A survey carried out in the US market has revealed the extent to which manufacturer brand loyalty is under threat from restaurants sourcing foodservice equipment online.
A recent study of restaurant owners and managers found that 85% of respondents reported an increase in ‘comparison shopping’ and just 15% of respondents said they remain loyal to one equipment supplier.
John Tomich, co-founder and CEO of Credit Key, which carried out the research, said: “We learned that restaurants plan to make significant equipment purchases in the coming months. What’s interesting is these buyers place more importance in how they pay for equipment than where they purchase that equipment.”
A majority of respondents said they still harbour concerns about Covid-19 and its ability to disrupt their business, raising concerns that price will playing a more influential factor in buying decisions.
“There’s optimism on the buyers’ side, but they’re willing to leave vendor relationships behind in favour of better pricing and payment plans that put less stress on their cash flow,” said Mr Tomich.
“A safeguard for sellers is to provide buyers with varied payment options at checkout including the increasingly popular buy-now-pay-later solution.”
Among the findings from the survey:
– 90% of restaurant buyers said it’s important or highly important to be provided a variety of payment options at checkout.
– 92% of respondents said they intend to purchase equipment online more frequently going forward.
– 80% of restaurant owners and managers forecast a meaningful increase in business, but this same 80 percent says they’re concerned that Covid-19 might present disruptions in the future.
– 63% of buyers are interested in buy-now-pay-later plans.
Of those interested in BNPL, 28% of respondents prefer 90 day terms, 46% of respondents prefer six months terms, and 26% of respondents prefer 12 month terms.