Vēmos: The missing ingredient in hospitality’s digitization

In an industry traditionally slow to adopt new technologies, Vēmos is leading the charge in bringing data-driven insights to the hospitality sector. Co-founders Parag Shah and Whitney Larson have combined their unique backgrounds in technology development and marketing to create a platform that's changing the way restaurants, bars, and consumers interact.

The hospitality industry has long been a data desert, with valuable information about customer preferences and behaviors locked away in silos or simply not collected at all. Vēmos is changing that, creating a comprehensive ecosystem that benefits both businesses and consumers.

The Power of Personalization

One of the key insights driving Vēmos’ approach is the growing demand for personalized experiences, especially among younger generations. As Larson notes, "Gen Z and young millennials are driven by this experience economy. They care more about: is this an experience for me to go out? Is it personalized? Is it cool to post about?"

This shift in consumer behavior presents a significant opportunity for restaurants and bars to leverage data to create tailored experiences. Vēmos envisions a future where menus are dynamically adjusted based on a customer's personal preferences and past habits, offering a level of personalization previously unseen in the hospitality industry.

Partnering for Success

The company’s key strategy has been to partner with point-of-sale (POS) providers rather than compete with them. This approach has allowed Vēmos to integrate deeply with existing systems while focusing on their core strengths in data analysis and consumer experience.

Parag Shah explains, "We don't compete with payments with these point of sale systems. That's core to their revenue and core to their product line. So we really want to make sure that we're true partners."

This collaborative approach not only helps Vēmos grow its network, but also provides additional value to POS providers and their restaurant clients. By offering features that POS systems don't typically focus on, Vēmos creates a win-win situation for all parties involved.

Monetizing Data Responsibly

While the potential for data monetization in the hospitality industry is immense, Vēmos takes a cautious and responsible approach. The company prioritizes user privacy and control, allowing consumers to decide what data they want to share and with whom. 

Shah emphasizes, "There is a lot of really sensitive information that we collect, and we need to make sure that their data is actually private and we're only collecting the information that we really need to collect."

This commitment to privacy not only protects consumers but also builds trust with restaurant partners and brands, ensuring the long-term viability of Vēmos' data-driven approach.

This approach not only builds trust with users but also opens up new revenue streams for both Vēmos and its partners. By creating a rich, opt-in dataset, Vēmos can offer valuable insights to brands and restaurants without compromising user privacy.

Some potential monetization strategies include:

1. Targeted marketing: Brands can use opt-in data to reach consumers with relevant offers based on their dining and drinking habits.

2. Menu optimization: Restaurants can analyze trends to refine their menus, potentially increasing sales and reducing waste.

3. Loyalty programs: Data-driven loyalty programs can incentivize repeat visits and increase customer lifetime value.

4. Supply chain optimization: Beverage brands can use consumption data to better predict demand and streamline their distribution.

Overcoming Industry Challenges

The hospitality industry's slow adoption of technology has been a significant hurdle for Vēmos. Larson notes, "It's been exciting over the past five years to see how quickly the industry has adopted technology and has evolved, mainly by force due to the pandemic and due to government regulations."

However, challenges remain, particularly with independent restaurants and bars that may lack the time and resources to implement new technologies. Vēmos' partnership strategy helps address this issue by leveraging existing relationships between POS providers and restaurants.

The Future of Dining

Looking ahead, Vēmos predicts significant changes in the hospitality industry. Larson envisions "smaller, more intimate footprints" for venues, with menus featuring "handcrafted cuisine and drinks that feel like they come from a very great chef and a mixologist."

Shah adds that the industry will need to adapt to the way younger generations consume information, moving beyond text to embrace visual mediums like pictures and short videos with AI embedded throughout to drive personalization, monitoring allergens and providing cross-venue standardization. 

Vēmos’ innovative approach to data in the hospitality industry demonstrates the untapped potential in traditionally underserved sectors. By focusing on personalization, privacy, and partnerships, Vemos is not only creating new revenue streams but also transforming the dining experience for consumers.