On August 18, 2024, the 6th Taste of Asia Food Festival and North American Food Industry Summit was held in Los Angeles, co-hosted by the North American Asian Food Industry Association (NAAFIA) and the foodie platform "Chihuo Club." The event gathered food lovers, government officials, restaurant industry leaders, and big-name international brands from all over the U.S. to celebrate the booming growth and huge market potential of Asian cuisine in North America.
As the founder of MenuSifu, a leading smart restaurant technology SaaS company in North America, William Wang was honored with the "Person of the Year" award at the ceremony. During his keynote speech at the summit, Wang highlighted that the North American restaurant industry is on the brink of a major transformation. He emphasized that integrating all technologies to completely reshape and innovate within the industry is crucial for this new era.
During the forum, top leaders from the restaurant industry shared their business insights and success stories. They dove deep into trending topics such as the globalization of Asian cuisine, supply chain solutions for Asian restaurants in North America, and the digital transformation of the food industry. Many leading brands showcased their latest technologies and products at the event, including MenuSifu.
According to the North American Restaurant White Paper released at the event, the number of Asian restaurant chains and their sales in the U.S. saw significant growth in 2024, reflecting a continued rise in consumer interest in Asian cuisine. At the same time, the challenges faced by Asian restaurant businesses in the global market are turning into growth opportunities, thanks to supply chain integration, increased market competition, and the widespread use of digital tools.
MenuSifu has played a key role in the transformation of the North American Chinese restaurant industry, offering all-in-one management solutions, including POS systems, online ordering, marketing, and payment services. Over the past decade, it has served 12,000+ restaurants and built strong partnerships with over 600 affiliates.It is the leading POS provider in the North American Asian restaurant market and a preferred partner for Chinese restaurant businesses expanding globally. In recognition of MenuSifu’s outstanding achievements and contributions, its founder William Wang was awarded the "Person of the Year" honor.
In his speech, Wang reflected on MenuSifu's journey, noting how the company began ten years ago by helping Chinese restaurant owners move from traditional order pads to automated management systems, recognizing early on the power of technology for restaurant success.
He shared examples of how MenuSifu has turned challenges into opportunities for its clients. In a small town near Boston, a loyal customer has used MenuSifu's "MealKeyway" system to streamline online orders and contactless dining during the pandemic, maintaining operations smoothly. Even now, the restaurant processes over 700 orders monthly through MealKeyway.
Another Japanese restaurant in New York saw its monthly orders rise from 50 in 2020 to 250, with revenue growth far surpassing industry averages. These stories showcase how MenuSifu’s technology drives success for restaurants in an evolving market.
When discussing the state of Asian restaurants, Wang noted: “After analyzing U.S. industry data over the past decade, we’ve found that Chinese and Asian fusion restaurants, mostly run by Chinese entrepreneurs, are among the fastest-evolving. Every two or three years, a new trend emerges, with frequent openings and closures. As the demand for chain development grows, many brands hit a wall after expanding to a few dozen locations, struggling to scale further. Often, what are called franchises share only a name. This is due to both external market factors and the inherent complexity of Chinese cuisine, making it challenging for brands to maintain consistency and longevity.”
Looking ahead, Wang made a bold prediction for the restaurant industry: “In the next 5 to 10 years, we’ll see the rise of new Chinese fast-food brands in the U.S. With rising labor and operational costs, AI and automation will become essential. The growing need for Chinese brands with strong financial and technical backing to expand globally will further accelerate this sector’s maturity. The integration and widespread use of new technologies will disrupt the current profitability and growth models of restaurant brands, sparking unprecedented industry change. Over the past decade, we benefited from the internet era. Now, the second wave of transformation is coming.”
Wang emphasized, “In this new era, technological innovation in the restaurant industry is still insufficient. We aim to lead the way by integrating cutting-edge technologies like big data analytics, blockchain, robotics, and AI, pushing restaurant operations to new intelligent heights and completely reinventing the industry.”
To achieve this goal, MenuSifu partnered with robotic cooking company Hestia to launch a new "1+2+4+N" digital solution for restaurants. The “1” refers to MenuSifu’s POS system, which integrates ordering, payments, inventory, and cloud services, seamlessly connecting the entire restaurant. “2” represents the two main areas of operation—front of house and back of house. “4” stands for four automated systems: virtual cashier, robotic wok, automated payment, and online ordering. The “N” signifies a range of additional MenuSifu products designed to enhance efficiency and reduce costs through advanced technology.
Beyond technology, MenuSifu boasts a vast database that offers precise market analysis and operational insights for clients. Wang explained, “With our data models, we can assess the growth potential of different restaurant types in specific regions and the popularity of various cuisines among different ethnic groups. This helps restaurant businesses open the right-sized locations in the right places and refine their market strategies to boost their chances of success.”
Wang pointed out the huge potential for Chinese restaurants in North America, especially in areas beyond the East and West coasts, where there are still plenty of untapped niche markets. While most Chinese restaurant brands, especially those expanding globally, tend to focus on areas with large Chinese populations, Wang believes there's a lot of room for growth in other regions, helping create a healthier and more diverse restaurant ecosystem.
Looking ahead, Wang stressed that MenuSifu will keep riding the wave of digital transformation through continuous tech upgrades and product innovation, helping restaurants tackle challenges and grab new opportunities. “We’re here to provide smart, efficient solutions and one-stop services for Chinese restaurant businesses looking to expand in the U.S., from planning all the way to daily operations. Our goal is to help these brands settle in smoothly, grow fast, and build century-old brands that spread the love for Chinese cuisine across North America.”
He wrapped up by saying, "We're passionate about this industry, and we'll keep pushing the boundaries of restaurant technology for the next ten, twenty years, and beyond."
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