Technology, much like fashion, sometimes follows a lifecycle where trends go from hot to not, and then back to hot again.
Host Rob Grimes attended RetailNow 2023 where there was a replica of the first ever cash register built by Dayton Saloon Owner James Ritty in 1879. James sold to the National Cash Register Company and the rest is history… The cash register exhibit and timeline at the show also inspired a train of thought about this cycle of technology, and why trends appear or even reappear later. QR codes and Kiosks, for example are great examples of technologies that existed in the hospitality industries prior to COVID, but only afterwards became more mainstream and accepted within operations. Why is that?
Well, there are a lot of reason for this, Rob explains. “A lot of times while the technology exists, the infrastructure to introduce it does not.” He compares the U.S. market to Japan and why the latter was able to introduce handheld devices to their restaurant market right away, while the US market was 20 years later. Cost, regulations, and consumer adoption are also deterrents to adopting technology immediately.
A lot of times, big events which trigger the need to adopt certain technology – 9/11 caused the desire for security and like COVID for many of the technological adoptions in the restaurant industry, with alcohol delivery and the need to be remote. Other industries also influence the consumer’s desire to have access to certain technology within the hospitality verticals.
If you want to hear more about the cycle of technology, tips to stay ahead of the curve, and even where Rob predicts where AI and ChatGPT will fit within this cycle – listen to this episode of Accelerate.
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