Store Technology a Top Priority for Booming Franchise Industry

The franchise business industry is booming. Franchise locations have now surpassed pre-pandemic levels. That’s not all: The overall number of franchise establishments is projected to keep increasing by about 15,000 or nearly two percent, to 805,000 total units in 2023.

Although the number of franchise locations decreased by 11 percent during the pandemic, Maven IT experienced significant growth during this period. This illustrates the fact that the franchise ecosystem has a strong need for IT services. Store technology continues to be a major focus for the franchise industry as evidenced by the 2023 Franchising Economic Outlook. Released by the International Franchise Association and prepared by FRANdata, this report serves as the source of record for all things related to the franchising ecosystem.

“During the pandemic, brands quickly adopted technology solutions according to their specific needs. In 2023, brands are likely to abandon their temporary technology fixes and invest in integrated technology models that seamlessly connect their various business modules. Technology that helps brands gain a competitive advantage and long-term business moat will be a top priority across industries.”

Open. Grow. Scale.

The right in-store technology can make all the difference for a franchise brand. According to the franchising report, 2023 growth will be driven by an increased reliance on technology. Franchise brands will use customer data and technology to drive revenue. Technology in and out of the store will be used to improve the shopping experience and help attract repeat customers.

The top 10 states for franchise growth in 2023 include:

Texas
Illinois
Florida
Georgia
Tennessee
North Carolina
South Carolina
Arizona
Colorado
Indiana

Maven IT has many customers in all of these states and has the infrastructure to handle the growth in these markets. Forward-looking industry trends point to franchise brands building more technology and operational partnerships to escape the expense of building out complex in-house teams, such as an IT department. Whether you are opening a new franchise location that needs in-store technology, or are a multi-unit franchisee or franchisor looking for a full-service IT staff at a fraction of the cost, Maven IT has you covered.