The online food delivery platform Line Man Wongnai is gearing up to increase recurring revenue through its point-of-sale (POS) food restaurant total management solution, while helping food vendors digitise their businesses to survive. The move came after Line Man Wongnai reached an agreement to acquire FoodStory, a local startup specialising in restaurant POS systems, in order to expand its merchant solutions business in high-end restaurants. Although new restaurants are opened every day, 50% of Thailand's restaurants closed down in their first year of operation and 65% were shut down after three years of operation, according to Yod Chinsupakul, chief executive of Line Man Wongnai. Providing POS merchant solutions to food vendors will enable them to digitise their businesses and use data analytics to bolster their operations, reduce costs and gain user insights, he added. As of June 2023, there were 680,190 restaurants on the company's online food delivery platform, an increase of 13.6% from same period last year. Mr Yod added that the number of the fine-dining restaurants had increased rapidly since the pandemic.
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