Toast looks back on the last year and forward to 2023
From all of us at Toast, we want to wish you a Happy New Year! As we look forward to 2023, we’re honored to continue supporting you, our customers, and we remain committed to our mission: to empower the restaurant community to delight your guests, do what you love and thrive.
The industry continues to be tested as headwinds from the last year persist and new ones emerge. As we keep a pulse on industry trends, we’re excited to share Toast’s inaugural Restaurant Industry Outlook Report. The deep dive is powered by a survey of nearly 1000 restaurant decision-makers.
Top takeaways from our report include:
Technology is enabling restaurant operators to streamline their service models by adding new sales channels and offering efficient guest self-service options.
Inflation and labor challenges remain paramount for restaurants, with twice as many QSRs listing inflation as “extremely” challenging compared to FSRs.
It’s critical that restaurants are intentional in tailoring technology adoption to address their unique service type (QSR vs FSR) and their stage of growth.
Download the report to read about these and additional insights — all tailored to help you better manage your restaurant in 2023 and beyond.
Hear what Toast Customer Jarett Berke (Lou’s Restaurant) has to say about industry trends.
What was the single biggest trend you observed in the restaurant industry during 2022?
“Inflation. Food prices were wild and it was often difficult to keep up. It seemed like overall food cost would spike and we would have to figure out where it was coming from. Supply chain is closely connected but also a major issue.”
What is your top prediction for what will happen in the restaurant industry in 2023?
“I believe things will continue to ease up in terms of inflation and labor. As the pandemic gets further behind us and these major impacts to the supply chain calm down, things will start to get back to normal.”
Get the Most out of Toast
Interested in applying data and analytics in your business? With Toast, you have access to robust, real-time reporting on your business. We have the resources to help you optimize reporting for your restaurant.
Toast Classroom: Analytics & Reporting
Learn best practices with our on-demand training guide! After following the Recipe for Reporting you will be able to:
Assess reports for payroll and accounting purposes
Compare reports when troubleshooting cash or shift discrepancies
Distinguish Exceptions Reports for Trends in Unpaid Orders, Void, Discounts and Removals
Apply Corrections on the Cash Drawer History Report
Identify and interpret the data listed within the reports
Determine how to create customized reporting using GL Codes
Toast Central: Getting Started with Analytics & Reports
Learn about how to navigate around and filter your reports and get a breakdown of what you can learn in the different types of reports. With Toast, you have access to robust, real-time reporting on your business. Check out Toast Central to learn about the different types of reports and how to navigate them.
Deliver data-driven features with me&u: The global leader in at-table ordering
me&u’ssmarttechnology, now offered in the Toast Partner Ecosystem, helps restaurant and bar owners improve efficiency, increase agility and unlock sales by delivering highly personalized and frictionless scan, order and pay experiences for guests with key features like branded mobile, enhanced tips, managing prep wait times, and data-driven promotions or customer upsells. me&u is focused on venues that serve alcohol, be it a restaurant, bar, sports bar or brewery - if you have a liquor license, reach out now to me&u to learn more.
Join Product Manager Shivani Gupta for a Community Ask Me Anything on Google Integrations. Chat with her in the Community from February 21 - 23, 2023, and ask all your questions. She’ll be back to answer them the week of February 27.
"Toast is incredibly advanced as a POS system and allows for users to get the most out of it, while also maximizing the potential of service in a business. I've used it in both a fine-dining restaurant and a QSR. Regardless of the service model the business implements, Toast is highly adaptive and useful."
Parker, of Bear and Flag Roadside, shares the reasons why he loves Toast, with great advice to generate referrals. Look out for our January Advocate Spotlight in the coming weeks and continue spreading the word about Toast! Terms apply.