Blog Post

How can FinTech revolutionise the food industry?

Fintech which is the abbreviation for “Financial Technology”, is the result of blending financial services and technology.

Fintech is aimed to make financial services faster, easier and more efficient.

With the development of technology the rates of mobile usage, global internet access and the acceleration of transactions have increased.

Fintech is rapidly changing the classic financial system by making it easier to save, transfer money and invest online or via a mobile device without wasting time.

Cryptocurrencies are one of the important factors in the rapid growth of Fintech popularity. The derivation of cryptocurrencies and money transfers changes in the way of monetary transactions and the studies of banks that want to be involved in these innovations.

 Financial technologies are used to develop specialized software and algorithms used in computers and smartphones, to help business owners and consumers manage their financial transactions and processes better.

What are the Effects of Fintech on Finance Sector?

It not only takes place in the lives of consumers but also provides trends and job opportunities in the field of employment and appears in many different sectors. One of the most important sectors that it has affected, is the food industry. Customers in this field prefer Fintech methods that offer solutions and results that have accelerated compared to the old methods.

There are many different topics such as personal financial management, smart payment technologies, Blockchain technology, cloud-based software among the solutions offered to their users by companies producing projects in the field of Fintech.

Fintech in Food Industry.

Food businesses were already starting to go digital when the pandemic pressed pause. Customers now expect more mobile and virtual experiences.

Nowadays you see UK’s restaurants and takeaways offering a Mobile Order & Pay program to enable customers to preorder and avoid long queues and wait times.

As in many sectors, the food industry is also looking to benefit from Fintech. The world is changing rapidly, and you must keep up with this new world and emerging technologies, products, startups and trends so you won’t be left behind as the industry around you changes. Fintech enables you to have an opportunity to build a competitive advantage by proactive cooperation with leading businesses in the payments landscape.

The food industry especially small food businesses may have difficulty accessing banks for financing. Now the growth of the sharing economy through Fintech makes it possible for small businesses to have access to credit if they need.

Due to the research done in Indonesia, knowledge, safety perceptions, performance expectations, social influence, facilitation conditions and price values affect Fintech adoption by small food business owners. Moreover, this adoption influences small food business stability.

While the USA takes the lead in this field, Europe also is rapidly moving towards becoming an effective force in the Fintech startup world. These Fintech trends spreading across Europe will form the basis for a cashless economy and the new business opportunities it will bring:

Blockchain

Blockchain technology is being adopted at a large scale in the financial industry, primarily due to its capability to securely store transaction records and other sensitive data. It can be thought of as an online digital ledger where users can initiate a quick transaction over the network without connecting to a center and then confirm this transaction.

The majority of big banks are already investing in this technology to avoid losing revenue against startups in the future. Because it is thought that this technology will affect the demand for candidates.

Blockchain technology was predicted to be popular in the financial sector. This technology increases the current need for customer relationship managers, asset management consultants, finance and stock analysts as well as triggering the need for accounting and tax professionals with financial policy experts.

Peer-to-Peer (P2P) lending

peer to peer payment which has become a dominant alternative financing route for individuals and small businesses with little or poor credit history are beginning to integrate with blockchain-based smart contracts, contributing to the evolution of decentralized finance.

These Fintech products are strongly changing the way lending works and therefore challenging the dominance of formal banking and financial institutions. They often offer their services online and attempt to operate with lower overhead and provide their services more cheaply than traditional financial institutions.

The resulting networks facilitate trustless transactions that lower costs and save time by removing intermediaries.

As a result, P2P payment is a breakthrough technology that makes payment faster, secure and hassle-free. It is being leveraged across food businesses by food producers looking for loans and buyers, processors looking to pay their suppliers.

Robo-advisor

Robo-advisors is the system that manages your stocks and conversions on your behalf, in other words, provides automatic investment services. When using these robots, investment proposals are automated through various algorithms to reduce cost and increase accessibility.

Robo-advisors are thought to affect the employment area as well. Software engineers, mobile front-end and back-end developers and behavioural research specialists are considered at the forefront of the areas to be affected.

Mobile Payment

In the past, payments were limited to cash, debit or credit cards. But with the development of smartphones, Payments today can be made simply by taping a smartphone over a terminal reader.

Since the outbreak of the COVID-19 pandemic, consumers have increased the use of mobile and contactless payment methods all over the world.

Mobile Payment applications and gateways are the most prevalent uses of Fintech. Such applications allow users to carry out banking activities without physically visiting a bank. Undoubtedly these ways of payments are viewed as the most hygienic form of payment for food industries since no physical contact would be required for a transaction to complete. So you can quickly, simply and securely pay for your daily meals and drinks.

Here are the most popular examples of how payment technologies are changing the way we purchase food:

Pay at the table

For paying by QR code, a barcode reader that can scan QR codes or tablet and a smartphone with an inbuilt camera are needed.

Customers simply scan a QR code at their table to identify where they’re sitting and then browse their menu, place their order and pay for their meal, all done from the convenience and safety of their own device.

NFC Payments

NFC payments are contactless and wireless payments that use near-field communication (NFC) technology to exchange data between readers and payment devices like Apple Pay and Google Pay E-Wallets in smartphones and smartwatches, or tap-to-pay credit and debit cards.

Google Pay and Apple Pay

You can use Apple Pay and Google Pay in stores, in apps and on websites while ordering your food online. Instead of wasting time with old methods, you can use Apple Pay and Google Pay for a quick and easy payment.

Paying with a smartphone is actually more secure and more efficient than using a credit card. As long as you have a card in your Apple or Google Pay wallet, you can order takeout from a new app without having to type in your credit card number.

Facial Pay.

This technology was being promoted in China.  This idea which thought to be used soon across the UK is simple; when a consumer is at the POS, a scan of their face serves as their payment method and authorization. In other words, a consumer walks up to the POS, allows the POS to take their picture, and then the transaction is complete, at least in theory.

As a result, Pay by Face is a customer-centric, seamless and secure digital payment ecosystem for a safer, faster and more convenient shopping experience.

Weetech team as a pioneer in new technologies can help you to capitalise on these powerful trends and opportunities by enabling secure acceptance of all payment

Takeaway apps

Top 10 Reasons why you need an Online Ordering App

In today’s world it is super important to stay ahead of your competitors, or at the very least to keep up with them because every customer counts. 

In this article, we will discuss why your customers would want an online food ordering app and the benefits it can have for your business! Mobile ordering is sky-rocketing and more and more people are moving away from traditional methods of ordering to using their mobile phones to order food.

Catch your customers where they are all the time, their phone!

Make life easy for your customers, let them order comfortably! Having an app on a customer’s phone ensures that you are always there, and they are constantly reminded of you! It’s one of the easiest and best ways of marketing yourself. Another reason is that you will make it easier for the customer as you will give them time to browse your full menu and order at ease! A chance they don’t have when ordering face to face.

Integrate your entire online presence and offline presence.

Having an online ordering app, more specifically having an app with a company like WeeTech means that your entire online and offline presence is integrated. Your website and app are both connected to your epos machine and printer meaning your orders come through automatically! Gone are the times where you need to check your emails to see if you have received an order or not. This integration improves both your experience and the customers as it means faster processing times, less human error and more ease!

Loyalty Programs mean returning customers

Having an online ordering app gives you the freedom to incorporate a loyalty program right into the app, this means as customers download your app and use it they will be rewarded points which will eventually lead to a freebie or a % off on an order! This will incentivise your customers to order more from your business, and it is a well-known fact that returning customers is the key to success for every business. 

Advertise, Promote, Upsell 

Apps are the perfect tool to use for advertisement, firstly you are very likely to grab someone’s attention when you send a push notification to their phone, this way you are reminding them to order from you with spending a little money, much less costly than old methods of posting menus through doors! Furthermore, you can promote certain products and even upsell easily through your app! By making suggestions when order is nearing completion your customer is more likely to add on extras! This means more profit for your business.

MAKE PROFIT

Research has shown that takeaways and restaurant increase their revenue by 50% on average when they invest in an online ordering app. This is because by having an online ordering app in your digital marketing package you will increase your takeaway reach in addition to giving your customers what they demand! With online ordering apps, you can offer location-based deals which will further promote your business to customers that might not have even heard of you!

Higher Employee Productivity

How much time do your employees spend taking orders on the phone and making sure they have not made a mistake? How many times has simple unavoidable human errors caused problems in your business? When taking orders over the phone there is a much higher chance of miscommunication. By having an online ordering app you will reduce the time your employees spend taking orders on the phone and most importantly you will reduce human errors which save money and ultimately your reputation as a business. Having an app which is integrated means the orders are sent straight to your printer, no miscommunication, no errors

Increase your Business

To have a successful business you need to cater to all sorts of people! These days in the younger so-called ‘millennial’ generation have moved on from placing telephone orders, they don’t like calling and speaking over the phone! They would much prefer to place an order using an app! You need to be convenient and cater to market demand! Having a seamless easy to use app means more customers approaching your business! And ultimately more money.

Building a database

Having a large customer database is essential for any business, especially in the food industry. When customers order through your app you have the opportunity to capture information such as their, address, email address, marketing preferences (all within GDPR of course) with this information you can create a database and communicate with your customers and encourage them to order from you! You can tailor loyalty programs to them and offer them deals and promotions when you are a bit quiet! The options are limitless. 

An Online Menu is easy to manage

Not only is it easier to manage an online menu it is also much cheaper! Need to make a change? Want to add a new product? Fancy offering your customers a new deal? Just call or email the WeeTech team and we will see to it right away! Now can you imagine doing the same with a paper menu? 

Stop paying commission

You may have read this article and thought that I do have an online presence I am on a third-party platform’s app! That may be true but how much of your takings do you pay? On average 15%? Is that fair? We believe it is not that’s why by having your app with us you will never have to pay commission again! Your customers come directly to you and you receive ALL the money!  So there you have it! That was 10 reasons in which we believe you should have an online food ordering app for your business!