringoperatorstechnologicallyadvancedfeatureswithaneasy-to-useinterfacewhileensuringseamlessscalabilityfortheirbusinesses.84%offull-servicerestaurantsand72%ofquick-servicerestaurantsreportedimprovementinrevenueperformancebyswitchingtonext-generationPOSsystems.(1)76%ofrestaurantschangedtheirPOSsystemin2022,with51%purchasingabrand-newsystemand25%switchingfromonePOSprovidertoanother.(2)BenefitsofNext-GenerationPOSSystems(3)Top5MostImportantConsiderationswhenChoosingaPOSSystem(2)201920212022Increasedmobility:allowserverstostayactiveonthefloorratherthanconstantlyreturningtotheterminaltoinputorders46%44%Improvedcommunication:significantlyreduceerrorsbyallowingserverstocommunicateordersdirectlytothekitchenwithouttickets41%39%34%34%33%31%31%30%30%30%29%Dataprotection:storecustomerdataonanonlineprotectedcloudplatformratherthanlocalnetwork,allowingforconstantsecurityupdateswithoutneedinganin-storetechnician26%19%Analytics:trackpopularorders,returningcustomersandbusiesthoursoncustomizabledashboardstoincreaserestaurantefficiencyEnhancedset-up:eliminatetheneedforanon-siteserverconfigurationwithdevicesthatcanbepluggedinandconnectedtothecloudEaseofUseCustomerSupportAbilitytoSupportAnalyticfeaturesPriceFTPARTNERSRESEARCH161.2.StarfleetResearchforTheSmartDecisionGuidetoRestaurantManagementandPOSSystemsTouchBistro2023RestaurantReport3.RestaurantTechnologyNews:“WhyRestaurantsareUpgradingTheirRestaurantPOSSystems”FinTechSolutionsPOS/Payments(cont.)SelectedFinTechDisruptorsinPOS/PaymentsAsdemandforcloud-basedPOSsystemsrapidlygrows,keyinnovatorsaresucceedingwiththeirspecializedsoftwaresolutions.••SquareisanindustryleaderinPOSsystems••Unionisanext-gencloudbasedPOSandhospitalityengagementsystembuiltspecificallyforhigh-volumebarsandrestaurants••LightspeedisahugenameintheretailPOSspacewithitsbarcodedproducts••LavuisagrowingsoftwareproviderthatoffershighlycustomizablePOSsystemsdependingonrestauranttype••TouchBistroisanall-in-onePOSandrestaurantmanagementsystempoweringover29,000restaurantsgloballyTheCompanyoffersahighlycustomizableandadvancedplatformforallformsofrestaurantsSlightlymoreexpensivethanothercompetitorsleadingtomorelarge-scalerestaurantclientsWithover12differentrestauranttypes,Lavuofferscustomfeaturesforpizzaandice-creamshops,delisandmoreFueledbyaproprietaryon-premisedatalayer,Union’ssystemdeliverstransformationalinsightsandon-premiseexperiencesnotonlyforoperators,butalsoguestsandbrandpartnersOfferseverythingfrompaymentprocessing,kitchendisplaysystems,giftcards,loyalty&marketing,onlineordering,reservationsandmore••Softwareiscompletelyfreeofchargewithbuilt-intransactionfees••Idealforrestaurantswithlargeandcomplexinventoryduetotheirretailstockcontroltools•Bluetoothscaleplug-inallowingsystemtoactivelytrackinventoryweightVerypopularwithsmallerrestaurantsduetotheirper-transactioncoststructure•TouchBistrohasdeployedover64,000POSterminalsglobally,andprocessesover$13billioninpaymentsannuallyInthelast3years,•Union’sengagementsystemisproventoefficientlydrivemorerevenuepercustomerandservemorecustomersperhour–onaverageLightspeedacquiredUpserve,ShopKeepandGastrofixtorapidlyexpandintorestaurantPOSpartnerssee28%increaseinchecksizeFTPARTNERSRESEARCH17Source:CompanywebsitesFinTechSolutionsPOS/Payments(cont.)Guest-LedMobilePOSSystemsLegacyPOSplatformsarenotdesignedforconsumerengagement,datacollection,andanalytics.Restaurantbrandsusingthesesystemsfaceproductcodeinconsistency,whichpreventsaccuratecustomerconsumptiondataanalysis.Thislackofinsightintoconsumerspendinghabitshasledtobillionsofdollarsinmarketingspendwastedoninefficienttoolsbyrestaurantseachyear.UnionisaFinTechcompanywhoseguest-led,mobilePOSsystemistransformingthewaybrandsinteractwithconsumersandinfluencetheirpurchasingbehavior.Viareal-timeSKU-levelconsumerdataandtargetedproducttrials,Unionhelpsbrandsdrivetrialandloyaltyusingconsumerspendinghabitstoinformproductrecommendations,increasemarketingeffectivenessanddriverepeatbusiness.CaseStudy:UnionUnionisamodernhospitalityoperatingsystembuilttoimproveguestexperiencesforbarsandrestaurantsGuest-LedOrder&PayDistribution••Guestsleadtheexperienceandeliminatethewaittoorder,re-orderandpayNoappdownloadrequired–guestssimplyscanaQRcodetoorderandcanuseAppleorGooglepaywithoutenteringcreditcardinformationGuestsreceiveorders80%faster,allowingserverstofocusmoreonhospitalityandcustomerservice••Advertiseproductsdirectlytogeneralmanagersandhigh-volumebarownersthroughtheUnionplatformtodrivedistributionCustomersareinvitedtotrialproductsviapromotionalbrandadvertisementsonUnion’smobileapp•Sales&StaffTipsTrial&Loyalty••Barsthatadoptguest-ledorderingseeaveragechecksizesincreaseby28%Unionin-apprecommendations,offersandrewardsdriveanincreaseinsalesandstafftipsbyupwardsof70%••GuaranteeproducttrialstotargetedconsumersviamobileorderingandpaymentsMeasuretheimmediateandfutureimpact•Digitalmenusallowreal-timeupdatesandboostrevenuewithstrategicupsellingandspecialofferpromotionsStaffEfficiencyData&Insights•Staffdoesn’tneedtofocusonenteringordersanddroppingchecks,allowingthemtocover4xmoretablesGuest-ledorderingseamlesslyintegrateswithUnion’sPOS,soguestscaneffortlesslyopentheirtabforsecurepaymentpriortoordering,enablingserverstotapintoconsumerinsightspriortotakingtheirorders••Usereal-time,SKU-levelconsumerdatatoprovidebrandskeyinsightsintoconsumption,basketinteractions,accountsandconsumerdemographicsUnion’sOnPremImpactNetworkleveragesdeep,reliableinsightstoautomaticallyfacilitatemeaningfulengagementwithconsumers•FTPARTNERSRESEARCH18Source:UnionFinTechSolutionsPOS/Payments(cont.)BespokeSolutionsOfferedbyTopPOSProvidersLeadingPOSprovidersareofferinghighlycustomizable,differentiatedsolutionstailoredtothebusinessneedsofeachrestaurant.•

PurchasedbyFiservcreatingmultiplepossibleintegrationswithbig-data•

PartneredwithGoogletoallowuserstoorderstraightfromGoogleSearch/Maps•

Builtnewservicecalled“SeatandSend”allowingcustomerstosendorderstraighttointegratedwithToastPOSkitchenwhenseated•

Primarilyapaymentprocessorprovidingexcellentpaymentsupport•

Releasednewreservationtechnologytointegrate•

ReleasedsuiteofproprietaryhardwaretointegratewithSpotOnandofferdirectlywiththeirPOSsystem•

Ratesarevariabledependingcustomizablesolutionstoeveryrestaurantonclient•

PartneredwithpaymentprocessorFreedomPaytoallowcompaniesalreadyusingFreedomPay’splatformtointegratewithToast•

DozensofappsavailableonCloverappmarketforfurthercustomizability•

Highlycustomizablefordifferentworkstreams•

OperatesoneveryOSincludingAppleandLinuxFTPARTNERSRESEARCH19Source:Companywebsites,CompanypressreleasesFinTechSolutionsOnlineOrdering/DeliveryTechGlobalShifttoOnlineOrdering/DeliveryOnlineorderingisanowcriticalcomponentoftherestaurantindustrythathasseentremendousgrowthoverthepastfewyears.User-friendlymobileappsandtech-enableddrivernetworkshavehelpedfacilitatetheexpansionofonlineorderinganddelivery,aidedbyatangibleshiftinconsumerdiningpreferencesinresponsetotheCOVIDpandemic.KeyTrendsinOnlineOrderingTotalUSMealDeliveryRevenue(2)•Traditionally,fooddeliverywaslargelyreservedtopizzaandChineserestaurants,butduringtheCOVIDpandemic,onlineorderingbecameanessentialpartofeveryrestaurant($inbillions)$112$109$106$102$96$87••BeforetheCOVIDpandemic,theUSrestaurantindustrywasgrowingaround3-4%peryear,whiledeliverysalesweregrowingat7-8%peryear(1)$76$69$55Evenwithrestaurantsreopening,manycustomershavebecomeaccustomedtoonlineorderingandtheindustryisprojectedtocontinueitsgrowth(1)$35$28$23•Tailwindsintheonlineorderingdeliveryspaceincludethedemographicshifttodenselypopulatedurbancentersandtheriseof“big-ticket”orgrouporders2017A2018A2019A2020A2021A2022A2023A2024E2025E2026E2027E2028EFTPARTNERSRESEARCH201.2.McKinsey:“Orderingin:Therapidevolutionoffooddelivery”StatistaMarketInsights2024FinTechSolutionsOnlineOrdering/DeliveryTech(cont.)Directvs.Third-PartyOrderingArestaurant’sonlineservicesaresplitbetweentwoverticals,deliveryservicesfromitsownwebsiteanddeliveryfromthird-partysources;manyrestaurantsofferacombinationofbothforms.Allelsebeingequal,orderingdirectlyfromtherestaurantispreferabletothird-partyserviceswhichcharge15-30%ofthemealpricepertransaction.(1)ThisratewascappedduringtheCOVIDpandemic,butmanystatesmayliftthiscapcausingindividualonlinedeliverytobecomesignificantlymoreimportant.KeyStatisticsinRestaurantDeliveryFinTechSpotlightonSolutionsOverview25%17%OrderSolutionsofrestaurantsalesaremadeAverageincreaseinsalesfromOloincreasesdirectsaleswithitsfast-orderingplatformcombinedwithautomaticpairingwiththird-partycouriers,allowingbrandstoexpandinasimpleandcheapwaythroughdelivery(1)(1)switchingtodelivery2.797%PaymentSolutionsOlocheckoutintegratesapaymentplatformofferingborderlesscheckout,mobilewalletandcard-on-filesupportforcustomerconvenienceAveragenumberofonlineorderingsolutionsusedbyrestaurants(1)ofrestaurantsusesomeformofonlineorderingplatform(1)DataSolutions70%Olocollectsalldatatodeliversolutionsforunlockinglifetimevaluethroughfeedbackmanagement,guestdatapointsandtargeteddataofcustomerssaythey’dratherorderdirectoverthird-party(2)FTPARTNERSRESEARCH21Source:Olo1.TouchBistro2022dataHospitalityTech2018data2.FinTechSolutionsOnlineOrdering/DeliveryTech(cont.)SquareLaunchesNewGenerativeAIFeaturestoPowerRestaurantsInOctober2023,SquareannouncedthelaunchoftennewgenerativeAIfeaturesthatrestaurantscanusetoautomateoperations,speedupworkflowsandregaintime.ThesetoolsaredirectlyintegratedintoSquare’spowerfulbusinesssoftwareandprovidethousandsofrestaurantsonSquare’splatformwiththeabilitytomanagemultifaceteddemandsandstreamlineburdensomeoperations.Automatedmenugeneration,itemdescriptionsandkitchenworkflowprocessingsaverestaurantmanagersvaluabletimeinupdatingmenusandprocessingorders,whilealsoenablingAI-generatedproductrecommendationsbasedonbusinessinsights,leadingtoincreasedoperationalefficiency.SelectedAI-PoweredRestaurantManagementSolutionsExecutiveCommentaryMenugenerator:RestaurantscancreateafullmenuonSquareinamatterofminuteswithonlyafewclicks,givingthemvaluablemomentumandtime-savingswhenlaunchingoperationsonSquare.“Squareisuniquelypositionedtobethetechnologypartnerthatenablesthemostseamless,intuitiveapplicationsofAI.Ourgoalistohelpbusinessesofallsizesscaletheiroperationsandtakeadvantageofthesenewinnovations.We’velongbeendifferentiatedbythedepthandbreadthofourintegratedecosystem,andbringinggenerativeAIintoourproductscontinuestoputSquareanditssellersattheforefrontoftechnology.”Kitchencategories:Square’sKDScanauto-assignmenuitemstokitchencategoriesandstationscreenstocreatesmoothworkflowsforback-of-housestaff.Restaurantmanagerscankeepmenusandoperationsuptodatebyeditingandsavingcatalogswithonlyafewclicks,expeditingorderprocessing.SaumilMehtaHeadofPointofSale&OmnichannelItemdescriptions:RestaurantsrunningSquare’sPOSsoftwarecaneasilysetupandmanagetheirmenus.Withcompelling,auto-writtenmenuitemdescriptions,restaurantsgainmoreefficiencyintheiroperationsbyaddingnewinventoryquickerandpreparingthemtosell–allowingth