Givex (TSX: GIVX)(OTCQX: GIVXF) to benefit from resurgence of restaurant industry - RICH TV LIVE

Givex (TSX: GIVX)(OTCQX: GIVXF) to benefit from resurgence of restaurant industry - RICH TV LIVE - May 6, 2022 - #givex #news #richtvlive #pos #loyaltyprogram #giftcards #restaurants #business #finance #education #money #investing #richtv #givexinformation

An integral piece was the POS system from Givex Information Technology Group Ltd. GIVX-T, a publicly-traded Canadian financial technology (fintech) company.

The restaurant business is difficult at the best of times, but the pandemic put even the most established and successful restaurants to the test. Yet, those with the ability to shift easily from in-person services to online ordering with touchless delivery had a huge edge.

Third-party delivery apps have allowed restaurants to reach customers amid lockdowns. Yet, restaurants using POS systems that weren’t well integrated with these providers often struggled, facing extra layers of operational complexity.

The right technology is key. In juggling multiple online delivery platforms, many restaurants had to designate staff to enter orders from these apps manually into their own system. That wasn’t the case for Meltwich with Givex’s POS platform.

“If a customer ordered through Uber Eats, with Givex’s POS, the order went directly into our system with the customer’s name, contacts and order items,” Mr. Hillis says. “Because we’re not punching in the orders, there’s no room for human error.”

Data analytics has been equally valuable, he adds. Meltwich, which launched in 2015, is a data-focused company, drilling into the numbers to find out what customers like. Mr. Hillis says Givex’s platform provides these insights.

“We can pull up our sales across the country quickly to find, for instance, the most in-demand and least popular items to make better menu decisions,” he says.

Fintech has proven its worth to restaurateurs over the past two years, says Mo Chaar, chief commercial officer at Givex.

Before using Givex’s POS system, Meltwich had used Givex’s gift card platform. That arm of Givex’s business is long established, with more than 100,000 customers, making the Canadian fintech company a market leader in the gift card space.

Yet, Givex has grown over its 23 years in operation to offer a diverse suite of services, from gift cards, to loyalty reward platforms, to a POS system and data analytics.

The ability to offer integrated technology platforms is a winning recipe for today’s fintech firms and the companies with which they do business, Mr. Chaar says.

“An all-in-one system, with POS, loyalty, online ordering and gift cards, almost inevitably increases revenue, allowing businesses to focus on what they do best: serve their customers,” Mr. Chaar says.

Although retailers have embraced fintech widely, Mr. Chaar says restaurants have been slower at adopting the latest cloud-based systems that facilitate operations as well as provide data analytics to drive efficiencies and revenue growth. This represents a growth opportunity for fintech companies.

“We’re going to see a lot of growth with payments technology, and how consumers interact with those payment options. We’re far from that growth plateauing,” Mr. Chaar says.

“Our goal has always been to give merchants a cost-effective platform that drives enterprise value,” he adds. “Every Givex service is based on the premise that technology should not be a burden, but rather, a key tool that makes business not only easier but more profitable.”

JOIN RICH TV LIVE TRADING CLUB HERE - http://www.richtv.io

Subscribe - https://www.youtube.com/c/RICHTVLIVE

Disclaimer

RICH TV LIVE INC. company profiles and other investor relations materials, publications or presentations, including web content, are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. As such, the information should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed in RICH TV LIVE reports company profiles or other investor relations materials and presentations are subject to change. RICH TV LIVE and its affiliates may buy and sell shares of securities or options of the issuers mentioned on this website at any time. RICH TV LIVE INC. sponsored $2500 CAD for digital video services.

Investing is inherently risky. RICH TV LIVE is not responsible for any gains or losses that result from the opinions expressed on this website, in its research reports, company profiles or in other investor relations materials or presentations that it publishes electronically or in print.

We strongly encourage all investors to conduct their own research before making any investment decision. For more information on stock market investing, visit the Securities and Exchange Commission ("SEC") at www.sec.gov/Canadian CSA https://www.securities-administrators.ca/.