The laundromat industry, like every other industry in the world, was directly impacted by the COVID-19 pandemic. Strict social distancing measures, shift to remote working, and heightened awareness surrounding cleanliness made consumers across the country change their habits overnight. The laundromat industry jumped into gear at the beginning of 2020 to meet these new trends and are now thriving in this new normal.
Research and markets recently released a report titled “Dry-Cleaning and Laundry Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030” that highlighted some fascinating stats and trends for the industry. According to their report, the global dry-cleaning and laundry services market is expected to grow from $93.18 billion in 2020 to $104.65 billion in 2021. This growth is due to companies rearranging their operations due to the global pandemic and this new shift is monumental for the laundromat industry.
Contactless payment is key for the laundromat industry
ApplePay and other smartphone payments were first announced in 2014/2015 but were not widely used until 2019. The ability to connect a credit card to your cell phone and pay for goods and services with a quick scan was so futuristic many didn’t buy into it at first. When the pandemic hit, this method of payment went through the roof and consumers began relying heavily on their phones for its convenience and security.
Another big trend the industry is seeing is a commitment to accepting contactless cards. Tap-and-go payments have been around for years, but it wasn’t until recently that businesses in the US really embraced this new technology. In order for owners and operators in the laundromat industry to stay cutting-edge, accepting smartphone payments and tap-and-go credit cards are the way to go. They give consumers the flexibility they need with the convenience they want.
Remote management capabilities are crucial
More people are working from home now than ever before. In fact, a Gartner survey of company leaders found that 80% plan to allow employees to work remotely at least part of the time after the pandemic. This means that managing your business remote is incredibly important, and the laundromat business is no exception. Owners, operators, and managers of laundromats are now relying heavily on flexible management options like virtual dashboards and cell phone apps. Companies like ESD who had already established cloud-based software are ahead of the curve and were prepared to help this remote shift from the very beginning.
Cash is out
As awareness regarding germs and bacteria grew overnight, businesses began shifting away from accepting cash and coins. It’s common knowledge that money can carry germs, but it seems no one paid much attention to this until early 2020. According to Insider, physical currency changes hands at least 55 times a year, or almost once a week, which can easily spread viruses and bacteria. Many laundromat owners and operators that were still accepting cash are now changing their payment systems to help lower the risk of spreading germs. At ESD we know that needs vary when it comes to owning and operating multi-housing laundry rooms. That’s why we’ve built a portfolio of payment systems that are engineered to meet your specific needs, location, and budget. Want to learn more about what payment system will work best for you? Give us a call at 215-628-0860.