Friday , April 12, 2024

Eye on POS Tech: POS Nation Acquires GrazeCart; Toast Signs Caribou Coffee

Point-of-sale technology provider POS Nation has acquired e-commerce platform GrazeCart for an undisclosed sum.

The deal will provide POS Nation with access to an e-commerce platform that will expand its reach to new customers in food suppliers, such as farmers and ranchers that sell direct-to-consumer under their own brand, POS Nation says. It is also expected to expand the company’s presence with specialty retailers that have industry-specific needs, as well as strengthen its relationship with small markets, butchers, and other food suppliers looking to sell direct-to-consumer, POS Nation President Cort Ouzts says by email.

“In addition, we’ll be able to invest more into all functions of GrazeCart, including sales and marketing, onboarding and support, and product and development,” Ouzts says. “We believe these investments will fuel more rapid organic growth for the GrazeCart business.”

GrazeCart’s software provides food suppliers with e-commerce sites, assists in pricing hard-to-portion items by weight; accepts orders for nationwide shipping, local delivery, or curbside pickup; manages inventory and order fulfillment; creates subscription programs; and captures POS sales data, according to the company.

Toast, which reports its client base reached 106,000 locations late in 2023, has signed Caribou Coffee.

Some 35% of consumers have purchased food and beverages directly from a brand’s Web site, and another 45% say they would consider purchasing directly, according to data and business-intelligence platform Statista. That data is a clear indicator that there is a growing market for direct-to-consumer food sales, POS Nation says.

“With POS Nation’s resources and experience, our customers will have an even deeper level of support as we take this next step in expanding our offering to a larger audience,” GrazeCart co-founder and managing director Brooks Hitzfield says in a statement.

In related news, restaurant point-of-sale specialist Toast Inc. has added the Caribou Coffee chain to its customer base. Caribou Coffee will initially deploy Toast’s point-of-sale terminals, kitchen-display systems, and multi-location management apps at 500 locations across the United States.

Caribou Coffee says it selected Toast because it sought a technology partner with an easy-to-use, scalable POS offering that would speed service at the point-of-sale, support a variety of payment options, and enhance the customer experience by enabling customers to modify active orders.

The new arrangement will enable Caribou Coffee to “introduce tools that will ensure we can bring our coffeehouse experience to more guests than ever before,” Scott Kennedy, chief financial officer for Caribou Coffee, says in a statement.

Boston-based Toast, which supplies pay-at-table devices as well as payments-processing services, reported locations served reached 106,000 during the fourth quarter of 2023, up 34% year-over-year. Gross payment volume during the quarter grew 32% to $33.7 billion.

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